Second Amendment to the Restated Northern Trust Corporation Supplemental Pension Plan
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Summary
Northern Trust Corporation has amended its Supplemental Pension Plan to clarify how additional age or service credit, granted under an Employment Security Agreement, affects pension calculations. The amendment specifies that such credits will only be used to determine if a participant qualifies for early or normal retirement, not to increase the pension amount. If early retirement is triggered by these credits, the pension benefit will be reduced by 0.5% for each month before age 62. This amendment is effective as of September 25, 2001.
EX-10.(II) 8 dex10ii.txt AMENDED RESTATED SUPPLEMENTAL PENSION PLAN Exhibit (10)(ii) SECOND AMENDMENT OF THE RESTATED NORTHERN TRUST CORPORATION SUPPLEMENTAL PENSION PLAN WHEREAS, the Northern Trust Corporation (the "Corporation") sponsors the Restated Northern Trust Corporation Supplemental Pension Plan (the "Plan"); and WHEREAS, pursuant to Section 6.1 of the Plan, the Corporation has the right to amend the Plan when the Corporation deems such amendment to be advisable; and WHEREAS, the Corporation deems it advisable to amend the Plan; NOW, THEREFORE, the Plan is hereby amended as follows: 1. A new Section 1.9(d) shall be added to the Plan, as follows: (d) In the event the Participant is entitled to additional age and/or service credit under the Plan pursuant to an Employment Security Agreement, such additional credit will be taken into account in calculating the Modified Pension Benefit only for purposes of determining whether the Participant is treated as having attained Early Retirement Age or Normal Retirement Age, and shall not otherwise affect the calculation of the Participant's Modified Pension Benefit. If, as a result of such additional credit, the Participant is treated as having attained Early Retirement Age, the reduction in the Accrued Benefit for early commencement will equal 1/2 of 1% for each month the Participant's benefit commencement date under the Plan precedes his or her attainment of age 62 (without regard to any such additional age credit). This Second Amendment to the Plan shall be effective from and after September 25, 2001. IN WITNESS WHEREOF, the Corporation has caused this amendment to be executed on its behalf as of this September 25, 2001. NORTHERN TRUST CORPORATION By: /s/ Marty J. Joyce, Jr. --------------------------- Name: Marty J. Joyce, Jr. Title: Senior Vice President 2