Regal Beloit Corporation Target Supplemental Retirement Plan Participation Agreement
Contract Categories:
Business Finance
›
Participation Agreements
Summary
This agreement is between Regal Beloit Corporation and an eligible employee, confirming the employee's participation in the company's Target Supplemental Retirement Plan. By signing, the employee agrees to the plan's terms, acknowledges any specified benefit reductions, and understands that benefits under a previous retirement plan are frozen as of April 10, 2012. The agreement clarifies that benefits are forfeited if the employee leaves before early or normal retirement, and that the company may amend or terminate the plan at any time. Participation does not guarantee continued employment.
EX-10.14 6 exhibit1014trgtsupplem.htm EXHIBIT 10.14 Exhibit
REGAL BELOIT CORPORATION TARGET SUPPLEMENTAL RETIREMENT PLAN PARTICIPATION AGREEMENT |
Participant Name:
Participant Social Security Number:
Eligibility Date:
Employment Commencement Date*: ______________________
*For purposes of determining Years of Service for Early Retirement only.
I have received and read the material describing the REGAL BELOIT CORPORATION Target Supplemental Retirement Plan (the “Plan”) and my rights under the Plan. I acknowledge that I have been designated eligible to participate in the Plan, and I agree to be bound by its terms and provisions.
[ALTERNATIVE LANGUAGE: [Notwithstanding anything in the Plan to the contrary, I agree that my monthly retirement benefit under Section 4.01 of the Plan shall be reduced by an amount equal to $________. The Surviving Spouse benefit shall be calculated after taking into account such reduction from my benefit.
I understand that by participating in the Plan, my benefits under the 27/30 Plan are frozen as of April 10, 2012. I also understand that if I do not remain in employment until Early or Normal Retirement under the Plan, then I will forfeit my benefits under the Plan, and also not have accrued further benefits under the 27/30 Plan after April 10, 2012.]
This Participation Agreement shall inure to the benefit of, and be binding upon the Company and upon me and my surviving spouse entitled to receive payments under the Plan. I further understand that the Company may terminate or amend the Plan at any time, and that participation in the Plan does not create a contract or guarantee of employment.
Date Signature of Participant
REGAL BELOIT CORPORATION
Date
