Amendment to Standard & Poor’s Employee Retirement Plan Supplement (Effective January 1, 2021)
Contract Categories:
Human Resources
›
Retirement Agreements
Summary
This amendment updates the Standard & Poor’s Employee Retirement Plan Supplement, effective January 1, 2021. It changes how retirement benefits are paid, allowing participants to choose between a single-life annuity or another actuarially equivalent life annuity, provided they submit their election form at least 30 days before benefits begin. If no form is received by the deadline, benefits default to a single-life annuity for unmarried participants or a 50% joint and survivor annuity for married participants. All other terms of the plan remain unchanged.
EX-10.35 3 ex10351231202010-k.htm EX-10.35 Document
Exhibit (10.35)
Amendment to
Standard & Poor’s Employee Retirement Plan Supplement
The Standard and Poor’s Employee Retirement Plan Supplement (the “S&P Supplemental Plan”), amended and restated effective as of January 1, 2008, unless otherwise provided, is amended as provided below.
1.Effective January 1, 2021, Section 5.03(a)(i) of the S&P Supplemental Plan is amended by deleting it in its entirety and replacing it with the following:
(i) The Benefits shall be paid in the form of (A) a single-life annuity or (B) an actuarially equivalent life annuity elected by the Participant in the election form provided to the Participant, subject to and in accordance with the procedures prescribed by the Plan Administrator from time to time; provided, that such election form is received by the Plan Administrator no later than thirty (30) days prior to the date on which the payment of Benefits commences in accordance with Section 5.03(a)(ii) (the “Election Deadline”), and, for the avoidance of doubt as of January 1, 2012, if no executed and completed election form is received by the Plan Administrator by the Election deadline, then the Participant is deemed to have elected the Benefits to be paid in a single-life annuity if the Participant is not married at the time of the Election Deadline and to be paid in a 50% joint and survivor annuity if the Participant is married as of the Election Deadline.
* * *
Except as set forth herein, the S&P Supplemental Plan remains in full force and effect.