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AKS » Topics » ARTICLE 6: BENEFITS

This excerpt taken from the AKS 10-Q filed Nov 6, 2007.

ARTICLE 6: BENEFITS

 

6.1 Benefit Defined

 

  (a) A Member’s accrued benefit under this Plan is the Member’s Regular Benefit as defined in Section 6.2, reduced as provided in Section 6.4. Except as otherwise provided under the Plan, no Benefit shall be payable under this Plan if a Member’s employment with the Company terminates for any reason prior to his Vesting Date.

 

  (b) With respect to a Key Management Member who attained his Vesting Date under the Prior Plan before November 25, 2003, his accrued benefit under this Plan shall be his Benefit under the terms of the Prior Plan (after offset for other pensions as provided therein) determined immediately before November 25, 2003. With respect to a Key Management Member who had not attained his Vesting Date under the Prior Plan before November 25, 2003, his accrued benefit under this Plan shall be his Regular Benefit under the terms of the Prior Plan (after offset for other pensions as provided therein) determined immediately before November 25, 2003, times the lesser of:

 

  (1) the percentage obtained by dividing his Service as of November 25, 2003 by 10; or

 

  (2) the percentage obtained by dividing his Key Management Service as of November 25, 2003 by 5.

The Benefit of any Key Management Member as determined above shall not increase after November 25, 2003, and shall not be payable under this Plan if such Key Management Member’s employment with the Company terminates for any reason prior to his Vesting Date.

 

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6.2 Regular Benefit

 

  (a) Except as provided in (b) and (c) below, a Member’s Regular Benefit is a monthly payment for the Member’s lifetime, commencing on the first day of the month coinciding with or next following the later of the Member’s 60th birthday or the Member’s Termination Date and payable in the form provided in Section 8.1, which is in an amount equal to the greater of:

 

  (1) in the case of a Member hired by the Company prior to January 1, 1992, his Unlimited NCPP Benefit; or

 

  (2) except as otherwise provided in any other agreement between the Company and a Member and approved by the Administrator, 50% of the greater of the Member’s Average Monthly Earnings or his Grandfathered Average Monthly Earnings.

 

  (b) With respect to any Member whose Vesting Date occurred prior to November 25, 2003, his Regular Benefit shall be the greater of his Grandfathered Benefit or the amount determined in (a) above.

 

  (c) With respect to any Member who has not attained age 60 as of his Termination Date and whose Termination Date occurs on or after the effective date of a Change of Control, such Member’s Regular Benefit shall be determined under (a) above as though the Member had attained age 60 immediately before his Termination Date and shall not be reduced for early commencement as otherwise provided in Section 6.3.

 

6.3 Early Retirement Benefit

A Member whose employment with the Company terminates after he has attained his Vesting Date but before he has attained age 60 shall be entitled to an Early Retirement Benefit equal to his Regular Benefit provided in Section 6.2 reduced to its actuarial equivalent based on his age as of his Benefit Commencement Date using the actuarial assumptions specified in Exhibit A – Schedule A-2 of the NCPP.

 

6.4 Offset for Other Pensions

A Member’s Benefit shall be reduced as of the Member’s Benefit Commencement Date by: (a) any accrued benefit under any employer-provided Qualified DB Plan, actuarially adjusted under the terms of the Qualified DB Plan as if the benefit under the Qualified DB Plan commenced at the same time as the Member’s Benefit; and (b) the actuarial equivalent, determined under the assumptions set forth in Section 8.2 of this Plan, of any employer-provided vested benefits accumulated under any Qualified DC Plan.

 

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6.5 Non-Duplication

A Member shall not be eligible for benefits under any other non-qualified supplemental retirement benefit plan maintained by the Company for the purpose of providing benefits not permitted to be paid under any Qualified DB Plan. Nothing herein shall prohibit participation by any Member in the AK Steel Corporation Executive Deferred Compensation Plan or the AK Steel Corporation Supplemental Thrift Plan.

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