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HBI » Topics » 4.6 Payment of FICA Tax on Pension SERP Benefit

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

4.6 Payment of FICA Tax on Pension SERP Benefit

Notwithstanding anything contained in the Plan to the contrary, an initial Pension SERP Benefit payment shall be made on behalf of the Participant in the amount of the Federal Insurance Contributions Act (“FICA”) tax due from the Participant on his or her Pension SERP Benefit, determined as of the date such FICA tax is due. All later calculations and payments related to the Participant’s Pension SERP Benefit shall be adjusted to reflect this initial payment.

 

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