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This excerpt taken from the HBI 8-K filed Sep 5, 2006. 2.27 Present Value “Present Value” means the present value of a Participant’s Pension SERP Benefit, calculated as if the Pension SERP Benefit were payable as an annuity under the Pension Plan using the Pension Plan’s (a) early payment factors, as applicable, (b) the mortality table provided under the Pension Plan, and (c) the Pension SERP Interest Rate. For a Retired Participant’s Present Value calculation, the assumed commencement date shall be the date of the Participant’s retirement and the Present Value will be accumulated with interest at the Pension SERP Interest Rate to the actual payment commencement date. For a Deferred Vested Participant’s Determination Date Present Value calculation, the assumed commencement date shall be the later of age 55 or the Participant’s age one year after his or her Determination Date, but not later than the Participant’s Normal Retirement Date. For the Present Value calculation at commencement, the assumed commencement date will be the actual commencement date, but not later than the Participant’s Normal Retirement Date. |
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