|
|
 | | | |
- close
- close
- close
- close
These excerpts taken from the MRO 10-K filed Feb 27, 2009. EXCESS BENEFIT PLAN January 1, EXCESS BENEFIT PLAN On February 5, 1976, the Board of Directors of the former Marathon Oil Company (now On May 6, 1982, the former Marathon Oil Company adopted a Plan of Partial Liquidation. Pursuant to the Plan of Partial Liquidation and an On July 5, 1988, the Executive Committee of the Board of Directors of the Company approved amendments to this Excess
accrued and paid by the applicable Employer. Capitalized terms, unless otherwise specified, are defined under the Retirement Plan and the Thrift Plan. In addition, for purposes of this Article I and the remainder of this Plan, the following definitions apply: “409A Accruals” means those benefits that were accrued after or became vested after 2004, as adjusted for interest or “Code” means the Internal Revenue Code. SIZE="2">“Employee” means any individual employed by an Employer. “Employer” includes the Company and each related “Excess Benefit Plan” means the Marathon Oil “Grandfathered Accruals” means those benefits that are exempt from Code section 409A because they were
Page 2 EXCESS BENEFIT PLAN January 1, EXCESS BENEFIT PLAN The Marathon Oil Company Excess Benefit Plan was established February 5, 1976 and has result of the formation of the joint venture and the transfer of a significant number of Marathon employees to MAPLLC, on April 1, 1998 a portion of the Marathon Oil Company Retirement Plan was spun off to create the Marathon Ashland Petroleum LLC Retirement Plan (“Retirement Plan”). Consistent with that action and pursuant to the agreement of the parties, Excess Retirement Benefits and Excess Thrift Benefits under the Marathon Oil Company Excess Benefit Plan for employees who transferred to MAPLLC during the 1998 calendar year were spun-off to create the Marathon Ashland Petroleum LLC Excess Benefit Plan. Any elections in effect under the Marathon Oil Company Excess Benefit Plan (such as beneficiary designations or Group I employee elections, etc.) continued to apply under the MAPLLC Excess Benefit Plan, until and unless changed. The terms and conditions of this MAPLLC Excess Benefit Plan were substantially the same as the terms and conditions of the Marathon Excess Benefit Plan. Effective September 1, 2005, Marathon Ashland Petroleum LLC changed its name to Marathon Petroleum Company LLC (“MPC” or Effective January 1, 2006, this Excess Benefit Plan was restated to incorporate prior amendments. and Grandfathered Accruals. With respect to the 409A Accruals, the Excess Benefit Plan, as amended and restated, is intended to conform to the requirements of Code section 409A, and, in all respects, shall be administered and construed in accordance with such requirements. With respect to the Grandfathered Accruals, the Excess Benefit Plan, as amended and restated, does not represent a material enhancement of the benefits or rights available under the Excess Benefit Plan on October 3, 2004. This Excess Benefit Plan sets forth the terms and conditions under which benefits designed to compensate Employees for “409A Accruals” means those benefits that were accrued after or became SIZE="2">“Code” means the Internal Revenue Code. “Code section 409A” means section 409A of the Code and any Treasury and “Company” means Marathon Petroleum Company LLC. SIZE="2">“Employer” includes the Company and each related company or business which is part of the same controlled group under Code sections 414(b) or 414(c); provided that where specified by the Employer in accordance with Code SIZE="2">“Excess Benefit Plan” means the Marathon Petroleum Company LLC Excess Benefit Plan. “Grandfathered Accruals” “Retirement Plan” means the Refining, Marketing and Transportation Sub-Plan of the Marathon Petroleum Company LLC “Separation from Service” shall have the same meaning as set forth under Code section 409A with respect to an Employer. “Specified Employee” shall have the meaning as set forth under Code section 409A and as determined by the Employer in accordance with its “Thrift Plan” means the Marathon Oil Company Thrift Plan.
The following individuals are eligible to (a) Every individual who qualifies for a benefit under the terms of the Retirement Plan and (b) Every individual who participates in the Thrift Plan and who
Any individual who is EXCESS BENEFIT PLAN January 1, EXCESS BENEFIT PLAN This Plan, formerly known as the Emro Marketing Company Excess Benefit Plan, was amended and Effective January 1, 2009, this document is restated and shall apply only to benefits that are not fully This Excess Benefit Plan sets forth the terms and conditions under which benefits “409A Accruals” means those benefits that were accrued “Code section 409A” means section 409A of the “Company” means Speedway SuperAmerica LLC. “Employee” means any individual employed by an Employer. “Employer” includes the Company and each related company or business which is part of the same “Excess Benefit Plan” means the Speedway SuperAmerica LLC Excess Benefit Plan. “Grandfathered Accruals” means those benefits that are exempt from Code section 409A because they were accrued and vested before SIZE="2">“Retirement Plan” means the Speedway SuperAmerica LLC Retirement Plan. “Separation from Service” shall have the “Specified Employee” shall have the meaning as set forth | EXCERPTS ON THIS PAGE:
RELATED TOPICS for MRO: |
| |||||||
