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NDAQ » Topics » DEATH BENEFITS

These excerpts taken from the NDAQ 10-K filed Feb 27, 2009.

DEATH BENEFITS

 

8.1 Preretirement Survivor’s Benefit Linked to Grandfathered Accrued Benefit. If a Participant dies prior to his or her Pension Plan Benefit Commencement Date, the following provisions shall apply in lieu of Article VI.

 

  (a) Executive Participants.

 

  (i) If an Executive Participant dies before his or her Pension Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or (y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to: (A) three (3) times such Participant’s most recent annual Base Compensation as of the date of death, multiplied by (B) such Participant’s Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately following the death of such Participant. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made.

 

  (ii) If a Participant who is employed by an Employer dies while so employed and before attaining three thousand six hundred and fifty (3,650) days of Service, the monthly benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to three thousand six hundred and fifty (3,650).

 

  (b) Senior Participants.

 

  (i) If a Senior Participant dies before his or her Pension Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or (y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to: (A) fifty percent (50%) of such Participant’s most recent annual Base Compensation as of the date of death, multiplied by (B) such Participant’s Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately following the death of such Participant. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made.

 

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  (ii) If a Participant who is employed by an Employer dies while so employed and before attaining five thousand four hundred and seventy-five (5,475) days of Service, the monthly benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to five thousand four hundred and seventy-five (5,475).

 

8.2 Preretirement Survivor’s Benefit Linked to Non-Grandfathered Accrued Benefit. If a Participant dies prior to his or her SERP Benefit Commencement Date, the following provisions shall apply in lieu of Article VII.

 

  (a) Executive Participants.

 

  (i) If an Executive Participant dies before his or her SERP Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or (y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to: (A) three (3) times such Participant’s most recent annual Base Compensation as of the date of death, multiplied by (B) such Participant’s Non-Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years, beginning no later than the first day of such month following the death of the Participant as shall be determined by the SERP Committee; provided, however, that the day on which such first monthly installment is paid shall be within the ninety day period beginning on the date of the Participant’s death. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made.

 

  (ii) If a Participant who is employed by an Employer dies while so employed and before attaining three thousand six hundred and fifty (3,650) days of Service, the monthly benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to three thousand six hundred and fifty (3,650).

 

  (b) Senior Participants.

 

  (i)

If a Senior Participant dies before his or her SERP Benefit Commencement Date and such Participant (x) is employed by an

 

17

 

Employer at the time of his or her death, or (y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to: (A) fifty percent (50%) of such Participant’s most recent annual Base Compensation as of the date of death, multiplied by (B) such Participant’s Non-Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years, beginning no later than the first day of such month following the death of the Participant as shall be determined by the SERP Committee; provided, however, that the day on which such first monthly installment is paid shall be within the ninety day period beginning on the date of the Participant’s death. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made.

 

  (ii) If a Participant who is employed by an Employer dies while so employed and before attaining five thousand four hundred and seventy-five (5,475) days of Service, the monthly benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to five thousand four hundred and seventy-five (5,475).

 

8.3 Post-Retirement Survivor’s Benefit.

 

  (a) Grandfathered Accrued Benefit. If a Participant dies on or after his or her Pension Plan Benefit Commencement Date, the form of benefit payment selected pursuant to Article VI shall determine the entitlement of a Beneficiary to any benefit payable to such Beneficiary with respect to such Participant’s Grandfathered Accrued Benefit. The amount, if any, payable to such Beneficiary under such form of benefit will be determined under the terms and conditions of the Pension Plan.

 

  (b) Non-Grandfathered Accrued Benefit. If a Participant dies on or after his or her SERP Benefit Commencement Date, the form of benefit payment selected pursuant to Article VII shall determine the entitlement of a Beneficiary to any benefit payable to such Beneficiary with respect to such Participant’s Non-Grandfathered Accrued Benefit. The amount, if any, payable to such Beneficiary under such form of benefit will be determined under the terms and conditions of the Pension Plan as in effect on December 31, 2008.

 

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DEATH BENEFITS

 





8.1Preretirement Survivor’s Benefit Linked to Grandfathered Accrued Benefit. If a Participant dies prior to his or her Pension Plan Benefit Commencement Date, the following
provisions shall apply in lieu of Article VI.

 






 (a)Executive Participants.

 






 (i)If an Executive Participant dies before his or her Pension Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death,
or (y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to: (A) three (3) times such Participant’s most recent
annual Base Compensation as of the date of death, multiplied by (B) such Participant’s Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately
following the death of such Participant. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated
beneficiary) until all 120 payments have been made.

 






 (ii)If a Participant who is employed by an Employer dies while so employed and before attaining three thousand six hundred and fifty (3,650) days of Service, the monthly benefit
payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to three thousand six
hundred and fifty (3,650).

 






 (b)Senior Participants.

 






 (i)If a Senior Participant dies before his or her Pension Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or
(y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to: (A) fifty percent (50%) of such Participant’s most
recent annual Base Compensation as of the date of death, multiplied by (B) such Participant’s Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately
following the death of such Participant. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated
beneficiary) until all 120 payments have been made.

 


16












 (ii)If a Participant who is employed by an Employer dies while so employed and before attaining five thousand four hundred and seventy-five (5,475) days of Service, the monthly
benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to five thousand
four hundred and seventy-five (5,475).

 





8.2Preretirement Survivor’s Benefit Linked to Non-Grandfathered Accrued Benefit. If a Participant dies prior to his or her SERP Benefit Commencement Date, the following
provisions shall apply in lieu of Article VII.

 






 (a)Executive Participants.

 






 (i)If an Executive Participant dies before his or her SERP Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or
(y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to: (A) three (3) times such Participant’s most recent
annual Base Compensation as of the date of death, multiplied by (B) such Participant’s Non-Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years, beginning no later than the first day
of such month following the death of the Participant as shall be determined by the SERP Committee; provided, however, that the day on which such first monthly installment is paid shall be within the ninety day period beginning on the
date of the Participant’s death. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated
beneficiary) until all 120 payments have been made.

 






 (ii)If a Participant who is employed by an Employer dies while so employed and before attaining three thousand six hundred and fifty (3,650) days of Service, the monthly benefit
payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to three thousand six
hundred and fifty (3,650).

 






 (b)Senior Participants.

 






 (i)

If a Senior Participant dies before his or her SERP Benefit Commencement Date and such Participant (x) is employed by an

 


17











 


Employer at the time of his or her death, or (y) his or her benefit under the Plan has vested in accordance with Section 5.1 hereof, then the
Beneficiary of such Participant shall be entitled to a benefit equal to: (A) fifty percent (50%) of such Participant’s most recent annual Base Compensation as of the date of death, multiplied by (B) such Participant’s
Non-Grandfathered Benefit Ratio, payable without interest in equal monthly installments over ten (10) years, beginning no later than the first day of such month following the death of the Participant as shall be determined by the SERP
Committee; provided, however, that the day on which such first monthly installment is paid shall be within the ninety day period beginning on the date of the Participant’s death. If the Beneficiary does not live to receive all 120
installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made.

STYLE="margin-top:0px;margin-bottom:-6px"> 






 (ii)If a Participant who is employed by an Employer dies while so employed and before attaining five thousand four hundred and seventy-five (5,475) days of Service, the monthly
benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to five thousand
four hundred and seventy-five (5,475).

 





8.3Post-Retirement Survivor’s Benefit.

 






 (a)Grandfathered Accrued Benefit. If a Participant dies on or after his or her Pension Plan Benefit Commencement Date, the form of benefit payment selected pursuant to Article
VI shall determine the entitlement of a Beneficiary to any benefit payable to such Beneficiary with respect to such Participant’s Grandfathered Accrued Benefit. The amount, if any, payable to such Beneficiary under such form of benefit will be
determined under the terms and conditions of the Pension Plan.

 






 (b)Non-Grandfathered Accrued Benefit. If a Participant dies on or after his or her SERP Benefit Commencement Date, the form of benefit payment selected pursuant to Article VII
shall determine the entitlement of a Beneficiary to any benefit payable to such Beneficiary with respect to such Participant’s Non-Grandfathered Accrued Benefit. The amount, if any, payable to such Beneficiary under such form of benefit will be
determined under the terms and conditions of the Pension Plan as in effect on December 31, 2008.

 


18







This excerpt taken from the NDAQ 10-K filed Feb 28, 2007.

DEATH BENEFITS

 

5.1 Preretirement Survivor’s Benefit. If a Participant dies prior to his or her Plan Benefit Commencement Date, the following provisions shall apply in lieu of Section 4.3 or 4.4 hereof, as applicable.

(a) Executive Participants.

 

  (i)

If an Executive Participant dies before his or her Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or (y) his or her Retirement Benefit has vested in accordance with Section 4.2 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to three (3) times such Participant’s most recent annual Base Compensation as of the date of death, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately

 

10

Plan Document - Supplemental Executive Retirement Plan

 

 

following the death of such Participant. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made.

 

  (ii) If a Participant that is employed by an Employer dies while so employed and before attaining three thousand six hundred and fifty (3,650) days of Service, the monthly benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to three thousand six hundred and fifty (3,650).

(b) Senior Participants.

 

  (i) If a Senior Participant dies before his or her Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or (y) his or her Retirement Benefit has vested in accordance with Section 4.2 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to fifty percent (50%) of such Participant’s most recent annual Base Compensation as of the date of death, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately following the death of such Participant. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made.

 

  (ii) If a Participant that is employed by an Employer dies while so employed and before attaining five thousand four hundred and seventy-five (5,475) days of Service, the monthly benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to five thousand four hundred and seventy-five (5,475).

 

5.2 Post-Retirement Survivor’s Benefit. If an Executive Participant or a Senior Participant dies after his or her Plan Benefit Commencement Date, the form

 

11

Plan Document - Supplemental Executive Retirement Plan

 

 

of payment of the Retirement Benefit selected pursuant to Article IV shall determine the entitlement of a Beneficiary to any Retirement Benefit payable to such Beneficiary. Such benefit will be determined under the terms and conditions of the Pension Plan.

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2009
10-K
Feb 28, 2007

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"DEATH BENEFITS" elsewhere:

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