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NDAQ » Topics » SUPPLEMENTAL RETIREMENT BENEFIT

This excerpt taken from the NDAQ 10-K filed Feb 27, 2009.

SUPPLEMENTAL RETIREMENT BENEFIT —

SIZE="2">GRANDFATHERED ACCRUED BENEFIT

 





6.1Eligibility for Retirement Benefits. Each Participant whose benefit under the Plan has vested, pursuant to Section 5.1 hereof, shall be eligible for a benefit under the
Plan with respect to his or her Grandfathered Accrued Benefit, determined in accordance with this Article VI.

 





6.2Time of Payment. The payment of a Participant’s benefit under this Article VI shall commence (or shall be paid, as the case may be) on the Participant’s Pension
Plan Benefit Commencement Date.

 





6.3Normal Retirement Benefit. If a Participant’s Pension Plan Benefit Commencement Date is such Participant’s Normal Retirement Date, the amount of the benefit payable
to such Participant under this Article VI, expressed as a single life annuity (payable monthly) shall be an amount equal to the excess of:

 






 (a)such person’s Grandfathered Accrued Benefit, over

 






 (b)such person’s Grandfathered Pension Plan Accrued Benefit.

 





6.4Early Retirement Benefit. If a Participant’s Pension Plan Benefit Commencement Date is before such person’s Normal Retirement Date, the amount of the benefit
payable to such Participant under this Article VI, expressed as a single life annuity (payable monthly) shall be an amount equal to the excess of:

SIZE="1"> 






 (a)such Participant’s Grandfathered Accrued Benefit, reduced by 1/4 of 1% for each month by which such Participant’s Pension Plan Benefit Commencement Date precedes the first
day of the first calendar month after the calendar month in which such Participant attains age 62, over

 






 (b)such Participant’s Grandfathered Pension Plan Accrued Benefit, reduced by the same percentage amount, if any, by which such Participant’s accrued benefit under the Pension
Plan is in fact reduced on account of the commencement (or payment, as the case may be) of such Participant’s Pension Plan accrued benefit prior to such Participant’s Normal Retirement Date.
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6.5Form of Payment. The normal form of payment of the Participant’s benefit determined under this Article VI shall be the form in which his or her accrued benefit is
payable under the Pension Plan. Benefits determined under this Article VI that are paid (other than as a single life annuity) shall be the Actuarial Equivalent of the Participant’s benefit otherwise determined under Section 6.3 or
Section 6.4, as the case may be.

 


11











6.6Optional Forms of Payment. As soon as practicable following the designation of an employee as a Participant in accordance with Section 4.2 hereof, the SERP Committee
shall provide to each such Participant a form pursuant to which he or she may elect to receive his or her benefit otherwise determined under this Article VI in one of the optional forms of payment permitted under the Pension Plan. Each Participant
shall file his or her election, if any, with the SERP Committee as soon as practicable thereafter. Each Participant shall be permitted to revoke such election and make a new election on a form, prescribed by the SERP Committee at any time and from
time to time; provided, however, that the last such election on file with the SERP Committee, or its designee, shall become irrevocable no later than one (1) year prior to such Participant’s Pension Plan Benefit Commencement
Date. Benefits determined under this Article VI that are paid in such other form shall be the Actuarial Equivalent of the Participant’s benefit otherwise determined under Section 6.3 or Section 6.4, as the case may be. Any election by
a Participant of an optional form of payment pursuant to the provisions of Section 4.7 of the Plan as previously in effect shall be deemed to be an election made under this Section 6.6.
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6.7Rehiring Terminated Participants. Notwithstanding anything in this Article VI to the contrary, in the event that a Participant has a Termination of Employment, and then again
becomes a Participant pursuant to Article VI, such individual shall be credited with the amount of Service he or she had earned as of the date of his or her Termination of Employment under the rules applicable to the Pension Plan. Notwithstanding
the preceding sentence, a retired Participant shall not be credited with such prior Service except to the extent that the Employer provides for such credit in a designation made pursuant to Section 4.3 hereof. In the event of the rehiring of a
former Participant, if such Participant’s “Retirement Benefits” (as defined under the terms of the Plan as previously in effect) are in pay status, such benefits shall be suspended in the manner described in Article 7 of the Pension
Plan. In the event a former Participant who has previously received his or her “Retirement Benefit” in the form of a lump sum is rehired pursuant to this Section 6.7, any further benefits to be paid to such Participant following his
or her next Termination of Employment pursuant to this Article VI shall be offset by the Actuarial Equivalent of the lump sum benefit. previously paid to such Participant.

SIZE="1"> 


12







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

SUPPLEMENTAL RETIREMENT BENEFIT

 

4.1 Eligibility for Retirement Benefits.

(a) Each Participant whose benefit under the Plan has vested, pursuant to Section 4.2 hereof, shall be eligible for a Normal Retirement Benefit as provided under Section 4.3 hereof commencing at his or her Normal Retirement Date.

(b) Each Participant whose benefit under the Plan has vested, pursuant to Section 4.2 hereof, and whose Plan Benefit Commencement Date is prior to his or her Normal Retirement Date shall be eligible for an Early Retirement Benefit as provided in Section 4.4 hereof.

 

4.2 Vesting. Subject only to Section 1.4 hereof, from and after the date on which a Participant attains age 55 and completes ten (10) years of Service, the right of such Participant to receive his or her Retirement Benefit shall at all times thereafter be fully vested and nonforfeitable. Accordingly, a Participant who has a Termination of Employment prior to attaining age 55 and completing ten (10) years of Service shall not be entitled to a Retirement Benefit.

 

4.3 Normal Retirement Benefit.

(a) Executive Participants. The monthly Normal Retirement Benefit of an Executive Participant commencing at his or her Normal Retirement Date shall be equal to sixty percent (60%) of his or her Career Average Compensation, multiplied by a fraction, the numerator of which is the Participant’s number of days of Service, and the denominator of which is three thousand six hundred and fifty (3,650) and, after such multiplication, reduced by his or her Actual Accrued Benefit. If the fraction provided in the prior sentence shall be greater than one (1), the fraction shall be deemed to equal one (1). Accordingly, each Executive Participant’s Normal Retirement Benefit shall accrue at a rate of six percent (6%) per year of Service.

(b) Senior Participants. The monthly Normal Retirement Benefit of a Senior Participant commencing at his or her Normal Retirement Date shall be equal to sixty percent (60%) of his or her Career Average Compensation, multiplied by a fraction, the numerator of which is the Participant’s number of days of Service, and the denominator of which is five thousand four hundred and seventy-five (5,475) and, after such multiplication, reduced by both his or her Actual Accrued Benefit and his or her Primary Social Security Benefit. If the fraction provided in the prior sentence shall be greater than one (1), the fraction shall be deemed to equal one (1). Accordingly, each Senior Participant’s Normal Retirement Benefit shall accrue at a rate of four percent (4%) per year of Service.

 

7

Plan Document - Supplemental Executive Retirement Plan

 

(c) For purposes of the Plan, the Actual Accrued Benefit shall be determined as of the Plan Benefit Commencement Date, provided that in the sole and absolute discretion of the SERP Committee (except in the case of a Participant who is a member of the SERP Committee, in which event such discretion shall rest in the Management Compensation Committee), the determination shall be made as of the date that is not more than 30 days before such Plan Benefit Commencement Date.

 

4.4 Early Retirement.

(a) Executive Participants. The monthly Early Retirement Benefit of an Executive Participant who elects to receive an Early Retirement Benefit rather than a Normal Retirement Benefit and whose Plan Benefit Commencement Date is before his or her Normal Retirement Date shall be computed as follows:

 

  (i) first, such Participant’s Normal Retirement Benefit shall be determined pursuant to Section 4.3(a) hereof, but without reduction for his or her Actual Accrued Benefit;

 

 

(ii)

second, the amount determined in (i) of this Section 4.4(a) shall be reduced by  1/4 of 1% for each month by which such Participant’s Plan Benefit Commencement Date precedes the first day of the first calendar month after the calendar month in which such Participant attains age 62; and

 

  (iii) third, the amount determined in (ii) of this Section 4.4(a) shall be further reduced by the single life annuity (payable monthly) commencing on such Participant’s Plan Benefit Commencement Date to which the Participant is entitled under the Pension Plan.

(b) Senior Participants. The monthly Early Retirement Benefit of a Senior Participant who elects to receive an Early Retirement Benefit rather than a Normal Retirement Benefit and whose Plan Benefit Commencement Date is before his or her Normal Retirement Date shall be computed as follows:

 

  (i) first, such Participant’s Normal Retirement Benefit shall be determined pursuant to Section 4.3(b) hereof, but without reduction for his or her Actual Accrued Benefit, and without reduction for his or her Primary Social Security Benefit;

 

8

Plan Document - Supplemental Executive Retirement Plan

 

 

(ii)

second, the amount determined in (i) of this Section 4.4(b) shall be reduced by  1/4 of 1% for each month by which such Participant’s Plan Commencement Date precedes the first date of the first calendar month after the calendar month in which such Participant attains age 62; and

 

 

(iii)

third, the amount determined in (ii) of this Section 4.4(b) shall be further reduced by the sum of (x) the single life annuity (payable monthly) commencing on such Participant’s Plan Benefit Commencement Date to which the Participant is entitled under the Pension Plan, and (y) the single life annuity (payable monthly) commencing on such Participant’s Plan Benefit Commencement Date that is equal to the Participant’s Social Security Benefit reduced by  1/4 of 1% for each month by which his or her Plan Benefit Commencement Date precedes the first day of the first calendar month after the calendar month in which the Participant attains age 62.

(c) If a Participant elects to receive an Early Retirement Benefit, such Participant’s Retirement Benefit shall be determined without regard to all Plan provisions relating to Disabled Participants and Disability Periods.

 

4.5 Time of Payment. The payment of a Participant’s benefits under this Article IV shall commence on the Participant’s Benefit Commencement Date.

 

4.6 Form of Payment. The normal form of payment of the Participant’s Retirement Benefit shall be the form in which his or her Actual Accrued Benefit is payable under the Pension Plan. Retirement Benefits that are paid (other than as a single life annuity) shall be the Actuarial Equivalent of (i) the Participant’s Normal Retirement Benefit determined pursuant to Section 4.3 hereof commencing at the Participant’s Normal Retirement Date, or (ii) in the case of a Participant who elects an Early Retirement Benefit such Participant’s Early Retirement Benefit computed in accordance with Section 4.4 hereof.

 

4.7

Optional Forms of Payment. As soon as practicable following the designation of an employee as a Participant in accordance with Section 3.2 hereof, the SERP Committee shall provide to each such Participant a form pursuant to which he or she may elect to receive his or her Retirement Benefit in one of the optional forms of payment permitted under the Pension Plan. Each Participant shall file his or her election, if any, with the SERP Committee as soon as practicable thereafter. Each Participant shall be permitted to revoke such election and make a new election on a form prescribed by the SERP Committee at any time and from time to time; provided; however that the last such election on file with the SERP Committee, or its designee shall become irrevocable no later than one (1) year prior to such Participant’s Plan

 

9

Plan Document - Supplemental Executive Retirement Plan

 

 

Benefit Commencement Date. Retirement Benefits paid in such other form shall be the Actuarial Equivalent of (i) the Participant’s Normal Retirement Benefit determined pursuant to Section 4.3 hereof commencing at the Participant’s Normal Retirement Date, or (ii) in the case of a Participant who elects an Early Retirement Benefit, such Participant’s Early Retirement Benefit computed in accordance with Section 4.4 hereof.

 

4.8 Rehiring Terminated Participants. Notwithstanding anything in this Article IV to the contrary, in the event that a Participant has a Termination of Employment, and then again becomes a Participant pursuant to Article III, such individual shall be credited with the amount of Service he or she had earned as of the date of his or her Termination of Employment under the rules applicable to the Pension Plan. Notwithstanding the preceding sentence, a retired Participant shall not be credited with such prior Service except to the extent that the Employer provides for such credit in a designation made pursuant to Section 3.3 hereof. In the event of the rehiring of a former Participant, if such Participant’s Retirement Benefits are in pay status, such benefits shall be suspended in the manner described in Article 7 of the Pension Plan. In the event a former Participant who has previously received his or her Retirement Benefit in the form of a lump sum is rehired pursuant to this Section 4.8, any further Retirement Benefit to be paid to such Participant following his or her next Termination of Employment shall be offset by the Actuarial Equivalent of the lump sum benefit previously paid to such Participant.

EXCERPTS ON THIS PAGE:

10-K
Feb 27, 2009
10-K
Feb 28, 2007

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