NYX » Topics » RETIREMENT INCOME

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

RETIREMENT INCOME

3.1 Normal or Deferred Retirement Benefit. Except as otherwise provided herein, the Employer will pay to a SIAC Participant a benefit upon his Normal or Deferred Retirement Date calculated as follows, provided the benefit is vested as provided herein:

(a) The SIAC Participant’s Final Average Annual Compensation shall be multiplied by a percentage equal to the sum of:

 

  (i) 2.5% for each of the first ten Years of Service, plus

 

  (ii) 2.0% for each of the next ten Years of Service, plus

 

  (iii) 1.5% for each of the next ten Years of Service, plus

 

  (iv) 1% for each Year of Service in excess of thirty (30).


(b) Less:

 

  (i) the SIAC Participant’s normal retirement benefit (or, if applicable, deferred retirement benefit) payable as a single life annuity, before adjustment for any pre-retirement joint and survivor coverage, received from the Basic Plan and any Affiliate Plan based on Years of Service before March 31, 2006 included in the determination of the benefit calculated in the preceding subparagraph; and

 

  (ii) the SIAC Participant’s Primary Social Security retirement benefit payable at age 65 or, if applicable, his Deferred Retirement Date, as determined by the Administrator, based on the Social Security law in effect in the 2006 calendar year, and assuming no future earnings, indexing, or cost of living adjustments after March 31, 2006.

(c) The remainder resulting from the subtraction in the preceding subparagraph shall be the SIAC Participant’s annual Plan benefit at his Normal or Deferred Retirement Date payable in the form of a single life annuity prior to conversion to the Standard Form.

Notwithstanding the foregoing, the benefit of a Historic SIAC Participant shall not be less than his Historic Benefit, as described in Section 1 of Part II of the Appendix to Part B, but only if the SIAC Participant has satisfied the conditions for a Historic Benefit as described in the Appendix to Part B.

The benefit in subparagraph (b)(i) is calculated assuming the SIAC Participant’s benefit under the Retirement Plan or Affiliate Plan commences at the later of the SIAC Participant’s Termination of Employment or age 55 and is not dependent on when the SIAC Participant elects to receive benefits under the Retirement Plan or Affiliate Plan.

3.2 Payment of Benefits. Benefits shall be paid as described in Article 8.

RETIREMENT INCOME

FACE="Times New Roman" SIZE="2">3.1 Normal or Deferred Retirement Benefit. Except as otherwise provided herein, the Employer will pay to a SIAC Participant a benefit upon his Normal or Deferred Retirement Date calculated as follows,
provided the benefit is vested as provided herein:

(a) The SIAC Participant’s Final Average Annual Compensation shall
be multiplied by a percentage equal to the sum of:

 






 (i)2.5% for each of the first ten Years of Service, plus

 






 (ii)2.0% for each of the next ten Years of Service, plus

 






 (iii)1.5% for each of the next ten Years of Service, plus

 






 (iv)1% for each Year of Service in excess of thirty (30).






(b) Less:

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






 (i)the SIAC Participant’s normal retirement benefit (or, if applicable, deferred retirement benefit) payable as a single life annuity, before adjustment for any pre-retirement
joint and survivor coverage, received from the Basic Plan and any Affiliate Plan based on Years of Service before March 31, 2006 included in the determination of the benefit calculated in the preceding subparagraph; and

 






 (ii)the SIAC Participant’s Primary Social Security retirement benefit payable at age 65 or, if applicable, his Deferred Retirement Date, as determined by the Administrator,
based on the Social Security law in effect in the 2006 calendar year, and assuming no future earnings, indexing, or cost of living adjustments after March 31, 2006.
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%">(c) The remainder resulting from the subtraction in the preceding subparagraph shall be the SIAC Participant’s annual Plan benefit at
his Normal or Deferred Retirement Date payable in the form of a single life annuity prior to conversion to the Standard Form.

SIZE="2">Notwithstanding the foregoing, the benefit of a Historic SIAC Participant shall not be less than his Historic Benefit, as described in Section 1 of Part II of the Appendix to Part B, but only if the SIAC Participant has satisfied the
conditions for a Historic Benefit as described in the Appendix to Part B.

The benefit in subparagraph (b)(i) is calculated assuming the
SIAC Participant’s benefit under the Retirement Plan or Affiliate Plan commences at the later of the SIAC Participant’s Termination of Employment or age 55 and is not dependent on when the SIAC Participant elects to receive benefits under
the Retirement Plan or Affiliate Plan.

3.2 Payment of Benefits. Benefits shall be paid as described in Article 8.

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2009

"RETIREMENT INCOME" elsewhere:

Genworth Financial (GNW)
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