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PNC » Topics » BENEFITS

These excerpts taken from the PNC 10-K filed Mar 2, 2009.

BENEFITS

 

2.1 Pre-Retirement Life Insurance

Except as provided in the following subparagraphs for Participants in Prior Plans, the pre-retirement life insurance benefit shall be equal to the amount of insurance elected by the Participant or assigned by the Employer.

 

  (a) Pittsburgh National Bank

The benefit shall be an amount which is equal to the Annual Base Salary multiple elected by the Participant under the Executive Group Life Insurance Plan of Pittsburgh National Bank.

 

  (b) Provident National Bank

The benefit shall be an amount equal to three times the Participant’s Annual Base Salary rate in effect on January 30, 1985.

 

  (c) Marine Bank

The benefit shall be an amount equal to three times the Participant’s Annual Base Salary rate in effect on January 30, 1985.

2.2 Post-Retirement Life Insurance Benefit

Except as provided in the following subparagraphs for Participants in the Prior Plans, the post-retirement life insurance benefit shall be equal to an amount which is equal to the Participant’s Annual Base Salary rate at the time of the Participant’s Retirement.

 

  (a) Pittsburgh National Bank

The benefit shall be an amount which is equal to the multiple of the Annual Base Salary elected by the Participant under the Executive Group Life Insurance Plan of Pittsburgh National Bank.

 

  (b) Marine Bank

The benefit shall be equal to three times the Annual Base Salary rate in effect on January 30, 1985.

 

  (c) Northeastern Bank

The benefit shall be equal to the face amount of the individually owned policy less amounts due Northeastern Bank to satisfy the insurance obligation.

 

2.3 Termination of Future Coverage For Designated Participants

Effective April 1, 2002, coverage under, and future participation in, the Plan, ceased for certain Participants who were identified and designated by the Corporation and who were given notice of the termination of future coverage prior to April 1, 2002, January 1, 2003 or January 1, 2004, as applicable. The accumulated cash surrender value, if any, on individual policies of insurance covering such designated Participants was calculated as of April 1, 2002, January 1, 2003 or January 1, 2004, as applicable. The accumulated cash surrender value determined as of April 1, 2002, January 1, 2003 or January 1, 2004, as applicable shall be the sole benefit payable to such designated Participants in accordance with the terms of the Plan and policies, provided other conditions for payment as set forth in the Plan and policies have been satisfied by any such designated Participant.

2.4 Adjustment and Transfers of Policies At Retirement

Life insurance coverage under this Plan is generally provided under individual whole life insurance policies obtained by the Corporation on the lives of Participants. Such policies are owned by the Corporation, and they constitute a part of the general assets of the Corporation. Prior to any transfer of a policy as contemplated herein or in Section 8, Participants have no right, title or interest in or to such policies or any cash value therein, other than a right to designate the beneficiary thereof if and to the extent permitted by the Corporation, and all such policies shall be held as general assets of the Corporation and shall be subject to the claims of the Corporation’s general creditors. Participants who incur a Separation from Service as the result of a Retirement shall be treated hereunder as follows:

 

  (a) If Retirement occurs at or after the Participant’s attainment of age 62, the policy applicable to that Participant shall be transferred to the Participant six months after the Participant’s Retirement, and the Employer shall thereafter be responsible for any future payment of premiums necessary to keep the Policy in force until such time as dividends under the policy are sufficient to cover future premiums (provided, that in the case of designated Participants covered by Section 2.3, they shall be transferred six months after Retirement an amount in cash equal to the accumulated cash surrender value of their individual policy as of April 1, 2002, January 1, 2003 or January 1, 2004, as applicable, and all other rights hereunder shall terminate).

 

  (b) If Retirement occurs prior to the Participant’s attainment of age 62, then the policy will be transferred to the Participant upon his or her attainment of age 62 (or, if later, six months after his or her Retirement) (provided, that in the case of designated Participants covered by Section 2.3, they shall be transferred upon attainment of age 62 or, if later, six months after Retirement an amount in cash equal to the accumulated cash surrender value of their individual policy as of April 1, 2002, January 1, 2003 or January 1, 2004, as applicable, and all other rights hereunder shall terminate). At the Participant’s election, which must be provided to the Employer prior to the Participant’s Retirement, one of the following options will apply : (i) the face amount of the policy and the coverage provided hereunder will be reduced at Retirement to a level that would be considered “paid up”, such that no further premium payments would be required in order to maintain the policy in force through the date of transfer, or (ii) the face amount of the policy and the coverage provided hereunder will be reduced at Retirement to one times the Participant’s Annual Base Salary, in which case the Participant will be responsible for paying all premiums necessary to keep the policy in force through the date of transfer, and the Employer will be responsible following the transfer to pay any future premiums necessary to keep the policy in force until such time as dividends under the policy are sufficient to cover future premiums.

BENEFITS

An Account will be established and maintained for each Participant to whom Excess Benefits will be allocated. A Participant’s

Account under this Plan will be allocated Earnings Credits, Transitional Earnings Credits and Interest Credits in the same manner as under the Pension Plan. In addition, a Participant’s opening Account balance will be determined in the same manner as under the Pension Plan.

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 2, 2009

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