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SWY » Topics » RETIREMENT RELATED BENEFITS

These excerpts taken from the SWY 10-K filed Feb 26, 2008.

RETIREMENT RELATED BENEFITS

 

2.01 Eligibility

Each Participant is eligible to receive a retirement benefit under this Plan if he is eligible to receive a benefit under the terms of the Basic Plan and if he Retires.

 

2.02 Amount of Benefit

Subject to paragraph 2.03 below, the Participant’s retirement benefit under this Plan shall be the Actuarial Equivalent of the Participant’s benefits under the Basic Plan with respect to the period of the Participant’s participation in the Basic Plan, subject to the adjustments described in subparagraphs (a), (b) and (c) below, reduced by the Actuarial Equivalent of the benefits to which the Participant is entitled under the Basic Plan, and further reduced by the Actuarial Equivalent of any benefits as to which a Participant earned a vested interest under the Prior Plan prior to January 1, 2005:

 

  (a) Compensation shall be determined without reference to the limitations of Section 401(a)(17) of the Code and shall include any amounts not otherwise includable as a result of a Participant’s participation in the Safeway Executive Deferred Compensation Plan and the Safeway Executive Deferred Compensation Plan II.;

 

  (b) the limitation on benefits of Section 415 of the Code shall not apply, and

 

  (c) a Participant’s number of Years of Participation which are taken into account in determining the Participant’s benefits under the Basic Plan shall be limited to 35 years.

 

2.03 Determining Amount of Benefit

It is intended that in determining the benefits payable under the Plan and the Prior Plan, the Plan shall be interpreted in a manner consistent with Section 409A so as to maximize the benefits payable under the Prior Plan.

 

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RETIREMENT RELATED BENEFITS

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 





2.01Eligibility

Each Participant is eligible to receive a retirement benefit
under this Plan if he is eligible to receive a benefit under the terms of the Basic Plan and if he Retires.

 





2.02Amount of Benefit

Subject to paragraph 2.03 below, the Participant’s
retirement benefit under this Plan shall be the Actuarial Equivalent of the Participant’s benefits under the Basic Plan with respect to the period of the Participant’s participation in the Basic Plan, subject to the adjustments described
in subparagraphs (a), (b) and (c) below, reduced by the Actuarial Equivalent of the benefits to which the Participant is entitled under the Basic Plan, and further reduced by the Actuarial Equivalent of any benefits as to which a
Participant earned a vested interest under the Prior Plan prior to January 1, 2005:

 






 (a)Compensation shall be determined without reference to the limitations of Section 401(a)(17) of the Code and shall include any amounts not otherwise includable as a result of a
Participant’s participation in the Safeway Executive Deferred Compensation Plan and the Safeway Executive Deferred Compensation Plan II.;

 






 (b)the limitation on benefits of Section 415 of the Code shall not apply, and

 






 (c)a Participant’s number of Years of Participation which are taken into account in determining the Participant’s benefits under the Basic Plan shall be limited to 35 years.

 





2.03Determining Amount of Benefit

It is intended that in determining the benefits
payable under the Plan and the Prior Plan, the Plan shall be interpreted in a manner consistent with Section 409A so as to maximize the benefits payable under the Prior Plan.

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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 26, 2008

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