SUSQ » Topics » ARTICLE III. - BENEFITS

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

ARTICLE III. - BENEFITS

Section 3.01 Normal Retirement Benefit.

A Participant who separates from service at his Normal Retirement Date after satisfying the requirements for vesting under Section 4.01, shall commence benefits as of such date in the amount of the Actuarial Equivalent of an Accrued Benefit equal to the difference between (a) his Qualified Plan Accrued Benefit as of his Normal Retirement Date, determined without reference to the limitations contained in sections 401(a)(17) and 415 of the Code, and (b) his Qualified Plan Accrued Benefit at his Normal Retirement Date.

Section 3.02 Deferred Retirement Benefit.

A Participant who has satisfied the requirements for vesting under Section 4.01 and continues in employment following his Normal Retirement Date, shall be entitled to the Actuarial Equivalent of a Deferred Retirement Benefit as of his Annuity Starting Date calculated as of the date of his separation from service. The Deferred Retirement Benefit shall be computed in the same manner as the Normal Retirement Benefit under Section 3.01.

Section 3.03 Early Retirement Benefit.

A Participant who separates from service at an Early Retirement Date after satisfying the requirements for vesting under Section 4.01, shall be entitled to the Actuarial Equivalent of an Accrued Benefit payable at his Normal Retirement Date determined in accordance with Section 3.01, as of the date of his separation from service.

Section 3.04 Death Benefit.

If a married Participant who is vested in his Accrued Benefit in accordance with the requirements of Section 4.01 dies before his Annuity Starting Date, his spouse shall be entitled to the Actuarial Equivalent of the Participant’s vested Accrued Benefit under Section 3.01 determined as of the Participant’s date of death. The death benefit payable to a Participant who dies after his Annuity Starting Date shall depend on the form of benefit selected.

Section 3.05 Deferred Vested Benefit.

A Participant who separates from service after satisfying the requirements for vesting under Section 4.01 shall be entitled to the Actuarial Equivalent of an Accrued Benefit beginning as of his Normal Retirement Date determined under Section 3.01 as of the date of his separation from service.

 

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Section 3.06 Minimum Benefit.

Notwithstanding anything to the contrary in this Article III, a Participant who is designated by the Board in Appendix B shall receive a minimum benefit equal to (1) 75% of the benefit the Participant would have received under the Susquehanna Bancshares, Inc. Retirement Income Plan as in effect prior to January 1, 1998 based on the Participant’s service and compensation as of his or her Early Retirement Date, Normal Retirement Date or Late Retirement Date, as applicable, reduced by (2) his Qualified Plan Accrued Benefit.

 

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ARTICLE III. - BENEFITS

FACE="Times New Roman" SIZE="2">Section 3.01 Normal Retirement Benefit.

A Participant who separates from service at his Normal Retirement
Date after satisfying the requirements for vesting under Section 4.01, shall commence benefits as of such date in the amount of the Actuarial Equivalent of an Accrued Benefit equal to the difference between (a) his Qualified Plan Accrued
Benefit as of his Normal Retirement Date, determined without reference to the limitations contained in sections 401(a)(17) and 415 of the Code, and (b) his Qualified Plan Accrued Benefit at his Normal Retirement Date.

STYLE="margin-top:12px;margin-bottom:0px">Section 3.02 Deferred Retirement Benefit.

A Participant who
has satisfied the requirements for vesting under Section 4.01 and continues in employment following his Normal Retirement Date, shall be entitled to the Actuarial Equivalent of a Deferred Retirement Benefit as of his Annuity Starting Date
calculated as of the date of his separation from service. The Deferred Retirement Benefit shall be computed in the same manner as the Normal Retirement Benefit under Section 3.01.

FACE="Times New Roman" SIZE="2">Section 3.03 Early Retirement Benefit.

A Participant who separates from service at an Early Retirement Date
after satisfying the requirements for vesting under Section 4.01, shall be entitled to the Actuarial Equivalent of an Accrued Benefit payable at his Normal Retirement Date determined in accordance with Section 3.01, as of the date of his
separation from service.

Section 3.04 Death Benefit.

SIZE="2">If a married Participant who is vested in his Accrued Benefit in accordance with the requirements of Section 4.01 dies before his Annuity Starting Date, his spouse shall be entitled to the Actuarial Equivalent of the Participant’s
vested Accrued Benefit under Section 3.01 determined as of the Participant’s date of death. The death benefit payable to a Participant who dies after his Annuity Starting Date shall depend on the form of benefit selected.

STYLE="margin-top:12px;margin-bottom:0px">Section 3.05 Deferred Vested Benefit.

A Participant who
separates from service after satisfying the requirements for vesting under Section 4.01 shall be entitled to the Actuarial Equivalent of an Accrued Benefit beginning as of his Normal Retirement Date determined under Section 3.01 as of the
date of his separation from service.

 


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Section 3.06 Minimum Benefit.

FACE="Times New Roman" SIZE="2">Notwithstanding anything to the contrary in this Article III, a Participant who is designated by the Board in Appendix B shall receive a minimum benefit equal to (1) 75% of the benefit the Participant would have
received under the Susquehanna Bancshares, Inc. Retirement Income Plan as in effect prior to January 1, 1998 based on the Participant’s service and compensation as of his or her Early Retirement Date, Normal Retirement Date or Late
Retirement Date, as applicable, reduced by (2) his Qualified Plan Accrued Benefit.

 


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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 2, 2009

RELATED TOPICS for SUSQ:

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