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W.W. Grainger (GWW)
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GWW » Topics » Death After Retirement

These excerpts taken from the GWW 10-K filed Feb 27, 2008.
Death After Retirement. If a Participant incurs a Separation from Service on or after an Early Retirement Date, or on or after his Normal Retirement Date, and dies after such Separation from Service, the Company will pay to his Beneficiary a lump sum death benefit equal to one hundred percent (100%) of his Annual Compensation as defined under the Plan on the Date Creating an Entitlement. Such death benefit amount shall be increased to reflect estimated federal income tax payable on such death benefit, based on the then maximum tax rate, determined in accordance with rules established from time to time by the Committee, provided that in no event shall the death benefit exceed two hundred percent (200%) of Annual Compensation.

Death After Retirement. If a Participant incurs a Separation from Service on or after an Early Retirement Date, or on or after his Normal Retirement Date, and dies after such Separation from Service, the Company will pay to his Beneficiary a lump sum death benefit equal to one hundred percent (100%) of his Annual Compensation as defined under the Plan on the Date Creating an Entitlement. Such death benefit amount shall be increased to reflect estimated federal income tax payable on such death benefit, based on the then maximum tax rate, determined in accordance with rules established from time to time by the Committee, provided that in no event shall the death benefit exceed two hundred percent (200%) of Annual Compensation.



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2008

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