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These excerpts taken from the GWW 10-K filed Feb 27, 2008. Death During Employment. If a Participant’s death occurs while he is in the employ of the Company, his Beneficiary shall receive a monthly payment in an amount equal to:
(a) fifty percent (50%) of the Participant’s Average Monthly Earnings as defined under the Plan on the Date Creating an Entitlement, which payments shall commence on the first day of the month following the Participant’s death and end as of the date on which the 120th monthly payment is made; or (b) for a Participant who was a Participant on the effective date of the First Amendment of the Plan [May 8, 1995], and notwithstanding anything to the contrary in section 8.2: (i) fifty percent (50%) of the Participant’s Average Monthly Earnings as defined under the Plan on the Date Creating an Entitlement, determined without regard to Section 2.1(b). (ii) which payment shall commence on the first day of the month following the Participant’s death and end as of the later of the date the Participant would have attained age 65 or the date on which the 120th monthly payment is made, if the benefit so calculated would have a greater present value on the date of the Participant’s death than the benefit calculated under paragraph (a) next above. The Committee shall use reasonable and consistent assumptions to determine present values. Death During Employment. If a Participant’s death occurs while he is in the employ of the Company, his Beneficiary shall receive a monthly payment in an amount equal to: (a) fifty percent (50%) of the Participant’s Average Monthly Earnings as defined under the Plan on the Date Creating an Entitlement, which payments shall commence on the first day of the month following the Participant’s death and end as of the date on which the 120th monthly payment is made; or (b) for a Participant who was a Participant on the effective date of the First Amendment of the Plan [May 8, 1995], and notwithstanding anything to the contrary in section 8.2: (i) fifty percent (50%) of the Participant’s Average Monthly Earnings as defined under the Plan on the Date Creating an Entitlement, determined without regard to Section 2.1(b). (ii) which payment shall commence on the first day of the month following the Participant’s death and end as of the later of the date the Participant would have attained age 65 or the date on which the 120th monthly payment is made, if the benefit so calculated would have a greater present value on the date of the Participant’s death than the benefit calculated under paragraph (a) next above. The Committee shall use reasonable and consistent assumptions to determine present values. | EXCERPTS ON THIS PAGE:
RELATED TOPICS for GWW: |
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