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DIS » Topics » 4.1 Determination of Retirement Income

These excerpts taken from the DIS 10-K filed Nov 20, 2008.

4.1 Determination of Retirement Income

 

(a) A Participant’s Retirement Income payable for the Participant’s lifetime (or other form in which the accrued benefit is defined under the Retirement Plan at any time of reference) from the Plan as of his Normal Retirement Date shall be equal to the amount determined under paragraph (1) minus the amount determined under paragraph (2), as follows:

 

  (1) The Retirement Plan Benefit accrued through the Benefit Calculation Date that would be payable to the Participant under the Retirement Plan as of his Normal Retirement Date if the Retirement Plan Benefit was determined:

 

  (A) Without regard to the limits imposed by Code sections 415 and 401(a)(17); and

 

  (B) By taking into account the amount of any base compensation, as determined by the Committee in its sole discretion, that the Participant deferred into a nonqualified account balance plan, within the meaning of Treasury Regulations section 1.409A-1(c)(2) through December 31, 2005.

 

  (2) The Retirement Plan Benefit accrued through the Benefit Calculation Date that would be payable to the Participant under the Retirement Plan as of his Normal Retirement Date.

 

(b) To the extent any portion of the Participant’s Retirement Plan Benefit is offset by benefits payable under another qualified retirement plan, a Participant’s Retirement Income shall be determined prior to the application of any such other offsets.

4.1 Determination of Retirement Income

 

(a) Except as provided in this Plan section, a Participant’s Retirement Income payable for the Participant’s lifetime (or other form in which the accrued benefit is defined) as of his Benefit Calculation Date shall be equal to the benefit that would have been payable to the Participant under the applicable provision(s) of the Retirement Plan as of the Benefit Calculation Date determined:

 

  (1) Without regard to the limits imposed by Code sections 415 and 401(a)(17);

 

  (2) As if the Payment Event was the date the Participant incurred a “Severance from Service,” as this term is defined under the Retirement Plan; and

 

  (3) As if the Participant had elected to commence his Retirement Plan Benefit as of the Benefit Calculation Date.

 

(b) To the extent that a Participant’s name is set forth in Committee records on or before December 31, 2008, in determining the amount of the Participant’s Retirement Income, the amount determined under subsection (a) shall be further reduced by the Retirement Income amount stated in the Committee records for such Participant that was paid on or about the January 1, 1996. This amount reflects the annuity value on which a lump sum was paid to the Participant under the terms of the Plan then in effect as a result of the Change in Control by which The Walt Disney Company acquired ABC, Inc.

 

(c) If Schedule XXVI of the Retirement Plan, relating to the reduction in the Code section 401(a)(17) limit that became effective for Plan Years beginning on or after January 1, 1994, applies to the determination of the Participant’s Retirement Plan Benefit, then the Participant’s Retirement Income under subsection (a) shall be determined without regard to any amounts attributable to the sum of the pre-1994 portion and post-1993 portion of the Participant’s Retirement Plan Benefit to the extent that such benefit otherwise payable under the Retirement Plan exceeds the limitations imposed by Code sections 401(a)(17) and 415.

 

(d) To the extent that a Participant is entitled to Retirement Income under section XXXVII of the Retirement Plan, the Participant’s Retirement Income determined under subsection (a) shall be determined based solely on the formula effective January 1, 1993 and without taking into consideration the Participant’s accrued benefit as of December 31, 1993, as determined under the applicable portion of the Retirement Plan as in effect as of December 31, 1992.

 

(e) To the extent that a Participant is entitled to Retirement Income on account of a Change in Control, the Participant’s Retirement Income determined under subsection (a) shall be determined as if:

 

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  (1) The Participant “Severed from Service” as that term is defined under the Retirement Plan with a fully vested Retirement Plan Benefit on the last day of the month preceding the Change in Control, and

 

  (2) The Participant’s Retirement Plan Benefit is payable as of the date the Participant attains age 65 (or the Participant’s actual age, if later), and to the extent the Benefit Calculation Date occurs prior to such date, the amount of the Participant’s Retirement Income, after taking into account any adjustments in subsections (b), (c) and (d), is reduced on an Actuarially Equivalent basis to the Participant’s Benefit Calculation Date.

 

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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Nov 20, 2008

RELATED TOPICS for DIS:

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