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DIS » Topics » 6.3 No Duplication of Benefits

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

6.3 No Duplication of Benefits

 

(a) Key Plan Part I Benefits. In determining the Participant’s Retirement Income at any time, to the extent a Participant is entitled to a benefit under the Key Plan Part I as a result of also being a Grandfathered Participant, the amount of Retirement Income payable to a Participant with respect to a Payment Event shall be reduced as of the Benefit Calculation Date by the Actuarially Equivalent lump sum present value of the Participant’s benefit under the Key Plan Part I, determined in accordance with Treasury Regulations section 1.409A-6(a)(3)(i), so that the Participant shall not receive a duplication of benefits under the Plan.

 

(b) Post-Payment Event Accruals. In determining the Participant’s Retirement Income at any time after a Payment Event, the Participant’s prior service and earnings may be taken into account to the extent such service and earnings are taken into account when determining a Participant’s Retirement Plan Benefit following such Payment Event. Notwithstanding anything to the contrary in the Plan, the amount of any additional Retirement Income payable to a Participant with respect to a new Payment Event shall be reduced by the Actuarially Equivalent value of the Participant’s vested Retirement Income determined as of the Benefit Calculation Date for any prior Payment Event increased at the Interest Rate, so that the Participant shall not receive a duplication of benefits under the Plan.

6.3 No Duplication of Benefits

 

(a) BEP Part I Benefits. In determining the Participant’s Retirement Income at any time, to the extent a Participant is entitled to a benefit under the BEP Part I as a result of also being a Grandfathered Participant, the amount of Retirement Income payable to a Participant with respect to a Payment Event shall be reduced as of the Benefit Calculation Date by the Actuarially Equivalent lump sum present value of the Participant’s benefit under the BEP Part I, determined in accordance with Treasury Regulations section 1.409A-6(a)(3)(i), so that the Participant shall not receive a duplication of benefits under the Plan.

 

(b) Post-Payment Event Accruals. In determining the Participant’s Retirement Income at any time after a Payment Event, the Participant’s prior service and earnings may be taken into account to the extent such service and earnings are taken into account when determining a Participant’s Retirement Plan Benefit following such Payment Event. Notwithstanding anything to the contrary in the Plan, the amount of any additional Retirement Income payable to a Participant with respect to a new Payment Event shall be reduced by the Actuarially Equivalent lump sum present value of the Participant’s vested Retirement Income determined as of the Benefit Calculation Date for any prior Payment Event increased at the Interest Rate, so that the Participant shall not receive a duplication of benefits under the Plan.

 

(c)

Transfers. In calculating a Participant’s Retirement Income at any time after the Participant transfers to an Employer from another Affiliate in which the Participant accrued a benefit under another nonaccount balance nonqualified plan, his prior service and earnings shall not be taken into account in determining Retirement

 

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Income under this Plan, even if such service and earnings are taken into account when determining his Retirement Plan Benefit.

6.3 No Duplication of Benefits

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(a)BEP Part I Benefits. In determining the Participant’s Retirement Income at any time, to the extent a Participant is entitled to a benefit under the
BEP Part I as a result of also being a Grandfathered Participant, the amount of Retirement Income payable to a Participant with respect to a Payment Event shall be reduced as of the Benefit Calculation Date by the Actuarially Equivalent
lump sum present value of the Participant’s benefit under the BEP Part I, determined in accordance with Treasury Regulations section 1.409A-6(a)(3)(i), so that the Participant shall not receive a duplication of benefits under the
Plan.

 





(b)Post-Payment Event Accruals. In determining the Participant’s Retirement Income at any time after a Payment Event, the Participant’s prior service and
earnings may be taken into account to the extent such service and earnings are taken into account when determining a Participant’s Retirement Plan Benefit following such Payment Event. Notwithstanding anything to the contrary in the Plan, the
amount of any additional Retirement Income payable to a Participant with respect to a new Payment Event shall be reduced by the Actuarially Equivalent lump sum present value of the Participant’s vested Retirement Income determined as of the
Benefit Calculation Date for any prior Payment Event increased at the Interest Rate, so that the Participant shall not receive a duplication of benefits under the Plan.
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 





(c)

Transfers. In calculating a Participant’s Retirement Income at any time after the Participant transfers to an Employer from another Affiliate in
which the Participant accrued a benefit under another nonaccount balance nonqualified plan, his prior service and earnings shall not be taken into account in determining Retirement

 


18











 


Income under this Plan, even if such service and earnings are taken into account when determining his Retirement Plan Benefit.


EXCERPTS ON THIS PAGE:

10-K (3 sections)
Nov 20, 2008

RELATED TOPICS for DIS:

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