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DIS » Topics » 6.5 Transfers from Nonaccount Plans

This excerpt taken from the DIS 10-K filed Nov 20, 2008.

6.5 Transfers from Nonaccount Plans

 

(a) General Rule. Except as otherwise described in this Plan section, 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 Income under this Plan, even if such service and earnings are taken into account when determining his Retirement Plan Benefit.

 

(b) Transfers from ABC. Notwithstanding any Plan provision to the contrary, the Participant’s Retirement Income under this Plan at any time after the Participant transfers to an Employer from a BEP Employer where the Participant accrued a benefit under the ABC Plan and/or BEP shall be determine under this subsection.

 

  (1) If, as of any Benefit Calculation Date, the Participant’s Add-On Benefit is greater than his All-Service Benefit, then the Participant’s Retirement Income shall be determined under the terms of this Plan without adjustment for the Participant’s service and earnings with a BEP Employer.

 

  (2) If, as of any Benefit Calculation Date, the Participant’s All-Service Benefit is greater than his Add-On Benefit, the Participant’s Retirement Income shall be the Participant’s All-Service Benefit reduced by the Participant’s Retirement Income, as defined in and determined under the BEP. Because it is the express intent of this Plan that there be no prohibited substitution of benefits in violation of Treasury Regulations section 1.409A-3(f), Retirement Income under this Plan and Retirement Income under the BEP are payable only at the same time and only in forms that are Actuarially Equivalent life annuities, applying the same reasonable actuarial assumptions and methods across the Plan, the Retirement Plan, the BEP and the ABC Plan.

 

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(c) Definitions Applicable to this Plan Section. In addition to the terms defined in Plan section 2.1 or elsewhere in this Plan, whenever used in this Plan section, the following terms shall have the respective meanings set forth below.

 

  (1) “ABC Plan” means the ABC, Inc. Retirement Plan, a qualified employer plan as defined under Treasury Regulations section 1.409A-1(a)(2).

 

  (2) “Add-On Benefit” means, with respect to a Participant who transfers to an Employer from a BEP Employer, the sum of:

 

  (A) The Participant’s Retirement Income, determined under this Plan, and the Participant’s Retirement Plan Benefit taking account only service and earnings with an Employer; and

 

  (B) The Participant’s Retirement Income, as defined in and determined under BEP, and the Participant’s Retirement Plan Benefit, as defined in and determined under the ABC Plan taking into account only service and earnings with a BEP Employer.

For purpose of determining these benefits, service and earnings shall be measured using the appropriate terms, such as, but not limited to, Compensation or Credited Service, used under the benefit formulas of the relevant plans.

 

  (3) “All-Service Benefit” means, with respect to a Participant who transfers to an Employer from a BEP Employer, the Participant’s Retirement Income under this Plan and Retirement Plan Benefit under the Retirement Plan taking into account the Participant’s service and earnings with all Employers and BEP Employers. For purpose of determining these benefits, service and earnings shall be measured using the appropriate terms, such as, but not limited to, Compensation or Credited Service, used under the benefit formulas of the relevant plans.

 

  (4) “BEP” means the Benefit Equalization Plan of ABC Inc., a nonqualified, nonaccount balance plan under Treasury Regulations section 1.409A-1(c)(2).

 

  (5) “BEP Employer” means an Employer, as that term is defined in the BEP, as opposed to an Employer defined under this Plan.

 

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