WY » Topics » A RTICLE V: V ESTING

This excerpt taken from the WY 10-K filed Mar 3, 2005.

ARTICLE V: VESTING

 

4.9 Vested Retirement Benefit

 

The terms of Section 4.9 of the Qualified Salaried Plan, which describe a Vested Retirement benefit under that plan, shall likewise apply to the Target Accrued Benefit under this Plan for an SRP Participant who meets the eligibility conditions for Vested Retirement as stated in the Qualified Salaried Plan.

 

4.10 Enhanced Vested Retirement Benefit

 

  (a) Rule of 65 Involuntary Termination Prior to Early Retirement

 

This Section 4.10 applies to an SRP Participant who, as of the date of his or her involuntary Termination Without Cause prior to becoming eligible for Early Retirement (i) has at least 10 Years of Vesting Service, and (ii) the sum of his or her attained age and Years of Vesting Service is at least 65. If such an SRP Participant elects, subject to the terms of Section 6.2 of this Plan, to commence the payment of the benefit at or after attaining age 55 but prior to attaining age 65, then, in place of the Actuarial reduction factors applicable to the early commencement of a Vested Retirement benefit, the Early Retirement Benefit Commencement Percentages stated in Section 4.8(c) (except 4.8(c)(ii)) of the Qualified Salaried Plan shall apply.

 

  (b) Amount of Supplemental Accrued Benefit

 

In the case of a Termination as described in subsection (a), the Supplemental Accrued Benefit payable under this Plan shall be equal to the difference between (i) the Target Accrued Benefit reduced for early commencement using the Early Retirement Benefit Commencement Percentages specified in subsection (a) above, minus (ii) the benefit payable from the Qualified Salaried Plan after such benefit has been Actuarially reduced for early commencement in accordance with provisions of that plan.

 

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