Freddie Mac 2014 Annual Report Download - page 304

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accordance with the provisions hereof; provided, however, the foregoing provisions shall not limit
the Administrator’s discretion to determine whether an Executive remains eligible to continue to
actively participate in the Plan.
3.2 Eligibility for Supplemental Benefit Credit.
(a) In order to be eligible to receive a Supplemental Benefit Credit for a Plan
Year (a) the Executive must actively participate in the Transitional Plan or the
Thrift/401(k) Plan for the Plan Year and (b) the Executive’s annual additions to the
Transitional Plan or to the Thrift/401(k) Plan for the Plan Year must be limited as a result of
(i) the cap on annual Compensation which can be considered for inclusion under the
Transitional Plan or Thrift/401(k) Plan, as applicable, set by Code section 401(a)(17)
and/or (ii) the Section 415 Limitation. Notwithstanding anything to the contrary, an
Executive who receives a Supplemental Benefit Credit under this Plan for a Plan Year shall
be ineligible to receive an Excess Benefit Credit under the Excess Plan for such Plan Year
and shall be ineligible to receive a Thrift/401(k) SERP Benefit under the SERP for such
Plan Year if the Executive made any Roth Contributions under the Thrift/401(k) Savings
Plan during such Plan Year.
(b) Notwithstanding subsection (a) above, in order to be eligible to receive a
Supplemental Benefit Credit related to Employer Contributions under the Thrift/401(k)
Plan for a Plan Year, the Executive must contribute the maximum amount permitted
under the terms of the Thrift/401(k) Plan on a pre-tax or post-tax basis throughout the
entire Plan Year (or for the portion of the Plan Year for which the Executive is eligible to
participate in the Thrift/401(k) Plan), provided that for the 2014 Plan Year, the maximum
contribution must be made on a pre-tax basis. If an Executive contributes less than such
maximum amount for a Plan Year, the Executive will not be eligible to receive a
Supplemental Benefit Credit relating to the Matching Contribution under the
Thrift/401(k) Plan for such Plan Year. Further, if all or a portion of the Executive’s
contributions to the Thrift/401(k) Plan are made pursuant to a Roth Contribution, the
Executive will participate in this Plan and not the SERP for such Plan Year, provided
that, for administrative and recordkeeping procedures purposes, the Corporation may
designate an Executive as a participant in the SERP during a Plan Year in which the
Executive makes Roth Contributions and then move the Executive to this Plan during or
after such Plan Year. Notwithstanding anything to the contrary, in no event shall the
Supplemental Benefit Credit related to the Thrift/401(k) Plan and the Thrift/401(k) SERP
Benefit credited under the SERP result in a duplication of benefits under the SERP and
this Plan for a Plan Year.
(c) Notwithstanding the foregoing provisions, nothing in this Plan shall
prohibit the Administrator from determining, in its discretion, that an Executive is not
eligible to receive a Supplemental Benefit Credit for one or more Plan Years. To the
extent that an Executive becomes ineligible to participate in this Plan for a Plan Year, the
Executive may be eligible to participate in the Excess Plan to the extent that the
Executive satisfies the eligibility requirements under the Excess Plan.