Napa Auto Parts 2010 Annual Report Download - page 78

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Key Participant’s Key Participant’s
Years of Applicable Years of Credited Applicable
Credited Service Percentage of Service at Percentage of
at Separation Average Separation from Average
from Service Earnings Service Earnings
24 34.5% 40 42.5%
25 35.0% 41 43.0%
26 35.5% 42 43.5%
27 36.0% 43 44.0%
28 36.5% 44 44.5%
29 37.0% 45 or more 45.0%
30 37.5%
(b) Key Participant has competed less than fifteen years of Credited Service prior to the Key Participant’s Separation from Service .
(1) This Section 7.01(b) contains the benefit formula for a Key Participant who has a Separation from Service with the Employer on his or her
Normal Retirement Date (as defined in Section 7.01(c)) and who completed less than 15 years of Credited Service prior to his or her
Separation from Service.
(2) Each Key Participant described in Section 7.01(b)(1) who has a Separation from Service with the Employer by reason of retirement or
voluntary or involuntary termination shall, except as provided in Section 12.05 (Noncompetition, Embezzlement, Etc.) be entitled to a
monthly Additional Retirement Income equal to (A) minus (B) as provided below.
(A) This subparagraph (A) is equal to 30% of the Key Participant’s Average Earnings multiplied by the fraction described below and
reduced by 50% of the Key Participant’s monthly Anticipated Social Security Benefit. The numerator of the fraction is the Key
Participant’s Credited Service as of the Key Participant’s Normal Retirement Date (including any partial years of Credited Service)
and the denominator of the fraction is 15. The benefit is measured in the form of a single life annuity payable in monthly
installments for the Key Participant’s life. The terms used in this subparagraph (A) are defined below.
(B) This subparagraph (B) is equal to the monthly Normal Retirement Income which the Key Participant is actually entitled to receive
under the Pension Plan beginning on the Key Participant’s Normal Retirement Date measured in the form of a single life annuity
payable in monthly installments for the Key Participant’s life.
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