ADP 2012 Annual Report Download - page 108

Download and view the complete annual report

Please find page 108 of the 2012 ADP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 125

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125

(ii) the election must be made at least 12 months prior to the date the payment is scheduled to be made. For installment payments, the
election must be made at least 12 months prior to the date the first payment in such installment was scheduled to be made; and
(iii) the subsequent deferral election must delay the payment for at least five years from the date the payment would otherwise have
been made. For installment payments, the delay is measured from the date the first payment was scheduled to be made.
A Participant may make only one subsequent change with respect to deferrals made for a specific Plan Year.
(f) Initial elections and subsequent elections, if any, may be made in writing or through an electronic medium such as a website
enrollment window or though an email enrollment form or through a Plan Administrator, provided that there is sufficient record of when such
election is made.
3.3 Elections as to Deemed Investment Choices .
(a) Prior to the date on which the actual deferral of an Annual Incentive Amount in respect of Plan Year is made by the Company, a
Participant shall make an election regarding how such Annual Incentive Amount shall be deemed to be invested for purposes of determining
the amount of earnings or losses to be credited to the Participant’s Accounts. If no such election is made in respect of Annual Incentive
Amounts deferred in any Plan Year, then (i) the Participant shall be deemed to have made the same election made by such Participant in respect
of the most recent Plan Year in which there was a deferral of Annual Incentive Amounts, and (ii) if no election contemplated by clause (i) has
been made, the deferred Annual Incentive Amounts shall be deemed invested in the most risk-free type of Fund, as determined by the
Committee in its sole and absolute discretion.
(b)
Dividend Equivalents shall be deemed to be invested in the Fund specified for such purpose by the Committee from time to time and
communicated to the Participant, and if no such communication is made, in the most risk-
free type of Fund, as determined by the Committee in
its sole and absolute discretion.
(c) The Committee shall select from time to time, in its sole and absolute discretion, investments of various types that shall be
communicated to the Participant. The Investment Rate applicable to each Fund shall be used to determine the amount of earnings or losses to
be credited to Participant’s Bonus Deferral Subaccount and Company Matching Contribution Subaccount (and the portion of the Company
Stock Unit Subaccount attributable solely to Dividend Equivalents). Deemed investment choices shall not be changed unless the Committee
promulgates a rule of general application permitting such changes.
8