Avis 2008 Annual Report Download - page 209

1.34.8 “Severance Period” means each period beginning on an Employee’s Severance Date and ending on his next Reemployment
Commencement Date.
1.35. “Social Security Benefit” shall mean, except as otherwise specified below, the estimated amount which is payable to a Member
at age 65 under Title II of the Social Security Act as in effect on the date his Service terminates, or the estimated amount which would be
payable to a Member if he were not disqualified from receiving benefits by continuing in employment, or for any other reason. Notwithstanding
the foregoing, any Social Security Benefit determined under this Section 1.35 subsequent to December 31, 1998, shall be based on the provisions
of Title II of the Social Security Act as in effect on December 31, 1998. In the case of a Member who has reached his fifty-fifth birthday and has
completed ten years of Service as of December 31, 1998, his Social Security Benefit shall be the estimated amount which would be payable to
the Member at age 65, calculated on the assumption that the Member would have no further earnings for Social Security purposes after the
earlier of his Early Retirement Date or December 31, 1998. In the case of a Member who has not reached his fifty-fifth birthday and who has not
completed ten years of Service as of December 31, 1998, his Social Security Benefit shall be the estimated amount which would be payable to
the Member at age 65, calculated on the assumption that the Member will continue to receive earnings until his Normal Retirement Date at his
rate of Compensation as in effect at the earlier of the date his Service terminates or December 31, 1998. All such estimated amounts shall be
determined by the Committee on the advice of the Actuary in accordance with rules applied in a nondiscriminatory manner and without regard to
Service, Compensation or changes in Title II of the Social Security Act after December 31, 1998.
Notwithstanding the foregoing, the benefit of a Member shall be calculated or recalculated based on his actual Social Security
earnings history, if such Member submits an official copy of his Social Security earnings history to the Committee within six months of the later
of his Severance Date or the date he is first notified of this right. Any Member whose benefit is recalculated in accordance with the preceding
sentence shall have his benefit adjusted retroactive to his Annuity Starting Date, if appropriate.
1.36. “Spouse Joint and Survivor Annuity” shall mean an annuity which provides (i) actuarially reduced monthly payments to the
Member during the Member’s lifetime commencing on his Annuity Starting Date, and (ii) if the Member predeceases his spouse, monthly
payments to such spouse for the spouse’
s lifetime, equal to 50 percent of the monthly payment which the Member was receiving as of the date of
his death. The Spouse Joint and Survivor Annuity referred to in Section 5.2 shall be subsidized, in that the actuarial reduction of the Member’s
Retirement Pension for purposes of calculating the Spouse Joint and Survivor Annuity shall be equal to one-half of the actuarial reduction which
would otherwise be required to establish for such Member an Equivalent Actuarial Value between this form of benefit and an unsubsidized 50
percent joint and survivor annuity benefit.
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