Avis 2008 Annual Report Download - page 243

exceed an amount equal to the payments that would be made under the Plan during the Plan Year on behalf of the Member under a single life
annuity which is of Equivalent Actuarial Value to the sum of all of the Member’s accrued benefits under the Plan.
15.2. The provisions of Section 15.1 shall not apply if (a) the value of the benefits which would be payable under the Plan to a
Member described in the immediately preceding paragraph is less than one percent of the value of the current liabilities (as defined in section
412(l)(7) of the Code) under the Plan or (b) the value of the Plan’s assets equals or exceeds, immediately after payment of a benefit under the
Plan to a Member described in the immediately preceding paragraph, one hundred ten percent of the value of the current liabilities under the
Plan.
15.3. Notwithstanding the preceding provisions of this Article 15, in the event the Plan is terminated, the restrictions contained in
Section 15.1 shall not be applicable if the benefits payable under the Plan to any Member who is a highly compensated Employee or a highly
compensated former Employee are limited to benefits which are non-discriminatory under section 401(a)(4) of the Code.
15.4. If it should subsequently be determined by statute, court decision acquiesced in by the Commissioner of Internal Revenue or
ruling by the Commissioner of Internal Revenue that the provisions of this Article 15 are no longer necessary to qualify the Plan under section
401(a) of the Code, this Article 15 shall be ineffective without the necessity of further amendment to the Plan.
15.5. For the purposes of this Article 15, “highly compensated employee” means, effective for years beginning after December 31,
1996, any Employee who: (1) was a 5-percent owner at any time during the year or the preceding year, or (2) for the preceding year had
compensation from the Employer in excess of $80,000 and, if the Employer so elects, was in the top-paid group for the preceding year. The
$80,000 amount is adjusted at the same time and in the same manner as under section 415(d) of the Code, except that the base period is the
calendar quarter ending September 30, 1996.
For this purpose the applicable year of the plan for which a determination is being made is called a determination year and the
preceding 12-month period is called a look-back year.
A highly compensated former employee is based on the rules applicable to determining highly compensated employee status as in
effect for that determination year, in accordance with section 1.414(q)-1T, A-4 of the temporary Income Tax Regulations and Notice 97-45.
In determining whether an Employee is a highly compensated employee for years beginning in 1997, this Section is treated as having
been in effect for years beginning in 1996.
For this purpose the definition of compensation shall mean compensation as
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