Avnet 2012 Annual Report Download - page 96

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Participant’s Beneficiary in the same time and manner as if the Participant had not died.
(b)
Retirement on or After the Final Section 409A Effective Date
. If a Participant retires on or after the Final
Section 409A Effective Date, then his or her Total Retirement Benefit will be paid as follows:
(1)
First, the Participant will receive 24 equal monthly installments, each equal to (i) one-
120th of the
Participant’
s Total Retirement Benefit, minus (ii) the Offset Plan Amount for the applicable month (to the extent
that an Offset Plan exists). If the Participant is a Specified Employee and the Six-
Month Payment Delay Rule
applies, the first payment made will include the payments that would have been due before the date of the first
payment if not for the Six-Month Payment Delay Rule.
(2)
Second, the Participant will receive a lump-
sum payment within 90 days after the first business day
of the 25th month following the Participant’s retirement date. Such lump-
sum payment shall be equal to (i) the
Actuarial Equivalent of the remaining 96 monthly payments, minus (ii) the applicable Offset Plan Amount (to the
extent that an Offset Plan exists).
If a Participant dies after becoming an Inactive Participant, but prior to receiving his or her 24 monthly payments or
lump sum payment, as the case may be, all remaining payments shall be made to the Participant’
s Beneficiary in the
same time and manner as if the Participant had not died.
4.3
Early Retirement .
A Participant who has incurred an Early Retirement Date will begin receiving payment of his or her Total
Retirement Benefit on the first business day of the month coincident with, or next following, his or her Early Retirement
Date; provided, however, that, if the Participant is subject to the Six-
Month Payment Delay Rule, payment will not
commence until the first business day of the seventh (7th) month on or after the date when the Participant has incurred a
Separation From Service. A Participant may make one written election with the Committee to defer payments beyond
his or her Early Retirement Date provided that the election is filed with the Committee at least one year before the
Participant’
s Early Retirement Date, payments are delayed for at least five (5) years after that date and the election
applies to both this Plan and any Offset Plan. A Participant’
s Total Retirement Benefit payable in connection with his or
her Early Retirement Date shall be payable in accordance with the applicable provisions of subparagraph (a) or (b) of
Section 4.2 above and shall be reduced by: (A) 0.25% for each of the first 60 months by which the commencement of
retirement payments precedes the first business day of the month coincident with or next following the Participant’
s 65th
birthday and (B) 0.50% for each of the next 60 months ( i.e. , the 61
st
through 120
th
) months by which the
commencement of retirement payments precedes the first business day of the month coincident with or next following
the Participant’s 65
th
birthday. Such reduction shall be applied before subtraction of any Offset Plan Amount.
4.4
Death Benefit .
If an Active Participant dies before incurring a Termination of Employment, his or her
10