Avnet 2012 Annual Report Download - page 98
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with the schedule prescribed by Section 4.2.
Payments made under this Section 4.5 shall be in lieu of any payment that a Participant or Beneficiary may
otherwise be entitled to under the preceding Sections of this Article 4; provided, however, that if the Participant is 100%
vested in his or her Total Retirement Benefit and the Actuarial Equivalent of his or her Total Retirement Benefit (before
application of the required offset) is greater than the Actuarial Equivalent of his or her Disability Pension (before
application of the required offset), the Actuarial Equivalent of his or her Disability Pension (before application of the
required offset) shall be increased to be equal to the Actuarial Equivalent of his or her Total Retirement Benefit (before
application of the required offset).
4.6
Interest Adjustment For Six-Month Delay Rule .
Any payments that are delayed under the Plan due to the Six-
Month Delay Rule will include interest in
accordance with this Section 4.6. The interest for each delayed monthly payment will be calculated separately, but in all
cases will be based on the Present Value Interest Factor in effect on the Participant’
s Payment Calculation Date. Interest
on each delayed monthly payment will be calculated on a daily basis starting with the date that the payment would have
otherwise been made (if not for the Six-
Month Delay Rule) and ending with the day prior to the actual payment date, on
a per annum basis and based on a 365 day year (with the actual number of days elapsed).
4.7
Minimum and Maximum Benefits Payable Under the Plan .
Effective June 1, 2012, notwithstanding any other provision of the Plan, the sum of (i) the Actuarial Equivalent
of a Participant’
s total benefit payable under this Plan (after applying the required offset), plus (ii) the Actuarial
Equivalent of the Participant’
s total benefit payable under the Offset Plans (which, in the case of the Avnet Restoration
Plan, shall be the balance of the Participant’
s Restoration Account under the Avnet Restoration Plan) shall not exceed
$10 million.
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