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ARTICLE 4
PLAN BENEFITS
4.1
Calculation of Retirement Benefits .
Subject to the vesting and other requirements of Article 5 hereof and the provisions of Sections 4.2, 4.3, and 4.7,
a Participant's “ Total Retirement Benefit ”
means the Participant's Basic Annual Retirement Benefit (as defined
below) payable for ten (10) years (with the amount paid each year being equal to the Basic Annual Retirement Benefit);
provided, however, that if an Offset Plan exists, the Total Retirement Benefit shall be offset by benefits payable under
the Offset Plans. Such offset shall be applied by reducing each payment of the Total Retirement Benefit by the Offset
Plan Amount (as described in Section 4.2(b)).
A Participant's “Basic Annual Retirement Benefit”
shall mean an amount determined under the following
formula:
(a)
First, the Participant's age (based on full years) at Termination of Employment plus
Years of Service
(based on full years) at Termination of Employment shall be divided
by 80; provided that this shall not exceed one (1);
and
(b)
Second, the figure determined in subparagraph (a) above shall be multiplied by 36% of a Participant's
Covered Compensation;
provided, however, that if the Participant has at least 25 Years of Service, of which at least 10 years are for service as an
Eligible Executive, the number in paragraph (a) shall be one (1), such that the total Basic Annual Retirement Benefit is
36% of his Covered Compensation.
For the avoidance of doubt, a Participant's Basic Annual Retirement Benefit is calculated as the total amount
payable over a 12-
month period. The timing and methods of paying a Participant's Total Retirement Benefit shall be
determined in accordance with the foregoing applicable provisions of this Plan document.
4.2
Normal Retirement; Form of Payment .
Subject to the provisions and requirements of Article 6 of the Plan and Section 4.3 below, a Participant will begin
receiving payment of his or her Total Retirement Benefit effective on the first business day of the month after the
Participant's Normal Retirement Date; provided, however, that, if the Participant is subject to the Six-
Month Payment
Delay Rule, payment will not commence until on or after the first business day of the seventh (7th) month following the
date when the Participant has incurred a Separation From Service. Payment of a Participant's Total Retirement Benefit
shall be made in accordance with the following:
(a)
Retirement Before Final Section 409A Effective Date
. If a Participant retires before the Final Section
409A Effective Date (including during the Interim Section 409A Period), then his or her Total Retirement Benefit will
be made in 120 equal monthly installments effective with the first month for which payment is made after the
Participant's retirement date and ending on the 120th month thereafter; provided, however, that the first payment made to
a Specified Employee
9