Avnet 2013 Annual Report Download - page 140

Download and view the complete annual report

Please find page 140 of the 2013 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 161

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161

Article 4
Amount and Payment of Benefits
Amount of Benefits
A Participant's benefit under the Plan is expressed as the balance of his Restoration Account. Such balance shall equal
the sum of the Participant's accumulated Restoration Contribution Credits and Interest Credits, as described in this
Section 4.01.
Form and Time of Payment
A Participant's vested benefit under the Plan (if any) shall be paid as follows:
(a)
Restoration Contribution Credits . A Restoration Contribution Credit shall be added to each Eligible Employee's
Restoration Account for each Plan Year in which the Eligible Employee is both an Eligible Employee and a
Participant in the Plan. Such Restoration Contribution Credit shall be added as of the same time as the
Contribution Credit for such Plan Year is added to the Eligible Employee's Cash Balance Account under the
Avnet Pension Plan, and shall be equal to the excess, if any, of--
(1)
The Contribution Credit that would be added to the Eligible Employee's Cash Balance Account under the
Avnet Pension Plan for such Plan Year if not for the Qualified Plan Limits, less
(2)
The actual Contribution Credit added to the Eligible Employee's Cash Balance Account under the Avnet
Pension Plan for such Plan Year.
(b)
Interest Credits
.
(1)
For each Plan Year that ends before a Participant's Payment Date, an Interest Credit shall be added to his
Restoration Account as of the last day of such Plan Year. Such Interest Credit shall be equal to the
Interest Crediting Rate for such Plan Year times the balance of the Participant's Restoration Account as of
the first day of such Plan Year.
(2)
For the Plan Year in which the Participant's Payment Date occurs, an Interest Credit shall be added to his
Restoration Account immediately before his Payment Date. Such Interest Credit shall be equal to the
amount described in paragraph (1), above, multiplied by a fraction, the numerator of which is the number
of full calendar months elapsed during such Plan Year before the Participant's Payment Date and the
denominator of which is 12.
(a)
Except as required by subsection (b), below (relating to participants in the SERP), such Participant's vested
benefit shall be paid in a lump sum on the later of--
(1)
The first business day of the seventh calendar month that begins after the Participant's Separation from
Service, or
(2)
The first business day of the first calendar month that starts after the Participant's 55th birthday.
Avnet Restoration Plan
2013 Restatement
Page
7