Napa Auto Parts 2012 Annual Report Download - page 78

Download and view the complete annual report

Please find page 78 of the 2012 Napa Auto Parts 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 93

  • 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

7.
Article Six is amended as follows:
In Section 6.01, a new paragraph (c) is added to the end of such section:
“(c) Impact of Pension Plan Freeze. The impact of the Pension Plan Freeze on the calculation of the Supplemental Retirement Income which is described
in Sections 5.01 and 5.02 also applies to the calculation of the Supplemental Retirement Income in this Section 6.01. For clarity, the calculation of
a NR70 Key Employee’s Minimum Benefit will be determined based on whether or not he or she has attained his or her Early Retirement Date,
Normal Retirement Date, or Delayed Retirement Date as of December 31, 2013.”
In Section 6.02, a new paragraph (c) is added to the end of such section:
“(c) Impact of Pension Plan Freeze. The impact of the Pension Plan Freeze on the calculation of the Supplemental Retirement Income which is described
in Sections 5.01 and 5.02 also applies to the calculation of the Supplemental Retirement Income in this Section 6.02.”
8.
The Article entitled “PART B FORMULA (Article 7 and Article 8)” is amended as follows:
A new paragraph is added to the end of such section:
“Impact of Pension Plan Freeze. As a result of the Pension Plan Freeze, effective on December 31, 2013, a NR70 Key Employee described in Section 5.02
will cease to earn additional benefits under the Part A Formula described in Section 5.02. Beginning January 1, 2014, the NR70 Key Employee will have
his or her benefit under the Plan determined using the Part B Formula. In computing such Part B Formula, all of the NR70 Key Employee’s Earnings,
Credited Service and other applicable elements shall be counted (both before and after January 1, 2014). Nevertheless, the NR70 Key Employee’s benefit
under this Plan will not be less than the NR70 Key Employee’s Minimum Benefit (see Section 5.02(c) for more specific guidance). For clarity, a NR70
Key Employee is not entitled to duplicate benefits for the same period of employment. Thus, the NR70 Key Employee shall not be entitled to both a
NR70 Key Employee’s Minimum Benefit and an Additional Retirement Income determined under Article 7.”
- 7 -