Napa Auto Parts 2012 Annual Report Download - page 79

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9.
Article Seven is amended as follows:
In Section 7.01, a new paragraph is added to the end of section 7.01(a)(2)(B):
“Impact of Pension Plan Freeze. In other portions of this Plan, a benefit is computed by ignoring the freeze of Credited Service, Earnings, Average
Earnings and the Anticipated Social Security Benefit described under the Pension Plan. For clarity, it is pointed out that this Section 7.01(a)(2)(B)
is computed using the Key Participant’s or the NR70 Key Employee’s actual frozen benefit payable from the Pension Plan – not a hypothetical
benefit. In other words, the Pension Plan Freeze does not change this provision. As a result of the Pension Plan Freeze on December 31, 2013, the
offset described in this Section 7.01(a)(2)(B) is also frozen as of December 31, 2013.”
For clarity (and not as an amendment), the paragraph beginning “If the monthly amount in subparagraph (B) ….” is not deleted and continues in the
Plan immediately following Section 7.01(a)(2)(B), as amended.
A new paragraph is added to the end of section 7.01(b)(2)(B):
“Impact of Pension Plan Freeze. The provisions of Section 7.01(a)(2)(B) are also applicable here. In short, the Pension Plan Freeze does not change
this provision. As a result of the Pension Plan Freeze on December 31, 2013, the offset described in this Section 7.01(b)(2)(B) is also frozen as of
December 31, 2013.”
For clarity (and not as an amendment), the paragraph beginning “If the monthly amount in subparagraph (B) ….” is not deleted and continues in the
Plan immediately following Section 7.01(b)(2)(B), as amended.
A new paragraph is added to the end of section 7.01(c)(1):
“Impact of Pension Plan Freeze. As noted, as a result of the Pension Plan Freeze, Anticipated Social Security Benefits are frozen in the Pension
Plan as of December 31, 2013. However, for purposes of computing a benefit under this Plan, Anticipated Social Security Benefits are not
frozen.”
A new paragraph is added to the end of section 7.01(c)(2):
“Impact of Pension Plan Freeze. As noted, as a result of the Pension Plan Freeze, Average Earnings are frozen in the Pension Plan as of
December 31, 2013. However, for purposes of computing a benefit under this Plan, Average Earnings are not frozen.”
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