Napa Auto Parts 2012 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 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

A new phrase, “(and for NR70 Key Employees in determining their benefit under the Part B Formula)” is added to section 7.01(c)(4) after the words
“For Key Participants” in the first sentence.
A new paragraph (d) is added to the end of section 7.01:
“(d) 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 and Credited Service shall be counted (both before and after January 1, 2014). Accordingly, effective January 1, 2014,
the Part B Formula applies to a NR70 Key Employee in the same manner as the Part B Formula applies to a Key Participant. For completeness, it
is again noted that the NR70 Key Employee’s benefit under this Plan as of his Normal Retirement Date will not be less than the NR70 Key
Employee’s Minimum Benefit computed as of December 31, 2013 under Section 5.02 (see Section 5.02(c) for more specific guidance).”
In Section 7.02, a new paragraph (c) is added to the end of section 7.02:
“(c) Impact of Pension Plan Freeze. As a result of the Pension Plan Freeze, beginning January 1, 2014, the NR70 Key Employee will have his or her
benefit under the Plan determined using the Part B Formula in the same manner as the Part B Formula applies to a Key Participant. The benefit
payable under the Plan for a NR70 Key Employee as of his Normal Retirement Date cannot be less than the NR70 Key Employee’s Minimum
Benefit computed as of December 31, 2013 under Section 5.02 (see Section 5.02(c) for more specific guidance). For clarity, the Additional
Retirement Income computed under Section 7.02(b)(2) uses the actuarial assumptions and methods that were applicable for making such
determination in the Pension Plan prior to the Pension Plan Freeze.”
- 9 -