Delaware | 13-0612970 | |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
incorporation or organization) | ||
13925 Ballantyne Corporate Place, Suite 400, Charlotte, North Carolina | 28277 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: (704) 869-4600 |
Name of each exchange | ||
Title of each class | on which registered | |
Common stock, par value $1 per share | New York Stock Exchange |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o | (Do not check if a smaller reporting company) | Smaller reporting company o |
Class | Number of shares | |
Common stock, par value $1 per share | 44,528,398 |
PART I | |||
Item 1. | |||
Item 1A. | |||
Item 1B. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II | |||
Item 5. | |||
Item 6. | |||
Item 7. | |||
Item 7A. | |||
Item 8. | |||
Item 9. | |||
Item 9A. | |||
Item 9B. | |||
PART III | |||
Item 10. | |||
Item 11. | |||
Item 12. | |||
Item 13. | |||
Item 14. | |||
PART IV | |||
Item 15. | |||
Year Ended December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Commercial/Industrial | $ | 177,827 | $ | 150,388 | $ | 142,630 | ||||||
Defense | 300,462 | 290,413 | 286,965 | |||||||||
Power | 176,737 | 179,399 | 172,716 | |||||||||
Total Government sales | $ | 655,026 | $ | 620,200 | $ | 602,311 |
Name | Current Position | Business Experience | Age | Executive Officer Since | ||||
David C. Adams | Chairman and Chief Executive Officer | Chairman and Chief Executive Officer of the Corporation since January 2015. Prior to this, he served as President and Chief Executive Officer of the Corporation from August 2013. He also served as President and Chief Operating Officer of the Corporation from October 2012 and as Co-Chief Operating Officer of the Corporation from November 2008. He has been a Director of the Corporation since August 2013. | 62 | 2005 | ||||
Thomas P. Quinly | Vice President and Chief Operating Officer | Vice President of the Corporation since November 2010 and Chief Operating Officer of the Corporation since October 2013. He also served as President of Curtiss-Wright Controls, Inc. from November 2008. | 57 | 2010 | ||||
Glenn E. Tynan | Vice President of Finance and Chief Financial Officer | Vice President of Finance and Chief Financial Officer of the Corporation since June 2002. | 57 | 2000 | ||||
Paul J. Ferdenzi | Vice President, General Counsel. and Corporate Secretary | Vice President, General Counsel, and Corporate Secretary of the Corporation since March 2014. Prior to this, he served as Vice President-Human Resources of the Corporation from November 2011 and also served as Associate General Counsel and Assistant Secretary of the Corporation from June 1999 and May 2001, respectively. | 48 | 2011 | ||||
K. Christopher Farkas | Vice President and Corporate Controller | Vice President and Corporate Controller of the Corporation since September 2014. Prior to this, he served as Assistant Corporate Controller of the Corporation from May 2009. | 47 | 2014 | ||||
Harry S. Jakubowitz | Vice President and Treasurer | Vice President of the Corporation since May 2007 and Treasurer of the Corporation since September 2005. | 63 | 2007 |
• | terminate, reduce, or modify contracts or subcontracts if its requirements or budgetary constraints change; |
• | cancel multi-year contracts and related orders if funds become unavailable; and |
• | shift its spending priorities. |
• | the frequent need to bid on programs prior to completing the necessary design, which may result in unforeseen technological difficulties and/or cost overruns; |
• | the difficulty in forecasting long-term costs and schedules and the potential obsolescence of products related to long-term, fixed price contracts; |
• | contracts with varying fixed terms that may not be renewed or followed by follow-on contracts upon expiration; |
• | cancellation of the follow-on production phase of contracts if program requirements are not met in the development phase; |
• | the failure of a prime contractor customer to perform on a contract; |
• | the fact that government contract wins can be contested by other contractors; and |
• | the inadvertent failure to comply with any the U.S. Government rules, laws, and regulations, including the False Claims Act or the Arms Export Control Act. |
• | Encountering difficulties identifying and executing acquisitions; |
• | Increased competition for targets, which may increase acquisition costs; |
• | Consolidation in our industry reducing the number of acquisition targets; |
• | Competition laws and regulations preventing us from making certain acquisitions; and |
• | Acquisition financing not being available on acceptable terms or at all. |
• | The business culture of the acquired business may not match well with our culture; |
• | Technological and product synergies, economies of scale and cost reductions may not occur as expected; |
• | Management may be distracted from overseeing existing operations by the need to integrate acquired businesses; |
• | We may acquire or assume unexpected liabilities; |
• | Unforeseen difficulties may arise in integrating operations and systems; |
• | We may fail to retain and assimilate employees of the acquired business; |
• | We may experience problems in retaining customers and integrating customer bases; and |
• | Problems may arise in entering new markets in which we may have little or no experience. |
Owned Facilities Location | Commercial/ Industrial | Defense | Power | Total | ||||
North America | 17 | 2 | 3 | 22 | ||||
Europe | 17 | — | — | 17 | ||||
Asia | 1 | — | — | 1 | ||||
Total | 35 | 2 | 3 | 40 |
Leased Facilities Location | Commercial/ Industrial | Defense | Power | Total | ||||
North America | 54 | 10 | 25 | 89 | ||||
Europe | 29 | 6 | — | 35 | ||||
Asia | 15 | — | — | 15 | ||||
Total | 98 | 16 | 25 | 139 |
Stock Price Range | 2015 | 2014 | ||||||||||||||
High | Low | High | Low | |||||||||||||
Common Stock | ||||||||||||||||
First Quarter | $ | 74.63 | $ | 64.40 | $ | 69.90 | $ | 57.72 | ||||||||
Second Quarter | 77.57 | 70.13 | 70.33 | 59.22 | ||||||||||||
Third Quarter | 73.90 | 61.59 | 73.67 | 60.60 | ||||||||||||
Fourth Quarter | 71.86 | 60.73 | 72.99 | 63.90 |
2015 | 2014 | |||||||
Common Stock | ||||||||
First Quarter | $ | 0.13 | $ | 0.13 | ||||
Second Quarter | 0.13 | 0.13 | ||||||
Third Quarter | 0.13 | 0.13 | ||||||
Fourth Quarter | 0.13 | 0.13 |
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted average exercise price of outstanding options, warrants, and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) | |||||
Equity compensation plans approved by security holders | 1,532,551 | (a) | $45.88 | 2,698,413 | (b) | |||
Equity compensation plans not approved by security holders | None | Not applicable | Not applicable |
(a) | Consists of 1,464,427 shares issuable upon exercise of outstanding options and vesting of performance share units, restricted shares, restricted stock units, and shares to non-employee directors under the 2005 and 2014 Omnibus Incentive Plan, 68,124 shares issuable under the Employee Stock Purchase Plans. |
(b) | Consists of 2,176,510 shares available for future option grants under the 2014 Omnibus Incentive Plan, 521,903 shares remaining available for issuance under the Employee Stock Purchase Plan. |
Total Number of shares purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Maximum Dollar amount of shares that may yet be Purchased Under the Program | |||||||||||
October 1 – October 31 | 268,700 | $ | 65.24 | 2,933,738 | $ | 97,246,851 | ||||||||
November 1 – November 30 | 590,152 | 69.52 | 3,523,890 | 56,217,201 | ||||||||||
December 1 – December 31 | 733,499 | 68.64 | 4,257,389 | 5,869,950 | ||||||||||
For the quarter ended December 31 | 1,592,351 | $ | 68.39 | 4,257,389 | $ | 5,869,950 |
AAR Corp | Moog Inc. |
Crane Co. | Orbital ATK, Inc. |
Cubic Corp | Rockwell Collins Inc. |
EnPro Industries Inc. | Spirit Aerosystems Holdings Inc |
Esterline Technologies Corp. | Teledyne Technologies Inc. |
Hexcel Corp | TransDigm Group Inc |
IDEX Corporation | Triumph Group Inc. |
Kaman Corp | Woodward Inc |
ITT Corp |
Company / Index | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||
Curtiss-Wright Corp | 100 | 107.50 | 100.98 | 193.22 | 220.91 | 215.97 | ||||||||||||
S&P MidCap 400 Index | 100 | 98.27 | 115.83 | 154.64 | 169.74 | 166.05 | ||||||||||||
Russell 2000 | 100 | 95.82 | 111.49 | 154.78 | 162.35 | 155.18 | ||||||||||||
Peer group | 100 | 102.66 | 116.71 | 169.04 | 186.57 | 192.69 |
CONSOLIDATED SELECTED FINANCIAL DATA | ||||||||||||||||||||
(In thousands, except per share data) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Net sales | $ | 2,205,683 | $ | 2,243,126 | $ | 2,118,081 | $ | 1,823,307 | $ | 1,732,216 | ||||||||||
Net earnings from continuing operations | 192,248 | 169,949 | 139,404 | 104,081 | 117,123 | |||||||||||||||
Total assets | 3,029,378 | 3,399,511 | 3,458,274 | 3,114,588 | 2,635,547 | |||||||||||||||
Total debt | 954,342 | 954,348 | 959,938 | 880,215 | 586,430 | |||||||||||||||
Earnings per share from continuing operations: | ||||||||||||||||||||
Basic | $ | 4.12 | $ | 3.54 | $ | 2.97 | $ | 2.23 | $ | 2.53 | ||||||||||
Diluted | $ | 4.04 | $ | 3.46 | $ | 2.91 | $ | 2.20 | $ | 2.49 | ||||||||||
Cash dividends per share | $ | 0.52 | $ | 0.52 | $ | 0.39 | $ | 0.35 | $ | 0.32 |
Year Ended December 31, | Percent changes | |||||||||||||||||
(In thousands, except percentages) | 2015 | 2014 | 2013 | 2015 vs. 2014 | 2014 vs. 2013 | |||||||||||||
Sales: | ||||||||||||||||||
Commercial/Industrial | $ | 1,184,791 | $ | 1,228,097 | $ | 1,076,097 | (4 | )% | 14 | % | ||||||||
Defense | 477,413 | 489,857 | 480,228 | (3 | )% | 2 | % | |||||||||||
Power | 543,479 | 525,172 | 561,756 | 3 | % | (7 | )% | |||||||||||
Total sales | $ | 2,205,683 | $ | 2,243,126 | $ | 2,118,081 | (2 | )% | 6 | % | ||||||||
Operating income: | ||||||||||||||||||
Commercial/Industrial | $ | 171,525 | $ | 178,684 | $ | 131,305 | (4 | )% | 36 | % | ||||||||
Defense | 98,895 | 82,552 | 74,360 | 20 | % | 11 | % | |||||||||||
Power | 74,987 | 51,449 | 73,402 | 46 | % | (30 | )% | |||||||||||
Corporate and eliminations | (34,790 | ) | (30,312 | ) | (41,944 | ) | (15 | )% | 28 | % | ||||||||
Total operating income | $ | 310,617 | $ | 282,373 | $ | 237,123 | 10 | % | 19 | % | ||||||||
Interest expense | (36,038 | ) | (35,794 | ) | (37,053 | ) | 1 | % | (3 | )% | ||||||||
Other income, net | 615 | 365 | 980 | 68 | % | NM | ||||||||||||
Earnings before income taxes | 275,194 | 246,944 | 201,050 | 11 | % | 23 | % | |||||||||||
Provision for income taxes | (82,946 | ) | (76,995 | ) | (61,646 | ) | 8 | % | 25 | % | ||||||||
Earnings from continuing operations | $ | 192,248 | $ | 169,949 | $ | 139,404 | 13 | % | 22 | % | ||||||||
New orders | $ | 2,585,038 | $ | 2,385,066 | $ | 2,142,163 | ||||||||||||
Backlog | $ | 1,928,727 | $ | 1,671,482 | $ | 1,595,824 |
2015 vs. 2014 | 2014 vs. 2013 | |||||||||||
Sales | Operating Income | Sales | Operating Income | |||||||||
Organic | — | % | 6 | % | 2 | % | 14 | % | ||||
Acquisitions/divestitures | — | % | — | % | 4 | % | 3 | % | ||||
Foreign currency | (2 | )% | 4 | % | — | % | 2 | % | ||||
Total | (2 | )% | 10 | % | 6 | % | 19 | % |
Year Ended December 31, | ||||||||||||||||||
(In thousands, except percentages) | 2015 | 2014 | 2013 | 2015 vs 2014 | 2014 vs 2013 | |||||||||||||
Sales | $ | 1,184,791 | $ | 1,228,097 | $ | 1,076,097 | (4 | )% | 14 | % | ||||||||
Operating income | 171,525 | 178,684 | 131,305 | (4 | )% | 36 | % | |||||||||||
Operating margin | 14.5 | % | 14.5 | % | 12.2 | % | — | 230 bps | ||||||||||
New orders | $ | 1,138,581 | $ | 1,215,029 | $ | 1,148,830 | (6 | )% | 6 | % | ||||||||
Backlog | $ | 456,481 | $ | 513,067 | $ | 544,371 | (11 | )% | (6 | )% | ||||||||
NM - not meaningful |
2015 vs 2014 | 2014 vs 2013 | |||||||||||
Sales | Operating Income | Sales | Operating Income | |||||||||
Organic | (1 | )% | (5 | )% | 7 | % | 32 | % | ||||
Acquisitions/divestitures | — | % | 1 | % | 6 | % | 4 | % | ||||
Foreign currency | (3 | )% | — | % | 1 | % | — | % | ||||
Total | (4 | )% | (4 | )% | 14 | % | 36 | % |
Year Ended December 31, | Percent Changes | |||||||||||||||||
(In thousands, except percentages) | 2015 | 2014 | 2013 | 2015 vs. 2014 | 2014 vs. 2013 | |||||||||||||
Sales | $ | 477,413 | $ | 489,857 | $ | 480,228 | (3 | )% | 2 | % | ||||||||
Operating income | 98,895 | 82,552 | 74,360 | 20 | % | 11 | % | |||||||||||
Operating margin | 20.7 | % | 16.9 | % | 15.5 | % | 380 | bps | 140 | bps | ||||||||
New orders | $ | 502,948 | $ | 621,012 | $ | 545,116 | (19 | )% | 14 | % | ||||||||
Backlog | $ | 533,004 | $ | 538,125 | $ | 459,360 | (1 | )% | 17 | % | ||||||||
NM - not meaningful |
2015 vs. 2014 | 2014 vs. 2013 | |||||||||||
Sales | Operating Income | Sales | Operating Income | |||||||||
Organic | — | % | 6 | % | (1 | )% | 2 | % | ||||
Acquisitions/divestitures | — | % | — | % | 3 | % | 4 | % | ||||
Foreign currency | (3 | )% | 14 | % | — | % | 5 | % | ||||
Total | (3 | )% | 20 | % | 2 | % | 11 | % |
Year Ended December 31, | Percent Changes | |||||||||||||||||
(In thousands, except percentages) | 2015 | 2014 | 2013 | 2015 vs. 2014 | 2014 vs. 2013 | |||||||||||||
Sales | $ | 543,479 | $ | 525,172 | $ | 561,756 | 3 | % | (7 | )% | ||||||||
Operating income | 74,987 | 51,449 | 73,402 | 46 | % | (30 | )% | |||||||||||
Operating margin | 13.8 | % | 9.8 | % | 13.1 | % | 400 | bps | (330) bps | |||||||||
New orders | $ | 943,509 | $ | 549,025 | $ | 448,217 | 72 | % | 22 | % | ||||||||
Backlog | $ | 939,242 | $ | 620,290 | $ | 592,093 | 51 | % | 5 | % |
2015 vs. 2014 | 2014 vs. 2013 | |||||||||||
Sales | Operating Income | Sales | Operating Income | |||||||||
Organic | 3 | % | 46 | % | (8 | )% | (30 | )% | ||||
Acquisitions | — | % | — | % | 1 | % | — | % | ||||
Foreign currency | — | % | — | % | — | % | — | % | ||||
Total | 3 | % | 46 | % | (7 | )% | (30 | )% |
Year Ended December 31, | Percent changes | |||||||||||||||||
(In thousands, except percentages) | 2015 | 2014 | 2013 | 2015 vs. 2014 | 2014 vs. 2013 | |||||||||||||
Defense markets: | ||||||||||||||||||
Aerospace | $ | 304,521 | $ | 290,604 | $ | 262,914 | 5 | % | 11 | % | ||||||||
Ground | 85,722 | 74,066 | 80,064 | 16 | % | (7 | )% | |||||||||||
Naval | 388,304 | 381,335 | 370,748 | 2 | % | 3 | % | |||||||||||
Other | 8,723 | 8,610 | 16,370 | 1 | % | (47 | )% | |||||||||||
Total Defense | $ | 787,270 | $ | 754,615 | $ | 730,096 | 4 | % | 3 | % | ||||||||
Commercial markets: | ||||||||||||||||||
Aerospace | $ | 398,538 | $ | 422,888 | $ | 398,870 | (6 | )% | 6 | % | ||||||||
Power Generation | 436,396 | 429,779 | 461,574 | 2 | % | (7 | )% | |||||||||||
General Industrial | 583,479 | 635,844 | 527,541 | (8 | )% | 21 | % | |||||||||||
Total Commercial | $ | 1,418,413 | $ | 1,488,511 | $ | 1,387,985 | (5 | )% | 7 | % | ||||||||
Total Curtiss-Wright | $ | 2,205,683 | $ | 2,243,126 | $ | 2,118,081 | (2 | )% | 6 | % |
December 31, | |||||||||||
(In thousands) | 2015 | 2014 | 2013 | ||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | 162,479 | $ | 331,766 | $ | 237,827 | |||||
Investing activities | (15,576 | ) | 53,448 | (313,692 | ) | ||||||
Financing activities | (289,218 | ) | (92,438 | ) | 140,138 | ||||||
Effect of exchange rates | (19,104 | ) | (17,954 | ) | (1,002 | ) | |||||
Net increase (decrease) in cash and cash equivalents | $ | (161,419 | ) | $ | 274,822 | $ | 63,271 |
(In thousands) | Total | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||
Debt Principal Repayments | $ | 954,342 | $ | 1,259 | $ | 150,000 | $ | — | $ | — | $ | — | $ | 803,083 | ||||||||||||||
Interest Payment on Fixed Rate Debt | 322,618 | 39,908 | 39,206 | 31,643 | 31,643 | 31,643 | 148,575 | |||||||||||||||||||||
Operating Leases | 133,513 | 26,676 | 21,657 | 18,319 | 14,320 | 10,736 | 41,805 | |||||||||||||||||||||
Build-to-suit Lease | 19,771 | 1,351 | 1,370 | 1,277 | 1,309 | 1,342 | 13,122 | |||||||||||||||||||||
Total | $ | 1,430,244 | $ | 69,194 | $ | 212,233 | $ | 51,239 | $ | 47,272 | $ | 43,721 | $ | 1,006,585 |
(In thousands) | Total | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter (1) | |||||||||||||||||||||
Letters of Credit | $ | 37,319 | $ | 24,855 | $ | 6,153 | $ | 4,471 | $ | 707 | $ | 728 | $ | 405 |
Assumption | Percentage Point Change | Increase in Benefit Obligation | Increase in Expense | ||||||||
Discount rate | (0.25 | )% | $20,000 | $2,200 | |||||||
Rate of compensation increase | 0.25 | % | $3,000 | $700 | |||||||
Expected return on assets | (0.25 | )% | — | $1,500 |
For the years ended December 31, | ||||||||||||
(In thousands, except per share data) | 2015 | 2014 | 2013 | |||||||||
Net sales | ||||||||||||
Product sales | $ | 1,796,802 | $ | 1,815,028 | $ | 1,719,591 | ||||||
Service sales | 408,881 | 428,098 | 398,490 | |||||||||
Total net sales | 2,205,683 | 2,243,126 | 2,118,081 | |||||||||
Cost of sales | ||||||||||||
Cost of product sales | 1,156,596 | 1,190,714 | 1,123,291 | |||||||||
Cost of service sales | 265,832 | 275,896 | 258,951 | |||||||||
Total cost of sales | 1,422,428 | 1,466,610 | 1,382,242 | |||||||||
Gross profit | 783,255 | 776,516 | 735,839 | |||||||||
Research and development expenses | (60,837 | ) | (67,842 | ) | (63,580 | ) | ||||||
Selling expenses | (121,482 | ) | (128,005 | ) | (128,473 | ) | ||||||
General and administrative expenses | (290,319 | ) | (298,296 | ) | (306,663 | ) | ||||||
Operating income | 310,617 | 282,373 | 237,123 | |||||||||
Interest expense | (36,038 | ) | (35,794 | ) | (37,053 | ) | ||||||
Other income, net | 615 | 365 | 980 | |||||||||
Earnings before income taxes | 275,194 | 246,944 | 201,050 | |||||||||
Provision for income taxes | (82,946 | ) | (76,995 | ) | (61,646 | ) | ||||||
Earnings from continuing operations | 192,248 | 169,949 | 139,404 | |||||||||
Loss from discontinued operations, net of taxes | (46,787 | ) | (56,611 | ) | (1,423 | ) | ||||||
Net earnings | $ | 145,461 | $ | 113,338 | $ | 137,981 | ||||||
Basic earnings per share: | ||||||||||||
Earnings from continuing operations | $ | 4.12 | $ | 3.54 | $ | 2.97 | ||||||
Loss from discontinued operations | (1.00 | ) | (1.18 | ) | (0.03 | ) | ||||||
Total | $ | 3.12 | $ | 2.36 | $ | 2.94 | ||||||
Diluted earnings per share: | ||||||||||||
Earnings from continuing operations | $ | 4.04 | $ | 3.46 | $ | 2.91 | ||||||
Loss from discontinued operations | (0.99 | ) | (1.15 | ) | (0.03 | ) | ||||||
Total | $ | 3.05 | $ | 2.31 | $ | 2.88 | ||||||
Dividends per share | $ | 0.52 | $ | 0.52 | $ | 0.39 | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 46,624 | 48,019 | 46,991 | |||||||||
Diluted | 47,616 | 49,075 | 47,912 |
For the years ended December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net earnings | $ | 145,461 | $ | 113,338 | $ | 137,981 | ||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation, net of tax (1) | (87,527 | ) | (79,386 | ) | (6,619 | ) | ||||||
Pension and postretirement adjustments, net of tax (2) | (9,990 | ) | (74,284 | ) | 87,386 | |||||||
Other comprehensive income (loss), net of tax | (97,517 | ) | (153,670 | ) | 80,767 | |||||||
Comprehensive income (loss) | $ | 47,944 | $ | (40,332 | ) | $ | 218,748 |
(1) | The tax benefit (expense) included in other comprehensive income (loss) for foreign currency translation adjustments for 2015, 2014, and 2013 were $2.7 million, $2.1 million, and ($0.9) million, respectively. |
(2) | The tax benefit (expense) included in other comprehensive income (loss) for pension and postretirement adjustments for 2015, 2014, and 2013 were $9.5 million, $41.3 million, and ($49.4) million, respectively. |
At December 31, | ||||||||
(In thousands, except share data) | 2015 | 2014 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 288,697 | $ | 450,116 | ||||
Receivables, net | 566,289 | 495,480 | ||||||
Inventories | 379,591 | 388,670 | ||||||
Deferred tax assets, net | 41,737 | 44,311 | ||||||
Assets held for sale | — | 147,347 | ||||||
Other current assets | 40,306 | 45,151 | ||||||
Total current assets | 1,316,620 | 1,571,075 | ||||||
Property, plant, and equipment, net | 413,644 | 458,919 | ||||||
Goodwill | 972,606 | 998,506 | ||||||
Other intangible assets, net | 310,763 | 349,227 | ||||||
Other assets | 15,745 | 21,784 | ||||||
Total assets | $ | 3,029,378 | $ | 3,399,511 | ||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Current portion of long-term and short-term debt | $ | 1,259 | $ | 1,069 | ||||
Accounts payable | 163,286 | 152,266 | ||||||
Accrued expenses | 131,863 | 145,938 | ||||||
Income taxes payable | 7,956 | 22,472 | ||||||
Deferred revenue | 181,671 | 176,693 | ||||||
Liabilities held for sale | — | 35,392 | ||||||
Other current liabilities | 39,152 | 38,163 | ||||||
Total current liabilities | 525,187 | 571,993 | ||||||
Long-term debt | 953,083 | 953,279 | ||||||
Deferred tax liabilities, net | 91,115 | 51,554 | ||||||
Accrued pension and other postretirement benefit costs | 103,723 | 226,687 | ||||||
Long-term portion of environmental reserves | 14,017 | 14,911 | ||||||
Other liabilities | 86,830 | 102,654 | ||||||
Total liabilities | 1,773,955 | 1,921,078 | ||||||
Contingencies and Commitments (Note 12, 16 and 18) | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common stock, $1 par value,100,000,000 shares authorized at December 31, 2015 and 2014; 49,189,702 shares issued at December 31, 2015 and 2014; outstanding shares were 44,621,348 at December 31,2015 and 47,904,518 at December 31, 2014. | 49,190 | 49,190 | ||||||
Additional paid in capital | 144,923 | 158,043 | ||||||
Retained earnings | 1,590,645 | 1,469,306 | ||||||
Accumulated other comprehensive loss | (225,928 | ) | (128,411 | ) | ||||
Common treasury stock, at cost (4,568,354 shares at December 31, 2015 and 1,285,184 shares at December 31, 2014) | (303,407 | ) | (69,695 | ) | ||||
Total stockholders' equity | 1,255,423 | 1,478,433 | ||||||
Total liabilities and stockholders’ equity | $ | 3,029,378 | $ | 3,399,511 |
For the years ended December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net earnings | $ | 145,461 | $ | 113,338 | $ | 137,981 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 100,810 | 118,931 | 121,497 | |||||||||
Loss on sale of businesses | 16,991 | 29,184 | — | |||||||||
(Gain) loss on fixed asset disposals | (945 | ) | 632 | 77 | ||||||||
Deferred income taxes | 63,535 | (27,241 | ) | 5,928 | ||||||||
Share-based compensation | 9,473 | 8,500 | 7,349 | |||||||||
Impairment of assets | — | 3,202 | 887 | |||||||||
Impairment of assets held for sale | 40,813 | 41,369 | — | |||||||||
Changes in operating assets and liabilities, net of businesses acquired and disposed of: | ||||||||||||
Accounts receivable, net | (77,106 | ) | 12,845 | 6,599 | ||||||||
Inventories, net | (4,039 | ) | (19,375 | ) | (25,499 | ) | ||||||
Progress payments | 3,680 | (6,971 | ) | (6,131 | ) | |||||||
Accounts payable and accrued expenses | (447 | ) | 16,147 | 8,567 | ||||||||
Deferred revenue | 4,839 | 24,471 | (7,281 | ) | ||||||||
Income taxes | (7,436 | ) | 38,946 | (16,811 | ) | |||||||
Net pension and postretirement liabilities | (139,610 | ) | (26,431 | ) | (1,630 | ) | ||||||
Other current and long-term assets and liabilities | 6,460 | 4,219 | 6,294 | |||||||||
Net cash provided by operating activities | 162,479 | 331,766 | 237,827 | |||||||||
Cash flows from investing activities: | ||||||||||||
Proceeds from sales and disposals of long-lived assets | 2,277 | 594 | 1,348 | |||||||||
Proceeds from divestitures | 31,344 | 152,965 | — | |||||||||
Proceeds from insurance | — | 2,357 | — | |||||||||
Additions to property, plant, and equipment | (35,512 | ) | (67,115 | ) | (72,242 | ) | ||||||
Acquisition of businesses, net of cash acquired | (13,228 | ) | (34,364 | ) | (236,135 | ) | ||||||
Additional consideration paid on prior year acquisitions | (457 | ) | (989 | ) | (6,663 | ) | ||||||
Net cash provided by (used for) investing activities | (15,576 | ) | 53,448 | (313,692 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Borrowings under revolving credit facility | 70,324 | 364,557 | 983,109 | |||||||||
Borrowings of debt | — | — | 500,000 | |||||||||
Payment of revolving credit facility | (70,134 | ) | (414,770 | ) | (1,229,148 | ) | ||||||
Principal payments on debt | (8,400 | ) | (80 | ) | (125,033 | ) | ||||||
Repurchases of company stock | (294,130 | ) | (65,220 | ) | — | |||||||
Proceeds from share-based compensation plans | 28,706 | 38,182 | 27,450 | |||||||||
Dividends paid | (24,122 | ) | (25,013 | ) | (18,377 | ) | ||||||
Other | (581 | ) | 296 | — | ||||||||
Excess tax benefits from share-based compensation | 9,119 | 9,610 | 2,137 | |||||||||
Net cash provided by (used for) financing activities | (289,218 | ) | (92,438 | ) | 140,138 | |||||||
Effect of exchange-rate changes on cash | (19,104 | ) | (17,954 | ) | (1,002 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (161,419 | ) | 274,822 | 63,271 | ||||||||
Cash and cash equivalents at beginning of year | 450,116 | 175,294 | 112,023 | |||||||||
Cash and cash equivalents at end of year | $ | 288,697 | $ | 450,116 | $ | 175,294 | ||||||
Supplemental disclosure of non-cash activities: | ||||||||||||
Capital expenditures incurred but not yet paid | 2,108 | 2,891 | 4,546 | |||||||||
Property and equipment under build to suit transaction | — | 14,735 | 6,225 |
Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||||||||||||||||
January 1, 2013 | $ | 49,190 | $ | 151,883 | $ | 1,261,377 | $ | (55,508 | ) | $ | (94,350 | ) | ||||||||
Net earnings | — | — | 137,981 | — | — | |||||||||||||||
Other comprehensive income, net of tax | — | — | — | 80,767 | — | |||||||||||||||
Dividends paid | — | — | (18,377 | ) | — | — | ||||||||||||||
Restricted stock, net of tax | — | (2,127 | ) | — | — | 5,796 | ||||||||||||||
Stock options exercised, net of tax | — | (5,728 | ) | — | — | 34,451 | ||||||||||||||
Other | — | (330 | ) | — | — | 330 | ||||||||||||||
Share-based compensation | — | 6,920 | — | — | 430 | |||||||||||||||
December 31, 2013 | $ | 49,190 | $ | 150,618 | $ | 1,380,981 | $ | 25,259 | $ | (53,343 | ) | |||||||||
Net earnings | — | — | 113,338 | — | — | |||||||||||||||
Other comprehensive income, net of tax | — | — | — | (153,670 | ) | — | ||||||||||||||
Dividends paid | — | — | (25,013 | ) | — | — | ||||||||||||||
Restricted stock, net of tax | — | (722 | ) | — | — | 3,155 | ||||||||||||||
Stock options exercised, net of tax | — | 311 | — | — | 45,049 | |||||||||||||||
Other | — | (430 | ) | — | — | 430 | ||||||||||||||
Share-based compensation | — | 8,266 | — | — | 234 | |||||||||||||||
Repurchase of common stock | (65,220 | ) | ||||||||||||||||||
December 31, 2014 | $ | 49,190 | $ | 158,043 | $ | 1,469,306 | $ | (128,411 | ) | $ | (69,695 | ) | ||||||||
Net earnings | — | — | 145,461 | — | — | |||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (97,517 | ) | — | ||||||||||||||
Dividends paid | — | — | (24,122 | ) | — | — | ||||||||||||||
Restricted stock, net of tax | — | (10,303 | ) | — | — | 13,734 | ||||||||||||||
Stock options exercised, net of tax | — | (11,349 | ) | — | — | 45,743 | ||||||||||||||
Other | — | (647 | ) | — | — | 647 | ||||||||||||||
Share-based compensation | — | 9,179 | — | — | 294 | |||||||||||||||
Repurchase of common stock | — | — | — | — | (294,130 | ) | ||||||||||||||
December 31, 2015 | $ | 49,190 | $ | 144,923 | $ | 1,590,645 | $ | (225,928 | ) | $ | (303,407 | ) |
Buildings and improvements | 5 to 40 years |
Machinery, equipment, and other | 3 to 15 years |
Standard | Description | Effect on the financial statements |
ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs Date of adoption: January 1, 2016 | In April 2015, the FASB issued guidance which changes the presentation of debt issuance costs in financial statements. An entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. | The impact on the Corporation’s financial statements will be an approximate $2 million reclass between Other assets and Debt. |
ASU 2014-09 Revenue from contracts with customers Date of adoption: January 1, 2018 | In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. | The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements. |
ASU 2015-17 Balance Sheet Classification of Deferred Taxes Date of adoption: January 1, 2018 | In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. | The Corporation does not expect this ASU to have a material impact on its consolidated financial statements. |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales | $ | 57,992 | $ | 363,869 | $ | 392,690 | ||||||
Loss from discontinued operations before income taxes (1) | (40,984 | ) | (48,519 | ) | (3,097 | ) | ||||||
Income tax benefit | 7,926 | 14,268 | 1,674 | |||||||||
Loss on sale of businesses (2) | (13,729 | ) | (22,360 | ) | — | |||||||
Loss from discontinued operations | $ | (46,787 | ) | $ | (56,611 | ) | $ | (1,423 | ) |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Accounts receivable | $ | 996 | $ | 2,991 | $ | 25,972 | ||||||
Inventory | 152 | 304 | 30,930 | |||||||||
Property, plant, and equipment | 1,463 | 2,802 | 18,066 | |||||||||
Other current assets | 155 | 81 | 3,229 | |||||||||
Intangible assets | 7,700 | 13,501 | 102,265 | |||||||||
Current and non-current liabilities | (6 | ) | (1,754 | ) | (18,959 | ) | ||||||
Pension and postretirement benefits | — | — | (6,472 | ) | ||||||||
Deferred income taxes | — | (2,199 | ) | (19,682 | ) | |||||||
Due to seller | (1,470 | ) | — | (3,361 | ) | |||||||
Net tangible and intangible assets | 8,990 | 15,726 | 131,988 | |||||||||
Purchase price | 13,228 | 34,364 | 236,135 | |||||||||
Goodwill | $ | 4,238 | $ | 18,638 | $ | 104,147 |
(In thousands) | 2015 | 2014 | ||||||
Billed receivables: | ||||||||
Trade and other receivables | $ | 435,172 | $ | 363,241 | ||||
Less: Allowance for doubtful accounts | (5,664 | ) | (5,619 | ) | ||||
Net billed receivables | 429,508 | 357,622 | ||||||
Unbilled receivables: | ||||||||
Recoverable costs and estimated earnings not billed | 153,045 | 150,526 | ||||||
Less: Progress payments applied | (16,264 | ) | (12,668 | ) | ||||
Net unbilled receivables | 136,781 | 137,858 | ||||||
Receivables, net | $ | 566,289 | $ | 495,480 |
(In thousands) | 2015 | 2014 | ||||||
Raw material | $ | 196,684 | $ | 201,998 | ||||
Work-in-process | 79,406 | 89,423 | ||||||
Finished goods | 114,931 | 103,831 | ||||||
Inventoried costs related to U.S. Government and other long-term contracts | 51,774 | 59,070 | ||||||
Gross inventories | 442,795 | 454,322 | ||||||
Less: Inventory reserves | (48,904 | ) | (51,435 | ) | ||||
Progress payments applied, principally related to long-term contracts | (14,300 | ) | (14,217 | ) | ||||
Inventories, net | $ | 379,591 | $ | 388,670 |
(In thousands) | 2015 | 2014 | ||||||
Land | $ | 19,933 | $ | 21,762 | ||||
Buildings and improvements | 218,016 | 219,219 | ||||||
Machinery, equipment, and other | 739,965 | 750,006 | ||||||
Property, plant, and equipment, at cost | 977,914 | 990,987 | ||||||
Less: Accumulated depreciation | (564,270 | ) | (532,068 | ) | ||||
Property, plant, and equipment, net | $ | 413,644 | $ | 458,919 |
(In thousands) | Commercial/Industrial | Defense | Power | Assets Held for Sale | Consolidated | |||||||||||||||
December 31, 2013 | $ | 448,496 | $ | 379,872 | $ | 184,311 | $ | 97,750 | $ | 1,110,429 | ||||||||||
Acquisitions | 14,996 | — | 3,640 | — | 18,636 | |||||||||||||||
Divestitures | — | — | — | (55,355 | ) | (55,355 | ) | |||||||||||||
Goodwill adjustments | (1,096 | ) | (254 | ) | — | — | (1,350 | ) | ||||||||||||
Foreign currency translation adjustment | (8,304 | ) | (22,929 | ) | (226 | ) | — | (31,459 | ) | |||||||||||
December 31, 2014 | $ | 454,092 | $ | 356,689 | $ | 187,725 | $ | 42,395 | $ | 1,040,901 | ||||||||||
Acquisitions | $ | 4,238 | $ | — | $ | — | $ | — | $ | 4,238 | ||||||||||
Divestitures | — | — | — | (41,264 | ) | (41,264 | ) | |||||||||||||
Goodwill adjustments | 21 | 1,131 | — | (1,131 | ) | 21 | ||||||||||||||
Foreign currency translation adjustment | (10,523 | ) | (20,217 | ) | (550 | ) | — | (31,290 | ) | |||||||||||
December 31, 2015 | $ | 447,828 | $ | 337,603 | $ | 187,175 | $ | — | $ | 972,606 |
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Technology | $ | 171,382 | $ | (91,430 | ) | $ | 79,952 | $ | 178,369 | $ | (84,584 | ) | $ | 93,785 | ||||||||||
Customer related intangibles | 357,538 | (140,816 | ) | 216,722 | 356,844 | (122,920 | ) | 233,924 | ||||||||||||||||
Other intangible assets | 37,200 | (23,111 | ) | 14,089 | 38,460 | (16,942 | ) | 21,518 | ||||||||||||||||
Total | $ | 566,120 | $ | (255,357 | ) | $ | 310,763 | $ | 573,673 | $ | (224,446 | ) | $ | 349,227 |
(In thousands) | ||||
2016 | $ | 33,535 | ||
2017 | 33,051 | |||
2018 | 31,965 | |||
2019 | 30,167 | |||
2020 | 28,175 |
December 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Assets | ||||||||
Designated for hedge accounting | ||||||||
Interest rate swaps | $ | 3,083 | $ | — | ||||
Undesignated for hedge accounting | ||||||||
Forward exchange contracts | $ | 223 | $ | 605 | ||||
Total asset derivatives (1) | $ | 3,306 | $ | 605 | ||||
Liabilities | ||||||||
Designated for hedge accounting | ||||||||
Interest rate swaps | $ | — | $ | 5,121 | ||||
Undesignated for hedge accounting | ||||||||
Forward exchange contracts | $ | 673 | $ | 676 | ||||
Total liability derivatives (2) | $ | 673 | $ | 5,797 |
Gain/(Loss) on Swap | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Other income, net | ||||||||||||
Gain/(Loss) on interest rate swaps | $ | 8,204 | $ | 44,724 | $ | (49,845 | ) | |||||
Gain/(Loss) on hedged fixed rate debt | $ | (8,204 | ) | $ | (44,724 | ) | $ | 49,845 | ||||
Total | $ | — | $ | — | $ | — |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Forward exchange contracts: | ||||||||||||
General and administrative expenses | $ | (11,042 | ) | $ | (6,880 | ) | $ | (6,198 | ) |
(In thousands) | 2015 | 2014 | ||||||
Accrued compensation | $ | 86,497 | $ | 95,843 | ||||
Accrued commissions | 7,250 | 10,783 | ||||||
Accrued interest | 9,900 | 9,688 | ||||||
Accrued insurance | 5,261 | 6,757 | ||||||
Other | 22,955 | 22,867 | ||||||
Total accrued expenses | $ | 131,863 | $ | 145,938 |
(In thousands) | 2015 | 2014 | ||||||
Warranty reserves | $ | 15,053 | $ | 15,688 | ||||
Additional amounts due to sellers on acquisitions | 2,883 | 1,739 | ||||||
Reserves on loss contracts | 2,711 | 2,979 | ||||||
Deferred tax liability | 1,962 | 2,448 | ||||||
Pension and other postretirement liabilities | 4,560 | 5,120 | ||||||
Other | 11,983 | 10,189 | ||||||
Total other current liabilities | $ | 39,152 | $ | 38,163 |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Domestic | $ | 135,112 | $ | 120,563 | $ | 105,188 | ||||||
Foreign | 140,082 | 126,381 | 95,862 | |||||||||
$ | 275,194 | $ | 246,944 | $ | 201,050 |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Current: | ||||||||||||
Federal | $ | (6,741 | ) | $ | 70,609 | $ | 29,323 | |||||
State | 6,175 | 9,065 | 5,629 | |||||||||
Foreign | 27,134 | 33,401 | 20,807 | |||||||||
Total current | 26,568 | 113,075 | 55,759 | |||||||||
Deferred: | ||||||||||||
Federal | 49,060 | (29,683 | ) | 7,002 | ||||||||
State | 7,390 | (1,247 | ) | 667 | ||||||||
Foreign | (72 | ) | (5,150 | ) | (1,782 | ) | ||||||
Total deferred | 56,378 | (36,080 | ) | 5,887 | ||||||||
Provision for income taxes | $ | 82,946 | $ | 76,995 | $ | 61,646 |
2015 | 2014 | 2013 | |||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Add (deduct): | |||||||||
State and local taxes, net of federal benefit | 4.3 | 2.4 | 1.6 | ||||||
R&D tax credits | (1.3 | ) | (1.3 | ) | (1.5 | ) | |||
Foreign earnings (1) | (6.2 | ) | (4.4 | ) | (3.7 | ) | |||
All other, net | (1.7 | ) | (0.5 | ) | (0.7 | ) | |||
Effective tax rate | 30.1 | % | 31.2 | % | 30.7 | % |
(In thousands) | 2015 | 2014 | ||||||
Deferred tax assets: | ||||||||
Pension plans | $ | 40,102 | $ | 84,493 | ||||
Environmental reserves | 9,561 | 10,123 | ||||||
Inventories | 20,041 | 18,496 | ||||||
Postretirement/postemployment benefits | 13,272 | 13,326 | ||||||
Incentive compensation | 12,369 | 16,140 | ||||||
Net operating loss | 9,043 | 8,909 | ||||||
Capital loss carryover | 10,141 | 17,555 | ||||||
Other | 38,226 | 26,329 | ||||||
Total deferred tax assets | 152,755 | 195,371 | ||||||
Deferred tax liabilities: | ||||||||
Depreciation | 29,771 | 33,117 | ||||||
Goodwill amortization | 89,276 | 74,555 | ||||||
Other intangible amortization | 54,017 | 62,777 | ||||||
Other | 12,280 | 9,452 | ||||||
Total deferred tax liabilities | 185,344 | 179,901 | ||||||
Valuation allowance | 17,895 | 23,478 | ||||||
Net deferred tax liabilities | $ | (50,484 | ) | $ | (8,008 | ) |
(In thousands) | 2015 | 2014 | ||||||
Net current deferred tax assets | $ | 41,737 | $ | 44,311 | ||||
Net current deferred tax liabilities | 1,962 | 2,448 | ||||||
Net noncurrent deferred tax assets | 856 | 1,683 | ||||||
Net noncurrent deferred tax liabilities | 91,115 | 51,554 | ||||||
Net deferred tax liabilities | $ | (50,484 | ) | $ | (8,008 | ) |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Balance at January 1, | $ | 11,560 | $ | 10,623 | $ | 11,301 | ||||||
Additions for tax positions of prior periods | 359 | 1,421 | 1,511 | |||||||||
Additions for tax positions related to the current year | 2,026 | 1,738 | 1,768 | |||||||||
Settlements | (1,414 | ) | (2,039 | ) | (3,868 | ) | ||||||
Lapses of statute of limitations | — | (41 | ) | (140 | ) | |||||||
Foreign currency translation | (117 | ) | (142 | ) | 51 | |||||||
Balance at December 31, | $ | 12,414 | $ | 11,560 | $ | 10,623 |
United States (Federal) | 2012 | - | present |
United States (Various states) | 1998 | - | present |
United Kingdom | 2008 | - | present |
Canada | 2009 | - | present |
(In thousands) | 2015 | 2015 | 2014 | 2014 | ||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
Industrial revenue bond, due 2023 | $ | — | $ | — | $ | 8,400 | $ | 8,400 | ||||||||
5.51% Senior notes due 2017 | 150,000 | 158,024 | 150,000 | 162,617 | ||||||||||||
3.84% Senior notes due 2021 | 100,307 | 100,307 | 99,934 | 99,934 | ||||||||||||
3.70% Senior notes due 2023 | 225,000 | 224,322 | 225,000 | 225,748 | ||||||||||||
3.85% Senior notes due 2025 | 100,450 | 100,450 | 98,360 | 98,360 | ||||||||||||
4.24% Senior notes due 2026 | 201,422 | 201,422 | 197,237 | 197,237 | ||||||||||||
4.05% Senior notes due 2028 | 75,904 | 75,904 | 74,348 | 74,348 | ||||||||||||
4.11% Senior notes due 2028 | 100,000 | 99,720 | 100,000 | 100,801 | ||||||||||||
Other debt | 1,259 | 1,259 | 1,069 | 1,069 | ||||||||||||
Total debt | 954,342 | 961,408 | 954,348 | 968,514 | ||||||||||||
Less: current portion of long-term debt and short-term debt | 1,259 | 1,259 | 1,069 | 1,069 | ||||||||||||
Total long-term debt | $ | 953,083 | $ | 960,149 | $ | 953,279 | $ | 967,445 |
(In thousands) | |||
2016 | $ | 1,259 | |
2017 | 150,000 | ||
2018 | — | ||
2019 | — | ||
2020 | — | ||
Thereafter | 803,083 | ||
Total | $ | 954,342 |
(In thousands, except per share data) | Earnings from continuing operations | Weighted- Average Shares Outstanding | Earnings per share from continuing operations | ||||||||
2015 | |||||||||||
Basic earnings per share from continuing operations | $ | 192,248 | 46,624 | $ | 4.12 | ||||||
Dilutive effect of stock options and deferred stock compensation | 992 | ||||||||||
Diluted earnings per share from continuing operations | $ | 192,248 | 47,616 | $ | 4.04 | ||||||
2014 | |||||||||||
Basic earnings per share from continuing operations | $ | 169,949 | 48,019 | $ | 3.54 | ||||||
Dilutive effect of stock options and deferred stock compensation | 1,056 | ||||||||||
Diluted earnings per share from continuing operations | $ | 169,949 | 49,075 | $ | 3.46 | ||||||
2013 | |||||||||||
Basic earnings per share from continuing operations | $ | 139,404 | 46,991 | $ | 2.97 | ||||||
Dilutive effect of stock options and deferred stock compensation | 921 | ||||||||||
Diluted earnings per share from continuing operations | $ | 139,404 | 47,912 | $ | 2.91 |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Non-qualified stock options | $ | — | $ | — | $ | 238 | ||||||
Employee Stock Purchase Plan | 1,279 | 1,350 | 1,260 | |||||||||
Performance Share Units | 4,349 | 3,728 | 3,495 | |||||||||
Restricted Share Units | 3,015 | 2,655 | 1,700 | |||||||||
Other share-based payments | 830 | 767 | 657 | |||||||||
Total share-based compensation expense before income taxes | $ | 9,473 | $ | 8,500 | $ | 7,350 |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Cash received from share-based awards | $ | 28,706 | $ | 38,183 | $ | 29,194 | ||||||
Recognized tax benefit on awards | $ | 9,119 | $ | 9,610 | $ | 3,199 |
Shares (000’s) | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term in Years | Aggregate Intrinsic Value (000’s) | ||||||||||
Outstanding at December 31, 2014 | 1,443 | $ | 33.86 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (589 | ) | 34.29 | ||||||||||
Adjustment | (2 | ) | 41.53 | ||||||||||
Outstanding at December 31, 2015 | 852 | $ | 33.54 | 3.5 | $ | 29,772 | |||||||
Exercisable at December 31, 2015 | 852 | $ | 33.54 | 3.5 | $ | 29,772 |
Performance Share Units (PSUs) | Restricted Share Units (RSUs) | |||||||||||||
Shares/Units (000’s) | Weighted- Average Fair Value | Shares/Units (000’s) | Weighted- Average Fair Value | |||||||||||
Nonvested at December 31, 2014 | 312 | $ | 44.12 | 246 | $ | 43.03 | ||||||||
Granted | 57 | 86.34 | 83 | 71.02 | ||||||||||
Vested | (80 | ) | 42.82 | (84 | ) | 32.95 | ||||||||
Forfeited | (2 | ) | 62.91 | — | — | |||||||||
Nonvested at December 31, 2015 | 286 | $ | 52.70 | 245 | $ | 55.98 | ||||||||
Expected to vest at December 31, 2015 | 286 | $ | 52.70 | 245 | $ | 55.98 |
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 26,873 | $ | 25,262 | $ | 40,170 | $ | 286 | $ | 246 | $ | 373 | ||||||||||||
Interest cost | 30,050 | 30,403 | 27,777 | 842 | 877 | 839 | ||||||||||||||||||
Expected return on plan assets | (54,629 | ) | (41,746 | ) | (36,303 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 618 | 662 | 883 | (657 | ) | (657 | ) | (638 | ) | |||||||||||||||
Recognized net actuarial loss/(gain) | 16,890 | 6,827 | 15,013 | (551 | ) | (811 | ) | (614 | ) | |||||||||||||||
Cost of settlements/curtailments | 7,461 | 377 | 13 | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 27,263 | $ | 21,785 | $ | 47,553 | $ | (80 | ) | $ | (345 | ) | $ | (40 | ) |
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Change in benefit obligation: | ||||||||||||||||
Beginning of year | $ | 797,360 | $ | 674,192 | $ | 23,250 | $ | 20,416 | ||||||||
Service cost | 26,873 | 25,262 | 286 | 246 | ||||||||||||
Interest cost | 30,050 | 30,403 | 842 | 877 | ||||||||||||
Plan participants’ contributions | 1,825 | 1,734 | 345 | 364 | ||||||||||||
Amendments | (2,951 | ) | 178 | — | — | |||||||||||
Actuarial loss (gain) | (10,803 | ) | 114,763 | (1,133 | ) | 3,276 | ||||||||||
Benefits paid | (60,662 | ) | (40,765 | ) | (1,610 | ) | (1,929 | ) | ||||||||
Actual expenses | (1,787 | ) | (1,299 | ) | — | — | ||||||||||
Currency translation adjustments | (5,195 | ) | (7,108 | ) | — | — | ||||||||||
End of year | $ | 774,710 | $ | 797,360 | $ | 21,980 | $ | 23,250 |
Change in plan assets: | ||||||||||||||||
Beginning of year | $ | 595,829 | $ | 558,567 | $ | — | $ | — | ||||||||
Actual return on plan assets | (4,092 | ) | 37,574 | — | — | |||||||||||
Employer contribution | 165,575 | 46,306 | 1,265 | 1,565 | ||||||||||||
Plan participants’ contributions | 1,825 | 1,734 | 345 | 364 | ||||||||||||
Benefits paid | (60,662 | ) | (40,765 | ) | (1,610 | ) | (1,929 | ) | ||||||||
Actual Expenses | (1,787 | ) | (1,299 | ) | — | — | ||||||||||
Currency translation adjustments | (4,614 | ) | (6,288 | ) | — | — | ||||||||||
End of year | $ | 692,074 | $ | 595,829 | $ | — | $ | — | ||||||||
Funded status | $ | (82,636 | ) | $ | (201,531 | ) | $ | (21,980 | ) | $ | (23,250 | ) |
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Amounts recognized on the balance sheet | ||||||||||||||||
Noncurrent assets | $ | 3,667 | $ | 6,041 | $ | — | $ | — | ||||||||
Current liabilities | (2,998 | ) | (3,523 | ) | (1,562 | ) | (1,603 | ) | ||||||||
Noncurrent liabilities | (83,305 | ) | (204,049 | ) | (20,418 | ) | (21,647 | ) | ||||||||
Total | $ | (82,636 | ) | $ | (201,531 | ) | $ | (21,980 | ) | $ | (23,250 | ) | ||||
Amounts recognized in accumulated other comprehensive income (AOCI) | ||||||||||||||||
Net actuarial loss (gain) | $ | 203,729 | $ | 180,640 | $ | (8,846 | ) | $ | (8,264 | ) | ||||||
Prior service cost | (1,635 | ) | 1,990 | (4,030 | ) | (4,686 | ) | |||||||||
Total | $ | 202,094 | $ | 182,630 | $ | (12,876 | ) | $ | (12,950 | ) | ||||||
Amounts in AOCI expected to be recognized in net periodic cost in the coming year: | ||||||||||||||||
Loss (gain) recognition | $ | 12,373 | $ | 15,470 | $ | (571 | ) | $ | (551 | ) | ||||||
Prior service cost recognition | $ | (50 | ) | $ | 619 | $ | (657 | ) | $ | (657 | ) | |||||
Accumulated benefit obligation | $ | 736,688 | $ | 753,878 | N/A | N/A | ||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||
Projected benefit obligation | $ | 721,626 | $ | 770,241 | N/A | N/A | ||||||||||
Accumulated benefit obligation | 683,605 | 726,760 | N/A | N/A | ||||||||||||
Fair value of plan assets | 635,323 | 562,669 | N/A | N/A |
Pension Benefits | Postretirement Benefits | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Weighted-average assumptions in determination of benefit obligation: | ||||||||||||
Discount rate | 4.11 | % | 3.88 | % | 4.25 | % | 3.75 | % | ||||
Rate of compensation increase | 3.36 | % | 3.37 | % | N/A | N/A | ||||||
Health care cost trends: | ||||||||||||
Rate assumed for subsequent year | N/A | N/A | 5.70 | % | 5.50 | % | ||||||
Ultimate rate reached in 2026 | N/A | N/A | 5.40 | % | 4.59 | % | ||||||
Weighted-average assumptions in determination of net periodic benefit cost: | ||||||||||||
Discount rate | 3.88 | % | 4.62 | % | 3.75 | % | 4.47 | % | ||||
Expected return on plan assets | 7.93 | % | 8.01 | % | N/A | N/A | ||||||
Rate of compensation increase | 3.37 | % | 3.36 | % | N/A | N/A | ||||||
Health care cost trends: | ||||||||||||
Rate assumed for subsequent year | N/A | N/A | 5.50 | % | 8.00 | % | ||||||
Ultimate rate reached in 2026 | N/A | N/A | 4.59 | % | 5.00 | % |
(In thousands) | 1% Increase | 1% Decrease | ||||||
Total service and interest cost components | $ | 15 | $ | (12 | ) | |||
Postretirement benefit obligation | $ | 375 | $ | (309 | ) |
As of December 31, | Target | Expected | ||||||
2015 | 2014 | Exposure | Range | |||||
Asset class | ||||||||
Domestic equities | 51% | 53% | 50% | 40%-60% | ||||
International equities | 14% | 14% | 15% | 10%-20% | ||||
Total equity | 65% | 67% | 65% | 55%-75% | ||||
Fixed income | 35% | 33% | 35% | 25%-45% |
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Cash and cash equivalents | $ | 24,354 | $ | 871 | $ | 23,483 | $ | — | ||||||||
Equity securities- Mutual funds (1) | 379,467 | 330,619 | 48,848 | — | ||||||||||||
Bond funds (2) | 183,068 | 122,790 | 60,278 | — | ||||||||||||
Insurance Contracts (3) | 8,169 | — | — | 8,169 | ||||||||||||
Other (4) | 771 | — | — | 771 | ||||||||||||
December 31, 2014 | $ | 595,829 | $ | 454,280 | $ | 132,609 | $ | 8,940 | ||||||||
Cash and cash equivalents | $ | 26,251 | $ | 253 | $ | 25,998 | $ | — | ||||||||
Equity securities- Mutual funds (1) | 435,931 | 395,549 | 40,382 | — | ||||||||||||
Bond funds (2) | 219,417 | 162,470 | 56,947 | — | ||||||||||||
Insurance Contracts (3) | 9,720 | — | — | 9,720 | ||||||||||||
Other (4) | 755 | — | — | 755 | ||||||||||||
December 31, 2015 | $ | 692,074 | $ | 558,272 | $ | 123,327 | $ | 10,475 |
(In thousands) | Insurance Contracts | Other | Total | |||||||||
December 31, 2013 | $ | 10,795 | $ | 782 | $ | 11,577 | ||||||
Actual return on plan assets: | ||||||||||||
Relating to assets still held at the reporting date | 158 | 39 | 197 | |||||||||
Relating to assets sold during the period | — | — | — | |||||||||
Purchases, sales, and settlements | (1,818 | ) | 36 | (1,782 | ) | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Foreign currency translation adjustment | (966 | ) | (86 | ) | (1,052 | ) | ||||||
December 31, 2014 | $ | 8,169 | $ | 771 | $ | 8,940 | ||||||
Actual return on plan assets: | ||||||||||||
Relating to assets still held at the reporting date | 127 | 37 | 164 | |||||||||
Relating to assets sold during the period | — | 2 | 2 | |||||||||
Purchases, sales, and settlements | 1,554 | (49 | ) | 1,505 | ||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Foreign currency translation adjustment | (130 | ) | (6 | ) | (136 | ) | ||||||
December 31, 2015 | $ | 9,720 | $ | 755 | $ | 10,475 |
(In thousands) | Pension Plans | Postretirement Plans | Total | |||||||||
2016 | $ | 49,175 | $ | 1,562 | $ | 50,737 | ||||||
2017 | 47,785 | 1,536 | 49,321 | |||||||||
2018 | 49,218 | 1,536 | 50,754 | |||||||||
2019 | 53,081 | 1,509 | 54,590 | |||||||||
2020 | 52,443 | 1,499 | 53,942 | |||||||||
2021 — 2025 | 269,212 | 7,249 | 276,461 |
(In thousands) | Rental Commitments | ||
2016 | $ | 26,676 | |
2017 | 21,657 | ||
2018 | 18,319 | ||
2019 | 14,320 | ||
2020 | 10,736 | ||
Thereafter | 41,805 | ||
Total | $ | 133,513 |
December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales | ||||||||||||
Commercial/Industrial | $ | 1,189,120 | $ | 1,232,696 | $ | 1,079,826 | ||||||
Defense | 479,528 | 492,094 | 481,850 | |||||||||
Power | 545,013 | 527,034 | 563,405 | |||||||||
Less: Intersegment Revenues | (7,978 | ) | (8,698 | ) | (7,000 | ) | ||||||
Total Consolidated | $ | 2,205,683 | $ | 2,243,126 | $ | 2,118,081 |
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Operating income (expense) | ||||||||||||
Commercial/Industrial | $ | 171,525 | $ | 178,684 | $ | 131,305 | ||||||
Defense | 98,895 | 82,552 | 74,360 | |||||||||
Power | 74,987 | 51,449 | 73,402 | |||||||||
Corporate and Eliminations (1) | (34,790 | ) | (30,312 | ) | (41,944 | ) | ||||||
Total Consolidated | $ | 310,617 | $ | 282,373 | $ | 237,123 |
Depreciation and amortization expense | ||||||||||||
Commercial/Industrial | $ | 55,799 | $ | 58,276 | $ | 56,841 | ||||||
Defense | 15,965 | 19,530 | 19,235 | |||||||||
Power | 23,419 | 23,060 | 21,484 | |||||||||
Corporate | 4,292 | 4,059 | 4,655 | |||||||||
Total Consolidated | $ | 99,475 | $ | 104,925 | $ | 102,215 |
Segment assets | ||||||||||||
Commercial/Industrial | $ | 1,500,931 | $ | 1,543,795 | $ | 1,509,011 | ||||||
Defense | 808,197 | 845,193 | 888,689 | |||||||||
Power | 642,655 | 579,736 | 581,323 | |||||||||
Corporate | 77,595 | 283,440 | 57,691 | |||||||||
Assets held for sale | — | 147,347 | 421,560 | |||||||||
Total Consolidated | $ | 3,029,378 | $ | 3,399,511 | $ | 3,458,274 |
Capital expenditures | ||||||||||||
Commercial/Industrial | $ | 21,990 | $ | 37,329 | $ | 48,696 | ||||||
Defense | 3,834 | 5,175 | 3,443 | |||||||||
Power | 6,163 | 16,057 | 12,144 | |||||||||
Corporate | 3,525 | 8,554 | 7,959 | |||||||||
Total Consolidated (2) | $ | 35,512 | $ | 67,115 | $ | 72,242 |
December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Earnings before taxes: | ||||||||||||
Total segment operating income | $ | 345,407 | $ | 312,685 | $ | 279,067 | ||||||
Corporate and administrative | (34,790 | ) | (30,312 | ) | (41,944 | ) | ||||||
Interest expense | (36,038 | ) | (35,794 | ) | (37,053 | ) | ||||||
Other income, net | 615 | 365 | 980 | |||||||||
Total consolidated earnings before tax | $ | 275,194 | $ | 246,944 | $ | 201,050 |
December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Assets: | ||||||||||||
Total assets for reportable segments | $ | 2,951,783 | $ | 2,968,724 | $ | 2,979,023 | ||||||
Assets held for sale | — | 147,347 | 421,560 | |||||||||
Non-segment cash | 42,164 | 247,249 | 13,308 | |||||||||
Other assets | 35,431 | 36,191 | 44,383 | |||||||||
Total consolidated assets | $ | 3,029,378 | $ | 3,399,511 | $ | 3,458,274 |
December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Revenues | ||||||||||||
United States of America | $ | 1,502,363 | $ | 1,521,034 | $ | 1,444,019 | ||||||
United Kingdom | 135,673 | 145,092 | 134,815 | |||||||||
Other foreign countries | 567,647 | 577,000 | 539,247 | |||||||||
Consolidated total | $ | 2,205,683 | $ | 2,243,126 | $ | 2,118,081 |
December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Long-Lived Assets | ||||||||||||
United States of America | $ | 293,612 | $ | 323,937 | $ | 365,691 | ||||||
United Kingdom | 36,061 | 45,625 | 43,434 | |||||||||
Other foreign countries | 83,971 | 89,357 | 106,593 | |||||||||
Consolidated total | $ | 413,644 | $ | 458,919 | $ | 515,718 |
December 31, | ||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||
Net sales | ||||||||||||
Flow Control | $ | 949,657 | $ | 959,907 | $ | 940,910 | ||||||
Motion Control | 947,758 | 953,667 | 873,519 | |||||||||
Surface Technologies | 308,268 | 329,552 | 303,652 | |||||||||
Consolidated total | $ | 2,205,683 | $ | 2,243,126 | $ | 2,118,081 |
(In thousands) | Foreign currency translation adjustments, net | Total pension and postretirement adjustments, net | Accumulated other comprehensive income (loss) | |||||||||
December 31, 2013 | $ | 59,103 | $ | (33,844 | ) | $ | 25,259 | |||||
Other comprehensive loss before reclassifications (1) | (79,386 | ) | (78,450 | ) | (157,836 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) (1) | — | 4,166 | 4,166 | |||||||||
Net current period other comprehensive loss | (79,386 | ) | (74,284 | ) | (153,670 | ) | ||||||
December 31, 2014 | $ | (20,283 | ) | $ | (108,128 | ) | $ | (128,411 | ) | |||
Other comprehensive loss before reclassifications (1) | (87,527 | ) | (24,823 | ) | (112,350 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) (1) | — | 14,833 | 14,833 | |||||||||
Net current period other comprehensive loss | (87,527 | ) | (9,990 | ) | (97,517 | ) | ||||||
December 31, 2015 | $ | (107,810 | ) | $ | (118,118 | ) | $ | (225,928 | ) |
(1) | All amounts are after tax. |
Amount reclassified from Accumulated other comprehensive income (loss) | Affected line item in the statement where net earnings is presented | |||||||||
(In thousands) | 2015 | 2014 | ||||||||
Defined benefit pension and postretirement plans | ||||||||||
Amortization of prior service costs | 39 | (5 | ) | (1) | ||||||
Amortization of net actuarial losses | (16,339 | ) | (6,016 | ) | (1) | |||||
Settlements | (7,461 | ) | (377 | ) | (1) | |||||
(23,761 | ) | (6,398 | ) | Total before tax | ||||||
8,928 | 2,232 | Income tax effect | ||||||||
Total reclassifications | $ | (14,833 | ) | $ | (4,166 | ) | Net of tax |
(1) | These items are included in the computation of net periodic pension cost. See Note 15, Pension and Other Postretirement Benefit Plans. |
(In thousands, except per share data) | First | Second | Third | Fourth | ||||||||||||
2015 | ||||||||||||||||
Net sales | $ | 546,199 | $ | 545,194 | $ | 525,535 | $ | 588,755 | ||||||||
Gross profit | 191,096 | 182,351 | 185,494 | 224,314 | ||||||||||||
Earnings from continuing operations | 43,223 | 40,121 | 38,142 | 70,762 | ||||||||||||
Loss from discontinued operations | (27,232 | ) | (14,384 | ) | (4,258 | ) | (913 | ) | ||||||||
Net earnings | 15,991 | 25,737 | 33,884 | 69,849 | ||||||||||||
Basic earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.91 | $ | 0.85 | $ | 0.82 | $ | 1.56 | ||||||||
Loss from discontinued operations | (0.57 | ) | (0.31 | ) | (0.09 | ) | (0.02 | ) | ||||||||
Total | $ | 0.34 | $ | 0.54 | $ | 0.73 | $ | 1.54 | ||||||||
Diluted earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.89 | $ | 0.83 | $ | 0.80 | $ | 1.53 | ||||||||
Loss from discontinued operations | (0.56 | ) | (0.30 | ) | (0.09 | ) | (0.02 | ) | ||||||||
Total | $ | 0.33 | $ | 0.53 | $ | 0.71 | $ | 1.51 | ||||||||
2014 | ||||||||||||||||
Net sales | $ | 542,959 | $ | 569,198 | $ | 558,383 | $ | 572,586 | ||||||||
Gross profit | 184,614 | 198,231 | 193,331 | 200,340 | ||||||||||||
Earnings from continuing operations | 36,430 | 43,009 | 44,378 | 46,132 | ||||||||||||
Loss from discontinued operations | (1,266 | ) | (6,618 | ) | (19,345 | ) | (29,382 | ) | ||||||||
Net earnings | 35,164 | 36,391 | 25,033 | 16,750 | ||||||||||||
Basic earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.76 | $ | 0.90 | $ | 0.92 | $ | 0.96 | ||||||||
Loss from discontinued operations | (0.03 | ) | (0.14 | ) | (0.40 | ) | (0.61 | ) | ||||||||
Total | $ | 0.73 | $ | 0.76 | $ | 0.52 | $ | 0.35 | ||||||||
Diluted earnings per share * | ||||||||||||||||
Earnings from continuing operations | $ | 0.74 | $ | 0.87 | $ | 0.90 | $ | 0.94 | ||||||||
Loss from discontinued operations | (0.02 | ) | (0.13 | ) | (0.39 | ) | (0.60 | ) | ||||||||
Total | $ | 0.72 | $ | 0.74 | $ | 0.51 | $ | 0.34 |
(a) | Financial Statements and Footnotes | Page | ||||||||
1. | The following are documents filed as part of this report in Part II, Item 8: |
Consolidated Statements of Earnings | ||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||
Consolidated Balance Sheets | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
Consolidated Statements of Stockholders' Equity | ||||||||||
Notes to Consolidated Financial Statements | ||||||||||
2. | Financial Statement Schedule | |||||||||
Schedule II-Valuation and Qualifying Accounts | ||||||||||
All other financial statement schedules have been omitted because they are either not required, not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto. | ||||||||||
(b) | Exhibits | |||||||||
Incorporated by Reference | Filed | |||||||||
Exhibit No. | Exhibit Description | Form | Filing Date | Herewith | ||||||
2.1 | Agreement and Plan of Merger and Recapitalization, dated as of February 1, 2005, by and between the Registrant and CW Merger Sub, Inc. | 8-K | February 3, 2005 | |||||||
3.1 | Amended and Restated Certificate of Incorporation | 8-A/A | May 24, 2005 | |||||||
3.2 | Amended and Restated By-Laws | 8-K | May 18, 2015 | |||||||
3.3 | Form of stock certificate for Common Stock | 8-K | November 17, 2008 | |||||||
4.1 | Agreement to furnish to the Commission upon request a copy of any long-term debt instrument where the amount of the securities authorized thereunder does not exceed 10% of the total assets of the Registrant and its subsidiaries on a consolidated basis | 10-K | December 31, 1985 | |||||||
10.1 | Curtiss-Wright Corporation 2005 Omnibus Long-Term Incentive Plan, amended and restated effective January 1, 2010* | 14A | March 19, 2010 | |||||||
10.2 | Form of Long Term Incentive Award Agreement, between the Registrant and the executive officers of the Registrant* | 10-K | March 7, 2006 | |||||||
10.3 | Revised Standard Employment Severance Agreement with Senior Management of the Registrant* | 10-Q | August 15, 2001 | |||||||
10.4 | Amended and Restated Retirement Benefits Restoration Plan as amended January 1, 2009.* | 10-K | February 25, 2011 | |||||||
10.5 | Instrument of Amendment No. 1 to Amended and Restated Retirement Benefits Restoration Plan as amended January 1, 2009* | 10-K | February 24, 2012 | |||||||
10.6 | Instrument of Amendment No. 2 to Amended and Restated Retirement Benefits Restoration Plan as amended January 1, 2009* | 10-K | February 19, 2015 | |||||||
10.7 | Instrument of Amendment No. 3 to Amended and Restated Retirement Benefits Restoration Plan as amended January 1, 2009* | 10-K | February 19, 2015 |
10.8 | Instrument of Amendment No. 4 to Amended and Restated Retirement Benefits Restoration Plan as amended January 1, 2009* | X | ||||||||
10.9 | Curtiss-Wright Corporation Retirement Plan, as Amended and Restated January 1, 2015* | X | ||||||||
10.10 | Curtiss-Wright Corporation Savings and Investment Plan, as Amended and Restated effective as of January 1, 2015* | X | ||||||||
10.11 | Instrument of Amendment No. 1 to the Curtiss-Wright Corporation Savings and Investment Plan, as Amended and Restated effective January 1, 2015* | X | ||||||||
10.12 | Curtiss-Wright Corporation 2014 Omnibus Incentive Plan* | 14A | March 21, 2014 | |||||||
10.13 | Curtiss-Wright Corporation Retirement Savings Restoration Plan* | 10-K | February 19, 2015 | |||||||
10.14 | Instrument of Amendment No. 1 to the Curtiss-Wright Corporation Retirement Savings Restoration Plan* | X | ||||||||
10.15 | Form of indemnification Agreement entered into by the Registrant with each of its directors | 10-Q | May 7, 2012 | |||||||
10.16 | Amended and Restated Curtiss-Wright Electro-Mechanical Corporation Savings Plan, dated January 1, 2010* | 10-K | February 25, 2011 | |||||||
10.17 | Instrument of Amendment No.1 to the Amended and Restated Curtiss-Wright Electro-Mechanical Corporation Savings Plan, dated January 1, 2010* | 10-K | February 24, 2012 | |||||||
10.18 | Instrument of Amendment No. 2 to the Amended and Restated Curtiss-Wright Electro-Mechanical Corporation Savings Plan, dated January 1, 2010* | 10-K | February 21, 2013 | |||||||
10.19 | Instrument of Amendment No.3 to the Amended and Restated Curtiss-Wright Electro-Mechanical Corporation Savings Plan, dated January 1, 2010* | 10-K | February 21, 2013 | |||||||
10.20 | Instrument of Amendment No.4 to the Amended and Restated Curtiss-Wright Electro-Mechanical Corporation Savings Plan, dated January 1, 2010* | 10-K | February 21, 2014 | |||||||
10.21 | Curtiss-Wright Corporation 2005 Stock Plan for Non-Employee Directors* | 14A | April 5, 2005 | |||||||
10.22 | Amended and Revised Curtiss-Wright Corporation Executive Deferred Compensation Plan, as amended November 2006* | 10-K | February 27, 2007 | |||||||
10.23 | Instrument of Amendment No. 1 to the Amended and Revised Curtiss-Wright Corporation Executive Deferred Compensation Plan, as amended August 29, 2008* | 10-K | February 24, 2012 | |||||||
10.24 | Instrument of Amendment No. 2 to the Amended and Revised Curtiss-Wright Corporation Executive Deferred Compensation Plan, as amended August 29, 2008* | 10-K | February 19, 2015 | |||||||
10.25 | Instrument of Amendment No. 3 to the Amended and Revised Curtiss-Wright Corporation Executive Deferred Compensation Plan, as amended August 29, 2008* | X | ||||||||
10.26 | Standard Change In Control Severance Protection Agreement, dated July 9, 2001, between the Registrant and Key Executives of the Registrant* | 10-Q | November 15, 2001 |
10.27 | Trust Agreement, dated January 20, 1998, between the Registrant and PNC Bank, National Association | 10-Q | May 13, 1998 | |||||||
10.28 | Curtiss-Wright Corporation Employee Stock Purchase Plan* | 14A | March 24, 2011 | |||||||
10.29 | Note Purchase Agreement between the Registrant and certain Institutional Investors, dated December 1, 2005 | 8-K | December 5, 2005 | |||||||
10.30 | Restrictive Legends on Notes subject to Note Purchase Agreement between the Registrant and certain Institutional Investors, dated December 1, 2005 | 8-K | December 5, 2005 | |||||||
10.31 | Note Purchase Agreement between the Registrant and certain Institutional Investors, dated December 8, 2011 | 8-K | December 13, 2011 | |||||||
10.32 | Restrictive Legends on Notes subject to Note Purchase Agreement between the Registrant and certain Institutional Investors, dated December 8, 2011 | 8-K | December 13, 2011 | |||||||
10.33 | Note Purchase Agreement between the Registrant and certain Institutional Investors, dated February 26, 2013 | 8-K | February 27, 2013 | |||||||
10.34 | Restrictive Legends on Notes subject to Note Purchase Agreement between the Registrant and certain Institutional Investors, dated February 26, 2013 | 8-K | February 27, 2013 | |||||||
10.35 | Incentive Compensation Plan, as amended November 15, 2010 * | 14A | March 24, 2011 | |||||||
10.36 | Restricted Stock Unit Agreement, dated October 9, 2006, by and between the Registrant and David Adams * | 8-K | October 16, 2006 | |||||||
10.37 | Restricted Stock Unit Agreement, dated October 23, 2007, by and between the Registrant and David Adams * | 8-K | October 25, 2007 | |||||||
10.38 | Third Amended and Restated Credit Agreement dated as of August 9, 2012 among the Registrant, and Certain Subsidiaries as Borrowers; the Lenders parties thereto; Bank of America, N.A., as Administrative Agent; Swingline Lender, and L/C Issuer; J.P. Morgan Chase Bank, N.A., and Wells Fargo, N.A., as Syndication Agents; and RBS Citizens, N.A., as Documentation Agent | 8-K | August 13, 2012 | |||||||
10.39 | First Amendment dated July 28, 2014 to Third Amended and Restated Credit Agreement dated as of August 9, 2012 among the Registrant, and Certain Subsidiaries as Borrowers; the Lenders parties thereto; Bank of America, N.A., as Administrative Agent; Swingline Lender, and L/C Issuer; J.P. Morgan Chase Bank, N.A., and Wells Fargo, N.A., as Syndication Agents; and RBS Citizens, N.A., as Documentation Agent | 10-K | February 19, 2015 |
10.40 | Second Amendment dated December 12, 2014 to Third Amended and Restated Credit Agreement dated as of August 9, 2012 among the Registrant, and Certain Subsidiaries as Borrowers; the Lenders parties thereto; Bank of America, N.A., as Administrative Agent; Swingline Lender, and L/C Issuer; J.P. Morgan Chase Bank, N.A., and Wells Fargo, N.A., as Syndication Agents; and RBS Citizens, N.A., as Documentation Agent | 10-K | February 19, 2015 | |||||||
10.41 | Third Amendment dated June 16, 2015 to Third Amended and Restated Credit Agreement dated as of August 9, 2012 among the Registrant, and Certain Subsidiaries as Borrowers; the Lenders parties thereto; Bank of America, N.A., as Administrative Agent; Swingline Lender, and L/C Issuer; J.P. Morgan Chase Bank, N.A., and Wells Fargo, N.A., as Syndication Agents; and RBS Citizens, N.A., as Documentation Agent | 8-K | June 18, 2015 | |||||||
21.00 | Subsidiaries of the Registrant | X | ||||||||
23.00 | Consent of Independent Registered Public Accounting Firm | X | ||||||||
31.10 | Certification of David C. Adams, Chairman and CEO, Pursuant to Rule 13a - 14(a) | X | ||||||||
31.20 | Certification of Glenn E. Tynan, Chief Financial Officer, Pursuant to Rule 13a - 14(a) | X | ||||||||
32.00 | Certification of David C. Adams, Chairman and CEO and Glenn E. Tynan, Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350 | X | ||||||||
* | Indicates contract or compensatory plan or arrangement | |||||||||
101.INS | XBRL Instance Document | |||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Additions | ||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||||||
Deducted from assets to which they apply: | ||||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Tax valuation allowance | 23,478 | 2,605 | (299 | ) | (1) | 7,889 | (2) | 17,895 | ||||||||||||||||
Total | $ | 23,478 | $ | 2,605 | $ | (299 | ) | $ | 7,889 | $ | 17,895 | |||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Tax valuation allowance | 6,321 | 18,535 | (263 | ) | (1) | 1,115 | 23,478 | |||||||||||||||||
Total | $ | 6,321 | $ | 18,535 | $ | (263 | ) | $ | 1,115 | $ | 23,478 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Tax valuation allowance | 8,531 | (1,896 | ) | (314 | ) | (1) | — | 6,321 | ||||||||||||||||
Total | $ | 8,531 | $ | (1,896 | ) | $ | (314 | ) | $ | — | $ | 6,321 |
1. | Curtiss-Wright Corporation (the “Company”) has heretofore adopted the Curtiss‑Wright Corporation Retirement Benefits Restoration Plan (the “Restoration Plan”) and has caused the Restoration Plan to be amended and restated with respect to compensation earned after December 31, 2004, including amendments reflected in the restatement of the Restoration Plan effective January 1, 2009. |
2. | Subsequent to the most recent amendment and restatement, the Company has decided to amend the Restoration Plan, effective January 1, 2015, to provide for the recoupment of overpayments made in error. |
3. | Article VIII(a) of the Restoration Plan permits the Board of Directors of the Company (the “Board”) to amend the Restoration Plan at any time and from time to time. |
4. | Pursuant to Article II of the Restoration Plan, the Board has previously delegated to the Committee the authority to adopt certain Restoration Plan amendments on behalf of the Company. |
(j) | Plan Applicable Only to Payment of Benefits |
Curtiss-Wright Corporation | |||
Administrative Committee | |||
By: | |||
Date: |
ARTICLE 1: DEFINITIONS | 3 | ||
ARTICLE 2: ELIGIBILITY | 16 | ||
2.01 | Eligibility for Participation. | 16 | |
2.02 | Break in Service. | 18 | |
2.03 | Treatment of Periods of Military Service, Disability and other Leaves of Absence. | 18 | |
ARTICLE 3: COMPANY CONTRIBUTIONS | 20 | ||
3.01 | Amount. | 20 | |
3.02 | Payment. | 20 | |
3.03 | Forfeitures. | 20 | |
3.04 | Return of Company Contributions. | 20 | |
ARTICLE 4: CASH BALANCE ACCOUNT | 21 | ||
4.01 | Escalating Annuity Benefit and Cash Balance Account. | 21 | |
4.02 | Pay Based Credits. | 21 | |
4.03 | Cost of Living Adjustment. | 21 | |
4.04 | Vesting. | 22 | |
4.05 | Distribution of Escalating Annuity Benefit and Cash Balance Account. | 22 | |
4.06 | Death Benefit. | 22 | |
4.07 | Amount of Escalating Annuity Benefits. | 23 | |
4.08 | Supplemental Credits. | 24 | |
ARTICLE 5: VESTING | 25 | ||
5.01 | Vesting Schedule. | 25 | |
5.02 | Break in Service. | 27 | |
5.03 | Forfeiture and Restoration of Vesting Years of Service and Credited Service. | 27 | |
5.04 | Applicability of Prior Vesting Schedule. | 28 | |
ARTICLE 6: AMOUNT AND COMMENCEMENT OF RETIREMENT BENEFIT | 30 | ||
6.01 | Normal Retirement. | 30 | |
6.02 | Minimum Retirement Benefits. | 38 | |
6.03 | Early Retirement. | 38 | |
6.04 | Deferred Retirement. | 39 | |
6.05 | Termination of Service After August 31, 1994. | 39 | |
6.06 | Employee Contributions. | 39 | |
6.07 | Deferred Commencement of Benefits. | 39 | |
6.08 | Deductions for Disability Benefits. | 40 | |
6.09 | Mandatory Commencement of Benefits. | 40 | |
6.1 | Maximum Retirement Benefit. | 40 | |
6.11 | Prior Plan Benefit. | 42 | |
6.12 | Supplemental Benefit. | 49 | |
6.13 | Reemployment Following Commencement of Annuity Payments. | 49 | |
ARTICLE 7: FORM OF BENEFIT PAYMENT | 51 |
7.01 | Normal Form of Payment. | 51 | |
7.02 | Optional Forms of Payment for All Benefits. | 51 | |
7.03 | Minimum Distributions and Limitation on Optional Forms of Payment. | 53 | |
7.04 | Notice to Married Participants. | 55 | |
7.05 | Mandatory Cashout of Small Benefits. | 55 | |
7.06 | Annuity Contract Nontransferable. | 56 | |
7.07 | Conflicts With Annuity Contracts. | 56 | |
7.08 | Rollovers. | 56 | |
7.09 | Waiver of Thirty (30) Day Notice Period. | 58 | |
7.1 | Delayed Commencement of Normal Retirement Benefit. | 58 | |
7.11 | Limitation on Benefits In the Event of a Liquidity Shortfall. | 60 | |
7.12 | Limitations Based on Funded Status of the Plan. | 61 | |
ARTICLE 8: DEATH BENEFITS | 68 | ||
8.01 | Pre-Retirement Death Benefit. | 68 | |
8.02 | Post-Retirement Death Benefit. | 69 | |
8.03 | Payment to Beneficiary. | 69 | |
8.04 | Required Distributions. | 70 | |
8.05 | Return of Contributions. | 70 | |
ARTICLE 9: RETIREMENT BENEFITS UNDER COLLECTIVE BARGAINING AGREEMENTS | 72 | ||
9.01 | Eligibility for Employees Subject to a Collective Bargaining Agreement. | 72 | |
9.02 | Amount, Form, and Commencement of Retirement Benefit. | 72 | |
9.03 | Credited Service. | 92 | |
9.04 | Definitions. | 95 | |
ARTICLE 10: MERGER OF METAL IMPROVEMENT COMPANY, INC. AND CURTISS-WRIGHT FLIGHT SYSTEMS/SHELBY, INC. CONTRIBUTORY RETIREMENT PLANS | 97 | ||
10.01 | Merger Date. | 97 | |
10.02 | Eligibility. | 97 | |
10.03 | Retirement Benefits. | 97 | |
10.04 | Prior Accrued Benefit. | 98 | |
10.05 | Vesting. | 98 | |
10.06 | Transfer of Assets. | 98 | |
ARTICLE 11: ADMINISTRATION | 99 | ||
11.01 | Plan Administrator. | 99 | |
11.02 | Administrative Committee's Authority and Powers. | 99 | |
11.03 | Delegation of Duties. | 99 | |
11.04 | Compensation. | 100 | |
11.05 | Exercise of Discretion. | 100 | |
11.06 | Fiduciary Liability. | 100 | |
11.07 | Indemnification by Company. | 100 | |
11.08 | Plan Participation by Fiduciaries. | 100 | |
11.09 | Payment of Expenses. | 101 | |
ARTICLE 12: AMENDMENT AND TERMINATION OF PLAN | 102 |
12.01 | Amendment. | 102 | |
12.02 | Procedure for Amendment. | 103 | |
12.03 | Company's Right to Terminate Plan. | 103 | |
12.04 | Consequences of Termination. | 103 | |
12.05 | Special Restrictions on Benefits. | 103 | |
ARTICLE 13: MERGER OF PLAN AND TRANSFER OF ASSETS OR LIABILITIES | 105 | ||
13.01 | Merger or Transfer. | 105 | |
13.02 | Transfer from Trust. | 105 | |
13.03 | Transfer to Trust and Transfer Account. | 105 | |
ARTICLE 14: SPECIAL PROVISIONS FOR NON-KEY EMPLOYEES | 106 | ||
14.01 | Effective Date. | 106 | |
14.02 | Determination of Top-Heavy Status. | 106 | |
14.03 | Minimum Benefit. | 109 | |
14.04 | Minimum Vesting. | 110 | |
ARTICLE 15: GENERAL PROVISIONS | 111 | ||
15.01 | Trust Fund Sole Source of Payments for Plan. | 111 | |
15.02 | Exclusive Benefit. | 111 | |
15.03 | Binding Effect. | 111 | |
15.04 | Nonalienation. | 111 | |
15.05 | Claims Procedure. | 112 | |
15.06 | Location of Participant or Beneficiary Unknown. | 113 | |
15.07 | Applicable Law. | 113 | |
15.08 | Rules of Construction. | 113 | |
15.09 | Trust Fund Applicable Only to Payment of Benefits. | 113 | |
ARTICLE 16: TRANSFERS | 114 |
schedule a 1: early retirement factors on or after september 1, 1994 | 117 | |
Schedule a 2: deferred retirement factors on or after september 1, 1994 | 118 | |
schedule b: Retirement plan rates in force for purposes of Article 6.11(b)(ii)(D) | 119 | |
schedule C: early retirement factors for deferred vested employees who terminated employment prior to september 1, 1994 and prior to age 55 (contributors) | 120 | |
schedule D: Early retirement factors for early commencement of deferred vested pensions | 121 | |
schedule e: Joint and survivor factors | 122 | |
schedule f: Early retirement factors (union employees) | 123 | |
schedule g 1: Wood-ridge deferred pension rates | 124 | |
schedule g 2: Buffalo deferred pension rates | 125 | |
schedule g 3: Curtiss-wright flight systems deferred pension rates | 127 | |
schedule g 4: Target rock corporation deferred Pension rates | 128 | |
schedule H: Certain buffalo employees | 130 | |
schedule i 1: Special factors for additional benefits referenced in Article 6.01(C) | 131 | |
SCHEdule i 2: Special factors for benefits referenced in Article 6.01(d) | 132 | |
SCHEdule i 3: Special factors for benefits referenced in Article 6.01(e) | 133 | |
SCHEdule i 4: Special factors for benefits referenced in Article 6.01(f) | 134 | |
schedule J: Special PROVISIONS APPLICABLE TO employees of ACQUIRED ENTITIEs | 136 | |
SCHEDULE K 1: SPECIAL PROVISIONS FOR SUPPLEMENTAL CREDITS FOR PARTICIPANTS AFFECTED BY CERTAIN REDUCTIONS IN FORCE | 159 | |
schedule k 2: Special Vesting provisions for participants affected by certain reductions in force | 162 | |
EMD Appendix | 164 |
1.01 | "Actuarial Equivalent" means the value determined on the basis of applicable factors set forth below, or as otherwise specifically set forth in the Plan. |
(a) | All lump sums other than those attributable to the Cash Balance Account that are paid to participants after age fifty-five (55), regardless of whether the participant terminated prior to age fifty-five (55), will use an immediate annuity factor times the early retirement factor at that age. All lump sums other than those attributable to the Cash Balance Account paid before age fifty-five (55) will use a deferred annuity factor deferred to age sixty-five (65). For calculating the Cash Balance Account, the Escalating Annuity Benefit is adjusted to payment age as described in Articles 4.07(b) and (c), multiplied by the complete expectation of life of the Participant, at the date of determination, based on the IRS Mortality Table. |
(b) | For a non-escalating annuity that commences prior to Early Retirement Date, the 1983 GAM table for Males and Females with an eighty percent (80%) weighting on the male table's q and a twenty percent (20%) weighting on the female table's q. The interest rate is six percent (6%). The early retirement reduction factor will be based on benefit payments that would have commenced at age sixty-five (65), reduced without subsidy to an age below fifty-five (55). |
(c) | For calculating Joint & Survivor reduction factors which are applied to a Life Annuity benefit, the applicable mortality table and interest rate shall be the mortality table derived by using a fixed blend of fifty percent (50%) of the male mortality rates and fifty percent (50%) of the female mortality rates from the 1983 Group Annuity Mortality Table with ages set forward two (2) years for participants and ages set back one (1) year for beneficiaries and an interest rate of seven percent (7%). |
(d) | For calculating lump sum factors for benefits other than escalating benefits, converting the Cash Balance Account into an immediate level annuity, deriving the employee annuity associated with employee contributions with interest at a specified date, the applicable mortality table and interest rate shall be the IRS Mortality Table and the IRS Interest Rate. |
(e) | All lump sums that are paid to participants will use an immediate annuity factor times the early retirement factor at that age. The early retirement factor for benefits commencing prior to age 55 for the non-escalating annuity benefit is actuarially reduced from age 65 using the IRS Interest Rate and the IRS Mortality Table. For the escalating annuity benefit, early retirement factors for all ages are actuarially reduced, as described in Article 4.07(b) and (c). |
(f) | For converting an amount payable as an escalating annuity to a lump sum, the amount of the annuity shall be multiplied by the complete expectation of life of the Participant, at the date of determination, based on the IRS Mortality Table. For converting an amount payable as an escalating annuity to any other form of benefit, the amount shall first be converted to a lump sum as above, the lump sum shall be converted to an immediate single life annuity using whatever factors are then otherwise used in the Plan to convert annuities to lump sums, and the single life annuity will be converted to any other form of annuity using whatever factors are otherwise used in the Plan to convert single life annuities to other forms of annuities. |
(g) | Notwithstanding the foregoing, in calculating the amount of a lump sum payment with an Annuity Starting Date on or after January 1, 2008, in no event shall the lump sum payment be less than the lump sum amount determined on the basis of the IRS Interest Rate and the IRS Mortality Table in accordance with the terms of the Plan as in effect on December 31, 2007. |
1.02 | "Administrative Committee" shall mean the person(s) appointed by the Company to act on behalf of the Company as the sponsor and “named fiduciary” (within the meaning of Section 402(a)(2) of ERISA), as appropriate, with respect to Plan administrative matters. When performing any activity or exercising any authority under the provisions of the Plan, the Administrative Committee shall be deemed to act solely on behalf of the Company, and not in an individual capacity. |
1.03 | “Affiliated Company” means any company not participating in the Plan which is a member of a controlled group of corporations, as defined in Section 414(b) of the Code, which also includes as a member the Company; any trade or business under common control, as defined in Section 414(c) of the Code, with the Company; any organization, whether or not incorporated, which is a member of an affiliated service group, as defined in Section 414 |
1.05 | "Annuity Starting Date" means the first day of the period for which an amount is payable as an annuity or, if a benefit is not payable in the form of an annuity, the first day on which all events have occurred which entitle the Participant to such benefit. The Annuity Starting Date for a Participant receiving payments under the provisions of Article 9.02(c) shall be his Normal Retirement Date. |
1.06 | "Average Compensation" means the average of a Participant's Compensation over the sixty (60) consecutive months within the last one hundred twenty (120) months which produces the highest average. If the Participant has less than sixty (60) months of Service, Compensation is averaged over the Participant's months of Service from the date of his employment to his date of termination of employment. Average Compensation shall be determined in accordance with such uniform rules uniformly applicable to all employees similarly situated as shall be prescribed by the Administrative Committee. |
1.07 | "Beneficiary" means the individual or entity designated as such by a Participant pursuant to the Plan or otherwise entitled to receive any payment pursuant to the Plan upon the death of the Participant. If with respect to any payment no individual or entity has been designated by a Participant, or no designated Beneficiary survives the Participant, the Participant's Beneficiary shall be (a) the Participant's surviving Spouse, if living at the time of such payment; or in default thereof (b) the Participant's estate. |
1.08 | "Board of Directors" means the Board of Directors of the Company. |
1.09 | “Casual Employee” means an Employee who, under the Company’s generally applicable payroll and human resources practices, |
(a) | is hired for an assignment of a limited nature and duration, which shall not exceed 90 days; and |
(b) | is classified as being in inactive status upon the completion of an assignment, subject to recall for another assignment of limited nature and duration. |
1.10 | "Code" means the Internal Revenue Code of 1986, as amended from time to time, and the corresponding provisions of any subsequently enacted Federal tax laws. |
1.11 | "Company" means Curtiss-Wright Corporation, including any affiliate or subsidiary of the Company which shall adopt this Plan for its employees, with the approval of the Company, and any other corporation, partnership, business association or proprietorship which shall have assumed in writing the obligations of the Plan and Trust, with the approval of the Company, including any successor as a result of a statutory merger, purchase of assets or any other form of reorganization of the business of the Company. |
1.12 | "Compensation" means, except as defined in Article 6.12(b), all of each Participant's regular or base salary or wages, including overtime pay, commissions and payments under the Company's incentive compensation plans or bonus plans; provided, however, that, effective January 1, 2016, only 70% of the annual award under the Company’s Long-Term Incentive Compensation Plan shall be so included. |
(a) | Notwithstanding any provision in this Plan to the contrary, however, subject to any limitations imposed under Section 401(a)(17) of the Code, effective for periods prior to September 1, 1994, Compensation shall mean: |
(i) | for each calendar month prior to July 1, 1970, 1/12th of his basic salary (on an annual basis) in effect at the beginning of each Plan Year; and |
(ii) | for each calendar month after June 30, 1970, 1/12th of the sum of his basic salary (on an annual basis) in effect at the beginning of each Plan Year, plus any cash payments he received in the prior Plan Year under the Company's Modified Incentive Compensation Plan; |
(b) | For purposes only of subparagraphs 3(c)(i)(B) of Article III of the Prior Plan, Compensation means: |
(i) | prior to July 1, 1970, the basic salary or basic wages actually paid to the Employee in the particular Plan Year; |
(ii) | after June 30, 1970, the basic salary or basic wages plus cash payments under the Company's Modified Incentive Compensation Plan actually paid to the Employee in the particular Plan Year; and |
(iii) | after July 1, 1982, basic salary, basic wages or compensation received under either the Company's Modified Incentive Compensation Plan or the Metal Improvement Company bonus plan shall not be considered under this Plan as reduced on account of any deferral or contribution which is made pursuant to the Curtiss-Wright Corporation Deferred Compensation Plan (a tax qualified defined contribution plan, subsequently renamed the Curtiss-Wright Corporation Savings and Investment Plan, herein, "the Savings Plan"). Basic salary, basic wages or Compensation received under either the Company's Modified Incentive Compensation Plan or the Metal Improvement Company bonus plan shall be calculated as if no deferral or contributions were made to the Savings Plan. |
1.13 | “Covered Compensation” means, for any Participant, the average of the taxable wage bases in effect under Section 230 of the Social Security Act for each year in the 35-year period ending with the year in which the Participant attains his Social Security Retirement Age. No increase in Covered Compensation shall decrease a Participant’s Accrued Benefit under the Plan. In determining a Participant’s Covered Compensation for any Plan Year, the taxable wage base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as the taxable wage base in effect as of the beginning of the Plan Year for which the determination is made. The Covered Compensation of a Participant for any Plan Year beginning after December 31, 2028 shall be determined in accordance with the tables published in the Revenue Ruling issued by the Internal Revenue Service that provides such tables for the 2028 Plan Year. |
1.14 | "Credited Service" means completed years and calendar months of employment and shall include the following: |
(a) | All periods of employment of an Employee with the Company, and periods of employment with an Affiliated Company while such Affiliated Company is a participating employer in the Plan. |
(b) | A period of Leave of Absence recognized under Article 2.03. |
(c) | For periods on or after May 1, 1966 and before December 31, 1991, Credited Service of an Employee eligible to participate in this Plan shall include Service which would be creditable under the Curtiss-Wright Pension Plan for any periods of his employment not included as Credited Service under paragraphs (a) and (b) above. |
(d) | For a continuous period up to two years while an Employee is in receipt of Disability Payments as provided in Article 2.03(b). |
(i) | Only Employees who were participants under the terms of the Prior Plan shall be entitled to Credited Service. |
(ii) | Credited Service shall mean completed years and calendar months of employment, including periods of employment with the Company or an Affiliated Company following his most recent date of hire preceding December 31, 1991. |
1.15 | “Disability Payments” means payments received under the Company’s long-term or short-term disability plans, payments received under the workers’ compensation law (excluding statutory payments for loss of any physical or bodily member such as a leg, arm or finger), or solely with respect to an Employee who is not covered by the Company’s long-term disability plan, payments of a Social Security disability pension received on account of a disability incurred while an Employee. |
1.16 | "Early Retirement Date" means the date on which a Participant has attained at least age fifty-five (55) and completed at least five (5) Years of Credited Service, or three (3) Years of Credited Service, effective January 1, 2008. |
1.17 | "Effective Date" The original effective date of the Prior Plan was May 1, 1953. The effective date of this amendment and restatement of the Plan is January 1, 2010, except as otherwise provided herein, or as required by applicable law. |
1.18 | "Employee" means any person employed by the Company who receives compensation other than a pension, severance pay, retainer, or fee under contract but excluding: |
(a) | Any Leased Employee; and |
(b) | Any person deemed to be an independent contractor by the Company and paid by the Company in accordance with its practices for the payment of independent contractors, including the provision of tax reporting on Internal Revenue Service Form 1099, notwithstanding any subsequent reclassification of such person for any purpose under the Code, whether agreed to by the Company or adjudicated under applicable law. |
1.19 | "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the corresponding provisions of any subsequently enacted pension laws. |
1.20 | "Fiduciary" means any person that exercises any discretionary authority or discretionary control respecting the management or disposition of Plan assets or renders any investment advice for a fee or other compensation or exercises any discretionary authority or responsibility for the administration of the Plan. |
1.21 | "Highly Compensated Employee" means, for a Plan Year, any employee of the Company or an Affiliated Company (whether or not eligible for membership in the Plan) who: |
(a) | was a 5 percent owner of the Company (as defined in Section 416(i) of the Code) for such Plan Year or the prior Plan Year, or |
(b) | for the preceding Plan Year received remuneration (as defined in Article 6.10(b)) in excess of $80,000, and, pursuant to the Company's top-paid group election, was among the highest 20 percent of employees of the Company for the preceding Plan Year when ranked by remuneration paid for that year and excluding, for the purpose of such determination, employees described in Section 414(q)(5) of the Code. The $80,000 dollar amount in the preceding sentence shall be adjusted from time to time for cost of living in accordance with Section 414(q) of the Code. |
(a) | Each hour for which an Employee is paid, or entitled to payment, for the performance of duties for the Company. These hours will be credited to the Employee for the computation period in which the duties are performed; and |
(b) | Each hour for which an Employee is paid, or entitled to payment, by the Company on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty, or Leave of Absence. No more than five hundred one (501) Hours of Service will be credited under this paragraph for any single continuous period (whether or not such period occurs in a single computation period); and |
(c) | Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Company. The same Hours of Service will not be credited both under paragraph (a) or paragraph (b), as the case may be, and under this paragraph (c). These hours will be credited to the Employee for the computation period or periods to which the award or agreement pertains rather than the computation period in which the award, agreement or payment is made. |
1.23 | "IRS Interest Rate" means, effective January 1, 2011, the annual rate of interest prescribed under Section 417(e)(3)(C) of the Code as determined for the fifth full calendar month preceding the applicable Stability Period, except as otherwise provided in paragraph (a) or (b) below. |
(a) | For purposes of determining the amount of any lump sum payment with an Annuity Starting Date between January 1, 2011 and December 31, 2011, the IRS Interest Rate shall not be less than the annual rate of interest prescribed under Section 417(e)(3)(C) of the Code for December 2010. |
(b) | For purposes of determining the annuity equivalent under Section 1.01(d) of either the Cash Balance Account or employee contributions plus interest for an Annuity Starting Date on or after January 1, 2011, the annuity benefit shall not be less than an amount calculated by converting the applicable lump sum amount as of December 31, 2010, plus interest credits (as determined pursuant to Section 4.03 or 6.06) up to the Annuity Starting Date, into an annuity by using the IRS Mortality Table and annual rate of interest prescribed under Section 417(e)(3)(C) of the Code for the first full calendar month preceding the applicable Stability Period. |
1.24 | "IRS Mortality Table" means, effective January 1, 2008, the mortality table prescribed in Section 417(e)(3)(B) of the Code (as in effect on and after the first day of the 2008 Plan Year). However, when determining the amount of a benefit with an Annuity Starting Date prior to January 1, 2008 and on or after December 31, 2002, the IRS Mortality Table means the mortality table prescribed by Revenue Ruling 2001-62. |
1.25 | "Leased Employee" means any person (other than a common law employee of the Company) who, pursuant to an agreement between the Company and any other person (“leasing organization”), has performed services for the Company or any related persons determined in accordance with Section 414(n)(6) of the Code on a substantially full-time basis for a period of at least one year and such services are performed under the primary direction of or control by the Company. In the case of any person who is a Leased Employee before or after a period of service as an Employee, the period during which he has performed services as a Leased Employee for the Company or Affiliated Company shall be counted solely for purposes of determining eligibility to participate in the Plan and vesting in the Plan to the extent such service would be recognized for other Employees; however, the Leased Employee shall not, by reason of that status, become a Participant in the Plan or accrue any benefit under the plan for the period during which he was a Leased Employee. |
1.26 | "Leave of Absence" means any leave of absence which may be granted by the Company in accordance with reasonable standards and policies uniformly observed and consistently applied and may include, by way of illustration and not limitation, leaves of absence granted because of illness of the Employee or of his family members, but shall specifically exclude any period during which the Employee is in receipt of Disability Payments. |
1.27 | "Life Annuity" means, for other than the Escalating Annuity Benefit, a benefit payable in equal monthly amounts for the life of the annuitant and ceasing with the payment made on the first day of the month in which the annuitant dies, or, for the Escalating Annuity Benefit, the benefit form described in the second paragraph of Article 4.01. |
1.28 | "Limitation Year" means the Plan Year. |
1.29 | "Maternity/Paternity Leave" means a temporary cessation from active employment with the Company or with any Affiliated Company, for any of the following reasons: |
(c) | the placement of a child with the Employee in connection with the adoption of such child by the Employee; or |
(d) | the caring for such child for a period beginning immediately following such birth or placement; provided, however, that in order for an Employee's absence to qualify as a Maternity/Paternity Leave of Absence, the Employee must furnish the Administrative Committee in a timely manner, with such information and documentation as the Administrative Committee may reasonably request to establish that the absence from work is for reasons referred to above and the number of days for which there was such absence. |
(b) | the fifth (5th) anniversary (the third (3rd) anniversary effective January 1, 2008) of the date as of which the Participant commenced employment. |
1.31 | "Normal Retirement Date" means the first day of the month coinciding with or next following the Participant's Normal Retirement Age. |
1.32 | "Participant" means a person who meets the requirements of Article 2, 9 or 10 for participation in the Plan, including a former Participant. |
1.33 | "Plan" means the Curtiss-Wright Corporation Retirement Plan, as set forth herein and as it may be amended. |
1.34 | "Plan Year" means the calendar year: |
1.35 | "Prior Plan" means Curtiss-Wright Contributory Retirement Plan, established on May 1, 1953, and which was in full force and operation through August 31, 1994. |
1.36 | "Qualified Joint and Survivor Annuity" means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse, which is equal to one-half of the amount which is payable during the joint lives of the Participant and the Spouse, and which is the amount of benefit which can be purchased with the actuarial equivalent of the Participant’s vested retirement benefit. |
1.37 | "Service" means all periods of employment with the Company. The period of employment begins when a Participant first completes one (1) Hour of Service and ends on the earlier of the date the Employee resigns, is discharged, retires, dies or, if the Employee is absent for any other reason, on the first anniversary of the first day of such absence (with or without pay) from the Company. If an Employee is absent for any reason and returns to the employ of the Company before incurring a One-Year Break in Service, he will receive credit for his |
1.38 | “Social Security Retirement Age” means age 65 with respect to a Participant who was born before January 1, 1938; age 66 with respect to a Participant who was born after December 31, 1937 and before January 1, 1955; and age 67 with respect to a Participant who was born after December 31, 1954. |
1.39 | "Spouse" means the individual to whom the Participant is lawfully married (whether of the same or opposite sex) in accordance with the laws of the jurisdiction in which the marriage ceremony was performed, and any former Spouse to the extent provided under a qualified domestic relations order as described in Section 414(p) of the Code ("QDRO"). Prior to June 26, 2013, an individual had to be the Participant’s husband or wife as provided in the Defense of Marriage Act of 1996 to be treated as a Spouse under the Plan. On and after June 26, 2013, and on and before September 15, 2013, an individual of the same sex as the Participant was treated as a Spouse under the Plan only if the couple had entered into a relationship denominated as a legal marriage under the laws of the jurisdiction in which the Participant maintained his legal residence during such period. No individual, whether of the same or opposite sex, shall be a Participant’s Spouse on account of the fact that such individual has entered into a domestic partnership, civil union or other formal or informal relationship with the Participant that is not denominated as a legal marriage under the laws of a jurisdiction, even if those laws provide similar rights, protections and benefits to persons in those relationships as they do to married persons. In all cases, the marriage must be recognized for purposes of the Code’s provisions applicable to qualified plans pursuant to regulatory guidance issued thereunder. The Administrative Committee may require the Participant and/or Spouse to submit evidence to prove such legal relationship. |
1.40 | "Stability Period" means the Plan Year in which occurs the Annuity Starting Date for the distribution. |
1.41 | “Temporary Employee” means an Employee who, under the Company’s generally applicable payroll and human resources practices, |
(a) | is hired for a specific assignment of limited scope that will have a duration of at least 90 days; and |
(b) | is hired subject to the condition that he will be terminated upon completion of such specific assignment. |
1.43 | "Trust Agreement" means the agreement entered into with a bank or trust company establishing the Trust under the Plan for the purpose of holding contributions under the Plan and for the payment of benefits under the Plan, as such agreement may be amended from time to time. |
1.45 | "Trustee" means the person or persons acting as trustee or trustees hereunder at any time or from time to time. A Trustee shall be deemed to be a "named fiduciary" pursuant to Section 402(a)(1) of ERISA. |
1.46 | "Vesting Year of Service" means any Plan Year during which the Employee is credited with at least one thousand (1,000) Hours of Service. Vesting Years of Service shall include all Years of Service determined as of August 31, 1994, for which such Employee received a Year of Service for vesting purposes under the terms of the Prior Plan, or under the terms of either the Metal Improvement Company Retirement Income Plan or the Curtiss-Wright Flight Systems/Shelby, Inc. Retirement Plan. If the Company maintains the Plan of a predecessor employer, Service with such employer will be treated as Service for the Company. |
1.47 | "Year of Eligibility Service" means, with respect to any Employee, the 12-month period of employment with the Company or any Affiliated Company, whether or not as an Employee, beginning on the date he first completes an Hour of Service upon hire or rehire, or any Plan Year beginning after that date, in which he first completes at least 1,000 Hours of Service. In any case where an Employee’s prior service with an acquired entity is included for purposes of determining whether he has completed a Year of Eligibility Service, the Employee shall be credited with Hours of Service with the acquired entity (as determined pursuant to Section 1.22). |
1.48 | "Year of Credited Service" means each year with the Company with respect to which benefits are treated as accruing on behalf of the Participant for such year pursuant to Article 1.14 of the Plan. |
1.49 | "Year of Service" means, unless otherwise indicated, twelve (12) consecutive months of Service. |
2.01 | Eligibility for Participation. |
(a) | Any nonrepresented Employee and any represented Employee whose union has negotiated a benefit under this Plan, not described in this paragraph (a), shall be eligible to participate in the Plan as of the date he completes his Year of Eligibility Service, provided that he then satisfies the following eligibility requirements: |
(ii) | He shall either be employed by the Company in the United States, or, if he is in the employ of a participating subsidiary and/or constituent corporation now or hereafter organized under the laws of a country, or political subdivision thereof, foreign to the United States of America, he shall be a citizen of the United States of America. Notwithstanding the foregoing, an Employee shall not be eligible to participate in this Plan during any period when he participates in a retirement plan or program sponsored by the Company or an Affiliated Company mainly for the purpose of providing retirement benefits to individuals employed outside the United States of America. |
(b) | In addition to the above, any nonrepresented Employee and any represented Employee whose union had negotiated a benefit under this Plan, employed by the Company as of September 1, 1994, became a Participant under this Plan as of September 1, 1994. |
(a) | Special Provisions applicable to Employees of Acquired Entities: The eligibility of Employees who were formerly employed by entities that were acquired by the Company and Employees who are employed at facilities or operations that were acquired by the Company subsequent to the acquisition thereof, and the Vesting Years of Service of Employees who were formerly employed by entities that were acquired by the Company shall be subject to the special rules set forth in Schedule J. |
(b) | Notwithstanding any provision hereof to the contrary, an Employee who is classified as a Casual Employee or as a Temporary Employee shall not be eligible to become a Participant in the Plan even in the event that such Casual Employee or Temporary Employee shall work 1,000 hours for the Company. |
(e) | Notwithstanding any provision herein foregoing, effective February 1, 2010, any Employee who was (1) a Participant in the Plan; (2) accruing benefits under the provisions of Article 6; and (3) was on an approved Leave of Absence before February 1, 2010 shall continue to be eligible to accrue benefits under the provisions of Article 6 if he or she returns from an approved Leave of Absence after January 31, 2010 and satisfies either (i) or (ii) below: |
(i) | if the Leave of Absence was as a result of military service, the Employee must return to the Company while his reemployment rights were protected by law. |
(ii) | if the Leave of Absence was not covered under (i) above, the Employee must return to the employ of the Company on or before the expiration of the Leave of Absence. |
(f) | An Employee who has transferred from an eligible to an ineligible location under the provisions of Article 16(d)(i) will continue to accrue benefits under the provisions of Article 6, even if such Employee subsequently transfers to another location after January 31, 2010. |
(g) | An Employee who has transferred from a represented position to a nonrepresented position under the provisions of Article 16(d)(iii) after January 31, 2010 shall not be eligible to accrue benefits in accordance with the provisions of Article 6 on or after the date of such transfer. |
(h) | Notwithstanding paragraph (a), an Employee who transfers to a non-U.S. Affiliated Company shall be eligible to accrued benefits under Article 6 if: |
(i) | he is accruing benefits under Article 6 as of the transfer date: and |
(ii) | after January 31, 2010 and without any break in service, he transfers from the non-U.S. Affiliated Company to a position with the Company in which he is eligible to accrue benefits under the Plan. |
(i) | An Employee who has transferred from a nonrepresented position to a position represented by a union that has not negotiated a benefit under this Plan pursuant to the provisions of Article 16(d)(i)(A) after December 31, 2013 shall not be eligible to accrue benefits in accordance with the provisions of Article 6 on or after the date of such transfer. |
2.02 | Break in Service. |
2.03 | Treatment of Periods of Military Service, Disability and other Leaves of Absence. |
(a) | Notwithstanding any provision hereof, a Participant’s Service, as taken into account under the Plan for purposes of vesting and for purposes of determining eligibility for and the amount of his retirement benefits hereunder, in accordance with Articles 4, 6 and 9, shall include, to the extent required by law, any period of absence from service with the Company due to a period of service in the uniformed services of the United States which occurs after the date the Participant meets the eligibility requirements for membership in the Plan. If he shall have returned to the service of the Company after having applied to return while his reemployment rights were protected by law, the Participant shall be deemed to have earned Compensation during the period of absence at the rate he would have received had he remained employed as an Employee for that period or, if such rate is not reasonably certain, on the basis of the Participant’s rate of compensation during the 12-month period immediately preceding such period of absence (or if shorter, the period of employment immediately preceding such period). |
(b) | In the event a Participant incurs a disability while an Employee and becomes entitled to Disability Payments on account of such disability, the Participant shall continue to accrue benefits under the provisions of Articles 4 and 6 and shall continue to be credited with Vesting Years of Service for the period he is in receipt of the Disability Payments, up to a maximum continuous period of twenty-four months (including any applicable waiting period for such Disability Payments provided that after the expiration of such waiting period the Participant becomes entitled to Disability Payments). For purposes of computing the benefit accrued by a Participant under this paragraph (b), a Participant shall be deemed to have earned Compensation during the period he is accruing a benefit under this paragraph (b) at the rate of Compensation he was receiving immediately prior to the date he ceased active employment on account of the disability. A Participant who is entitled to Disability Payments and who is credited with at least five Vesting Years of Service (three Vesting Years of Service effective January 1, 2008) may elect at any time by written advance application to the Administrative Committee to cease further accruals under the provisions of this paragraph (b) and in lieu thereof to commence receipt of payments under the applicable provisions of the Plan. |
(c) | Notwithstanding any provision of the Plan to the contrary and except as otherwise provided in this paragraph, an Employee’s period of Leave of Absence not otherwise included under paragraph (a) or (b) above shall be included for purposes of determining the Employee’s Vesting Years of Service and Years of Eligibility Service and the amount of his retirement benefits hereunder in accordance with Articles 4, 6, and 9, provided that the Employee returns to the employ of the Company at or before the expiration of the Leave of Absence. If the Employee receives credit for service under the preceding sentence, the Employee shall be deemed to have earned Compensation during the Leave of Absence at the rate of pay he was receiving immediately prior to his Leave of Absence. Notwithstanding the foregoing, in the case of an Employee whose employment is not covered by a collective bargaining agreement, any period of leave beginning on or after January 1, 2011 that is classified by the Company as a personal leave of absence shall not be included for purposes of determining the amount of the Employee’s retirement benefits, and the Employee shall not be deemed to have earned any Compensation for such period of leave. |
(d) | Notwithstanding any provisions of the Plan to the contrary, an Employee who dies or incurs a disability on or after January 1, 2007 while performing qualified military service shall be treated as if he returned to the service of the Company on the day preceding his death or disability and terminated employment the following day. |
3.01 | Amount. |
3.02 | Payment. |
3.03 | Forfeitures. |
3.04 | Return of Company Contributions. |
(a) | the contribution is made by the reason of a mistake of fact, provided such contribution is returned within one year of the mistaken payment; or |
(b) | the contribution is conditioned on its deductibility for Federal income tax purposes and such deduction is disallowed, provided such contribution is returned within one year of the disallowance of the deduction for Federal income tax purposes and provided further that each contribution shall be deemed to be conditioned on its deductibility, unless otherwise stated in writing by the Company); or |
(c) | the contribution is made prior to the receipt of a determination letter from the Internal Revenue Service as to the initial qualification of the Plan under Section 401(a) of the Code and no favorable determination letter is received; provided that any contribution made incident to that initial qualification must be returned to the Company within one year after the initial qualification is denied, but only if the application for qualification is made by the time prescribed by law for filing the Company's return for the taxable year in which the Plan is adopted, or such later date as the Secretary of the Treasury may prescribe. |
4.01 | Escalating Annuity Benefit and Cash Balance Account. |
4.02 | Pay Based Credits. |
4.03 | Cost of Living Adjustment. |
(i) | 6.880% for calendar year 1994; however, for the period from September 1, 1994 to December 31, 1994, the equivalent rate of 2.24266% is credited. |
(ii) | 8.688% for calendar year 1995. |
(iii) | 6.230% for calendar year 1996. |
(iv) | 6.550% for calendar year 1997. |
(v) | for years subsequent to 1997, the 30-year Treasury Bond rate for December of the prior year. |
(b) | The Participant's Escalating Annuity Benefit shall be increased at the end of each Plan Year described in (a) above by an amount equal to the Cost of Living Adjustment for such year multiplied by the Participant's Escalating Annuity Benefit on the first day of such year inclusive of the Pay Based Credits allocated to such year under 4.02 above. |
(c) | Participants who remain active employees beyond Normal Retirement Age will not receive Cost of Living Adjustments in accordance with (a) and (b) above, but will instead have their Escalating Annuity Benefits increased at the end of each Plan Year by the 30-year Treasury Bond rate for December of the prior year. If the amount of an Escalating Annuity Benefit is to be determined as of a date other than the beginning or end of a Plan Year, the rules of the second paragraph of (b) above shall be applied but using the 30-year Treasury Bond rate for December of the prior year in lieu of the rates set forth in (a) above. Such increase will be in addition to any Pay Based Credits earned under Article 4.02 above. |
4.04 | Vesting. |
4.05 | Distribution of Escalating Annuity Benefit and Cash Balance Account. |
(a) | A Participant shall be entitled to commence distribution of his Escalating Annuity Benefit upon (i) retirement on his Normal Retirement Date or Early Retirement Date, as the case may be, or (ii) the date he separates from Service with the Company with a vested benefit. |
(b) | A Participant's Escalating Annuity Benefit shall be distributable pursuant to a form of payment permissible under Article 7 as elected by the Participant. |
4.06 | Death Benefit. |
(a) | If a Participant who has an Escalating Annuity Benefit dies before commencement of the payment of such Benefit, the Participant's Beneficiary shall receive an annuity that is the Actuarial Equivalent of the Escalating Annuity Benefit, payable for the life of the Beneficiary. Payment of the annuity shall commence on what would have been the Participant's Normal Retirement Date (or the first day of the month following his date of death, if later), unless the Beneficiary elects earlier commencement. |
(b) | In lieu of the annuity described in Article 4.06(a), a Beneficiary may elect to receive the Participant's Cash Balance Account in a single sum. Payment shall be made at such time as the Beneficiary elects. In the event the Beneficiary is the Participant’s estate, the death benefit shall automatically be paid to the estate in one lump sum. |
(c) | Subject to the spousal consent requirements of Article 8.01 of the Plan, the Participant may, by written designation filed with the Administrative Committee, designate one Beneficiary to receive payment under this Article 4 and may rescind or change any such designation. In the event that a Participant has designated more than one Beneficiary to receive payment under this Article 4 and no election described in Article 4.06(b) has been made, payment of the Participant’s Cash Balance Account shall be made in a lump sum to the Beneficiaries in the proportion that the annuity described in Article 4.06(a) would have been paid to such Beneficiaries. |
(d) | In the absence of spousal consent under Article 8.01, the Actuarial Equivalent of any vested Escalating Annuity Benefit shall be paid to the surviving Spouse as a single life annuity over the Spouse's life. In no event shall the amount of the annuity payable to the surviving Spouse be less than the amount that would be payable under Article 8.01. |
4.07 | Amount of Escalating Annuity Benefits. |
(a) | A Participant's accrued benefit under this Article 4 as of any date is his Escalating Annuity Benefit as of such date. |
(b) | If the Participant's benefit commences prior to Normal Retirement Date, the amount of Escalating Annuity commencing at any earlier benefit commencement date shall be the amount of his accrued Escalating Annuity Benefit multiplied by an early retirement factor. For the purpose of this Article 4.07 the early retirement factor shall be the ratio of 18.75 to the complete expectation of life at the Participant's age at |
(c) | If the Participant's benefit commences on or after Normal Retirement Date, the amount of Escalating Annuity commencing at any such benefit commencement date shall be the amount of his accrued Escalating Annuity Benefit multiplied by a late retirement factor. For the purpose of this Article 4.07 the late retirement factor shall be the ratio of 18.75 to the complete expectation of life at the Participant's age at benefit commencement, such expectation being calculated using the IRS Mortality Table. |
(d) | The lump sum value of the Escalating Annuity Benefit described in (b) or (c) above shall be the Actuarial Equivalent of such Escalating Annuity Benefit and any other form of annuity benefit shall be the Actuarial Equivalent of the lump sum so determined. |
4.08 | Supplemental Credits. |
(a) | Supplemental Credits shall be provided in accordance with the provisions of Schedule K 1. |
(b) | For purposes of Article 4.03(b), the Supplemental Credits added to a Participant's Escalating Annuity Benefit in accordance with this Article 4.08 shall be treated in the same manner as the Pay Based Credits earned by the Participant during the year in which such supplemental credits were added. |
(c) | The supplemental credits added to a Participant's Escalating Annuity Benefit in accordance with this Article 4.08 shall be payable in the same manner and under the same conditions as amounts credited to his Escalating Annuity Benefit under Article 4.02. |
5.01 | Vesting Schedule. |
Vesting Years of Service as of Date of Termination: | Nonforfeitable Percentage: |
Less than 3 | 0% |
3 or more | 100% |
Vesting Years of Service as of Date of Termination: | Nonforfeitable Percentage: |
4 or less | 0% |
5 or more | 100% |
(b) | Normal Retirement Benefit derived from Cash Balance Account as determined under Article 4. |
Vesting Years of Service as of Date of Termination: | Nonforfeitable Percentage: |
Less than 3 | 0% |
3 or more | 100% |
Vesting Years of Service as of Date of Termination: | Nonforfeitable Percentage: |
4 or less | 0% |
5 or more | 100% |
Vesting Years of Service as of Date of Termination: | Nonforfeitable Percentage: |
1 | 20% |
2 | 40% |
3 | 60% |
4 | 80% |
5 | 100% |
5.02 | Break in Service. |
5.03 | Forfeiture and Restoration of Vesting Years of Service and Credited Service. |
(a) | In the case of a termination of a Participant's employment from the Company for any reason, if as of the date of such termination the Participant was not fully vested in his retirement benefit, the Participant may elect, subject to the limitations of Articles 4, 6 and 7 and to the provisions of paragraph (d) below, to receive a distribution of the entire vested portion of such retirement benefit and the nonvested portion will be treated as a forfeiture. |
(b) | If a Participant received a distribution from the Plan and subsequently resumes covered employment under the Plan, the following shall apply: |
(i) | The Participant's Vesting Years of Service shall be restored. |
(ii) | Repayment of any distribution from the Plan shall not be permitted. |
(iii) | If the Participant had less than three Vesting Years of Service at the time of his termination (five years prior to January 1, 2008), his Years of Credited Service shall also be restored, and the forfeited portion of his Company-derived retirement benefit, determined as of the time of his termination, shall be restored to him, without interest from the time of the distribution to the date the Participant resumes covered employment, but subject to the provisions of Article 4.07. |
(iv) | If the Participant had three or more Vesting Years of Service at the time of his termination (five years prior to January 1, 2008) received a distribution representing less than his entire Company-derived retirement benefit, all of his Years of Credited Service shall be restored. |
(v) | If the Participant had three or more Vesting Years of Service at the time of his termination (five years prior to January 1, 2008), and received a single sum representing all of his retirement benefit, his Years of Credited Service shall not be restored to him. |
(vi) | If a Participant's Credited Service is restored in accordance with subparagraph (b)(iii), or (b)(iv), then, upon subsequent retirement or termination of employment, the Participant's retirement benefit shall be reduced by the Actuarial Equivalent value of any benefit previously distributed to him. |
(vii) | For Participants who terminate employment after January 1, 2008, three Years of Vesting Service shall be substituted for five Years of Vesting Service in subparagraphs (i), (iii), (iv) and (v) above. |
(c) | If a Participant terminated employment from the Company, but did not receive a distribution from the Plan in accordance with paragraph (a) above, and subsequently resumes covered employment under the Plan, the following shall apply; |
(i) | The Participant's Vesting Years of Service shall be restored. |
(d) | If the present value of a Participant's vested retirement benefit derived from Company and Participant contributions exceeds $1,000, and the retirement benefit is immediately distributable, the Participant and the Participant's Spouse (or where either the Participant or the Spouse has died, the survivor) must consent to any distribution of such retirement benefit. The consent of the Participant and the Participant's Spouse shall be obtained in writing within the ninety (90) day period ending on the Annuity Starting Date. The Plan Administrator shall notify the Participant and the Participant's Spouse of the right to defer any distribution until the Participant's retirement benefit is no longer immediately distributable. Such notification shall include a general description of the material features, the consequences of failing to defer distribution, and an explanation of the relative values of, the optional forms of benefit available under the Plan in a manner that would satisfy the notice requirements of Sections 411(a)(11) and 417(a)(3) of the |
5.04 | Applicability of Prior Vesting Schedule. |
(a) | Notwithstanding the vesting schedules set forth in Article 5.01, the vested percentage of a Participant's retirement benefit shall not be less than the vested percentage attained under the terms of the Prior Plan as of August 31, 1994. |
(b) | A Participant with at least three (3) Years of Service as of September 1, 1994 may elect to have his nonforfeitable percentage computed under the Prior Plan. For Plan Years beginning before December 31, 1988, or with respect to Participants who fail to complete at least one Hour of Service in a Plan Year beginning after December 31, 1988, five (5) shall be substituted for three (3) in the preceding sentence. If a Participant fails to make such election, then such Participant shall be subject to the vesting schedules set forth in Article 5.01. The Participant's election period shall commence on the effective date of Article 5.01 as amended and shall end sixty (60) days after the latest of: |
(iii) | the date the Participant receives written notice of such amendment from the Company or Plan Administrator. |
6.01 | Normal Retirement. |
(i) | For Participants in covered employment on or after September 1, 1994, the Normal Retirement Benefit attributable to Service before September 1, 1994 shall be the amount determined in subparagraph (a)(ii). For Participants in covered employment on or after September 1, 1994 and who remain in covered employment on or after January 1, 1997, the Normal Retirement Benefit attributable to Service before September 1, 1994 shall be the greater of the amount determined in subparagraph (a)(ii) or the amount determined in subparagraph (a)(iii). |
(ii) | The amount determined in this subparagraph (a)(ii) shall be the product of the Participant's accrued benefit under the Prior Plan as of August 31, 1994 and a fraction, the numerator of which is the amount determined in (A) and the denominator of which is the amount determined in (B), as follows: |
(A) | The greater of (I) the Participant's Average Compensation as of August 31, 1994 or (II) the Participant's Average Compensation at retirement. |
(B) | The Participant's Average Compensation as of August 31, 1994, |
(iii) | The amount determined in this subparagraph shall be the portion of Participant's accrued benefit under the Prior Plan, as of August 31, 1994, |
(b) | Service After August 31, 1994. |
(c) | Effective January 1, 1997, in addition to the benefits described in Article 4.02 and paragraphs (a) and (b) above, the Normal Retirement Benefit of certain participants shall be increased. Participants described in Part A of Schedule I shall receive the increase set forth in subparagraphs (c)(i) through (c)(iii) herein. Participants described in Part B of Schedule I shall receive the increase set forth in subparagraph (c)(iv) herein, adjusted for optional form of payment as provided in Article 7.02. |
(i) | The benefit described in Article 6.01(a) shall be increased by the sum of (A) and (B) below: |
(A) | the applicable factor in Schedule I 1 multiplied by the employer accrued benefit under Article 6.01(a), as of the date of determination, but in no event later than December 31, 2000, |
(B) | the applicable factor in Schedule I 1 multiplied by the employer accrued benefit under Article 6.01(a) as of the date of determination, but in no event later than December 31, 2000, multiplied by a Participant's Years of Credited Service after December 31, 1997 and before January 1, 2001. |
(ii) | The benefit described in Article 6.01(b) shall be increased by the sum of (A) and (B) below: |
(A) | the product of the applicable factor in Schedule I 1, multiplied by the fraction 10/3, multiplied by the sum of: |
(I) | one and one-half percent (1½%) of Average Compensation in excess of Covered Compensation, with Average Compensation determined as of the date of determination, |
(II) | one percent (1%) of Average Compensation, as determined in accordance with subparagraph (A)(I) above, up to Covered Compensation, with Covered Compensation determined as of December 31, 1997. |
(B) | the product of the applicable factor in Schedule I 1, multiplied by a Participant's Years of Credited Service after December 31, 1997 and before January 1, 2001, multiplied by the sum of: |
(I) | one and one-half percent (1½%) of Average Compensation in excess of Covered Compensation, with Average Compensation and Covered Compensation determined as of the date of determination, but in no event later than December 31, 2000, plus |
(II) | one percent (1%) of Average Compensation up to Covered Compensation, with Covered Compensation and Average Compensation determined in accordance with subparagraph (B)(I) above. |
(iii) | The benefit described in Article 4.02 shall be increased by the sum of (A) to (D) below: |
(A) | the applicable factor described in Schedule I 1 multiplied by the Participant's Cash Balance Account as of December 31, 1997. |
(B) | the applicable factor described in Schedule I 1 multiplied by the credit to the Participant's Cash Balance Account for the 1998 Plan Year. |
(C) | the applicable factor described in Schedule I 1 multiplied by the credit to the Participant's Cash Balance Account for the 1999 Plan Year. |
(D) | the applicable factor described in Schedule I 1 multiplied by the credit to the Participant's Cash Balance Account for the 2000 Plan Year. |
(v) | In the event the limitation on Compensation in Section 401(a)(17) of the Code is increased at any time by statute or regulation, but not by application of the cost-of-living adjustment factor in Section 401(a)(17)(b) of the Code, all accruals under this Article 6.01(c) shall cease as of the effective date of said increase. |
(d) | Effective January 1, 2000, in addition to the benefit described in Article 4.02 and paragraphs (a), (b) and (c) above, the Normal Retirement Benefit of certain |
(i) | The sum of the benefits described in Article 6.01(a) and 6.01(c)(i) shall be increased by the sum of (A) and (B) below: |
(A) | the applicable factor in Schedule I 2 multiplied by the employer accrued benefit under Article 6.01(a) and 6.01(c)(i) as of the date of determination, but in no event later than December 31, 2003, |
(B) | the applicable factor in Schedule I 2 multiplied by the employer accrued benefit under Article 6.01(a) and 6.01(c)(i) as of the date of determination, but in no event later than December 31, 2003, multiplied by a Participant’s Years of Credited Service after December 31, 2000 and before January 1, 2004. |
(ii) | The benefit described in Article 6.01(b) and 6.01(c)(ii) shall be increased by the sum of (A) and (B) below: |
(A) | the product of the applicable factor in Schedule I 2, multiplied by three (3.0), multiplied by the sum of: |
(I) | one and one-half percent of Average Compensation in excess of Covered Compensation, with Average Compensation determined as of the date of determination, but in no event later than December 31, 2003, and Covered Compensation determined as of December 31, 2000, plus |
(II) | one percent of Average Compensation, as determined in accordance with subparagraph (A)(I) above, up to Covered Compensation, with Covered Compensation determined as of December 31, 2000, plus |
(III) | the accrued benefit provided under Article 6.01(c)(ii)(A) and 6.01(c)(ii)(B). |
(A) | the product of the applicable factor in Schedule I 2, multiplied by a Participant’s Years of Credited Service after December 31, 2000 and before January 1, 2004, multiplied by the sum of: |
(I) | one and one-half percent (1½%) of Average Compensation in excess of Covered Compensation, with Average Compensation and Covered Compensation determined as of the date of determination, but in no event later than December 31, 2003, plus |
(II) | one percent (1%) of Average Compensation up to Covered Compensation, with Covered Compensation and Average Compensation determined in accordance with subparagraph (I) above. |
(iii) | The benefit described in Article 4.02 and 6.01(c)(iii) shall be increased by the sum of (A) to (D) below: |
(A) | the applicable factor described in Schedule I 2, multiplied by the Participant’s Cash Balance Account as of December 31, 2000. |
(B) | the applicable factor described in Schedule I 2, multiplied by the credit to the Participant’s Cash Balance Account for the 2001 Plan Year. |
(C) | The applicable factor described in Schedule I 2, multiplied by the credit to the Participant’s Cash Balance Account for the 2002 Plan Year. |
(D) | The applicable factor described in Schedule I 2, multiplied by the credit to the Participant’s Cash Balance Account for the 2003 Plan Year. |
(iv) | If the Internal Revenue Service, upon timely application, determines that this Article 6.01(d) causes the Plan to lose its status as a qualified plan under Section 401(a) of the Code, then this paragraph (d) shall be void ab initio. |
(e) | Effective January 1, 2004, in addition to the benefit described in Article 4.02 and paragraphs (a), (b), (c) and (d) above, the Normal Retirement Benefit of certain participants shall be increased. Participants described in Part A of Schedule I 3 shall receive the increase set forth in subparagraphs (e)(i) through (e)(iii) herein. Participants described in Part B of Schedule I 3 shall receive the increase set forth in subparagraph (e)(iv) herein, adjusted for optional form of payment as provided in Article 7.02. |
(i) | The sum of the benefits described in Article 6.01(a), 6.01(c)(i) and 6.01(d)(i) shall be increased by the sum of (A) and (B) below: |
(A) | the applicable factor in Schedule I 3, multiplied by the employer accrued benefit under Article 6.01(a), 6.01(c)(i) and 6.01(d)(i) as of the date of determination, but in no event later than December 31, 2006, |
(B) | the applicable factor in Schedule I 3, multiplied by the employer accrued benefit under Article 6.01(a), 6.01(c)(i) and 6.01(d)(i) as of the date of determination, but in no event later than December 31, 2006, multiplied by a Participant’s Years of Credited Service after December 31, 2003 and before January 1, 2007. |
(ii) | The benefit described in Article 6.01(b), 6.01(c)(ii) and 6.01(d)(ii) shall be increased by the sum of (A) and (B) below: |
(A) | the product of the applicable factor in Schedule I 3, multiplied by three (3.0), multiplied by the sum of: |
(I) | one and one-half percent (1½%) of Average Compensation in excess of Covered Compensation, with Average Compensation determined as of the date of determination, but in no event later than December 31, 2006, and Covered Compensation determined as of December 31, 2003, plus |
(I) | one percent (1%) of Average Compensation, as determined in accordance with subparagraph (I) above, up to Covered Compensation, with Covered Compensation determined as of December 31, 2003, plus |
(I) | the accrued benefit provided under Article 6.01(c)(ii)(A), 6.01(c)(ii)(B), 6.01(d)(ii)(A) and 6.01(d)(ii)(B). |
(B) | the product of the applicable factor in Schedule I 3, multiplied by a Participant’s Years of Credited Service after December 31, 2003 and before January 1, 2007, multiplied by the sum of: |
(I) | one and one-half percent (1½%) of Average Compensation in excess of Covered Compensation, with Average Compensation and Covered Compensation determined as of the date of determination, but in no event later than December 31, 2006, plus |
(I) | one percent (1%) of Average Compensation up to Covered Compensation, with Covered Compensation and Average Compensation determined in accordance with subparagraph (I) above. |
(iii) | The benefit described in Article 4.02, 6.01(c)(iii) and 6.01(d)(iii) shall be increased by the sum of (A) to (D) below: |
(A) | the applicable factor described in Schedule I 3, multiplied by the Participant’s Cash Balance Account as of December 31, 2003. |
(B) | the applicable factor described in Schedule I 3, multiplied by the credit to the Participant’s Cash Balance Account for the 2004 Plan Year. |
(C) | the applicable factor described in Schedule I 3, multiplied by the credit to the Participant’s Cash Balance Account for the 2005 Plan Year. |
(D) | the applicable factor described in Schedule I 3, multiplied by the credit to the Participant’s Cash Balance Account for the 2006 Plan Year. |
(iv) | The additional benefits set forth in Part B of Schedule I 3. |
(v) | In the event the limitation on Compensation in Section 401(a)(17) of the Code is increased at any time by statue or regulation (but not by application of the cost-of-living adjustment factor in Section 401(a)(17)(b) of the Code), all accruals under this Article 6.01(e) shall cease as of the effective date of said increase. |
(vi) | If the Internal Revenue Service, upon timely application, determines that this Article 6.01(e) causes the Plan to lose its status as a qualified plan under Section 401(a) of the Code, then this paragraph (e) shall be void ab initio. |
(f) | Effective January 1, 2007, in addition to the benefit described in Article 4.02 and paragraphs (a), (b), (c), (d) and (e) above, the Normal Retirement Benefit of certain participants shall be increased. Participants described in Schedule I 4 shall receive the increase set forth in subparagraphs (f)(i) through (f)(iii) herein. |
(i) | The sum of the benefits described in Article 6.01(a), 6.01(c)(i) 6.01(d)(i), and 6.01(e)(i) shall be increased by the sum of (A) and (B) below: |
(A) | the applicable factor in Schedule I 4, multiplied by the employer accrued benefit under Article 6.01(a), 6.01(c)(i), 6.01(d)(i) and 6.01(e)(i) as of the date of determination, but in no event later than December 31, 2009, |
(B) | the applicable factor in Schedule I 4, multiplied by the employer accrued benefit under Article 6.01(a), 6.01(c)(i), 6.01(d)(i) and 6.01(e)(i) as of the date of determination, but in no event later than December 31, 2009, multiplied by a Participant’s Years of Credited Service after December 31, 2006 and before January 1, 2010. |
(ii) | The benefit described in Article 6.01(b), 6.01(c)(ii), 6.01(d)(ii) and 6.01(e)(ii) shall be increased by the sum of (A) and (B) below: |
(A) | the product of the applicable factor in Schedule I 4, multiplied by three (3.0), multiplied by the sum of: |
(I) | one and one-half percent (1½%) of Average Compensation in excess of Covered Compensation, with Average Compensation determined as of the date of determination, but in no event later than December 31, 2009, and Covered Compensation determined as of December 31, 2006, plus |
(I) | one percent (1%) of Average Compensation, as determined in accordance with subparagraph (I) above, up to Covered Compensation, with Covered Compensation determined as of December 31, 2006, plus |
(II) | the accrued benefit provided under Article 6.01(c)(ii)(A), 6.01(c)(ii)(B), 6.01(d)(ii)(A), 6.01(d)(ii)(B), 6.01(e)(ii)(A) and 6.01(e)(ii)(B). |
(B) | the product of the applicable factor in Schedule I 3, multiplied by a Participant’s Years of Credited Service after December 31, 2006 and before January 1, 2010, multiplied by the sum of: |
(I) | one and one-half percent (1½%) of Average Compensation in excess of Covered Compensation, with Average Compensation and Covered Compensation determined as of the date of determination, but in no event later than December 31, 2009, plus |
(I) | one percent (1%) of Average Compensation up to Covered Compensation, with Covered Compensation and Average Compensation determined in accordance with subparagraph (I) above. |
(iii) | The benefit described in Article 4.02, 6.01(c)(iii), 6.01(d)(iii) and 6.01(e)(iii) shall be increased by the sum of (A) to (D) below: |
(A) | the applicable factor described in Schedule I 4, multiplied by the Participant’s Cash Balance Account as of December 31, 2006. |
(B) | the applicable factor described in Schedule I 4, multiplied by the credit to the Participant’s Cash Balance Account for the 2007 Plan Year. |
(C) | the applicable factor described in Schedule I 4, multiplied by the credit to the Participant’s Cash Balance Account for the 2008 Plan Year. |
(D) | the applicable factor described in Schedule I 4, multiplied by the credit to the Participant’s Cash Balance Account for the 2009 Plan Year. |
(iv) | In the event the limitation on Compensation in Section 401(a)(17) of the Code is increased at any time by statue or regulation (but not by application of the cost-of-living adjustment factor in Section 401(a)(17)(b) of the Code), all accruals under this Article 6.01(f) shall cease as of the effective date of said increase. |
(v) | If the Internal Revenue Service, upon timely application, determines that this Article 6.01(f) causes the Plan to lose its status as a qualified plan under Section 401(a) of the Code, then this paragraph (f) shall be void ab initio. |
6.02 | Minimum Retirement Benefits. |
(a) | A minimum retirement benefit equal to the greater of (i) or (ii) below shall be provided for "contributing participants" as such term is defined under the Prior Plan, who attained age fifty-five (55) with sixty (60) months of contributory Service ending on August 31, 1994: |
(ii) | the Participant's Prior Plan Benefit determined pursuant to Article 6.11. |
(b) | Notwithstanding any provision of the Plan to the contrary, the annual normal retirement benefit of a Participant who is affected by the imposition of the OBRA '93 annual compensation limit, as described in Article 1.12, shall be equal to the greater of: |
(i) | the Participant's retirement benefit calculated under the provisions of the Plan as determined with regard to such limitation, or |
(ii) | a retirement benefit equal to the Participant's accrued benefit determined as of December 31, 1993, plus the Participant's accrued benefit based solely on service after such date under the provisions of the Plan as determined with regard to such imposition. |
6.03 | Early Retirement. |
6.04 | Deferred Retirement. |
6.05 | Termination of Service After August 31, 1994. |
6.06 | Employee Contributions. |
(a) | Effective September 1, 1994, no contribution shall be required of any Participant as a condition of his participation in the Plan. The provisions of the Prior Plan shall govern mandated employee contributions required before September 1, 1994. |
(b) | For periods on or after January 1, 1988, interest on the employee contributions shall be calculated pursuant to Section 411(c)(2)(C)(iii)(I) of the Code. For the period from January 1, 1976 to January 1, 1988, interest shall be equal to 5%. Prior to January 1, 1976, interest shall be equal to the rate in effect under the terms of the Prior Plan. |
(c) | A Participant may request a distribution of his employee contributions plus accrued interest thereon at any time, in writing, on a form or forms prescribed by the Administrative Committee. Such distribution shall be in a lump sum cash payment equal to the aggregate of his employee contributions plus accrued interest thereon. The distribution shall reduce the Participant's retirement benefit under Article 6.01(a)(i) by the Actuarial Equivalent of the amount distributed. |
(d) | If a Participant is employed on or after January 1, 1997, employee contributions that have not been returned to the Participant as of his Annuity Starting Date shall be converted into an additional benefit of Actuarial Equivalent value in the application of Article 6.01(a)(ii) in the form of benefit selected by the Participant in accordance with Article 7.02. |
6.07 | Deferred Commencement of Benefits. |
(a) | Subject to Article 7.03 of the Plan, a Participant may elect, in the form and manner prescribed by the Administrative Committee, to defer payment of his nonforfeitable interest, determined in accordance with Article 5.01, in that portion of his Normal Retirement Benefit determined in accordance with Article 6.01 to a date specified by the Participant. |
(b) | If payment of the Participant's vested Normal Retirement Benefit commences after the Participant's Normal Retirement Date, the Participant shall be entitled to a retirement benefit that is equal to his Normal Retirement Benefit multiplied by the applicable Deferred Retirement Factor determined in accordance with Schedule A 2. |
6.08 | Deductions for Disability Benefits. |
(a) | Disability benefits, other than a Primary Insurance Amount payable under the Federal Social Security Act as now in effect or as hereafter amended. |
(b) | Workers' Compensation (including hearing, pulmonary, ocular, and other occupational diseases and accident claims but excluding statutory payments for loss of any physical or bodily members such as leg, arm or finger) for Workers' Compensation awards granted subsequent to March 1, 1978, for Wood-Ridge and Nuclear facilities; January 9, 1978 for Curtiss-Wright Flight Systems, Inc.; May 5, 1978 for Target Rock Corp.; July 28, 1987 for Buffalo facility; and March 1, 1978 for the Corporate Office. |
6.09 | Mandatory Commencement of Benefits. |
(a) | the Participant attains the earlier of age sixty- five (65) and the Normal Retirement Age, |
(b) | the date the Participant's Service terminates or |
(c) | the tenth (10th) anniversary of the year in which the Participant commenced Plan participation. |
6.10 | Maximum Retirement Benefit. |
(a) | Subject to the following provisions and the limitations set forth in Section 415 of the Code, any regulations or rulings thereunder and notwithstanding any provision of the Plan to the contrary, the maximum annual Pension payable to a Participant under the Plan in the form of a single life annuity, when added to any pension attributable to contributions of the Company or an Affiliated Company provided to the Participant under any other qualified defined benefit plan, shall be equal to the lesser of (1) the dollar limitation described in Section 415(b)(1)(A) of the Code or (2) the Participant’s average annual remuneration during the three consecutive calendar years of his service with the Company or Affiliated Company affording the highest such average or during all of the years of such service if less than three years. |
(b) | For purposes of this Article 6.10, the term “remuneration” with respect to any Participant shall mean the wages, salaries, and other amounts paid in respect of such Participant by the Company or an Affiliated Company for personal services actually rendered and shall include, but not by way of limitation, bonuses, overtime |
(c) | Notwithstanding the provisions of paragraph (a) above, the maximum annual pension payable to a Participant who has a "freeze date" shall not be less than his "old law benefit." A Participant’s “old law benefit” at any date is the maximum benefit he would be entitled to receive at such date, determined without regard to any changes in the terms and conditions of the Plan after December 8, 1994, without regard to any benefits that accrue under the Plan after his freeze date, and without regard to any cost of living changes that become effective after his freeze date. The "freeze date" of a Participant whose pension commences on or after January 1, 1995, and before January 1, 2000 shall be December 31, 1999. |
(d) | In the case of a Participant of the Plan whose benefits have not yet commenced as of January 1, 2001, the benefit payable to the Spouse under a Qualified Joint and Survivor Annuity or under a qualified preretirement survivor annuity shall be subject to the dollar limitation which would apply if the benefits were payable to the Participant in the form of a life annuity. The amount of the benefit payable to the Spouse, and which is subject to the preceding sentence, shall be computed from the Participant’s accrued benefit, determined in accordance with Article 4 and Article 6, and before application of this Article 6.10. |
(e) | If the benefit is payable neither as a life annuity nor as a Qualified Joint and Survivor Annuity, the maximum limitation shall be the Actuarial Equivalent of the maximum limitation otherwise applicable. Actuarial Equivalent for purposes of this paragraph shall be determined in accordance with Section 415(b) of the Code and the regulations or rulings issued thereunder and using the Plan's optional form of payment factors, or, if less, using factors calculated from the IRS Mortality Table, if applicable, and either: |
(i) | if the benefit is not subject to the provisions of Section 417(e)(3) of the Code, an interest rate of 5 percent, or |
(ii) | if the benefit is subject to the provisions of Section 417(e)(3) of the Code: |
(A) | an interest rate of 5.5 percent for distributions made in Plan Years beginning in 2004 and 2005; and |
(B) | the IRS Interest Rate for distributions made in Plan Years beginning in 2006 or any subsequent Plan Year. |
(f) | Notwithstanding anything hereinabove to the contrary, the limitations, adjustments and other requirements prescribed in this Article 6.10 shall at all times comply with the provisions of Section 415 of the Code and the regulations thereunder, the terms of which are specifically incorporated herein by reference. |
6.11 | Prior Plan Benefit. |
(i) | any Participant who terminated from employment with the Company prior to September 1, 1994 and who was fully vested in his benefits under the Prior Plan; and |
(ii) | any Participant who attained age fifty-five (55) and had completed sixty (60) continuous months of contributory active service as of August 31, 1994, and who remained in employment with the Company subsequent to that date. |
(i) | A Participant who retires on his Normal Retirement Date shall be entitled to his Normal Retirement Benefit calculated as of the date he retires. The Normal Retirement Benefit of a Participant shall be an annual annuity benefit, payable in monthly installments, equal to the sum of the following: |
(A) | a Past Service Benefit, if he (i) became an active Participant as of May 1, 1953, (ii) remained a continuous Participant, whether active or suspended, during the period of his employment on and after May 1, 1953, and made contributions while an active Participant during such period; plus |
(B) | a Future Service Benefit, if he made contributions while an active Participant; plus |
(C) | a Supplemental Benefit, if made contributions while an active Participant; plus |
(D) | a Pension Equivalent Benefit; and minus |
(E) | the value of contributions that the Participant would have made, from September 1, 1994 to the Participant's retirement date, assuming, for this purpose that the provisions of the Prior Plan remained in effect for such period and the Participant had elected to make contributions in accordance with such provisions. |
(ii) | The amounts taken into account for purposes of subparagraph (b)(i) shall be determined as follows: |
(A) | The Past Service Benefit of a Participant eligible therefor shall be equal to three-quarters of one percent (3/4%) of his "annual earnings" as of May 1, 1953, multiplied by the number of his Years of Credited Service prior to May 1, 1953. |
(B) | The Future Service Benefit of a Participant eligible therefor shall be one percent (1%) of his annual earnings for each year of active participation during which he made contributions under the Prior Plan. |
(C) | The "Supplemental Benefit" of a Participant eligible therefor shall be the benefit calculated under either (I) or (II) below, whichever shall be applicable: |
(I) | If the Participant shall have been a continuous Participant, whether active or suspended, for the period from his eligibility date to his Normal Retirement Date and made contributions at all times while an active Participant under the Prior Plan during such period, two percent (2%) of his "final average earnings" in excess of $3,600 as determined below, multiplied by the sum of his years of Credited Service (not in excess of fifteen (15) years). For purposes of the preceding sentence, "final average annual earnings in excess of $3,600" means: |
(1) | for an Employee with five (5) or more years of active participation, the average of the excess of his annual earnings over $3,600 for the five (5) consecutive years of his active participation during his final years of active participation, but not in excess of ten (10), which produce the highest such average, or |
(2) | for an Employee with less than five (5) years of active participation, the average of his annual earnings in excess of $3,600 actually paid to him for the period of his service, not in excess of five (5) years, ending with his last year of active participation. |
(II) | If the Participant shall not have been a continuous Participant, whether active or suspended, for the period from his eligibility date to his Normal Retirement Date, or did not make |
(D) | The "Pension Equivalent Benefit" of a Participant eligible therefor shall be the monthly pension benefit in accordance with Schedule B; provided, however, that the portion, if any, of such Pension Equivalent Benefit which shall have been based upon Years of Credited Service for which the Participant also is entitled to Past and/or Future Service Benefits under this Article 6.11 shall be reduced by the amount of such Past and/or Future Service Benefits. |
(i) | After Vesting Date. |
(ii) | Prior to Vesting Date. |
For Coverage While The Participant’s Age Is | Monthly Percentage |
under 35 | 0.01% |
35 - 45 | 0.02% |
45 - 54 and 11 months | 0.04% |
(i) | A benefit with a survivor benefit adjustment, under which his surviving Spouse will receive fifty-five percent (55%) of such annuity benefit after the death of the Participant For a Participant receiving a benefit with a survivor benefit adjustment, the reduced amount of his monthly benefit shall be equal to an amount determined by multiplying the monthly benefit otherwise payable to the Participant by ninety percent (90%) if the Participant's age and his designated Spouse's age are the same; or, if such ages are not the same, such percentage shall be increased by one-half of one percent (1/2%), up to a maximum of one hundred percent (100%) for each year that the designated Spouse's age exceeds the Participant's age and shall be decreased by one-half of one percent (1/2%) for each year that the designated Spouse's age is less than the Participant's age. |
(ii) | A "Contingent Annuity Option" of seventy-five percent (75%) or one hundred percent (100%) with respect to the total of the Supplemental Benefit amount included within his annuity benefit, under which an annuity, on such terms as the Administrative Committee may prescribe, shall be payable for the Participant's life and continue after his death, in the same or lesser amount, to and for the life of a selected contingent annuitant; provided, however, that if such selected contingent annuitant is other than the Participant's Spouse or physically or mentally disabled child, the amount payable under the option shall be adjusted, if necessary, so that the reduction in the Supplemental Benefit otherwise payable to the Participant on account of the option does not exceed forty percent (40%). Such annuity shall be the actuarial equivalent of the aforesaid Supplemental Benefit amount, determined in accordance with Schedule E. Election of a seventy-five (75%) percent or one hundred percent (100%) option shall ordinarily be made at least one year prior to the commencement date of the Participant's annuity benefit which includes a Supplemental Benefit; otherwise, the Administrative Committee may require evidence satisfactory to it of the Participant's good health. |
(g) | For purposes of determining a Participant's minimum benefit in accordance with this Article 6.11, the following definitions shall apply: |
(i) | Credited Service. The term "credited service" shall have the following meanings: |
(A) | Service Prior to May 31, 1953. Only Employees who become contributing active Participants as of May 31, 1953 shall be entitled to "credited service" under this paragraph (f)(i) for any periods prior to May 31, 1953. Such "credited service" shall mean completed years and calendar months of employment prior to May 31, 1953, including the following periods: |
(I) | the period of employment of an Employee with the Company, following his most recent date of hire preceding May 31, 1953 and prior to his sixty-eighth (68th) birthday; |
(II) | the period of employment of an Employee with the Company receding his most recent date of hire and prior to his sixty-eighth (68th) birthday; provided, however, that the period of his employment preceding a break in employment, except a break in employment of any duration during the interval commencing August 1, 1945, and ending on or before December 31, 1949, of two (2) or more years shall not be taken into account; |
(III) | any periods of approved Leave of Absence or military leave during the period(s) defined in (I) and/or (II) above. |
(B) | Service Commencing on or After May 31, 1953. "Credited service" after May 31, 1953 shall mean completed years and calendar months of employment commencing on or after May 31, 1953 and shall include the following periods: |
(I) | the periods of employment of an Employee with the Company while eligible to participate under the Plan following his most recent date of hire and prior to the earlier of his retirement or termination of employment; |
(II) | the period of employment of an Employee with the Company preceding his most recent date of hire; provided, however, that the period of his employment preceding a break in employment, except a break in employment of any duration of two (2) or more years shall not be taken into account; |
(III) | any periods of leave of absence approved by the Company in writing, or military leave during the period defined in (I) and (II) above. |
(C) | Pension Plan Equivalent Service. On and after May 1, 1966, "credited service" of an Employee eligible to participate in this Plan shall include Service which would be creditable under the Curtiss- |
(ii) | Years of Participation. The term "years of participation" shall be Years of Credited Service while a continuous Participant; "years of active participation" shall mean Years of Credited Service while an active Participant, whether or not interrupted by a period or periods of suspended participation; and "years of contributory active participation" shall mean Years of Credited Service while (a) an active Participant prior to May 1, 1966 and (b) a contributing active Participant after May 1, 1966, whether or not interrupted by a period or periods of suspended participation. |
(iii) | "Annual Earnings" for periods prior to September 1, 1994 shall mean: |
(A) | for each calendar month prior to July 1, 1970, one-twelfth (1/12) of his basic salary, on an annual basis, in effect at the beginning of each Plan Year; and |
(B) | for each calendar month after June 30, 1970, one-twelfth (1/12) of the sum of his basic salary, on an annual basis, in effect at the beginning of each Plan Year, plus any cash payments he received in the prior Plan Year under the Company's incentive compensation plan; |
(iv) | "Interest" for deferred vested Participants who terminated employment prior to September 1, 1994 means interest calculated from the first day of the Plan Year next following the Participant's contribution, compounded annually to the first of any month in which (A) there shall occur an event under the Plan calling for the distribution of an amount plus interest or (B) the Participant's retirement, whichever first occurs. Interest to May 1, 1966 shall be calculated at the rate of two percent (2%) compounded annually; interest from May 1, 1966 to January 1, 1971 shall be calculated at the rate of three and one-half percent (3½%) compounded annually; and interest from January 1, 1971 to December 31, 1975 shall be calculated at the rate of four and one-half percent (4½%) compounded annually. Interest from January 1, 1976 to December 31, 1987 shall be calculated at the rate of five percent (5%) compounded annually; and interest from January 1, 1988 at one hundred twenty percent (120%) of the Federal mid-term rate as at the beginning of the Plan Year compounded annually. |
6.12 | Supplemental Benefit. |
(a) | The Board of Directors shall have the authority to cause a benefit, calculated in accordance with paragraph (b) below, to be paid to any one or more of the individuals identified in Schedule H. The supplemental benefit shall be in addition to any benefit payable under the Plan. |
(b) | The supplemental benefit shall be as specified herein for the individuals listed in Schedule H. Such payment shall be payable either in the form of an annuity |
(c) | The supplemental benefit shall be paid in accordance with Article 7.01(a) for an unmarried Participant or Article 7.01(b) for a married Participant, unless the Participant elects the following optional form of payment: cash lump sum. In order to derive the life annuity described by Article 7.01(a), the lump sum listed in Schedule H will be divided by a deferred annuity factor, using the PBGC interest rates - as described in Article 1.01. Article 7.01(b) annuities are derived by using the basis stipulated in Article 1.01. Early retirement annuities are the actuarial equivalent of normal retirement annuities using the immediate PBGC interest rate and the P 84 (0) mortality table as stated in Article 1.01. |
6.13 | Reemployment Following Commencement of Annuity Payments. |
(a) | No benefits shall be paid for any month in which the Participant is credited with 40 or more Hours of Service. |
(b) | Department of Labor Regulation section 2530.203-3, including the notice procedures referred to in that section, shall be followed for any period beginning on or after the Participant’s Normal Retirement Age in which the Participant is credited with 40 or more Hours of Service. |
(c) | Benefits shall be subject to and payable in accordance with the provisions of Article 7. |
7.01 | Normal Form of Payment. |
(a) | If the Participant does not have a Spouse at the time payment of his vested Normal Retirement Benefit commences, the vested Normal Retirement Benefit shall be payable in the form of a Life Annuity. |
(b) | If the Participant has a Spouse at the time payment of the vested Normal Retirement Benefit commences, and the Participant terminates Service after attaining the earlier of his Normal Retirement Age or his Early Retirement Date, the Participant's vested Normal Retirement Benefit shall be payable in the form of a Qualified Joint and Survivor Annuity which is the Actuarial Equivalent of the vested Normal Retirement Benefit payable to the Participant as a Life Annuity. |
7.02 | Optional Forms of Payment for All Benefits. |
(a) | In lieu of the form of payment provided in Article 7.01, a Participant may elect in the manner prescribed by the Administrative Committee and during the election period described in paragraph (c) below of, a form of benefit payment provided under paragraph (b) below; provided, however, that any election, made by a Participant who has a Spouse, not to have payment of the Participant's benefits made in the form of a Qualified Joint and Survivor Annuity under Article 7.01(b), shall not be effective unless: |
(i) | The Spouse of the Participant consents in writing to the election; the election designates a specific Beneficiary, including any class of beneficiaries or any contingent beneficiaries, which may not be changed without spousal consent (or the Spouse expressly permits designations by the Participant without any further spousal consent); and the Spouse's consent acknowledges the effect of such election and is witnessed by a member of the Administrative Committee or a Notary Public. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent (or the Spouse expressly permits designations by the Participant without any further spousal consent). |
(ii) | If it is established to the satisfaction of the Administrative Committee that the required consent may not be obtained because there is no Spouse, because the Spouse cannot be located, or because of such other circumstances as provided in Treasury regulations under the applicable provisions of the Code, a waiver will be deemed a qualified election. |
(iii) | The Participant elects an annuity form under paragraph (b)(ii) below with his Spouse as Beneficiary. |
(b) | In the event an election is validly made and in effect pursuant to paragraph (a) of the Plan not to receive payment of benefits in the normal form provided in Article 7.01, then the benefit payable to a Participant shall be the Actuarial Equivalent of the retirement benefit otherwise payable to the Participant in the form of a Life Annuity. A Participant may, in the form and manner prescribed by the Administrative Committee, elect any one of the following optional forms of payment: |
(i) | a Life Annuity payable monthly to the Participant; |
(ii) | an immediate joint and survivor annuity commencing on or after the Participant's Early Retirement Date, or date of termination of employment, if later, that provides a reduced monthly benefit payable to the participant for life and to a surviving named contingent annuitant for the lifetime of the contingent annuitant in an amount equal to 50 percent, 75 percent, or 100 percent (as elected by the Participant) of the amount payable during the Participant’s lifetime; |
(iii) | a 20-year certain and life annuity, as described in paragraph (d); |
(iv) | a joint and survivor annuity with a 20-year certain and life guarantee, as described in paragraph (e); |
(v) | a lump sum payment; provided the amount of the lump sum payment at the Annuity Starting Date exceeds $5,000; or |
(vi) | one-half (1/2) as a lump sum payment and one-half (1/2) as a Life Annuity or a joint and survivor annuity available under (ii). |
(c) | Any election not to receive payment of benefits under the Plan in the normal form provided in Article 7.01 of the Plan shall be made at any time during the election |
(d) | A 20-year certain and life annuity is a reduced monthly benefit payable for the life of the Participant, and if he dies before receiving 240 monthly payments, payments shall continue to the Participant’s designated Beneficiary until a total of 240 monthly payments have been made. |
(i) | If a Beneficiary dies after payments begin to the Beneficiary, but before a total of 240 payments have been made to the Participant and the Beneficiary, the Actuarial Equivalent value of the remaining payments shall be paid in a single lump sum to the Beneficiary’s estate. |
(ii) | If the Participant dies before receiving 240 monthly payments and there is no surviving designated Beneficiary, the Actuarial Equivalent value of the remaining payments shall be paid in a single lump sum to the Participant’s estate. |
(e) | A joint and survivor annuity with a 20-year certain and life guarantee is a reduced monthly benefit payable to the Participant for life and to a surviving named contingent annuitant for the lifetime of the contingent annuitant in an amount equal to 50 percent, 75 percent, or 100 percent (as elected by the Participant) of the amount payable during the Participant’s lifetime. If the Participant and contingent annuitant both die before a total of 240 monthly payments have been made, the Plan shall pay a benefit equal to the Actuarial Equivalent value of the monthly survivor benefit payable to the contingent annuitant for a period equal to 240 minus the total number of monthly payment made to the Participant and the joint annuitant. This benefit shall be paid in a single lump sum to: |
(i) | one or more Beneficiaries designated by the Participant; or |
(ii) | if there is no surviving designated Beneficiary, the estate of the Participant or contingent annuitant, whoever is the last to die. |
7.03 | Minimum Distributions and Limitation on Optional Forms of Payment. |
(a) | Notwithstanding any other Plan provision, all distributions required under this Article 7.03 shall be determined and made in accordance with Sections 1.401(a)(9)-2 through 1.401(a)(9)-9 of the Treasury Regulations issued under Section 401(a)(9) of the Code, including the incidental death benefit provisions of Section 401(a)(9)(G) of the Code. Further, such regulations shall override any Plan provision that is |
(b) | The following rules shall apply to all distributions: |
(i) | Any additional benefits accruing to a Participant in a calendar year after the first distribution calendar year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. |
(ii) | If the Participant’s benefit is being distributed in the form of a joint and survivor annuity for the joint lives of the Participant and non-spouse Beneficiary, annuity payments to be made on or after the Participant’s required beginning date to the designated beneficiary after the Participant’s death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the Participant using the table set forth in Q&A-2 of Section 1.401(a)(9)-6 of the Treasury Regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the Participant and a non-spouse Beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain. If the Annuity Starting Date occurs in a calendar year which precedes the calendar year in which the Participant reaches age 70, in determining the applicable percentage, the Participant/Beneficiary’s age difference is reduced by the number of years that the Participant is younger than age 70 on the employee’s birthday in the calendar year that contains the Annuity Starting Date. |
(iii) | If the Participant’s benefit is being distributed in the form of a period certain and life annuity option, the period certain may not exceed the applicable distribution period for the Participant under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations for the calendar year that contains the Annuity Starting Date. If the Annuity Starting Date precedes the year in which the Participant reaches age 70, the applicable distribution period for the Participant is the distribution period for age 70 under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations plus the excess of 70 over the age of the Participant as of the Participant’s birthday in the year that contains the Annuity Starting Date. |
(iv) | For purposes of this Article, the following definitions shall apply: |
(A) | Designated beneficiary. The individual who is designated as the beneficiary under Article 1.07 is the designated beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-4, Q&A-1, of the Treasury Regulations. |
(B) | Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant’s required beginning date. |
(C) | Life Expectancy. Life expectancy as computed using the Single Life Table in Section 1.401(a)(9)-(9) of the Treasury Regulations. |
(D) | Required beginning date. With respect to a Participant who is a 5-percent owner as defined in Section 416(i) of the Code, the April 1 of the calendar year following the calendar year in which the Participant attains age 70½ and, with respect to a Participant who is not a 5-percent owner, the April 1 following the later of the calendar year in which the Participant attains age 70½ or the calendar year in which the Participant retires. |
7.04 | Notice to Married Participants. |
7.05 | Mandatory Cashout of Small Benefits. |
(a) | the Participant’s Annuity Starting Date occurs on or after his Normal Retirement Date and the present value of his benefit determined as of his Annuity Starting Date amounts to $5,000 or less, or |
(b) | the Participant’s Annuity Starting Date occurs prior to his Normal Retirement Date and the present value of his benefit determined as of his Annuity Starting Date amounts to $1,000 or less. |
7.06 | Annuity Contract Nontransferable. |
7.07 | Conflicts With Annuity Contracts. |
7.08 | Rollovers. |
(a) | Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's election under this Article 7.08, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. |
(i) | An "eligible rollover distribution" is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated |
(ii) | An "eligible retirement plan" is an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, a Roth individual retirement account described in Section 408A of the Code (effective January 1, 2008), a qualified trust described in Section 401(a) of the Code, an annuity contract described in Section 403(b) of the Code, or an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan; |
(iii) | A "distributee" includes an Employee or former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's or former Employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse; and |
(iv) | A "direct rollover" is a payment by the Plan to the eligible retirement plan specified by the distributee. |
(c) | Effective April 1, 2007, a distributee also includes a non-spouse Beneficiary. In the case of a nonspouse beneficiary, the direct rollover may be made only to an individual retirement account or annuity described in Sections 408(a) or 408(b) of the Code (“IRA”) that is established on behalf of the designated beneficiary and that will be treated as an inherited IRA pursuant to the provisions of Section 402(c)(11) of the |
7.09 | Waiver of Thirty (30) Day Notice Period. |
(i) | the Plan Administrator clearly informs the Participant that he has a period of at least 30 days after receiving the notice to decide when to have his benefit begin, and if applicable, to choose a particular optional form of payment; |
(ii) | the Participant affirmatively elects a date for benefits to begin, and if applicable, an optional form of payment, after receiving the notice; |
(iii) | the Participant is permitted to revoke his election until the later of his Annuity Starting Date or seven (7) days following the day he received the notice; |
(iv) | the Participant's Annuity Starting Date is after the date the notice is provided; and |
(v) | payment does not commence less than seven (7) days following the day after the notice is received by the Participant. |
• | Delayed Commencement of Normal Retirement Benefit. |
(a) | Notwithstanding any provision hereof to the contrary, in the event a Participant's pension otherwise required to commence on the Participant's Normal Retirement Date is delayed because the Administrative Committee is unable to locate the Participant or for any other reason, the Administrative Committee shall commence payment within 90 days after the date the Participant is located. Unless the Participant elects an optional form of payment in accordance with the provisions of Article 7.02, payment shall be in the normal (automatic) form set forth in Article 7.01(a) or 7.01(b), as applicable to the Participant on his Annuity Starting Date. The pension payable to the Participant as of his Annuity Starting Date shall be of Actuarial Equivalent to the pension otherwise payable to the Participant on his Normal Retirement Date. |
(b) | In lieu of the pension otherwise payable under paragraph (a) above, a Participant described in paragraph (a) above may elect to receive his pension as of his Normal Retirement Date in accordance with subparagraph (b)(i) or subparagraph (b)(ii) below: |
(i) | Annuity with Partial Lump Sum. A Participant may elect to receive a pension payable in the amount that would have been payable to the Participant if payments had commenced on the Participant's Normal Retirement Date ("retroactive Annuity Starting Date") in the form elected by the Participant; plus one lump sum payment equal to the sum of the monthly payments the Participant would have received during the period beginning on his Normal Retirement Date and ending with the month preceding his Annuity Starting Date, together with interest at the annual rate specified in Article 4.03(a)(v), compounded annually. The amount of such monthly payments shall be determined as of the Participant's Normal Retirement Date on the basis of the actual form of payment in which the Participant's pension is payable under Article 7.01 or 7.02, as applicable. The lump sum shall be paid on or as soon as practicable following the date the Participant's pension commences. An election under this subparagraph (b)(i) shall be subject to the following requirements: |
(A) | The Participant's benefit, including any interest adjustment, must satisfy the provisions of Section 415 of the Code, both at the retroactive Annuity Starting Date and at the actual commencement date, except that if payments commence within 12 months of the retroactive Annuity Starting Date, the provisions of Section 415 of the Code need only be satisfied as of the retroactive Annuity Starting Date. |
(B) | Spousal Consent to the retroactive Annuity Starting Date is required unless: |
(1) | the amount of the survivor annuity payable to the spouse determined as of the retroactive Annuity Starting Date under the form elected by the Participant is no less than the amount the spouse would receive under the Qualified Joint and Survivor Annuity on the actual commencement date; or |
(2) | the Participant's spouse on his retroactive Annuity Starting Date is not his spouse on his actual commencement date and is not treated as his spouse under a qualified domestic relations order. |
(A) | The Participant may not elect the lump sum optional form of payment under Article 7.02. |
(i) | Lump Sum Payment. A Participant shall receive payment of his pension in the form of one lump sum payment determined as if his Normal Retirement Date was his Annuity Starting Date ("retroactive Annuity Starting Date"). Such election shall be subject to the following requirements: |
(A) | the Participant's benefit, including any interest adjustment, must satisfy the provisions of Sections 415 of the Code, both at the retroactive Annuity Starting Date and at the actual commencement date; |
(B) | the lump sum payment shall not be less than the amount that would have been payable on the retroactive Annuity Starting Date if the lump sum amount had been calculated using the IRS Interest Rate and IRS Mortality Table in effect on the date of distribution; |
(C) | the lump sum payment shall be increased by an amount of interest credited at the annual rate specified in Article 4.03(a)(v) from the Participant's Normal Retirement Date to his actual commencement date; and |
(D) | Spousal Consent to the retroactive Annuity Starting Date is required unless the Participant's spouse on his retroactive Annuity Starting Date is not his spouse on his actual commencement date and is not treated as his spouse under a qualified domestic relations order. |
• | Limitation on Benefits In the Event of a Liquidity Shortfall. |
7.12 | Limitations Based on Funded Status of the Plan. |
(a) | Limitations Applicable if Plan’s Adjusted Funding Target Attainment Percentage Is Less than 80%, but Not Less Than 60%. Notwithstanding any other provisions of the Plan, if the Plan’s adjusted funding target attainment percentage for a Plan Year is less than 80% (or would be less than 80% to the extent described in subparagraph |
(i) | 50% Limitation on Single Sum Payments, Other Accelerated Forms of Distribution, and Other Prohibited Payments. A Participant or Beneficiary is not permitted to elect, and the Plan shall not pay, a single sum payment or other optional form of benefit that includes a prohibited payment with an annuity starting date on or after the applicable section 436 measurement date, and the Plan shall not make any payment for the purchase of an irrevocable commitment from an insurer to pay benefits or any other payment or transfer that is a prohibited payment, unless the present value of the portion of the benefit that is being paid in a prohibited payment does not exceed the lesser of: |
(A) | 50% of the present value of the benefit payable in the optional form of benefit that includes the prohibited payment; or |
(B) | 100% of the PBGC maximum benefit guarantee amount (as defined in Treasury regulations Section 1.436-1(d)(3)(iii)(C)). |
(ii) | Plan Amendments Increasing Liability for Benefits. No amendment to the Plan that has the effect of increasing liabilities of the Plan by reason of increases in benefits, establishment of new benefits, changing the rate of benefit accrual, or changing the rate at which benefits become nonforfeitable shall take effect in a Plan Year if the adjusted funding target attainment percentage for the Plan Year is: |
(A) | Less than 80%; or |
(B) | 80% or more, but would be less than 80% if the benefits attributable to the amendment were taken into account in determining the adjusted funding target attainment percentage. |
(b) | Limitations Applicable if Plan’s Adjusted Funding Target Attainment Percentage Is Less than 60%. Notwithstanding any other provisions of the Plan, if the Plan’s adjusted funding target attainment percentage for a Plan Year is less than 60% (or would be less than 60% to the extent described in subparagraph (ii) below), then the limitations in this paragraph (b) apply. |
(i) | Single Sums, Other Accelerated Forms of Distribution, and Other Prohibited Payments Not Permitted. A Participant or Beneficiary is not permitted to elect, and the Plan shall not pay, a single sum payment or other optional form of benefit that includes a prohibited payment with an annuity starting date on or after the applicable section 436 measurement date, and the Plan shall not make any payment for the purchase of an irrevocable commitment from an insurer to pay benefits or any other payment or transfer that is a prohibited payment. The limitation set forth in this subparagraph (i) does not apply to any payment of a benefit which under Code Section 411(a)(11) may be immediately distributed without the consent of the Participant. |
(ii) | Shutdown Benefits and Other Unpredictable Contingent Event Benefits Not Permitted to Be Paid. An unpredictable contingent event benefit with respect to an unpredictable contingent event occurring during a Plan Year shall not be paid if the adjusted funding target attainment percent for the Plan Year is: |
(A) | Less than 60%; or |
(B) | 60% or more, but would be less than 60% if the adjusted funding target attainment percentage were redetermined applying an actuarial assumption that the likelihood of occurrence of the unpredictable contingent event during the Plan Year is 100%. |
(iii) | Benefit Accruals Frozen. Benefit accruals under the Plan shall cease as of the applicable section 436 measurement date. In addition, if the Plan is required to cease benefit accruals under this subparagraph (iii), then the Plan is not permitted to be amended in a manner that would increase the liabilities of the Plan by reason of an increase in benefits or establishment of new benefits. |
(c) | Limitations Applicable if the Plan Sponsor Is in Bankruptcy. Notwithstanding any other provisions of the Plan, a Participant or Beneficiary is not permitted to elect, and the Plan shall not pay, a single sum payment or other optional form of benefits that includes a prohibited payment with an annuity starting date that occurs during any period in which the Plan sponsor is a debtor in a case under Title 11 of the United States Code, or similar federal or state law, except for payments made within |
(d) | Provisions Applicable after Limitations Cease to Apply. |
(i) | Resumption of Prohibited Payments. If a limitation on prohibited payments under paragraph (a)(i), (b)(i), or (c) applied to the Plan as of a section 436 measurement date, but that limit no longer applies to the Plan as of a later section 436 measurement date, then that limitation does not apply to benefits with annuity starting dates that are on or after that later section 436 measurement date. |
(ii) | Resumption of Benefit Accruals. If a limitation on benefit accruals under paragraph (b)(iii) applied to the Plan as of a section 436 measurement date, but that limitation no longer applies to the Plan as of a later section 436 measurement date, then benefit accruals shall resume prospectively and that limitation does not apply to benefit accruals that are based on service on or after that later section 436 measurement date, except as otherwise provided under the Plan. The Plan shall comply with the rules relating to partial years of participation and the prohibition on double proration under Depart of Labor regulations Sections 2530.204-2(c) and 2530.204-2(d). |
(iii) | Shutdown and Other Unpredictable Contingent Event Benefits. If an unpredictable contingent event benefit with respect to an unpredictable contingent event that occurs during the Plan Year is not permitted to be paid after the occurrence of the event because of the limitation of paragraph (b)(ii) above, but is permitted to be paid later in the same Plan Year (as a result of additional contributions or pursuant to the enrolled actuary’s certification of the adjusted funding target attainment percentage for the Plan Year that meets the requirements of Treasury regulations Section 1.436-1(g)(5)(ii)(B)), then that unpredictable contingent event benefit shall be paid, retroactive to the period that benefit would have been payable under the terms of the Plan (determined without regard to paragraph (b)(ii) above). If the unpredictable contingent event benefit does not become payable during the Plan Year in accordance with the preceding sentence, then the Plan is treated as if it does not provide for that benefit and, thus, no unpredictable contingent event benefit shall be payable. |
(iv) | Treatment of Plan Amendments that Do Not Take Effect. If a Plan amendment does not take effect as of the effective date of the amendment |
(e) | Notice Requirement. The Administrative Committee, as the Plan administrator, shall comply with ERISA Section 101(j) regarding the requirement that the Plan administrator provide a written notice to participants and Beneficiaries within 30 days after certain specified dates if the Plan has become subject to a limitation described in paragraphs (a)(i), (b), or (c) above. |
(f) | Methods to Avoid or Terminate Benefit Limitations. Curtiss-Wright Corporation, as the Plan sponsor, shall comply with Code Sections 436(b)(2), (c)(2), (e)(2), and (f), and Treasury regulations Section 1.436-1(f), regarding employer contributions and other methods to avoid or terminate the application of the limitations set forth in paragraphs (a) through (c) above for a Plan Year. In general, the methods a Plan sponsor may use to avoid or terminate one or more of the benefit limitations under paragraphs (a) through (c) above for a Plan Year include employer contributions and elections to increase the amount of Plan assets which are taken into account in determining the adjusted funding target attainment percentage, making an employer contribution that is specifically designated as a current year contribution that is made to avoid or termination application of certain of the benefit limitations, or providing security to the Plan. |
(g) | Special Rules. |
(i) | Rules of Operation for Periods Prior to and after Certification of Plan’s Adjusted Funding Target Attainment Percentage. |
(A) | In General. Code Section 436 and Treasury regulations Section 1.436-1(h) set forth a series of presumptions that apply for purposes of this Article 7.12: |
(I) | Before the enrolled actuary issues a certification of the Plan’s adjusted funding target attainment percentage for the Plan Year; and |
(II) | If the enrolled actuary does not issue a certification of the Plan’s adjusted funding target attainment percentage for the Plan Year before the first day of the tenth month of the Plan Year (or if the enrolled actuary issues a range certification for the Plan Year pursuant to Treasury regulations Section 1.436-1(h)(4)(ii) but does not issue a certification of the |
(B) | Presumption of Continued Underfunding Beginning First Day of Plan Year. If a limitation under paragraphs (a), (b), or (c) above applied to the Plan on the last day of the preceding Plan Year, then, commencing on the first day of the current Plan Year and continuing until the enrolled actuary issues a certification of the adjusted funding target attainment percentage for the Plan for the current Plan Year, or, if earlier, the date subparagraphs (C) or (D) below apply to the Plan: |
(I) | The adjusted funding target attainment percentage of the Plan for the current Plan Year is presumed to be the adjusted funding target attainment percentage in effect on the last day of the preceding Plan Year; and |
(II) | the first day of the current Plan Year is a section 436 measurement date. |
(C) | Presumption of Underfunding Beginning First Day of Fourth Month. If the enrolled actuary has not issued a certification of the adjusted funding target attainment percentage for the Plan Year before the first day of the fourth month of the Plan Year and the Plan’s adjusted funding target attainment percentage for the preceding Plan Year was either at least 60% but less than 70%, or at least 80% but less than 90%, or is described in Treasury regulations Section 1.436-1(h)(2)(ii), then, commencing on the first day of the fourth month of the current Plan Year and continuing until the enrolled actuary issues a certification of the adjusted funding target attainment percentage for the Plan for the current Plan Year, or, if earlier, the date subparagraph (D) below applies to the Plan: |
(I) | The adjusted funding target attainment percentage of the Plan for the current Plan Year is presumed to be the Plan’s adjusted funding target attainment percentage for the preceding Plan Year reduced by 10 percentage points; and |
(II) | The first day of the fourth month of the current Plan Year is a section 436 measurement date. |
(D) | Presumption of Underfunding on and after First Day of Tenth Month. If the enrolled actuary has not issued a certification of the adjusted funding target attainment percentage for the Plan Year before the first day of the tenth month of the Plan Year (or if the enrolled actuary has issued a range certification for the Plan Year pursuant to Treasury regulations Section 1.436-1(h)(4)(ii) but has not issued a certification of the specific adjusted funding target attainment percentage for the Plan by the last day of the Plan Year), then, commencing on the first day of the tenth month of the current Plan Year and continuing through the end of the Plan Year: |
(I) | The adjusted funding target attainment percentage of the Plan for the current Plan Year is presumed to be less than 60%; and |
(II) | The first day of the tenth month of the current Plan Year is a section 436 measurement date. |
(ii) | New Plans, Plan Termination, Certain Frozen Plans, and Other Special Rules. |
(A) | First Five Plan Years. The limitations in paragraphs (a)(ii), (b)(ii), and (b)(iii) do not apply to a new plan for the first five Plan Year of the plan, determined under the rules of Code Section 436(i) and Treasury regulations Section 1.436-1(a)(3)(i). |
(B) | Plan Termination. The limitations on prohibited payments in paragraphs (a)(i), (b)(i), and (c) do not apply to prohibited payments that are made to carry out the termination of the Plan in accordance with applicable law. Any other limitations under this Article 7.12 do not cease to apply as a result of termination of the Plan. |
(C) | Exception to Limitations on Prohibited Payments under Certain Frozen Plans. The limitations on prohibited payments set forth in paragraphs (a)(i), (b)(i), and (c) do not apply for a Plan Year if the terms of the Plan, as in effect for the period beginning on September 1, 2005, and continuing through the end of the Plan Year, provide for no benefit accruals with respect to any Participant. This subparagraph (C) shall cease to apply as of the date any benefits accrue under the Plan or the date on which a Plan amendment that increases benefits takes effect. |
(D) | Special Rules Relating to Unpredictable Contingent Event Benefits and Plan Amendments Increasing Benefit Liability. During any period in which none of the presumptions under paragraph (g)(i) apply to the Plan and the enrolled actuary has not yet issued a certification of the Plan’s adjusted funding target attainment percentage for the |
(iii) | Special Rules under Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (“PRA 2010”). |
(A) | Payments under Social Security Leveling Options. For purposes of determining whether the limitations under paragraphs (a)(i) or (b)(i) apply to payments under a Social Security leveling option, within the meaning of Code Section 436(j)(3)(C)(i), the adjusted funding target attainment percentage for a Plan Year shall be determined in accordance with the “Special Rule for Certain Years” under Code Section 436(j)(3) and any Treasury regulations or other published guidance thereunder issued by the Internal Revenue Service. |
(B) | Limitation on Benefit Accruals. For purposes of determining whether the accrual limitation under paragraph (b)(iii) applies to the Plan, the adjusted funding target attainment percentage for a Plan Year shall be determined in accordance with the “Special Rule for Certain Years” under Code Section 436(j)(3) (except as provided under Section 203(b) of PRA 2010, if applicable). |
(iv) | Interpretation of Provisions. The limitations imposed by this Article 7.12 shall be interpreted and administered in accordance with Code Section 436 and Treasury regulations under Section 1.436-1. |
(h) | Definitions. The definitions in the following Treasury regulations apply for purposes of paragraphs (a) through (g). |
(i) | Section 1.436-1(j)(1), defining adjusted funding target attainment percentage; |
(ii) | Section 1.436-1(j)(2), defining annuity starting date; |
(iii) | Section 1.436-1(j)(6), defining prohibited payment; |
(iv) | Section 1.436-1(j)(8), defining section 436 measurement date; and |
(v) | Section 1.436-1(j)(9), defining an unpredictable contingent event and an unpredictable contingent event benefit. |
(i) | Effective Date. The rules in this Article 7.12 are effective for Plan Years beginning after December 31, 2009. The requirements of Code Section 436 are hereby incorporated by reference in the Plan for earlier Plan Years beginning after December 31, 2007. |
8.01 | Pre-Retirement Death Benefit. |
(a) | If a Participant who has a vested interest in his retirement benefit dies before payment of his benefit commences, then his Beneficiary shall be entitled to receive a pre-retirement death benefit. For a Participant who was an Employee in active employment at the time of his death, the benefit shall be equal to the amount the Participant would have received pursuant to Article 6.01(a) and Article 6.01(b), if the benefit to which the Participant had been entitled at his date of death had commenced in the form of a one hundred percent (100%) joint and survivor annuity in the month next following the month in which his Normal Retirement Date had occurred (or next following the month in which his date of death occurred, if later); for a Participant who was not an Employee in active employment at the time of his death (including a Participant who was accruing benefits or receiving payments under Article 6.05), the benefit shall be equal to the amount the Participant would have received pursuant to Article 6.01(a) and Article 6.01(b), if the benefit to which the Participant had been entitled at his date of death had commenced in the form of a fifty percent (50%) joint and survivor annuity in the month next following the month in which his Normal Retirement Date had occurred (or next following the month in which his date of death occurred, if later). The benefit payable to the Beneficiary shall be reduced in accordance with Schedule A 1 to reflect its commencement prior to the Participant’s Normal Retirement Date and on or after the Participant’s 55th birthday if the Beneficiary elects early commencement. The benefit payable hereunder shall commence as of the first day of the month following the month in which the Participant’s Normal Retirement Date would have occurred. However, the Participant’s Beneficiary may elect to begin receiving payments as of the first day of any month following the Participant’s death. If the Beneficiary elects to commence receipt of payment prior to the Participant’s 55th birthday, the reduction for early commencement shall be the Actuarial Equivalent from age 65. |
(b) | The death benefit payable in accordance with this Article 8.01 shall be in addition to any death benefit payable in accordance with Article 4.06. |
(c) | Notwithstanding paragraphs (a) and (b) above, a lump sum payment of Actuarial Equivalent value shall be paid to the Beneficiary, without his or her consent, in lieu of the monthly benefit if the present value of the benefit payable as of the date payments commence to the Beneficiary amounts to $5,000 or less. In the event the present value of a Beneficiary’s benefit exceeds $5,000 upon an initial determination as to its present value and distribution of the benefit is deferred, the present value of the Beneficiary’s benefit shall be re-determined annually as of the first day of each subsequent Plan Year. The lump sum payment shall be made as soon as practicable following the Participant’s date of death or such later date that a determination is made that the amount qualifies for distribution under this paragraph. In no event shall a lump sum payment be made following the date benefit payments have commenced to the Beneficiary as an annuity. |
(d) | In the event a Participant entitled to a death benefit under paragraph (a) dies with his estate as his Beneficiary, the death benefit shall be calculated assuming the |
(e) | Notwithstanding any provision to the contrary, if a Participant who has a vested interest in his retirement benefit dies after January 1, 2007 while performing qualified military service pursuant to the Heroes Earnings Assistance and Tax Relief Act of 2008 and before payment of his benefit commences, then that Participant shall be treated as an Employee in active service for purposes of this Article. |
(f) | Notwithstanding paragraphs (a) and (b) above, in the event that a Participant has designated more than one Beneficiary to receive a pre-retirement death benefit, a lump sum payment of Actuarial Equivalent value shall be paid to the Beneficiaries, without their consent, in lieu of the monthly benefit in the proportion that such monthly benefit would have been paid to such Beneficiaries. |
8.02 | Post-Retirement Death Benefit. |
(b) | the greater of (i) his Compensation (on an annual basis) in effect on the January 1 next preceding his retirement date, reduced by 1/60th of such amount on the first day of each month following his retirement date, and (ii) $2,000; less |
(c) | Any amounts under a Group Life Insurance Plan of the Company which were paid to such Participant during his lifetime or are payable by reason of his death. |
8.03 | Payment to Beneficiary. |
8.04 | Required Distributions. |
(a) | If a Participant dies after distribution of his interest in the Plan has commenced in accordance with Article 7 of the Plan, the remaining portion of the Participant's interest in the Plan shall be distributed at least as rapidly as the method of distribution being used as of the date of the Participant's death pursuant to Article 7 of the Plan. |
(b) | If the Participant dies before distribution of his interest in the Plan has commenced, the Participant's entire interest in the Plan shall be distributed no later than five (5) |
(i) | if any portion of the Participant's interest in the Plan is payable to (or for the benefit of) a designated Beneficiary, distribution of the Participant's interest in the Plan may be made over the life of such designated Beneficiary (or over a period not extending beyond the life expectancy of such designated Beneficiary), commencing no later than one year after the date of such Participant's death or such later date as may be provided in Treasury Regulations under the applicable provisions of the Code; and |
(ii) | if the designated Beneficiary is the Participant's surviving Spouse, the date on which the distributions are required to begin in accordance with paragraph (i) immediately above shall not be earlier than the date on which the Participant would have attained age seventy and one-half (70 1/2), and if the surviving Spouse dies before the distributions to such Spouse begin, subsequent distributions shall be made as if the surviving Spouse were the Participant. |
(i) | the life expectancy of the Participant and, if applicable, the Participant's Spouse (other than in the case of a Life Annuity) may be determined but not more frequently than annually, and |
(ii) | any amount paid to a child shall be treated as if it had been paid to the surviving Spouse if such amount will become payable to the surviving Spouse when such child reaches the age of majority (or such other designated event permitted under Treasury Regulations). |
8.05 | Return of Contributions. |
(a) | Upon receipt of proof, satisfactory to the Administrative Committee, of the death of a Participant, provided no other benefit is payable under the Plan on his account except as set forth in Article 8.05(b) below, the amount of his employee contributions at the time of the Participant's death which have not been distributed to the Participant shall be payable in one sum to his Beneficiary, if living. |
(b) | If the Participant's Beneficiary is the Participant's Spouse, the Spouse shall receive the amount of employee contributions which have not been distributed in one sum, in addition to, and without any reduction for, any other benefit the spouse is entitled to receive under any other provision of this Plan. |
9.01 | Eligibility for Employees Subject to a Collective Bargaining Agreement. |
(a) | Each Employee whose employment is covered by a collective bargaining agreement to which the Company is a party and which provides for coverage under the Plan, who, on or after September 15, 1952, shall have attained the age of sixty-five (65), shall have completed ten (10) or more Years of Credited Service and shall have ceased active Service shall be a Participant and shall be entitled to receive a pension determined under this Article 9. |
(b) | Effective January 1, 1976, an Employee to whom paragraph (a) applies and who begins employment with the Company five (5) or more years before the Normal Retirement Age shall be a Participant in the Plan and entitled to a benefit after reaching Normal Retirement Age based upon actual Years of Credited Service. |
(c) | Effective January 1, 1989, each Employee to whom paragraph (a) applies who, on or after September 15, 1952, shall have completed five (5) or more Years of Credited Service shall be a Participant, and after ceasing active Service, shall be entitled to receive a pension benefit under the Plan regardless of the number of years of participation before retirement age. |
(d) | Effective January 1, 2008, each Employee to whom paragraph (a) applies who, on or after September 15, 1952, shall have completed three (3) or more Years of Credited Service shall be a Participant, and after ceasing active Service, shall be entitled to receive a pension benefit under the Plan regardless of the number of years of participation before retirement age. |
(e) | Notwithstanding any provision of this Plan to the contrary, an Employee whose employment is covered by a collective bargaining agreement to which the Company is a party and which provides for coverage under the Plan and who is hired or rehired by, or transferred to, the Company’s Target Rock operations after December 31, 2013, shall not be eligible to participate in and accrue any benefits under the Plan while employed at such operations. |
9.02 | Amount, Form, and Commencement of Retirement Benefit. |
(A) | With benefits payable commencing prior to October 1, 1962, $6.00 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1974 but prior to October 1, 1976, and $6.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1976. |
(B) | With benefits payable commencing on and after October 1, 1962 and prior to October 1, 1965, $6.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1974 but prior to October 1, 1976, and $6.50 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1976. |
(C) | With benefits payable commencing on and after October 1, 1965 and prior to October 1, 1968, $6.50 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1974 but prior to October 1, 1976, and $6.75 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1976. |
(D) | With benefits payable commencing on and after October 1, 1968 and prior to October 1, 1971, $7.50 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1974 but prior to October 1, 1976, and $7.75 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1976. |
(E) | With benefits payable commencing on and after October 1, 1971 and prior to October 1, 1974, $8.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1974 but prior to October 1, 1976, and $8.50 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1976. |
(F) | With benefits payable commencing on and after October 1, 1974 and prior to October 1, 1976, $9.00 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1974. |
(G) | With benefits payable commencing on and after October 1, 1976, $10.00 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1976. |
(A) | With benefits payable commencing prior to October 1, 1962, $4.75 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(B) | With benefits payable commencing on or after October 1, 1962 and prior to October 1, 1965, $5.00 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(C) | With benefits payable commencing on or after October 1, 1965 and prior to October 1, 1968, $5.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(D) | With benefits payable commencing on or after October 1, 1968 and prior to October 1, 1971, $6.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1970. |
(E) | With benefits payable commencing on or after October 1, 1971 and prior to October 1, 1973, $6.25 multiplied by his Years of Credited Service for benefit payments due prior to February 1, 1972, becoming the sum of $6.25 multiplied by his Years of Credited Service prior to January 1, 1972 and $7.00 multiplied by his Years of Credited Service on and after January 1, 1972, for benefit payments due on and after February 1, 1972. |
(F) | With benefits payable commencing on or after October 1, 1973, the sum of $6.50 multiplied by his Years of Credited Service prior to January 1, 1972 and $7.00 multiplied by his Years of Credited Service on and after January 1, 1972. |
(G) | With benefits payable commencing on or after October 1, 1974, the sum of $8.00 multiplied by his Years of Credited Service prior to January 1, 1972 and $7.00 multiplied by his Years of Credited Service on and after January 1, 1972 for payments due on and after October 1, 1974. |
(H) | With benefits payable commencing on or after October 1, 1975, $8.00 multiplied by his Years of Credited Service for payments due on and after October 1, 1975. |
(I) | With benefits payable commencing on or after November 1, 1977 and prior to November 1, 1978, the sum of $8.00 multiplied by his Years of Credited Service prior to January 1, 1978 and $9.00 multiplied by his Years of Credited Service on and after January 1, 1978. |
(J) | With benefits payable commencing on or after November 1, 1978, the sum of $8.00 multiplied by his Years of Credited Service prior to January 1, 1978 and $10.00 multiplied by his Years of Credited Service on and after January 1, 1978. |
(K) | With benefits payable commencing on or after November 2, 1980, the sum of: |
(1) | $8.00 multiplied by his Years of Credited Service prior to January 1, 1978, |
(2) | $10.00 multiplied by his Years of Credited Service from January 1, 1978 through November 1, 1980, |
(3) | $11.00 multiplied by his Years of Credited Service from November 2, 1980 through November 1, 1981, |
(4) | $12.00 multiplied by his Years of Credited Service on and after November 2, 1981 through May 4, 1985, |
(5) | $13.00 multiplied by his Years of Credited Service on and after May 4, 1985 through July 23, 1993, and |
(6) | $17.00 multiplied by his Years of Credited Service on and after July 24, 1993. |
(A) | With benefits payable commencing prior to October 1, 1962, $4.75 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(B) | With benefits payable commencing on or after October 1, 1962 and prior to October 1, 1965, $5.00 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(C) | With benefits payable commencing on or after October 1, 1965 and prior to October 1, 1968, $5.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(D) | With benefits payable commencing on or after October 1, 1968, $6.25 multiplied by his Years of Credited Service. |
(A) | With benefits payable commencing prior to October 1, 1962, $4.75 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(B) | With benefits payable commencing on or after October 1, 1962 and prior to October 1, 1965, $5.00 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(C) | With benefits payable commencing on or after October 1, 1965 and prior to October 1, 1968, $5.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1969. |
(D) | With benefits payable commencing on or after October 1, 1968 and prior to October 1, 1971, $6.25 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after October 1, 1970. |
(E) | With benefits payable commencing on or after October 1, 1971 and prior to October 1, 1973, $6.25 multiplied by his Years of Credited Service for benefit payments due prior to February 1, 1972, becoming the sum of $6.25 multiplied by his Years of Credited Service prior to October 1, 1971 and $7.00 multiplied by his Years of Credited Service on and after October 1, 1971 for benefit payments due on and after February 1, 1972. |
(F) | With benefits payable commencing on or after October 1, 1973, the sum of $6.50 multiplied by his Years of Credited Service prior to October 1, 1971 and $7.00 multiplied by his Years of Credited Service on and after October 1, 1971. |
(G) | With benefits payable commencing on or after October 1, 1974, the sum of $7.50 multiplied by his Years of Credited Service prior to October 1, 1971 and $7.50 multiplied by his Years of Credited Service on and after October 1, 1971. |
(H) | With benefits payable commencing on or after October 1, 1975, the sum of $7.50 multiplied by his Years of Credited Service prior to October 1, 1971 and $8.00 multiplied by his Years of Credited Service on and after October 1, 1971. |
(I) | With benefits payable commencing on or after October 1, 1976, the sum of $7.50 multiplied by his Years of Credited Service prior to October 1, 1971 and $9.00 multiplied by his Years of Credited Service on and after October 1, 1971 and $10.00 multiplied by his Years of Credited Service on and after November 1, 1979. |
(A) | With benefits commencing on or after June 1, 1967 and prior to October 1, 1968, $6.25 multiplied by his Years of Credited Service, for any pension payments due for months commencing on and after February 1, 1972. |
(B) | With benefits payable commencing on or after October 1, 1968 and prior to October 1, 1971, $7.25 multiplied by his Years of Credited Service, for any pension payments due for months commencing on and after February 1, 1972. |
(C) | With benefits payable commencing on or after October 1, 1971 and prior to June 1, 1975, his Years of Credited Service multiplied by $6.25 for any pension payments due for months commencing on and after October 1, 1971 but prior to February 1, 1972 and by $8.00 for any pension payments due for months commencing on or after February 1, 1972. |
(D) | With benefits payable commencing on or after June 1, 1975 and prior to May 1, 1977, $9.00 multiplied by his Years of Credited Service for any pension payments due for months commencing on and after June 1, 1975. |
(E) | With benefits payable commencing on or after May 1, 1977, the sum of $9.00 multiplied by his Years of Credited Service prior to May 1, 1977 and $10.00 multiplied by his Years of Credited Service on and after May 1, 1977 for any pension payments due for months commencing on and after May 1, 1977. |
(F) | $11.00 multiplied by his Years of Credited Service on or after May 1, 1981 for any pension payments due for months commencing on and after May 1, 1981, $12.00 multiplied by his Years of Credited Service on and after May 5, 1982 for any pension payments due for months commencing on and after May 5, 1982, $13.00 multiplied by his Years of Credited Service on and after May 7, 1984 for any pension payments due for months commencing on and after May 7, 1984, $14.00 multiplied by his Years of Credited Service on and after May 6, 1985 for any pension payments due for months |
(G) | $17.00 multiplied by his Years of Credited Service with Target Rock Corporation, now known as Curtiss-Wright Flow Control Corporation, on or after August 1, 1994 for any pension payments due for months commencing on or after August 1, 1994. The benefit under this subparagraph (G) is only available for those union members who did not elect to participate in the Curtiss-Wright Corporation Savings and Investment Plan. |
(H) | $19.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after August 1, 1997 for any pension payments due for months commencing on or after August 1, 1997; |
(I) | $21.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after August 1, 1998, for any pension payments due for months commencing on or after August 1, 1998; |
(J) | $23.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2001, for any pension payments due for months commencing on or after January 1, 2001; |
(K) | $25.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2002, for any pension payments due for months commencing on or after January 1, 2002; |
(L) | $28.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2003, for any pension payments due for months commencing on or after January 1, 2003. |
(M) | $30.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2004, for any pension payments due for months commencing on or after January 1, 2004. |
(N) | $32.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2005, for any pension payments due for months commencing on or after January 1, 2005. |
(O) | $34.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2006, for any pension payments due for months commencing on or after January 1, 2006. |
(P) | $36.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2007, for any pension payments due for months commencing on or after January 1, 2007. |
(Q) | $38.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2008, for any pension payments due for months commencing on or after January 1, 2008. |
(R) | $41.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2009, for any pension payments due for months commencing on or after January 1, 2009. |
(S) | $47.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2012, for any pension payments due for months commencing on or after January 1, 2012. |
(T) | $49.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2013, for any pension payments due for months commencing on or after January 1, 2013. |
(U) | $51.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2014, for any pension payments due for months commencing on or after January 1, 2014. |
(V) | $54.00 multiplied by his years of Credited Service with Curtiss-Wright Flow Control Corporation on or after January 1, 2015, for any pension payments due for months commencing on or after January 1, 2015. |
(A) | With benefits commencing on or after January 1, 1996, $10.00 multiplied by his Years of Credited Service on or after January 1, 1996, for any pension payments due for months commencing on or after January 1, 1996; |
(B) | With benefits commencing on or after January 1, 2001, $20.00 multiplied by his Years of Credited Service on or after January 1, 2001, for any pension payments due for months commencing after January 1, 2001. |
(C) | With benefits commencing on or after January 1, 2003, $24 multiplied by his Years of Credited Service on or after January 1, 2003, or any pension payments due for months commencing after January 1, 2003. |
(D) | With benefits commencing on or after January 1, 2005, $28.00 multiplied by his Years of Credited Service on or after January 1, 2005, or any pension payments due for months commencing after January 1, 2005. |
(E) | With benefits commencing on or after January 1, 2009, $33.00 multiplied by his Years of Credited Service on or after January 1, 2009, or any pension payments due for months commencing after January 1, 2009. |
(A) | With benefits commencing on or after October 1, 1996, $6.50 multiplied by his Years of Credited Service on or after October 1, 1996, for any pension payments due for months commencing on or after October 1, 1996. |
(B) | With benefits commencing on or after January 1, 2000, $7.50 multiplied by his Years of Credited Service on or after January 1, 2000, for any pension payments due for months commencing on or after January 1, 2000. |
(C) | With benefits commencing on or after J January 1, 2001, $8.50 multiplied by his Years of Credited Service on or after January 1, 2001, for any pension payments due for months commencing on or after January 1, 2001. |
(D) | With benefits commencing on or after January 1, 2002, $9.50 multiplied by his Years of Credited Service on or after January 1, 2002, for any pension payments due for months commencing on or after January 1, 2002. |
(E) | With benefits commencing on or after January 1, 2005, $12.50 multiplied by his Years of Credited Service on or after January 1, 2005, for any pension payments due for months commencing on or after January 1, 2005. |
(F) | With benefits commencing on or after January 1, 2006, $15.00 multiplied by his Years of Credited Service on or after January 1, 2006, for any pension payments due for months commencing on or after January 1, 2006. |
(G) | With Benefits commencing on and after January 1, 2010, $18.00 multiplied by his years of credited service on and after |
(H) | With benefits commencing on and after January 1, 2013, $19.00 multiplied by his years of credited service on and after January 1, 2013, for any pension payments due for months commencing on and after January 1, 2013. |
(A) | With benefits commencing on or after November 1, 1996, $4.00 multiplied by his Years of Credited Service on or after November 1, 1996, for any pension payments due for months commencing on or after November 1, 1996. |
(B) | With benefits commencing on or after January 1, 2000, $5.00 multiplied by his Years of Credited Service on or after January 1, 2000, for any pension payments due for months commencing on or after January 1, 2000. |
(C) | With benefits commencing on or after January 1, 2001, $6.00 multiplied by his Years of Credited Service on or after January 1, 2001, for any pension payments due for months commencing on or after January 1, 2001. |
(D) | With benefits commencing on or after January 1, 2002, $8.00 multiplied by his Years of Credited Service on or after January 1, 2002, for any pension payments due for months commencing on or after January 1, 2002. |
(E) | With benefits commencing on or after January 1, 2005, $12.00 multiplied by his Years of Credited Service on or after January 1, 2005, for any pension payments due for months commencing on or after January 1, 2005. |
(F) | With benefits commencing on or after January 1, 2006, $15.00 multiplied by his Years of Credited Service on or after January 1, 2006 for any pension payments due for months commencing on or after January 1, 2006. |
(G) | With benefits commencing on or after January 1, 2013, $18.00 multiplied by his Years of Credited Service on or after January 1, 2013 for any pension payments due for months commencing on or after January 1, 2013. |
(A) | With benefits commencing on or after April 1, 1998, $3.00 multiplied by his years of credited service on or after April 1, 1998, for any pension payments due for months commencing on or after April 1, 1998. |
(B) | With benefits commencing on or after January 1, 2003, $6.00 multiplied by his years of credited service on or after January 1, 2003, for any pension payments due for months commencing on or after January 1, 2003. |
(C) | With benefits commencing on or after January 1, 2006, $9.00 multiplied by his years of credited service on or after January 1, 2006, for any pension payments due for months commencing on or after January 1, 2006. |
(D) | With benefits commencing on or after January 1, 2008, $12.00 multiplied by his years of credited service on or after January 1, 2008, for any pension payments due for months commencing on or after January 1, 2008. |
(E) | With benefits commencing on or after January 1, 2010, $15.00 multiplied by his years of credited service on or after January 1, 2010, for any pension payments due for months commencing on or after January 1, 2010. |
(F) | With benefits commencing on or after January 1, 2012, $18.00 multiplied by his Years of Credited Service on or after January 1, 2012 for any pension payments due for months commencing on or after January 1, 2012. |
(A) | With benefits commencing on or after June 1, 1999, $8.00 multiplied by his years of credited service on or after January 1, 1999, for any pension payments due for months commencing on or after June 1, 2001. |
(B) | With benefits commencing on or after January 1, 2001, $10.00 multiplied by his years of credited service on or after January 1, 2001, for any pension payments due for months commencing on or after January 1, 2001. |
(C) | With benefits commencing on or after January 1, 2003, $13.00 multiplied by his years of credited service on or after January 1, 2003, for any pension payments due for months commencing on or after January 1, 2003. |
(A) | With benefits commencing on or after May 1, 2001, $6.50 multiplied by his years of credited service on or after May 1, 2001, for any pension payments due for months commencing on or after May 1, 2001. |
(B) | With benefits commencing on or after January 1, 2007, $10.00 multiplied by his years of credited service on or after January 1, 2007, for any pension payments due for months commencing on or after January 1, 2007. |
(C) | With benefits commencing on or after January 1, 2010, $14.00 multiplied by his years of credited service on or after January 1, 2010, for any pension payments due for months commencing on or after January 1, 2010. |
(D) | With benefits commencing on or after January 1, 2013, $16.00 multiplied by his Years of Credited Service on or after January 1, 2013 for any pension payments due for months commencing on or after January 1, 2013. |
(E) | With benefits commencing on or after August 1, 2013, $18.00 multiplied by his Years of Credited Service on or after August 1, 2013, for any pension payments due for months commencing on or after August 1, 2013. |
(F) | With benefits commencing on or after August 1, 2014, $19.00 multiplied by his Years of Credited Service on or after August 1, 2014, for any pension payments due for months commencing on or after August 1, 2014. |
(G) | With benefits commencing on or after August 1, 2015, $20.00 multiplied by his Years of Credited Service on or after August 1, 2015, |
(i) | On or after January 1, 1989 any Participant described in Article 9.01 who has attained age fifty-five (55), but not age sixty-five (65), and who has five (5) or more Years of Credited Service (three (3) or more Years of Credited Service for purposes of vesting effective January 1, 2008) may retire at his option, and for any such Participant who retires with benefits which first could commence on or after October 1, 1965, the monthly pension payable to him shall be either: |
(A) | a pension commencing at age sixty-five (65) determined in accordance with Article 9.02(a) of the Plan and based upon his Credited Service at the time of his early retirement, or |
(B) | a pension commencing on the first day of the month selected by him at the time of his early retirement which is after such retirement and prior to age sixty-five (65), in an amount equal to the amount that would have been payable at age sixty-five (65) on the basis of his Credited Service at the time of early retirement, multiplied by the applicable percentage set forth in Schedule F. |
(i) | A Participant who retires under the provisions of paragraph (a)(v) and this paragraph (b) may elect to have his pension benefit otherwise payable to him under the provisions of paragraph (a)(v) or (e), as applicable, adjusted as follows: |
(A) | With respect to months for which a benefit is payable to the Participant up to and including the month he attains age 62, his pension benefit shall be equal to the sum of his benefit determined under paragraph (a)(v) or the reduced amount of such pension if he has a survivor benefit in accordance with paragraph (e), plus $100.00 reduced by 45/100 of 1% for each complete calendar month by which he is under age 62 at the date such early retirement benefits commence. |
(B) | With respect to months for which a benefit is payable to him following his attainment of age 62, an amount equal to the amount specified in (A) hereof less $100.00. |
(C) | Such election shall be made within the 90-day election period preceding the Participant’s Annuity Starting Date and in accordance with such administrative rules as the Administrative Committee shall prescribe in accordance with applicable law. |
(i) | A Participant described in Article 9.01 with at least five (5) Years of Credited Service (three (3) Years of Credited Service for purposes of vesting effective January 1, 2008) who is actually at work for the Company or is on an Company-approved Leave of Absence on or after January 1, 1989, who subsequent to September 15, 1952 becomes totally and permanently disabled prior to attaining age sixty-five (65), shall be eligible for a disability pension as hereinafter provided. |
(ii) | An Participant shall be deemed to be totally and permanently disabled, for purposes of this paragraph when on the basis of medical evidence satisfactory to the Company he is found to be wholly and permanently prevented from engaging in any occupation or employment for wage or profit as a result of bodily injury or disease, either occupational or non-occupational in cause, provided, however, that no Employee shall be deemed to be totally and permanently disabled for the purposes of the Plan if his disability resulted from an intentional self-inflicted injury, or a hostile act of a foreign power, or resulted from service in the Armed Forces of any country, unless his benefits could first commence on or after January 1, 1989, and he has accumulated five (5) Years of Credited Service since such hostile act or since leaving service in such Armed Forces. |
(iii) | The monthly pension payable to a disability pensioner shall be in accordance with Article 9.02(a) of the Plan, based on Credited Service at the date of disability. |
(iv) | In addition to the monthly pension provided for in subparagraph (iii), there shall be payable to a disability pensioner during the continuance of his total and permanent disability, until he attains age sixty-five (65), or, if earlier, until the date at which such disability pensioner becomes or could have become entitled to an unreduced Federal Social Security benefit for age or for disability, a monthly amount equal to: |
(A) | $5.20 multiplied by his Years of Credited Service at the date of disability, but not more than $130, with respect to a monthly pension that first could commence prior to October 1, 1968, |
(B) | $6.00 multiplied by his Years of Credited Service at the date of disability, but not more than $150, with respect to a monthly pension that first could commence on or after October 1, 1968, and |
(C) | $10.00 multiplied by his Years of Credited Service at the date of disability, but not more than $250, with respect to a monthly pension that first could commence on or after March 1, 1978. |
(v) | Any disability pensioner may be required to submit to medical examination at any time during retirement prior to age sixty-five (65), but not more often than semi-annually, to determine whether he is eligible for continuance of |
(i) | In the event a Participant in receipt of a pension under this paragraph (c) dies prior to his Normal Retirement Date, a survivor annuity shall be payable to his spouse provided the Participant had been married to his Spouse for at least one (1) year immediately prior to his date of death. In such event the survivor annuity shall be equal to the survivor benefit that would have been payable to the Spouse under paragraph (e)(iii) if such coverage had been in effect on the day preceding the Participant’s date of death. |
(i) | A Participant described in Article 9.01 who loses Credited Service in accordance with Article 9.03(c) of the Plan prior to the age at which he is eligible for early retirement in accordance with Article 9.02(b) of the Plan, shall be eligible for a deferred pension; provided, that: |
(A) | If such loss was on or after September 15, 1957 and prior to September 30, 1962, such Participant then had at least twenty (20) Years of Credited Service; or |
(B) | If such loss was on or after September 30, 1962 and prior to September 30, 1965, such Participant either: |
(1) | then had at least ten (10) Years of Credited Service and had attained his fortieth (40th) birthday; or |
(2) | then had at least twenty (20) Years of Credited Service accrued through (i) the calendar year 1962 or (ii) the date of his loss of Credited Service, whichever is earlier; or |
(C) | If such loss was on or after September 30, 1965, such Employee then had at least ten (10) Years of Credited Service; or |
(D) | If such loss was on or after January 1, 1989, such Employee then had at least five (5) Years of Credited Service. |
(ii) | The monthly amount of such deferred pension commencing at age sixty-five (65) for Employees eligible therefor in accordance with Article 9.02(a) of the Plan shall be as shown in Schedule G 1 for the Wood-Ridge Facility, Schedule G 2 for the Buffalo Facility, Schedule G 3 for the Curtiss-Wright Flight Systems Facility, and Schedule G 4 for the Target Rock Facility. The deferred pension rates for Marquette Metal Products Company facility are the same rates as shown in Article 9.02(a)(iv) for the Marquette Metal Products Company facility. |
(iii) | For Employees who became eligible for a deferred pension before January 1, 1976: |
(iv) | For Participants who became eligible for a deferred pension on or after January 1, 1976: |
(i) | A Participant who has attained age fifty-five (55), retiring with benefits payable commencing on or after January 1, 1989, in accordance with the normal, early or total and permanent disability retirement provisions of this Article, or a Participant who loses Seniority on or after January 1, 1989 and is eligible for a deferred pension benefit in accordance with paragraph (d), will, unless waived, receive an adjusted amount of monthly pension benefit to provide that, if his or her designated Spouse shall be living at his or her death, after the survivor benefit becomes effective, a survivor benefit shall be payable to such Spouse during his or her further lifetime. |
(A) | The Participant may designate as a beneficiary of a survivor benefit only the person who is his or her Spouse at such time and who has been his or her Spouse for at least one (1) year immediately prior to |
(B) | A Participant who is entitled to a total and permanent disability benefit prior to attaining age sixty-five (65) shall have such benefit adjusted to provide a survivor benefit, if not waived, effective the first day of the month following his sixty-fifth (65th) birthday. |
(C) | A survivor benefit shall be irrevocable at or after its effective date, if the Participant and the designated Spouse both shall be living at such time. |
(D) | The survivor benefit shall become effective, if not waived, on the commencement date of the Participant's monthly benefit and payable on and after the first day of the month following the pensioner's death. |
(ii) | For a Participant receiving a pension benefit with a survivor benefit adjustment in accordance with paragraph (i), the reduced amount of his monthly pension benefit referred to in paragraph (i) shall be equal to an amount determined by multiplying the monthly pension benefit otherwise payable to the Employee by ninety percent (90%), if the Participant's age and his designated Spouse's age are the same (the age of each for the purposes hereof being the age at his or her last birthday prior to the effective date of the survivor benefit); or, if such ages are not the same, such percentage shall be increased by one-half of one percent (1/2%), up to a maximum of one hundred percent (100%), for each year that the designated Spouse's age exceeds the Participant's age, and shall be decreased by one-half of one percent (1/2%) for each year that the designated Spouse's age is less than the Participant's age. |
(iii) | The survivor benefit payable in accordance with paragraph (i) to the surviving Spouse of a retired Participant who dies after such benefit becomes effective shall be a monthly benefit for the further lifetime of such surviving Spouse equal to one hundred percent (100%) (fifty-five percent (55%) prior to January 1, 2008) of the reduced amount of such Participant's monthly pension benefit as determined in accordance with Article 9.02(a) of the Plan for any such Participant with benefits payable commencing on or after October 1, 1965. |
(iv) | Effective August 23, 1984, a survivor benefit, if not waived, in the form of a Qualified Preretirement Survivor Annuity shall be paid to a surviving Spouse of a vested active Participant not eligible for early retirement, or of a vested deferred Participant who was credited with at last one (1) Hour of Service subsequent to August 22, 1984 and is not eligible for early retirement, commencing at the date the Participant would have been eligible for early retirement, and the amount of the pension otherwise payable to the Participant shall be reduced in accordance with the tables below. |
For Coverage While The Participant’s Age Is | Monthly Percentage |
under 35 | 0.01% |
35 - 45 | 0.02% |
45 - 54 and 11 months | 0.04% |
(v) | Effective August 23, 1984, a survivor benefit, may not be waived by the participant without the consent of the Participant's Spouse. Such consent for a waiver must be in writing and either notarized or witnessed by a member of the Board of Administration. Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of the Board of Administration that such written consent cannot be obtained because: |
(A) | there is no Spouse; |
(B) | the Spouse cannot be located; and |
(C) | of other circumstances if the Secretary of the Treasury may by regulation prescribe the participant's election to waive coverage will be considered valid if made within the Applicable Election Period. |
(vi) | In the event the Normal form survivor benefit provided for in Article 9.02(e)(iii) is properly waived, the benefit payable to a Participant shall be the Actuarial Equivalent of the retirement benefit otherwise payable to the Participant in the form of a Life Annuity. A Participant may, in the form and |
(i) | Pensions shall be paid monthly. The first monthly payment of an Participant's pension other than for total and permanent disability shall be on the first day of the month following the month in which the Participant actually retires or, in the case of early retirement, the later date selected by the Employee in accordance with paragraph (b)(i) or (ii), and the pension shall be payable monthly during his lifetime thereafter. |
(ii) | Total and permanent disability pensions shall be payable to the disability pensioner (A) on the first day of the month following the date the required proof of such disability is received by the Company, or (B) the first day of the month following the completion of a period of total and permanent disability of six (6) months, whichever is later, and thereafter shall be payable monthly during the continuance of total and permanent disability while he remains eligible for such benefits. |
(iii) | In determining the pension payable to any pensioner, a deduction shall be made equivalent to all or any part of the following benefits payable to such pensioner by reason of any law of the United States, or any political subdivision thereof, which has been or shall be enacted; provided, that such deduction shall be to the extent that such benefits have been provided by premiums, taxes or other payments paid by or at the expense of the Company: |
(A) | Workers' Compensation (except fixed statutory payments for loss of any bodily member); provided, however, that this subparagraph shall not be applicable with respect to the monthly pension payable to any pensioner for months commencing on and after October 1, 1965 except as provided in subparagraph (C) below. |
(B) | Disability benefits, other than a Primary Insurance Amount payable under the Federal Social Security Act as now in effect or as hereafter amended, or a benefit specified in subparagraph (ii) above. |
(C) | Workers' Compensation (including hearing, pulmonary, ocular, and other occupational disease and accident claims, but excluding statutory payments for loss of any physical or bodily members such as a leg, arm or finger) for Workers' Compensation awards granted subsequent to March 1, 1978, for Wood-Ridge and Nuclear, January 9, 1978 for Caldwell facility, May 5, 1978 for Target Rock, and August 1, 1988 for Buffalo. |
(i) | If a Participant who has a vested interest in his retirement benefit dies before payment of his benefits commence, then his surviving spouse shall be entitled to receive a benefit under this Article 9.02. The benefit shall be equal to the amount the Participant would have received pursuant to this Article 9.02, if the benefit to which Participant had been entitled at his date of death had commenced in the form described in paragraph (e) of a joint and survivor annuity in the month next following the month in which his Normal Retirement Date had occurred (or next following the month in which his date of death occurred, if later). The benefit payable hereunder shall commence as of the first day of the month following the later of the Participant’s Normal Retirement Date would have occurred. However, the Participant’s Spouse may elect to begin receiving payments as of the first day of any earlier month following the later of the month in which occurs the Participant’s death or the date the Participant would have attained age 55. If the Beneficiary elects to commence receipt of payment prior to the Participant’s 55th birthday, the reduction for early commencement shall be the Actuarial Equivalent from age 65. |
(ii) | Upon the death of a pensioner who retired with benefits which first could commence on or after October 1, 1965 in accordance with the early, normal, |
(iii) | Payment of the death benefit after retirement shall be made in a lump sum to a surviving beneficiary designated by the pensioner or, otherwise, to his estate. |
(iv) | There shall be no lump sum death benefit under the Plan at any time by reason of the death of a Participant eligible for, or in receipt of, a deferred pension as provided for in Article 9.02(d) of the Plan. |
(i) | Metal Improvement Company, LLC - Columbus Division. The following provisions shall apply to any Participant described in Section 9.01 who, as of April 2, 2012, is employed at the Columbus, Ohio facility of Metal Improvement Company, LLC and represented for purposes of collective bargaining by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) and its Local Union No. 1588 (a “Columbus Participant”). |
(i) | Each Columbus Participant shall be 100% vested in his benefits without regard to his Vesting Years of Service. |
(ii) | For purposes of determining all benefits payable under the Plan, the Credited Service for any Columbus Participant shall include the period through December 31, 2013. |
(iii) | For purposes of determining eligibility for early retirement benefits under Article 9.02(b), any Columbus Participant who attains age 55 before December 31, 2013 shall be deemed to be age 55 on April 2, 2012, provided that in no event shall any such Columbus Participant be entitled to receive a pension commencing before the first day of the month following his 55th birthday. |
9.03 | Credited Service. |
(i) | Credited Service prior to September 15, 1952 shall be computed to the nearest one-tenth (1/10) year and shall be the sum of: |
(A) | the number of years following the Participant's Seniority date with the Company and preceding September 15, 1952, plus |
(B) | any period or periods of Service as an hourly or salaried employee of the Company preceding the Participant's Seniority date with the Company, provided that if there was an interval equal to two (2) years or more between periods of employment with the Company beginning with the last day of active Service in the employment immediately preceding such interval, no Service prior to such interval shall be counted, except this provision shall not apply to any such interval commencing on or after August 1, 1945, and ending on or before December 31, 1949. |
(i) | Subparagraph (A) shall be applicable for the period of time prior to January 1, 1976. Subparagraphs (B) and (C) shall be applicable to the period of time subsequent to January 1, 1976. |
(A) | For purposes of vesting and for purposes of accrual of benefits prior to January 1, 1976, Credited Service, commencing with September 15, 1952 and thereafter, shall be computed for each calendar year for each Participant on the basis of total hours compensated by the Company during such calendar year and prior to his attaining age sixty-eight (68). Any calendar year in which the Employee has one thousand seven hundred (1,700) or more compensated hours shall be counted a full calendar year. Where his total hours compensated during a calendar year are less than one thousand seven hundred (1,700) hours, a proportionate credit shall be given to the nearest one-tenth (1/10) of a year. For the calendar year 1952, no more than a year's credit will be given including credit for Service prior to September 15, 1952. |
(B) | For the purpose of vesting only, Credited Service commencing with January 1, 1976 shall be computed for each calendar year for each Participant on the basis of total hours compensated by the Company during such calendar year. Any calendar year in which the Participant has one thousand (1,000) or more compensated hours shall be counted a full calendar year. Where his total hours compensated during a calendar year are less than one thousand (1,000) hours, a proportionate credit shall be given to the nearest one-tenth (1/10) of a year. |
(C) | For the purpose of accrual of benefits after January 1, 1976, subparagraph (A) shall continue to apply. |
(ii) | For the purpose of computing Credited Service, hours of pay at premium rate shall be computed as straight time hours. |
(iii) | For the purpose of computing compensated hours under subparagraph (i) of this Article 9.03(b), a Participant who, after September 15, 1952, shall be absent from work because of occupational injury or disease incurred in the course of his employment with the Company, and on account of such absence receives Workers' Compensation while on Company approved Leave of Absence, shall be credited with the number of hours that he would have been regularly scheduled to work during such absence, provided that no Participant shall be credited with Service under this paragraph after retirement. |
(iv) | Any Employee who may be transferred subsequent to September 15, 1952 from employment that is not eligible for the benefits of the Plan, to employment that is eligible for such benefits, shall have credited to the nearest one-tenth (1/10) of a year any Credited Service he had as of the date of such transfer, for purposes of vesting; provided, that there shall be no duplication of Credited Service, nor, Credited Service of more than one (1) year in respect to any calendar year. |
(v) | A Participant who has Seniority and who: |
(A) | leaves the employment of the Company to enter the Armed Forces of the United States and retains re-employment rights with the Company under the re-employment provisions of the Universal Military Training and Service Act of 1948, as amended, or any other law protecting his right to reemployment and who, during the period he retains such re-employment rights, returns to work for the Company or reports to the Company and is given leave of absence or laid off status, shall be credited with Future Service at the rate of forty (40) hours per week during the period he would normally have worked for the Company during the period he was in the Armed Forces (or the number of hours that the Company is regularly scheduled to work if less than forty (40) hours), or |
(B) | after September 30, 1968, is given a medical leave of absence approved by the Company, shall be credited with Future Service at the rate of forty (40) hours per week during the period he would normally have worked for the Company while on such medical leave of absence; provided, that the Participant otherwise had at least one hundred seventy (170) compensated hours during the calendar year in which such medical leave of absence commenced, except this subparagraph shall not apply to any absence to which paragraph (iii) would apply. |
(i) | After September 15, 1952, a Participant will lose all Credited Service for purposes of the Plan and if re-employed shall be considered as a new Employee of the Company for purposes of the Plan: |
(A) | if the Participant quits, |
(B) | if the Participant is discharged or released, |
(C) | if the Participant loses his Seniority for any other reason. |
(ii) | Effective January 1, 1976 for purposes of vesting and accrual of benefits, any Employee under the Plan whose employment is terminated and is later re-employed by the Company will be entitled to Credited Service as follows: |
(A) | if entitled to a vested benefit at the time of termination, the pre-break and post-break Service will be aggregated; |
(B) | if not entitled to a vested benefit at the time of termination, the pre-break and post-break Service subsequent to January 1, 1976 will be aggregated only if his period of absence is less than five (5) years. |
(d) | Restoration of Lost Credited Service. |
(i) | Anything in the Plan to the contrary notwithstanding, any Participant who has Seniority with the Company on or after September 30, 1968 will be entitled to have any Credited Service with such Company, which he previously lost in accordance with Article 9.03(c)(i) or (ii), restored for purposes of entitlement to and computation of any benefit under the Plan, provided that: |
(A) | In the case of a Participant who lost such Credited Service prior to October 1, 1968 and who (i) has Seniority on September 30, 1968, such Participant applies to such Company for restoration of such lost Service prior to July 1, 1969 or (ii) does not have Seniority on September 30, 1968 but thereafter acquires Seniority, such Participant applies for restoration of such lost Credited Service within ninety (90) days of re-employment by such Company. |
(B) | Effective January 1, 1976 any Participant having Seniority with the Company on or after January 1, 1976 will be entitled to have any Credited Service with the Company which he had previously lost in accordance with Article 9.03(c) of the Plan restored automatically. |
(ii) | Effective January 1, 1976, any Employee included in Article 9.03(c)(i)(B) and (ii)(B) shall be entitled to the benefit specified in this paragraph (d). |
(e) | Notwithstanding any provision hereof to the contrary, for the purpose of determining whether a Participant who is described in Article 9.01 shall be fully vested in the benefit determined in accordance with Article 9.02, all periods of employment |
9.04 | Definitions. |
(a) | "Board of Administration" means equal members which shall be appointed by the Company and equal members which shall be appointed by the respective union. Such Board of Administration shall have the powers enumerated in the collective bargaining agreements providing for participation in the Plan. |
(b) | "Salaried or Hourly Employee" means an Employee who is carried on the payroll records of the Company as receiving Compensation on a weekly, bi-weekly, semi-monthly, monthly or annual basis. |
(c) | "Seniority" shall have the meaning as defined under the applicable collective bargaining agreement. |
10.01 | Merger Date. |
10.02 | Eligibility. |
(a) | Notwithstanding any other provision of this Plan to the contrary, a non-union Employee of either Metal Improvement Company, Inc. or Curtiss-Wright Flight Systems/Shelby, Inc. employed by said companies on August 31, 1994 shall become a Participant of this Plan on the Merger Date. |
(b) | Any future Employee of Metal Improvement Company, Inc. or Curtiss-Wright Flight Systems/Shelby, Inc. shall be eligible to participate in the Plan as of the Entry Date (as defined in Schedule J) coinciding with or next following the date he completes his Year of Eligibility Service. Effective January 1, 2005, employees enter the Plan following completion of one Year of Service in accordance with Article 2.01. |
10.03 | Retirement Benefits. |
(a) | With respect to a "participant" in either of the Merged Plans who retired, died, became disabled, or terminated Service with "vested benefits" under either of the Merged Plans prior to September 1, 1994 (irrespective of whether benefits have commenced as of that date), the Plan will pay to, or in respect of, that "participant" the benefits provided under the applicable section of the respective Merged Plan in accordance with the terms thereof (and that person shall have no rights under the other terms of this Plan). |
(b) | With respect to a Participant who satisfies the eligibility requirements of Article 10.02, if he retires, dies, becomes disabled or terminates Service on or after September 1, 1994, the Plan will pay to, or in respect of, that Participant the benefits provided under Articles 4, 6 and 8 in accordance with Articles 4, 6, 7 and 8. |
(c) | For purposes of determining a Participant's benefits under this Article 10, a Participant shall be credited with his participation in the respective Merged Plan as of August 31, 1994. |
(d) | Notwithstanding any provision in this Plan to the contrary, any former participant under the Metal Improvement Company, Inc. Retirement Income Plan shall not qualify for a death benefit under Article 8.02. |
10.04 | Prior Accrued Benefit. |
10.05 | Vesting. |
(a) | With respect to a Participant who satisfies the eligibility requirements of Article 10.02 of the Plan, he shall be vested in his retirement benefits in accordance with Article 5 of the Plan. |
(b) | Notwithstanding the provisions of Article 5 of the Plan, the vesting percentage of a Participant, who is described in paragraph (a) and who was a participant in either of the Merged Plans as of August 31, 1994 in his or her retirement benefit shall not be less than the vesting percentage as provided under the terms of the respective Merged Plan. |
(c) | For purposes of Article 5 of the Plan, a Participant who is described in paragraph (a) shall receive vesting credit for his number of full Years of Service under the terms of the respective Merged Plan as of August 31, 1994, and his number of Hours of Service for the period from January 1, 1994 to August 31, 1994, to the extent credited for vesting purposes under the respective Merged Plan as of August 31, 1994. |
10.06 | Transfer of Assets. |
11.01 | Plan Administrator. |
11.02 | Administrative Committee's Authority and Powers. |
(a) | interpret, construe, and apply the provisions of the Plan and Trust Agreement, and any construction adopted by the Administrative Committee in good faith shall be final and binding; |
(b) | adopt Plan amendments that (1) are required by ERISA or other applicable law or regulation governing qualification of employee benefit plans, or are necessary for Plan administration, and which do not materially increase costs to the Plan or the Company or materially change Participants' benefits under the Plan, (2) implement special rules for acquisitions, sales, and other dispositions, or (3) clarify ambiguous or unclear Plan provisions; provided that such amendments will be made in writing and will be made according to procedures established by the Administrative Committee; |
(c) | review appeals from the denial of benefits; and |
(d) | manage the cost and financial aspects of the Plan. |
11.03 | Delegation of Duties. |
11.04 | Compensation. |
11.05 | Exercise of Discretion. |
11.06 | Fiduciary Liability. |
(d) | any neglect, omission or wrongdoing of any other member of the Administrative Committee. |
11.07 | Indemnification by Company. |
11.08 | Plan Participation by Fiduciaries. |
11.09 | Payment of Expenses. |
12.01 | Amendment. |
(a) | no amendment that affects the rights and obligations of the Trustee shall be effective without the written consent of the Trustee, unless such amendment is necessary for the qualification of the Plan under Section 401(a) of the Code or to avoid actual or potential liability of the Company with respect to the Plan, including, without limitation, liability to make future contributions; |
(b) | no amendment shall cause the Trust Fund to be used other than for the exclusive benefit of Participants and their Beneficiaries; |
(c) | if any amendment changes the vesting provisions of the Plan, within sixty (60) days after receiving written notice of such amendment, or such longer period as may be prescribed by Section 411 of the Code or the regulations promulgated thereunder, a Participant who has completed at least three (3) Years of Service may file with the Administrative Committee an election to have his vested interest in his retirement benefit computed under the Plan's vesting provisions as applicable to such Participant immediately prior to the amendment; and |
(d) | any party will be protected in assuming that this Agreement has not been amended until such party has received written notice of the amendment. |
12.02 | Procedure for Amendment. |
12.03 | Company's Right to Terminate Plan. |
12.04 | Consequences of Termination. |
(a) | If the Plan is terminated in whole or in part, or if Company contributions are completely discontinued, each Participant affected by such termination or discontinuance shall be fully vested in his retirement benefit as of the date of such termination or discontinuance of Company contributions. The Administrative Committee shall determine the date and manner of distribution of the retirement benefits of all affected Participants. |
(b) | The Administrative Committee shall give prompt notice to each Participant or, if deceased, his Beneficiary affected by the Plan's complete or partial termination, or the discontinuance of Company contributions. |
(c) | The balance, if any, of the residual assets held by the Trust Fund after all liabilities have been extinguished, shall revert to the Company, but only after the satisfaction of liabilities with respect to the Participants under the Plan. |
12.05 | Special Restrictions on Benefits. |
(a) | After payment of the benefit, the value of Plan assets equals or exceeds 110% of the value of current liabilities (as defined in Section 412(l) of the Code); or |
13.01 | Merger or Transfer. |
13.02 | Transfer from Trust. |
13.03 | Transfer to Trust and Transfer Account. |
(a) | At a Participant's request, the Administrative Committee shall instruct the Trustee to accept a transfer of assets from another qualified plan described in Section 401(a) of the Code which assets are attributable to the Participant's interest in such |
(b) | Any portion of the Transfer Account (whether the whole, the lesser amount or none) may be commingled with other assets of the Trust Fund for investment. In any event, the balance in the Transfer Account shall be adjusted to reflect its proportionate share of the Trust Fund's earnings, gains, losses and expenses. |
(c) | Unless the Participant has elected otherwise in the form and manner prescribed by the Administrative Committee, payment of the Transfer Account shall be made at the same time and in the same form as the retirement benefit and shall be in addition to the retirement benefit. |
(d) | A Participant's interest in his Transfer Account shall be at all times and in all events fully vested and nonforfeitable. |
(e) | The Participant's account will continue to retain all rights and protections ascribed to it pursuant to Section 411(d)(6) of the Code. |
14.01 | Effective Date. |
14.02 | Determination of Top-Heavy Status. |
(i) | If the top-heavy ratio for this Plan exceeds sixty (60%) percent and this Plan is not part of any required aggregation group or permissive aggregation group of plans. |
(ii) | If this Plan is a part of a required aggregation group of plans but not part of a permissive aggregation group and the top-heavy ratio for the group of plans exceeds sixty (60%) percent. |
(iii) | If this Plan is a part of a required aggregation group and part of a permissive aggregation group of plans and the top-heavy ratio for the permissive aggregation group exceeds sixty (60%) percent. |
(b) | For purposes of this Article, the following terms shall have be defined as follows: |
(A) | If the Company maintains one or more defined benefit plans and the Company has not maintained any defined contribution plans which during the five (5) year period ending on the determination date(s) |
(B) | If the Company maintains one or more defined contribution plans and the Company maintains or has maintained one or more defined benefit plans which during the five (5) year period ending on the determination date(s) has or has had any retirement benefits, the top-heavy ratio for any required or permissive aggregation group as appropriate is a fraction, the numerator of which is the sum of account balances under the aggregated defined contribution plan or plans for all Key Employees, determined in accordance with (a) above, and the present value of retirement benefits under the aggregated defined benefit plan or plans for all Key Employees as of the determination date(s), and the denominator of which is the sum of the account balances under the aggregated defined contribution plan or plans for all Participants, determined in accordance with (a) above, and the present value of retirement benefits under the defined benefit plan or plans for all Participants as of the determination date(s), all determined in accordance with Section 416 of the Code and the regulations thereunder. The retirement benefits under a defined benefit plan in both the numerator and denominator of the top-heavy ratio are increased for any distribution of a retirement benefit made in the five (5) year period ending on the determination date. In determining the present values of retirement benefits under the Plan for an employee as of the applicable determination date, the numerator and denominator shall be increased by the distributions made with respect to the employee under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the one-year period (five-year period in the case of a distribution |
(C) | For purposes of subparagraphs (A) and (B) the value of account balances and the present value of retirement benefits will be determined as of the most recent valuation date that falls within or ends with the twelve (12) month period ending on the determination date, except as provided in Section 416 of the Code and the regulations thereunder for the first and second Plan Years of a defined benefit plan. The account balances and retirement benefits of a Participant (1) who is not a Key Employee but who was a Key Employee in a prior year, or (2) who has not performed services for any Company maintaining the Plan at any time during the one-year period ending on the applicable determination date will be disregarded. The calculation of the top-heavy ratio, and the extent to which distributions, rollovers, and transfers are taken into account will be made in accordance with Section 416 of the Code and the regulations thereunder. Deductible employee contributions will not be taken into account for purposes of computing the top-heavy ratio. When aggregating plans the value of account balances and retirement benefits will be calculated with reference to the determination dates that fall within the same calendar year. |
(A) | Each qualified plan of the Company in which at least one Key Employee participates or participated at any time during the determination period (regardless of whether the Plan has terminated), and |
(B) | any other qualified plan of the Company which enables a plan described in subparagraph (A) to meet the requirements of Section 401(a)(4) or 410 of the Code. |
14.03 | Minimum Benefit. |
(a) | Notwithstanding any other provision in the Plan to the contrary, except as otherwise provided in paragraphs (c), (d) and (e) below, a Participant who is a Non-Key Employee and has completed one thousand (1,000) Hours of Service will accrue a benefit (to be provided solely by the Company contributions and expressed as a Life Annuity commencing at Normal Retirement Age) of not less than two (2%) |
(b) | For purposes of computing the minimum retirement benefit, Compensation shall mean Compensation as defined in Article 1.12 of the Plan. |
(c) | The provision in paragraph (a) shall not apply to any Participant to the extent the Participant is covered under any other plan or plans of the Company. Such other plan or plans must provide a minimum two (2%) percent top heavy Benefit Accrual or a five (5%) percent top-heavy contribution. |
(d) | All accruals of employer-derived benefits, whether or not attributable to years for which the Plan is top heavy, may be used in computing whether the minimum accrual requirements of paragraph (c) are satisfied. |
14.04 | Minimum Vesting. |
Vesting Years of Service as of Date of Termination: | Nonforfeitable Percentage: |
Less than 3 | 0% |
3 or more | 100% |
15.01 | Trust Fund Sole Source of Payments for Plan. |
15.02 | Exclusive Benefit. |
15.03 | Binding Effect. |
15.04 | Nonalienation. |
(a) | Except as required by any applicable law or by paragraph (c), no benefit under the Plan shall in any manner be anticipated, assigned or alienated, and any attempt to do so shall be void. However, payment shall be made in accordance with the provisions of any judgment, decree, or order which: |
(i) | creates for, or assigns to, a spouse, former spouse, child, or other dependent of a Participant the right to receive all or a portion of the Participant’s benefits under the Plan for the purpose of providing child support, alimony payments, or marital property rights to that spouse, former spouse, child, or dependent, |
(ii) | is made pursuant to a State domestic relations law, |
(iii) | does not require the Plan to provide any type of benefit, or any option, not otherwise provided under the Plan, and |
(iv) | otherwise meets the requirements of Section 206(d) of ERISA, as amended, as a “qualified domestic relations order,” as determined by the Administrative Committee. |
(b) | If the present value of any series of payments meeting the criteria set forth in (a)(i) through (a)(iv) above amounts to $5,000 or less, a lump sum payment of the Actuarial Equivalent of such benefit, determined in the manner described in Article 7.05, shall be made in lieu of the series of payments. |
(c) | A Participant’s benefits under the Plan shall be offset by the amount the Participant is required to pay to the Plan under the circumstances set forth in Section 401(a)(13)(C) of the Code. |
(d) | A Participant’s benefit under the Plan shall be distributed as required because of the enforcement of a federal tax levy made pursuant to Section 6331 of the Code or the collection by the United States on a judgment resulting from an unpaid tax assessment. |
15.05 | Claims Procedure. |
(a) | set forth the specific reasons for the denial, making reference to the pertinent provisions of the Plan or the Plan documents on which the denial is based; |
(b) | describe any additional material or information that should be received before the claim may be acted upon favorably, and explain why such material or information, if any, is needed; and |
(c) | inform the person making the claim of his right pursuant to this Article to request review of the decision by the Administrative Committee. |
15.06 | Location of Participant or Beneficiary Unknown. |
15.07 | Applicable Law. |
15.08 | Rules of Construction. |
15.09 | Trust Fund Applicable Only to Payment of Benefits. |
(a) | Vesting Service. An Employee’s Vesting Years of Service shall be determined on the basis of his period of employment with the Company and all Affiliated Companies (unless otherwise specified in Schedule J). |
(b) | Credited Service for Purposes of Determining Eligibility for Benefits. For purposes of determining an Employee’s eligibility for benefits under the Plan (but not the |
(c) | Eligibility for Benefits. Upon an Employee’s termination of employment with the Company and all Affiliated Companies, an Employee shall be entitled to a Normal, Early, Disability or Vested Retirement Benefit under the applicable provisions of the Plan if, at the time of his termination of employment, he has satisfied the age, service, and any other requirements of the Plan for such benefit. |
(i) | If an Employee who is accruing benefits under the provisions of Article 6 is transferred to a position with the Company or to an Affiliated Company and on account of such transfer the Employee would be ineligible to accrue further benefits under the provisions of Article 6, the following provisions shall apply: |
(A) | Credited Service for Benefit Accrual Purposes. All service with the Company or an Affiliated Company in such transferred position shall be included in determining the Employee’s years of Credited Service for purposes of determining the amount of the Employee’s benefit under Article 6 except that any service rendered while the Employee is eligible to accrue benefits under Article 9, would be eligible to accrue benefits under Article 9 but for the fact that his employment is covered by a collective bargaining agreement to which the Company is a party and that does not provide for coverage under the Plan or is eligible to participate in another qualified defined benefit pension plan shall be excluded. |
(B) | Average Compensation. Compensation (as defined in Article 1.12) paid by the Company or an Affiliated Company to the Employee while employed in such transferred position shall be included in determining an Employee’s Average Compensation. |
(ii) | If an Employee who is accruing benefits under the provisions of Article 4 is transferred to a position with the Company or to an Affiliated Company and on account of such transfer the Employee would be ineligible to accrue further benefits under the provisions of Article 4, benefits shall continue to accrue under the provisions of Article 4 after the date of transfer except that if the Employee is transferred to a position in which he is eligible to participate in a qualified defined contribution plan which provides for employer contributions (other than salary deferrals under Section 401(k) of the Code) the Employee shall cease to accrue benefits under Article 4.02 based on Compensation paid to the Employee by the Company or an Affiliated Company while in the transferred position. |
(iii) | If an Employee who is accruing benefits under the provisions of Article 9 is transferred to a position with the Company or to an Affiliated Company in |
(iv) | If an Employee is transferred from a position that is ineligible to accrue benefits under the provisions of Article 4, 6 or 9 to a position that is eligible to accrue benefits under one of those Articles, the following provisions shall apply: |
(A) | Compensation paid to such Employee prior to the date of transfer shall be disregarded in determining the amount of the Employee’s benefit under Article 4 or 6, as applicable, unless the Employee is transferred from a position eligible to accrue benefits under Article 9 in which case Compensation paid to the Employee while covered by Article 9 shall be recognized in determining the Employee’s Average Compensation under Article 6, if applicable. |
(B) | For purposes of determining the amount of an Employee’s benefit under Article 4, 6 or 9, service rendered prior to the date the Employee became employed in a position eligible to accrue benefits under Article 4, 6 or 9 shall be disregarded in determining the Employee’s Credited Service under the applicable Article. |
(C) | Post-January 31, 2010 Transfers. An Employee who is transferred after January 31, 2010 from a position that is ineligible to accrue benefits under the provisions of Article 4, 6 or 9 to a position that is eligible to accrue benefits under Article 4 or 6 shall only be eligible to accrue benefits in accordance with Article 4 and any other benefits not specifically excluded in the preceding sentence. |
(e) | Transfers Involving a Non-U.S Affiliated Company. Notwithstanding the preceding provisions of this Article 16, any period of employment with a non-U.S. Affiliated Company shall be recognized solely for the purpose of determining an Employee’s Vesting Years of Service under subparagraph (i) above [and for purposes of determining an Employee’s eligibility for benefits under subparagraph (ii)]. Such period of employment shall be excluded in determining the amount of a Participant’s benefit under paragraph (d) and any Compensation paid during such period of employment shall likewise be excluded. In the case of an Employee described in Section 2.01(h), any compensation paid by the non-U.S. Affiliated Company shall be excluded in determining the amount of his benefits under the Plan, and Average Compensation shall be determined pursuant to Section 1.06 by disregarding the Employee’s period of employment with the non-U.S. Affiliated Company. |
AGE | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 |
0/12 | .75000 | .78000 | .81000 | .84000 | .87000 | .90000 | .92000 | .94000 | .96000 | .98000 |
1/12 | .75250 | .78250 | .81250 | .84250 | .87250 | .90167 | .92167 | .94167 | .96167 | .98167 |
2/12 | .75500 | .78500 | .81500 | .84500 | .87500 | .90333 | .92333 | .94333 | .96333 | .98333 |
3/12 | .75750 | .78750 | .81750 | .84750 | .87750 | .90500 | .92500 | .94500 | .96500 | .98500 |
4/12 | .76000 | .79000 | .82000 | .85000 | .88000 | .90667 | .92667 | .94667 | .96667 | .98667 |
5/12 | .76250 | .79250 | .82250 | .85250 | .88250 | .90833 | .92833 | .94833 | .96833 | .98833 |
6/12 | .76500 | .79500 | .82500 | .85500 | .88500 | .91000 | .93000 | .95000 | .97000 | .99000 |
7/12 | .76750 | .79750 | .82750 | .85750 | .88750 | .91167 | .93167 | .95167 | .97167 | .99167 |
8/12 | .77000 | .80000 | .83000 | .86000 | .89000 | .91333 | .93333 | .95333 | .97333 | .99333 |
9/12 | .77250 | .80250 | .83250 | .86250 | .89250 | .91500 | .93500 | .95500 | .97500 | .99500 |
10/12 | .77500 | .80500 | .83500 | .86500 | .89500 | .91667 | .93667 | .95667 | .97667 | .99667 |
11/12 | .77750 | .80750 | .83750 | .86750 | .89750 | .91833 | .93833 | .95833 | .97833 | .99833 |
Age | Factor | Age | Factor |
66 | 1.1049 | 71 | 1.9071 |
67 | 1.2244 | 72 | 2.1505 |
68 | 1.3608 | 73 | 2.4355 |
69 | 1.5175 | 74 | 2.7710 |
70 | 1.6980 | 75 | 3.1687 |
Twelfths of Year | AGE | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 |
0/12 | .50000 | .53333 | .56667 | .60000 | .63333 | .66667 | .73333 | .80000 | .86667 | .93333 | |
1/12 | .50278 | .53611 | .56945 | .60278 | .63611 | .67222 | .73889 | .80556 | .87222 | .93889 | |
2/12 | .50556 | .53889 | .57222 | .60556 | .63889 | .67778 | .74444 | .81111 | .87778 | .94444 | |
3/12 | .50833 | .54167 | .57500 | .60833 | .64167 | .68333 | .75000 | .81667 | .88333 | .95000 | |
4/12 | .51111 | .54445 | .57778 | .61111 | .64445 | .68889 | .75556 | .82222 | .88889 | .95556 | |
5/12 | .51389 | .54722 | .58056 | .61389 | .64722 | .69444 | .76111 | .82778 | .89444 | .96111 | |
6/12 | .51667 | .55000 | .58333 | .61667 | .65000 | .70000 | .76667 | .83333 | .90000 | .96667 | |
7/12 | .51944 | .55278 | .58611 | .61944 | .65278 | .70556 | .77222 | .83889 | .90556 | .97222 | |
8/12 | .52222 | .55556 | .58889 | .62222 | .65556 | .71111 | .77778 | .84444 | .91111 | .97778 | |
9/12 | .52500 | .55833 | .59167 | .62500 | .65833 | .71667 | .78333 | .85000 | .91667 | .98333 | |
10/12 | .52778 | .56111 | .59444 | .62778 | .66111 | .72222 | .78889 | .85556 | .92222 | .98889 | |
11/12 | .53056 | .56389 | .59722 | .63056 | .66389 | .72778 | .79444 | .86111 | .92778 | .99444 |
Twelfths of Year | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 |
0/12 | 28.0% | 35.2% | 42.4% | 49.6% | 56.8% | 64.0% | 71.2% | 78.4% | 85.6% | 92.8% |
1/12 | 28.6 | 35.8 | 43.0 | 50.2 | 57.4 | 64.6 | 71.8 | 79.0 | 86.2 | 93.4 |
2/12 | 29.2 | 36.4 | 43.6 | 50.8 | 58.0 | 65.2 | 72.4 | 79.6 | 86.8 | 94.0 |
3/12 | 29.8 | 37.0 | 43.2 | 51.4 | 58.6 | 65.8 | 73.0 | 80.2 | 87.4 | 94.6 |
4/12 | 30.4 | 37.6 | 44.8 | 52.0 | 59.2 | 66.4 | 73.6 | 80.8 | 88.0 | 95.2 |
5/12 | 31.0 | 38.2 | 45.4 | 52.6 | 59.8 | 67.0 | 74.2 | 81.4 | 88.6 | 95.8 |
6/12 | 31.6 | 38.8 | 46.0 | 53.2 | 60.4 | 67.6 | 74.8 | 82.0 | 89.2 | 96.4 |
7/12 | 32.2 | 39.4 | 46.6 | 53.8 | 61.0 | 68.2 | 75.4 | 82.6 | 89.8 | 97.0 |
8/12 | 32.8 | 40.0 | 47.2 | 54.4 | 61.6 | 68.8 | 76.0 | 83.2 | 90.4 | 97.6 |
9/12 | 33.4 | 40.6 | 47.8 | 55.0 | 62.2 | 69.4 | 76.6 | 83.8 | 91.0 | 98.8 |
10/12 | 34.0 | 41.2 | 48.4 | 55.6 | 62.8 | 70.0 | 77.2 | 84.4 | 91.6 | 98.8 |
11/12 | 34.6 | 41.8 | 49.0 | 56.2 | 63.4 | 70.6 | 77.8 | 85.0 | 92.2 | 99.4 |
PENSIONER | BENEFICIARY | ||||||
MEN | WOMEN | MEN | WOMEN | 100% | 50% | 75% | 66% |
65 | 0 | 0 | 35 | 0.6491 | 0.7872 | 0.7115 | 0.7350 |
65 | 0 | 0 | 36 | 0.6518 | 0.7892 | 0.7139 | 0.7373 |
65 | 0 | 0 | 37 | 0.6546 | 0.7912 | 0.7164 | 0.7397 |
65 | 0 | 0 | 38 | 0.6575 | 0.7934 | 0.7191 | 0.7423 |
65 | 0 | 0 | 39 | 0.6607 | 0.7956 | 0.7219 | 0.7449 |
65 | 0 | 0 | 40 | 0.6640 | 0.7981 | 0.7249 | 0.7477 |
65 | 0 | 0 | 41 | 0.6675 | 0.8006 | 0.7280 | 0.7507 |
65 | 0 | 0 | 42 | 0.6711 | 0.8032 | 0.7312 | 0.7537 |
65 | 0 | 0 | 43 | 0.6749 | 0.8059 | 0.7347 | 0.7569 |
65 | 0 | 0 | 44 | 0.6790 | 0.8088 | 0.7382 | 0.7603 |
65 | 0 | 0 | 45 | 0.6832 | 0.8117 | 0.7419 | 0.7638 |
65 | 0 | 0 | 46 | 0.6876 | 0.8148 | 0.7458 | 0.7675 |
65 | 0 | 0 | 47 | 0.6922 | 0.8181 | 0.7499 | 0.7713 |
65 | 0 | 0 | 48 | 0.6969 | 0.8214 | 0.7541 | 0.7753 |
65 | 0 | 0 | 49 | 0.7019 | 0.8249 | 0.7585 | 0.7794 |
65 | 0 | 0 | 50 | 0.7072 | 0.8285 | 0.7630 | 0.7836 |
65 | 0 | 0 | 51 | 0.7125 | 0.8321 | 0.7677 | 0.7881 |
65 | 0 | 0 | 52 | 0.7182 | 0.8359 | 0.7726 | 0.7926 |
65 | 0 | 0 | 53 | 0.7239 | 0.8399 | 0.7776 | 0.7973 |
65 | 0 | 0 | 54 | 0.7299 | 0.8438 | 0.7828 | 0.8021 |
65 | 0 | 0 | 55 | 0.7361 | 0.8480 | 0.7881 | 0.8071 |
65 | 0 | 0 | 56 | 0.7424 | 0.8521 | 0.7935 | 0.8122 |
65 | 0 | 0 | 57 | 0.7490 | 0.8565 | 0.7991 | 0.8174 |
65 | 0 | 0 | 58 | 0.7557 | 0.8609 | 0.8048 | 0.8227 |
65 | 0 | 0 | 59 | 0.7626 | 0.8653 | 0.8107 | 0.8282 |
65 | 0 | 0 | 60 | 0.7697 | 0.8699 | 0.8167 | 0.8337 |
65 | 0 | 0 | 61 | 0.7769 | 0.8744 | 0.8227 | 0.8393 |
65 | 0 | 0 | 62 | 0.7842 | 0.8790 | 0.8289 | 0.8450 |
65 | 0 | 0 | 63 | 0.7917 | 0.8837 | 0.8352 | 0.8508 |
65 | 0 | 0 | 64 | 0.7993 | 0.8884 | 0.8415 | 0.8566 |
65 | 0 | 0 | 65 | 0.8070 | 0.8931 | 0.8479 | 0.8624 |
65 | 0 | 0 | 66 | 0.8147 | 0.8979 | 0.8543 | 0.8683 |
65 | 0 | 0 | 67 | 0.8225 | 0.9026 | 0.8607 | 0.8742 |
65 | 0 | 0 | 68 | 0.8302 | 0.9073 | 0.8671 | 0.8801 |
65 | 0 | 0 | 69 | 0.8380 | 0.9118 | 0.8734 | 0.8858 |
65 | 0 | 0 | 70 | 0.8458 | 0.9164 | 0.8797 | 0.8916 |
65 | 0 | 0 | 71 | 0.8535 | 0.9210 | 0.8859 | 0.8973 |
65 | 0 | 0 | 72 | 0.8611 | 0.9254 | 0.8920 | 0.9029 |
65 | 0 | 0 | 73 | 0.8687 | 0.9297 | 0.8982 | 0.9084 |
65 | 0 | 0 | 74 | 0.8761 | 0.9339 | 0.9041 | 0.9138 |
65 | 0 | 0 | 75 | 0.8834 | 0.9381 | 0.9099 | 0.9191 |
TWELFTHS OF YEAR | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 |
0/12 | 58.00% | 63.40% | 68.80% | 74.20% | 79.60% | 85.00% | 88.00% | 91.00% | 94.00% | 97.00% |
1/12 | 58.45 | 63.85 | 69.25 | 74.65 | 80.05 | 85.25 | 88.25 | 91.25 | 94.25 | 97.25 |
2/12 | 58.90 | 64.30 | 69.70 | 75.10 | 80.50 | 85.50 | 88.50 | 91.50 | 94.50 | 97.50 |
3/12 | 59.35 | 64.75 | 70.15 | 75.55 | 80.95 | 85.75 | 88.75 | 91.75 | 94.75 | 97.75 |
4/12 | 59.80 | 65.20 | 70.60 | 76.00 | 81.40 | 86.00 | 89.00 | 92.00 | 95.00 | 98.00 |
5/12 | 60.25 | 65.65 | 71.05 | 76.45 | 81.85 | 86.25 | 89.25 | 92.25 | 95.25 | 98.25 |
6/12 | 60.70 | 66.10 | 71.50 | 76.90 | 82.30 | 86.50 | 89.50 | 92.50 | 95.50 | 98.50 |
7/12 | 61.15 | 66.55 | 71.95 | 77.35 | 82.75 | 86.75 | 89.75 | 92.75 | 95.75 | 98.75 |
8/12 | 61.60 | 67.00 | 72.40 | 77.80 | 83.20 | 87.00 | 90.00 | 93.00 | 96.00 | 99.00 |
9/12 | 62.05 | 67.45 | 72.85 | 78.25 | 83.65 | 87.25 | 90.25 | 93.25 | 96.25 | 99.25 |
10/12 | 62.50 | 67.90 | 73.30 | 78.70 | 84.10 | 87.50 | 90.50 | 93.50 | 96.50 | 99.50 |
11/12 | 62.95 | 68.35 | 73.75 | 79.15 | 84.55 | 87.75 | 90.75 | 93.75 | 96.75 | 99.75 |
1. | For any such employee whose loss of credited service is prior to September 30, 1962, $2.25 multiplied by his years of credited service. |
2. | For any such employee whose loss of credited service is on or after September 30, 1962 and prior to September 30, 1965, $2.75 multiplied by his years of credited service. |
3. | For any such employee whose loss of credited service is on or after September 30, 1965 and prior to September 30, 1968, $4.25 multiplied by his years of credited service. |
4. | For any such employee whose loss of credited service is on or after September 30, 1968 and prior to September 30, 1969, $5.25 multiplied by his years of credited service. |
5. | For any such employee whose loss of credited service is on or after September 30, 1969 and prior to September 30, 1970, $5.75 multiplied by his years of credited service. |
6. | For any such employee whose loss of credited service is on or after September 30, 1970 and prior to September 30, 1971, $6.25 multiplied by his years of credited service. |
7. | For any such employee whose credited service was with the Wood-Ridge or Nuclear Facilities and whose loss of credited service is on or after September 30, 1971 and prior to September 30, 1974, $8.00 multiplied by his years of credited service. |
8. | For any such employee whose credited service was with the Wood-Ridge or Nuclear Facilities and whose loss of credited service is on or after September 30, 1974 and prior to September 30, 1976, $9.00 multiplied by his years of credited service. |
9. | For any such employee whose credited service was with the Wood-Ridge or Nuclear Facilities and whose loss of credited service is on or after September 30, 1976, $10.00 multiplied by his years of credited service. |
1. | For any such employee whose loss of credited service is prior to September 30, 1962, $2.25 multiplied by his years of credited service. |
2. | For any such employee whose loss of credited service is on or after September 30, 1962 and prior to September 30, 1965, $2.75 multiplied by his years of credited service. |
3. | For any such employee whose loss of credited service is on or after September 30, 1965 and prior to September 30, 1968, $4.25 multiplied by his years of credited service. |
4. | For any such employee whose loss of credited service is on or after September 30, 1968 and prior to September 30, 1969, $5.25 multiplied by his years of credited service. |
5. | For any such employee whose loss of credited service is on or after September 30, 1969 and prior to September 30, 1970, $5.75 multiplied by his years of credited service. |
6. | For any such employee whose loss of credited service is on or after September 30, 1970 and prior to September 30, 1971, $6.25 multiplied by his years of credited service. |
7. | For any such employee whose credited service was with the Buffalo Facility and whose loss of credited service is either: |
a. | On or after September 30, 1971 and prior to September 30, 1973, the sum of $6.25 multiplied by his years of credited service prior to January 1, 1972 and $7.00 multiplied by his years of credited service on or after January 1, 1972; |
b. | On or after September 30, 1973, the sum of $6.50 multiplied by his years of credited service prior to January 1, 1972 and $7.00 multiplied by his years of credited service on or after January 1, 1972; |
c. | On or after September 30, 1974, the sum of $7.00 multiplied by his years of credited service prior to January 1, 1972 and $8.00 multiplied by his years of credited service on or after January 1, 1972; |
d. | On or after September 30, 1975, $8.00 multiplied by his years of credited service; |
e. | On or after October 31, 1977 and prior to October 30, 1978, the sum of $8.00 multiplied by his years of credited service prior to January 1, 1978 and $9.00 multiplied by his years of credited service on and after January 1, 1978; or |
f. | On or after October 31, 1978 and prior to November 2, 1980, the sum of $8.00 multiplied by his years of credited service prior to January 1, 1978 and $10.00 multiplied by his years of credited service on and after January 1, 1978; or |
1. | For any such employee whose loss of credited service is prior to September 30, 1962, $2.25 multiplied by his years of credited service. |
2. | For any such employee whose loss of credited service is on or after September 30, 1962 and prior to September 30, 1965, $2.75 multiplied by his years of credited service. |
3. | For any such employee whose loss of credited service is on or after September 30, 1965 and prior to September 30, 1968, $4.25 multiplied by his years of credited service. |
4. | For any such employee whose loss of credited service is on or after September 30, 1968 and prior to September 30, 1969, $5.25 multiplied by his years of credited service. |
5. | For any such employee whose loss of credited service is on or after September 30, 1969 and prior to September 30, 1970, $5.75 multiplied by his years of credited service. |
6. | For any such employee whose loss of credited service is on or after September 30, 1970 and prior to September 30, 1971, $6.25 multiplied by his years of credited service. |
7. | For any such employee whose loss of credited service is on or after September 30, 1971, $6.25 multiplied by his years of credited service. |
1. | For any such employee whose loss of credited service is on or after June 1, 1967 and prior to September 30, 1968, $4.25 multiplied by his years of credited service. |
2. | For any such employee whose loss of credited service is on or after September 30, 1968 and prior to September 30, 1969, $5.25 multiplied by his years of credited service. |
3. | For any such employee whose loss of credited service is on or after September 30, 1969 and prior to September 30, 1970, $5.25 multiplied by his years of credited service. |
4. | For any such employee whose loss of credited service is on or after September 30, 1970 and prior to September 30, 1971, $6.25 multiplied by his years of credited service. |
5. | For any such employee whose credited service was at the Target Rock Corporation and whose loss of credited service is on or after September 30, 1971, and prior to June 1, 1975, $8.00 multiplied by his years of credited service. |
6. | For any such employee whose credited service was at the Target Rock Corporation and whose loss of credited service is on or after June 1, 1975, and prior to May 1, 1977, $9.00 multiplied by his years of credited service. |
7. | For any such employee whose credited service was with Target Rock Corporation and whose loss of credited service is on or after May 1, 1977, the sum of: |
(c)(i)(A) | (c)(i)(B) | (c)(ii)(A) | (c)(ii)(B) | (c)(iii)(A) | (c)(iii)(B) | (c)(iii)(C) | (c)(iii)(D) | |
Permanent Number | Factor for 8/31/94 Er Indexed Accd for Svc up to 1/1/98 | Factor for 8/31/94 Er Indexed Accd for Svc after 1/1/98 | Factor for 1.0/1.5% of Avg Comp for Svc from 9/94 to 1/98 | Factor for 1.0/1.5% of Avg Comp for Svc after 1/98 | Factor applied to 12/31/97 Cash Balance | Factor for 1998 Cash Balance Accrual | Factor for 1999 Cash Balance Accrual | Factor for 2000 Cash Balance Accrual |
47348 | 1.357712 | 0.223278 | 2.587989 | 4.318460 | 3.103844 | 3.409738 | 3.363556 | 3.252659 |
60016 | 0.626981 | 0.112032 | 1.641705 | 2.470229 | 1.926663 | 2.050663 | 2.090425 | 1.946812 |
29333 | 0.380750 | 0.065781 | 0.501072 | 0.930190 | 0.626109 | 0.691344 | 0.716675 | 0.640006 |
14745 | 0.350470 | 0.135912 | 0.423607 | 1.062577 | 0.524888 | 0.750000 | 0.772500 | 0.689835 |
308919 | 0.245972 | 0.069797 | 0.361295 | 0.686298 | 0.444945 | 0.521300 | 0.543344 | 0.471612 |
82763 | 0.315606 | 0.031211 | 0.332274 | 0.595356 | 0.442195 | 0.449700 | 0.473444 | 0.409565 |
192 | 0.178074 | 0.056171 | 0.284825 | 0.715141 | 0.340802 | 0.476231 | 0.497506 | 0.429841 |
9335 | 0.292616 | 0.056058 | 0.288145 | 0.682871 | 0.389166 | 0.447413 | 0.467606 | 0.400671 |
(c)(iv) | (c)(iv) | |
Permanent Number | Additional Annual Benefit | Additional Cash Balance |
29413 | 10,806.74 | 12,082.39 |
25873 | 2,771.29 | 1,076.75 |
(d)(i)(A) | (d)(i)(B) | (d)(ii)(A) | (d)(ii)(B) | |||||
Social Security Number | Factor for 08/31/94 E'er Indexed Accd for Service up to 12/31/00 | Factor for 08/31/94 E'er Indexed Accd for Service from 01/01/01 to 12/31/03 | Factor for 1.0%/1.5% of Avg. Comp for Service from 09/01/94 to 12/31/00 | Factor for 1.0%/1.5% of Avg. Comp for Service from 01/01/01 to 12/31/03 | ||||
0.048891 | 0.049845 | 0.076206 | 1.752618 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.012630 | 0.021939 | 0.059431 | 0.257717 | |||||
0.170235 | 0.107242 | 0.122444 | 0.925566 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.062936 | 0.046692 | 0.101374 | 0.643049 | |||||
0.362002 | 0.186156 | 0.403422 | 3.393319 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.146986 | 0.068106 | 0.122234 | 1.071600 | |||||
0.054142 | 0.092608 | 0.060373 | 0.451201 | |||||
0.111586 | 0.072341 | 0.104032 | 0.616748 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.007044 | 0.005076 | 0.006200 | 0.049163 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 | |||||
0.000000 | 0.000000 | 0.000000 | 0.000000 |
(d)(iii)(A) | (d)(iii)(B) | (d)(iii)(C) | (d)(iii)(D) | |||||
Social Security Number | Factor Applied to 12/31/2000 Cash Balance | Factor for 2001 Cash Balance Accrual | Factor for 2002 Cash Balance Accrual | Factor for 2003 Cash Balance Accrual | ||||
0.055334 | 1.887089 | 1.887089 | 1.887089 | |||||
0.005584 | 0.000000 | 0.000000 | 0.000000 | |||||
0.000000 | 0.458479 | 0.458479 | 0.458479 | |||||
0.127453 | 0.416260 | 0.416260 | 0.416260 | |||||
0.011480 | 0.000000 | 0.000000 | 0.000000 | |||||
0.026110 | 0.729383 | 0.729383 | 0.729383 | |||||
0.261257 | 1.853613 | 1.853613 | 1.853613 | |||||
0.013852 | 0.000000 | 0.000000 | 0.000000 | |||||
0.036266 | 0.000000 | 0.000000 | 0.000000 | |||||
0.083023 | 0.945458 | 0.945458 | 0.945458 | |||||
0.070526 | 0.198974 | 0.198974 | 0.198974 | |||||
0.064930 | 0.604064 | 0.604064 | 0.604064 | |||||
0.034994 | 0.000000 | 0.000000 | 0.000000 | |||||
0.001974 | 0.000000 | 0.000000 | 0.000000 | |||||
0.009752 | 0.000000 | 0.000000 | 0.000000 | |||||
0.034705 | 0.021556 | 0.021556 | 0.021556 | |||||
0.036143 | 0.000000 | 0.000000 | 0.000000 | |||||
0.073154 | 0.000000 | 0.000000 | 0.000000 |
paragraph: | (e)(i)(A) | (e)(i)(B) | (e)(ii)(A) | (e)(ii)(B) | (e)(iii)(A) | (e)(iii)(B) | (e)(iii)(C) | (e)(iii)(D) |
Social Security Number | Factor for 08/31/94 Company Indexed Accrued Benefit for Service up to 12/31/03 | Factor for 08/31/94 Company Indexed Accrued Benefit for Service from 01/01/04 to 12/31/06 | Factor for 1.0%/1.5% of Average Compen-sation for Service from 09/01/94 to 12/31/03 | Factor for 1.0%/1.5% of Average Compen-sation for Service from 01/01/04 to 12/31/06 | Factor applied to 12/31/2003 Cash Balance | Factor for 2004 Cash Balance Accrual | Factor for 2005 Cash Balance Accrual | Factor for 2006 Cash Balance Accrual |
0.000030 | 0 | 0.000079 | 0.000016 | 0.017028 | 0 | 0 | 0 | |
0 | 0 | 0.178703 | 0.620694 | 0.049070 | 0.260574 | 0.260574 | 0.260574 | |
0.094728 | 0.055325 | 0.286785 | 0.760659 | 0.050949 | 0.260680 | 0.260680 | 0.260680 | |
0 | 0 | 0.153698 | 0.381550 | 0.206495 | 0.342341 | 0.342341 | 0.342341 | |
0 | 0 | 0.007199 | 0 | 0.011785 | 0 | 0 | 0 | |
0.084505 | 0.051585 | 0.047504 | 1.790416 | 0.070325 | 1.017055 | 1.017055 | 1.017055 | |
0.549688 | 0.194709 | 0.286090 | 10.426374 | 0.322283 | 4.367650 | 4.367650 | 4.367650 | |
0 | 0 | 0.162945 | 0.328535 | 0.106133 | 0.254545 | 0.254545 | 0.254545 | |
0.035114 | 0.021058 | 0.105525 | 0.275651 | 0.037198 | 0.096600 | 0.096600 | 0.096600 | |
0 | 0 | 0.425593 | 0.873242 | 0.452687 | 0.678602 | 0.678602 | 0.678602 | |
0.010605 | 0.003032 | 0.039669 | 0.054321 | 0.005594 | 0.017949 | 0.017949 | 0.017949 | |
0 | 0 | 0.043743 | 0.130618 | 0.023690 | 0.071002 | 0.071002 | 0.071002 | |
0.316965 | 0.190944 | 0.173763 | 5.314433 | 0.141206 | 2.284521 | 2.284521 | 2.284521 | |
0 | 0 | 0.477976 | 0.983501 | 0.387945 | 0.618129 | 0.618129 | 0.618129 | |
0 | 0 | 0.068096 | 0.204227 | 0.025206 | 0.093914 | 0.093914 | 0.093914 | |
0.030182 | 0.018106 | 0.112444 | 0.290023 | 0.014176 | 0.097387 | 0.097387 | 0.097387 | |
0 | 0 | 0.104742 | 0.316091 | 0.068122 | 0.149460 | 0.149460 | 0.149460 | |
0 | 0 | 0.124994 | 0.336665 | 0.150871 | 0.289662 | 0.289662 | 0.289662 | |
0 | 0 | 0.060648 | 0.007328 | 0.075764 | 0 | 0 | 0 | |
0 | 0 | 0.139515 | 0.433914 | 0.069886 | 0.196813 | 0.196813 | 0.196813 | |
0 | 0 | 0.235634 | 0.736120 | 0.148019 | 0.448895 | 0.448895 | 0.448895 |
paragraph: | (e)(iv) | (e)(iv) | |
Social Security Number | Additional Annual Benefit | Additional Cash Balance | |
Amount | Allocation Date | ||
4,710.46 | 4,480.10 | 8/9/04 | |
13,128.20 | 18,906.28 | 1/23/05 |
paragraph: | (f)(i)(A) | (f)(i)(B) | (f)(ii)(A) | (f)(ii)(B) | (f)(iii)(A) | (f)(iii)(B) | (f)(iii)(C) | (f)(iii)(D) |
ID (Last 4 SSN/DOB) | Factor for 08/31/94 Company Indexed Accrued Benefit for Service up to 12/31/06 | Factor for 08/31/94 Company Indexed Accrued Benefit for Service from 01/01/07 to 12/31/09 | Factor for 1.0%/1.5% of Average Compensation for Service from 09/01/94 to 12/31/06 | Factor for 1.0%/1.5% of Average Compensation for Service from 01/01/07 to 12/31/09 | Factor applied to 12/31/2006 Cash Balance | Factor for 2007 Cash Balance Accrual | Factor for 2008 Cash Balance Accrual | Factor for 2009 Cash Balance Accrual |
0 | 0 | 0.395743 | 0.793124 | 0.191128 | 0.375262 | .0375262 | .0375262 |
0 | 0 | 0.134417 | 0.277931 | 0.061169 | 0.134380 | 0.134380 | 0.134380 | |
0 | 0 | 0.143437 | 0.580895 | 0.057516 | 0.300007 | 0.300007 | 0.300007 | |
0 | 0 | 0.266972 | 0.031008 | 0.070937 | 0.168199 | 0.168199 | 0.168199 | |
0 | 0 | 0.016481 | 0.006368 | 0.007943 | 0 | 0 | 0 | |
0.196065 | 0.060401 | 0.591087 | 0.872204 | 0.052016 | 0.247898 | 0.247898 | 0.247898 | |
0 | 0 | 0.301441 | 0.525847 | 0.062003 | 0.192332 | 0.192332 | 0.192332 | |
0 | 0 | 0.803788 | 0.142452 | 0.370361 | 0.442327 | 0.442327 | 0.442327 | |
0 | 0 | 0.276280 | 0.711843 | 0.152902 | 0.381865 | 0.381865 | 0.381865 | |
0 | 0 | 0.393526 | 5.111894 | 0.329333 | 2.211309 | 2.211309 | 2.211309 | |
0 | 0 | 0.134156 | 0 | 0.135336 | 0 | 0 | 0 | |
0.211821 | 0.707844 | 0.098530 | 0.348205 | 0.348205 | 0.348205 | |||
0 | 0 | 0.521140 | 0 | 0.341954 | 0 | 0 | 0 | |
0 | 0 | 0.392552 | 0 | 0.036952 | 0 | 0 | 0 | |
0 | 0 | 0.268499 | 0.926240 | 0.092147 | 0.392675 | 0.392675 | 0.392675 | |
0 | 0 | 0.033110 | 0.005650 | 0.028019 | 0 | 0 | 0 | |
0 | 0 | 0.050044 | 0.113856 | 0.096659 | 0.101539 | 0.101539 | 0.101539 | |
0 | 0 | 0.116809 | 0.926363 | 0.107997 | 0.505838 | 0.505838 | 0.505838 | |
0 | 0 | 0.546902 | 0.248918 | 0.324974 | 0.262915 | 0.262915 | 0.262915 | |
0 | 0 | 0.021493 | 0.039890 | 0.017500 | 0.026598 | 0.026598 | 0.026598 | |
0 | 0 | 0.107633 | 0.083898 | 0.049470 | 0.038994 | 0.038994 | 0.038994 | |
0 | 0 | 1.131459 | 0.365078 | 0.998500 | 0.683310 | 0.683310 | 0.683310 | |
0 | 0 | 0.008776 | 0 | 0.004066 | 0 | 0 | 0 | |
0.106181 | 0.030599 | 0.141580 | 1.006776 | 0.041565 | 0.441330 | 0.441330 | 0.441330 | |
0 | 0 | 0.117013 | 0.237729 | 0.056847 | 0.107172 | 0.107172 | 0.107172 | |
0.103103 | 0.044602 | 0.442136 | 0.757476 | 0.042350 | 0.213976 | 0.213976 | 0.213976 | |
0 | 0 | 0.409198 | 0.776448 | 0.190114 | 0.361569 | 0.361569 | 0.361569 | |
0 | 0 | 0.289838 | 1.952508 | 0.123348 | 0.783949 | 0.783949 | 0.783949 | |
0.235065 | 0.092114 | 0.552175 | 2.459187 | 0.084426 | 0.709291 | 0.709291 | 0.709291 | |
0 | 0 | 0.567674 | 0.981303 | 0.169146 | 0.433871 | 0.433871 | 0.433871 | |
0 | 0 | 0.013497 | 0.009652 | 0.024154 | 0.008784 | 0.008784 | 0.008784 | |
0 | 0 | 0.846638 | 0.846852 | 0.581817 | 0.684875 | 0.684875 | 0.684875 | |
0 | 0 | 0.086509 | 1.081857 | 0.035607 | 0.439498 | 0.439498 | 0.439498 | |
0 | 0 | 0.365826 | 0.240766 | 0.317202 | 0.281319 | 0.281319 | 0.281319 | |
0 | 0 | 0.047663 | 0.092362 | 0.051944 | 0.076623 | 03076623 | 03076623 | |
0 | 0 | 0.417544 | 0.951402 | 0.568307 | 0.873429 | 0.873429 | 0.873429 | |
0 | 0 | 0.077896 | 0.961865 | 0.083130 | 0.593592 | 0.593592 | 0.593592 | |
0 | 0 | 0.123970 | 0 | 0.108089 | 0 | 0 | 0 | |
0.352079 | 0.081123 | 1.342181 | 2.229071 | 0.153487 | 0.654119 | 0.654119 | 0.654119 | |
0.151955 | 0.060147 | 0.534826 | 0.982022 | 0.040162 | 0.267969 | 0.267969 | 0.267969 | |
0 | 0 | 0.636896 | 1.136248 | 0.140655 | 0.411685 | 0.411685 | 0.411685 | |
0 | 0 | 0.600043 | 0.913678 | 0.474784 | 0.663998 | 0.663998 | 0.663998 | |
0 | 0 | 0.526994 | 0.621291 | 0.454438 | 0.502114 | 0.502114 | 0.502114 | |
0 | 0 | 0.048776 | 0.009953 | 0.017850 | 0 | 0 | 0 | |
0 | 0 | 0.043772 | 0.099318 | 0.091797 | 0.083633 | 0.083633 | 0.083633 | |
0 | 0 | 0.107534 | 0.263760 | 0.023241 | 0.098786 | 0.098786 | 0.098786 | |
0 | 0 | 0.231361 | 0.981171 | 0.070808 | 0.379007 | 0.379007 | 0.379007 | |
0 | 0 | 0.218108 | 0.321028 | 0.185860 | 0.219693 | 0.219693 | 0.219693 | |
0 | 0 | 0.208721 | 0.493638 | 0.049417 | 0.183390 | 0.183390 | 0.183390 | |
0 | 0 | 0.003290 | 0.000324 | 0.001405 | 0 | 0 | 0 | |
0 | 0 | 0.138953 | 0.439812 | 0.066331 | 0.220391 | 0.220391 | 0.220391 | |
0.161407 | 0 | 0.085203 | 0 | 0.151077 | 0 | 0 | 0 | |
0 | 0 | 0.097845 | 0.890468 | 0.056880 | 0.555118 | 0.555118 | 0.555118 |
1. | Aviall, Inc. |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from May 21, 1996. |
2. | Alpha Heat Treaters Division of Alpha-Beta Industries, Inc. |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from April 30, 1998. |
3. | Servus |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from August 1, 1998. |
4. | Enertech |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from August 1, 1998. |
5. | Metallurgical Processing, Inc. |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from July 1, 1999. |
6. | Teledyne Fluid Systems - Farris/Sprague |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from August 28, 1999. |
7. | EF Quality Heat Treating |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from December 14, 2000. |
8. | Lau Defense Systems and Vista Controls |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from November 1, 2001. |
9. | Ironbound Heat Treating Company |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from November 5, 2001. |
10. | Peerless Instrument Company |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from November 8, 2001. |
11. | Deltavalve USA, L.L.C. |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from December 12, 2001. |
12. | Bodycote Thermal Processing |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from December 19, 2001. |
13. | Penny & Giles Controls, Inc. |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from April 1, 2002. |
14. | Autronics Corp. |
(a) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(b) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(c) | For purposes of determining Credited Service, he shall have Credited Service computed from April 1, 2002. |
15. | Curtiss-Wright Electro-Mechanical Corp. |
16. | TAPCO |
(a) | Notwithstanding any provision hereof to the contrary, no Employee who is employed by TAPCO International, Inc., or any subsidiary or division thereof shall be eligible to become a Participant in this Plan prior to November 1, 2004. |
(b) | Effective as of October 1, 2004, an Employee at the operations and facilities acquired by the Company in its acquisition of TAPCO shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
17. | Collins Technologies |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on March 1, 2003 whose immediate prior service was with Collins Technologies and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Collins Technologies, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any |
18. | Advanced Materials Process Corp. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on March 12, 2003 whose immediate prior service was with Advanced Materials Process Corp. and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii). |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Advanced Materials Process Corp., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b). |
19. | E/M Coatings |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on April 2, 2003 whose immediate prior service was with E/M Coatings and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of E/M Coatings, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
20. | Peritek Corp. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on August 1, 2003 whose immediate prior service was with Peritek Corp. and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Peritek Corp., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
21. | Systran Corp. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on December 1, 2003 whose immediate prior service was with Systran Corp. and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | Such an Employee shall be 100% vested in his benefit as determined in accordance with Article 4. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Systran Corp., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
22. | Collins, Long Island (formerly referred to as Novatronics, Inc.) |
(a) | Notwithstanding any provision hereof to the contrary, no Employee who is employed at operations or facilities acquired by the Company in its acquisition of Novatronics, Inc. shall be eligible to become a Participant in this Plan prior to September 1, 2005. |
(b) | Effective as of September 1, 2005, an Employee at the operations and facilities acquired by the Company in its acquisition of Novatronics, Inc. shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4.02. In computing the benefits accrued under Article 4.02, only Compensation earned on and after September 1, 2005 shall be counted. |
(c) | For purposes of determining an Employee’s Vesting Years of Service, the Employee’s period of prior service with Novatronics, Inc. rendered prior to the date of acquisition shall be included. In computing such prior service, an Employee who is credited with at least one Hour of Service prior to July 1 of a calendar year shall receive one full Vesting Year of Service for that calendar year; otherwise no credit shall be credited for that calendar year. |
23. | DY4 Systems, Inc. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on January 31, 2004 whose immediate prior service was with DY4 Systems, Inc. and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of DY4 Systems, Inc., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
24. | Everlube Products |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on April 2, 2004 whose immediate prior service was with Everlube Products and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Everlube Products, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
25. | IMES Engineering, Inc. |
(a) | Notwithstanding any provision hereof to the contrary, no Employee who is employed at any operations or facilities acquired by the Company in its acquisition of IMES Engineering, Inc. shall be eligible to become a Participant in this Plan. |
(b) | Effective January 1, 2009, any Employee who is employed at any operations or facilities acquired by the Company in its acquisition of IMES Engineering, Inc. shall be eligible to participate in the Cash Balance Account as described in Article 4. |
(c) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with IMES Engineering, Inc. immediately prior to its acquisition by Curtiss-Wright Corporation shall be included. |
(d) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of IMES Engineering, Inc., who is not an Employee of IMES Engineering, Inc. on January 1, 2009 shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
26. | Nova Machine Products Corp. |
27. | Trentec, Inc. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on May 24, 2004 whose immediate prior service was with Trentec, Inc. and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Trentec, Inc., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Section 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
28. | Primagraphics |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on May 28, 2004 whose immediate prior service was with Primagraphics and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the Entry Date coinciding with or next following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, his period of such prior service shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Primagraphics, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
29. | IMC Magnetics Corporation |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee whose immediate prior service was with IMC Magnetics Corporation and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue |
(ii) | For purposes of determining Vesting Years of Service, his or her period of such prior service determined from his or latest date of hire with IMC prior to its acquisition by Curtiss-Wright Corporation shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of IMC Magnetics Corporation, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
30. | Scientech LLC. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on May 9, 2007, whose immediate prior service was with Scientech LLC and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, his or her period of such prior service determined from his or latest date of hire with Scientech LLC prior to its acquisition by Curtiss-Wright Corporation shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Scientech LLC, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
31. | Valve Systems and Controls |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on June 1, 2007, whose immediate prior service was with Valve Systems and Controls and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue |
(ii) | For purposes of determining Vesting Years of Service, his or her period of such prior service determined from his or latest date of hire with Valve Systems and Controls prior to its acquisition by Curtiss-Wright Corporation shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Valve Systems and Controls, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
32. | Parylene Coating Services, Inc. (PCS) |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on September 3, 2008, whose immediate prior service was with Parylene Coating Services, Inc. (PCS) and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Parylene Coating Services, Inc. (PCS) prior to its acquisition by Curtiss-Wright Corporation shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Parylene Coating Services, Inc. (PCS), who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
33. | V-Metro |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on October 15, 2008, whose immediate prior service was with V-Metro and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of January 1, 2009, and shall remain eligible so long as he or she continues |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with V-Metro prior to its acquisition by Curtiss-Wright Corporation shall be included. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of V-Metro, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
34. | Nu-Torque |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on January 16, 2009 whose immediate prior service was with Nu-Torque and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Nu-Torque immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Nu-Torque, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4.” |
35. | EST Group |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on March 6, 2009 whose immediate prior service was with EST Group and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of July 1, 2009, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with EST Group immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of EST Group, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
36. | Northeast Technology Corporation (NETCO) |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on May 15, 2009 whose immediate prior service was with Northeast Technology Corporation (NETCO) and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Northeast Technology Corporation (NETCO) immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Northeast Technology Corporation (NETCO), who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
37. | Modumend, Inc. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on June 19, 2009 whose immediate prior service was with Modumend, Inc. and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Modumend, Inc. immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Modumend, Inc., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
38. | Hybricon Corporation |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on June 1, 2010 whose immediate prior service was with Hybricon Corporation and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of October 1, 2010, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(b)(i) and (ii), provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Hybricon Corporation immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Hybricon Corporation, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(b), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
39. | Predator Systems, Inc. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on January 7, 2011 whose immediate prior service was with Predator Systems, Inc. and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Predator Systems, Inc. immediately prior to its acquisition by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of Predator Systems, Inc., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(a), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
40. | Douglas Equipment Ltd. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on April 6, 2011 whose immediate prior service was with Douglas Equipment Ltd. and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements of Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Douglas Equipment Ltd. immediately prior to the acquisition of its assets by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of the assets of Douglas Equipment Ltd., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(a), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
41. | BASF Surface Technologies |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on April 8, 2011 whose immediate prior service was with the Surface Technologies business of BASF Corporation and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with BASF Corporation immediately prior to the acquisition of the assets of its Surface Technologies business by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of the assets of the Surface Technologies business of BASF Corporation, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(a), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
42. | IMR Test Labs |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on July 25, 2011 whose immediate prior service was with IMR Test Labs and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with IMR Test Labs immediately prior to the acquisition of its assets by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of the assets of IMR Test Labs, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(a), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
43. | ACRA Control, Inc. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on July 28, 2011 whose immediate prior service was with ACRA Control, Inc. and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan as of the later of January 1, 2012, or the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with ACRA Control, Inc. immediately prior to its acquisition by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of ACRA Control, |
44. | South Bend Controls Holdings, LLC |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on October 11, 2011 whose immediate prior service was with South Bend Controls Holdings, LLC and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with South Bend Controls Holdings, LLC immediately prior to the acquisition of its assets by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of the assets of South Bend Controls Holdings, LLC, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(a), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
45. | Anatec International, Inc. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on December 5, 2011 whose immediate prior service was with Anatec International, Inc. and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Anatec International, Inc. immediately prior to the acquisition of its assets by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of the assets of Anatec International, Inc., who is not an Employee described in paragraph (a), shall |
46. | Lambert, MacGill, Thomas, Inc. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on December 5, 2011 whose immediate prior service was with Lambert, MacGill, Thomas, Inc. and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes a Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01(a), provided, however that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Lambert, MacGill, Thomas, Inc. immediately prior to the acquisition of its assets by the Company. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the operations and facilities acquired by the Company in its acquisition of the assets of Lambert, MacGill, Thomas, Inc., who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01(a), but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
47. | Penny and Giles Drives Technology |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on November 1, 2012 whose immediate prior service was with Penny and Giles Drives Technology (“PGDT”) and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01, provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with PGDT immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the PGDT operations and facilities acquired by Curtiss-Wright Corporation who is not an |
48. | AP Services, LLC |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on November 5, 2012 whose immediate prior service was with AP Services, LLC or an affiliate thereof (“AP”) and who was employed by such entity on such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01, provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4 effective for periods beginning on or after January 1, 2013. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with AP immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the AP operations and facilities acquired by Curtiss-Wright Corporation who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01, but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4 effective for periods beginning on or after January 1, 2013. |
49. | Cimarron Energy Inc. |
(a) | For purposes of determining Years of Eligibility Service and Vesting Years of Service with respect to any Employee who became an Employee on November 26, 2012, whose immediate prior service was with Cimarron Energy Inc. (“Cimarron”) or an affiliate thereof, and who was employed by such entity at such date, service shall commence with his or her most recent date of hire with such entity immediately prior to its acquisition by Curtiss-Wright Corporation. |
(b) | An Employee at the operations and facilities that were acquired by Curtiss-Wright Corporation in its acquisition of Cimarron, whether or not such Employee is described in paragraph (a) above, shall not be eligible to participate in and accrue any benefits under the Plan while employed at such operations and facilities. |
50. | Williams Controls, Inc. |
51. | Exlar Corporation |
52. | F.W. Gartner Thermal Spraying, Ltd. |
(a) | Notwithstanding any provision in this Plan to the contrary, the following rules shall apply to an Employee hired on January 3, 2013, whose immediate prior service was with F.W. Gartner Thermal Spraying, Ltd. or an affiliate thereof (“Gartner”) and who was employed by such entity at such date: |
(i) | Such an Employee shall be eligible to participate in the Plan following the date he or she completes his or her Year of Eligibility Service, which Year of Eligibility Service shall include such prior service, and shall remain eligible so long as he or she continues to satisfy the eligibility requirements in Article 2.01, provided, however, that such an Employee shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
(ii) | For purposes of determining Vesting Years of Service, vesting service shall commence with his or her most recent date of hire with Gartner immediately prior to its acquisition by Curtiss‑Wright Corporation. |
(b) | Notwithstanding any provision in this Plan to the contrary, an Employee at the Gartner operations and facilities acquired by the Company, who is not an Employee described in paragraph (a), shall be eligible to become a Participant in accordance with Article 2.01, but shall not accrue any benefits under the Plan, except for benefits determined in accordance with Article 4. |
1. | Target Rock Operations - August 1, 2000 through August 15, 2000 |
2. | Company-wide Operations - August 24, 2001 through November 17, 2001 |
3. | Corporate Headquarters, Farris, Gastonia, Shelby, Flight Systems - Miami, and Metal Improvement - Carlstadt: February 1, 2002 through March 29, 2002 |
4. | Flight Systems - Shelby, Flight Systems - Lau/Vista, Flow Control - Target Rock, Metal Improvement, and Corporate Headquarters: August 29, 2002 through October 31, 2002 |
5. | Metal Improvement: June 6, 2003 through June 30, 2003 |
6. | Controls - Pine Brook, NJ and Commercial Technologies: March 10, 2004 through April 9, 2004 |
7. | Controls -- Synergy, San Diego, CA Business Unit: February 1, 2005 through April 15, 2005 |
8. | Controls Embedded Computing San Diego and Santa Clarita CA and Littleton MA Business Units, and Controls Integrated Sensing, Long Beach CA Business Unit: January 12, 2006 through February 10, 2006 |
9. | Controls Embedded Computing San Diego and Santa Clarita CA and Littleton MA Business Units, and Controls Integrated Sensing, Long Beach CA Business Unit: April 25, 2006 through June 10, 2006 |
1. | Target Rock Operations - August 1, 2000 through August 15, 2000 |
2. | Company-wide Operations - August 24, 2001 through November 17, 2001 |
3. | Corporate Headquarters, Farris, Gastonia, Shelby, Flight Systems - Miami, and Metal Improvement - Carlstadt: February 1, 2002 through March 29, 2002 |
4. | Flight Systems - Shelby, Flight Systems - Lau/Vista, Flow Control - Target Rock, Metal Improvement, and Corporate Headquarters: August 29, 2002 through October 31, 2002 |
5. | Metal Improvement: June 6, 2003 through June 30, 2003 |
6. | Controls - Pine Brook, NJ and Commercial Technologies: March 10, 2004 through April 9, 2004 |
7. | Controls -- Synergy, San Diego, CA Business Unit: February 1, 2005 through April 15, 2005 |
8. | Controls Embedded Computing San Diego and Santa Clarita CA and Littleton MA Business Units, and Controls Integrated Sensing, Long Beach CA Business Unit: January 12, 2006 through February 10, 2006 |
9. | Controls Embedded Computing San Diego and Santa Clarita CA and Littleton MA Business Units, and Controls Integrated Sensing, Long Beach CA Business Unit: April 25, 2006 through June 10, 2006 |
1. | “Actuarial Equivalent” means the value determined on the basis of applicable factors set forth below, or as otherwise specifically set forth in the Plan. |
2. | "Administrative Committee" shall mean the person(s) appointed by the Company to act on behalf of the Company as the sponsor and “named fiduciary” (within the meaning of Section 402(a)(2) of ERISA), as appropriate, with respect to Plan administrative matters. When performing any activity or exercising any authority under the provisions of the Plan, the Administrative Committee shall be deemed to act solely on behalf of the Company, and not in an individual capacity. |
3. | "Administrator" means the Company or such other person(s) designated by the Company as responsible for Plan administration. |
4. | "Affiliated Entity" means a subsidiary company which is at least fifty percent (50%) owned by the Company or a partnership or a joint venture in which the Company is at least a fifty percent (50%) owner, that has not been designated as an Employer. The term Affiliated Entity shall also include all entities in the Controlled Group of each Employer. |
5. | “Annuity Starting Date” means either the first day of the first period for which an Employee is paid an annuity under this Plan or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred that entitle the Employee to such benefit. |
6. | "Beneficiary" means the individual or entity designated as such by an Employee or Pensioner pursuant to the Plan or otherwise entitled to receive any payment pursuant to the Plan upon the death of the Employee or Pensioner. If with respect to any payment no individual or entity has been designated by an Employee or Pensioner, or no designated Beneficiary survives the Employee or Pensioner, the Beneficiary shall be (a) the Employee or Pensioner’s surviving Spouse, if living at the time of such payment; or in default thereof (b) the Employee or Pensioner’s estate. |
8. | "Career Accumulation" means the amounts accumulated pursuant to Section 4.A.1 of the Plan. |
(b) | for the purpose of completing a specific task that is anticipated not to exceed five (5) months, and for whom the Employer has no expectation of continued employment beyond the completion of that task. |
10. | "Company" means Curtiss-Wright Corporation, including any affiliate or subsidiary of the Company which shall adopt this Plan for its employees, with the approval of the Company, and any other corporation, partnership, business association or proprietorship which shall have assumed in writing the obligations of the Plan and Trust, with the approval of the Company, including any successor as a result of a statutory merger, purchase of assets or any other form of reorganization of the business of the Company. |
11. | "Compensation" means (a) wages within the meaning of Section 3401(a) of the Code and all other payments of compensation to an Employee by the Employer (in the course of the Employer's trade or business) for which the Employer is required to furnish the Employee a written statement on Form W-2 under Sections 6041(d), 6051(a)(3), and 6052 of the Code; (b) amounts contributed by the Employer pursuant to a salary reduction agreement that are not includible in the gross income of the Employee under Sections 125, 132(f), 402(e)(3), 402(h) of the Code; and (c) amounts that would have been payable to an Employee but for a deferral election made by the Employee under the terms of the Curtiss-Wright Corporation Executive Deferred Compensation Plan, which amount shall be deemed to have been paid at the time at which it would have been paid in the absence of such election, provided, however, no amount shall be included in an Employee’s Compensation pursuant to this clause (c) if the inclusion of such amount would cause the Plan to fail to comply with any nondiscrimination provision of the Code. Notwithstanding the preceding sentence, the term Compensation shall exclude the following: reimbursements or other expense allowances; fringe benefits (cash or noncash); moving expenses; deferred compensation, except for such amounts specifically included under clause (c) of the preceding sentence; welfare benefits; amounts paid under a long-term incentive plan; and 50% of any annual incentive award paid under a management incentive program. Compensation shall also exclude any retention bonus, suggestion award, and other non-performance-related awards or bonuses. Effective January 1, 2009, Compensation shall also include "differential wage payments" pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008. |
(a) | any corporation which is a member of a controlled group of corporations, within the meaning of Section 1563(a) of the Code, determined without regard to Sections 1563(a)(4) and (e)(3)(C), including such Employer; |
(b) | any trade or business under common control with such Employer, within the meaning of Section 414(c) of the Code; |
(c) | any employer which is included with such Employer in an affiliated service group, within the meaning of Section 414(m) of the Code; or |
(d) | any other entity required to be aggregated with such Employer pursuant to regulations under Section 414(o) of the Code. |
13. | "Credited Service" means service which is used to determine pension amounts. For periods on and after January 1, 1995, an Employee (including a part-time Employee or Casual Employee) will not earn Credited Service unless he had an election to contribute in effect for such period, except to the extent provided in Sections 3.E and 4.E. Credited Service shall be based on the following: |
A. | For all Employees, except part-time Employees and Casual Employees who are regularly scheduled to work less than 24 hours per week, Credited Service means all periods of service as an Employee with the Employer for which the Employer is directly or indirectly paid, or entitled to payment, by the Employer for the performance of duties, and time spent on any of the following (provided that, for Casual Employees, only hours worked on or after October 1, 1997 shall be counted in determining Credited Service): |
(3) | leaves of absence (other than military leaves and leaves for personal reasons including educational leaves) up to a maximum of 6 years, except that, in the case of a leave of absence continuing after December 31, 1994, no more than 2 years of Credited Service will be granted under this provision unless, prior to the expiration of such 2 year period, the Employee demonstrates to the satisfaction of the Administrator that he is expected to resume performing services for an Employer immediately following the conclusion of such leave; |
(4) | military leaves of absence up to a maximum equal to that period of time during which reemployment is required under applicable Federal statutes; and |
(5) | Layoff up to a maximum continuous period of 1 year for any Layoff which commenced on or after January 1, 1976. |
B. | For part-time Employees and Casual Employees who are regularly scheduled to work less than 24 hours per week, for any calendar year each such Employee shall receive Credited Service which shall be determined by dividing the number of hours worked in that calendar year by 2,000, subject to a maximum of 1 full year, provided that, for Casual Employees, only hours worked on or after October 1, 1997 shall be counted in determining Credited Service. |
C. | Periods of employment in an Excluded Unit shall not count as Credited Service. |
D. | A former Employee who is rehired by an Employer will be eligible only for those benefits for which he was eligible at the time of his prior separation under the Plan in effect at that time until the earliest of the following occurs: (1) he has been re-employed for at least 6 consecutive months; (2) he has reached his Normal Retirement Date; (3) he has been Involuntarily Separated; or (4) he elects early retirement because of a scheduled Layoff. |
E. | For "WGSC Transferees" as defined in the Introduction to this Plan, Credited Service for periods prior to the Effective Date shall include any credited service credited under the Predecessor Plan prior to the Effective Date. For "GESCO Transferees" as defined in the Introduction to this Plan, Credited Service for periods prior to January 1, 2000 shall include any credited service credited under the GESCO Plan prior to January 1, 2000. |
F. | For purposes of Section 4.A.1.(c), an Employee described in Section 1.18(i) shall not be credited with Credited Service for periods of service or hours worked, whichever is applicable, subsequent to December 31, 2028. |
14. | “Early Retirement Date” means the first day of the month following the date an Employee (i) is at least age 60 and has completed 10 or more years of Eligibility Service or (ii) is at least age 58 and has completed 30 or more years of Eligibility Service. |
15. | “Early Retirement Pension” means the benefit payable pursuant to Section 5 of the Plan. |
16. | "Effective Date" means October 29, 2002. The effective date of this amendment and restatement is January 1, 2010, except as otherwise provided herein, or as required by applicable law. |
17. | "Eligibility Service" means service that is taken into account in determining whether an Employee is a Vested Employee. Eligibility Service shall be determined as follows: |
A. | For periods on or after January 1, 2002 for all Employees including part-time Employees and Casual Employees, Eligibility Service means all periods of service as an Employee (including as a leased employee as defined in Section 414(n)(2) of the Code) with the Employer, an Affiliated Entity, or in an Excluded Unit for which the Employee is directly or indirectly paid, or entitled to payment, by the Employer for the performance of duties, and time spent on any of the following: |
(3) | leaves of absence (other than military leaves and leaves for personal reasons including educational leaves) up to a maximum of 6 years, except that no more than 2 years of Eligibility Service will be granted under this provision unless, prior to the expiration of such 2 year period, the Employee |
(4) | military leaves of absence up to a maximum equal to that period of time during which re-employment is required under applicable Federal statutes; and |
B. | (1) For periods before January 1, 2002, for any Employee other than a part-time Employee or Casual Employee who is regularly scheduled to work less than 24 hours per week, Eligibility Service means all Credited Service, all service that would be Credited Service except that the Employee elected not to contribute, periods of employment with an Affiliated Entity or in an Excluded Unit, and periods of employment as a leased employee (as defined in Section 414(n)(2) of the Code). |
(2) | For periods before January 1, 2002, for a part-time Employee or Casual Employee who is regularly scheduled to work less than 24 hours per week, each such Employee shall receive 1 full year of Eligibility Service for any calendar year in which he works at least 1,000 hours (even if such Employee would earn less than 1 full year of Credited Service during such calendar year). If such Employee works less than 1,000 hours in any calendar year, his Eligibility Service shall equal his Credited Service for that calendar year. For the purposes of this paragraph, hours worked shall be determined under the second paragraph of Section 1.13.B. (including periods of employment with an Affiliated Entity or in an Excluded Unit, and periods of employment as a leased employee (as defined in Section 414(n)(2) of the Code)). |
C. | For any Employee (other than, for periods before January 1, 2002, a part-time Employee or Casual Employee who is regularly scheduled to work less than 24 hours per week): |
(1) | If the Employee is absent from service for any reason which does not otherwise qualify him for Credited Service or Eligibility Service under the Plan, and such absence is not due to quit, discharge, release, retirement, or death, he shall receive Eligibility Service of up to 1 year for any continuous period of absence. |
(2) | If the Employee is separated from service by reason of a quit, discharge, release, or retirement, and then is re-employed within 12 months of the date he was separated, the Employee's Eligibility Service shall include the period between the date he was separated and the date he was reemployed. |
(3) | Notwithstanding the provisions of (1) and (2) above, if, during an absence from service of 12 months or less for any reason other than a quit, discharge, release, or retirement, the Employee is separated from service by reason of a quit, discharge, release, or retirement and then is reemployed within 12 months of the date on which he was first absent from service, the Employee's Eligibility Service shall include the period between his last day worked and the date he returns to work. |
(4) | In the event an Employee separates from service and is subsequently reemployed, the Employee's periods of Eligibility Service accrued both before and after his severance from service shall be aggregated. |
D. | For an individual identified as a "business employee" in Section 5.5(a) of the Asset Purchase Agreement dated June 25, 1998 between CBS Corporation and WGNH Acquisition, LLC relating to CBS Corporation's Government and Environmental Services Business and who commences employment with WGSC or an affiliated entity of WGSC in connection with such agreement (a "CBS Transferred Individual"), Eligibility Service for any period prior to commencement of employment for WGSC or an affiliated entity of WGSC shall include any eligibility service credited under the Westinghouse Pension Plan, as in effect on March 31, 1999. |
E. | For an individual who is identified as an “Employee" in Section 3.15(a) of the Asset Purchase Agreement dated October 25, 2002 between WGSC and Curtiss-Wright Electro-Mechanical Corporation relating to the purchase of certain assets related to WGSC’s Electro-Mechanical Division and who commences employment with the Employer or an Affiliated Entity in connection with such agreement, Eligibility Service for any period prior to commencement of employment for the Employer or |
F. | For Employees who are not described in paragraphs D or E above, Eligibility Service shall include any eligibility service credited under the Westinghouse Pension Plan, excluding (1) service so credited under the Westinghouse Pension Plan on account of service for a subsidiary, division, or other business unit of Viacom, Inc. (formerly CBS Corporation) that was not part of Westinghouse Electric Corporation prior to November 24, 1995, and (2) service so credited under the Westinghouse Pension Plan on account of service for a former subsidiary, division, or other business unit of Viacom, Inc. (formerly CBS Corporation) after such entity ceased to be an employer or affiliated entity under the Westinghouse Pension Plan. |
G. | Eligibility Service shall also include any service with (1) Westinghouse Electric Company LLC (or any of its at least 50%-owned subsidiaries), or (2) WGI (formerly Morrison Knudsen Corporation) or any of its at least 50% owned subsidiaries, or (3) British Nuclear Fuels plc, or any of its at least 50%-owned subsidiaries; provided, however, that an individual who is a Pensioner or who has received a distribution of his entire vested benefit under the Plan shall not receive credit for Eligibility Service for any period of employment with Westinghouse Electric Company LLC or British Nuclear Fuels plc (or any of their at least 50%-owned subsidiaries) unless and until such individual, after becoming a Pensioner or receiving a distribution of his entire vested benefit under the Plan, has an hour worked (as defined in Section 1.13.B) for an Employer, Excluded Unit, or Affiliated Entity. |
H. | Eligibility Service shall also include (i) all vesting service granted to the Employee under a qualified retirement plan sponsored and maintained by Washington Group International ("WGI”) and (ii) all vesting service that would have been granted to the Employee under (i) above if the Employee had first been hired by WGI and then transferred to employment covered by the Predecessor Plan. Such Eligibility Service shall only be taken into account to the extent the Employee has not otherwise received Eligibility Service under the Predecessor Plan for the identical time period. |
I. | In computing an employee's Eligibility Service, all periods of service as an employee rendered with an Affiliated Entity, an Excluded Unit or with the Employer in a classification ineligible to participate in the Plan shall be recognized as Eligibility Service to the same extent such service would be counted as Eligibility Service if such service had been rendered as an Employee in accordance with the provisions of Section 411(a)(4) of the Code. |
18. | "Employee" means a person who is either (i) not represented by a labor organization, or (ii) is represented by a labor organization or other representative which has entered into a written agreement with an Employer providing for participation in this Plan by the Employees in such unit, provided: |
(a) | such person is in the service of an Employer, and he is not (i) employed in an Excluded Unit, (ii) a Casual Employee prior to October 1, 1997, nor a leased employee (as defined in Section 414(n)(2) of the Code), or (iii) employed in a foreign jurisdiction and paid through a foreign payroll system; or |
(b) | such person is a citizen of the United States or a resident alien (as defined in Section 7701(b) of the Code) who is an employee either of a domestic subsidiary (as defined in Section 407 of the Code) or of a foreign subsidiary as to which the Company has entered into an agreement under Section 3121(l) of the Code and with respect to whom contributions under a funded plan of deferred compensation (whether or not described in Section 401(a), 403(a), or 405(a) of the Code) are not provided by any person other than the Employer with respect to the remuneration paid to the citizen or resident alien by the domestic or foreign subsidiary. |
19. | "Employer" means (a) the Company, (b) an at least 50%-owned subsidiary of the Company, or (c) an entity designated as an Employer in Appendix D. |
21. | "Excluded Unit" means any group, or other organizational unit, of employees of the Company, other than (a) the operations denominated as the Electro-Mechanical Division, which operations were acquired by Curtiss-Wright Electro-Mechanical Corporation, a wholly owned subsidiary of Curtiss-Wright Flow Control Corporation, a wholly owned subsidiary of the Company and (b) any group or unit that has been designated by the Administrative Committee as eligible to participate in this Plan. With respect to the Predecessor Plan, Excluded Unit means all units of WGSC except for those units designated by WGSC as eligible to participate in the Predecessor Plan. |
22. | "Flat Rate" means the method used for determining pension amounts as described in Section 4.A.2 and Section 19 of the Plan. |
23. | "Fiduciary" means the Company, other Employers, the Administrative Committee, the Investment Committee, the Trustee, and the Investment Managers, but only to the extent of those specific duties and responsibilities allocated to each for Plan and Trust administration as described in Section 12 and the Trust Agreement. No person or entity shall function or be deemed to function as a fiduciary in connection with actions affecting the design of the Plan, including, without limitation, amendments, designations of participating Employers and Excluded Units, and adoption of rules relating to acquisitions, sales and other dispositions under Section 14. |
24. | "Frozen Credited Service" means an Employee's Credited Service for periods prior to January 1, 1995. |
25. | "Frozen Early Retirement Pension" means, in the case of an Employee who elects to retire early pursuant to Section 2.C, the monthly amount payable under Section 5.A.1.(a) or the greater of the monthly amount payable under Section 5.A.2.(a) or 5.A.2.(b), whichever applies, taking into account all of the Employee's Eligibility Service, and taking into account, in the case of early retirement prior to January 1, 1995, any amounts payable under Section 5.B. |
26. | "Frozen Normal Retirement Pension" means the greater of the monthly amount payable under Section 4.A.1 or Section 19 to an Employee or terminated Vested Employee solely as a result of his Frozen Credited Service. |
(1) | was a 5% owner, as defined in Section 416(b)(1)(B)(i) of the Code at any time during the year or the preceding year, or |
(2) | for the preceding year had compensation from the Company or a Controlled Group member in excess of $80,000. The $80,000 amount is adjusted at the same time and in the same manner as under Section 415(d) of the Code, except that the base period is the calendar quarter ending September 30, 1996. |
28. | “Hourly-Paid Employee” means, for purposes of Section 19, a daywork or incentive Employee whose basic Compensation the Employer computes and pays on an hourly rate. |
29. | "Internal Revenue Code" or "Code" means the Internal Revenue Code of 1986, as amended. |
30. | "Investment Committee" means the person(s) that may be appointed by the Company, in its discretion, as the "named fiduciary" of the Plan, within the meaning of Section 402(a)(2) of ERISA, with respect to Plan investments. |
(b) | who is (i) registered as an investment advisor under the Investment Advisers Act of 1940; (ii) a bank, as defined in that Act; (iii) an insurance company qualified to perform services described in Section 1.31(a) under the laws of more than one State; or (iv) a subsidiary of the Company authorized to perform investment management services; and |
32. | "Joint Annuitant" means an individual designated by an Employee as eligible to receive the survivor benefit provided by Section 10.D.3, 10.D.4 or 10.D.6. |
33. | "Layoff" means the termination of the employment of an Employee with an Employer through no fault of his own for lack of work for reasons associated with the business where such Employer determines, on a uniform and nondiscriminatory basis, there is a reasonable expectation of recall within 1 year. |
34. | "Non-Vested Employee" means an Employee who has less than 5 years of Eligibility Service. If the Employee is eligible for a Cash Balance benefit under Article 4 of the Curtiss-Wright Corporation Component of the Curtiss-Wright Corporation Retirement Plan, “Non-Vested Employee” means an Employee who has less than 3 years of Eligibility Service. |
35. | "Normal Retirement Date" means, with respect to an Employee, the later of (a) the first day of the month following his 65th birthday, or (b) the first day of the month following his completion of 5 years of Eligibility Service. |
36. | “Normal Retirement Pension” means the benefit payable pursuant to Section 4 of the Plan. |
36A. | "Participant" means a person who meets the requirements of Section 3 for participation in the Plan, including a former Participant. |
38. | "Pensioner" means a person receiving a pension under the Plan, and shall include any person with respect to whom liability for pension payments was transferred from the Predecessor Plan to the Plan. |
39. | "Plan" means the EMD Component of the Curtiss-Wright Corporation Retirement Plan. Prior to January 1, 2007, Plan means the Curtiss-Wright Electro-Mechanical Division Pension Plan. |
40. | "Plan Year" means the calendar year. The Plan’s initial Plan Year began October 29, 2002 and ended December 31, 2002. Notwithstanding the foregoing, for the purpose of determining the Compensation, Credited Service, and Eligibility Service of an individual who is identified as an “Employee" in Section 3.15(a) of the Asset Purchase Agreement dated October 25, 2002 between Curtiss-Wright Electro-Mechanical Corporation and WGSC providing for the purchase of certain assets related to WGSC’s Electro-Mechanical Division and who commences employment with the Employer or an Affiliated Entity in connection with such agreement, the calendar year beginning on January 1, 2002 shall be deemed to be a Plan Year, and for the purpose of determining the Compensation, Credited Service, and Eligibility Service for WGSC Transferees, as defined in the Introduction to the Plan, each plan year of the Predecessor Plan shall be taken into account. |
41. | "Predecessor Plan" means the Westinghouse Government Services Group Pension Plan, as in effect on the day prior to the Effective Date. To the extent that the Predecessor Plan took account of the provisions of the GESCO Plan in determining the benefits payable to participants thereunder, the GESCO Plan shall also be deemed to be a Predecessor Plan. |
42. | "Salaried Employee" means, for purposes of Section 19, an Employee whose basic Compensation the Employer computes and pays on a weekly or monthly rate. |
43. | "Spouse" means the individual to whom the Participant is lawfully married (whether of the same or opposite sex) under the laws of the jurisdiction in which the marriage ceremony was performed, and any former Spouse to the extent provided under a qualified domestic relations order as described in Section 414(p) of the Code. Prior to June 26, 2013, an individual had to be the Participant’s husband or wife as provided in the Defense of Marriage Act of 1996 to be treated as a Spouse under the Plan. On and after June 26, 2013, and on and before September 15, 2013, an individual of the same sex as the Participant was treated as a Spouse under the Plan only if the couple had entered into a relationship denominated as a legal marriage under the laws of the jurisdiction in which the Participant maintained his legal residence during such period. No individual, whether of the same or opposite sex, shall be a Participant’s Spouse on account of the fact that such individual has entered into a domestic partnership, civil union or other formal or informal relationship with the Participant that is not denominated as a legal marriage under the laws of a jurisdiction, even if those laws provide similar rights, protections and benefits to persons in those relationships as they do to married persons. In all cases, the marriage must be recognized for purposes of the Code’s provisions applicable to qualified plans pursuant to regulatory guidance issued thereunder. The Administrative Committee may require the Participant and/or Spouse to submit evidence to prove such legal relationship. |
44. | "Surviving Spouse" means the Spouse of an Employee or former Employee on the earlier of the date he dies or becomes a Pensioner or a former Spouse named as a Surviving Spouse pursuant to a qualified domestic relations order as provided in Section 17.A. |
45. | "Trust Agreement" means the agreement, or agreements, as from time to time amended, which constitute a part of the Plan under which the assets of the Plan are held in trust. |
46. | "Trustee" means the corporation or individual appointed by the Investment Committee to hold the assets of the Plan in trust pursuant to the Trust Agreement. |
47. | "Vested Employee" means an Employee who has completed 5 years or more of Eligibility Service, or a former Employee who satisfied the vesting requirements of the Plan or the Predecessor Plan which were in effect at the time he ceased to accrue Eligibility Service, provided this sentence shall be effective September 1, 1988. If the Employee is eligible for a Cash Balance benefit under Article 4 of the Curtiss-Wright Corporation Retirement Plan, “Vested Employees” means an Employee who has completed 3 years or more of Eligibility Service. |
48. | “Vested Pension” means the benefit payable to a Vested Employee under Section 6 of the Plan. |
49. | "With Interest" means interest compounded annually computed from the end of the calendar year in which contributions have been made to the first of the month in which a computation is being made, at the following rates: (i) for Plan Years beginning before 1976, at the annual rate prescribed by the Predecessor Plan as in effect for such Plan Years; (ii) for Plan Years beginning after 1975 and before 1988, at the annual rate of 5%; (iii) for Plan Years beginning after 1987 and before the date benefits commence, at the annual rate of 120% of the Federal mid-term rate (as in effect under Section 1274 of the Code for the first month of the Plan Year); and (iv) for periods beginning when benefits commence until the Normal Retirement Date, at the annual rate which would be used under the Plan under |
A. | An Employee's Normal Retirement Date is defined in Section 1.35. The pension of any Employee is nonforfeitable if such Employee is alive on his Normal Retirement Date. |
B. | Any person who is accruing Eligibility Service on the day preceding his Normal Retirement Date may retire with a Normal Retirement Pension pursuant to Section 4 on his Normal Retirement Date or on the first day of any month following his Normal Retirement Date. |
C. | An Employee’s Early Retirement Date is defined in Section 1.14. Any person who has reached his Early Retirement Date may elect to retire and receive an Early Retirement Pension pursuant to Section 5 on the first day of any month thereafter up to his Normal Retirement Date. |
D. | No person who is working for an Affiliated Entity, or a successor employer with whom the Company has entered into a reciprocal service agreement may elect an Early Retirement Pension under this Plan which commences prior to the date he ceases to be employed by such Affiliated Entity, or successor employer. |
E. | All applications for Normal Retirement Pensions and Early Retirement Pensions must be submitted in writing in accordance with such procedures as the Administrator shall prescribe prior to the applicant's desired retirement date. No pensions shall be payable for any period prior to the elected retirement date. |
F. | Notwithstanding any other provision of this Plan to the contrary, a Vested Employee's pension or any death benefit payable under Section 7.D shall commence, at the election of the Vested Employee, no later than the 60th day after the latest of the close of the Plan Year in which (i) the Vested Employee or the Beneficiary, as applicable, attains age 65, (ii) the 5th anniversary of the year in which the Vested Employee commenced participation occurs, or (iii) the Vested Employee terminates his service with the Employer and any other Controlled Group member. |
A. | Each Employee may elect to make contributions and to accrue a monthly pension in accordance with the formulas described in Sections 4.A.1 and 4.A.2. An Employee shall make such election within the 30-day period following the date he is notified of his eligibility |
B. | An Employee with an election to contribute in effect shall contribute 1½% of his Compensation. The most recent contribution election under the Predecessor Plan of a WGSC Transferee (as defined in the Introduction to the Plan) who was eligible to participate in the Predecessor Plan prior to such individual's transfer to an Employer shall remain in effect under the Plan (subject to Section 3.C). |
C. | All elections to contribute shall become effective immediately for an Employee who is hired or rehired, provided, however, that an election previously in effect shall be reinstated if the Employee is rehired in the same calendar year. An Employee who has waived his right to contribute shall nevertheless have the right, effective on a succeeding January 1, to elect to contribute. |
D. | This Section 3.D applies prior to January 1, 1995 to an Employee who was disabled or on a leave of absence (including a military leave). Such an Employee who had elected to contribute and who was on a leave of absence or absent from work due to disability for at least a month was, for as long as he continued to accrue Credited Service pursuant to Section 1.13, eligible to make contributions to the Plan. Such contributions were payable monthly based on his rate of Compensation in effect immediately preceding the first payroll period for which he did not receive a regular paycheck. Contributions for any calendar month were required to be made no later than the 15th day of the following month. If such an Employee at any time during his leave of absence or disability elected not to continue to make contributions, he was not be permitted to start contributions again until he returned to work. If such an Employee elected not to contribute as described above, he nevertheless continued to be considered a contributing Employee for the purpose of Section 4.A.2. |
E. | This Section 3.E applies on and after January 1, 1995 to an Employee who is disabled or on a leave of absence (including a military leave) and not receiving Compensation. Such an Employee shall not make contributions to this Plan for the period of such disability or leave of absence. If such an Employee had an election to contribute in effect immediately prior to becoming disabled or beginning his leave of absence, he shall, for as long as he would have continued to accrue Credited Service if he were still contributing, nevertheless be deemed to have an election to contribute in effect for purposes of Sections 4.A.1.(c) and 4.A.2 during his period of disability or leave of absence, and his Compensation shall be deemed to be equal to his Compensation in effect immediately preceding the first payroll period for which he did not receive a regular paycheck; provided, however, that for any such Employee other than an Employee on military leave, 1½% of Compensation shall be substituted for two 2% of Compensation with respect to such imputed Credited Service in Section 4.A.1(c). |
F. | No withdrawals of Employee contributions shall be permitted while an Employee continues to accrue Eligibility Service under the Plan. Refunds of Employee contributions shall be made under certain circumstances as described in Section 7. |
G. | No Employee hired or rehired by, or transferred to, an Employer on or before December 31, 2013, shall be eligible to participate in the Plan after January 1, 2014, unless he has timely filed an election to participate in the Plan that is effective on or before January 1, |
H. | No Employee hired or rehired by, or transferred to, an Employer on or after January 1, 2014, shall be eligible to participate in the Plan. |
A. | An Employee who retires on or after his Normal Retirement Date shall be eligible for a monthly pension payable for his lifetime, which shall be the greater of the amount he has accumulated under the Career Accumulation method, or the Flat Rate method as described below. |
1. | An Employee's accumulated pension under the Career Accumulation method shall be the sum of (a), (b), and (c) below. |
(a) | For calendar years prior to 1992, the Career Accumulation amount for an Employee who retires on or after January 1, 1992 shall be: |
(i) | any amounts earned as of December 31, 1991 under the Career Accumulation method of the Basic Portion of the Predecessor Plan as it existed prior to January 1, 1992 (see paragraph A of Appendix C), |
(ii) | any amounts earned as of December 31, 1991 under the Final Average Compensation Method of the Basic Portion of the Predecessor Plan as it existed prior to January 1, 1992 (see paragraph B of Appendix C), |
(2) | Any amounts earned as of December 31, 1991 under the Supplemental Portion of the Predecessor Plan as it existed prior to January 1, 1992 (see paragraph C of Appendix C). |
(b) | For each of the years 1992, 1993, and 1994, if the Employee had an election to contribute in effect, the monthly Career Accumulation amount shall be 1/12 of 2% of Compensation for that year, subject to a minimum of $15 for each such year of Credited Service. If the Employee had elected to waive his right to contribute for such year, the monthly Career Accumulation amount shall be $15 for each such year of Credited Service. |
(c) | For each year of Credited Service after December 31, 1994, for an Employee who has an election to contribute in effect for a Plan Year, the Employee's monthly accumulated pension under the Career Accumulation method shall be the sum of 1/12 of 2% of Compensation for that Plan Year; provided, however, that in no event shall such an Employee's monthly accumulated pension under the Career Accumulation method for a Plan Year be less than $31.00 multiplied by the Participant's Credited Service for such Plan Year. An Employee's monthly accumulated pension for a year under the Career Accumulation method shall be zero, if the Employee has elected to waive his right to contribute for such year, except as provided in Sections 3.E and 4.E. |
2. | An Employee's accumulated pension under the Flat Rate method shall be determined under (a) or (b) below, whichever applies. |
(a) | For Employees who do not have Eligibility Service after December 31, 1994, the accumulated pension under the Flat Rate method shall be the amount determined under Section 19. |
(b) | For Employees who have Eligibility Service after December 31, 1994, the accumulated pension under the Flat Rate method shall be the sum of (1), (2), and (3) below: |
(1) | If the Employee elected to make contributions when he was first eligible to do so, his Flat Rate method monthly pension amount for all Credited Service accumulated prior to the first date such an election could have been effective shall be equal to the product of $31.00 times the applicable years of Credited Service. If the Employee elected not to make contributions when he was first eligible to do so, his Flat Rate method monthly pension amount for all Credited Service accumulated prior to the first date such an election could have been effective shall be equal to the product of $13.00 times the applicable years of Credited Service. |
(2) | $31.00 for each year of Credited Service in which the Employee had an election to contribute in effect or is treated as having an election to contribute in effect under Sections 3.D, 3.E, and 4.E. |
(3) | $13.00 for each year of Credited Service prior to January 1, 1995 in which the Employee was eligible to contribute but elected not to contribute. |
(c) | For each year of Credited Service after December 31, 1994, the monthly Flat Rate amount shall be zero, if the Employee has elected to waive his right to contribute for such year except as provided in Sections 3.E and 4.E. |
B. | In no event shall the monthly pension computed pursuant to Section 4.A above be less than the monthly annuity payable as of the Employee's retirement date that is the Actuarial Equivalent of the annuity equivalent of the Employee's contributions, With Interest. |
C. | For an individual who is an Employee after his Normal Retirement Date, in no event shall the monthly pension computed pursuant to Section 4.A above be less than: |
1. | the amount computed under Section 4.A for an Employee at his Normal Retirement Date based on the provisions of the Plan in effect at his Normal Retirement Date, minus |
2. | the Employee's contributions, With Interest, under the Plan at his Normal Retirement Date, multiplied by a conversion factor based on his age at his Normal Retirement Date, plus |
3. | the Employee's contributions, With Interest, under the Plan at his actual retirement date, multiplied by a conversion factor based on his age at his actual retirement date. |
D. | 1. A Vested Employee who continues to be employed by an Employer after attaining age 70½ shall commence distributions on April I of the year following the later of the year in which he attains age 70½ or retires (or, for a 5% owner, within the meaning of Section 416(i) of the Code, the year in which he attains age 70½), in accordance with the provisions of Sections 1.401(a)(9)-2 through 1.401(a)(9)-9 of the Income Tax Regulations issued under Section 401(a)(9) of the Code , including the minimum distribution incidental benefit requirement of Section 401(a)(9)(G). Further, such regulations shall override any Plan provision that is inconsistent with Section 401(a)(9) of the Code, and the regulations promulgated thereunder, which are hereby incorporated by reference. |
2. | A Vested Employee who reached age 70½ before January 1, 2001 may elect, in accordance with uniform and nondiscriminatory procedures determined by the Administrative Committee, to begin distributions no later than April 1 of the year following the year in which he attains age 70½. Such pension shall be computed in accordance with Section 4.A above based on Credited Service accrued to such April 1 and shall be payable in accordance with the form of payment described in Section 10.D.1. As soon as practical following each January 1 thereafter, until such time as the Employee either retires or dies, his pension shall be redetermined, taking into account his additional Credited Service, additional benefits determined under this Section 4, and any Plan amendments which have become effective, and such redetermined amount shall be payable each month of the ensuing year, retroactive to January 1 of such year. |
3. | The benefit of any Vested Employee who continues in the employment of an Employer and does not elect to begin distributions following age 70½ under Section 10.D.2 above shall be actuarially increased for the period beginning on April 1 following the calendar year in which the Participant attained age 70½ and ending on the date benefits commence. The actuarially increased benefit shall be the actuarial equivalent of the Participant's pension payable on April 1 following the calendar year in which the Participant attained age 70½, plus the actuarial equivalent |
4. | If an Employee dies after the time when distributions are considered to have commenced in accordance with Section 401(a)(9) of the Code, any remaining portion of the Employee's benefits will be distributed at least as rapidly as under the distribution method being used under Section 401(a)(9)(A)(ii) of the Code as of the Employee's death. |
E. | For periods on and after January 1, 1995, an Employee shall earn no less than $31 under Sections 4.A.1.(c) and 4.A.2 for each year of Credited Service while on furlough, disability, leave of absence described in Section 1.13.A.(3), military leave of absence, or Layoff, if the Employee had an election to contribute in effect immediately prior to such status. |
F. | In the case of a Vested Employee who previously terminated employment and received a lump sum distribution of only his contributions, With Interest, if such Employee is rehired his pension shall be computed under this Section 4 by first computing the pension to which he would be entitled based on his total Credited Service as if he had not withdrawn his contributions, With Interest, and then offsetting a monthly amount equal to the amount that was deemed to have been purchased by his contributions, With Interest, at the time of his initial withdrawal in accordance with the terms of the Plan in effect at such time. |
A. | The monthly pension amount payable for the lifetime of an Employee who elects to retire early pursuant to Section 2.C shall be determined as follows: |
1. | If the Employee has at least 30 years of Eligibility Service on his retirement date, his pension shall be the greater of: |
(a) | the greater of the amount determined pursuant to Section 4.A.1 or Section 19 based on his Frozen Credited Service, reduced by 0.25% for each month by which his retirement date precedes the first day of the month following his 60th birthday; or |
(b) | the amount determined pursuant to Section 4.A based on all of his Credited Service, reduced by 0.50% for each month by which his retirement date precedes his Normal Retirement Date. |
2. | If the Employee has less than thirty (30) years of Eligibility Service on his retirement date, his pension shall be the greatest of: |
(a) | the amount determined pursuant to Section 4.A.1 based on his Frozen Credited Service, reduced by 0.33% for each month by which his retirement date precedes his Normal Retirement Date; |
(b) | the amount determined pursuant to Section 19 based on his Frozen Credited Service; or |
(c) | the amount determined pursuant to Section 4.A based on all of his Credited Service, reduced by 0.50% for each month by which his retirement date precedes his Normal Retirement Date. |
B. | If the Employee retired before January 1, 1995 and prior to the first day of the month following his 62nd birthday, he shall receive a monthly early retirement supplement of $10.00 multiplied by his Credited Service to his retirement date. This early retirement supplement shall be payable up to and including the month he attains age 62. |
C. | In no event shall the monthly pension computed pursuant to Section 5.A above be less than the monthly annuity payable as of the Employee's retirement date that is the Actuarial Equivalent of the Employee's contributions, With Interest. Such annuity equivalent and actuarial equivalence shall be computed based on the mortality table and interest rate assumptions provided under Section 1.1. |
D. | The monthly pension amount of an Employee who defers his elected retirement date beyond the first day of the month following the date he ceases to accrue Eligibility Service shall be calculated at his elected retirement date based on the Plan provisions which were in effect on the first day of the month following the date he ceased to accrue Eligibility Service. |
E. | In no event shall the monthly pension computed pursuant to Section 5.A above be less than the Career Accumulation amount determined pursuant to Section 4.A.1.(a) as of December 31, 1991. |
A. | Any Vested Employee who terminates service with an Employer, Affiliated Entity, or Excluded Unit, for any reason, and is not eligible to receive a Normal or Early Retirement Pension shall, subject to Section 15, be entitled to receive a vested Pension commencing on his Normal Retirement Date. Such pension shall be payable in the normal form described in Sections 10.A and 10.B, whichever is applicable, unless he elects an optional form of payment as described in Section 10.D. The amount of the vested Pension shall be |
B. | A Vested Employee who is eligible to receive a Vested Pension may, subject to Section 15, elect to have his Vested Pension begin as early as the first of the month following his 60th birthday if he has 10 or more years of Eligibility Service. If a Vested Employee has 30 or more years of Eligibility Service, he may, subject to Section 15, elect to have his Vested Pension begin as early as the first of the month following his 58th birthday. In either case, the Vested Pension shall be reduced by 0.50% per month for each month that his elected pension starting date precedes his Normal Retirement Date. |
C. | A Vested Employee who terminates service with an Employer, Affiliated Entity, or Excluded Unit, for any reason, who is not eligible to receive a Normal or Early Retirement Pension, and who has not satisfied the age and service requirements for the commencement of his Vested Pension pursuant to Section 6.B above may, subject to Section 15, elect to receive a lump sum. Such lump sum shall be subject to the limitations of Section 10.D.5, computed in accordance with Sections 10.J and 1.1, and subject to the election and spousal consent rules of Section 10. Upon reemployment, a Vested Employee who received a lump sum cashout of his entire interest in this Plan shall not be permitted to return the amounts received to the Plan. In such event, the benefits of the former Employee shall be determined without regard to service for which he received a lump sum, but his previous Eligibility Service shall be restored for determining such Employee's eligibility for benefits. |
D. | A Vested Employee who terminates service with an Employer, Affiliated Entity, or Excluded Unit, for any reason, who is not eligible to receive a Normal or Early Retirement Pension, and who has not satisfied the age and service requirements for the commencement of his Vested Pension pursuant to Section 6.B above, may, subject to Section 15, elect to receive a reduced monthly pension as early as the first of the month following the date he ceases to accrue Eligibility Service under the Plan. Such a Vested Employee may elect either to receive his entire benefit, or his remaining benefit (if any) after election of a lump sum pursuant to Section 6.C above, in the form of a monthly pension. In either case, the monthly pension amount shall be the equivalent actuarial value of the pension (or remaining pension in the event a portion of the pension is paid in a lump sum) described in Section 6.A. The monthly pension shall be payable in the form described in Sections 10.A or 10.B, whichever is applicable, unless the Employee elects an optional form of payment as described in Section 10.D. For purposes of this Section 6.D, equivalent actuarial value shall be based on the Vested Employee's age and using the actuarial assumptions specified in Section 1.1. |
E. | Notwithstanding any other provision of the Plan, if an Employee terminates service with an Employer, Affiliated Entity, or Excluded Unit and if both the lump sum value of an Employee's entire Vested Pension from the Plan calculated in accordance with Sections 10.J and 1.1 and the Employee's contributions, With Interest, are equal to or less than $1,000, then the greater of such lump sum amount or such contributions, With Interest, shall, subject to Section 15, be paid automatically to the Vested Employee and no further payments shall be due from the Plan. In the event either the lump sum value of an Employee’s entire Vested |
A. | If a Non-Vested Employee who has made contributions under the Plan terminates employment, there shall be payable to him an amount equal to the sum of his contributions, With Interest. Notwithstanding the foregoing, no refund shall be made to any Employee until such Employee ceases to accrue Eligibility Service under the Plan. If the amount payable is in excess of $1,000 but not in excess of $5,000 and payment is being made prior to the Employee’s Normal Retirement Date, the Employee must request payment in writing. If the amount payable to an Employee is in excess of $5,000, the Employee must request payment in writing and must obtain the written consent of his Spouse. Spousal consent must be witnessed by a notary public. |
B. | If the amount payable to a Non-Vested Employee under Section 7.A is greater than $5,000, the Non-Vested Employee may elect to receive a reduced monthly pension in lieu of a refund as early as the first of the month following the date he ceases to accrue Eligibility Service under the Plan. In that case, the monthly pension amount shall be the equivalent actuarial value of his contributions, With Interest. Such pension shall be payable in the form described in Sections 10.A or 10.B, whichever is applicable, unless the Employee elects an optional form of payment as described in Section 10.D. For purposes of this Section 7.B, the equivalent actuarial value shall be based on the Employee's age, and the mortality table and interest rate assumptions provided under Section 1.1. |
C. | If a Non-Vested Employee who received a payment of his contributions, With Interest, under the Plan due to termination of employment is reemployed as an Employee or an employee of an Affiliated Entity or Excluded Unit, he may at any time within five years following his return to service as an Employee or an employee of an Affiliated Entity or Excluded Unit repay the total amount paid to him at the time his services were terminated and thereby have the pension restored which he had earned under the Plan up to the date his services were terminated. If he does not make such repayment, his pension for service prior to the date of his previous termination will be calculated as described in Section 4.A for an Employee who never elected to contribute under the Plan. |
D. | Subject to Section 10.P, if an Employee or a former Employee who has made contributions under the Plan dies before the date pension payments commence and he has no Spouse, or his Spouse is not entitled to a Surviving Spouse Benefit under Sections 8 or 9, there shall be payable to a Beneficiary named by the Employee an amount equal to his contributions, With Interest. If no valid Beneficiary designation is on file, payment shall be made to the legal representative of the Employee or former Employee. |
E. | In no event shall payments made from the Plan be less than the Employee's contributions, With Interest. |
F. | If a Non-Vested Employee (i) terminates employment and receives a refund of his contributions to this Plan under this Section 7 or (ii) elects not to contribute to this Plan and terminates employment, he will be deemed to have received a total distribution of his accrued benefit under this Plan. |
A. | If an Employee who is accruing Eligibility Service dies after (a) attaining age 50 and completing 15 years of Eligibility Service, (b) attaining age 60 and completing 10 years of Eligibility Service, or (c) completing 25 years of Eligibility Service, or if an Employee dies who on his date of death was eligible for an immediate pension pursuant to the provisions of the Plan, a benefit shall be paid to his Surviving Spouse. This Section 8 shall also apply to the Surviving Spouse of an Employee who continued in the employ of an Employer beyond his Normal Retirement Date. This Section 8 shall not apply to a terminated vested Employee who is entitled to receive a Vested Pension under Section 6. This Section 8 is subject to Section 10.P. |
B. | The benefit payable to the Surviving Spouse pursuant to this Section 8 shall be a monthly benefit payable for the life of the Surviving Spouse. Such benefit shall commence on the first day of the second month following the month in which the Employee's death occurred. |
C. | The amount of the monthly benefit shall be the amount calculated below, reduced by a percentage determined in accordance with Section 10.E based on the difference between the Employee's age and the age of the Surviving Spouse on the first of the month following the month in which the Employee's death occurred. |
1. | If the Employee had less than 30 years of Eligibility Service on his date of death, the calculated amount shall be the greatest of. |
(a) | the amount determined pursuant to Section 4.A.1 based on his Frozen Credited Service, reduced by 0.33% for each month by which the first of the month following the month in which he died precedes his Normal Retirement Date (subject to a maximum reduction of 20%); |
(b) | the amount determined pursuant to Section 19 based on his Frozen Credited Service; or |
(c) | the amount determined pursuant to Section 4.A based on all of his Credited Service, reduced by 0.50% for each month by which the first of the month following the month in which he died precedes his Normal Retirement Date (subject to a maximum reduction of 42%). |
2. | If the Employee had 30 or more years of Eligibility Service on his date of death, the calculated amount shall be the greater of: |
(a) | the greater of the amount determined pursuant to Section 4.A.1 or Section 19 based on his Frozen Credited Service; or |
(b) | the amount determined pursuant to Section 4.A based on all of his Credited Service, reduced by 0.50% for each month by which the first of the month following the month in which he died precedes his Normal Retirement Date (subject to a maximum reduction of 42%). |
D. | The Beneficiary named by the Surviving Spouse shall be paid in a lump sum the greater of the following two amounts; provided, however, that if both such amounts are less than or equal to zero, no additional amount shall be paid: |
1 . | If the Surviving Spouse commences to receive a monthly Surviving Spouse Benefit pursuant to this Section 8 and such Surviving Spouse dies before a total of 60 monthly payments have been received, the balance of such 60 monthly payments. |
2. | If a Surviving Spouse who is entitled to receive a Surviving Spouse Benefit pursuant to this Section 8 dies before receiving total payments, which are equal to or greater than the Employee's contributions, With Interest, the difference between such contributions, With Interest, and the amount previously received. |
E. | In lieu of a monthly benefit payable as described in Section 8.B above, the Surviving Spouse may elect a lump sum. Such lump sum shall be subject to the limitations of Section 10.D.5 and computed in accordance with Sections 10.J and 1.1. |
F. | Notwithstanding any provision to the contrary, if an Employee who dies after January 1, 2007 while performing qualified military service pursuant to the Heroes Earnings Assistance and Tax Relief Act of 2008, a benefit shall be paid to his Surviving Spouse pursuant to Section 8.B above. |
A. | This Section 9 shall apply to the Surviving Spouse of any Vested Employee who dies, provided such Vested Employee ceased accruing Eligibility Service on or after January 1, 1976 and provided further that such Vested Employee neither: |
1. | satisfies the requirements for the Surviving Spouse benefit described in Section 8, nor |
B. | The benefit payable to the Surviving Spouse pursuant to this Section 9 shall be a monthly benefit payable for the life of the Surviving Spouse. Such benefit shall commence on the first day of the month following the month requested by the Surviving Spouse for the commencement of payments, but in no event later than the Vested Employee's Normal Retirement Date or earlier than the first of the month following the month in which the Vested Employee would have attained: |
C. | The amount of the monthly benefit payable to the Surviving Spouse shall be the Vested Employee's Vested Pension, which shall be calculated in the same manner as the Normal Retirement Pension described in Section 4 based on the terms of the Plan in effect on the date the Employee ceases to accrue Eligibility Service, reduced by: |
1. | 0.50% for each month that the starting date precedes the Vested Employee's Normal Retirement Date; and |
2. | a percentage determined in accordance with Section 10.E based on the difference between what the Vested Employee's age would have been on the payment commencement date and the Surviving Spouse's age on that date. |
D. | In lieu of a monthly benefit payable as described in Section 9.C above, the Surviving Spouse may elect a lump sum. Such lump sum shall be subject to the limitations of Section 10.D.5 and computed in accordance with Sections 10.J and 1.1. |
E. | In the event that both the value of the monthly benefit described in Section 9.C above, computed in accordance with Sections 10.J and 1.1, and the Vested Employee's contributions, With Interest, at the time of the Vested Employee's death are equal to or less than $5,000, the greater of such value or such contributions, With Interest, shall be paid to the Surviving Spouse in a lump sum in lieu of any monthly payments under the Plan. |
F. | In the event that either the value of the monthly benefit described in Section 9.C above, computed in accordance with Sections 10.J and 1.1, or the Vested Employee's contributions, With Interest, at the time of the Vested Employee's death shall be greater than $5,000, the Surviving Spouse may elect, at any time prior to satisfying the requirements for commencement of a pension set forth in Section 9.B above, to receive a lump sum. Such lump sum shall be subject to the limitations of Section 10.D.5 and computed in accordance with Sections 10.J and 1.1. Such lump sum shall be the greater of the value of the benefit described in Section 10.D.5 or the Vested Employee's contributions, With Interest, both determined as of the elected payment date. This Section 9.F shall not apply unless the Surviving Spouse is alive on such elected payment date. |
G. | A Surviving Spouse who has not yet satisfied the requirements for commencement of a pension set forth in Section 9.B above, may elect to receive a reduced monthly pension as of the first of any month. The Surviving Spouse may elect either to receive his entire benefit, or his remaining benefit (if any) after election of a lump sum pursuant to Section 9.F above, in the form of a monthly pension. In either case, the monthly pension amount shall be the equivalent actuarial value of his pension at his Normal Retirement Date determined in Section 9.C above (or the remainder). The monthly pension shall be payable on a life annuity basis. The equivalent actuarial value shall be determined using the assumptions described in Section 1.1, based on the Surviving Spouse's age. |
H. | If a Surviving Spouse who is entitled to receive a Surviving Spouse Benefit pursuant to this Section 9 dies before receiving total payments which are equal to or greater than the Vested Employee's contributions, With Interest, the difference between such contributions, With Interest, and the amount previously received, shall be paid in a lump sum to a Beneficiary named by the Surviving Spouse. If no valid Beneficiary designation is on file, any amounts payable shall be paid to the legal representative of the Surviving Spouse. |
A. | The normal form of pension payment (not including any early retirement supplements provided by this Plan) shall be a 100% Spouse Survivor Annuity, which shall be a reduced amount payable monthly for the Employee's life with the provision that upon his death 100% of such reduced amount shall be paid for the life of his Surviving Spouse. The Administrator shall provide no less than 30 days and no more than 90 days prior to an Employee's Annuity Starting Date, a written explanation, in non-technical language, of the financial effect of the normal form on his retirement income, including a description of the impact on benefits if distribution is deferred. In order for a married Employee to elect a form of payment other than a 100% Spouse Survivor Annuity, such Employee must obtain the written consent of his Spouse. Such consent must be witnessed by a notary public. Any consent of a spouse pursuant to this Section 10.A shall be effective only with respect to such Spouse. Notwithstanding the foregoing, if an Employee establishes to the satisfaction of the Administrative Committee that a written consent cannot be obtained because the Spouse cannot be located, or because of such other circumstances as may be permitted by law, |
B. | The normal form of pension payment (not including any early retirement supplements provided by this Plan) for an Employee who does not have a Surviving Spouse at retirement shall be a monthly income payable for his life. |
C. | Notwithstanding any provision hereof to the contrary, if a Participant is permitted, in accordance with Section 10.D, to elect to receive a benefit in the form of a lump sum payment, then in no event shall the Participant’s benefit, as payable in the normal form determined in accordance with Section 10.A or Section 10.B above, be less than the Actuarial Equivalent of the lump sum amount payable to the Participant in accordance with Section 10.D. |
D. | Within 90 days prior to his Annuity Starting Date, on a form prescribed by the Administrator, an Employee may elect one of the following forms of pension payment (not including any early retirement supplements provided by this Plan) in lieu of the normal form: |
2. | 55% Spouse Survivor Annuity -- A reduced amount payable monthly for his life with the provision that upon his death an amount equal to 55% of such reduced amount shall be paid monthly for the life of his Surviving Spouse. |
3. | 55% Joint & Survivor Annuity -- A reduced amount payable monthly for his life with the provision that upon his death an amount equal to 55% of such reduced amount shall be paid monthly for the life of his Joint Annuitant. |
4. | 100% Joint & Survivor Annuity -- A reduced amount payable monthly for his life with the provision that upon his death the same amount shall be paid monthly for the life of his Joint Annuitant. |
5. | Lump Sum -- A lump sum settlement of his frozen benefits determined under Sections 10.J and 1.1. This lump sum option is not available with respect to Credited Service or benefits accrued after December 31, 1994, except as provided in Section 10.J below. |
6. | Effective January 1, 2008 - a 50% Joint & Survivor Annuity -- A reduced amount payable monthly for his life with the provision that upon his death an amount equal to 50% of such reduced amount shall be paid monthly for the life of his Joint Annuitant. |
E. | A 55% Spouse Survivor Annuity or a 55% Joint & Survivor Annuity shall be the monthly pension determined under either Section 4 or Section 5.A, whichever applies, reduced by a percentage that is based on the relationship of the Employee's age to his Surviving Spouse's age or his Joint Annuitant’s age, whichever is applicable. The age of each shall be determined as the age at the birthday nearest the date as of which payments commence. The percentage shall be 7½% if the Employee's age and his Surviving Spouse's or Joint Annuitant's age are the same. The percentage shall be decreased by 0.50% for each year up to 15 years by which the Surviving Spouse's age or the Joint Annuitant's age exceeds the Employee's age and shall be increased by 0.50% for each year by which the Surviving Spouse's age or the Joint Annuitant's age is less than the Employee's age. |
F. | A 100% Spouse Survivor Annuity or a 100% Joint & Survivor Annuity shall be the monthly pension determined under either Section 4 or Section 5.A, whichever applies, reduced by a percentage that is based on the relationship of the Employee's age to his Surviving Spouse's age or his Joint Annuitant's age, whichever is applicable. The age of each shall be determined as the age at the birthday nearest the date as of which payments commence. The percentage shall be 13½% if the Employee's age and his Surviving Spouse's age or Joint Annuitant's age are the same. The percentage shall be decreased by 0.50% for each |
G. | An Employee who elects a 55% Spouse Survivor Annuity, a 100% Spouse Survivor Annuity, 55% Joint & Survivor Annuity, 100% Joint & Survivor Annuity or a 50% Joint & Survivor Annuity must furnish proof of the age of his Surviving Spouse or must designate a Joint Annuitant and furnish proof of the Joint Annuitant's age, whichever is applicable. Such information must be furnished to the Administrator at the time the election is made. |
H. | Subject to Section 10.P, if the Employee or the Joint Annuitant or the Surviving Spouse, whichever is applicable, dies before the Employee's retirement date after the Employee has elected a 55% or 100% Spouse Survivor Annuity or a 50%, 55% or 100% Joint & Survivor Annuity, the election is automatically canceled and, if applicable, the pension shall be paid in the appropriate normal form. If the Employee survives the Joint Annuitant or his Surviving Spouse, whichever is applicable, beyond his retirement date, no change shall be made in the Employee's pension after the death of the Joint Annuitant or the Surviving Spouse, whichever is applicable, except as provided in Section 10.I below. |
I. | If an Employee is receiving a 55% or 100% Spouse Survivor Annuity or a 50%, 55% or 100% Joint & Survivor Annuity and his Surviving Spouse or Joint Annuitant, whichever is applicable, predeceases him within 5 years of the Employee's retirement date, a portion of the reduction which was applied to the Employee's monthly pension at retirement because of the selection of the applicable annuity shall be restored effective the first of the month following the death of the Surviving Spouse or Joint Annuitant, whichever is applicable, in accordance with the following: |
Years since retirement in which Surviving Spouse or Joint Annuitant died | Portion of reduction restored |
First | 100% |
Second | 80% |
Third | 60% |
Fourth | 40% |
Fifth | 20% |
J. | If an Employee or Surviving Spouse elects a lump sum in accordance with Section 10.D.5 above, the amount of such lump sum will be the amount described in Section 10.J.1 below, unless Section 10.J.2 applies and is elected. |
1. | In the case of a normal retirement under Section 4, the lump sum will be the Actuarial Equivalent of the Employee's Frozen Normal Retirement Pension. In the case of an early retirement under Section 5, the lump sum will be the Actuarial Equivalent of his Frozen Early Retirement Pension. In the case of a terminated Vested Employee under Section 6.B, the lump sum will be the Actuarial Equivalent of the annuity payable at the requested commencement date with respect to the Employee's Frozen Normal Retirement Pension. In the case of a terminated Vested Employee under Section 6.C, the lump sum will be the Actuarial Equivalent of the |
2. | Where an Employee elects a lump sum in accordance with Sections 10.D.5 and 10.J.1 above, he may elect to receive the remainder of his benefit, if any, in accordance with the other provisions of this Section 10. The remainder of his benefit will be the monthly pension payable under the applicable Section of this Plan in excess of the monthly pension converted to a lump sum. However, if the Actuarial Equivalent of such remainder benefit does not exceed $10,000, the Employee may elect to receive his entire accrued benefit, including benefits with respect to Credited Service after 1994, in a lump sum. This Section 10.J.2 shall also apply to a Surviving Spouse, except that a remainder benefit paid in the form of an annuity will be limited to the form of payment described in Section 8 or 9, whichever is applicable. |
K. | An Employee may, after having received the notice, affirmatively elect to have his benefit commence sooner than 30 days following his receipt of the notice, provided all of the following requirements are met: |
1. | the Administrative Committee clearly informs the Employee that he has a period of at least 30 days after receiving the notice to decide when to have his benefits begin and, if applicable, to choose a particular optional form of payment; |
2. | the Employee affirmatively waives the 30-day period referred to above and elects a date for his benefits to begin and, if applicable, an optional form of payment, after receiving the notice; |
3. | the Employee is permitted to revoke his election until the later of his Annuity Starting Date or seven days following the day he received the notice; |
4. | payment does not commence less than seven days nor more than 90 days following the day after the notice is received by the Employee (except the 90-day period may be extended due to administrative delay); and |
5. | the Annuity Starting Date is after the date the notice is provided. |
L. | A "Distributee" may elect, at the time and in the manner prescribed by the Administrator, to have any portion of an "Eligible Rollover Distribution" paid directly to an "Eligible Retirement Plan" specified by the Distributee in a "Direct Rollover." For purposes of this Section, the following definitions shall have the following meanings: |
1. | "Distributee" means an Employee or former Employee. For purposes of Section 10.L.2 below, the Employee's or former Employee's Surviving Spouse, the Employee's or former Employee's Spouse or former Spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code; are Distributees with regard to the interest of the Spouse or former Spouse, or a non-Spouse Beneficiary (effective April 1, 2007); |
2. | "Eligible Rollover Distribution" means any distribution of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include: (i) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee's designated Beneficiary, or for a specified period of ten years or more; (ii) any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and (iii) any portion of any distribution that is not includible in gross income; A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of after-tax employee contributions which are not includible in gross income. However, such portion may be transferred only to (1) an individual retirement account or annuity described in Section 408(a) or (b) of the Code; (2) for taxable years beginning after December 31, 2001 and before January 1, 2007, to a qualified trust which is part of a defined contribution plan that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible; or (3) for taxable years beginning after December 31, 2006, to a qualified trust or to an annuity contract described in Section 403(b) of the Code, if such trust or contract provides for separate accounting for amounts so transferred (including interest thereon), including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. |
3. | "Eligible Retirement Plan" means any of the following types of plans that accept the Distributee's Eligible Rollover Distribution: |
(i) | an individual retirement account or individual retirement annuity described in Section 408(a) or 408(b) or 408A (effective January 1, 2008) of the Code, respectively; |
(ii) | a qualified trust described in Section 401(a) of the Code; |
(iii) | an annuity contract described in Section 403(b) of the Code; and |
(iv) | an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. |
4. | "Direct Rollover" means a payment by the Plan to the Eligible Retirement Plan specified by the Distributee. |
M. | Except for monthly amounts payable pursuant to Sections 6.C and 6.D and Section 9, an overall guarantee of at least 60 times the life annuity monthly pension amount (without regard to any early retirement supplements provided by this Plan) shall apply to monthly amounts payable from the Plan. This guarantee shall not apply to any monthly supplements which may be payable up to age 62 pursuant to any of the provisions of the Plan. |
1. | If the Employee has elected to receive payment in the form of a life annuity and he dies after payments have begun but before 60 payments have been made, the balance of such 60 monthly payments shall be payable in a lump sum to the Beneficiary named by the Employee. |
2. | If the Employee has elected to receive payment in the form of a 50%, 55% or 100% Spouse Survivor Annuity or a 50%, 55% or 100% Joint & Survivor Annuity and both the Employee and his Survivor Spouse or Joint Annuitant, whichever is applicable, die after payments have begun but before the guaranteed amount of 60 times the life annuity monthly pension amount has been received, the difference between the guaranteed amount and the amount received shall be payable in a lump sum to the Beneficiary of the Employee or his Surviving Spouse or Joint Annuitant, whoever is the last to die. |
N. | The following special rules shall apply to an Employee or Surviving Spouse who elects to receive his entire accrued benefit in the form of a monthly annuity under Sections 10.D.1 through 10.D.4 and 10.D.6: |
1. | If such an Employee (i) has Eligibility Service for periods prior to January 1, 1995 (not including Eligibility Service for periods prior to January 1, 1995 granted after December 31, 1994); (ii) has Eligibility Service after December 31, 1994; (iii) is eligible for Early Retirement in accordance with Section 2.C; and (iv) elects such an Early Retirement Pension; then: |
(a) | such Employee's early retirement monthly amount shall be calculated using the reduction factors of Sections 5.A.1.(a), 5.A.2.(a), and 5.A.2.(b) as if, solely for purposes of this Section 10.N, all of his Credited Service occurred prior to January 1, 1995, and by determining his benefit under the Flat Rate method using the formula described in Section 4.A.2.(b) rather than Section 19; and |
(b) | if the Employee has not yet attained age 62, he shall be entitled to an Early Retirement Supplement described in and payable in accordance with Section 5.B even though his retirement date is after December 31, 1994. |
2. | If such Surviving Spouse was married to a deceased Employee who (i) had Eligibility Service for periods prior to January 1, 1995 (not including Eligibility Service for periods prior to January 1, 1995 granted after December 31, 1994) and (ii) had Eligibility Service after December 31, 1994; and if such Surviving Spouse is eligible for a benefit under Section 8; then such Surviving |
O. | In any case, a lump sum payment of Actuarial Equivalent value shall be made in lieu of all benefits in the event: |
1. | the Employee’s Annuity Starting Date occurs on or after his Normal Retirement Date and both the present value of his Vested Pension and the Employee’s contributions, With Interest, determined as of his Annuity Starting Date amount to $5,000 or less, or |
2. | the Employee’s Annuity Starting Date occurs prior to his Normal Retirement Date and both the present value of his Vested Pension and the Employee’s contributions, With Interest, determined as of his Annuity Starting Date amount to $1,000 or less. |
P. | This Section 10.P shall apply only to Employees who attain age 65 prior to January 1, 1995. Notwithstanding Sections 7.D, 8.A, and 10.H, if such an Employee who continues in the employ of an Employer beyond his Normal Retirement Date should die prior to retirement but after having elected a 100% Spouse Survivor Annuity, a 55% Joint & Survivor Annuity, or a 100% Joint & Survivor Annuity, a monthly amount shall be payable to his Joint Annuitant or to his Surviving Spouse, whichever is applicable, calculated in accordance with such election. Such monthly amount shall be determined as though the Employee had retired on the first of the month following the month in which his death occurred with such election in effect, but shall be based on Credited Service to his date of death. Payments to the Joint Annuitant or Surviving Spouse shall commence on the first of the second month following the Employee's date of death, and the first payment will include a benefit for both such second month and the first month following the month in which the Employee's death |
Q. | If the written explanation described in Section 10.A is provided to a Participant after the Annuity Starting Date to which it relates, the following provisions shall apply: |
1. | If any payments are required to be made under the provisions of this Plan retroactive to an Annuity Starting Date that is before the date on which such payments actually commence, an appropriate adjustment shall be made for interest through the date of distribution at a rate determined in a uniform and non-discriminatory manner by the Administrator. Notwithstanding the foregoing, if the benefit is subject to the requirements of Section 417(e)(3) of the Code, and the Employee would receive a greater amount by applying the actuarial assumptions specified in Section 1.1 determined as of the date on which payments actually commence to compute the benefit, then the Employee shall receive such greater amount. Furthermore, notwithstanding the foregoing, the amount of the benefit (other than a benefit that is not subject to the requirements of Section 417(e)(3) of the Code and commences within 12 months of the Annuity Starting Date) must satisfy the requirements of Appendix B using the actuarial assumptions specified in Section 1.1 determined as of the Annuity Starting Date and as of the date on which payments actually commence, whichever produces a smaller benefit. |
2. | The Employee’s election to commence benefits must include the Employee’s affirmative election of such Annuity Starting Date, and any required consent of the Employee’s Spouse, if applicable, must include an affirmative election of such Annuity Starting Date. For this purpose, the Employee’s Spouse is determined based on the date that pension payments actually commence. |
3. | If (i) an Employee terminates employment or retires before his Normal Retirement Date, then reaches his Normal Retirement Date before he elects to commence pension payments, and fails to elect one of the forms of pension payment specified in Section 10.D, and the requirements of Section 10.Q.2 are not satisfied or (ii) an Employee retires on or after reaching Normal Retirement Date, fails to elect one of the forms of pension payment specified in Section 10.D, and the requirements of Section 10.Q.2 are not satisfied, the Employee’s pension payments shall commence as soon as practicable following the later of his Normal Retirement Date or his actual retirement in the normal form of payment specified in Section 10.A and shall be actuarially increased using the assumptions specified in Section 1.1 to reflect commencement after his Normal Retirement Date or actual retirement date, as applicable. |
R. | Notwithstanding any other provision of the Plan to the contrary, all distributions from this Plan shall be determined and made in accordance with the Sections 1.401(a)(9)-2 through 1.401(a)(9)-9 of the Income Tax Regulations issued under Section 401(a)(9) of the Code, including the incidental death benefit provisions of Section 401(a)(9)(G) of the Code. Further, such regulations shall override any Plan provision that is inconsistent with Section 401(a)(9) of the Code. |
1. | Any additional benefits accruing to an Employee in a calendar year after the first distribution calendar year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. |
2. | If an Employee's benefit is being distributed in the form of a joint and survivor annuity for the joint lives of the Employee and non-Spouse Beneficiary, annuity payments to be made on or after the Employee's required beginning date to the designated Beneficiary after the Employee's death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the Employee using the table set forth in Q&A-2 of Section 1.401(a)(9)-6 of the Income Tax Regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the Employee and a non-Spouse Beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the designated Beneficiary after the expiration of the period certain. If the Annuity Starting Date occurs in a calendar year which precedes the calendar year in which the Employee reaches age 70, in determining the applicable percentage, the Employee/Beneficiary age difference is reduced by the number of years that the Employee is younger than age 70 on the employee's birthday in the calendar year that contains the Annuity Starting Date. |
3. | If the Employee's benefit is being distributed in the form of a period certain and life annuity option, the period certain may not exceed the applicable distribution period for the Employee under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Income Tax Regulations for the calendar year that contains the Annuity Starting Date. If the Annuity Starting Date precedes the year in which the Employee reaches age 70, the applicable distribution period for the Employee is the distribution period for age 70 under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Income Tax Regulations plus the excess of 70 over the age of the Employee as of the Employee's birthday in the year that contains the Annuity Starting Date. |
4. | For purposes of this Section, the following definitions shall apply: |
(a) | Designated Beneficiary. The individual who is designated as the Beneficiary under Section 1.4 is the designated Beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-4, Q&A-1, of the Income Tax Regulations. |
(b) | Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the Employee's death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Employee's required beginning date. |
(c) | Life Expectancy. Life expectancy as computed using the Single Life Table in Section 1.401(a)(9)-9 of the Income Tax Regulations. |
(d) | Required beginning date. With respect to an Employee who is a 5-percent owner as defined in Section 416(i) of the Code, the April 1 of the calendar year following the calendar year in which the Employee attains age 70-1/2 and, with respect to an Employee who is not a 5-percent owner, the April 1 following the later of the calendar year in which the Employee attains age 70-1/2 or the calendar year in which the Employee retires. |
A. | Each Employee or Pensioner shall file with the Administrator a written designation of Beneficiary. Subject to obtaining spousal consent when required, a Beneficiary designation may be changed by the Employee or Pensioner at any time upon written notice to the Administrator. |
B. | The Beneficiary of a married Employee or Pensioner must be the Employee's or Pensioner's Spouse unless the Spouse has given written consent to the designation of some other person, persons or entity as Beneficiary. Such consent must be witnessed by a notary public. Notwithstanding the foregoing, if an Employee or Pensioner establishes to the satisfaction of the Administrator that a written consent cannot be obtained because the Spouse cannot be located, or because of such other circumstances as may be permitted by law, spousal consent shall not be required. |
C. | An unmarried Employee or Pensioner may designate any person, persons or entity as Beneficiary without restriction. However, an unmarried Employee or Pensioner who later marries must at that time obtain spousal consent (as described in Section 11.B) in order for the Employee's or Pensioner's existing Beneficiary designation to remain valid. If a divorced Employee or Pensioner later remarries, the Employee or Pensioner must obtain the consent of the Employee's or Pensioner's new Spouse to the Beneficiary designation, even if the Employee or Pensioner obtained the consent of the Employee's or Pensioner's former Spouse to the Beneficiary designation. |
D. | Notwithstanding the fact that an Employee or Pensioner has obtained spousal consent to the designation of some other person, persons or entity as a Beneficiary, if the validly designated Beneficiary is not living at the time of such Employee's or Pensioner's death, the Surviving Spouse shall become the Beneficiary. If there is no Surviving Spouse, payment shall be made to the legal representative of the Employee or Pensioner. |
E. | No Beneficiary shall, prior to the death of the Employee or Pensioner, acquire any interest in the Plan or in the assets of the Trust. |
F. | A Surviving Spouse or a Joint Annuitant who is entitled to receive a benefit under the Plan as a result of the death of the Employee or Pensioner, shall designate a Beneficiary to receive any amounts which might become payable upon the death of such Surviving Spouse or Joint Annuitant. Absent such a designation, any amounts payable shall be paid to the legal representative of the Surviving Spouse or Joint Annuitant, whichever is applicable. |
G. | A valid Beneficiary designation under the Predecessor Plan of a WGSC Transferee (as defined in the Introduction to the Plan) who was eligible to participate in the Predecessor Plan prior to such individual's transfer to an Employer shall remain in effect under this Plan until changed by the WGSC Transferee. |
2. | amending the Plan by written resolution of the Board as provided in Section 18; and |
3. | appointing and dismissing, by written action of the Chief Executive Officer of the Company or the Board, members of the Administrative Committee and the Investment Committee. |
1. | interpret, construe, and apply the provisions of the Plan and Trust Agreement, and any construction adopted by the Administrative Committee in good faith shall be final and binding; |
2. | adopt Plan amendments that (a) are required by ERISA or other applicable law or regulation governing qualification of employee benefit plans, or are necessary for Plan administration, and which do not materially increase costs to the Plan or the Company or materially change Participants' benefits under the Plan, (b) implement special rules in Section 14 for acquisitions, sales, and other dispositions, (c) revise the list of Employers in Appendix D, or (d) clarify ambiguous or unclear Plan provisions; provided that such amendments will be made in writing and will be made according to procedures established by the Administrative Committee, and |
2. | appoint and dismiss Investment Managers (as described by Section 3(38) of ERISA) and the Trustee; |
3. | provide guidelines and directions to, and monitor the performance of, Investment Managers and the Trustee; |
1. | adopt rules and procedures as necessary or appropriate for Plan administration and the processing of claims for benefits; |
2. | make all initial determinations regarding claims or benefits, including authority to interpret and apply any applicable Plan provisions to the facts involved in each benefits claim, and provide notice described in Section 12.J to any claimant whose claim is denied; |
3. | subject to guidelines provided by the Administrative Committee, direct the Trustee regarding: (a) payment of benefits to Participants. and (b) payment of the reasonable and necessary expenses of the Plan from Plan assets; |
4. | obtain fidelity bonds and fiduciary insurance coverage, in accordance with applicable provisions of ERISA; and |
5. | comply with and monitor the Plan's continued compliance with all governmental laws and regulations relating to recordkeeping and reporting of Participants' benefits, other notifications to Participants, registration with the Internal Revenue Service, and reports to the Department of Labor. |
1. | invest, manage, and control Plan assets, subject to the direction of the Investment Committee and Investment Manager(s) appointed by the Investment Committee, or of the Company; |
2. | maintain records and accounts of all contributions, receipts, investments, distributions, expenses, disbursements, and all other transactions; and |
3. | prepare records, reports, statements, tax returns, and forms required to be furnished to Participants or filed with the Secretary of Labor or Treasury, as required by the Trust Agreement, or the directions of the Administrative Committee or Administrator. |
1. | the specific reason for the denial, including specific reference to pertinent Plan provisions on which the denial is based; |
2. | any additional information or material necessary to perfect a claim, with an explanation of why such material is necessary, if any information would be helpful or appropriate to further consideration of the claim; and |
3. | the steps to be taken if the claimant wishes to appeal, including the time available for appeal. |
1. | the claimant has submitted a written application for benefits in accordance with Section 12.I; |
2. | the claimant has been notified that the claim has been denied, as provided by Section 12.J; |
3. | the claimant has filed a written request appealing the denial in accordance with Section 12.K; and |
4. | the claimant has been notified in writing that the Administrative Committee (or its delegate) has denied the claimant's appeal, or the Administrative Committee has failed to act on the appeal within the time prescribed by Section 12.K. |
A. | The Company and any other Employers intend to fund this Plan by making such contributions to the Trustee or Trustees or by paying such premiums under any insured contract or contracts which, in addition to contributions made by Employees, will be sufficient to fund the benefits provided under this Plan, in accordance with accepted actuarial principles and the minimum funding standards of Section 412 of the Code. |
B. | If all or part of the Employers' contributions to the Plan are disallowed by the Internal Revenue Service under Section 404 of the Code, the portion of the contributions to which that disallowance applies shall be returned to the Employers without interest, but reduced by any investment loss attributable to those contributions. The return shall be made within one year after the date of the disallowance of deduction. The Employers may also recover without interest the amount of contributions to the Plan made on account of a mistake of fact, reduced by any investment loss attributable to those contributions, if recovery is made within one year after the date of those contributions. Contributions under the Plan are conditioned upon the initial qualification of the Plan under Section 401(a) of the Code by the Internal Revenue Service, and the Employers may recover contributions made to the Plan, reduced by any investment loss attributable to those contributions, within one year after an adverse determination by the Internal Revenue Service, recover contributions made to the Plan, reduced by any investment loss attributable to those contributions, as described in Section 403(c)(2)(B) of ERISA. |
C. | In determining whether or not the requirements of this Section 13 have been met, the assets of any trust fund established under this Plan shall be valued on a basis that takes into account fair market value as permitted by applicable regulations. |
D. | The Company and any other Employers, by payment of contributions to the Trustee or Trustees and/or insurance company or companies, shall be relieved of any further liability, and benefits shall be payable only from the trust fund or under the insured contract or both, provided, however, that any Trust Agreement and/or insurance contract under which such payments are made shall not be inconsistent with any provisions of this Plan. |
E. | The Company shall have the right to provide in any Trust Agreement that the funds of any trust may be invested in securities or other investments including, but not limited to common stock of any corporation, the common stock or any other securities or obligations of the Employer, and group or common trust funds, to the extent such investments are not inconsistent with the requirements of ERISA. |
A. | In the event an Employer should acquire shares of stock or other assets and properties of any other company which has a pension plan, qualified under Section 401(a) of the Code, in effect at the time of such acquisition, the Administrative Committee may in such manner and to such extent as it deems advisable grant benefits under this Plan, for service with such other company prior to the date of acquisition, based on the benefit formula of such company's pension plan. |
B. | In the event an Employer should acquire shares of stock or assets and properties of any other company which does not have a pension plan, qualified under Section 401(a) of the Code, in effect at the time of such acquisition, the Administrative Committee may in such manner, to such extent and for such purposes under this Plan as it deems advisable treat employment with such other company, either prior to acquisition by an Employer or thereafter, as Credited Service or Eligibility Service under this Plan. |
C. | In the event of the sale or other disposition of any subsidiary, division, department, or other identifiable group or unit of an Employer to an organization that has established a pension plan qualified under Section 401(a) of the Code, which plan provides for the extension of benefits to each Employee affected by such sale or other disposition based upon Credited Service under this Plan, the Administrative Committee may, for the purpose of funding such qualified pension plan, direct the segregation and transfer to the trust created by the acquiring organization an appropriate portion of the funds accumulated under this Plan, determined by the Administrative Committee in accordance with accepted actuarial principles and the requirements of Section 414(l) of the Code. |
D. | In the event of the sale or other disposition of any subsidiary, division, department, or other identifiable group or unit of an Employer to an organization which agrees to adopt and continue this Plan with respect to Employees whose employment continues with the acquiring organization, the Administrative Committee may, for the purpose of funding this Plan as so adopted and continued, direct the segregation of an appropriate portion of the |
E. | In the event an Employee who becomes a participant in a pension plan of an acquiring organization pursuant to Section 14.C or 14.D should subsequently again become an Employee of an Employer after having become entitled to a vested pension under the pension plan of the acquiring organization, benefits payable under this Plan based on Credited Service prior to his reemployment shall be reduced by the vested pension payable from the pension plan of the acquiring organization attributable to the same period of Credited Service. All Credited Service accumulated under this Plan prior to his reemployment shall, however, be considered as Eligibility Service in determining eligibility for benefits under this Plan. |
1. | In the event an Employee transfers directly to any other corporation or affiliate thereof in connection with the transfer to such other corporation of Company assets or of government-owned facilities maintained or operated under contract by an Employer, or who may be transferred by any such other corporation or affiliate thereof to another affiliate thereof subsequent to his transfer from an Employer, the Administrative Committee may, by regulations or otherwise and to the extent that it considers advisable, treat service with any such other corporations as service with an Employer for purposes of vesting and for determining eligibility for any pensions accrued to the date of such transfer or any other benefits under this Plan which are dependent on a service-eligibility requirement. |
2. | In the case of an Employee who at any time shall be transferred directly to any other corporation but whose service with such corporation or affiliate thereof is considered by the Administrative Committee as service with an Employer for any purpose under this Plan, the commencement of pension or other payments under this Plan to or on behalf of such an Employee shall not be made while the Employee is in the service of such corporations except as the Administrative Committee may provide otherwise and elections of options under this Plan by such an Employee and the time of commencement and manner of payment of pension and other payments under this Plan to or on behalf of such an Employee shall be as determined by the Administrative Committee. |
A. | An Employee who transfers to an Employer from an Affiliated Entity or an Excluded Unit shall have Eligibility Service based on periods of employment with the Affiliated Entity or Excluded Unit from which he transferred included under this Plan taken into account in determining whether he has satisfied the eligibility requirements for any benefit under this |
B. | An Employee who transfers from an Employer to an Affiliated Entity, an Excluded Unit, shall be eligible for benefits under this Plan as follows: |
1. | Subject to Section 4.D and Section 401(a)(14) of the Code, the Employee shall not be eligible to receive any benefits under the Plan while employed by an Affiliated Entity, an Excluded Unit. |
2. | As set forth in Section 1.17, Eligibility Service based on periods of employment with the Affiliated Entity, Excluded Unit to which he transferred shall be included under this Plan in determining whether such a transferred Employee has satisfied the eligibility requirements for a pension under the Plan. Such Eligibility Service shall not be used in determining the amount of any benefit under this Plan. |
3. | Normal, Early, or Special Retirement Pensions shall be payable under this Plan if, at the time his employment with the Affiliated Entity, Excluded Unit ceases, he has satisfied the age, service and any other requirements of this Plan for such benefits. The amount of such Normal, Early, or Special Retirement Pension shall be determined as if such transferred Employee was at such time retiring under this Plan, receiving full credit under this Plan for (a) Credited Service accumulated to date of transfer, (b) any Employee contributions made under the Plan which have not been refunded, and (c) such earnings, wages or base salary in effect at the time the Employee terminates employment with the Affiliated Entity, Excluded Unit as are applicable under the terms of this Plan at the time of such determination of benefits. |
4. | A transferred Employee who subsequently terminates his employment with the Affiliated Entity, Excluded Unit prior to satisfying the requirements for retirement but who is eligible for a Vested Pension under this Plan at the time of such termination shall have the amount of such Vested Pension based on the terms of this Plan in effect at the time of such separation, receiving full credit under this Plan for (a) Credited Service accumulated to date of transfer, (b) any Employee contributions made under the Plan which have not been refunded, and (c) such earnings, wages or base salary in effect at the time the Employee terminates employment with the Affiliated Entity, Excluded Unit as are applicable under the terms of this Plan at the time of such separation. |
C. | For the purposes of this Section 15, an Employee shall be deemed to be transferred if he: |
1. | transfers directly from an Employer to an Affiliated Entity, Excluded Unit, or transfers directly from an Affiliated Entity, Excluded Unit to an Employer, or |
2. | is employed at an Affiliated Entity, Excluded Unit after having terminated employment with an Employer or is employed by an Employer after having terminated employment with an Affiliated Entity, Excluded Unit. |
D. | Transfers to Benshaw. Notwithstanding any other provision of the Plan to the contrary, if an Employee during his period of employment with the Company and all Affiliated Entities |
1. | Eligibility Service. An Employee’s Eligibility Service shall be determined on the basis of his period of employment with the Company and all Affiliated Entities, including Benshaw. |
2. | Credited Service. For purposes of determining an Employee’s eligibility for benefits under the Plan (but not the amount of any benefit unless otherwise specified in Section 15.D.4. below), an Employee’s years of Credited Service shall be determined on the basis of his period of employment with the Company including Benshaw, but not otherwise including his period of employment with an Excluded Unit. |
3. | Eligibility for Benefits. Upon an Employee’s termination of employment with the Company and all Affiliated Entities, including Benshaw, an Employee shall be entitled to a Normal, Early, or Vested Retirement Pension under the applicable provisions of the Plan if, at the time of his termination of employment, he has satisfied the age, service, and any other requirements of the Plan for such benefit. |
4. | Rules for Determining the Amount of Benefit. |
(a) | If an Employee who is making contributions under the provisions of Section 3 is transferred to a position with Benshaw and on account of such transfer the Employee would be otherwise ineligible to make further contributions under the provisions of Section 3, the following provisions shall apply: |
(i) | Credited Service for Benefit Accrual Purposes. All service with Benshaw in such transferred position shall be included in determining the Employee’s years of Credited Service for purposes of determining the amount of the Employee’s contribution under Section 3 except that any service rendered while the Employee is eligible to participate in another qualified defined benefit pension plan shall be excluded. |
(ii) | Compensation. Compensation (as defined in Section 1.11) paid by Benshaw to the Employee while employed in such transferred position shall be included for purposes of Sections 15.D.3 and 15.D.4. |
(b) | If an Employee who is accruing benefits under the provisions of Section 4 is transferred to Benshaw and on account of such transfer the Employee would be otherwise ineligible to accrue further benefits under the provisions of Section 4, benefits shall continue to accrue under the provisions of Section 4 after the date of transfer. |
A. | In the event a Pensioner is reemployed by an Employer or an entity in the Controlled Group of an Employer, his pension payments shall be suspended. In the event the benefits of a Pensioner should have been suspended but were not, the Plan shall offset future benefits to recoup the benefits that should have been suspended to the extent permitted under regulations issued by the Department of Labor. |
B. | In those cases where a reemployed Pensioner continues to receive a pension after his Normal Retirement Date, not taking into account amounts that are paid to satisfy the requirements of Section 401(a)(9) of the Code and the Income Tax Regulations thereunder, further accruals of pension amounts for a Plan Year will be reduced (but not below zero) by the actuarial equivalent of the total Plan benefit distributions made to the Pensioner by the close of the Plan Year. |
C. | In those cases where the pension is suspended due to the reemployment of a Pensioner, the following shall apply: |
1. | Credited Service and Eligibility Service shall include the respective periods of Credited Service and Eligibility Service accrued both prior to his earlier retirement and subsequent to his re-employment. |
2. | If the Employee is reemployed for a period of at least six (6) consecutive months, his pension upon his subsequent retirement shall be based on the provisions of the Plan in effect at that time. |
3. | If the Employee is reemployed for a period of less than six (6) consecutive months, his pension for the period prior to reemployment shall be based on the benefit formulas of the Plan which were in effect at his original retirement date, except as provided in Section 1.13.D. |
4. | Upon his subsequent retirement, an Employee may elect a different form of payment, pursuant to Section 10, than he elected at his original retirement date. |
5. | Should an Employee die while reemployed, his Surviving Spouse shall be eligible for the Surviving Spouse Benefits set forth in either Section 8 or Section 9, whichever is applicable, unless Section 10.P applies and has been elected. |
6. | In determining any remaining payments due the Beneficiary of a Pensioner based on the 60 month guarantee described in Section 10.M of the Plan, all payments made on behalf of the Pensioner, both before and after his reemployment shall be considered. |
D. | In the event a former Employee is re-employed by an Employer after having retired and having received a lump sum pursuant to Section 10.D.5 that consists of the Actuarial |
E. | Subject to Section 4.D, in the event an Employee continues working past his Normal Retirement Date, the payment of his benefits shall be suspended and he shall be notified of such suspension in accordance with applicable Labor Regulations. |
F. | If an Employee or former Employee receives after December 31, 1994 a lump sum distribution that is less than the actuarial equivalent of his entire vested accrued benefit as of the date of such distribution, he may restore such distributed benefit upon reemployment by an Employer as provided below by repaying to the Plan the full amount of such distribution plus interest, compounded annually from the date of distribution to the date of repayment at the rate determined for purposes of Section 411(c)(2)(C) of the Code. Such repayment must be made within five years from the date of reemployment. If repayment is available and made under this Section 16.F, then the Employee's or former Employee's accrued benefit with respect to the amount distributed will be restored, including all optional forms of benefits and subsidies with respect to the amount distributed that were available at the time of the distribution. |
A. | Nonalienation. |
1. | Limitations Applicable if Plan’s Adjusted Funding Target Attainment Percentage Is Less than 80%, but Not Less Than 60%. Notwithstanding any other provisions of the Plan, if the Plan’s adjusted funding target attainment percentage for a Plan Year is less than 80% (or would be less than 80% to the extent described in paragraph (b) below) but is not less than 60%, then the limitations set forth in this Section 17.K apply. |
(a) | 50% Limitation on Single Sum Payments, Other Accelerated Forms of Distribution, and Other Prohibited Payments. A Participant or Beneficiary is not permitted to elect, and the Plan shall not pay, a single sum payment or other optional form of benefit that includes a prohibited payment with an annuity starting date on or after the applicable section 436 measurement date, and the Plan shall not make any payment for the purchase of an irrevocable commitment from an insurer to pay benefits or any other payment or transfer that is a prohibited payment, unless the present value of the portion of the benefit that is being paid in a prohibited payment does not exceed the lesser of: |
(1) | 50% of the present value of the benefit payable in the optional form of benefit that includes the prohibited payment; or |
(2) | 100% of the PBGC maximum benefit guarantee amount (as defined in Treasury regulations Section 1.436-1(d)(3)(iii)(C)). |
(b) | Plan Amendments Increasing Liability for Benefits. No amendment to the Plan that has the effect of increasing liabilities of the Plan by reason of increases in benefits, establishment of new benefits, changing the rate of benefit accrual, or changing the rate at which benefits become nonforfeitable shall take effect in a Plan Year if the adjusted funding target attainment percentage for the Plan Year is: |
(1) | Less than 80%; or |
(2) | 80% or more, but would be less than 80% if the benefits attributable to the amendment were taken into account in determining the adjusted funding target attainment percentage. |
2. | Limitations Applicable if Plan’s Adjusted Funding Target Attainment Percentage Is Less than 60%. Notwithstanding any other provisions of the Plan, if the Plan’s adjusted funding target attainment percentage for a Plan Year is less than 60% (or would be less than 60% to the extent described in paragraph (b) below), then the limitations in this subparagraph 2 apply. |
(a) | Single Sums, Other Accelerated Forms of Distribution, and Other Prohibited Payments Not Permitted. A Participant or Beneficiary is not permitted to elect, and the Plan shall not pay, a single sum payment or other optional form of benefit that includes a prohibited payment with an annuity starting date on or after the applicable section 436 measurement date, and the Plan shall not make any payment for the purchase of an irrevocable commitment from an insurer to pay benefits or any other payment or transfer that is a prohibited payment. The limitation set forth in this paragraph (a) does not |
(b) | Shutdown Benefits and Other Unpredictable Contingent Event Benefits Not Permitted to Be Paid. An unpredictable contingent event benefit with respect to an unpredictable contingent event occurring during a Plan Year shall not be paid if the adjusted funding target attainment percent for the Plan Year is: |
(1) | Less than 60%; or |
(2) | 60% or more, but would be less than 60% if the adjusted funding target attainment percentage were redetermined applying an actuarial assumption that the likelihood of occurrence of the unpredictable contingent event during the Plan Year is 100%. |
(c) | Benefit Accruals Frozen. Benefit accruals under the Plan shall cease as of the applicable section 436 measurement date. In addition, if the Plan is required to cease benefit accruals under this paragraph (c), then the Plan is not permitted to be amended in a manner that would increase the liabilities of the Plan by reason of an increase in benefits or establishment of new benefits. |
3. | Limitations Applicable if the Plan Sponsor Is in Bankruptcy. Notwithstanding any other provisions of the Plan, a Participant or Beneficiary is not permitted to elect, and the Plan shall not pay, a single sum payment or other optional form of benefits that includes a prohibited payment with an annuity starting date that occurs during any period in which the Plan sponsor is a debtor in a case under Title 11 of the United States Code, or similar federal or state law, except for payments made within a Plan Year with an annuity starting date that occurs on or after the date on which the enrolled actuary certifies that the Plan’s adjusted funding target attainment percentage for that Plan Year Is not less than 100%. IN addition, during such period in which the Plan sponsor is a debtor, the Plan shall not make any payment for the purchase of an irrevocable commitment from an insurer to pay benefits or any other payment or transfer that is a prohibited payment, except for payments that occur on a date within a Plan Year that is on or after the date on which the enrolled actuary certifies that the Plan’s adjusted funding target attainment percentage for that Plan Year is not less than 100%. The limitation set forth in this subparagraph 3 does not apply to any payment of a benefit which under Code Section 411(a)(11) may be immediately distributed without the consent of the Participant. |
4. | Provisions Applicable after Limitations Cease to Apply. |
(a) | Resumption of Prohibited Payments. If a limitation on prohibited payments under subparagraphs 1(a), 2(a), or 3 applied to the Plan as of a section 436 measurement date, but that limit no longer applies to the Plan as of a later section 436 measurement date, then that limitation does not apply to benefits with annuity starting dates that are on or after that later section 436 measurement date. |
(b) | Resumption of Benefit Accruals. If a limitation on benefit accruals under subparagraph 2(c) applied to the Plan as of a section 436 measurement date, but that limitation no longer applies to the Plan as of a later section 436 measurement date, then benefit accruals shall resume prospectively and that limitation does not apply to benefit accruals that are based on service on or after that later section 436 measurement date, except as otherwise provided under the Plan. The Plan shall comply with the rules relating to partial years of participation and the prohibition on double proration under Depart of Labor regulations Sections 2530.204-2(c) and 2530.204-2(d). |
(c) | Shutdown and Other Unpredictable Contingent Event Benefits. If an unpredictable contingent event benefit with respect to an unpredictable contingent event that occurs during the Plan Year is not permitted to be paid after the occurrence of the event because of the limitation of subparagraph 2(b) above, but is permitted to be paid later in the same Plan Year (as a result of additional contributions or pursuant to the enrolled actuary’s certification of the adjusted funding target attainment percentage for the Plan Year that meets the requirements of Treasury regulations Section 1.436-1(g)(5)(ii)(B)), then that unpredictable contingent event benefit shall be paid, retroactive to the period that benefit would have been payable under the terms of the Plan (determined without regard to subparagraph 2(b) above). If the unpredictable contingent event benefit does not become payable during the Plan Year in accordance with the preceding sentence, then the Plan is treated as if it does not provide for that benefit and, thus, no unpredictable contingent event benefit shall be payable. |
(d) | Treatment of Plan Amendments that Do Not Take Effect. If a Plan amendment does not take effect as of the effective date of the amendment because of the limitation of subparagraphs 1(b) or 2(c), but is permitted to take effect later in the same Plan Year (as a result of additional contributions or pursuant to the enrolled actuary’s certification of the adjusted funding target attainment percentage for the Plan Year that meets the requirements of Treasury regulations Section 1.4346-1(g)(5)(ii)(C)), then the Plan amendment must automatically take effect as of the first day of the Plan Year (or, if later, the original effective date of the amendment). If the Plan amendment cannot take effect during the same Plan Year, then it shall be treated as if it were never adopted, unless the Plan amendment provides otherwise. |
5. | Notice Requirement. The Administrative Committee, as the Plan administrator, shall comply with ERISA Section 101(j) regarding the requirement that the Plan administrator provide a written notice to Participants and Beneficiaries within 30 days after certain specified dates if the Plan has become subject to a limitation described in subparagraphs 1(a), 2, or 3 above. |
6. | Methods to Avoid or Terminate Benefit Limitations. Curtiss-Wright Corporation, as the Plan sponsor, shall comply with Code Sections 436(b)(2), (c)(2), (e)(2), and (f), and Treasury regulations Section 1.436-1(f), regarding employer contributions and |
7. | Special Rules. |
(a) | Rules of Operation for Periods Prior to and after Certification of Plan’s Adjusted Funding Target Attainment Percentage. |
(1) | In General. Code Section 436 and Treasury regulations Section 1.436-1(h) set forth a series of presumptions that apply for purposes of this Section 17.K: |
(i) | Before the enrolled actuary issues a certification of the Plan’s adjusted funding target attainment percentage for the Plan Year; and |
(ii) | If the enrolled actuary does not issue a certification of the Plan’s adjusted funding target attainment percentage for the Plan Year before the first day of the tenth month of the Plan Year (or if the enrolled actuary issues a range certification for the Plan Year pursuant to Treasury regulations Section 1.436-1(h)(4)(ii) but does not issue a certification of the specific adjusted funding target attainment percentage for the Plan by the last day of the Plan Year). |
(2) | Presumption of Continued Underfunding Beginning First Day of Plan Year. If a limitation under subparagraphs 1, 2, or 3 above applied to the Plan on the last day of the preceding Plan Year, then, commencing on the first day of the current Plan Year and continuing until the enrolled actuary issues a certification of the adjusted funding target attainment percentage for the Plan for the current Plan Year, |
(i) | The adjusted funding target attainment percentage of the Plan for the current Plan Year is presumed to be the adjusted funding target attainment percentage in effect on the last day of the preceding Plan Year; and |
(ii) | the first day of the current Plan Year is a section 436 measurement date. |
(3) | Presumption of Underfunding Beginning First Day of Fourth Month. If the enrolled actuary has not issued a certification of the adjusted funding target attainment percentage for the Plan Year before the first day of the fourth month of the Plan Year and the Plan’s adjusted funding target attainment percentage for the preceding Plan Year was either at least 60% but less than 70%, or at least 80% but less than 90%, or is described in Treasury regulations Section 1.436-1(h)(2)(ii), then, commencing on the first day of the fourth month of the current Plan Year and continuing until the enrolled actuary issues a certification of the adjusted funding target attainment percentage for the Plan for the current Plan Year, or, if earlier, the date subparagraph (4) below applies to the Plan: |
(i) | The adjusted funding target attainment percentage of the Plan for the current Plan Year is presumed to be the Plan’s adjusted funding target attainment percentage for the preceding Plan Year reduced by 10 percentage points; and |
(ii) | The first day of the fourth month of the current Plan Year is a section 436 measurement date. |
(4) | Presumption of Underfunding on and after First Day of Tenth Month. If the enrolled actuary has not issued a certification of the adjusted funding target attainment percentage for the Plan Year before the first day of the tenth month of the Plan Year (or if the enrolled actuary has issued a range certification for the Plan Year pursuant to Treasury regulations Section 1.436-1(h)(4)(ii) but has not issued a certification of the specific adjusted funding target attainment percentage for the Plan by the last day of the Plan Year), then, commencing on the first day of the tenth month of the current Plan Year and continuing through the end of the Plan Year: |
(i) | The adjusted funding target attainment percentage of the Plan for the current Plan Year is presumed to be less than 60%; and |
(ii) | The first day of the tenth month of the current Plan Year is a section 436 measurement date. |
(b) | New Plans, Plan Termination, Certain Frozen Plans, and Other Special Rules. |
(1) | First Five Plan Years. The limitations in subparagraphs 1(b), 2(b), and 2(c) do not apply to a new plan for the first five Plan Year of the plan, determined under the rules of Code Section 436(i) and Treasury regulations Section 1.436-1(a)(3)(i). |
(2) | Plan Termination. The limitations on prohibited payments in subparagraphs 1(a), 2(a), and 3 do not apply to prohibited payments that are made to carry out the termination of the Plan in accordance with applicable law. Any other limitations under this Section 17.K do not cease to apply as a result of termination of the Plan. |
(3) | Exception to Limitations on Prohibited Payments under Certain Frozen Plans. The limitations on prohibited payments set forth in subparagraphs 1(a), 2(a), and 3 do not apply for a Plan Year if the terms of the Plan, as in effect for the period beginning on September 1, 2005, and continuing through the end of the Plan Year, provide for no benefit accruals with respect to any Participant. This subparagraph (3) shall cease to apply as of the date any benefits accrue under the Plan or the date on which a Plan amendment that increases benefits takes effect. |
(4) | Special Rules Relating to Unpredictable Contingent Event Benefits and Plan Amendments Increasing Benefit Liability. During any period in which none of the presumptions under subparagraph 7(a) apply to the Plan and the enrolled actuary has not yet issued a certification of the Plan’s adjusted funding target attainment percentage for the Plan Year, the limitations under subparagraphs 1(b) and 2(b) shall be based on the inclusive presumed adjusted funding target attainment percentage for the Plan, calculated in accordance with the rules of Treasury regulations Section 1.436-1(g)(2)(iii). |
(c) | Special Rules under Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (“PRA 2010”). |
(1) | Payments under Social Security Leveling Options. For purposes of determining whether the limitations under subparagraphs 1(a) or 2(a) apply to payments under a Social Security leveling option, within the meaning of Code Section 436(j)(3)(C)(i), the adjusted funding target attainment percentage for a Plan Year shall be determined in accordance with the “Special Rule for Certain Years” under Code Section 436(j)(3) and any Treasury regulations or other published guidance thereunder issued by the Internal Revenue Service. |
(2) | Limitation on Benefit Accruals. For purposes of determining whether the accrual limitation under subparagraph 2(c) applies to the Plan, the adjusted funding target attainment percentage for a Plan Year |
(d) | Interpretation of Provisions. The limitations imposed by this Section 17.K shall be interpreted and administered in accordance with Code Section 436 and Treasury regulations under Section 1.436-1. |
8. | Definitions. The definitions in the following Treasury regulations apply for purposes of subparagraphs 1 through 7. |
(a) | Section 1.436-1(j)(1), defining adjusted funding target attainment percentage; |
(b) | Section 1.436-1(j)(2), defining annuity starting date; |
(c) | Section 1.436-1(j)(6), defining prohibited payment; |
(d) | Section 1.436-1(j)(8), defining section 436 measurement date; and |
(e) | Section 1.436-1(j)(9), defining an unpredictable contingent event and an unpredictable contingent event benefit. |
9. | Effective Date. The rules in this Section 17.K are effective for Plan Years beginning after December 31, 2009. The requirements of Code Section 436 are hereby incorporated by reference in the Plan for earlier Plan Years beginning after December 31, 2007. |
L. | Trust Fund Applicable Only to Payment of Benefits |
A. | While the Company expects and intends to continue the Plan indefinitely, it reserves the right, acting by written resolution of the Board (or its duly authorized delegates), at any time and from time to time, to amend, in whole or in part, any or all of the provisions of the Plan, to discontinue contributions to the Plan, or to terminate the Plan. The Administrative Committee (or its duly authorized delegate) may also adopt certain Plan amendments in accordance with Section 12.B.2. Notwithstanding the above, no part of the assets of the Plan shall, by reason of any amendment, discontinuance, or termination, be used for or diverted to purposes other than for the exclusive benefit of the Participants and their Beneficiaries under the Plan, unless and until all liabilities of the Plan have been satisfied, in which case any remaining assets may revert to the Company. In addition, (i) no amendment, discontinuance, or termination shall eliminate or reduce benefits that have already accrued that are protected under Section 411(d)(6) of the Code, and (ii) if the vesting schedule of the Plan is amended, in the case of an Employee who is a Participant as of the later of the date such amendment is adopted or the date it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's benefit will not be less than the percentage computed under the Plan without regard to such amendment. |
B. | If the Plan is terminated, or partially terminated, the rights of affected Participants to benefits accrued under the Plan shall be nonforfeitable to the extent funded. The funds held by the Trustee or Trustees and/or insurance company or companies shall be applied to provide pensions for Participants and beneficiaries, in the following order of priority: |
1. | First, to that portion of each individual's accrued benefit which is derived from the Participant's contributions. |
(a) | in the case of the benefit of a Participant or Beneficiary who was receiving a benefit as of the beginning of the 3 year period ending on the termination date of this Plan, to each such benefit, based on the provisions of this Plan (as in effect during the 5 year period ending on such date) under which such benefit would be the least, |
(b) | in the case of the benefit of a Participant or Beneficiary (other than a benefit described in Section 18.B.2(a) above) which would have at any time, been paid as of the beginning of such 3 year period if the Participant had retired prior to the beginning of such 3 year period and if his benefits had commenced (in the normal form of distribution) as of the beginning of such period, to each such benefit based on the provisions of this Plan (as in effect during the 5 year period ending on such date) under which such benefit would be the least. |
3. | Third, to all other benefits under this Plan guaranteed under Title IV of ERISA, as provided in Section 4044(a)(4) thereof |
C. | In the event the Plan terminates, the benefit of any Highly Compensated Employee is limited to a benefit that is nondiscriminatory under Section 401(a)(4) of the Code. Benefits distributed to any of the 25 most Highly Compensated Employees are restricted such that the annual pension payments are no greater than an amount equal to the payment that would be made on behalf of the Pensioner under a single life annuity that is the Actuarial Equivalent of the sum of the Pensioner's accrued benefit and the Pensioner's other benefits under the Plan. The preceding sentence shall not apply if: (1) after payment of the benefit to a Pensioner described in the preceding sentence, the value of Plan assets equals or exceeds 110% of the value of current Plan liabilities, as defined in Section 412(l)(7) of the Code; or (2) the value of the benefits for a Pensioner so described is less than 1% of the value of current Plan liabilities. |
D. | If the Plan's vesting schedule is amended, or the Plan is amended in any way that directly or indirectly affects the computation of the nonforfeitable percentage of a Participant's benefits, or if the Plan is deemed amended by an automatic change to or from a top-heavy vesting schedule, each Participant with at least three years of Eligibility Service may elect, within a reasonable period after the adoption of the amendment or change, to have the nonforfeitable percentage computed without regard to such amendment or chance. |
A. | The accumulated pension under the Flat Rate method for Employees who retire during the calendar year 1994 shall be the sum of 1. and 2. below. |
1. | If the Employee elected to make contributions when he was first eligible to do so, his Flat Rate method monthly pension amount for all Credited Service accumulated prior to the first date such an election could have been effective, and his Flat Rate method monthly pension amount for any period of Credited Service during which he elected to contribute, shall be based on the Final Average Compensation Schedule in Section B below. |
2. | If the Employee elected not to make contributions when he was first eligible to do so, his Flat Rate method monthly pension amount for all Credited Service accumulated prior to the first date such an election could have been effective, and his Flat Rate method monthly pension amount for any period of Credited Service during which he elected not to contribute, shall be equal to the product of $13.00 times the applicable years of Credited Service. |
Final Average Compensation | Monthly Pension for Each Year of Credited Service | ||
Over | Up to | ||
$27,750 | $23.50 | ||
$27,750 | 28,050 | 23.75 | |
28,050 | 28,350 | 24.00 | |
28,350 | 28,650 | 24.25 | |
28,650 | 28,950 | 24.50 | |
28,950 | 29,250 | 24.75 | |
29,250 | 29,550 | 25.00 | |
29,550 | 29,850 | 25.25 | |
29,850 | 30,150 | 25.50 | |
30,150 | 30,450 | 25.75 | |
30,450 | 30.750 | 26.00 | |
30.750 | 31,050 | 26.25 | |
31,050 | 31,350 | 26.50 | |
31,350 | 31,650 | 26.75 | |
31,650 | 31,950 | 27.00 | |
31,950 | 32,250 | 27.25 | |
32,250 | 32,550 | 27.50 | |
32,550 | 32,850 | 27.75 | |
32,850 | 33,150 | 28.00 | |
33,150 | 33,450 | 28.25 | |
33,450 | 33,750 | 28.50 | |
33,750 | 34,050 | 28.75 | |
34,050 | 29.00 |
C. | For purposes of this Section 19, "Compensation" means Compensation as defined in Section 1.11 except that in no event shall the Compensation used for determining Final Average Compensation for any calendar year be less than the following: |
1. | For a Salaried Employee, the base salary rate on December 1 of the preceding year plus any cost-of-living adjustments made in the Employee's base salary rate up through the January next following such December 1, multiplied by 52, if the Employee is paid weekly, or multiplied by 12, if the Employee is paid monthly; or |
2. | For an Hourly-Paid Employee, the average earned rate for the calendar quarter ending September 30 of the preceding year plus any cost-of-living adjustments made in the Employee's pay rate up through the January next following such September 30, multiplied by 2,080. |
A. | "Applicable Determination Date" means the last day of the later of the first Plan Year or the preceding Plan Year. |
B. | "Top-Heavy Ratio" means the ratio of (A) the present value of the cumulative accrued benefits under the Plan for key employees to (B) the present value of the cumulative accrued benefits under the Plan for all key employees and non-key employees; provided, however, that if an individual has not performed services for the Employer at any time during the one-year period ending on the applicable determination date, any accrued benefit for such individual (and the account of such individual) shall not be taken into account; and provided further, that the present values of accrued benefits under the Plan for an employee as of the applicable determination date shall be increased by the distributions made with respect to the employee under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the 1-year period (5-year period in the case of a distribution made for a reason other than severance from employment, death, or disability) ending on the applicable determination date and any distributions made with respect to the employee under a terminated plan which, had it not been terminated, would have been in the required aggregation group. |
C. | "Applicable Valuation Date" means the date within the preceding Plan Year as of which annual Plan costs are or would be computed for minimum funding purposes. |
D. | "Key Employee" means any employee or former employee (including any deceased employee) who at any time during the Plan Year that includes the Applicable Determination Date was an officer of an Employer or an Affiliated Entity having remuneration greater than $130,000 (as adjusted under Section 416(i)(1) of the Code for Plan Years beginning after December 31, 2002), a 5% owner (as defined in Section 416(i)(1)(B)(i) of the Code) of an Employer or an Affiliated Entity, or a 1% owner (as defined in Section 416(i)(1)(B)(ii) of the Code) of an Employer or an Affiliated Entity) having remuneration greater than $150,000. The determination of who is a Key Employee shall be made in accordance with Section 416(i) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. |
F. | "Average Remuneration" means the average annual remuneration (as defined in Appendix B) of a Member for the five consecutive years of his Eligibility Service after December 31, 1983 during which he received the greatest aggregate remuneration, as limited by Section 401(a)(17) of the Code, from the Employer or an Affiliated Entity, excluding any remuneration for service after the last Plan Year with respect to which the Plan is Top-Heavy. |
G. | "Required Aggregation Group" means each other qualified plan of the Employer or an Affiliated Entity in which at least one key employee participates or participated at any time during the Plan Year containing the Applicable Determination Date or |
H. | "Permissive Aggregation Group" means each plan in the required aggregation group and any other qualified plan(s) of the Employer or an Affiliated Entity in which all members are Non-Key Employees, if the resulting aggregation group continues to meet the requirements of Sections 401(a)(4) and 410 of the Code. |
A. | In lieu of the vesting requirements specified in Section 1.47, any Employee who has completed 3 years of Eligibility Service shall be fully vested in, and have a nonforfeitable right to, his accrued benefit determined in accordance with the provisions of Section 4 and paragraph 3.B below. |
B. | The accrued benefit of an Employee who is a Non-Key Employee shall not be less than 2% of his Average Remuneration multiplied by the number of years of his Eligibility Service, not in excess of 10, during the Plan Years for which the Plan is Top-Heavy. For purposes of the preceding sentence, years of Eligibility Service shall be disregarded to the extent that such years of Eligibility Service occur during a Plan Year when the Plan benefits (within the meaning of Section 410(b) of the Code) no Key Employee or former Key Employee. That minimum benefit shall be payable at a Employee's Normal Retirement Date. If payments commence at a time other than the Employee's Normal Retirement Date, the minimum accrued benefit shall be the Actuarial Equivalent of that minimum benefit. An Employee who is a Non-Key Employee shall be entitled to accrue a minimum benefit under this paragraph 3.B. regardless of the Employee's level of compensation and regardless of whether |
C. | If the Plan is Top-Heavy with respect to a Plan Year and ceases to be Top-Heavy for a subsequent Plan Year, the following provisions shall be applicable: |
(i) | The accrued benefit in any such subsequent Plan Year shall not be less than the minimum accrued benefit provided in paragraph C.3 above, computed as of the end of the most recent Plan Year for which the Plan was top-heavy. |
(ii) | If an Employee has completed three years of Eligibility Service on or before the last day of the most recent Plan Year for which the Plan was Top-Heavy, the vesting provision set forth in paragraph 3.A above shall continue to be applicable. |
1. | Subject to the following provisions of this Appendix B and to the limitations set forth in Section 415 of the Code and any regulations or rulings thereunder, and notwithstanding any provision of the Plan to the contrary, the maximum annual pension payable to an Employee under the Plan in the form of a single life annuity, when added to any pension attributable to contributions of the Employer or an Affiliated Entity provided to the Employee under any other qualified defined benefit plan, shall be equal to the lesser of: |
(i) | the dollar limitation described in Section 415(b)(1)(A) of the Code, as in effect for such Limitation Year, taking account any adjustments made pursuant to Section 415(d)(1)(A) of the Code, or |
(ii) | the Participant’s average annual remuneration during the 3 consecutive calendar years of his service with the Employer or Affiliated Entity affording the highest such average, or during all of the years of such service if less than 3 years. |
2. | In the case of an Employee whose benefits have not yet commenced, the benefit payable to an Employee’s Spouse under a qualified joint and survivor annuity or under a qualified preretirement survivor annuity shall be subject to the dollar limitation which would apply if the benefits were payable to the Employee in the form of a life annuity. The amount of the benefit payable to the Spouse, and which is subject to the preceding sentence, shall be computed from the Employee’s before application of this subsection. |
3. | If an Employee’s benefit is payable neither as a life annuity nor as a qualified joint and survivor annuity with the Employee’s Spouse as Beneficiary, the maximum limitation shall be the Actuarial Equivalent of the maximum limitation otherwise applicable. The Actuarial Equivalent for purposes of this subsection shall be determined in accordance with Section 415(b) of the Code and the regulations or rulings issued thereunder and using the Plan’s early retirement, late retirement or optional benefit factors as appropriate, or, if less, using factors calculated from the mortality table specified in Section 1.1, if applicable, and (i) with respect to an adjustment for certain forms of benefit under Section 415(b)(2)(B) of the Code, the interest rate specified in Section 1.1, if the pension is subject to the provisions of Section 417(e)(3) of the Code or 5% otherwise; and (ii) with respect to any other adjustment for commencement of benefits before age 62 or after age 65, required under Section 415(b)(2)(C) or (D) of the Code, an interest rate of 5%. |
(A) | if the benefit is not subject to the provisions of Section 417(e)(3) of the Code, an interest rate of 5 percent, or |
(1) | an interest rate of 5.5 percent for distributions made in Plan Years beginning in 2004 and 2005; and |
(2) | the IRS Interest Rate for distributions made in Plan Years beginning in 2006 or any subsequent Plan Year. |
Years | Hourly Rate | Weekly Rate | Monthly Rate | Monthly Pension | |
A.1 | Prior to 1967 | All | All | All | $6.00 |
A.2 | 1967 through 1971 | All | All | All | $8.00 |
A.3 | 1972 | Up to $4.50 | Up to $180 | Up to $783 | $8.00 |
$4.50 & over | $180 & over | $783 & over | 8.50 | ||
A.4 | 1973, 1974, 1975 | Up to $4.50 | Up to $180 | Up to $783 | $8.00 |
$4.50 to 4.75 | $180 to 190 | $783 to 826 | 8.50 | ||
4.75 to 5.00 | 190 to 200 | 826 to 870 | 9.00 | ||
5.00 to 5.25 | 200 to 210 | 870 to 913 | 9.50 | ||
5.25 & over | 210 & over | 913 & over | 10.00 | ||
A.5 | 1976, 1977, 1978 | Up to $4.50 | Up to $180 | Up to $783 | $8.00 |
$4.50 to 4.75 | $180 to 190 | $783 to 826 | 8.50 | ||
4.75 to 5.00 | 190 to 200 | 826 to 870 | 9.00 | ||
5.00 to 5.25 | 200 to 210 | 870 to 913 | 9.50 | ||
5.25 to 5.50 | 210 to 220 | 913 to 957 | 10.00 | ||
5.50 to 5.75 | 220 to 230 | 957 to 1000 | 10.50 | ||
5.75 to 6.00 | 230 to 240 | 1000 to 1044 | 11.00 | ||
6.00 to 6.25 | 240 to 250 | 1044 to 1087 | 11.50 | ||
6.25 & over | 250 & over | 1087 & over | 12.00 | ||
A.6 | 1979 | Up to $4.50 | Up to $180 | Up to $783 | $8.00 |
$4.50 to 4.75 | $180 to 190 | $783 to 826 | 8.50 | ||
4.75 to 5.00 | 190 to 200 | 826 to 870 | 9.00 | ||
5.00 to 5.25 | 200 to 210 | 870 to 913 | 9.50 | ||
5.25 to 5.50 | 210 to 220 | 913 to 957 | 10.00 | ||
5.50 to 5.75 | 220 to 230 | 957 to 1000 | 10.50 | ||
5.75 to 6.00 | 230 to 240 | 1000 to 1044 | 11.00 | ||
6.00 to 6.25 | 240 to 250 | 1044 to 1087 | 11.50 | ||
6.25 to 6.50 | 250 to 260 | 1087 to 1131 | 12.00 | ||
6.50 to 6.75 | 260 to 270 | 1131 to 1174 | 12.50 | ||
6.75 to 7.00 | 270 to 280 | 1174 to 1218 | 13.00 | ||
7.00 to 7.25 | 280 to 290 | 1218 to 1261 | 13.50 | ||
7.25 & over | 290 & over | 1261 & over | 14.00 |
A.7 | Prior to 1980, the Basic Portion was noncontributory for all Employees. For the period from January 1, 1980 through December 31, 1982, all nonrepresented Employees and some represented Employees had an option to contribute under the Basic Portion. Certain other represented Employees did not have the option to contribute. |
Hourly Rate | Weekly Rate | Monthly Rate | Monthly Pension | ||
Up to $4.95 | Up to $198 | Up to $858 | $9.50 | ||
$4.95 to 5.25 | $190 to 210 | $858 to 910 | 10.00 | ||
5.25 to 5.55 | 210 to 222 | 910 to 962 | 10.50 | ||
5.55 to 5.85 | 222 to 234 | 962 to 1014 | 11.00 | ||
5.85 to 6.15 | 234 to 246 | 1014 to 1066 | 11.50 | ||
6.15 to 6.45 | 246 to 258 | 1066 to 1118 | 12.00 | ||
6.45 to 6.75 | 258 to 270 | 1118 to 1170 | 13.15 | ||
Increasing by $0.30 without Limit | Increasing by $12 without Limit | Increasing by $52 without Limit | Increasing by $1.15 without Limit for Hourly-Paid Employees | ||
Increasing by $1.15 to a maximum of $21.20 for Salaried Employees |
Hourly Rate | Weekly Rate | Monthly Rate | Monthly Pension | ||
Up to $4.95 | Up to $198 | Up to $858 | $10.80 | ||
$4.95 to 5.25 | $190 to 210 | $858 to 910 | 11.95 | ||
Increasing by $0.30 without Limit | Increasing by $12 without Limit | Increasing by $52 without Limit | Increasing by $1.15 without Limit |
1983 | $28.23 |
1984 and 1985 | $33.03 |
1986 | $36.63 |
1987 and 1988 | $39.03 |
A.11 | From January 1, 1983 through December 31, 1991, all Employees had the option to contribute under the Basic Portion. For any year in which an Employee elected not to contribute, the accrued monthly pension was $15 times Credited Service accumulated during that year. |
Final Average Compensation | Monthly Pension for Each Year of Credited Service | ||
Over | Up to | ||
$24,750 | $21.00 | ||
24,750 | 25,050 | 21.25 | |
25,050 | 25,350 | 21.50 | |
25,350 | 25,650 | 21.75 | |
25,650 | 25,950 | 22.00 | |
25,950 | 26,250 | 22.25 | |
26,250 | 26,550 | 22.50 | |
26,550 | 26,850 | 22.75 | |
26,850 | 27,150 | 23.00 | |
27,150 | 27,450 | 23.25 | |
27,450 | 27,750 | 23.50 | |
27,750 | 28,050 | 23.75 | |
28,050 | 28,350 | 24.00 | |
28,350 | 28,650 | 24.25 | |
28,650 | 28,950 | 24.50 | |
28,950 | 29,250 | 24.75 | |
29,250 | 29,550 | 25.00 | |
29,550 | 29,850 | 25.25 | |
29,850 | 30,150 | 25.50 | |
30,150 | 30,450 | 25.75 | |
30,450 | 30.750 | 26.00 | |
30.750 | 31,050 | 26.25 | |
31,050 | 31,350 | 26.50 | |
31,350 | 31,650 | 26.75 | |
31,650 | 27.00 |
Earnings Class | Monthly Pay Range in Indicated Years | ||
Number | 1951 through 1966 | 1967 through 1985 | 1986 through 1988 |
1 | $400 but less than $475 | $0 but less than $550 | $0 but less than $825 |
2 | $475 but less than $525 | $550 but less than $625 | $825 but less than $875 |
3 | $525 but less than $575 | $625 but less than $675 | $875 but less than $925 |
4 | $575 but less than $625 | $675 but less than $725 | $925 but less than $975 |
5 | $625 but less than $675 | $725 but less than $775 | $975 but less than $1025 |
(a) | Determine all of the amounts earned pursuant to paragraph C.1 above as of December 31, 1987. |
(b) | Subtract 7 years from the Eligibility Service accrued by the Employee as of December 31, 1987 (in no event shall the result be less .than zero). |
(d) | Determine the amount of monthly pension the Employee had accrued as of December 31, 1987, pursuant to paragraph A of this Appendix C. |
(e) | Determine the amount of monthly pension the Employee had accrued under the Basic Portion of the Plan as of December 31, 1987 under the Final |
Final Average Compensation | Monthly Pension for Each Year of Credited Service | ||
Over | Up to | ||
$19,350 | $16.00 | ||
$19,350 | 19,650 | 16.25 | |
19,650 | 19,950 | 16.50 | |
19,950 | 20,250 | 16.75 | |
20,250 | 20,550 | 17.00 | |
20,550 | 20,850 | 17.25 | |
20,850 | 21,150 | 17.50 | |
21,150 | 21,450 | 17.75 | |
21,450 | 21,750 | 18.00 | |
21,750 | 22,050 | 18.25 | |
22,050 | 22,350 | 18.50 | |
22,350 | 22,650 | 18.75 | |
22,650 | 22,950 | 19.00 | |
22,950 | 23,250 | 19.25 | |
23,250 | 23,550 | 19.50 | |
23,550 | 23,850 | 19.75 | |
23,850 | 24,150 | 20.00 | |
24,150 | 24,450 | 20.25 | |
24,450 | 24,750 | 20.50 | |
24,750 | 25,050 | 20.75 | |
25,050 | 25,350 | 21.00 | |
25,350 | 25,650 | 21.25 | |
25,650 | 25,950 | 21.50 | |
25,950 | 26,250 | 21.75 | |
26,250 | 22.00 |
(f) | Subtract the amount determined in (d) from the amount determined in (e) (in no event shall the result be less than zero). |
(g) | Subtract the amount determined in (f) from the amount determined in (c) (in no event shall the result be less than zero) . |
A. | The business unit denominated the Engineered Pump Division (“EPD”), which unit comprises operations that were acquired by Curtiss-Wright Electro-Mechanical Corporation from Flowserve US Inc. (“Flowserve”) and that, prior to such acquisition, were known as the Governmental Marine Business Unit (“GMBU”) of Flowserve, shall be deemed an Employer for purposes of the Plan, effective as of November 1, 2004. |
B. | Effective as of November 1, 2004, the EPD business unit shall not be an Excluded Unit for any purpose under the Plan. |
C. | For the purpose of determining the Eligibility Service and Vesting Service of an Employee who had been employed at the GMBU operations of Flowserve prior to November 1, 2004, the GMBU operations of the Flowserve shall be deemed to be a business unit of the Company that had been designated as an Excluded Unit. |
(a) | has completed at least 15 years of Eligibility Service and who either |
(i) | has attained age 55 or and whose combined age and years of Eligibility Service equals 75 or more or |
(ii) | has not attained age 55 and whose combined age and years of Eligibility Service equals 80 or more, and |
(ii) | whose employment has been terminated as a result of a permanent shutdown of the plant or a division thereof, or |
(iii) | who has been laid off as a result the permanent shutdown of a division of the plant and not recalled within 2 years or who has reached the requirements for a Normal Retirement Pension or an Early Retirement Pension at any time during said two-year period of layoff, |
Preamble | 1 | |
ARTICLE 1: DEFINITIONS | 2 | |
ARTICLE 2: ELIGIBILITY AND MEMBERSHIP | 12 | |
2.01 | Eligibility | 12 |
2.02 | Membership | 13 |
2.03 | Reemployment of Former Employees and Former Members | 13 |
2.04 | Termination of Membership | 14 |
2.05 | Automatic Membership | 14 |
ARTICLE 3: CONTRIBUTIONS | 16 | |
3.01 | Deferred Cash Contributions | 16 |
3.02 | Catch-Up Contributions | 17 |
3.03 | Automatic Contribution Arrangement. | 17 |
3.04 | Roth Deferred Cash Contributions | 19 |
3.05 | After-Tax Contributions | 20 |
3.06 | Limitation on Deferred Cash and After-Tax Contributions | 20 |
3.07 | Employer Matching Contributions | 20 |
3.07A | CW Savings Contributions | 21 |
3.08 | Rollover Contributions | 21 |
3.09 | Change in Contributions | 23 |
3.1 | Suspension of Contributions | 23 |
3.11 | Actual Deferral Percentage Test | 24 |
3.12 | Contribution Percentage Test | 25 |
3.13 | Additional Discrimination Testing Provisions | 27 |
3.14 | Maximum Annual Additions | 28 |
3.15 | Return of Contributions | 30 |
3.16 | Contributions during Periods of Military Leave | 31 |
3.17 | Earnings on Distribution of Excess Deferrals, Excess Contributions and Excess Aggregate Contributions | 32 |
ARTICLE 4: INVESTMENT OF CONTRIBUTIONS | 33 | |
4.01 | Investment Funds | 33 |
4.02 | Investment of Members' Accounts | 33 |
4.03 | Responsibility for Investments | 33 |
4.04 | Change of Election for Current and Future Contributions | 33 |
4.05 | Reallocation of Accounts Among the Funds | 34 |
4.06 | Limitations Imposed by Contract | 34 |
4.07 | ERISA Section 404(c) Compliance | 34 |
4.08 | Investment Advice Arrangement | 34 |
ARTICLE 5: VALUATION OF THE ACCOUNTS | 35 | |
5.01 | Valuation of Member Accounts | 35 |
5.02 | Right to Change Procedures | 35 |
5.03 | Statement of Accounts | 35 |
ARTICLE 6: VESTED PORTION OF ACCOUNTS | 36 | |
6.01 | Member Account, Deferred Account, Roth Deferred Cash Contribution Account and Rollover Contributions Account | 36 |
6.02 | Employer Account | 36 |
6.03 | Disposition of Forfeitures | 38 |
ARTICLE 7: WITHDRAWALS WHILE STILL EMPLOYED | 40 | |
7.01 | Withdrawal of After-Tax Contributions | 40 |
7.02 | Withdrawal of Rollover Contributions Account | 40 |
7.02A | Withdrawal of Certain Contributions Under the EMS Plan | 40 |
7.03 | Withdrawal After Age 59½ | 40 |
7.04 | Hardship Withdrawal | 40 |
7.05 | Procedures and Restrictions | 42 |
7.06 | Determination of Vested Portion of Employer Account | 42 |
7.07 | Separate Contracts. | 43 |
7.08 | Active Military Duty Withdrawals. | 43 |
ARTICLE 8: LOANS TO MEMBERS | 44 | |
8.01 | Availability | 44 |
8.02 | Terms and Conditions | 44 |
ARTICLE 9: DISTRIBUTION OF ACCOUNTS UPON TERMINATION OF EMPLOYMENT, DISABILITY OR DEATH | 45 | |
9.01 | Eligibility | 45 |
9.02 | Form of Distribution | 45 |
9.03 | Date of Payment of Distribution | 46 |
9.04 | Age 70½ Required Distribution | 47 |
9.05 | Status of Accounts Pending Distribution | 49 |
9.06 | Proof of Death and Right of Beneficiary or Other Person | 49 |
9.07 | Distribution Limitation | 49 |
9.08 | Direct Rollover of Certain Distributions | 49 |
9.09 | Waiver of Notice Period | 51 |
9.1 | Worker, Retiree, and Employer Recovery Act of 2008 | 51 |
ARTICLE 10: ADMINISTRATION OF PLAN | 52 | |
10.01 | Appointment of Administrative Committee | 52 |
10.02 | Duties of Administrative Committee | 52 |
10.03 | Individual Accounts | 53 |
10.04 | Meetings | 53 |
10.05 | Action of Majority | 53 |
10.06 | Compensation and Bonding | 53 |
10.07 | Establishment of Rules | 53 |
10.08 | Prudent Conduct | 54 |
10.09 | Service in More Than One Fiduciary Capacity | 54 |
10.1 | Limitation of Liability | 54 |
10.11 | Indemnification | 54 |
10.12 | Claims Review Procedure | 54 |
10.13 | Named Fiduciary | 55 |
ARTICLE 11: MANAGEMENT OF FUNDS | 56 | |
11.01 | Trust Agreement | 56 |
11.02 | Exclusive Benefit Rule | 56 |
11.03 | Investment, Management and Control | 56 |
11.04 | Payment of Certain Expenses | 56 |
ARTICLE 12: AMENDMENT, MERGER AND TERMINATION | 57 | |
12.01 | Amendment of Plan | 57 |
12.02 | Merger, Consolidation or Transfer | 57 |
12.03 | Additional Participating Employers | 57 |
12.04 | Termination of Plan | 58 |
ARTICLE 13: GENERAL PROVISIONS | 60 | |
13.01 | Nonalienation | 60 |
13.02 | Conditions of Employment Not Affected by Plan | 60 |
13.03 | Facility of Payment | 61 |
13.04 | Information | 61 |
13.05 | Top-Heavy Provisions | 61 |
13.06 | Written Elections | 63 |
13.07 | Construction | 63 |
13.08 | Electronic Provision of Notices to Members | 64 |
13.09 | Prevention of Escheat | 64 |
13.1 | Blackout Periods | 64 |
ARTICLE 14: HURRICANE KATRINA RELIEF | 65 | |
14.01 | Qualified Individual. | 65 |
14.02 | Hurricane Katrina Distribution. | 65 |
14.03 | No Rollover Treatment. | 66 |
14.04 | Recontributions. | 66 |
14.05 | Loan Amount. | 66 |
14.06 | Documentation Requirements. | 67 |
APPENDIX A: SPECIAL RULES APPLICABLE TO ACQUIRED ENTITIES | 69 |
1.01 | "Accounts" means the Employer Account, the Member Account, the Deferred Account, the Catch-Up Account, the Rollover Contributions Account, the Roth Deferred Cash Contribution Account and the Roth Catch-Up Account. |
1.02 | “Acquired Forfeiture Account” means the account credited with forfeitures transferred to the Plan from defined contribution plans of entities that were acquired by the Employer or an Affiliated Employer. |
1.02A | “Acquired Member” means any Member who is a Cimarron Employee described in paragraph 26(a) of Appendix A, Williams Employee described in paragraph 27(a) of Appendix A, Exlar Employee described in paragraph 28(a) of Appendix A, Parvus Employee described in paragraph 29(a) of Appendix A, or Arens Employee described in paragraph 30(a) of Appendix A. |
1.03 | "Actual Deferral Percentage" means, with respect to a specified group of Employees, the average of the ratios, calculated separately for each Employee in that group, of |
(a) | the amount of Deferred Cash Contributions made pursuant to Section 3.01 for a Plan Year and the amount of Roth Deferred Cash Contributions made pursuant to Section 3.04 for a Plan Year (including Deferred Cash Contributions and Roth Deferred Cash Contributions returned to a Highly Compensated Employee under Section 3.01(c) and Deferred Cash Contributions and Roth Deferred Cash Contributions returned to any Employee pursuant to Section 3.01(d)), to |
(b) | the Employees' Statutory Compensation for that entire Plan Year, provided that, upon direction of the Administrative Committee, Statutory Compensation for a Plan Year shall only be counted if received during the period an Employee is, or is eligible to become, a Member. |
(a) | relate to compensation that either would have been received by the Employee in the Plan Year but for the deferral election, or are attributable to services performed by the Employee in the Plan Year and would have been received by the Employee within 2½ months after the close of the Plan Year but for the deferral election, |
(b) | are allocated to the Employee as of a date within that Plan Year and the allocation is not contingent on the participation or performance of service after such date, and |
(c) | are actually paid to the Trustee no later than 12 months after the end of the Plan Year to which the contributions relate. |
1.04 | “Administrative Committee” means the person(s) appointed by the Company to act on behalf of the Company as the sponsor and ”named fiduciary” (within the meaning of Section 402(a)(2) of ERISA), as appropriate, with respect to Plan administrative matters. When performing any activity or exercising any authority under the provisions of the Plan, the Administrative Committee shall be deemed to act solely on behalf of the Company, and not in an individual capacity. |
1.05 | "Affiliated Employer" means any company which is a member of a controlled group of corporations (as defined in Section 414(b) of the Code) which also includes as a member the Employer; any trade or business under common control (as defined in Section 414(c) of the Code) with the Employer; any organization (whether or not incorporated) which is a member of an affiliated service group (as defined in Section 414(m) of the Code) which includes the Employer; and any other entity required to be aggregated with the Employer pursuant to regulations under Section 414(o) of the Code. Notwithstanding the foregoing, for purposes of Sections 1.31 and 3.14, the definitions in Sections 414(b) and (c) of the Code shall be modified by substituting the phrase "more than 50 percent" for the phrase "at least 80 percent" each place it appears in Section 1563(a)(1) of the Code. |
1.06 | "After-Tax Contributions" means amounts contributed pursuant to Section 3.05. |
1.07 | "Annual Dollar Limit" means the dollar amount as adjusted from time to time for cost of living in accordance with Section 401(a)(17)(B) of the Code ($265,000 in 2015). |
1.08 | "Annuity Starting Date" means the first day of the first period for which an amount is paid, as an annuity or in any other form, following a Member's retirement or termination of employment. |
1.09 | "Beneficiary" means any person or persons designated by a Member to receive any benefits payable in the event of the Member's death. However, a married Member's spouse shall be deemed to be his Beneficiary unless or until he elects another Beneficiary with Spousal Consent. If no Beneficiary designation is in effect at the Member's death, or if no person or persons so designated survives the Member, the Member's surviving spouse, if any, shall be deemed to be the Beneficiary; otherwise the Beneficiary shall be the personal representative of the estate of the Member. |
1.10 | "Board of Directors" means the Board of Directors of Curtiss-Wright Corporation. |
1.11 | “Casual Employee” means an Employee who, under the Employer’s generally applicable payroll and human resources practices, |
(a) | is hired for an assignment of a limited nature and duration, which shall not exceed 90 days; and |
(b) | is classified as being in inactive status upon the completion of an assignment, subject to recall for another assignment of limited nature and duration. |
1.12 | "Catch-Up Account" means the account credited with the Catch-Up Contributions made on a Member's behalf and earnings on those contributions. |
1.13 | "Catch-Up Contributions" means amounts contributed to the Plan that satisfy the requirements of Section 3.02. |
1.14 | "Code" means the Internal Revenue Code of 1986, as amended from time to time. |
1.15 | "Compensation" means the total of an Employee's compensation paid by the Employer during any Plan Year prior to any reduction for deferred compensation under Section 401(k) of the Code, or pursuant to a cafeteria plan under Section 125 of the Code, or pursuant to a qualified transportation fringe under Section 132(f) of the Code. |
1.16 | "Contribution Percentage" means, with respect to a specified group of Employees, the average of the ratios, calculated separately for each Employee in that group, of |
(a) | the sum of the Employee's After-Tax Contributions and Matching Contributions for that Plan Year, to |
(b) | his Statutory Compensation for that entire Plan Year; provided that, upon direction of the Administrative Committee, Statutory Compensation for a Plan Year shall only be counted if received during the period an Employee is, or is eligible to become, a Member. |
1.16A | “Co-Op Student Employee” means an Employee who, under the Employer’s generally applicable payroll and human resources practices, |
(a) | is a college or university student; and |
(b) | receives academic credit for his employment with the Employer. |
1.16B | “CW Savings Contributions” means amounts contributed pursuant to Section 3.07A. |
1.17 | "Deferred Account" means the account credited with the Deferred Cash Contributions made on a Member's behalf and earnings on those contributions. |
1.18 | "Deferred Cash Contributions" means amounts contributed pursuant to Section 3.01. |
1.19 | “Automatic Deferred Cash Contributions” means amounts contributed pursuant to Section 3.03. |
1.20 | "Disability" means total and permanent disability. A Member shall be deemed to be totally and permanently disabled when, on the basis of medical evidence satisfactory to the Administrative Committee, he is found to be wholly and permanently prevented from engaging in any occupation or employment for wages or profit as a result of bodily injury or disease, either occupationally or non-occupationally caused, but not as a result of bodily injury or disease which originated from service in the Armed Forces of any country. Notwithstanding the foregoing, with respect to a Member employed by an Employer that had adopted the EMS Plan, the term “Disability” means a Member’s inability, due to injury or sickness, to engage in any gainful occupation for which he is reasonably fitted by education, training or experience, provided he has completed at least 10 years of Vesting Service. |
1.21 | "Earnings" means the amount of income to be returned with any excess deferrals, excess contributions, or excess aggregate contributions under Section 3.01, 3.11 or 3.12. Income on excess deferrals and excess contributions shall be determined (a) by multiplying allocable gain or loss on the Deferred Account and Roth Deferred Cash Contribution Account (excluding Catch-Up Contributions, Roth Catch-Up Contributions and income attributable to Catch-Up Contributions and Roth Catch-Up Contributions) for the Plan Year by a fraction, the numerator of which is the excess deferrals or excess contributions, as the case may be, for the Plan Year and the denominator of which is the sum of the balances of the Deferred Account and the Roth Deferred Cash Contribution Account at the end of the Plan Year, disregarding any income or loss occurring during the Plan Year, and (b) by adding to the amount determined under clause (a) 10 percent of the amount determined under clause (a) for Plan Years beginning prior to January 1, 2008, multiplied by the number of whole calendar months between the end of the Plan Year and the date of the distribution, counting the month of distribution if the distribution occurs after the 15th day of the month. Income on excess aggregate contributions shall be determined in a similar manner by substituting the sum of the allocable gain or loss on the Employer Account and Member Account for the Deferred Account and Roth Deferred Cash Contribution Account, and the excess aggregate contributions for the excess deferrals and excess contributions in the preceding sentence. |
1.22 | "Effective Date" means, as to the Plan, July 1, 1982. The Effective Date of this amendment and restatement of the Plan is January 1, 2015, except as otherwise provided herein, or as required by applicable law. The Effective Date of the EMS Plan was January 1, 2004. |
1.23 | "Employee" means a person employed by the Employer who receives stated compensation other than a pension, severance pay, retainer, or fee under contract; however, |
1.24 | "Employer" means Curtiss-Wright Corporation or any successor by merger, purchase or otherwise, with respect to its employees; or any other company participating in the Plan as provided in Section 12.03, with respect to its employees. |
1.25 | "Employer Account" means the account credited with Matching Contributions and CW Savings Contributions and earnings on those contributions. The Administrative Committee shall establish such separate subaccounts within the Employer Account as may be necessary to properly account for Matching Contributions and CW Savings Contributions. |
1.25A | “EMS Plan” means the Curtiss-Wright Electro-Mechanical Corporation Savings Plan, as constituted on and before December 31, 2014. |
1.26 | "Enrollment Date" means the Effective Date and the first day of any payroll period following that date. |
1.27 | "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time. |
1.28 | "Fund" or "Investment Fund" means the fund or funds in which contributions to the Plan are invested in accordance with Article 4. |
1.29 | "Highly Compensated Employee" means for a Plan Year any employee of the Employer or an Affiliated Employer (whether or not eligible for membership in the Plan) who: |
(a) | was a 5 percent owner of the Employer (as defined in Section 416(i) of the Code) for such Plan Year or the prior Plan Year, or |
(b) | for the preceding Plan Year received Statutory Compensation in excess of $120,000, and was among the highest 20 percent of employees of the Employer for the preceding Plan Year when ranked by Statutory Compensation paid for that year, excluding, for the purpose of such determination, employees described in Section 414(q)(5) of the Code. The $120,000 dollar amount in the preceding sentence shall be adjusted from time to time for cost of living in accordance with Section 414(q)(1) of the Code. |
1.30 | "Hour of Service" means, with respect to any applicable computation period, |
(a) | each hour for which the employee is paid or entitled to payment for the performance of duties for the Employer or an Affiliated Employer; |
(b) | each hour for which the employee is paid or entitled to payment by the Employer or an Affiliated Employer on account of a period during which no duties are performed, whether or not the employment relationship has terminated, due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence, but not more than 501 hours for any single continuous period; and |
(c) | each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer or an Affiliated Employer, excluding any hour credited under (a) or (b), which shall be credited to the computation period or periods to which the award, agreement or payment pertains rather than to the computation period in which the award, agreement or payment is made. |
1.31 | "Leased Employee" means any person (other than a common law employee of the Employer) who, pursuant to an agreement between the Employer and any other person (“leasing organization”), has performed services for the Employer or any related persons determined in accordance with Section 414(n)(6) of the Code on a substantially full-time basis for a period of at least one year and such services are performed under the primary direction of or control by the Employer. In the case of any person who is a Leased Employee before or after a period of service as an Employee, the entire period during which he has performed services as a Leased Employee shall be counted as service as an Employee |
1.32 | "Matching Contributions" means (a) amounts contributed pursuant to Section 3.07(a) prior to September 1, 1994, at which time such Matching Contributions ceased, (b) Employer contributions described in Appendix A that constitute matching contributions within the meaning of Code Section 401(m)(4) and Treasury regulations thereunder, and (c) amounts contributed pursuant to Section 3.07(c) on or after January 1, 2014. The term Matching Contributions shall also refer to amounts transferred to the Plan in a transaction described in Section 12.02 that had been accounted for as matching contributions under the terms of the transferor plan. |
1.33 | "Member" means any person included in the membership of the Plan as provided in Article 2. |
1.34 | “Covered Member” means any eligible Employee who is covered by the Automatic Contribution Arrangement under Section 3.03. |
1.34A | “Frozen Member” means any eligible Employee (i) whose date of hire, rehire or acquisition is on or after February 1, 2010, for whom benefit accruals under Article 4 of the CWC Component of the Curtiss-Wright Corporation Retirement Plan have ceased pursuant to the provisions of Section 4.02 of such Plan, (ii) whose date of hire, rehire or acquisition is on or before January 31, 2010, but for whom benefit accruals under Article 6 of the CWC Component of the Curtiss-Wright Corporation Retirement Plan have ceased pursuant to the provisions of Section 2.01(c) or (e) of such Plan, (iii) whose date of hire, rehire or acquisition is on or before January 31, 2010, and for whom benefits were accruing under only Article 4 of the CWC Component of the Curtiss-Wright Corporation Retirement Plan pursuant to the provisions of Schedule J of such Plan, (iv) whose date of hire, rehire or transfer to an Employer that had adopted the EMS Plan was on or before December 31, 2013, and who did not elect to participate in the EMD Component of the Curtiss-Wright Corporation Retirement Plan after January 1, 2014, by means of a timely-filed election that was effective on or before January 1, 2014, or (v) whose date of hire, rehire or acquisition is on or after January 1, 2014, and who is not eligible to accrue benefits under Article 4 of the CWC Component of the Curtiss-Wright Corporation Retirement Plan pursuant to the provisions of Section 2.01(a) of such Plan. |
1.35 | "Member Account" means the account credited with the After-Tax Contributions and earnings on those contributions. |
1.36 | “Non-highly Compensated Employee” means for any Plan Year an employee of the Employer or an Affiliated Employer who is not a Highly Compensated Employee for that Plan Year. |
1.37 | "Plan" means the Curtiss-Wright Corporation Savings and Investment Plan as set forth in this document or as amended from time to time. The Plan is a continuation of the Curtiss-Wright Corporation Employee Savings Plan and the Curtiss-Wright Corporation Deferred Compensation Plan, which plans were merged effective September 1, 1994. The Plan is also a continuation of certain other plans which have been merged with and into the Plan from time to time. |
1.38 | "Plan Year" means the 12-month period beginning on any January 1. |
1.39 | “Rollover Contributions Account” means, except as provided below, the account credited with Rollover Contributions made by a Member and earnings on those contributions. Before-tax amounts rolled over from an eligible deferred compensation plan under Section 457(b) of the Code that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state shall be accounted for separately within the Rollover Contributions Account. Amounts attributable to Roth Deferred Cash Contributions directly rolled over from a plan qualified under Section 401(a) of the Code shall be credited to a Member's Roth Deferred Cash Contribution Account. |
1.40 | "Rollover Contributions" mean amounts contributed pursuant to Section 3.08. |
1.41 | “Roth Catch-Up Account” means the account credited with the Roth Catch-Up Contributions made on a Member's behalf and earnings on those contributions. |
1.42 | “Roth Catch-Up Contributions” means amounts contributed pursuant to Section 3.04 that are (a) designated irrevocably by the Member at the time the election is made as a Roth Catch-Up Contribution that is being made in lieu of all or a portion of the Catch-Up Contributions the Member is otherwise eligible to make under the Plan; and (b) treated by the Employer as includible in the Member’s income at the time the Member would have received that amount in cash if the Member had not made an election. |
1.43 | “Roth Deferred Cash Contribution Account” means the account credited with the Roth Deferred Cash Contributions made on a Member's behalf and earnings on those contributions. |
1.44 | “Roth Deferred Cash Contributions” means amounts contributed pursuant to Section 3.04 that are (a) designated irrevocably by the Member at the time the election is made as a Roth Deferred Cash Contribution that is being made in lieu of all or a portion of the Deferred Cash Contributions the Member is otherwise eligible to make under the Plan; and (b) treated by the Employer as includible in the Member’s income at the time the Member would have received that amount in cash if the Member had not made an election. |
1.45 | "Severance Date" means, solely for purposes of determining an employee's Vesting Service under Section 1.54, the earlier of: |
(b) | the first anniversary of the date on which an employee is first absent from service, with or without pay, for any reason such as vacation, sickness, disability, layoff or leave of absence. |
1.46 | "Spousal Consent" means the written consent of a Member's spouse to the Member's election of a specified form of benefit or designation of a specified Beneficiary. The spouse's consent shall be witnessed by a Plan representative or notary public and shall acknowledge the effect on the spouse of the Member's election. The requirement for spousal consent may be waived by the Administrative Committee if it believes there is no spouse, or the |
1.47 | "Statutory Compensation" means wages, salaries, and other amounts paid in respect of an employee for services actually rendered to an Employer or an Affiliated Employer, including by way of example, overtime, bonuses, and commissions, but excluding deferred compensation, stock options, and other distributions which receive special tax benefits under the Code. For purposes of determining Highly Compensated Employees under Section 1.29 and key employees under Section 13.05(a)(iii), Statutory Compensation shall include amounts contributed by the Employer pursuant to a salary reduction agreement which are not includible in the gross income of the employee under Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) of the Code. For all other purposes, Statutory Compensation shall also include the amounts referred to in the preceding sentence, unless the Administrative Committee directs otherwise for a particular Plan Year. Statutory Compensation shall not exceed the Annual Dollar Limit. |
1.48 | "Subsidiary" means any corporation controlled by Curtiss-Wright Corporation or by another subsidiary of Curtiss-Wright Corporation. |
1.49 | “Temporary Employee” means an Employee who, under the Employer’s generally applicable payroll and human resources practices, |
(a) | is hired for a specific assignment of limited scope that will have a duration of at least 90 days; and |
(b) | is hired subject to the condition that he will be terminated upon completion of such specific assignment. |
1.50 | "Trust" or "Trust Fund" means the fund established by the Board of Directors as part of the Plan into which contributions are to be made and from which benefits are to be paid in accordance with the terms of the Plan. |
1.51 | "Trustee" means the trustee or trustees holding the funds of the Plan as provided in Article 11. |
1.52 | "Valuation Date" means the last business day of each calendar month or such more frequent dates as the Administrative Committee shall establish. |
1.53 | "Vested Portion" means the portion of the Accounts in which the Member has a nonforfeitable interest as provided in Article 6 or, if applicable, Section 13.05. |
1.54 | "Vesting Service" means, with respect to any employee, his period of employment with the Employer or any Affiliated Employer, whether or not as an Employee, beginning on the date he first completes an Hour of Service and ending on his Severance Date, provided that: |
(a) | if his employment terminates and he is reemployed within one year of the earlier of (i) his date of termination or (ii) the first day of an absence from service immediately preceding his date of termination, the period between |
(b) | if he is absent from the service of the Employer or any Affiliated Employer because of service in the Armed Forces of the United States and he returns to service with the Employer or an Affiliated Employer having applied to return while his reemployment rights were protected by law, the absence shall be included in his Vesting Service; |
(c) | if he is on a leave of absence approved by the Employer, under rules uniformly applicable to all Employees similarly situated, the Employer may authorize the inclusion in his Vesting Service of any portion of that period of leave which is not included in his Vesting Service under (a) or (b) above; and |
(d) | if his employment terminates and he is reemployed, his Vesting Service after reemployment shall be aggregated with his previous period or periods of Vesting Service. |
1.55 | "Year of Eligibility Service" means, with respect to any employee, the 12-month period of employment with the Employer or any Affiliated Employer, whether or not as an Employee, beginning on the date he first completes an Hour of Service upon hire or rehire, or any Plan Year beginning after that date, in which he first completes at least 1,000 Hours of Service. |
(a) | Except as otherwise provided in this Section, each Employee shall be eligible to become a Member on any Enrollment Date coinciding with or following the date he completes one Year of Eligibility Service. |
(b) | Employees who were formerly employed by entities that were acquired, or are employed at any operations or facilities that were acquired, by the Employer shall be eligible to participate in the Plan from the date of such acquisition except as otherwise may be provided in Appendix A, and shall be subject to the special eligibility rules (if any) set forth in Appendix A with respect to such Employees. |
(c) | Effective as of January 1, 2014, and notwithstanding the provisions of Section2.01(a), but subject to Appendix A, each regular, full-time Employee, other than a member of a unit of Employees covered by a collective bargaining agreement, with the exception of (i) the collective bargaining agreement covering Employees of Williams Controls, Inc. and (ii) effective as of December 31, 2014, the collective bargaining agreement covering Employees of the Engineered Pump Division of the Employer that had adopted the EMS Plan, shall be eligible to become a Member as of any Enrollment Date following the date on which he became an Employee. Unless mandated otherwise by the Employer’s personnel practices, a regular, full-time Employee is any Employee who is hired on other than a part-time, seasonal, casual |
(d) | Any Employee on December 31, 2014 who was a participant in the EMS Plan immediately prior thereto and any individual who was employed by the Employer’s Benshaw business unit on and before June 30, 2014 and who was a participant in the EMS Plan immediately prior to December 31, 2014 shall become a Member on the next following Enrollment Date. |
(e) | Effective as of July 1, 2015, and notwithstanding the provisions of Sections 2.01(a) and (c), but subject to Appendix A, each Employee, other than a member of a unit of Employees covered by a collective bargaining agreement, with the exception of (i) the collective bargaining agreement covering Employees of Williams Controls, Inc. and (ii) the collective bargaining agreement covering Employees of the Engineered Pump Division of the Employer that had adopted the EMS Plan, shall be eligible to become a Member as of any Enrollment Date following the date on which he became an Employee. In no event shall a Casual Employee, Co-Op Student Employee or Temporary Employee be eligible to become a Member. |
(a) | designates the percentage of Compensation he wishes to contribute to the Plan under Section 3.05 or makes the election described in Section 3.01, 3.02, or 3.04, or any combination thereof.; |
(b) | authorizes the Employer to make regular payroll deductions or to reduce his Compensation, or both; |
(d) | makes an investment election. |
(a) | Notwithstanding any provision of the Plan to the contrary, any eligible Employee (as provided under Section 2.01(c)), and unless otherwise excluded under paragraph 2.05(c), whose date of hire, rehire or acquisition is on or after January 1, 2009 and who has not made an affirmative election to become a Member (or affirmatively declined to become a Member) pursuant to Section 2.02 shall become a Covered Member on the first Enrollment Date which is on or about 45 days after his date of hire, rehire or acquisition, or the date he actually completes a Year of Eligibility Service (if applicable, pursuant to Section 2.01(c)). |
(b) | Notwithstanding any provision of the Plan to the contrary, any eligible Employee whose date of hire, rehire or acquisition is on or before December 31, 2008 and who has not affirmatively elected to become a Member (or affirmatively declined to become a Member) pursuant to Section 2.02 shall become a Covered Member on the first Enrollment Date which is on or about 45 days after January 1, 2010. |
(c) | (i) Notwithstanding any provision of the Plan to contrary, any eligible Employee of Curtiss-Wright Controls, Inc. whose date of hire, rehire, or acquisition was on or before December 31, 2008 and who has not affirmatively elected to become a Member (or affirmatively declined to become a Member) pursuant to Section 2.02 shall become a Covered Member as of March 2, 2011. |
(ii) | Notwithstanding any provision of the Plan to the contrary, any eligible Employee who is employed by Metal Improvement Company whose date of hire, rehire or acquisition is on or after January 1, 2010 and who has not made an affirmative election to become a Member (or affirmatively declined to become a Member) pursuant to Section 2.02 shall become a Covered Member on the first Enrollment Date which is on or about 45 days after his date of hire, rehire or acquisition. Any eligible Employee of Metal Improvement Company whose date of hire, rehire or acquisition was on or before December 31, 2009 and who has not affirmatively elected to become a Member (or affirmatively declined to become a Member) pursuant to Section 2.02 shall become a Covered Member as of November 30, 2011. |
(d) | Notwithstanding any provision of the Plan to the contrary, any eligible Employee (as provided under Sections 2.01(c) and (e)), and unless otherwise excluded under paragraph 2.05(c), whose date of hire, rehire or acquisition is on or after July 1, 2015 and who has not made an affirmative election to become a Member (or affirmatively declined to become a Member) pursuant to Section 2.02 shall become |
(a) | A Member may elect on his application filed under Section 2.02 to reduce his Compensation payable while a Member by at least 0.5% and not more than the contribution permitted by law, in multiples of 0.5%, and have that amount contributed to the Plan by the Employer as Deferred Cash Contributions. Deferred Cash Contributions shall be further limited as provided below and in Sections 3.11, 3.13 and 3.14. Any Deferred Cash Contributions shall be paid to the Trustee as soon as practicable. |
(b) | In no event shall the Member's Deferred Cash Contributions and similar contributions made on his behalf by the Employer or an Affiliated Employer to all plans, contracts or arrangements subject to the provisions of Section 401(a)(30) of the Code in any calendar year exceed: the amount in effect for such calendar year under Section 402(g)(1) of the Code, as adjusted, if applicable, in accordance with Section 402(g)(4) of the Code. |
(c) | In the event that the sum of the Deferred Cash Contributions and similar contributions to any other qualified defined contribution plan maintained by the Employer or an Affiliated Employer exceeds the dollar limitation in Section 3.01(b) for any calendar year, the Member shall be deemed to have elected a return of Deferred Cash Contributions in excess of such limit ("excess deferrals") from this Plan. The excess deferrals, together with Earnings, shall be returned to the Member no later than the April 15 following the end of the calendar year in which the excess deferrals were made. The amount of excess deferrals to be returned for any calendar year shall be reduced by any Deferred Cash Contributions previously returned to the Member under Section 3.11 for that calendar year. |
(d) | If a Member makes tax-deferred contributions under another qualified defined contribution plan maintained by an employer other than the Employer or an Affiliated Employer for any calendar year and those contributions when added to his Deferred Cash Contributions exceed the dollar limitation under Section 3.01(b) for that calendar year, the Member may allocate all or a portion of such excess deferrals to this Plan. In that event, such excess deferrals, together with Earnings, shall be returned to the Member no later than the April 15 following the end of the calendar |
(a) | A Member satisfies the requirements of this paragraph for a Plan Year if: |
(i) | his 50th birthday is coincident with or prior to the last day of the Plan Year; and |
(ii) | either (A) the Deferred Cash Contributions made on his behalf for the Plan Year have reached the applicable dollar limitation for the calendar year coincident with such Plan Year, as set forth in Section 3.01(b) or (B) his percentage election, as in effect in accordance with Section 3.01(a) is equal to any percentage limitation imposed on such election by the Plan. |
(b) | A Member described in subsection (a) may elect to make Catch-Up Contributions in any percentage from 1% to 25% of his Compensation. |
(c) | Any Catch-Up Contributions shall be paid to the Trustee as soon as practicable and shall be allocated to the Member’s Catch-Up Account. |
(d) | Catch-Up Contributions made on a Member's behalf shall be limited to $6,000, as adjusted in accordance with Section 414(v)(2)(C) of the Code. In no event shall the Member's Catch-Up Contributions for a Plan Year exceed the excess of his Deferred Cash Contributions for such Plan Year over his Statutory Compensation for such Plan Year. |
(e) | The provisions of this Section shall be subject to the requirements of Section 414(v) of the Code and Regulations thereunder. |
(a) | Effective January 1, 2009, Automatic Deferred Cash Contributions will be made on behalf of Covered Members who do not have an affirmative election in effect regarding Deferred Cash Contributions. The amount of Automatic Deferred Cash Contributions made for a Covered Member each pay period is equal to 3% multiplied by the Covered Member’s Compensation for that pay period. |
(b) | A Covered Member will have a reasonable opportunity after receipt of the notice required described in (d) below to make an affirmative election regarding Deferred Cash Contributions (either to have no Deferred Cash Contributions made or to have a different amount of Deferred Cash Contributions made) before Automatic Deferred Cash Contributions are made on the Covered Member’s behalf. Automatic Deferred Cash Contributions being made on behalf of a Covered Member will cease as soon as administratively feasible after the Covered Member makes an affirmative election. |
(c) | Automatic Deferred Cash Contributions will be reduced or stopped to meet the limitations under Sections 401(a)(17), 402(g) and 415 of the Code and to satisfy any suspension period required after a hardship distribution. |
(d) | At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Covered Member a comprehensive notice of the Member’s rights and obligations under this Automatic Contribution Arrangement, written in a manner calculated to be understood by the average Covered Member. If an eligible Employee becomes a Covered Member after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice will be provided within a reasonable period of time and in accordance with Section 1.414(w)-1 of the Income Tax Regulations. |
(i) | The amount of Automatic Deferred Cash Contributions that will be made on the Covered Member’s behalf in the absence of an affirmative election; |
(ii) | The Covered Member’s right to elect to have no Deferred Cash Contributions made on his behalf or to have a different amount of Deferred Cash Contributions made; |
(iii) | How Automatic Deferred Cash Contributions will be invested in the absence of the investment instructions; and |
(iv) | The Covered Member’s right to make a withdrawal of Automatic Deferred Cash Contributions and the procedures for making such a withdrawal. |
(e) | No later than 75 days after the recordkeeper first receives a Covered Member’s Automatic Deferred Cash Contribution, the Covered Member may request a distribution of his Automatic Deferred Cash Contributions. In no event may a Covered Member request a distribution of his Automatic Deferred Cash Contributions later than 90 days after Automatic Deferred Cash Contributions are first withheld from a Covered Member’s pay. No spousal consent is required for such a withdrawal. The amount to be distributed from the Plan upon the Covered Member’s request is equal to the amount of Automatic Deferred Cash Contributions made through the earlier of (i) the pay date for the second payroll period that begins after the Covered Member’s withdrawal request and (ii) the first pay date that occurs after 30 days after the Covered Member’s request, adjusted to reflect any investment gains or losses attributable to those contributions through the date of distribution. Any fee charged to the Covered Member for the withdrawal may not be greater than any other fee charged for a cash distribution. Unless the Covered Member |
(a) | Effective January 1, 2010, a Member may elect on his application filed under Section 2.02 to irrevocably designate Deferred Cash Contributions (under Section 3.01) and Catch-Up Contributions (under Section 3.02) as Roth Deferred Cash Contributions and Roth Catch-Up Contributions, respectively. Any Roth Deferred Cash Contributions and Roth Catch-Up Contributions shall be invested in one or more Investment Funds, as authorized by the Chairman of the Board of Directors or its designees, subject to (b) below. |
(b) | The Plan will maintain a separate record of the amount of Roth Deferred Cash Contributions and Roth Catch-Up Contributions in each Member’s account. Contributions and withdrawals of Roth Deferred Cash Contributions and Roth Catch-Up Contributions will be credited and debited to the Roth Deferred Cash Contribution Account and the Roth Catch-Up Contribution Account maintained for each Member. Gains, losses, and other credits or charges must be separately allocated on a reasonable and consistent basis to each Member’s Roth Deferred Cash Contribution Account, the Roth Catch-Up Contribution Account and the Member’s other accounts under the Plan. |
(c) | No contributions other than Roth Deferred Cash Contributions and properly attributable earnings will be credited to each Member’s Roth Deferred Cash Contributions Account. No contributions other than Roth Catch-Up Contributions and properly attributable earnings will be credited to each Member’s Roth Catch-Up Account. |
(d) | Unless specifically stated otherwise, Roth Deferred Cash Contributions will be treated as Deferred Cash Contributions for all purposes under the Plan, including hardship distributions under Section 7.04 and loans under Article 8. Unless specifically stated otherwise, Roth Catch-Up Contributions will be treated as Catch-Up Contributions for all purposes under the Plan. |
(e) | In the case of a distribution of excess contributions under Section 3.11, a Highly Compensated Employee may designate the extent to which the excess contribution is composed of Deferred Cash Contributions and Roth Deferred Cash Contributions but only to the extent such types of contributions were made for the year. If the |
(a) | The Employer contributed, until August 31, 1994, on behalf of each of its Members who elected to make After-Tax Contributions, Matching Contributions in an amount equal to 50% of the first 6% of the After-Tax Contributions made by the Member to the Plan during each payroll period. |
(b) | From and after September 1, 1994, no Matching Contributions shall be made to the Plan except as otherwise specified in Appendix A. |
(c) | From and after January 1, 2014, the Employer shall contribute on behalf of each of its Frozen Members, other than a member of a unit of Employees covered by a collective bargaining agreement, with the exception of (i) the collective bargaining agreement covering Employees of Williams Controls, Inc. and (ii) effective as of December 31, 2014, a collective bargaining agreement covering Employees of the Employer that had adopted the EMS Plan, and Acquired Members who elected to make Deferred Cash Contributions, Roth Deferred Cash Contributions, and/or After-Tax Contributions, Matching Contributions in an amount equal to 50% of the Deferred Cash Contributions, Roth Deferred Cash Contributions, and/or After-Tax Contributions made by the Member to the Plan that do not exceed the first 6% of the Member’s Compensation during each payroll period. In no event shall the amount of Matching Contributions made under this Section 3.07(c) equal more than 3% of a Member’s Compensation for the payroll period. Matching Contributions shall first be made with respect to Deferred Cash Contributions, and Roth Deferred Cash Contributions, then with respect to After-Tax Contributions. |
(d) | Matching Contributions described in this Section 3.07 shall be paid in cash to the Trustee as soon as administratively feasible following each payroll period but in no |
(a) | For any Plan Year beginning on or after January 1, 2014, the Employer may make CW Savings Contributions in an amount to be determined by the Employer, as of the last day of the Plan Year, on behalf of each Frozen Member, other than a member of a unit of Employees covered by a collective bargaining agreement, with the exception of (i) the collective bargaining agreement covering Employees of Williams Controls, Inc. and (ii) effective for any Plan Year beginning on or after January 1, 2015, the collective bargaining agreement covering Employees of the Engineered Pump Division of the Employer that had adopted the EMS Plan, and Acquired Member who is described in the following sentence. Any CW Savings Contributions shall be allocated to the Employer Account of each eligible Member employed by the Employer on the last day of the Plan Year who had completed a Year of Eligibility Service during the Plan Year (and, for the Plan Year beginning on January 1, 2015, each eligible Member described in Section 6.02(a)(vii) and (viii)) and such allocation shall be based on the ratio that each such Member’s Compensation bears to the total Compensation of all such Members for the Plan Year. In no event, however, shall the portion of the CW Savings Contributions allocated on behalf of any Member described in the preceding sentence for any Plan Year exceed 3% of such Member’s Compensation for the Plan Year. (b) CW Savings Contributions described in this Section 3.07A shall be paid in cash to the Trustee as soon as administratively feasible following each Plan Year, if applicable, but in any event no later than the date required by applicable law in order to permit the Employer a deduction for such contributions for its taxable year. CW Savings Contributions may be paid whether or not the Employer has current profits or accumulated earnings. |
(a) | For purposes of this Section, “eligible retirement plan” means: |
(i) | a qualified plan described in Section 401(a) of the Code; |
(ii) | an annuity plan described in Section 403(a) of the Code; |
(iii) | an individual retirement account or individual retirement annuity of the Member described in Section 408(a) or 408(b) of the Code which contains only amounts that were originally distributed from a qualified plan described in Section 401(a) or 403(a) of the Code (i.e., a “conduit IRA”); |
(iv) | an annuity contract described in Section 403(b) of the Code; |
(v) | an eligible plan under Section 457(b) of the Code which is maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state; and |
(vi) | an individual retirement account or individual retirement annuity of the Employee described in Section 408(a) or 408(b) of the Code that may contain amounts other than amounts that were originally distributed from a qualified plan described in Section 401(a) or 403(a) of the Code (i.e., a "traditional IRA"). |
(b) | Such Rollover Contribution may be received in either of the following ways: |
(i) | The Plan may accept such amount as a direct rollover of an eligible rollover distribution from an eligible retirement plan; or |
(ii) | The Plan may accept such amount directly from the Member provided such amount: |
(A) | was distributed to the Member by an eligible retirement plan; |
(B) | is received by the Plan on or before the 60th day after the day it was received by the Member; and |
(C) | would otherwise be includible in gross income. |
(a) | A Member may suspend his contributions under Section 3.05 and/or revoke his election under Section 3.01, 3.02 or 3.04 at any time by giving notice to the Administrative Committee or its designee. The suspension or revocation shall become effective as soon as administratively practicable following the delivery of such notice. |
(b) | A Member who has suspended his contributions under Section 3.05 may elect to have them resumed in accordance with Section 3.05 by giving notice to the Administrative Committee or its designee. A Member who has revoked his election under Section 3.01, 3.02 or 3.04 may elect to resume having his Compensation reduced in accordance with Section 3.01, 3.02 or 3.04 by giving notice to the Administrative Committee or its designee. |
(c) | In addition to the election opportunity for Automatic Contributions under Section 3.03(b), a Covered Member may make a subsequent election to revoke the Automatic Contribution Arrangement at any time by giving notice to the Administrative Committee or its designee. Such revocation shall become effective as soon as administratively practicable following the delivery of such notice. |
(a) | The actual deferral ratio of the Highly Compensated Employee with the highest actual deferral ratio shall be reduced to the extent necessary to meet the actual deferral percentage test or to cause such ratio to equal the actual deferral ratio of the Highly Compensated Employee with the next highest ratio. This process will be repeated until the actual deferral percentage test is passed. Each ratio shall be rounded to the nearest one one-hundredth of one percent (0.01%) of the Member’s Statutory Compensation. The amount of Deferred Cash Contributions (and Roth Deferred Cash Contributions) made by each Highly Compensated Employee in excess of the amount permitted under his revised deferral ratio shall be added together. This total dollar amount of excess contributions (“excess contributions”) shall then be allocated to some or all Highly Compensated Employees in accordance with the provisions of paragraph (b) below. |
(b) | The Deferred Cash Contributions of the Highly Compensated Employee with the highest dollar amount of Deferred Cash Contributions shall be reduced by the lesser of (i) the amount required to cause that Employee’s Deferred Cash Contributions to equal the dollar amount of the Deferred Cash Contributions of the Highly Compensated Employee with the next highest dollar amount of Deferred Cash Contributions or (ii) an amount equal to the total excess contributions. This procedure is repeated until all excess contributions are allocated. The amount of excess contributions allocated to a Highly Compensated Employee, together with |
(c) | The excess contributions shall first be treated as Catch-Up Contributions, to the extent possible under Section 3.02, or as Roth Catch-Up Contributions, to the extent possible under Section 3.04. Any remaining excess contributions, together with Earnings thereon, allocated to a Member shall be paid to the Member before the close of the Plan Year following the Plan Year in which the excess contributions were made, and to the extent practicable, within 2½ months of the close of the Plan Year in which the excess contributions were made. However, any excess contributions for any Plan Year shall be reduced by any Deferred Cash Contributions and Roth Deferred Cash Contributions previously returned to the Member under Section 3.01 for that Plan Year. |
(d) | Notwithstanding the provisions of Article 6, if any Deferred Cash Contributions (including Roth Deferred Cash Contributions) are distributed to a Highly Compensated Employee pursuant to this Section 3.11, any Matching Contributions which were credited to such Member’s Employer Account in accordance with Section 3.07 as a result of such Deferred Cash Contributions (including Roth Deferred Cash Contributions) having been contributed to the Plan shall be forfeited immediately and applied to reduce Employer contributions or to pay the expenses of the Plan not paid directly by the Employer. |
(a) | The actual contribution ratio of the Highly Compensated Employee with the highest actual contribution ratio shall be reduced to the extent necessary to meet the test or to cause such ratio to equal the actual contribution ratio of the Highly Compensated Employee with the next highest actual contribution ratio. This process will be repeated until the actual contribution percentage test is passed. Each ratio shall be rounded to the nearest one one‑hundredth of one percent (0.01%) of a Member’s Statutory Compensation. The amount of After-Tax Contributions and Matching Contributions, if any, made by or on behalf of each Highly Compensated Employee in excess of the amount permitted under his revised actual contribution ratio shall be added together. This total dollar amount of excess contributions (“excess aggregate contributions”) shall then be allocated to some or all Highly Compensated Employees in accordance with the provisions of paragraph (b) below. |
(b) | The After-Tax Contributions and Matching Contributions, if any, of the Highly Compensated Employee with the highest dollar amount of such contributions shall be reduced by the lesser of (i) the amount required to cause that Employee’s After-Tax Contributions and Matching Contributions, if any, to equal the dollar amount of such contributions of the Highly Compensated Employee with the next highest dollar amount of such contributions, or (ii) an amount equal to the total excess aggregate contributions. This procedure is repeated until all excess aggregate contributions are allocated. The amount of excess aggregate contributions allocated to each Highly Compensated Employee, together with Earnings thereon, shall be distributed to the Member. A Highly Compensated Employee who has had the total of his After Tax Contributions and Matching Contributions, if any, reduced in accordance with this Section 3.12 shall have the amount of such reduction applied first to his After-Tax Contributions for the Plan Year and then, to the extent necessary, to his Matching Contributions for the Plan Year. |
(c) | Any payment of excess aggregate contributions shall be made before the close of the Plan Year following the Plan Year for which the excess aggregate contributions were made, and to the extent practicable, any payment shall be made within 2½ months of the close of the Plan Year in which the excess aggregate contributions were made. Excess aggregate contributions distributed to Members in accordance with the provisions of paragraph (b) above shall be distributed in the following order: (i) from the Member’s Employer Account attributable to Matching Contributions, and (ii) from the Member’s Member Account. |
(d) | Notwithstanding the provisions of Article 6, if any After-Tax Contributions are distributed to a Highly Compensated Employee pursuant to this Section 3.12, any Matching Contributions which were credited to such Member’s Employer Account in accordance with Section 3.07 as a result of such After-Tax Contributions having been contributed to the Plan shall be forfeited immediately and applied to reduce |
(a) | If any Highly Compensated Employee is a member of another qualified plan of the Employer or an Affiliated Employer, including an employee stock ownership plan described in Section 4975(e)(7) of the Code but excluding any other qualified plan which must be mandatorily disaggregated under Section 410(b) of the Code, under which deferred cash contributions or matching contributions are made on behalf of the Highly Compensated Employee or under which the Highly Compensated Employee makes after-tax contributions, the Administrative Committee shall implement rules, which shall be uniformly applicable to all employees similarly situated, to take into account all such contributions for the Highly Compensated Employee made for the applicable Plan Year under all such plans in applying the limitations of Sections 3.11 and 3.12. |
(b) | In the event that this Plan is aggregated with one or more other plans to satisfy the requirements of Sections 401(a)(4) and 410(b) of the Code (other than for purposes of the average benefit percentage test) or if one or more other plans is aggregated with this Plan to satisfy the requirements of such sections of the Code, then the provisions of Sections 3.11 and 3.12 shall be applied by determining the Actual Deferral Percentage and Contribution Percentage of employees as if all such plans were a single plan. If this Plan is permissively aggregated with any other plan or plans for purposes of satisfying the provisions of Section 401(k)(3) of the Code, the aggregated plans must also satisfy the provisions of Sections 401(a)(4) and 410(b) of the Code as though they were a single plan. Plans may be aggregated under this paragraph (b) only if they have the same plan year. |
(c) | The Employer may elect to use Deferred Cash Contributions or Roth Deferred Cash Contributions to satisfy the tests described in Section 3.12, provided that the test described in Section 3.11 is met prior to such election and continues to be met following the Employer's election to shift the application of those Deferred Cash Contributions or Roth Deferred Cash Contributions from Section 3.11 to Section 3.12 and provided further that the tests described in Sections 3.11 and 3.12 are both performed on either a prior year testing method or a current year testing method. |
(d) | The Employer may authorize that special "qualified nonelective contributions" shall be made for a Plan Year, which shall be allocated in such amounts and to such Members, who are Non-Highly Compensated Employees, as the Administrative Committee shall determine, provided such allocation procedure complies with the applicable provisions of Treasury Regulation Section 1.401(k)-2(a)(6). The Administrative Committee shall establish such separate accounts as may be necessary. Qualified nonelective contributions shall be 100% nonforfeitable when made. Qualified nonelective contributions made before January 1, 1989 and earnings credited thereon as of that date may be withdrawn by a Member while in service only under the provisions of Section 7.03. Any qualified nonelective contributions made on or after January 1, 1989 and any earnings credited on any qualified nonelective contributions after such date shall only be available for |
(e) | Notwithstanding any provision of the Plan to the contrary, if employees included in a unit of employees covered by a collective bargaining agreement are participating in the Plan and not more than 2 percent of such employees are Highly Compensated Employees and professionals, then such employees shall be disregarded in applying the provisions of Section 3.11 and 3.12. However, a separate actual deferral percentage test must be performed for the group of collective bargaining employees on the basis that those employees are included in a separate cash-or-deferred arrangement, provided such group contains at least one Highly Compensated Employee. |
(f) | If the Employer elects to apply the provisions of Section 410(b)(4)(B) to satisfy the requirements of Section 401(k)(3)(A)(i) of the Code, the Employer may apply the provisions of Sections 3.11 and 3.12 by excluding from consideration all eligible employees (other than Highly Compensated Employees) who have not met the minimum age and service requirements of Section 410(a)(1)(A) of the Code. |
(a) | The annual addition to a Member's Accounts for any Plan Year, which shall be considered the "limitation year" for purposes of Section 415 of the Code, when added to the Member's annual addition for that Plan Year under any other qualified defined contribution plan of the Employer or an Affiliated Employer, shall not exceed an amount that is equal to the lesser of (i) 100% of his aggregate remuneration for the Plan Year, or (ii) $53,000, as adjusted in accordance with Section 415(d) of the Code. |
(b) | For purposes of this Section, the "annual addition" to a Member's Accounts under this Plan or any other qualified defined contribution plan maintained by the Employer or an Affiliated Employer shall be determined in accordance with (i) and (ii) below: |
(i) | The annual addition shall include all of the following amounts that have been allocated to the Member's Accounts under this Plan or any other qualified defined contribution plan (including a deemed qualified defined contribution plan under a qualified defined benefit plan) maintained by the Employer or an Affiliated Employer: |
(A) | the total Employer contributions made on the Member's behalf by the Employer and all Affiliated Employers; |
(B) | all Deferred Cash Contributions, Roth Deferred Cash Contributions and After-Tax Contributions, including Deferred Cash Contributions distributed under the provisions of Section 3.11 and After-Tax Contributions distributed under the provisions of Section 3.12; |
(C) | forfeitures, if applicable; and |
(D) | solely for purposes of the dollar limit under clause (ii) of paragraph (a) above, amounts described in Sections 415(l)(1) and 419A(d)(2) allocated to the Member. |
(ii) | The annual addition shall not include: |
(A) | Rollover Contributions; |
(B) | loan repayments made under Article 8; |
(C) | amounts required to be repaid under Section 6.03 as a condition of the restoration of a Member's forfeited Employer Account balance; |
(D) | excess deferrals timely distributed from the Plan under Section 3.01(d); and |
(E) | Catch-Up Contributions (including Roth Catch-Up Contributions). |
(c) | For purposes of this Section, the term “remuneration” with respect to any Member shall mean the wages, salaries, and other amounts paid in respect of such Member by the Employer or an Affiliated Employer for personal services actually rendered, and shall include amounts contributed by the Employer pursuant to a salary reduction agreement which are not includible in the gross income of the employee under Section 125, 132(f), 402(g), 414(v) or 457 of the Code but shall exclude other deferred compensation, stock options, and other distributions which receive special tax benefits under the Code. Remuneration shall also include amounts required to be recognized under the provisions of Section 1.415(c)-2(e) of the Treasury regulations. Remuneration shall not exceed the Annual Dollar Limit. |
(d) | Notwithstanding the foregoing, to the extent that the annual additions to a Member's Accounts exceed the limitation set forth in paragraph (a), corrections shall be made in a manner consistent with the provisions of the Employee Plans Compliance Resolution System as set forth in Revenue Procedure 2013-12 or any subsequent guidance. |
(a) | If all or part of the Employer's deductions for contributions to the Plan are disallowed by the Internal Revenue Service, the portion of the contributions to which that disallowance applies shall be returned to the Employer without interest but reduced by any investment loss attributable to those contributions, provided that the contribution is returned within one year after the disallowance of deduction. For this purpose, all contributions made by the Employer are expressly declared to be conditioned upon their deductibility under Section 404 of the Code. |
(b) | The Employer may recover without interest the amount of its contributions to the Plan made on account of a mistake of fact, reduced by any investment loss attributable to those contributions, if recovery is made within one year after the date of those contributions. |
(c) | In the event that Deferred Cash Contributions made under Section 3.01 (or Roth Deferred Cash Contributions made under Section 3.04) are returned to the Employer in accordance with the provisions of this Section, the elections to reduce Compensation which were made by Members on whose behalf those contributions were made shall be void retroactively to the beginning of the period for which those contributions were made. The Deferred Cash Contributions and Roth Deferred Cash Contributions so returned shall be distributed in cash to those Members for whom those contributions were made, provided, however, that if the contributions are returned under the provisions of paragraph (a) above, the amount of Deferred Cash Contributions and Roth Deferred Cash Contributions to be distributed to Members shall be adjusted to reflect any investment gains or losses attributable to those contributions. |
(a) | Notwithstanding any provision of this Plan to the contrary, contributions, benefits, and service credit with respect to qualified uniformed service duty will be provided in accordance with Section 414(u) of the Code. Without regard to any limitations on contributions set forth in this Article 3, a Member who is reemployed and is credited with Vesting Service under the provisions of Section 1.54(b) because of a period of service in the uniformed services of the United States may elect to contribute to the Plan the Deferred Cash Contributions (including Catch-Up Contributions) and/or After-Tax Contributions that could have been contributed to the Plan in accordance with the provisions of the Plan had he remained continuously employed by the Employer throughout such period of absence ("make-up contributions"). On and after January 1, 2010, a Member who elects to make Deferred Cash Contributions and/or Catch-Up Contributions under this paragraph may further elect, pursuant to the provisions of Section 3.04(a), whether those amounts shall be designated as Deferred Cash Contributions or Roth Deferred Cash Contributions. For purposes of determining the amount of make-up contributions a Member may make, his Compensation for the period of absence shall be deemed to be the rate of Compensation he would have received had he remained employed as an Employee for that period or, if such rate is not reasonably certain, on the basis of the Member's rate of compensation during the 12-month period immediately preceding such period of absence (or if shorter, the period of employment immediately preceding such period). Any Deferred Cash Contributions, Catch-Up Contributions, Roth Deferred Cash Contributions, Roth Catch-Up Contributions and/or After-Tax Contributions so determined shall be limited as provided in Sections 3.01, 3.02, 3.04, 3.05, 3.11, and 3.12 with respect to the Plan Year or Years to which such contributions relate rather than the Plan Year in which payment is made. The make-up contributions may be made over a period not to exceed three times the period of military leave or five years, if less, but in no event later than the Member's termination of employment (unless he is subsequently rehired). The make-up period |
(b) | All contributions under this Section, other than make-up Catch-Up Contributions and make-up Roth Catch-Up Contributions made pursuant to this Section and Sections 3.02 and 3.04 respectively, are considered “annual additions,” as defined in Section 415(c)(2) of the Code, and shall be limited in accordance with the provisions of Section 3.13 with respect to the Plan Year or Years to which such contributions relate rather than the Plan Year in which payment is made. |
(a) | Members' Accounts shall be invested in one or more Investment Funds, including BrokerageLink, the self-directed brokerage option offered by Fidelity Brokerage Services, LLC, as authorized by the Chairman of the Board of Directors or his designee. |
(b) | The Trustee may keep such amounts of cash as they, in their sole discretion, shall deem necessary or advisable as part of the Funds, all within the limitations specified in the trust agreement. |
(c) | Dividends, interest, and other distributions received on the assets held by the Trustee in respect to each of the above Funds shall be reinvested in the respective Fund. |
(a) | The Trustee shall value the Funds at least monthly. On each Valuation Date, the Accounts of a Member in each Fund shall equal: |
(i) | the Member's account balance in his Accounts as of the immediately preceding Valuation Date; less |
(ii) | any distributions from the Member's Accounts since the immediately preceding Valuation Date; plus |
(iii) | the amount of contributions, if any, made by or on behalf of the Member to that Fund since the immediately preceding Valuation Date; plus |
(iv) | the net earnings or losses, after adjusting for expenses, if any, since the immediately preceding Valuation Date. |
(b) | Whenever an event requires a determination of the value of the Member's Accounts, the value shall be computed as of the Valuation Date coincident with or immediately following the date of determination, subject to the provisions of Section 5.02. |
(a) | (i) As of December 31 of each year prior to January 1, 1995 a Member shall become vested with respect to 25% of the value of the total Matching Contributions made in his behalf for that portion of the year. As of each succeeding December 31, prior to January 1, 1998 such Member shall become vested with respect to an additional 25% of the value of such Matching Contributions until, on December 31 of the third calendar year following the year for which the Matching Contributions were made, such Member shall become vested in 100% of the value of such Matching Contributions made on his behalf. |
(ii) | Notwithstanding any other provision of the Plan to the contrary, a Member shall be 100% vested in, and have a nonforfeitable right to, the value of Matching Contributions and CW Savings Contributions made on his behalf on or after January 1, 2014, upon the completion of 3 years of Vesting Service. |
(iii) | Notwithstanding the provisions of subsection (a)(ii) above, a Member whose date of hire, rehire or transfer to an Employer that had adopted the EMS Plan was on or before December 31, 2013, other than a member of a unit of Employees covered by a collective bargaining agreement, with the exception of the collective bargaining agreement covering Employees of the Engineered Pump Division of the Employer that had adopted the EMS Plan, will become vested in the value of Matching Contributions made on his behalf and the value of his Employer Account attributable to employer matching contributions made on his behalf under the EMS Plan in accordance with the following schedule: |
(iv) | Notwithstanding the provisions of subsection (a)(ii) above, a Member whose date of hire, rehire or transfer to an Employer that had adopted the EMS |
(v) | Notwithstanding the provisions of subsections (a)(i), (ii), (iii) and (iv) above, a Member shall be 100% vested in, and have a nonforfeitable right to, Matching Contributions and CW Savings Contributions upon death (including death while performing qualified military service, pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008), Disability, or the attainment of his 65th birthday. |
(vi) | Notwithstanding any other provision of the Plan to the contrary, a Member who was employed by the Employer’s Benshaw business unit on and before June 30, 2014 shall be 100% vested in, and have a nonforfeitable right to, all amounts credited to his Accounts under the Plan. |
(vii) | Notwithstanding any other provision of the Plan to the contrary, a Member who was employed by Groth Equipment Corporation of Louisiana or TAPCO International, Inc. on and before May 31, 2015 shall be 100% vested in, and have a nonforfeitable right to, all amounts credited to his Accounts under the Plan. |
(viii) | Notwithstanding any other provision of the Plan to the contrary, a Member who was employed by the Engineered Packaging Division unit, formerly Hybricon Corporation, of Littleton, Massachusetts on and before June 30, 2015 shall be 100% vested in, and have a nonforfeitable right to, all amounts credited to his Accounts under the Plan. |
(b) | The extent to which a Member who was formerly employed by an entity that was acquired by the Employer, or who is employed by the Employer at the operations and facilities that were acquired by the Employer from another entity, shall become vested with respect to the value of Matching Contributions, if any, made on his behalf that are described in Appendix A shall be determined in accordance with the applicable provisions of Appendix A. |
(c) | For purposes of this Section 6.02, the "value” of Matching Contributions and CW Savings Contributions shall mean the amount of Matching Contributions and CW Savings Contributions adjusted for an allocable share of earnings, losses and expenses in accordance with Section 5.01(a)(iv), as of each Valuation Date. |
(a) | Upon termination of employment of a Member who was not fully vested in his Employer Account, the non-vested portion of his Employer Account shall be forfeited at the earlier of the date the Member (i) receives a distribution of the Vested Portion of his Accounts or (ii) incurs five consecutive One-Year Periods of Severance. For purposes of this Section 6.03, a One-Year Period of Severance is a 12-consecutive month period beginning on an Employee’s Severance Date and ending on the anniversary of such date during which the Employee does not perform an Hour of Service. If an Employee is absent from work due to (iii) pregnancy of the Employee, (iv) birth of a child of the Employee, (v) placement of a child with the Employee in connection with the adoption of such child by the Employee or (vi) the Employee’s caring for a child during the period immediately following the birth or adoption, the 12-consecutive month period beginning on the first day of the absence shall not constitute a One-Year Period of Severance. Any period of absence included as Vesting Service pursuant to the provisions of Section 1.54(b) or (c) shall not be taken into account in determining whether a One-Year Period of Severance has occurred. Any amounts forfeited pursuant to this subsection shall be applied to reduce Employer contributions or to pay the expenses of the Plan not paid directly by the Employer. If the amount of the Vested Portion of a Member's Employer Account at the time of his termination of employment is zero and the Member had not at any time made Deferred Cash Contributions to the Plan, the Member shall be deemed to have received a distribution of such zero vested benefit. |
(b) | If an amount of a Member's Employer Account has been forfeited in accordance with subsection (a) above, that amount shall be subsequently restored to the Member's Employer Account provided that: |
(i) | he is reemployed by the Employer or an Affiliated Employer prior to incurring five consecutive One-Year Periods of Severance and |
(ii) | he repays to the Plan during his period of reemployment and within five years of his date of reemployment an amount in cash equal to the full amount distributed to him from the Plan on account of his termination of employment. Repayment shall be made in one lump sum. |
(c) | In the event that any amounts to be restored by the Employer to a Member's Employer Account have been forfeited under subsection (a) above, those amounts shall be taken first from any forfeitures which have not as yet been applied against Employer contributions or used to pay expenses of the Plan not paid directly by the Employer, and if any amounts remain to be restored, the Employer shall make a special Employer contribution equal to those amounts. |
(d) | A repayment shall be invested in the available Investment Funds as the Member elects (or is deemed to have elected pursuant to Section 4.02) at the time of repayment. |
(e) | To the extent there are any forfeitures in the Acquired Forfeiture Account, such forfeitures shall be applied to offset Plan expenses under Section 11.04. |
(a) | A Member who has withdrawn the total amount available for withdrawal under the preceding Sections of this Article may, subject to Section 7.05, elect to withdraw |
(b) | As a condition for Hardship there must exist with respect to the Member an immediate and heavy need to draw upon his Accounts. |
(i) | Such immediate and heavy need shall exist only if the requested withdrawal is on account of any of the following: |
(A) | expenses for (or necessary to obtain) medical care that would be deductible under Section 213(d) of the Code (determined without regard to whether the expenses exceed 7.5 percent of adjusted gross income); |
(B) | costs directly related to the purchase of a principal residence of the Member (excluding mortgage payments); |
(C) | payment of tuition and related educational fees, and room and board expenses, for the next 12 months of post-secondary education of the Member, his spouse, children or dependents (as defined in Section 152 of the Code and determined without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B) of the Code); |
(D) | payment of amounts necessary to prevent eviction of the Member from his principal residence or to avoid foreclosure on the mortgage of his principal residence; |
(E) | payments for burial or funeral expenses for the Member's deceased parent, spouse, children or dependents (as defined in Section 152 of the Code and without regard to Section 152(d)(1)(B) of the Code); or |
(F) | expenses for the repair of damages to the Member's principal residence that would qualify for the casualty deduction under Section 165 of the Code (determined without regard to whether the loss exceeds 10 percent of the Member’s adjusted gross income). |
(ii) | The amount of withdrawal may not be in excess of the amount of the immediate and heavy financial need of the Member, including any amounts necessary to pay any Federal, state or local income taxes or penalties reasonably anticipated to result from the distribution. |
(iii) | The Member shall furnish to the Administrative Committee or its designee such supporting documents as the Administrative Committee may request |
(c) | As a condition for Hardship, the Member must demonstrate that the requested withdrawal is necessary to satisfy the financial need described in paragraph (b) above. To demonstrate such necessity, the Member must request, on such form as the Administrative Committee or its designee shall prescribe, that the Administrative Committee or its designee make its determination of the necessity for the withdrawal solely on the basis of his application. In that event, the Administrative Committee or its designee shall make such determination, provided both of the following requirements are met: |
(i) | the Member has obtained all distributions, other than distributions available only on account of hardship, and all nontaxable loans currently available under all plans of the Employer and Affiliated Employers, provided that the Administrative Committee or its designee determines that the effect of obtaining such loan would not be to increase the amount of the financial need described in paragraph (b) above; and |
(ii) | the Member is prohibited from making Deferred Cash Contributions, Catch-Up Contributions, Roth Deferred Cash Contributions, Roth Catch-Up Contributions, and After-Tax Contributions to the Plan for six months, and to all other plans of the Employer and Affiliated Employers under the terms of such plans or by means of an otherwise legally enforceable agreement for at least six months after receipt of the distribution. |
(a) | A Member who is on active military duty for more than 30 days may request a distribution of all or a portion of his Deferred Account, his Catch-Up Account, his Roth Deferred Cash Contributions Account and his Roth Catch-Up Account. |
(b) | A Member who takes such a distribution shall be prohibited from making Deferred Cash Contributions, Catch-Up Contributions, Roth Deferred Cash Contributions, Roth Catch-Up Contributions and After-Tax Contributions to the Plan and all other plans of the Employer and Affiliated Employers under the terms of such plans or by means of an otherwise legally enforceable agreement for at least 6 months after receipt of the distribution. |
(c) | Any distribution made under this Section shall be subject to the additional tax on early distributions under Section 72(t) of the Code, unless the distribution is a “qualified reservist distribution” as that term is defined under the Heroes Earnings Assistance and Relief Tax Act of 2008. |
(a) | Except as provided in paragraph (b) below, distribution of the Vested Portion of a Member's Accounts shall be made to the Member (or to his Beneficiary, in the event of death) in a cash lump sum. |
(b) | The following rules shall apply if a Member’s employment with the Employer and all Affiliated Employers terminates on or after August 10. 2012, and such Member is age 55 or over on his employment termination date (a “Senior Member”): |
(i) | A Senior Member may elect to have the Vested Portion of his Accounts distributed in accordance with one of the following options: |
(B) | Monthly or annual installments, the number or dollar amount of which is determined by the Senior Member prior to the date as of which distribution commences. Installments will begin as soon as practicable after the request is received from the Senior Member and approved by the Plan Administrator. Each subsequent annual installment will be processed as soon as practicable on or after each anniversary of the first payment. Monthly installments shall be processed as soon as practicable on or after the 15th day of each calendar month. All payments under this option will be made in cash. |
(ii) | If the total value of a Senior Member’s Accounts exceeds $1,000 and the designated Beneficiary is the surviving spouse of the Senior Member, the surviving spouse may elect a total distribution or may elect to leave his Accounts in the Plan. If the surviving spouse elects to leave his Accounts in the Plan, he shall be treated as a Senior Member and the investment and payment options which are available to a Senior Member shall be available to the surviving spouse. |
(iii) | A Member who incurs a Disability shall be treated for the purposes of this Article 9 in the same manner as a Senior Member and he or his surviving spouse shall be entitled to the same options set forth above in subsection (b)(i) and (b)(ii), whichever is applicable. |
(a) | Except as otherwise provided in this Article, distribution of the Vested Portion of a Member's Accounts shall be made as soon as administratively practicable following the later of (i) the Member's termination of employment or (ii) the 65th anniversary of the Member's date of birth (but not more than 60 days after the close of the Plan Year in which the later of (i) or (ii) occurs), unless an election is made under paragraph (b) below. |
(b) | In lieu of a distribution as described in paragraph (a) above, a Member may, in accordance with such procedures as the Administrative Committee shall prescribe, elect to have the distribution of the Vested Portion of his Accounts made as of any Valuation Date coincident with or following his termination of employment which is before or after the date described in paragraph (a) above, subject to the provisions of Sections 9.04 and 9.07. |
(c) | Notwithstanding the provisions of subsections (a) and (b), if the value of the Vested Portion of the Member's Accounts (including his Rollover Contributions Account) is less than $1,000, a lump sum payment shall automatically be made as soon as administratively practicable following the Member's termination of employment. |
(d) | In the case of the death of a Member before the distribution of his Accounts, the Vested Portion of his Accounts shall be distributed to his Beneficiary as soon as administratively practicable following the Member's date of death . |
(a) | Notwithstanding any provision of the Plan to the contrary, if a Member is a five percent owner (as defined in Section 416(i) of the Code), distribution of the Member's Accounts shall begin no later than the April 1 following the calendar year in which he attains age 70½. No minimum distribution payments under the provisions of Section 401(a)(9) of the Code will be made to a Member during his employment |
(b) | In the event a Member in active service is required to begin receiving payments while in service under the provisions of paragraph (a) above, the Member may elect to receive payments while in service in accordance with option (i) or (ii), as follows: |
(i) | A Member may receive one lump sum payment on or before the Member's required beginning date equal to his entire Account balance and annual lump sum payments thereafter of amounts accrued during each calendar year; or |
(ii) | A Member may receive annual payments of the minimum amount necessary to satisfy the minimum distribution requirements of Section 401(a)(9) of the Code. With respect to distribution calendar years commencing on and after January 1, 2002, such minimum amount shall be the lesser of: |
(A) | the quotient obtained by dividing the Member's Accounts by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Member's age as of the Member's birthday in the distribution calendar year; or |
(B) | if the Member's sole designated beneficiary for the distribution calendar year is the Member's spouse, the quotient obtained by dividing the Member's Accounts by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Member's and spouse's attained ages as of the Member's and the spouse's birthdays in the distribution calendar year. |
(i) | "Designated beneficiary" means the individual who is designated as the Beneficiary and is the designated beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-4, Q&A-1 of the Treasury regulations. |
(ii) | "Distribution calendar year" means a calendar year for which a minimum distribution is required. The first distribution calendar year is the calendar year in which the applicable Member in active service attains age 70½. |
(iii) | "Life expectancy" means life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations. |
(iv) | "Member's Accounts" means the balance of the Member's Accounts as of the last Valuation Date in the calendar year immediately preceding the distribution calendar year ("valuation calendar year") increased by the amount of contributions made and allocated or forfeitures allocated to the Member's Accounts as of dates in the valuation calendar year after such last Valuation Date and decreased by distributions made in the valuation calendar year after such last Valuation Date. The Member's Accounts for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year. |
(a) | With respect to distributions under the Plan made for calendar years beginning on or after January 1, 2001, the Plan will apply the minimum distribution requirements of Section 401(a)(9) of the Code in accordance with the Treasury Regulations under Section 401(a)(9) that were proposed on January 17, 2001. |
(b) | With respect to distributions made for distribution calendar years beginning on and after January 1, 2002, the Plan will apply the minimum distribution requirements of Section 401(a)(9) of the Code in accordance with the regulations under Section 401(a)(9) that were issued April 17, 2002, as prescribed in Section 9.04. |
(a) | "Eligible rollover distribution" means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: |
(i) | any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more; |
(ii) | any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; |
(iii) | after-tax amounts (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities) unless such amount is rolled over or transferred (i.e., directly rolled over) to an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, or a Roth individual retirement account described in Section 408A(b) of the Code, or transferred (i.e., directly rolled over) to: |
(A) | any qualified plan described in Section 401(a) of the Code; or |
(B) | an annuity plan described in Section 403(b) of the Code |
(iv) | any in-service withdrawal that is made on account of hardship. |
(b) | "Eligible retirement plan" means any of the following types of plans that accept the distributee's eligible rollover distribution: |
(i) | a qualified plan described in Section 401(a) of the Code; |
(ii) | an annuity plan described in Section 403(a) of the Code; |
(iii) | an individual retirement account or individual retirement annuity described in Section 408(a) or 408(b) of the Code, respectively; |
(iv) | an annuity contract described in Section 403(b) of the Code; |
(v) | an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan; and |
(vi) | a Roth individual retirement account described in Section 408A of the Code. |
(a) | "Distributee" means an Employee or former Employee. In addition, solely for purposes of paragraph (a) above, the Employee’s or former Employee’s surviving spouse, the Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order as defined in Section 414(p) of the Code are distributees with regard to the interest of the spouse or former spouse, or a non-spouse Beneficiary; and |
(d) | "Direct rollover" means a payment by the Plan to the eligible retirement plan specified by the distributee. |
(a) | the Administrative Committee clearly informs the Member that he has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option), and |
(b) | the Member, after receiving the notice under Sections 411 and 417, affirmatively elects a distribution. |
(a) | interpret, construe, and apply the provisions of the Plan and Trust Agreement, and any construction adopted by the Administrative Committee in good faith shall be final and binding; |
(b) | adopt Plan amendments that (1) are required by ERISA or other applicable law or regulation governing qualification of employee benefit plans, or are necessary for Plan administration, and which do not materially increase costs to the Plan or the Company or materially change Members' benefits under the Plan, (2) implement special rules in Section 12.03 for acquisitions, sales, and other dispositions, or (3) clarify ambiguous or unclear Plan provisions; provided that such amendments will be made in writing and will be made according to procedures established by the Administrative Committee; |
(d) | change or terminate the existing Investment Fund options offered under the Plan or establish additional Investment Fund options; |
(e) | appoint and dismiss Investment Managers (as described by section 3(38) of ERISA) and the Trustee; |
(f) | provide guidelines and directions to, and monitor the performance of, Investment Managers and the Trustee; and |
(a) | Claims for benefits under the Plan shall be filed on forms supplied by the Administrative Committee with Curtiss-Wright Corporation's Benefits Department. Written notice of the disposition of a claim shall be furnished the claimant within 60 days after the application therefor is filed. In the event the claim is denied, the reasons for the denial shall be specifically set forth, pertinent provisions of the Plan shall be cited and, where appropriate, an explanation as to how the claimant can appeal the claim will be provided. |
(b) | Any Employee, former Employee, or Beneficiary of either, who has been denied a benefit, shall be entitled to request a hearing before the Administrative Committee. Such request, together with a written statement of the claimant's position, shall be filed with the Administrative Committee no later than 90 days after receipt of the written notification provided for in paragraph (a) above. The Administrative Committee shall schedule an opportunity for a full and fair hearing of the issue within the next 60 days. The decision following such hearing shall be made within 60 days and shall be communicated in writing to the claimant. The decision of the Administrative Committee shall be final and binding upon all parties concerned. |
(a) | The Employer, by action of its Board of Directors taken at a meeting held either in person or by telephone or other electronic means, or by unanimous written consent in lieu of a meeting, reserves the right at any time and from time to time, and retroactively if deemed necessary or appropriate, to amend in whole or in part any or all of the provisions of the Plan. |
(b) | Amendments to the Plan that are required because of statute or rulings of a judicial body or are necessitated for administrative purposes, unless such administrative amendments have a material effect on the cost or benefit level of the Plan, shall be made by the Administrative Committee. Effective as of January 1, 2007, amendments to the Plan that reflect acquisitions shall be adopted by the Administrative Committee. All such amendments shall be submitted to the Board of Directors at their meeting following the adoption of such amendments. |
(c) | Notwithstanding any provision hereof, no amendment shall make it possible for any part of the funds of the Plan to be used for, or diverted to, purposes other than for the exclusive benefit of persons entitled to benefits under the Plan. No amendment shall be made which has the effect of decreasing the balance of the Accounts of any Member or of reducing the nonforfeitable percentage of the balance of the Accounts of a Member below the nonforfeitable percentage computed under the Plan as in effect on the date on which the amendment is adopted or, if later, the date on which the amendment becomes effective. |
(a) | If any company is or becomes a subsidiary of or associated with an Employer, the Board of Directors may include the employees of that subsidiary or associated company in the membership of the Plan upon appropriate action by that company |
(b) | Any subsidiary or associated company may terminate its participation in the Plan upon appropriate action by it. In that event the funds of the Plan held on account of Members in the employ of that company, and any unpaid balances of the Accounts of all Members who have separated from the employ of that company, shall be determined by the Administrative Committee. Those funds shall be distributed as provided in Section 12.04 if the Plan should be terminated, or shall be segregated by the Trustee as a separate trust, pursuant to certification to the Trustee by the Administrative Committee, continuing the Plan as a separate plan for the employees of that company under which the board of directors of that company shall succeed to all the powers and duties of the Board of Directors, including the appointment of the members of the Administrative Committee. |
(a) | The Employer, by action of its Board of Directors, taken at a meeting described in Section 12.01 or by unanimous written consent, Board of Directors may terminate the Plan or completely discontinue contributions under the Plan for any reason at any time. In case of termination or partial termination of the Plan, or complete discontinuance of Employer contributions to the Plan, the rights of affected Members to their Accounts under the Plan as of the date of the termination or discontinuance shall be nonforfeitable. The total amount in each Member's Accounts shall be distributed, as the Administrative Committee shall direct, to him or for his benefit or continued in trust for his benefit. |
(b) | Upon termination of the Plan, Deferred Cash Contributions, with earnings thereon, shall only be distributed to Members if (i) neither the Employer nor an Affiliated Employer establishes or maintains a successor defined contribution plan and (ii) payment is made to the Members in the form of a lump sum distribution (as defined in Section 402(e)(4)(D) of the Code, without regard to subclauses (I) through (IV) of clause (i) thereof). For purposes of this paragraph, a "successor defined contribution plan" is a defined contribution plan (other than an employee stock ownership plan as defined in Section 4975(e)(7) or 409(a) of the Code ("ESOP"), a simplified employee pension as defined in Section 408(k) of the Code ("SEP"), a SIMPLE IRA plan as defined in Section 408(p) of the Code, a plan or contract that satisfies the requirements of Section 403(b) of the Code, or a plan that is described in Section 457(b) or (f)) which exists at the time the Plan is terminated or within the 12-month period beginning on the date all assets are distributed that accepts salary deferrals. However, in no event shall a defined contribution plan be deemed a successor plan if fewer than 2 percent of the employees who are eligible to participate in the Plan at the time of its termination are or were eligible to participate under another defined contribution plan of the Employer or an Affiliated Employer (other than a plan excluded under the prior sentence) at any time during the period |
(a) | However, payment shall be made in accordance with the provisions of any judgment, decree, or order which: |
(i) | creates for, or assigns to, a spouse, former spouse, child or other dependent of a Member the right to receive all or a portion of the Member's benefits under the Plan for the purpose of providing child support, alimony payments or marital property rights to that spouse, child or dependent, |
(ii) | is made pursuant to a State domestic relations law, |
(iii) | does not require the Plan to provide any type of benefit, or any option, not otherwise provided under the Plan, and |
(iv) | otherwise meets the requirements of Section 206(d) of ERISA, as amended, as a "qualified domestic relations order", as determined by the Administrative Committee. |
(b) | A Member's benefit under the Plan shall be offset or reduced by the amount the Member is required to pay to the Plan under the circumstances set forth in Section 401(a)(13)(C) of the Code. |
(c) | A Member's benefit under the Plan shall be distributed as required because of the enforcement of a federal tax levy made pursuant to Section 6331 of the Code or the collection by the United States on a judgment resulting from an unpaid tax assessment. |
(i) | "applicable determination date" means the last day of the later of the first Plan Year or the preceding Plan Year; |
(ii) | "top-heavy ratio" means the ratio of |
(A) | the value of the aggregate of the Accounts under the Plan for key employees to |
(B) | the value of the aggregate of the Accounts under the Plan for all key employees and non-key employees; |
(iii) | "key employee" means any employee or former employee (including any deceased employee) who at any time during the Plan Year that includes the applicable determination date was an officer of an Employer or an Affiliated Employer having Statutory Compensation greater than $170,000 (as adjusted under Section 416(i)(1) of the Code), a 5-percent owner (as defined in Section 416(i)(1)(B)(i) of the Code) of an Employer or an Affiliated Employer, or a 1-percent owner (as defined in Section 416(i)(1)(B)(ii) of the Code) of an Employer or an Affiliated Employer having Statutory Compensation greater than $150,000. The determination of who is a key employee shall be made in accordance with Section 416(i) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. |
(iv) | "non-key employee" means any Employee who is not a key employee; |
(v) | "applicable Valuation Date" means the Valuation Date coincident with or immediately preceding the last day of the first Plan Year or the preceding Plan Year, whichever is applicable; |
(vi) | "required aggregation group" means any other qualified plan(s) of the Employer or an Affiliated Entity in which at least one key employee participates or participating in during the Plan Year containing the applicable determination date or any of the four preceding Plan Years (regardless of whether the plan has terminated) or which enable(s) the Plan to meet the requirements of Section 401(a)(4) or 410 of the Code; and |
(vii) | "permissive aggregation group" means each plan in the required aggregation group and any other qualified plan(s) of the Employer or an Affiliated Employer in which all members are non-key employees, if the resulting aggregation group continues to meet the requirements of Sections 401(a)(4) and 410 of the Code. |
(b) | For purposes of this Section, the Plan shall be "top-heavy" with respect to any Plan Year if as of the applicable determination date the top-heavy ratio exceeds 60 percent. The top-heavy ratio shall be determined as of the applicable Valuation Date in accordance with Sections 416(g)(3) and 416(g)(4)(B) of the Code and Article 5 of this Plan and shall take into account any contributions made after the applicable Valuation Date but before the last day of the Plan Year in which the applicable Valuation Date occurs. The determination of whether the Plan is top-heavy is subject to the following: |
(i) | the Accounts under the Plan will be combined with the account balances or the present value of accrued benefits under each other plan in the required aggregation group and, in the Employer's discretion, may be combined with the account balances or the present value of accrued benefits under any other qualified plan in the permissive aggregation group; |
(ii) | the Accounts for an employee as of the applicable determination date shall be increased by the distributions made with respect to the employee under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the one-year period (five-year period in the case of a distribution made for a reason other than severance from employment, death, or disability) ending on the applicable determination date; |
(iii) | distributions under any plan that terminated within the five-year period ending on the applicable determination date shall be taken into account if such plan contained key employees and, therefore, would have been part of the required aggregation group; and |
(iv) | if an individual has not performed services for the Employer or an Affiliated Employer at any time during the one-year period ending on the applicable determination date, such individual's accounts and the present value of his accrued benefits shall not be taken into account. |
(c) | The following provisions shall be applicable to Members for any Plan Year with respect to which the Plan is top-heavy: |
(i) | In lieu of the vesting requirements specified in Section 6.02, a Member shall be vested in, and have a nonforfeitable right to, his Employer Account upon the completion of three years of Vesting Service, provided that in no event shall the Vested Portion of a Member's Employer Account be less than the percentage determined under Section 6.02. |
(ii) | An additional Employer contribution shall be allocated on behalf of each Member (and each Employee eligible to become a Member) who is a non-key employee, and who has not severed employment as of the last day of the Plan Year, to the extent that the contributions made on his behalf under Section 3.07 and Appendix A, if applicable, for the Plan Year would otherwise be less than 3% of his Statutory Compensation. However, if the greatest percentage of Statutory Compensation contributed on behalf of a key employee under Sections 3.01, 3.07 and Appendix A, if applicable, for the Plan Year would be less than 3%, that lesser percentage shall be substituted for "3%" in the preceding sentence. Notwithstanding the foregoing provisions of this subparagraph (ii), no minimum contribution shall be made under this Plan with respect to a Member (or an Employee eligible to become a Member) if the required minimum benefit under Section 416(c)(1) of the Code is provided to him by any other qualified pension plan of the Employer or an Affiliated Employer. |
(a) | The Plan shall be construed, regulated and administered under ERISA and the laws of the State of New Jersey, except where ERISA controls. |
(b) | The masculine pronoun shall mean the feminine wherever appropriate. |
(c) | The titles and headings of the Articles and Sections in this Plan are for convenience only. In the case of ambiguity or inconsistency, the text rather than the titles or headings shall control. |
(a) | Qualified Individual. A Member whose principal residence on August 28, 2005 was located in one of the Hurricane Katrina designated disaster areas as so designated for purposes of KETRA (the “Affected Areas”) and who sustained an economic loss as a result of Hurricane Katrina. |
(b) | Other Katrina Members. A Member whose place of employment on August 29, 2005 was in the Affected Areas, but not his principal residence. |
(c) | Family Members. Lineal ascendants, lineal descendants, dependents and spouses of Qualified Individuals or of Other Katrina Members. |
(a) | Hurricane Katrina Distribution. A qualified Hurricane Katrina distribution is a distribution made on or after August 25, 2005 and before January 1, 2007, to a Qualified Individual. The amounts available for qualified Hurricane Katrina distributions under the Plan include amounts attributable to Deferred Cash Contributions and Catch-Up Contributions, Qualified Nonelective Contributions, or Qualified Matching Contributions, notwithstanding the fact that a distribution may occur before an otherwise permitted distributable event. |
(b) | Amount of Distribution. The aggregate amount of qualified Hurricane Katrina distributions, taken by a Qualified Individual under this Section 14.02(b), shall not exceed $100,000, in the aggregate, from all plans maintained by the Employer (and any member of any controlled group of the Employer which includes the Employer), including the aggregate amount of distributions recharacterized as qualified Hurricane Katrina distributions received by the individual for all prior taxable years. |
(c) | Other Distributions. Hardship distributions described in Section 7.04(b) may be made to Plan Members on behalf of Other Katrina Members and Family Members on or after August 29, 2005 and no later than March 31, 2006. Subsections 7.04(c)(ii)(B) and 14.02(b) hereof shall not apply to such distributions. Subsection 14.06 hereof shall apply to such distributions. |
(a) | Distributions taken from the Plan, received by a Qualified Individual after February 28, 2005 and before August 29, 2005, intended for use to purchase or construct a principal residence in the Affected Areas may be recontributed to this Plan during the period beginning August 25, 2005 and ending on February 28, 2006, provided the residence is not purchased or constructed as a result of the damage caused by Hurricane Katrina. Recontributed amounts shall be treated as Rollover Contributions pursuant to Section 3.08 of the Plan. |
(b) | If a Member receives a qualified Hurricane Katrina distribution, the Member may, pursuant to 101(c)(1) of KETRA, at any time during the three-year period beginning on the day after the date on which such distribution was received, make one or more contributions to the Plan in an aggregate amount not to exceed the amount |
(a) | Notwithstanding the otherwise applicable provisions set forth in Section 8.05 of the Plan, Plan loans to Members who are Qualified Individuals that are made after September 23, 2005 and before January 1, 2007, shall not exceed one hundred percent (100%) of the total vested accrued benefits of the Member under the Plan as of the date of the loan. Any such amount may be secured by up to 100% of the Member's vested Account balance in the Trust Fund. In no event shall the amount of any loan to any such Member exceed $100,000 (reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan was made over the outstanding balance of loans from the Plan on the day the loan was made). The maximum number of loans outstanding that any Member is permitted to have in accordance with the Member Loan Procedures shall not be increased as a result of the provisions of this subsection. |
(b) | Repayment of Loans. A Member who is a Qualified Individual who has outstanding loans on or after August 25, 2005 with respect to which any repayment due date falls during the period beginning August 25, 2005 through December 31, 2006, may have such due date (or dates) delayed for one year. The suspension period shall be disregarded in determining the original five (5) year repayment date (or fifteen (15) year repayment date for principal residence loans). Loan payments must resume as soon as practicable after the end of the suspension period, and the term of the loan shall be extended by the duration of such suspension period. Repayments shall be appropriately adjusted with accrued interest to reflect the delay in the due date(s). |
(a) | As of January 1, 2000, any Employee hired on July 31, 1998 whose immediate prior service was with Enertech shall be eligible to participate in the Plan as of the Enrollment Date coinciding with or next following the date he completes his Year of Eligibility Service, which Year of Eligibility Service shall include all service at Enertech and shall remain eligible so long as he continues to satisfy the eligibility requirements. |
(b) | Any Employee hired on July 31, 1998 whose immediate prior service was with Enertech shall continue to vest in matching contributions allocated to his account under Enertech's prior plan, which contributions, including earnings thereon, were transferred to the Plan in accordance with a transaction undertaken in compliance with Section 414(l) of the Code, in accordance with the following schedule: |
Years of Service for Vesting | Vested Percentage |
0 | 0% |
2 | 20% |
3 | 40% |
4 | 60% |
5 | 80% |
6 | 100% |
(a) | Each Employee who is employed at any operations or facilities acquired by the Employer in its acquisition of Nova Machine Products Corp. shall not be eligible to become a Member prior to July 1, 2005 but shall be eligible to become a Member on any Enrollment Date on or after July 1, 2005 (such employees hereinafter referred to as "Nova Machine Employees"). |
(b) | The Employer may make special contributions to the Plan on account of any Plan Year, in an amount to be determined by the Employer, on behalf of each Member who is a Nova Machine Employee on the last day of that Plan Year and who has made either Deferred Cash Contributions or After-Tax Contributions during that Plan Year. The special contributions shall be paid to the Trustee no later than the time (including extensions) prescribed by law for the filing of the Employer's federal income tax return for the year for which the contributions are made. |
(c) | The special contributions, if any, for a particular Plan Year shall be a specified percentage (as determined by the Employer) of the Deferred Cash Contributions and/or After-Tax Contributions made by or on behalf of each eligible Nova Machine |
(d) | The Administrative Committee shall establish such separate accounts within the Employer Account as may be necessary to properly account for the special contributions. |
(e) | A Nova Machine Employee shall vest in his special contribution subaccount within his Employer Account upon the earliest to occur of: (A) his completion of three Years of Vesting Service, (B) his attainment of age 65 while employed by the Employer or an Affiliated Employer, or (C) his death while employed by the Employer or an Affiliated Employer. For purposes of this Item 17, an Employee shall be credited with a Year of Vesting Service for each Plan Year commencing on and after January 1, 2005 in which the Employee completes at least 1,000 Hours of Service. The Employee shall also be credited with the number of Years of Vesting Service the Employee had accrued under the terms of the Nova Division 401(k) Plan as of December 31, 2004. |
(f) | The special contribution shall be included in performing the contribution percentage test under Section 3.12 in accordance with applicable law. |
(g) | The one per calendar year restriction on in-service withdrawals under Section 7.03 shall not apply to any employee who had an account balance transferred to this Plan from the Nova Division 401 (k) Plan as of July 1, 2005. |
(h) | The Administrative Committee shall adopt such rules of administration uniformly applicable to all employees similarly situated as it deems necessary to administer the provisions of this Item 17 in accordance with applicable law. |
(i) | Effective for plan years after December 31, 2007, the special contributions provided for in sub-paragraph (b) and described in sub-paragraph (c) of this paragraph 17 will no longer be provided. Sub-paragraphs (d) through (h) will remain in effect. |
(a) | For the 2011 Plan Year, the Employer shall make matching contributions on behalf of each BASF Employee for each payroll period ending after April 8, 2011 equal to 100% of the first 5% of Compensation elected as Deferred Cash Contributions, Roth Deferred Cash Contributions, and/or After-Tax Contributions for the payroll period. The total amount of matching contributions made for any BASF Employee for any payroll period during the 2011 Plan Year shall not exceed 5% of Compensation. |
(b) | For the 2011 Plan Year, the Employer shall make a nonelective contribution for each of the following BASF Employees: |
(c) | The Administrative Committee shall establish such separate accounts within the Employer Account as may be necessary to account for the special contributions made pursuant to this paragraph 22. |
(d) | BASF Employees shall at all times be 100% vested in the special contribution subaccounts within their Employer Accounts. |
(e) | Matching contributions made pursuant to this paragraph 22 shall be included in performing the contribution percentage test under Section 3.12 in accordance with applicable law. In addition, any matching contributions made with respect to Deferred Cash Contributions or Roth Deferred Cash Contributions refunded pursuant to Section 3.11 or After-Tax Contributions refunded pursuant to Section 3.12 shall be treated as a forfeiture. Any refund of excess aggregate contributions under Section 3.12 shall be coordinated with any refund required under Section 3.11 and shall not discriminate in favor of any Highly Compensated Employees receiving such distributions. |
(f) | The Administrative Committee shall adopt such rules of administration uniformly applicable to all employees similarly situated as it deems necessary to administer the provisions of this paragraph 22 in accordance with applicable law. |
24. | South Bends Controls Holdings, LLC |
25. | AP Services, LLC |
(a) | Each employee of AP Services, LLP (“AP”) who became an Employee as of November 5, 2012, and any other eligible Employee who is thereafter employed by the Employer on or before December 31, 2012, at the operations and facilities that were acquired by the Employer from AP, shall be eligible to become a Member on any Enrollment Date on or after January 1, 2013, and shall be subject to the provisions of Section 2.06(a) as of such date (such employees are hereinafter referred to as “AP Employees”). Each AP Employee shall remain eligible so long as he continues to satisfy the eligibility requirements. Each other eligible Employee who is not employed by the Employer until on or after January 1, 2013, at the operations and facilities that were acquired by the Employer from AP shall be eligible to become a Member and shall remain eligible in accordance with the Plan’s eligibility requirements. |
(b) | For purposes of determining Years of Eligibility Service and Vesting Service with respect to any AP Employee who became an Employee on November 5, 2012, whose immediate prior service was with AP or an affiliate thereof, and who was employed by such entity at such acquisition date, service shall commence with his or her most recent date of hire with such entity immediately prior to such acquisition date. |
26. | Cimarron Energy Inc. |
(a) | Each employee of Cimarron Energy Inc. (“Cimarron”) who became an Employee as of November 26, 2012, and any other eligible Employee who is thereafter employed by the Employer on or before March 31, 2013, at the operations and facilities that were acquired by the Employer from Cimarron, shall be eligible to become a Member on any Enrollment Date on or after April 1, 2013 (such employees are hereinafter referred to as “Cimarron Employees”). Each Cimarron Employee shall remain eligible so long as he continues to satisfy the eligibility requirements. Each other eligible Employee who is not employed by the Employer until on or after April 1, 2013, at the operations and facilities that were acquired by the Employer from Cimarron shall be eligible to become a Member and shall remain eligible in accordance with the Plan’s eligibility requirements. |
(b) | For purposes of determining Years of Eligibility Service and Vesting Service with respect to any Cimarron Employee who became an Employee on November 26, 2012, whose immediate prior service was with Cimarron or an affiliate thereof, and who was employed by such entity at such acquisition date, service shall commence with his or her most recent date of hire with such entity immediately prior to such acquisition date. |
(c) | The Employer may make special contributions to the Plan on account of the Plan Year commencing on January 1, 2013, in an amount to be determined by the Employer, on behalf of each Member who is a Cimarron Employee and who has made Deferred Cash Contributions, Roth Deferred Cash Contributions, and/or After-Tax Contributions during that Plan Year (the “Discretionary Match Contribution”). The Discretionary Match Contribution shall not exceed 100% of the first 2% of the Deferred Cash Contributions, Roth Deferred Cash Contributions, and/or After-Tax Contributions made by the Member during each payroll period in that Plan Year. The Discretionary Match Contributions, if any, shall be paid to the Trustee as and when determined by the Employer, but no later than the time (including extensions) prescribed by law for the filing of the Employer’s Federal income tax return for the year for which the contributions are made. |
(d) | The Discretionary Match Contribution, if any, for the Plan Year commencing on January 1, 2013, shall be a specified percentage (as determined by the Employer) of the Deferred Cash Contributions, Roth Deferred Cash Contributions, and/or After‑Tax Contributions made by or on behalf of each eligible Cimarron Employee pursuant to Sections 3.01, 3.02, 3.04, and/or 3.05 during the period April 1, 2013, through December 31, 2013. Discretionary Match Contributions, if any, shall first be made with respect to Deferred Cash Contributions, and Roth Deferred Cash Contributions, then with respect to After-Tax Contributions. |
(e) | The Administrative Committee shall establish such separate subaccounts within the Employer Account as may be necessary to properly account for the Discretionary Match Contribution (the “Cimarron Match Subaccounts”). |
(f) | (i) Subject to subparagraph (f)(ii) below, a Cimarron Employee for whom Discretionary Match Contributions were made for the period April 1, 2013, through December 31, 2013, will become vested in amounts credited to his Cimarron Match Subaccount and in the value of Matching Contributions made on his behalf on or after January 1, 2014, in accordance with the following schedule: |
(ii) | For purposes of this paragraph 26, an Employee shall be credited with a year of Vesting Service in accordance with the provisions of Section 1.54, except that an Employee shall be credited with a year of Vesting Service for |
(iii) | Notwithstanding subparagraph (i) above, a Cimarron Employee or an Employee described in the last sentence of paragraph (a) above shall become fully vested (if not otherwise so vested) in his Cimarron Match Subaccount and in the value of Matching Contributions made on his behalf on or after January 1, 2014, upon (A) his death while employed by the Employer or an Affiliated Employer (including death while performing qualified military service, pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008); (B) his Disability, (C) his attainment of age 65 while employed by the Employer or an Affiliated Employer, or (D) the divestiture by the Company of the operations and facilities that were acquired by the Company from Cimarron. |
(iv) | Notwithstanding the provisions of Section 6.02(a)(iii), a Cimarron Employee or an Employee described in the last sentence of paragraph (a) above shall become 100% vested in, and have a nonforfeitable right to, the value of CW Savings Contributions made on his behalf upon death (including death while performing qualified military service, pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008), Disability, the attainment of his 65th birthday, or the divestiture by the Company of the operations and facilities that were acquired by the Company from Cimarron. |
(g) | The Discretionary Match Contribution shall be included in performing the contribution percentage test under Section 3.12 in accordance with applicable law. |
(h) | Distribution of the Vested Portion of the Accounts of a Member who is a Cimarron Employee for whom amounts were transferred to the Plan on or about October 1, 2013, as a result of the merger of the Cimarron Energy Inc. Retirement Savings Plan into the Plan may be made to such Member upon his termination of employment in partial payment form that provides the Member with a portion of the Vested Portion of his Accounts, with the remaining balance retained for distribution at a later date. A Member electing the partial payment form of distribution must indicate on the distribution election form the amount of the partial payment. There shall be no limitation on the number or frequency of partial payments that a Member may elect. The Administrative Committee shall establish a policy and procedures regarding the order in which partial payments are to be charged against particular Investment Funds and against particular Accounts maintained under such Investment Funds. |
(i) | The Administrative Committee shall adopt such rules of administration uniformly applicable to all employees similarly situated as it deems necessary to administer the provisions of this paragraph 26 in accordance with applicable law. |
(j) | Notwithstanding the provisions of Section 3.07A(a), for the Plan Year commencing on January 1, 2014, the Employer may make CW Savings Contributions in an amount to be determined by the Employer, as of the last day of such Plan Year, on behalf of each Member who is a Cimarron Employee or Employee described in the last sentence of paragraph (a) above and who is described in the following sentence. |
(k) | All Account balances for Cimarron Employees or Employees described in the last sentence of paragraph (a) above shall be transferred to a plan maintained or to be established by the acquirer of the operations and facilities that were acquired by the Company from Cimarron, effective as of the date of divestiture by the Company of such operations and facilities (the “Cimarron Successor Plan”). Each Member of the Plan whose Account balance is transferred to the Cimarron Successor Plan as an incidence of the divestiture described in the preceding sentence shall be entitled to an account balance under the Cimarron Successor Plan immediately after the transfer that is equal to or greater than the Account balance he was entitled to under the Plan immediately prior to the transfer. Members of the Plan who thereby become participants in the Cimarron Successor Plan shall have such rights and benefit entitlements as provided under the terms of the Plan prior to becoming participants in the Cimarron Successor Plan and shall have such further rights and benefit entitlements as provided under the terms of the Cimarron Successor Plan subsequent to becoming participants therein. |
27. | Williams Controls, Inc. |
(a) | Each employee of Williams Controls, Inc. (“Williams”) who became an Employee as of December 14, 2012, and any other eligible Employee who is employed by the Employer on or before December 31, 2013, at the operations and facilities that were acquired by the Employer from Williams, shall be eligible to become a Member on any Enrollment Date on or after January 1, 2014, and shall be subject to the provisions of Section 2.06(a) as of such date (such employees are hereinafter referred to as “Williams Employees”). Each Williams Employee shall remain eligible as long as he continues to satisfy the eligibility requirements. Each other eligible Employee who is not employed by the Employer until on or after January 1, 2014, at the operations and facilities that were acquired by the Employer from Williams shall be eligible to become a Member and shall remain eligible in accordance with the Plan’s eligibility requirements. |
(b) | For purposes of determining Years of Eligibility Service and Vesting Service with respect to any Williams Employee who became an Employee on December 14, 2012, whose immediate prior service was with Williams or an affiliate thereof, and who was employed by such entity at such acquisition date, service shall commence with his or her most recent date of hire with such entity immediately prior to such acquisition date. |
28. | Exlar Corporation |
(a) | Each employee of Exlar Corporation (“Exlar”) who became an Employee as of January 2, 2013, and any other eligible Employee who is employed by the Employer on or before December 31, 2013, at the operations and facilities that were acquired by the Employer from Exlar, shall be eligible to become a Member on any Enrollment Date on or after January 1, 2014, and shall be subject to the provisions of Section 2.06(a) as of such date (such employees are hereinafter referred to as “Exlar Employees”). Each Exlar Employee shall remain eligible as long as he continues to satisfy the eligibility requirements. Each other eligible Employee who is not employed by the Employer until on or after January 1, 2014, at the operations and facilities that were acquired by the Employer from Exlar shall be eligible to become a Member and shall remain eligible in accordance with the Plan’s eligibility requirements. |
(b) | For purposes of determining Years of Eligibility Service and Vesting Service with respect to any Exlar Employee who became an Employee on January 2, 2013, whose immediate prior service was with Exlar or an affiliate thereof, and who was employed by such entity at such acquisition date, service shall commence with his or her most recent date of hire with such entity immediately prior to such acquisition date. |
29. | Parvus Corporation |
(a) | Each employee of Parvus Corporation (“Parvus”) who became an Employee as of October 1, 2013, and any other eligible Employee who is employed by the Employer on or before December 31, 2013, at the operations and facilities that were acquired by the Employer from Parvus, shall be eligible to become a Member on any Enrollment Date on or after January 1, 2014, and shall be subject to the provisions of Section 2.06(a) as of such date (such employees are hereinafter referred to as “Parvus Employees”). Each Parvus Employee shall remain eligible as long as he continues to satisfy the eligibility requirements. Each other eligible Employee who is not employed by the Employer until on or after January 1, 2014, at the operations and facilities that were acquired by the Employer from Parvus shall be eligible to become a Member and shall remain eligible in accordance with the Plan’s eligibility requirements. |
(b) | For purposes of determining Years of Eligibility Service and Vesting Service with respect to any Parvus Employee who became an Employee on October 1, 2013, whose immediate prior service was with Parvus or an affiliate thereof, and who was employed by such entity at such acquisition date, service shall commence with his or her most recent date of hire with such entity immediately prior to such acquisition date. |
30. | Arens Controls, LLC |
(a) | Each employee of Arens Controls, LLC (“Arens”) who became an Employee as of October 7, 2013, and any other eligible Employee who is employed by the Employer on or before December 31, 2013, at the operations and facilities that were acquired by the Employer from Arens, shall be eligible to become a Member on any Enrollment Date on or after January 1, 2014, and shall be subject to the provisions of Section 2.06(a) as of such date (such employees are hereinafter referred to as “Arens Employees”). Each Arens Employee shall remain eligible as long as he continues to satisfy the eligibility requirements. Each other eligible Employee who is not employed by the Employer until on or after January 1, 2014, at the operations and facilities that were acquired by the Employer from Arens shall be eligible to become a Member and shall remain eligible in accordance with the Plan’s eligibility requirements. |
(b) | For purposes of determining Years of Eligibility Service and Vesting Service with respect to any Arens Employee who became an Employee on October 7, 2013, whose immediate prior service was with Arens or an affiliate thereof, and who was employed by such entity at such acquisition date, service shall commence with his or her most recent date of hire with such entity immediately prior to such acquisition date. |
31. | General Provision Regarding Eligibility and Vesting Service for Employees of Acquired Entities |
1. | Curtiss-Wright Corporation (the “Company”) has heretofore adopted the Curtiss‑Wright Corporation Savings and Investment Plan (the “Plan”) and has caused the Plan to be amended and restated in its entirety effective as of January 1, 2015. |
2. | Subsequent to the most recent amendment and restatement of the Plan, the Company has decided to amend the Plan for the following reasons (capitalized terms used but not defined herein are as defined in the Plan): |
a. | To provide for the automatic enrollment of members of certain EMD unions at 6% of Compensation rather than 3%, effective November 1, 2015. |
b. | To provide for the preservation of a certain form of distribution that was available under the terms of the Arens 401(k) Plan prior to its merger into the Plan effective on or about August 31, 2015. |
c. | To provide for the recoupment of overpayments made in error, effective January 1, 2015. |
3. | Section 12.01(a) of the Plan permits the Company to amend the Plan at any time and from time to time. |
4. | Section 12.01(b) authorizes the Administrative Committee to adopt Plan amendments on behalf of the Company under certain circumstances. |
5. | Certain of the Plan amendments described herein shall be subject to approval by the Board of Directors. |
1. | Effective November 1, 2015, the first sentence of Section 2.01(c) is amended in its entirety to read as follows: |
2. | Effective November 1, 2015, the first sentence of Section 2.01(e) is amended in its entirety to read as follows: |
3. | Effective November 1, 2015, the second sentence of Section 3.03(a) is amended in its entirety to read as follows: |
4. | Effective August 31, 2015, Section 7.08 is amended by adding a new subsection (d) at the end thereof to read as follows: |
5. | Effective January 1, 2015, Section 13.11 is added to read as follows: |
Curtiss-Wright Corporation | |||
Administrative Committee | |||
By: | |||
Date: |
1. | Curtiss-Wright Corporation (the “Company”) has heretofore adopted the Curtiss‑Wright Corporation Retirement Savings Restoration Plan (the “Plan”), effective January 1, 2014. |
2. | Subsequent to the initial adoption, the Company has decided to amend the Plan, effective January 1, 2015, to provide for the recoupment of overpayments made in error. |
3. | Article VII(a) of the Plan permits the Board of Directors of the Company (the “Board”) to amend the Plan at any time and from time to time. |
4. | Pursuant to Article II of the Plan, the Board has previously delegated to the Committee the authority to adopt certain Plan amendments on behalf of the Company. |
(o) | Plan Applicable Only to Payment of Benefits |
Curtiss-Wright Corporation | |||
Administrative Committee | |||
By: | |||
Date: |
1. | Curtiss-Wright Corporation (the “Company”) has heretofore adopted the Curtiss‑Wright Corporation Executive Deferred Compensation Plan (the “Plan”) and has caused the Plan to be amended and restated with respect to compensation earned after December 31, 2004, including amendments adopted through August 29, 2008. |
2. | Subsequent to the most recent amendment, the Company has decided to amend the Plan to provide for changes in the form of payment of amounts distributed with respect to annual deferral elections, subject to the requirements of Section 409A(a)(4)(C) of the Internal Revenue Code and regulations thereunder. |
3. | Section 7.01 of the Plan permits the Company to amend the Plan, by written instrument, at any time and from time to time. |
4. | Section 7.02 of the Plan authorizes the Administrative Committee to adopt Plan amendments on behalf of the Company if they are administrative in nature or have no material financial impact on the Company. |
1. | Section 4.01 is amended, effective July 1, 2015, by adding a new subsection to read as follows: |
(h) | A Participant who has made an election in accordance with subsection (a) or a specification in accordance with subsection (f) may subsequently revoke such election or specification of the form of payment with respect to the Deferral Amount resulting from any Deferral Election or the individual type of deferred compensation specified in such Deferral Election and make a new election of a different form of payment, subject to the subsequent deferral requirements of Sec. 409A of the Code and the Regulations promulgated thereunder. |
2. | Section 4.02(a) is amended in its entirety, effective July 1, 2015, to read as follows: |
(a) | A Participant who makes a Deferral Election pursuant to Section 4.01(a) and retires prior to all Deferral Amounts being paid will be paid his remaining Deferral Amounts in a single sum in the first calendar quarter following the year in which the Participant retires from employment with the Company. Such a Participant |
3. | Section 4.02(b) is amended in its entirety, effective July 1, 2015, to read as follows: |
(b) | A Participant who makes a Deferral Election pursuant to Section 4.01(b) that the Deferral Amount resulting from such Deferral Election shall be paid to him upon retirement from the Company, may further elect that such amount shall be paid to him in (1) annual installments over a specified period of 5, 10, or 15 years; or (2) a single lump sum payment. The first such Deferral Election, made with respect to Plan Years after 2004 and prior to 2007 shall apply to any Deferral Amount (i) prior to 2007 and (ii) resulting from any Deferral Election made prior to January 1, 2005, in which the Participant did not make an election in accordance with Section 4.01(a). Any Participant who makes a Deferral Election other than one described in the preceding sentence may make a new election of a different form of payment, subject to the subsequent deferral requirements of Sec. 409A of the Code and the Regulations promulgated thereunder. Single sum payments and installment payments shall commence under this section in the first calendar quarter of the year following the year in which the Participant retires. The amount of any single sum payment shall be determined as of the Valuation Date applicable to the date such payment is to be made. |
4. | Section 4.03(a) is amended in its entirety, effective July 1, 2015, to read as follows: |
(a) | A Participant who makes a Deferral Election pursuant to Section 4.01(a) and terminates from employment with the Company prior to attaining age 55 and prior to all Deferral Amounts being paid will be paid his remaining Deferral Amounts in a single sum in the next calendar quarter following the calendar quarter in which the Participant terminated employment with the Company. Such a Participant may make a new election of the installment form of payment described in subsection (c) or may revoke such new election and elect a single sum payment, subject to the subsequent deferral requirements of Sec. 409A of the Code and the Regulations promulgated thereunder. |
5. | Section 4.03(c) is amended in its entirety, effective July 1, 2015, to read as follows: |
(c) | Commencing with the 2008 Plan Year, a Participant who makes a Deferral Election pursuant to Section 4.01(b) that the Deferral Amount resulting from such Deferral Election shall be paid to him upon termination of employment from the Company, may further elect that such amount shall be paid to him in (1) annual installments over a specified period of 5, 10, or 15 years; or (2) a single lump sum payment. Such a Participant may make a new election of a different form of payment, subject to the subsequent deferral requirements of Sec. 409A of the Code and the Regulations promulgated thereunder. Single sum payments and installment payments shall commence under this section in the next quarter following the quarter in which the Participant terminated employment with the |
Curtiss-Wright Corporation | |||
Administrative Committee | |||
By: | |||
Date: |
(a) | the C-W Savings Contributions that would have been allocated to him under the Savings Plan in which he participates for any year, computed on the basis of the Participant's "compensation," as defined in such Savings Plan, for such year, calculated without regard to any Savings Plan provision incorporating or reflecting (i) limitations imposed by Section 401(a)(17) of the Code on the amount of compensation that may be taken into account under the Savings Plan, (ii) limitations imposed by Section 415 of the Code on the maximum amount of annual additions to the Participant’s account under the Savings Plan or (iii) any other provision of the Code limiting the allocation of such C-W Savings Contributions under the Savings Plan, over |
(b) | the C-W Savings Contributions allocated under the Savings Plan in which he participates for such year, computed otherwise as above but limited by any provision incorporating or reflecting such Code limitations. |
(a) | Disclosure, release or other failure to protect the Corporation’s confidential information; |
(c) | Public or private disparagement of the Corporation or any of its affiliated entities; |
(d) | Negligent or intentional misrepresentations detrimental to the Corporation’s interest; |
(e) | Misappropriation or diversion of corporate assets or business opportunities; |
(g) | Physical assault of anyone in and around the workplace or business gatherings or of an employee or customer in any setting. |
(a) | “Separation from Service” means, as to a particular Participant, a termination of services provided by the Participant to the Company, whether voluntarily or involuntarily, as determined by the Committee in accordance with Section 409A of the Code and Treasury Regulation Section 1.409A-1(h). In determining whether a Participant has experienced a Separation from Service, the following provisions shall apply: |
(i) | For a Participant who provides services to the Company as an employee, a Separation from Service shall occur when the Participant has experienced a termination of employment with the |
(ii) | For purposes of this definition of “Separation from Service,” the term “Company” means the Corporation or any subsidiary of the Corporation that the Participant last performed services for or was employed by, as applicable, on the date of his Separation from Service, and all other entities that are required to be aggregated together and treated as the employer under Treasury Regulation Section 1.409A-1(h)(3). |
(b) | A Participant shall file an election with the Committee no later than 30 days after the first day of the Plan Year following the Plan Year in which the Participant became a Participant in the Plan, specifying the time at which payment of his retirement savings shall be made or commence and the form of payment in which distribution of his retirement savings shall be made. A Participant shall be permitted to elect two of the following payment dates: (i) within 90 days after the Participant’s Separation from Service prior to the Participant’s attainment of age 55, or (ii) within 90 days after the first anniversary of the Participant’s Separation from Service prior to the Participant’s attainment of age 55, and (iii) within 90 days after the Participant’s Separation from Service on or after the Participant’s attainment of age 55, or (iv) within 90 days after the first anniversary of the Participant’s Separation from Service on or after the Participant’s attainment of age 55. |
(c) | In the event a Participant fails to file a completed election form under paragraph (b) above by the 30th day after the first day of the Plan Year following his initial year of participation in the Plan, the Participant shall be deemed to have elected payment to be made within 90 days of his Separation from Service in accordance with the provisions of paragraph (f)(i) below. |
(d) | A Participant’s election under paragraph (b) above may not be changed or revoked in the event the Participant incurs a Separation from Service during the Plan Year following his initial year of participation in the Plan. |
(e) | A Participant’s election under paragraph (b) above may be changed and a later date of payment or commencement elected in the event the Participant incurs a Separation from Service during a Plan Year subsequent to that described in paragraph (d) above, provided that (i) such election may not take effect until at least 12 months after the date on which the election is made, and (ii) payment pursuant to such election may not be made or commence for at least five years following the date on which payment would otherwise have been made or commenced had the Participant’s election under paragraph (b) above not been changed. |
(f) | (i) Payment of a Participant’s retirement savings under the Plan shall be made in a cash lump sum, unless the Participant has elected the optional form of payment as provided in subparagraph (ii) below. A Participant who fails to file a completed election form under paragraph (b) above by the 30th day after the first day of the Plan Year following his initial year of participation in the Plan shall be deemed to have elected payment to be made in a cash lump sum. |
(ii) | A Participant’s election under paragraph (b) above may specify that payment of his retirement savings shall commence in the form of monthly or annual installments, over a 60-month or 120-month or 5-year or 10-year period, the payment of which is to commence on the date specified in such election (provided that such date is determined by reference to a Separation from Service that occurs on or after the Participant's attainment of age 55), with subsequent installments to be made on the monthly or annual anniversary of the date of first payment. An election of the optional form of payment not made within the time limit described in paragraph (b) above or a revocation of an election of the optional form of payment and new election of payment in a cash lump sum is subject to the provisions of paragraphs (d) and (e) above regarding timing and payment commencement. |
(g) | Where the amount of retirement savings payable to any Participant under the Plan, determined as provided in Article IV, is less than the limit under Section 402(g)(1)(B) of the Code as in effect for the Plan Year in which his Separation from Service occurs, such amount shall be paid in a single lump sum as soon as practicable following the Participant’s Separation from Service, and any prior election in accordance with this Article VI with respect to such amount shall be void. |
(h) | In the event a Participant incurs a Separation from Service with the Company at a time when he is deemed to be a key employee, as determined in accordance with Section 416(i) of the Code (without regard to paragraph (5) thereof), any payments due him within the first six months following his Separation from Service may not be paid or commence to be paid prior to the date that is the 6-month anniversary of the Participant's Separation from Service. Key employees shall be identified on a calendar year basis and shall be subject to the six-month delay in the event their Separation from Service occurs within the 12-month period commencing April 1 following the end of the calendar year determination period. |
(i) | In the event of the death of a Participant with a vested benefit under this Plan prior to payment hereunder, the Participant’s retirement savings shall be paid to the Participant’s Beneficiary (as defined in Section 1.09 of the S&I Plan or Article I.12 of the EMS Plan, as applicable) in the form of a lump sum on the first day of the month following the death of the Participant but in no event more than 90 days following the death of the Participant. An amendment to the definition of “beneficiary” in a Savings Plan will not change the definition in this Plan. An amendment to this Plan will be required to change the definition of Beneficiary. |
(a) | Amendment. The Board of Directors of the Corporation may amend the Plan from time to time, provided, however, that to the extent required by Section 409A of the Code, the Plan may not be amended in a manner that would give rise to an impermissible acceleration of the time or form of a payment of a benefit under the Plan pursuant to Section 409A(a)(3) of the Code. Further, no amendment shall reduce or eliminate any benefit to the extent that the right thereto shall have accrued prior to such amendment. In the event of an amendment that would reduce or eliminate any such accrued benefit then or thereafter payable pursuant to this Plan, the Corporation shall remain liable for the payment of the accrued benefits at substantially the same time and under substantially the same conditions as the accrued benefits that would have been payable under this Plan in the absence of such amendment. |
(b) | Termination and liquidation. The Board of Directors may terminate and liquidate the Plan and distribute all benefits hereunder in accordance with the requirements of Treasury Regulation Section 1.409A-3(j)(4)(ix)(A), (B) or (C) promulgated under Section 409A of the Code (or any similar successor provision), which regulation generally provides that a deferred compensation arrangement such as the Plan may be terminated within twelve (12) months following a dissolution or change in control of the Corporation or may be terminated if the Corporation also terminates all other similar deferred compensation arrangements and distributes all benefits under the Plan not |
(a) | Funding of Benefit Payments |
(b) | Alienation of Benefits |
(c) | Interpretation of Statutory Provisions |
(d) | No Employment Rights |
(e) | Governing Law |
(f) | Claims Procedures |
(g) | Tax Withholding |
(h) | Incapacity of Recipient |
(j) | Limitation of Liability |
(k) | Plan Construction |
(l) | Headings |
(m) | Separability |
(n) | Section 409A Construction |
Curtiss-Wright Corporation | ||||
By: |
Name | Organized Under the Laws of | |
Curtiss Wright Controls Inc. | Delaware | |
Curtiss-Wright Electro-Mechanical Corporation | Delaware | |
Curtiss-Wright Flow Control Corporation | New York | |
Dy4 Systems, Inc. (DY4 Canada) | Ontario | |
Metal Improvement Company, LLC | Delaware | |
1. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
2. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
3. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
4. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this Annual Report on Form 10-K of Curtiss-Wright Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
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12 Months Ended
Document And Entity Information [Abstract]
Document Type
10-K
Document Period End Date
Dec. 31, 2015
Amendment Flag
false
Entity Registrant Name
Curtiss Wright Corporation
Entity Central Index Key
0000026324
Entity Current Reporting Status
Yes
Entity Voluntary Filers
No
Current Fiscal Year End Date
--12-31
Entity Filer Category
Large Accelerated Filer
Entity Well-known Seasoned Issuer
Yes
Entity Common Stock, Shares Outstanding
44,528,398
Entity Public Float
$ 3,400,000,000
Document Fiscal Year Focus
2015
Document Fiscal Period Focus
FY
Trading Symbol
cw
shares in Thousands, $ in Thousands12 Months Ended
Revenue, Net [Abstract]
Product sales
$ 1,796,802
$ 1,815,028
$ 1,719,591
Service sales
408,881
428,098
398,490
Net sales
2,205,683
2,243,126
2,118,081
Cost of Revenue [Abstract]
Cost of product sales
1,156,596
1,190,714
1,123,291
Cost of service sales
265,832
275,896
258,951
Total cost of sales
1,422,428
1,466,610
1,382,242
Gross profit
783,255
776,516
735,839
Research and development expenses
(60,837)
(67,842)
(63,580)
Selling expenses
(121,482)
(128,005)
(128,473)
General and administrative expenses
(290,319)
(298,296)
(306,663)
Operating income
310,617
282,373
237,123
Interest expense
(36,038)
(35,794)
(37,053)
Other income, net
615
365
980
Earnings before income taxes
275,194
246,944
201,050
Provision for income taxes
(82,946)
(76,995)
(61,646)
Earnings from continuing operations
192,248
169,949
139,404
Discontinued operations, net of taxes
Loss from discontinued operations, net of taxes
(46,787)
(56,611)
(1,423)
Net earnings
$ 145,461
$ 113,338
$ 137,981
Basic earnings per share
Earnings from continuing operations
$ 4.12
$ 3.54
$ 2.97
Earnings from discontinued operations
(1.00)
(1.18)
(0.03)
Total
3.12
2.36
2.94
Diluted earnings per share
Earnings from continuing operations
4.04
3.46
2.91
Earnings from discontinued operations
(0.99)
(1.15)
(0.03)
Total
3.05
2.31
2.88
Dividends per share
$ 0.52
$ 0.52
$ 0.39
Weighted average shares outstanding:
Basic
46,624
48,019
46,991
Diluted
47,616
49,075
47,912
$ in Thousands12 Months Ended
Statement of Comprehensive Income [Abstract]
Net earnings
$ 145,461
$ 113,338
$ 137,981
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Foreign currency translation, net of tax
[1]
(87,527)
(79,386)
(6,619)
Pension and postretirement adjustments, net of tax
[2]
(9,990)
(74,284)
87,386
Other Comprehensive Income (Loss), Net of Tax
(97,517)
(153,670)
80,767
Comprehensive Income
$ 47,944
$ (40,332)
$ 218,748
[1]
The tax benefit (expense) included in other comprehensive income (loss) for foreign currency translation adjustments for 2015, 2014, and 2013 were $2.7 million, $2.1 million, and ($0.9) million, respectively.
[2]
The tax benefit (expense) included in other comprehensive income (loss) for pension and postretirement adjustments for 2015, 2014, and 2013 were $9.5 million, $41.3 million, and ($49.4) million, respectively.
$ in Millions12 Months Ended
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax
$ 2.7
$ 2.1
$ (0.9)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax
$ 9.5
$ 41.3
$ (49.4)
Common Stock Par Value
$ 1
$ 1
Common stock authorized
100,000,000
100,000,000
CommonStockSharesIssued
49,189,702
49,189,702
CommonStockSharesOutstanding
44,621,348
47,904,518
TreasuryStockShares
4,568,354
1,285,184
$ in Thousands
Beginning Balance at Dec. 31, 2012
$ 49,190
$ 151,883
$ 1,261,377
$ (55,508)
$ (94,350)
Net earnings
$ 137,981
137,981
Other Comprehensive Income (Loss), Net of Tax
80,767
80,767
Dividends paid
(18,377)
Restricted Stock
(2,127)
5,796
Stock options exercised, net
0
(5,728)
34,451
Other
(330)
330
Share-based compensation
6,920
430
Ending Balance at Dec. 31, 2013
49,190
150,618
1,380,981
25,259
(53,343)
Net earnings
113,338
113,338
Other Comprehensive Income (Loss), Net of Tax
(153,670)
(153,670)
Dividends paid
(25,013)
Restricted Stock
(722)
3,155
Stock options exercised, net
311
45,049
Other
(430)
430
Share-based compensation
8,266
234
Repurchase of common stock
(65,220)
Ending Balance at Dec. 31, 2014
1,478,433
49,190
158,043
1,469,306
(128,411)
(69,695)
Net earnings
145,461
145,461
Other Comprehensive Income (Loss), Net of Tax
(97,517)
(97,517)
Dividends paid
(24,122)
Restricted Stock
(10,303)
13,734
Stock options exercised, net
(11,349)
45,743
Other
(647)
647
Share-based compensation
9,179
294
Repurchase of common stock
(294,130)
Ending Balance at Dec. 31, 2015
$ 1,255,423
$ 49,190
$ 144,923
$ 1,590,645
$ (225,928)
$ (303,407)
12 Months Ended
Accounting Policies [Abstract]
Significant Accounting Policies
12 Months Ended
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale
12 Months Ended
Acquisitions [Abstract]
ACQUISITIONS
12 Months Ended
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
RECEIVABLES
12 Months Ended
Inventory, Net [Abstract]
INVENTORIES
12 Months Ended
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT
12 Months Ended
Goodwill [Abstract]
GOODWILL
12 Months Ended
Intangible Assets, Net (Excluding Goodwill) [Abstract]
OTHER INTANGIBLE ASSETS, NET
Amortization
12 Months Ended
Fair Value Of Financial Instruments [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS
12 Months Ended
Accrued Liabilities, Current [Abstract]
Accrued Expenses And Other Current Liabilities
12 Months Ended
Income Tax Disclosure [Abstract]
INCOME TAXES
12 Months Ended
Debt Instruments [Abstract]
DEBT
12 Months Ended
Earnings Per Share [Abstract]
EARNINGS PER SHARE
12 Months Ended
Share-based Compensation [Abstract]
SHARE-BASED COMPENSATION PLANS
12 Months Ended
General Discussion of Pension and Other Postretirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
12 Months Ended
Leases [Abstract]
LEASES
12 Months Ended
Segment Reporting [Abstract]
SEGMENT INFORMATION
12 Months Ended
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS
12 Months Ended
Comprehensive Income [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
12 Months Ended
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS OF OPERATIONS
12 Months Ended
Subsequent Events [Abstract]
Subsequent Events [Text Block]
12 Months Ended
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
12 Months Ended
Accounting Policies [Abstract]
ConsolidationPolicy
UseOfEstimates
RevenueRecognitionPolicyTextBlock
CashAndCashEquivalentsPolicyTextBlock
InventoryPolicyTextBlock
GovernmentContractorsContractsInProgressPolicyPolicyTextBlock
PropertyPlantAndEquipmentPolicyTextBlock
GoodwillAndIntangibleAssetsIntangibleAssetsPolicy
ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]
PrecontractCostsPolicyTextBlock
FairValueOfFinancialInstrumentsPolicy
ResearchAndDevelopmentExpensePolicy
ShareBasedCompensationOptionAndIncentivePlansPolicy
IncomeTaxPolicyTextBlock
ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock
DerivativesPolicyTextBlock
New Accounting Pronouncements, Policy [Policy Text Block]
12 Months Ended
Discontinued Operations and Disposal Groups [Abstract]
Summary of Aggregate Financial Results of Discontinued Operations
12 Months Ended
Business Acquisition [Line Items]
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
12 Months Ended
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block]
12 Months Ended
Inventory, Net [Abstract]
Schedule Of Inventory [Text Block]
12 Months Ended
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]
12 Months Ended
Goodwill [Abstract]
Schedule Of Goodwill [Text Block]
12 Months Ended
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]
Amortization
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
12 Months Ended
Fair Value Of Financial Instruments [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
12 Months Ended
Accrued Liabilities, Current [Abstract]
ScheduleOfAccruedLiabilitiesTableTextBlock
Schedule Of Other Liabilities [Table Text Block]
12 Months Ended
Income Tax Disclosure [Abstract]
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block]
Schedule Of Provision For Income Taxes [Table Text Block]
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]
Summary Of Unrecognized Tax Benefits [Table Text Block]
Summary Of Open Tax Years [Table Text Block]
12 Months Ended
Debt Instruments [Abstract]
ScheduleOfDebtTableTextBlock
ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
12 Months Ended
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation [Table Text Block]
12 Months Ended
Share-based Compensation [Abstract]
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block]
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
12 Months Ended
Defined Benefit Plan Disclosure [Line Items]
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Schedule of Net Benefit Costs [Table Text Block]
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
ScheduleOfAssumptionsUsedTableTextBlock
ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock
ScheduleOfAllocationOfPlanAssetsTableTextBlock
ScheduleOfExpectedBenefitPaymentsTableTextBlock
Level 3
Defined Benefit Plan Disclosure [Line Items]
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
12 Months Ended
Leases [Abstract]
ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock
12 Months Ended
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment [Text Block]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
Reconciliation Of Assets From Segment To Consolidated [Text Block]
ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
Revenue from External Customers by Products and Services [Table Text Block]
12 Months Ended
Comprehensive Income [Abstract]
Schedule of Comprehensive Income (Loss) [Table Text Block]
12 Months Ended
Quarterly Financial Information Disclosure [Abstract]
ScheduleOfQuarterlyFinancialInformationTableTextBlock
12 Months Ended
Valuation and Qualifying Accounts [Abstract]
SummaryOfValuationAllowanceTextBlock
Revenue Recognition [Line Items]
Changes In Contract Estimates Leading Decrease In Earnings From Continuing Operations
$ 0
AP1000 [Member]
Revenue Recognition [Line Items]
Changes In Contract Estimates Leading Decrease In Earnings From Continuing Operations
$ 11.5
12 Months Ended
Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life
5 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life
40 years
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life
3 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life
15 years
12 Months Ended
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life
1 year
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life
20 years
$ in Thousands12 Months Ended
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets
$ 0
$ 3,202
$ 887
$ in Millions12 Months Ended
Foreign Currency [Abstract]
Foreign Currency Transaction Gain (Loss), Realized
$ 8.3
$ 2.9
$ 2.6
$ in Thousands12 Months Ended
General and Administrative Expense [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
$ (11,042)
$ (6,880)
$ (6,198)
$ in Thousands12 Months Ended
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales
$ 57,992
$ 363,869
$ 392,690
Loss from discontinued operations before income taxes
(40,984)
(48,519)
(3,097)
Income tax benefit
(7,926)
(14,268)
(1,674)
Loss on sale of businesses
(13,729)
(22,360)
0
Loss from discontinued operations
(46,787)
(56,611)
(1,423)
Impairment of assets held for sale
$ 40,813
$ 41,369
$ 0
$ in Thousands
Billed receivables:
Trade and other receivables
$ 435,172
$ 363,241
Less: Allowance for doubtful accounts
(5,664)
(5,619)
Net billed receivables
429,508
357,622
Unbilled receivables:
Recoverable costs and estimated earnings not billed
153,045
150,526
Less: Progress payments applied
(16,264)
(12,668)
Net unbilled receivables
136,781
137,858
Receivables, net
$ 566,289
$ 495,480
$ in Thousands12 Months Ended
ConcentrationRiskLineItems
Unbilled Receivables, Not Billable
$ 136,781
$ 137,858
GovernmentContractsConcentrationRiskMember
ConcentrationRiskLineItems
Accounts Receivable, Gross
$ 165,600
$ 157,900
ConcentrationRiskPercentage
36.00%
34.00%
Unbilled Receivables, Not Billable
$ 70,600
$ 72,900
$ in Thousands
Inventory, Net [Abstract]
Raw material
$ 196,684
$ 201,998
Work-in-process
79,406
89,423
Finished goods and component parts
114,931
103,831
Inventory costs related to U.S. Government and other long-term contracts
51,774
59,070
Gross inventories
442,795
454,322
Less: Inventory reserves
(48,904)
(51,435)
Progress payments applied, principally related to long-term contracts
(14,300)
(14,217)
Inventories, net
$ 379,591
$ 388,670
$ in Millions
Inventory, Net [Abstract]
Other Inventory, Capitalized Costs
$ 29.7
$ 33.9
Other Inventory Capitalized Costs To Be Liquidated Under Firm Orders
$ 2.5
$ 7.2
$ in Thousands
Property, Plant and Equipment [Line Items]
land
$ 19,933
$ 21,762
BuildingsAndImprovementsGross
218,016
219,219
MachineryAndEquipmentGross
739,965
750,006
Property, Plant and Equipment, Gross, Total
977,914
990,987
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
(564,270)
(532,068)
Property, plant, and equipment, net
$ 413,644
$ 458,919
$ 515,718
$ in Millions12 Months Ended
Property, Plant and Equipment [Abstract]
Depreciation
$ 64.7
$ 66.6
$ 63.2
$ in Thousands12 Months Ended
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets
$ 34,800
$ 38,300
$ 39,000
Future Amortization Expense Year One
33,535
Future Amortization Expense Year Two
33,051
Future Amortization Expense Year Three
31,965
Future Amortization Expense Year Four
30,167
Future Amortization Expense Year Five
$ 28,175
12 Months Ended
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life
1 year
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life
20 years
$ in Thousands12 Months Ended
General and Administrative Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
$ (11,042)
$ (6,880)
$ (6,198)
Swap [Member] | Other Income [Member]
Derivative Instruments Gain Loss [Line Items]
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge
8,204
44,724
(49,845)
Borrowings [Member] | Other Income [Member]
Derivative Instruments Gain Loss [Line Items]
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge
$ (8,204)
$ (44,724)
$ 49,845
$ in Millions1 Months Ended
12 Months Ended
Derivative [Line Items]
Derivative, Number of Instruments Held
3
Derivative, Notional Amount
$ 400
Two Thousand Eleven Notes [Member]
Derivative [Line Items]
Derivative, Inception Date
Jan. 01, 2012
Two Thousand Thirteen Senior Notes [Member]
Derivative [Line Items]
Derivative, Inception Date
Mar. 01, 2013
Senior Notes Three Eighty Five [Member]
Derivative [Line Items]
Debt Instrument, Interest Rate, Stated Percentage
3.85%
Derivative, Basis Spread on Variable Rate
1.77%
Debt Instrument, Description of Variable Rate Basis
LIBOR
Debt Instrument, Maturity Date
Feb. 26, 2025
Derivative, Notional Amount
$ 100
Senior Notes Four Zero Five [Member]
Derivative [Line Items]
Debt Instrument, Interest Rate, Stated Percentage
4.05%
Derivative, Basis Spread on Variable Rate
1.73%
Debt Instrument, Description of Variable Rate Basis
LIBOR
Debt Instrument, Maturity Date
Feb. 26, 2028
Derivative, Notional Amount
$ 75
Senior Notes Four Twenty Four [Member]
Derivative [Line Items]
Debt Instrument, Face Amount
$ 200
Debt Instrument, Interest Rate, Stated Percentage
4.24%
Derivative, Basis Spread on Variable Rate
2.02%
Debt Instrument, Description of Variable Rate Basis
LIBOR
Debt Instrument, Maturity Date
Dec. 01, 2026
Dec. 01, 2026
Derivative, Notional Amount
$ 200
Senior Notes Three Eighty Four [Member]
Derivative [Line Items]
Debt Instrument, Face Amount
$ 100
Debt Instrument, Interest Rate, Stated Percentage
3.84%
Derivative, Basis Spread on Variable Rate
1.90%
Debt Instrument, Description of Variable Rate Basis
LIBOR
Debt Instrument, Maturity Date
Dec. 01, 2021
Dec. 01, 2021
Derivative, Notional Amount
$ 25
$ in Millions
Estimate Of Fair Value Fair Value Disclosure [Member]
DebtInstrumentLineItems
Long-term Debt, Percentage Bearing Fixed Interest, Amount
$ 960
$ 959
Carrying Reported Amount Fair Value Disclosure [Member]
DebtInstrumentLineItems
Long-term Debt, Percentage Bearing Fixed Interest, Amount
$ 953
$ 945
$ in Thousands12 Months Ended
Fair Value, Adjustment Disclosure [Abstract]
Impairment of Long-Lived Assets to be Disposed of
$ 40,813
$ 41,369
$ 0
$ in Thousands
Accrued Liabilities, Current [Abstract]
Accrued compensation
$ 86,497
$ 95,843
Accrued commissions
7,250
10,783
Accrued interest
9,900
9,688
Accrued insurance
5,261
6,757
Other Accrued Liabilities, Current
22,955
22,867
Accrued expenses
$ 131,863
$ 145,938
$ in Thousands
Accrued Liabilities, Current [Abstract]
Warranty
$ 15,053
$ 15,688
Additional amounts due to sellers on acquisitions
2,883
1,739
Reserves on loss contracts
2,711
2,979
Deferred tax liability
1,962
2,448
Pension and other postretirement liabilities
4,560
5,120
Other Sundry Liabilities, Current
11,983
10,189
Other current liabilities
$ 39,152
$ 38,163
$ in Thousands12 Months Ended
Income Tax Disclosure [Abstract]
Domestic
$ 135,112
$ 120,563
$ 105,188
Foreign
140,082
126,381
95,862
Earnings before income taxes
$ 275,194
$ 246,944
$ 201,050
$ in Thousands12 Months Ended
Income Tax Disclosure [Abstract]
Federal
$ (6,741)
$ 70,609
$ 29,323
State
6,175
9,065
5,629
Foreign
27,134
33,401
20,807
Current Income Tax Expense (Benefit), Total
26,568
113,075
55,759
Federal
49,060
(29,683)
7,002
State
7,390
(1,247)
667
Foreign
(72)
(5,150)
(1,782)
Deferred Income Tax Expense (Benefit), Total
56,378
(36,080)
5,887
Provision for income taxes
$ 82,946
$ 76,995
$ 61,646
12 Months Ended
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate
35.00%
35.00%
35.00%
State and local taxes, net of federal benefit
4.30%
2.40%
1.60%
R&D tax credits
(1.30%)
(1.30%)
(1.50%)
Foreign rate differential
(6.20%)
(4.40%)
(3.70%)
All other, net
(1.70%)
(0.50%)
(0.70%)
Effective tax rate
30.10%
31.20%
30.70%
$ in Thousands
Deferred tax assets:
Pension plans
$ 40,102
$ 84,493
Environmental reserves
9,561
10,123
Inventory
20,041
18,496
Postretirement/postemployment benefits
13,272
13,326
Incentive compensation
12,369
16,140
Net operating loss
9,043
8,909
Capital Loss Carryforwards
10,141
17,555
Other
38,226
26,329
Total deferred tax assets
152,755
195,371
Deferred tax liabilities:
Undistributed foreign subsidiaries earnings
338,000
Depreciation
29,771
33,117
Goodwill amortization
89,276
74,555
Other intangible amortization
54,017
62,777
Other
12,280
9,452
Total deferred tax liabilities
185,344
179,901
Valuation allowance
17,895
23,478
Deferred Tax Liabilities, Net
$ 50,484
$ 8,008
$ in Thousands
Income Tax Disclosure [Abstract]
Net current deferred tax assets
$ 41,737
$ 44,311
Net current deferred tax liabilities
1,962
2,448
Net noncurrent deferred tax assets
856
1,683
Net noncurrent deferred tax liabilities
91,115
51,554
Deferred Tax Liabilities, Net
$ 50,484
$ 8,008
$ in Thousands12 Months Ended
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits (beginning balance)
$ 11,560
$ 10,623
$ 11,301
Additions for tax positions of prior periods
359
1,421
1,511
Additions for tax positions related to the current year
2,026
1,738
1,768
Settlements
(1,414)
(2,039)
(3,868)
Lapses of statute of limitations
0
(41)
(140)
Foreign currency translation
117
142
51
Unrecognized tax benefits (ending balance)
$ 12,414
$ 11,560
$ 10,623
12 Months Ended
United States (Various states)
IncomeTaxContingencyLineItems
Open Tax Year
1998
Internal Revenue Service (IRS) | United States (Federal)
IncomeTaxContingencyLineItems
Open Tax Year
2012
United Kingdom | Foreign Tax Authority
IncomeTaxContingencyLineItems
Open Tax Year
2008
Canada | Foreign Tax Authority
IncomeTaxContingencyLineItems
Open Tax Year
2009
$ in Thousands12 Months Ended
OperatingLossCarryforwardsLineItems
Operating loss carryforward
$ 19,200
Valuation allowance increase
5,600
Valuation allowance
17,895
$ 23,478
Income tax payments
4,900
35,000
$ 69,400
Undistributed foreign subsidiaries earnings
338,000
Unrecognized tax benefits that would affect the effective income tax rate
8,300
$ 8,000
$ 7,600
Foreign Tax Authority
OperatingLossCarryforwardsLineItems
Operating loss carryforwards related to international operations
20,300
Indefinite lived operating loss carryforwards,
9,200
Operating loss carryforwards subject to expiration
$ 11,100
Operating loss carryforward, expiration date
Dec. 31, 2023
State And Local Jurisdiction [Member]
OperatingLossCarryforwardsLineItems
Operating loss carryforwards subject to expiration
$ 63,200
Operating loss carryforward, expiration date
Dec. 31, 2035
Operating loss carryforwards state and local
$ 91,400
Capital Loss Carryforward [Member]
OperatingLossCarryforwardsLineItems
Tax credit carryforward amount
$ 28,200
Capital loss carryforwards expiration date
Dec. 31, 2020
Valuation allowance increase
$ 0
Other Liabilities [Member]
OperatingLossCarryforwardsLineItems
Interest on income taxes accrued
1,900
Income tax penalties accrued
$ 1,200
$ in Thousands
DebtInstrumentLineItems
Current portion of long-term debt and short-term debt
$ 1,259
$ 1,069
Long-term debt
953,083
953,279
Carrying Reported Amount Fair Value Disclosure [Member]
DebtInstrumentLineItems
Long-term Debt
954,342
954,348
Current portion of long-term debt and short-term debt
1,259
1,069
Long-term debt
953,083
953,279
Carrying Reported Amount Fair Value Disclosure [Member] | Industrial Revenue Bond [Member]
DebtInstrumentLineItems
Long-term Debt
0
8,400
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Five Fifty One [Member]
DebtInstrumentLineItems
Long-term Debt
150,000
150,000
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Three Eighty Four [Member]
DebtInstrumentLineItems
Long-term Debt
100,307
99,934
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Three Seventy [Member]
DebtInstrumentLineItems
Long-term Debt
225,000
225,000
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Three Eighty Five [Member]
DebtInstrumentLineItems
Long-term Debt
100,450
98,360
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Four Twenty Four [Member]
DebtInstrumentLineItems
Long-term Debt
201,422
197,237
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Four Zero Five [Member]
DebtInstrumentLineItems
Long-term Debt
75,904
74,348
Carrying Reported Amount Fair Value Disclosure [Member] | Senior Notes Four Eleven [Member]
DebtInstrumentLineItems
Long-term Debt
100,000
100,000
Carrying Reported Amount Fair Value Disclosure [Member] | Other Debt Obligations [Member]
DebtInstrumentLineItems
Long-term Debt
1,069
Estimate Of Fair Value Fair Value Disclosure [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
961,408
968,514
Current portion of long-term debt and short-term debt
1,259
1,069
Long-term debt
960,149
967,445
Estimate Of Fair Value Fair Value Disclosure [Member] | Industrial Revenue Bond [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
0
8,400
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Five Fifty One [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
158,024
162,617
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Three Eighty Four [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
100,307
99,934
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Three Seventy [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
224,322
225,748
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Three Eighty Five [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
100,450
98,360
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Four Twenty Four [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
201,422
197,237
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Four Zero Five [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
75,904
74,348
Estimate Of Fair Value Fair Value Disclosure [Member] | Senior Notes Four Eleven [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
99,720
100,801
Estimate Of Fair Value Fair Value Disclosure [Member] | Other Debt Obligations [Member]
DebtInstrumentLineItems
Long Term Debt Fair Value
$ 1,259
$ 1,069
$ in Thousands
Debt Instruments [Abstract]
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
$ 1,259
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
150,000
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
803,083
Long Term Debt Maturities Total
$ 954,342
$ in Thousands9 Months Ended
12 Months Ended
DebtInstrumentLineItems
Repayments of Long-term Debt
$ 8,400
$ 80
$ 125,033
DebtInstrumentCovenantDescription
0.6
LineOfCreditFacilityInterestRateDescription
Borrowings under the credit agreement will accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, we paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.
Debt Instrument, Covenant Ratio, Debt To Capitalization Limit
60.00%
InterestPaid
$ 33,000
$ 33,000
$ 31,000
Repayments of Unsecured Tax Exempt Debt
$ 8,400
Revolving Credit Facility [Member]
DebtInstrumentLineItems
DebtWeightedAverageInterestRate
3.20%
1.70%
Line Of Credit Facility Additional Borrowing Capacity
$ 100,000
Letters of Credit Supported by Credit Facility
37,000
Debt Covenant, Amount of Borrowing Available
$ 463,000
Long-term Debt [Member]
DebtInstrumentLineItems
DebtWeightedAverageInterestRate
3.30%
3.00%
Debt Covenant, Amount of Borrowing Available
$ 800,000
Senior Notes Four Twenty Four [Member]
DebtInstrumentLineItems
Debt Instrument, Maturity Date
Dec. 01, 2026
Debt Instrument, Face Amount
$ 200,000
Debt Instrument, Interest Rate, Stated Percentage
4.24%
Senior Notes Four Zero Five [Member]
DebtInstrumentLineItems
Debt Instrument, Maturity Date
Feb. 26, 2028
Debt Instrument, Face Amount
$ 75,000
Debt Instrument, Interest Rate, Stated Percentage
4.05%
Senior Notes Four Eleven [Member]
DebtInstrumentLineItems
DebtInstrumentIssuanceDate
Sep. 26, 2013
Debt Instrument, Maturity Date
Sep. 26, 2028
Debt Instrument, Face Amount
$ 100,000
Debt Instrument, Interest Rate, Stated Percentage
4.11%
Senior Notes Three Eighty Four [Member]
DebtInstrumentLineItems
Debt Instrument, Maturity Date
Dec. 01, 2021
Debt Instrument, Face Amount
$ 100,000
Debt Instrument, Interest Rate, Stated Percentage
3.84%
Senior Notes Three Seventy [Member]
DebtInstrumentLineItems
Debt Instrument, Maturity Date
Feb. 26, 2023
Debt Instrument, Face Amount
$ 225,000
Debt Instrument, Interest Rate, Stated Percentage
3.70%
Senior Notes Three Eighty Five [Member]
DebtInstrumentLineItems
Debt Instrument, Maturity Date
Feb. 26, 2025
Debt Instrument, Face Amount
$ 100,000
Debt Instrument, Interest Rate, Stated Percentage
3.85%
Two Thousand Thirteen Senior Notes [Member]
DebtInstrumentLineItems
DebtInstrumentIssuanceDate
Feb. 26, 2013
Debt Instrument, Face Amount
$ 500,000
Two Thousand Eleven Notes [Member]
DebtInstrumentLineItems
DebtInstrumentIssuanceDate
Dec. 08, 2011
Debt Instrument, Face Amount
$ 300,000
Two Thousand Five [Member]
DebtInstrumentLineItems
DebtInstrumentIssuanceDate
Dec. 01, 2005
Debt Instrument, Maturity Date
Dec. 01, 2017
Debt Instrument, Face Amount
$ 150,000
Debt Instrument, Interest Rate, Stated Percentage
5.51%
Revolving Credit Facility [Member]
DebtInstrumentLineItems
LineOfCreditFacilityMaximumBorrowingCapacity
$ 500,000
Line of Credit Facility, Initiation Date
Aug. 31, 2012
Discontinued Operations [Member] | Revolving Credit Facility [Member]
DebtInstrumentLineItems
Letters of Credit Outstanding, Amount
$ 3,000
$ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
12 Months Ended
Earnings Per Share Reconciliation [Abstract]
Basic
46,624
48,019
46,991
Dilutive effect of stock options and deferred stock compensation
992
1,056
921
Diluted
47,616
49,075
47,912
Earnings from continuing operations
$ 1.56
$ 0.82
$ 0.85
$ 0.91
$ 0.96
$ 0.92
$ 0.90
$ 0.76
$ 4.12
$ 3.54
$ 2.97
Earnings from continuing operations
$ 1.53
$ 0.80
$ 0.83
$ 0.89
$ 0.94
$ 0.90
$ 0.87
$ 0.74
$ 4.04
$ 3.46
$ 2.91
Earnings from continuing operations
$ 70,762
$ 38,142
$ 40,121
$ 43,223
$ 46,132
$ 44,378
$ 43,009
$ 36,430
$ 192,248
$ 169,949
$ 139,404
12 Months Ended
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
0
0
297,000
$ in Thousands12 Months Ended
Share-based Compensation [Abstract]
Non-qualified stock options
$ 0
$ 0
$ 238
Employee Stock Purchase Plan
1,279
1,350
1,260
Performance Share Units
4,349
3,728
3,495
Restricted Share Units
3,015
2,655
1,700
Other share-based payments
830
767
657
Total share-based compensation expense before income taxes
$ 9,473
$ 8,500
$ 7,350
$ in Thousands12 Months Ended
Share-based Compensation [Abstract]
Cash received from share-based awards
$ 28,706
$ 38,183
$ 29,194
Recognized tax benefit on awards
$ 9,119
$ 9,610
$ 3,199
$ / shares in Units, $ in Thousands12 Months Ended
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding (in shares) | shares
1,443,000
Granted (in shares) | shares
0
Exercised (in shares) | shares
(589,000)
Other Share Increase (Decrease) | shares
2,000
Outstanding (in shares) | shares
852,000
Exercisable (in shares) | shares
852,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding (in dollars per share) | $ / shares
$ 33.86
Granted (in dollars per share) | $ / shares
0.00
Exercised (in dollars per share) | $ / shares
34.29
Outstanding (in dollars per share) | $ / shares
33.54
Exercisable (in dollars per share) | $ / shares
$ 33.54
Outstanding, weighted-average remaining contractual term in years
3 years 6 months 1 day
Exercisable. weighted-average remaining contractual term in years
3 years 6 months 1 day
Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ / shares
$ 41.53
Outstanding, aggregate intrinsic value | $
$ 29,772
Exercisable, aggregate intrinsic value | $
$ 29,772
shares in Thousands12 Months Ended
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding (in shares) | shares
246
Granted (in shares) | shares
83
Vested (in shares) | shares
(84)
Forfeited (in shares) | shares
0
Outstanding (in shares) | shares
245
Expected to vest (in shares) | shares
245
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding (in dollars per share) | $ / shares
$ 43.03
Granted (in dollars per share) | $ / shares
71.02
Vested (in dollars per share) | $ / shares
32.95
Forfeited (in dollars per share) | $ / shares
0.00
Outstanding (in dollars per share) | $ / shares
55.98
Expected to vest (in dollars per share) | $ / shares
$ 55.98
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding (in shares) | shares
312
Granted (in shares) | shares
57
Vested (in shares) | shares
(80)
Forfeited (in shares) | shares
(2)
Outstanding (in shares) | shares
286
Expected to vest (in shares) | shares
286
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding (in dollars per share) | $ / shares
$ 44.12
Granted (in dollars per share) | $ / shares
86.34
Vested (in dollars per share) | $ / shares
42.82
Forfeited (in dollars per share) | $ / shares
62.91
Outstanding (in dollars per share) | $ / shares
52.70
Expected to vest (in dollars per share) | $ / shares
$ 52.70
$ in Millions12 Months Ended
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized
100,000,000
100,000,000
2014 Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized
2,400,000
Non Qualfied Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised
$ 36.8
$ 28.3
$ 11.4
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested intrinsic value
19.6
Unrecognized compensation cost
$ 9.1
Unrecognized compensation expense, period of recognition
2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period
3 years
Nonvested intrinsic value
$ 16.8
Unrecognized compensation cost
$ 8.8
Unrecognized compensation expense, period of recognition
2 years 8 months 1 day
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price percentage of fair market value
85.00%
$ in Thousands12 Months Ended
Pension Plans Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost
$ 26,873
$ 25,262
$ 40,170
Interest cost
30,050
30,403
27,777
Expected return on plan assets
(54,629)
(41,746)
(36,303)
Prior service cost
618
662
883
Recognized net actuarial loss
16,890
6,827
15,013
Curtailment charge
7,461
377
13
Defined Benefit Plan, Net Periodic Benefit Cost
27,263
21,785
47,553
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost
286
246
373
Interest cost
842
877
839
Expected return on plan assets
0
0
0
Prior service cost
(657)
(657)
(638)
Recognized net actuarial loss
(551)
(811)
(614)
Curtailment charge
0
0
0
Defined Benefit Plan, Net Periodic Benefit Cost
$ (80)
$ (345)
$ (40)
$ in Thousands12 Months Ended
Pension Plans Defined Benefit [Member]
DefinedBenefitPlanChangeInBenefitObligationRollForward
Defined Benefit Plan, Benefit Obligation, Beginning Balance
$ 797,360
$ 674,192
Service cost
26,873
25,262
$ 40,170
Interest cost
30,050
30,403
27,777
DefinedBenefitPlanContributionsByPlanParticipants
1,825
1,734
DefinedBenefitPlanPlanAmendments
(2,951)
178
DefinedBenefitPlanActuarialGainLoss
(10,803)
114,763
DefinedBenefitPlanBenefitsPaid
(60,662)
(40,765)
Defined Benefit Plan, Actual Expense
(1,787)
(1,299)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
(5,195)
(7,108)
Defined Benefit Plan, Benefit Obligation, Ending Balance
774,710
797,360
674,192
Other Postretirement Benefit Plans, Defined Benefit [Member]
DefinedBenefitPlanChangeInBenefitObligationRollForward
Defined Benefit Plan, Benefit Obligation, Beginning Balance
23,250
20,416
Service cost
286
246
373
Interest cost
842
877
839
DefinedBenefitPlanContributionsByPlanParticipants
345
364
DefinedBenefitPlanPlanAmendments
0
0
DefinedBenefitPlanActuarialGainLoss
(1,133)
3,276
DefinedBenefitPlanBenefitsPaid
(1,610)
(1,929)
Defined Benefit Plan, Actual Expense
0
0
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
0
0
Defined Benefit Plan, Benefit Obligation, Ending Balance
$ 21,980
$ 23,250
$ 20,416
$ in Thousands12 Months Ended
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
$ (595,829)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
692,074
$ 595,829
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
Pension and other postretirement liabilities
(4,560)
(5,120)
Accrued pension and other postretirement benefit costs
(103,723)
(226,687)
Pension Plans Defined Benefit [Member]
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(595,829)
(558,567)
Defined Benefit Plan, Actual Return on Plan Assets
(4,092)
37,574
Contributions made by employer
165,575
46,306
DefinedBenefitPlanContributionsByPlanParticipants
1,825
1,734
DefinedBenefitPlanBenefitsPaid
(60,662)
(40,765)
DefinedBenefitPlanSettlementsPlanAssets
(1,787)
(1,299)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(4,614)
(6,288)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
692,074
595,829
DefinedBenefitPlanFundedStatusOfPlan
(82,636)
(201,531)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
3,667
6,041
Pension and other postretirement liabilities
(2,998)
(3,523)
Accrued pension and other postretirement benefit costs
(83,305)
(204,049)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
(82,636)
(201,531)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax
203,729
180,640
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax
(1,635)
1,990
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
202,094
182,630
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract
DefinedBenefitPlanAmortizationOfNetGainsLosses
12,373
15,470
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
(50)
619
DefinedBenefitPlanAccumulatedBenefitObligation
736,688
753,878
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation
721,626
770,241
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
683,605
726,760
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
635,323
562,669
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
3,667
6,041
Domestic Other Post-Employment Benefits Plan
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
0
0
Defined Benefit Plan, Actual Return on Plan Assets
0
0
Contributions made by employer
1,265
1,565
DefinedBenefitPlanContributionsByPlanParticipants
345
364
DefinedBenefitPlanBenefitsPaid
(1,610)
(1,929)
DefinedBenefitPlanSettlementsPlanAssets
0
0
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
0
0
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
0
0
DefinedBenefitPlanFundedStatusOfPlan
(21,980)
(23,250)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
0
0
Pension and other postretirement liabilities
(1,562)
(1,603)
Accrued pension and other postretirement benefit costs
(20,418)
(21,647)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
(21,980)
(23,250)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax
(8,846)
(8,264)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax
(4,030)
(4,686)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
(12,876)
(12,950)
DefinedBenefitPlanAmountsThatWillBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossInNextFiscalYearAbstract
DefinedBenefitPlanAmortizationOfNetGainsLosses
(571)
(551)
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
(657)
(657)
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent
$ 0
$ 0
12 Months Ended
Pension Plans Defined Benefit [Member]
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.11%
3.88%
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
3.36%
3.37%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
3.88%
4.62%
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
7.93%
8.01%
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
3.37%
3.36%
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate Net Periodic
2019
2015
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
4.25%
3.75%
DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract
DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear
5.70%
5.50%
DefinedBenefitPlanUltimateHealthCareCostTrendRate
5.40%
4.59%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
3.75%
4.47%
Defined Benefit Plan Assumed Health Care Cost Trend Rates Net Periodic [Abstract]
Defined Benefit Plan Health Care Cost Trend Rate Assumed for Next Fiscal Year Net Periodic
5.50%
8.00%
Defined Benefit Plan Ultimate Health Care Cost Trend Rate Net Periodic
4.59%
5.00%
$ in Thousands12 Months Ended
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
$ 15
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents
(12)
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation
375
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation
$ (309)
12 Months Ended
Domestic Equities [Member]
Defined Benefit Plan Disclosure [Line Items]
DefinedBenefitPlanWeightedAverageAssetAllocations
51.00%
53.00%
DefinedBenefitPlanTargetPlanAssetAllocations
50.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
40.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
60.00%
International Equities [Member]
Defined Benefit Plan Disclosure [Line Items]
DefinedBenefitPlanWeightedAverageAssetAllocations
14.00%
14.00%
DefinedBenefitPlanTargetPlanAssetAllocations
15.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
10.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
20.00%
EquitySecuritiesMember
Defined Benefit Plan Disclosure [Line Items]
DefinedBenefitPlanWeightedAverageAssetAllocations
65.00%
67.00%
DefinedBenefitPlanTargetPlanAssetAllocations
65.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
55.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
75.00%
FixedIncomeFundsMember
Defined Benefit Plan Disclosure [Line Items]
DefinedBenefitPlanWeightedAverageAssetAllocations
35.00%
33.00%
DefinedBenefitPlanTargetPlanAssetAllocations
35.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMinimum
25.00%
DefinedBenefitPlanTargetPlanAssetAllocationsRangeMaximum
45.00%
$ in Thousands
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
$ 692,074
$ 595,829
CashAndCashEquivalentsMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
26,251
24,354
EquitySecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[1]
435,931
379,467
DebtSecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[2]
219,417
183,068
Alternative Investments [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[3]
9,720
8,169
Other Assets [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[4]
755
771
FairValueInputsLevel1Member
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
558,272
454,280
FairValueInputsLevel1Member | CashAndCashEquivalentsMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
253
871
FairValueInputsLevel1Member | EquitySecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[1]
395,549
330,619
FairValueInputsLevel1Member | DebtSecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[2]
162,470
122,790
FairValueInputsLevel1Member | Alternative Investments [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[3]
0
0
FairValueInputsLevel1Member | Other Assets [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[4]
0
0
FairValueInputsLevel2Member
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
123,327
132,609
FairValueInputsLevel2Member | CashAndCashEquivalentsMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
25,998
23,483
FairValueInputsLevel2Member | EquitySecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[1]
40,382
48,848
FairValueInputsLevel2Member | DebtSecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[2]
56,947
60,278
FairValueInputsLevel2Member | Alternative Investments [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[3]
0
0
FairValueInputsLevel2Member | Other Assets [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[4]
0
0
FairValueInputsLevel3Member
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
10,475
8,940
$ 11,577
FairValueInputsLevel3Member | CashAndCashEquivalentsMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
0
0
FairValueInputsLevel3Member | EquitySecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[1]
0
0
FairValueInputsLevel3Member | DebtSecuritiesMember
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[2]
0
0
FairValueInputsLevel3Member | Alternative Investments [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
[3]
9,720
8,169
FairValueInputsLevel3Member | Other Assets [Member]
Defined Benefit Plan Fair Value Disclosure [Line Items]
DefinedBenefitPlanFairValueOfPlanAssets
$ 755
[4]
$ 771
[4]
$ 782
[1]
This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans.
[2]
This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans.(2)This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Barclays Capital Aggregate Bond index,
[3]
This category consists of a guaranteed investment contract (GIC) in Switzerland. Amounts contributed to the plan are guaranteed by a foundation for occupational benefits that in turn entered into a group insurance contract and the foundation pays a guaranteed rate of interest that is reset annually.
[4]
This category consists primarily of real estate investment trusts in Switzerland.
$ in Thousands12 Months Ended
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
$ (595,829)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
692,074
$ 595,829
FairValueInputsLevel3Member
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(8,940)
(11,577)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
164
197
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
2
0
DefinedBenefitPlanPurchasesSalesAndSettlements
1,505
(1,782)
DefinedBenefitPlanTransfersBetweenMeasurementLevels
0
0
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(136)
(1,052)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
10,475
8,940
Insurance Contracts [Member] | FairValueInputsLevel3Member
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(8,169)
(10,795)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
127
158
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
0
0
DefinedBenefitPlanPurchasesSalesAndSettlements
1,554
(1,818)
DefinedBenefitPlanTransfersBetweenMeasurementLevels
0
0
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(130)
(966)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
9,720
8,169
Other Assets [Member]
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
[1]
(771)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
[1]
755
771
Other Assets [Member] | FairValueInputsLevel3Member
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance
(771)
[1]
(782)
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld
37
39
DefinedBenefitPlanActualReturnOnPlanAssetsSoldDuringPeriod
2
0
DefinedBenefitPlanPurchasesSalesAndSettlements
(49)
36
DefinedBenefitPlanTransfersBetweenMeasurementLevels
0
0
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets
(6)
(86)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance
[1]
$ 755
$ 771
[1]
This category consists primarily of real estate investment trusts in Switzerland.
$ in Thousands
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
$ 50,737
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
49,321
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
50,754
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
54,590
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
53,942
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
276,461
Pension Plans Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
49,175
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
47,785
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
49,218
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
53,081
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
52,443
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
269,212
Domestic Other Post-Employment Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months
1,562
Defined Benefit Plan, Expected Future Benefit Payments, Year Two
1,536
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
1,536
Defined Benefit Plan, Expected Future Benefit Payments, Year Four
1,509
Defined Benefit Plan, Expected Future Benefit Payments, Year Five
1,499
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
$ 7,249
$ in Millions12 Months Ended
Defined Contribution Retirement Plan [Member] | UNITED STATES
Defined Contribution Plan Disclosure [Line Items]
Expense relating to the defined contribution plan
$ 12.8
Employer contributions made to the defined contribution plan
5.7
Non-elective estimated employer contribution to the defined contribution plan
7.1
Expected cumulative employer contributions to the defined contribution plan
67.0
Defined Contribution Retirement Plan [Member] | Non-US [Member]
Defined Contribution Plan Disclosure [Line Items]
Pension expense
$ 4.8
$ 5.7
$ 5.1
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Maximum employer contribution match percentage
6.00%
Maximum [Member] | Defined Contribution Retirement Plan [Member] | UNITED STATES
Defined Contribution Plan Disclosure [Line Items]
Maximum employer contribution match percentage
6.00%
$ in Thousands1 Months Ended
12 Months Ended
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
12
DomesticPensionandOtherPostretirementDefinedBenefitPlansNumberPensionPlans | pension_plan
3
ForeignPensionandOtherPostretirementDefinedBenefitPlansNumberPensionPlans | pension_plan
9
Domestic Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets as a percentage of consolidated assets
88.00%
Domestic Qualified Pension Plan | CashAndCashEquivalentsMember
Defined Benefit Plan Disclosure [Line Items]
Plan assets as a percentage of consolidated assets
3.00%
3.00%
Domestic Other Post-Employment Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made by employer
$ 1,265
$ 1,565
Number of pension and other post retirement defined benefit plans merged into parent plan | pension_plan
3
Domestic Non-Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
1
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets as a percentage of consolidated assets
12.00%
Expected return on assets assumption
4.46%
SWITZERLAND | Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
1
United Kingdom [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
3
GERMANY | Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
2
MEXICO | Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
2
Canada [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
1
Curtiss-Wright [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of years of service
1 year
Vesting period
3 years
Period after which accruals will cease
15 years
Curtiss-Wright [Member] | Domestic Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions made by employer
$ 145,000
Number of pension and other post retirement defined benefit plans | pension_plan
1
Noncurrent pension liability
$ 38,100
152,500
Discount rate decrease
0.75%
Discount rate
4.25%
Curtailment charge
2,200
Curtiss-Wright [Member] | Domestic Other Post-Employment Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans | pension_plan
1
Expected employer contributions
$ 1,600
Postretirement benefit liability
22,000
23,200
Curtiss-Wright [Member] | Domestic Non-Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Noncurrent pension liability
39,400
43,700
Expected employer contributions
2,700
Curtiss-Wright [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent pension liability
5,100
5,300
Expected employer contributions
2,600
Total projected benefit obligation
$ 87,800
90,100
Plan amendment reducing projected benefit obligation
$ 7,000
Plan amendment gain due to curtailment
$ 2,800
EMD [Member]
Defined Benefit Plan Disclosure [Line Items]
Percent of employees' gross pay withheld
1.50%
Willams Controls [Member] | Domestic Qualified Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Number of pension and other post retirement defined benefit plans merged into parent plan | pension_plan
2
Other Assets [Member] | Curtiss-Wright [Member] | Domestic Other Post-Employment Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discounted receivable
$ 1,000
$ 1,400
$ in Thousands
Leases [Abstract]
OperatingLeasesFutureMinimumPaymentsDueCurrent
$ 26,676
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
21,657
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
18,319
OperatingLeasesFutureMinimumPaymentsDueInFourYears
14,320
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
10,736
OperatingLeasesFutureMinimumPaymentsDueThereafter
41,805
OperatingLeasesFutureMinimumPaymentsDue
$ 133,513
$ in Millions12 Months Ended
Operating Leased Assets [Line Items]
OperatingLeasesRentExpenseNet
$ 37.0
$ 38.0
$ 35.3
$ in Thousands3 Months Ended
12 Months Ended
Segment Reporting Information [Line Items]
Assets held for sale
$ 0
$ 147,347
$ 0
$ 147,347
Net sales
588,755
$ 525,535
$ 545,194
$ 546,199
572,586
$ 558,383
$ 569,198
$ 542,959
2,205,683
2,243,126
$ 2,118,081
Operating income
310,617
282,373
237,123
Depreciation and amortization
100,810
118,931
121,497
Total assets
3,029,378
3,399,511
3,029,378
3,399,511
3,458,274
Capital expenditures related to discontinued operations
200
4,900
7,000
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Operating income
(34,790)
(30,312)
(41,944)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales
2,205,683
2,243,126
2,118,081
Operating income
310,617
282,373
237,123
Depreciation and amortization
99,475
104,925
102,215
Total assets
3,029,378
3,399,511
3,029,378
3,399,511
3,458,274
PropertyPlantAndEquipmentAdditions
35,512
67,115
72,242
Operating Segments [Member] | Commercial Industrial [Member]
Segment Reporting Information [Line Items]
Segment Reporting Information, Revenue for Reportable Segment
1,189,120
1,232,696
1,079,826
Operating income
171,525
178,684
131,305
Depreciation and amortization
55,799
58,276
56,841
Total assets
1,500,931
1,543,795
1,500,931
1,543,795
1,509,011
PropertyPlantAndEquipmentAdditions
21,990
37,329
48,696
Operating Segments [Member] | Defense [Member]
Segment Reporting Information [Line Items]
Segment Reporting Information, Revenue for Reportable Segment
479,528
492,094
481,850
Operating income
98,895
82,552
74,360
Depreciation and amortization
15,965
19,530
19,235
Total assets
808,197
845,193
808,197
845,193
888,689
PropertyPlantAndEquipmentAdditions
3,834
5,175
3,443
Operating Segments [Member] | Power [Member]
Segment Reporting Information [Line Items]
Segment Reporting Information, Revenue for Reportable Segment
545,013
527,034
563,405
Operating income
74,987
51,449
73,402
Depreciation and amortization
23,419
23,060
21,484
Total assets
642,655
579,736
642,655
579,736
581,323
PropertyPlantAndEquipmentAdditions
6,163
16,057
12,144
Operating Segments [Member] | Corporate And Other [Member]
Segment Reporting Information [Line Items]
Operating income
(34,790)
(30,312)
(41,944)
Depreciation and amortization
4,292
4,059
4,655
Total assets
77,595
283,441
77,595
283,441
57,691
PropertyPlantAndEquipmentAdditions
3,525
8,554
7,959
Operating Segments [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Segment Reporting Information, Revenue for Reportable Segment
(7,978)
(8,698)
(7,000)
Operating Segments [Member] | Held-for-sale [Member]
Segment Reporting Information [Line Items]
Total assets
$ 0
$ 147,346
$ 0
$ 147,346
$ 421,560
$ in Thousands12 Months Ended
Segment Reporting Information [Line Items]
Operating income
$ 310,617
$ 282,373
$ 237,123
Interest expense
(36,038)
(35,794)
(37,053)
Other income, net
615
365
980
Earnings before income taxes
275,194
246,944
201,050
Assets
Total assets
3,029,378
3,399,511
3,458,274
Non Segment Cash [Member]
Assets
Total assets
42,164
247,249
13,308
Non Segment Other Assets [Member]
Assets
Total assets
35,431
36,192
44,383
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Operating income
(34,790)
(30,312)
(41,944)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income
345,407
312,685
279,067
Assets
Total assets
2,951,783
2,968,724
2,979,023
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income
310,617
282,373
237,123
Assets
Total assets
3,029,378
3,399,511
3,458,274
Operating Segments [Member] | Corporate And Other [Member]
Segment Reporting Information [Line Items]
Operating income
(34,790)
(30,312)
(41,944)
Assets
Total assets
77,595
283,441
57,691
Operating Segments [Member] | Held-for-sale [Member]
Assets
Total assets
$ 0
$ 147,346
$ 421,560
$ in Thousands3 Months Ended
12 Months Ended
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
Net sales
$ 588,755
$ 525,535
$ 545,194
$ 546,199
$ 572,586
$ 558,383
$ 569,198
$ 542,959
$ 2,205,683
$ 2,243,126
$ 2,118,081
Property, plant, and equipment, net
413,644
458,919
413,644
458,919
515,718
UNITED STATES
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
Net sales
1,502,363
1,521,034
1,444,019
Property, plant, and equipment, net
293,612
323,937
293,612
323,937
365,691
United Kingdom [Member]
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
Net sales
135,673
145,092
134,815
Property, plant, and equipment, net
36,061
45,625
36,061
45,625
43,434
Other Foreign Countries [Member]
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems
Net sales
567,647
577,000
539,247
Property, plant, and equipment, net
$ 83,971
$ 89,357
$ 83,971
$ 89,357
$ 106,593
$ in Thousands3 Months Ended
12 Months Ended
Segment Reporting Information [Line Items]
Net sales
$ 588,755
$ 525,535
$ 545,194
$ 546,199
$ 572,586
$ 558,383
$ 569,198
$ 542,959
$ 2,205,683
$ 2,243,126
$ 2,118,081
Flow Control [Member]
Segment Reporting Information [Line Items]
Net sales
949,657
959,907
940,910
Controls [Member]
Segment Reporting Information [Line Items]
Net sales
947,758
953,667
873,519
Surface Technologies [Member]
Segment Reporting Information [Line Items]
Net sales
$ 308,268
$ 329,552
$ 303,652
12 Months Ended
Loss Contingencies [Line Items]
Asset Retirement Obligation
$ 7,000,000
Surety Bond Outstanding
52,900,000
Loss Contingency, Damages Sought, Value
$ 1,000,000,000
Standby Letters Of Credit [Member]
Loss Contingencies [Line Items]
Letters of Credit Outstanding, Amount
37,300,000
54,300,000
Financial Standby Letter of Credit [Member]
Loss Contingencies [Line Items]
Letters of Credit Outstanding, Amount
14,700,000
$ 20,700,000
Failure to Meet Contractual Obligations [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value
25,000,000
Loss Contingency, Range of Possible Loss, Minimum
0
Loss Contingency, Range of Possible Loss, Maximum
$ 48,000,000
$ in Thousands12 Months Ended
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (128,411)
$ 25,259
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(112,350)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
14,833
Other Comprehensive Income (Loss), Net of Tax
(97,517)
(153,670)
$ 80,767
Accumulated Other Comprehensive Income (Loss), Net of Tax
(225,928)
(128,411)
25,259
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax
(20,283)
59,103
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(87,527)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0
Other Comprehensive Income (Loss), Net of Tax
(87,527)
(79,386)
Accumulated Other Comprehensive Income (Loss), Net of Tax
(107,810)
(20,283)
59,103
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax
(108,128)
(33,844)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(24,823)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
14,833
Other Comprehensive Income (Loss), Net of Tax
(9,990)
(74,284)
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (118,118)
$ (108,128)
$ (33,844)
$ in Thousands3 Months Ended
12 Months Ended
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings before income taxes
$ 275,194
$ 246,944
$ 201,050
Provision for income taxes
(82,946)
(76,995)
(61,646)
Net earnings
$ 69,849
$ 33,884
$ 25,737
$ 15,991
$ 16,750
$ 25,033
$ 36,391
$ 35,164
145,461
113,338
$ 137,981
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax
[1]
39
(5)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax
[1]
(16,339)
(6,016)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Curtailments, before Tax
(7,461)
(377)
Earnings before income taxes
(23,761)
(6,398)
Provision for income taxes
8,928
2,232
Net earnings
$ (14,833)
$ (4,166)
[1]
These items are included in the computation of net periodic pension cost. See Note 15, Pension and Other Postretirement Benefit Plans.
$ / shares in Units, $ in Thousands3 Months Ended
12 Months Ended
Quarterly Financial Information Disclosure [Abstract]
Net sales
$ 588,755
$ 525,535
$ 545,194
$ 546,199
$ 572,586
$ 558,383
$ 569,198
$ 542,959
$ 2,205,683
$ 2,243,126
$ 2,118,081
Gross Profit
224,314
185,494
182,351
191,096
200,340
193,331
198,231
184,614
783,255
776,516
735,839
Earnings from continuing operations
70,762
38,142
40,121
43,223
46,132
44,378
43,009
36,430
192,248
169,949
139,404
Earnings from discontinued operations
(913)
(4,258)
(14,384)
(27,232)
(29,382)
(19,345)
(6,618)
(1,266)
(46,787)
(56,611)
(1,423)
Net earnings
$ 69,849
$ 33,884
$ 25,737
$ 15,991
$ 16,750
$ 25,033
$ 36,391
$ 35,164
$ 145,461
$ 113,338
$ 137,981
Basic earnings per share
Earnings from continuing operations
$ 1.56
$ 0.82
$ 0.85
$ 0.91
$ 0.96
$ 0.92
$ 0.90
$ 0.76
$ 4.12
$ 3.54
$ 2.97
Earnings from discontinued operations
(0.02)
(0.09)
(0.31)
(0.57)
(0.61)
(0.40)
(0.14)
(0.03)
(1.00)
(1.18)
(0.03)
Total
1.54
0.73
0.54
0.34
0.35
0.52
0.76
0.73
3.12
2.36
2.94
Diluted earnings per share
Earnings from continuing operations
1.53
0.80
0.83
0.89
0.94
0.90
0.87
0.74
4.04
3.46
2.91
Earnings from discontinued operations
(0.02)
(0.09)
(0.30)
(0.56)
(0.60)
(0.39)
(0.13)
(0.02)
(0.99)
(1.15)
(0.03)
Total
$ 1.51
$ 0.71
$ 0.53
$ 0.33
$ 0.34
$ 0.51
$ 0.74
$ 0.72
$ 3.05
$ 2.31
$ 2.88
$ in Millions
Subsequent Event [Member]
Subsequent Event [Line Items]
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge
$ 21
$ in Thousands12 Months Ended
ValuationAndQualifyingAccountsDisclosureLineItems
Valuation Allowances and Reserves, Balance, Beginning Balance
$ 23,478
$ 6,321
$ 8,531
ValuationAllowancesAndReservesChargedToCostAndExpense
2,605
18,535
(1,896)
ValuationAllowancesAndReservesChargedToOtherAccounts
(299)
(263)
(314)
ValuationAllowancesAndReservesDeductions
7,889
1,115
0
Valuation Allowances and Reserves, Balance, Ending Balance
17,895
23,478
6,321
ValuationAllowanceOfDeferredTaxAssetsMember
ValuationAndQualifyingAccountsDisclosureLineItems
Valuation Allowances and Reserves, Balance, Beginning Balance
23,478
6,321
8,531
ValuationAllowancesAndReservesChargedToCostAndExpense
2,605
18,535
(1,896)
ValuationAllowancesAndReservesChargedToOtherAccounts
(299)
(263)
(314)
ValuationAllowancesAndReservesDeductions
7,889
1,115
0
Valuation Allowances and Reserves, Balance, Ending Balance
$ 17,895
$ 23,478
$ 6,321
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