(1) | Calculation. The amount of money to be transferred to the new Affiliated Employer by the prior Affiliated Employer as payment for the transferred liability shall be the Participant’s accumulated benefit obligation under Accounting Standards Codification Section 715 as of December 31 of the year during which he transfers employment, using data, assumptions, methods, and Plan provisions as of the applicable ASC 715 measurement date. |
(2) | Transfer of SERP Benefit Liability. The SERP Benefit liability for such Participant will be transferred from the prior Affiliated |
(3) | Payment. Payment of the amount described in paragraph (a)(2) will be made by the Affiliated Employer at which the Participant was employed immediately prior to his date of transfer to the Affiliated Employer to which the Participant’s employment is transferred as soon as administratively feasible following completion of the calculation described in paragraph (a)(2). A transferring Affiliated Employer’s share of a Participant’s SERP Benefit liability will be adjusted with interest from the date liability for the Participant’s SERP Benefit is transferred to his new Affiliated Employer to the date his SERP Benefit liability is settled with such new Affiliated Employer. For purposes of this paragraph (a)(3), the interest rate shall be the 30-year Treasury yield as published by the Department of Treasury for purposes of compliance with Code Section 417(e) determined for September of the calendar year preceding the year in which the transfer of SERP Benefit liability occurs. |
(1) | Calculation. Each Affiliated Employer’s share of the SERP Benefit liability for a Participant who transferred employment or Separated from Service prior to January 1, 2019, shall be calculated by multiplying (A) the accumulated benefit obligation of the Participant under Accounting Standards Codification Section 715 as of December 31, 2018, by (B) a fraction where the numerator of such fraction is the Participant’s base rate of pay, as defined by the Administrative Committee, received by the Participant at the respective Affiliated Employer as of his date of his Separation from Service or transfer of employment, as applicable, multiplied by the Accredited Service earned by the Participant at the respective Affiliated Employer and where the denominator of such fraction is the sum of all numerators calculated for each respective Affiliated Employer by which the Participant has been employed. |
(2) | Settlement of SERP Benefit Liability. The SERP Benefit liability for such transferred Participant will be settled by any affected Affiliated Employers in December 2019, or as soon as |
(3) | Payment. Such SERP Benefit liability will be paid by the Participant’s prior Affiliated Employer(s) to either his current Affiliated Employer or his Affiliated Employer as of the date of his Separation from Service, as applicable. An Affiliated Employer’s share of a Participant’s SERP Benefit liability will be adjusted with interest from December 31, 2018 to the date such liability is settled with the Participant’s current Affiliated Employer or the Affiliated Employer as of the date of his Separation from Service, as applicable. For purposes of this paragraph (b)(3), the interest rate shall be the 30-year Treasury yield as published by the Department of Treasury for purposes of compliance with Code Section 417(e) determined for September of the calendar year preceding the year in which the transfer of SERP Benefit liability occurs. |
BENEFITS ADMINISTRATION COMMITTEE | |||
By: | /s/James M. Garvie | ||
Name: | James M. Garvie | ||
Its: | Chairperson |