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Revised as of |
CONECTIV |
The principal objective of this Supplemental Executive Retirement Plan is to ensure the payment of a competitive level of Retirement income in order to attract, retain and motivate selected executives. The Plan is designed to provide a benefit which, when added to other Retirement income of the executive, will meet the objective described above. Eligibility for participation in the plan shall be limited to executives who are classified as directors or above, who are participants in the Conectiv Deferred Income Plan, and other managers or executive who are selected by the Chief Executive Officer and approved by the Personnel and Compensation Committee of the Board of Directors. In order to be eligible for benefits under this Plan on account of Service prior to employment by an Employer, an executive must be (or have been) recruited into the position (or for the position) as determined by the Committee. This Plan is a successor to the Delmarva Power & Light Company Supplemental Executive Retirement Plan, the Atlantic City Electric Company Supplemental Executive Retirement Plan, Supplemental Executive Retirement Plan - II, and Excess Benefit Retirement Income Program. This Plan is effective January 1, 1999, and is effective as to each Participant on the date he or she is designated as such hereunder. |
SECTION I |
1.1. "Actuarial Equivalent" or "Actuarial Equivalence" shall mean the method and amount by which a single life annuity benefit is converted to any other form of benefit, or by which a single sum benefit is converted to any form of annuity benefit, and shall be determined by using the appropriate factors and methods as set forth in the Basic Plan as of the date of determination. |
1.8. "Code" means the Internal Revenue Code of 1986, as amended. |
1.11. "Disabled" means a mental or physical condition which qualifies a Participant for benefits under the Employer's long-term disability plan. |
1.15. "ERISA" means the Employee Retirement Income Security Act of 1974, as amended. |
1.21. "SERP Payable Cash Balance" means the lump sum benefit payable from the Plan as defined in Section III, Sub-section 3.1, and may include an Initial SERP Payable Cash Balance credited pursuant to Section 1.22. |
SECTION II |
2.1. A Participant will be eligible for benefits under the Plan if |
2.2. Each Participant is eligible to retire and receive a benefit under this Plan beginning on one of the following dates: |
2.3. A Participant who has a SERP Payable Cash Balance and who Terminates employment before an applicable Retirement Date may receive a lump sum or annuity benefit pursuant to Section III if and only if the benefit is vested pursuant to Section VI, provided that a lump sum payable hereunder shall be paid no earlier than twelve months after such Termination if the Participant is restricted by the terms of Section 2.4. |
SECTION III |
3.1. Cash Balance Benefit. As of any determination date, the Participant shall be credited with a SERP Payable Cash Balance equal to the Payable Cash Balance that would have been payable under the Basic Plan as if the following assumptions were correct, reduced by the Participant's Payable Cash Balance actually payable under the Basic Plan as of such determination date: |
3.2. Minimum Benefit. |
SECTION IV |
4.1. Participants benefits will vest upon Retirement or in accordance with Section VIII, Subsection 8.7. No benefits are payable under the Plan if a Participant's employment is Terminated voluntarily or involuntarily for any reason prior to completion of five (5) years of Service with an Employer (excluding any prior Service credited pursuant to Section 1.22), except as specifically voted by the Committee in its sole discretion. |
SECTION V |
5.1. If a Participant should die after completion of five (5) years of Service and before Retirement, the Surviving Spouse will receive a benefit in the form of an annuity equal to 50% of the amount of Participant's benefit determined in accordance with Section III as if the Participant had retired and commenced receiving a benefit on the first of the month following the date of his or her death. This survivor annuity will not be reduced on account of the age of the Participant or of the Surviving Spouse. Notwithstanding the foregoing, in no event shall the Surviving Spouse benefit be less than the Actuarial Equivalent of the SERP Payable Cash Balance. |
(a) Conditions to Payment of Special Temporary Death Benefit. In order for a Participant's Surviving Spouse to receive the Special Temporary Death Benefit set forth in sub-paragraph (b), each of the following conditions must be satisfied: |
SECTION VI |
6.1. A Participant shall be entitled to retire on his or her Disability Retirement Date. |
SECTION VII |
7.1. The Committee, as plan administrator, shall have full power and authority to interpret the Plan, to prescribe, amend, and rescind any rules, forms, procedures, and regulations as it deems necessary or appropriate for the proper administration of the Plan, and to make any other determinations and to take any other such actions as it deems necessary or advisable in carrying out its duties under the Plan. All action taken by the Committee arising out of, or in connection with, the administration of the Plan or any rules adopted thereunder, shall, in each case, lie within its sole discretion, and shall be final, conclusive and binding upon the Employer, all Employees, and all Beneficiaries of Employees and all persons and entities having an interest therein. The Committee may, however, delegate to any person or entity any of its powers or duties un der the Plan. To the extent of such delegation, the delegate shall become invested with the same discretionary authority as the Committee. Any decisions, actions or interpretations to be made under the Plan by the Committee, an Employer, or a delegate of any of them shall be made in their respective sole discretion, not as a fiduciary, and need not be uniformly applied to similarly situated individuals. |
7.3. Claims Procedure. |
SECTION VIII |
8.1. Amendment and Termination of Plan. The Committee may, in its sole discretion, terminate, suspend or amend this Plan at any time or from time to time, in whole or in part. However, no amendment or suspension of the Plan will affect a retired Participant's right or the right of a Surviving Spouse to continue to receive a benefit in accordance with this Plan as in effect on the date such Participant commenced to receive a benefit under this Plan. |
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10-K Filing
Conectiv (CIV) Inactive 10-K2002 FY Annual report
Filed: 23 Apr 03, 12:00am