Exhibit 10.31
Willis Towers Watson
Non-Qualified Stable Value Excess Plan for U.S. Employees
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For Plan Years prior to January 1, 2024, Eligible Compensation means, in general, the amount of an Eligible Employee’s Base Salary plus Bonus Compensation that exceeds the limit under Code Section 401(a)(17) for the applicable Plan Year, provided that the following shall apply:
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There will be a 5% compound reduction to the Non-Contributory Stable Value Benefit for each year by which the Quarterly Determination Date precedes the date that the Non-Contributory Eligible Employee shall attain age 65, as shown in the table in Appendix A for whole ages at the Quarterly Determination Date. The reduction factor for non-whole ages at the Quarterly Determination Date shall be determined based on an interpolation of the factors for the two nearest whole ages. The Non-Contributory Stable Value Benefit will be unreduced if the Quarterly Determination Date is on or after the date that the Non-Contributory Eligible Employee attains age 65.
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There will be a 5% compound reduction to the Contributory Stable Value Benefit for each year by which the Quarterly Determination Date precedes the date that the Contributory Participant shall attain age 65, as shown in the table in Appendix A for whole ages at the Quarterly Determination Date. The reduction factor for non-whole ages at the Quarterly Determination Date shall be determined based on an interpolation of the factors for the two nearest whole ages. The Contributory Stable Value Benefit will be unreduced if the Quarterly Determination Date is on or after the date that the Contributory Participant attains age 65.
(B) Except with respect to a New Contributory Participant during a Stub Year, effective January 1, 2024, the Contributory Stable Value Benefit for each Contributory Participant who has a Participation Election in effect shall be determined, and shall be equal to the amount set forth below:
There will be a 5% compound reduction to the Contributory Stable Value Benefit for each year by which the Quarterly Determination Date precedes the date that the Contributory Participant shall attain age 65, as shown in the table in Appendix A for whole ages at the Quarterly Determination Date. The reduction factor for non-whole ages at the Quarterly Determination Date shall be determined based on an interpolation of the factors for the two nearest whole ages. The Contributory Stable Value Benefit will be unreduced if the Quarterly Determination Date is on or after the date that the Contributory Participant attains age 65.
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IN WITNESS WHEREOF, Willis NA has adopted this plan as of the Effective Date written above.
WILLIS NA, Inc.
/s/ Lynn Bissinger
Lynn Bissinger, Director of Benefits -- North America
Date: October 30, 2023
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APPENDIX A
Willis Towers Watson Non-Qualified Stable Value Excess Plan
Table of Stable Value Benefit Reduction Factors
Age | Reduction Factor |
65 | 1.00000 |
64 | 0.95000 |
63 | 0.90250 |
62 | 0.85738 |
61 | 0.81451 |
60 | 0.77378 |
59 | 0.73509 |
58 | 0.69834 |
57 | 0.66342 |
56 | 0.63025 |
55 | 0.59874 |
54 | 0.56880 |
53 | 0.54036 |
52 | 0.51334 |
51 | 0.48767 |
50 | 0.46329 |
49 | 0.44013 |
48 | 0.41812 |
47 | 0.39721 |
46 | 0.37735 |
45 | 0.35849 |
44 | 0.34056 |
43 | 0.32353 |
42 | 0.30736 |
41 | 0.29199 |
40 | 0.27739 |
39 | 0.26352 |
38 | 0.25034 |
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37 | 0.23783 |
36 | 0.22594 |
35 | 0.21464 |
34 | 0.20391 |
33 | 0.19371 |
32 | 0.18403 |
31 | 0.17482 |
30 | 0.16608 |
29 | 0.15778 |
28 | 0.14989 |
27 | 0.14240 |
26 | 0.13528 |
25 | 0.12851 |
24 | 0.12209 |
23 | 0.11598 |
22 | 0.11018 |
21 | 0.10467 |
20 | 0.09944 |
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