(As amended and restated September 9, 2009)
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ARTICLE I PURPOSES AND LIMITATIONS | 3 | |||
1.1 Purposes | 3 | |||
1.2 Limitation on Reversionary Right | 3 | |||
1.3 Limitation on Employee Rights | 3 | |||
ARTICLE II DEFINITION OF TERMS | 4 | |||
2.1 Actuarial Value or Equivalent | 4 | |||
2.2 Affiliate | 4 | |||
2.3 Annuity Commencement Date | 4 | |||
2.4 Armed Forces Services | 5 | |||
2.5 Board of Directors | 5 | |||
2.6 Code | 6 | |||
2.7 Committee | 6 | |||
2.8 Company | 6 | |||
2.9 Company Representative | 6 | |||
2.10 Credited Service | 6 | |||
2.11 Defined Benefit Plan | 8 | |||
2.12 Defined Contribution Plan | 8 | |||
2.13 Domestic Partner | 8 | |||
2.14 Effective Date | 8 | |||
2.15 Employee | 8 | |||
2.16 Employer | 10 | |||
2.17 ERISA | 10 | |||
2.18 Final Average Earnings | 10 | |||
2.19 Highly Compensated Employee | 14 | |||
2.20 Hours of Service | 15 | |||
2.21 Leave of Absence | 17 | |||
2.22 Participant | 18 | |||
2.23 Participating Units | 18 | |||
2.24 Plan Year | 20 | |||
2.25 Termination of Employment | 20 | |||
2.26 Trustee | 20 | |||
2.27 Year of Vesting Credit Service | 20 | |||
ARTICLE III ELIGIBILITY | 22 | |||
ARTICLE IV RETIREMENT DATE | 23 | |||
4.1 Normal Retirement Date | 23 | |||
4.2 Early Retirement Date | 23 | |||
4.3 Deferred Retirement Date | 24 | |||
4.4 Effect of Reemployment upon Payment and Amount of Benefits: | ||||
Additional Rule for Deferred Retirement | 25 | |||
4.5 Retirement Window | 26 |
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ARTICLE V TRANSFER OF EMPLOYEES | 28 | |||
ARTICLE VI AMOUNT OF RETIREMENT INCOME | 29 | |||
6.1 Amount of Retirement Benefit | 29 | |||
6.2 Payment of Benefit | 31 | |||
6.3 Statutory Limitations | 31 | |||
6.4 Participation in Defined Contribution Plan | 40 | |||
6.5 Other Definitions | 43 | |||
6.6 Limitation on Accruals on Funding Shortfall | 44 | |||
6.7 Restrictions on Amendments to Increase Benefits | 45 | |||
ARTICLE VII PAYMENT OF RETIREMENT BENEFITS | 46 | |||
7.1 Commencement of Payment | 46 | |||
7.2 Absent Participant | 47 | |||
7.3 Code Section 436 Compliance | 47 | |||
ARTICLE VIII FORM OF RETIREMENT BENEFITS | 50 | |||
8.1 Forms of Payment | 50 | |||
8.2 Other Rules | 53 | |||
8.3 Preretirement Spousal Death Benefit | 54 | |||
8.4 Small Lump Sum Benefit | 55 | |||
8.5 Election for Small Benefit Distributions | 57 | |||
8.6 Sylvan Ginsbury Lump Sum or Term Certain Annuity Benefit | 58 | |||
ARTICLE IX TERMINATION OF SERVICE | 60 | |||
9.1 Vesting Requirement | 60 | |||
9.2 Accrued Benefit | 61 | |||
9.3 Reemployment After Distribution | 61 | |||
9.4 Repayment Privilege | 62 | |||
9.5 Direct Rollover Option | 62 | |||
ARTICLE X COMPANY CONTRIBUTIONS | 65 | |||
10.1 Conditions on Contributions | 65 | |||
10.2 Uses of Forfeitures | 66 | |||
10.3 Limitations on Obligation to Contribute | 66 | |||
ARTICLE XI COMMITTEE | 67 | |||
11.1 Committee | 67 | |||
11.2 Named Fiduciary | 67 | |||
11.3 Powers and Discretion of the Named Fiduciary | 68 | |||
11.4 Advisers | 70 | |||
11.5 Service in Multiple Capacities | 71 | |||
11.6 Limitation of Liability; Indemnity | 71 | |||
11.7 Reliance on Information | 72 |
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11.8 Subcommittees Counsel and Agents | 72 | |||
11.9 Funding Policy | 73 | |||
11.10 Proper Proof | 73 | |||
11.11 Genuineness of Documents | 73 | |||
11.12 Records and Reports | 73 | |||
11.13 Recovery of Overpayments | 73 | |||
11.14 Professional Assistance | 74 | |||
11.15 Spousal Claims | 74 | |||
11.16 Claims | 74 | |||
ARTICLE XII FUNDING | 76 | |||
12.1 Funding Agent | 76 | |||
12.2 Procedure for Payment of Benefits | 76 | |||
12.3 Status of Funding Agent | 76 | |||
12.4 The Trust Agreement | 77 | |||
ARTICLE XIII AMENDMENTS TO PLAN | 78 | |||
ARTICLE XIV [RESERVED] | 79 | |||
ARTICLE XV TERMINATION OF THE PLAN | 80 | |||
15.1 Right to Terminate - Procedure | 80 | |||
15.2 Method of Settlement | 85 | |||
15.3 Merger | 85 | |||
ARTICLE XVI Leased Employees | 86 | |||
16.1 Definitions | 86 | |||
16.2 Treatment of Leased Employees | 86 | |||
16.3 Exception for Employees Covered by Plans of Leasing Organization | 87 | |||
16.4 Construction | 87 | |||
ARTICLE XVII MISCELLANEOUS | 88 | |||
17.1 Antialienation | 88 | |||
17.2 Applicable Law | 88 | |||
17.3 Look Back Year | 88 | |||
ARTICLE XVIII [RESERVED] | 90 | |||
ARTICLE XIX TOP-HEAVY PROVISIONS | 91 | |||
19.1 Rules Prior to 2002 | 91 | |||
19.2 Modification of Top-Heavy Rules | 94 | |||
ARTICLE XX SPECIAL PROVISIONS APPLICABLE TO MEMEC LLC AND ITS SUBSIDIARIES | 97 |
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20.1 Special Definitions | 97 | |||
20.2 “Memec Employees” | 97 | |||
20.3 Memec Employees No Longer Active Participants Under the Plan | 97 | |||
ARTICLE XXI Benefit Freeze | 98 | |||
ARTICLE XXII Applicable Mortality Table on and After December 31, 2002 | 99 |
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First Day of | Most Recent Ten-Year Period | ||||
Employment | of Service Commences | Terminates | |||
Before | Later of: | Calendar Year | |||
February, 1989 | (a) Plan Year commencing in ninth calendar year prior to calendar year of termination of employment or | of termination of employment | |||
(b) Plan Year in which first day of employment occurred | |||||
February, 1989 | Later of: | Calendar Year | |||
or later | (a) Calendar Year commencing in ninth calendar year prior to calendar year of termination of employment, or | of termination of employment | |||
(b) Calendar Year in which first day of employment occurred |
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Compensation | ||
Years | Limit | |
1994-1996 | $150,000 | |
1997-1999 | $160,000 | |
2000 and 2001 | $170,000 | |
(if required under top heavy rules) |
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Age Attained On or | Applicable | |
Before January 1, 1996 | Percentage | |
50 | 40.67% | |
51 | 41.33% | |
52 | 42.00% | |
53 | 42.67% | |
54 | 43.33% | |
55 | 44.00% | |
56 | 44.67% | |
57 | 45.33% | |
58 | 46.00% | |
59 | 46.67% | |
60 | 47.33% | |
61 | 48.00% | |
62 | 48.67% | |
63 | 49.33% | |
64 | 50.00% |
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Years of | Vested | |
Vesting Credit Service | Percentage | |
1 | 0% | |
2 | 20% | |
3 | 40% | |
4 | 60% | |
5 | 80% | |
6 | 100% |
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ATTEST: | ARROW ELECTRONICS, INC. | ||||
/s/ Peter S. Brown | By: | /s/ Paul J. Reilly | |||
Secretary | Senior Vice President |
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Spouse’s Age Compared | Joint and Survivor Factors | |||||||||||||||
to Employee’s Age | 100% | 75% | 66-2/3% | 50% | ||||||||||||
10 years younger or more | ---------------------see above--------------------- | |||||||||||||||
9 years younger | .760 | .820 | .840 | .880 | ||||||||||||
8 years younger | .770 | .828 | .847 | .885 | ||||||||||||
7 years younger | .780 | .835 | .853 | .890 | ||||||||||||
6 years younger | .790 | .843 | .860 | .895 | ||||||||||||
5 years younger to 5 years older | .800 | .850 | .867 | .900 | ||||||||||||
6 years older | .810 | .858 | .873 | .905 | ||||||||||||
7 years older | .820 | .865 | .880 | .910 | ||||||||||||
8 years older | .830 | .873 | .887 | .915 | ||||||||||||
9 years older | .840 | .880 | .893 | .920 | ||||||||||||
10 years older or more | ---------------------see above--------------------- |
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Age Nearest | ||
Birthday | Factor | |
(Apply to 12 times the monthly benefit) | ||
Under 35 | 1.0 | |
35 - 39 | 1.5 | |
40 - 44 | 2.0 | |
45 - 49 | 2.5 | |
50 - 54 | 3.5 | |
55 - 59 | 5.0 | |
60 and over | 8.0 |
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Mortality, pre-retirement - | none | ||||
Mortality, post-retirement - | 1971 Individual Annuity Mortality Table for Males | ||||
Interest, pre-retirement - | 6 % | ||||
Interest, post-retirement - | 5% (6% effective March 31, 1994) |
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