EXHIBIT 10.1
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Amendments to the
Alleghany Corporation Retirement Plan
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The Alleghany Corporation Retirement Plan
(hereinafter referred to as the "Plan"), is amended effective
January 1, 1996, as follows:
1. Article I of the Plan is amended by deleting
from Section 1.02 ", Late or Disability" and inserting in
its place "or Late".
2. Article I of the Plan is amended by the
addition of a new paragraph to the end of Section 1.09, to
read in its entirety as follows:
An Employee who becomes Totally Disabled
shall be considered as earning Compensation for the
period he is Totally Disabled equal to his annual
rate of base salary on the date he first became
Totally Disabled. Such rate of base salary shall
be adjusted on the first day of each Plan Year
thereafter on which the Participant remains Totally
Disabled to take into account the percentage
increase, if any, in the CPIU over the applicable
period. The "CPIU" means the U.S. City Average All
Items Consumer Price Index for all Urban Consumers,
published by the U.S. Department of Labor, Bureau
of Labor Statistics, or any successor index
designated by the Department of Labor.
3. Article I of the Plan is amended by deleting
Section 1.11 in its entirety and by renumbering Sections 1.12
through 1.34 to reflect the deletion of Section 1.11.
4. Article I of the Plan is amended by the
addition of a new sentence to the end of Section 1.13
(formally Section 1.14 prior to the amendment described in
Number 3 above), to read in its entirety as follows:
An Employee who becomes Totally Disabled shall not
be considered to have terminated employment with
the Company for the period he is Totally Disabled.
5. Article I of the Plan is amended by the
addition of a new paragraph (c) to the end of Section 1.20,
to read in its entirety as follows:
(c) An Employee who becomes Totally
Disabled shall be credited with Hours of Service
for the period during which he is Totally Disabled,
without regard to the maximum number of hours
requirement set forth under the Department of Labor
Regulations codified at 29 C.F.R. Section
2530.200b-2(a)(2)(i).
6. Article I of the Plan is amended by revising
Section 1.34, to read in its entirety as follows:
1.34 "Totally Disabled" means a physical
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and/or mental incapacity of such condition that it
qualifies an individual (after the waiting period
required thereunder) for benefits under the
Alleghany Corporation Group Long-Term Disability
Plan, as in effect from time to time.
7. Article V of the Plan is amended by deleting
Sections 5.04 and 5.05 in their entirety and by renumbering
Sections 5.06 through 5.08 to reflect the deletion of
Sections 5.04 and 5.05.
8. Article V of the Plan is amended by deleting
from Section 5.04 (formally Section 5.06 prior to the
amendment described in Number 7 above) ", Late or Disability"
and inserting in its place "or Late".
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9. Article VI of the Plan is amended by deleting
"5.06" from every Section in which it appears and by
inserting in its place "5.04".
10. Article VI of the Plan is amended by deleting
from Section 6.12 ", Disability".
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