Exhibit 10g
Excerpt from
Bell Atlantic Cash Balance Plan
Effective 12/31/95
6. Limitations On Contributions And Benefits
6.1 Conditional Contributions.
To the extent permitted under ERISA and the Code, all contributions to the Plan
are subject to the following conditions:
6.1.1 Contributions Conditioned on Deductibility.
All contributions made to the Plan by each Participating Employer shall be
conditioned upon the deductibility of such contributions under the Code. To
the extent that any such deduction is disallowed by the Internal Revenue
Service, each Participating Employer, upon the approval of the Treasurer of
Bell Atlantic, shall have the right to demand and receive from the Trustee
the related contribution to the extent disallowed within one year after the
disallowance of said deduction.
6.1.2 Mistaken Contributions.
If a Participating Employer makes a contribution, or any part thereof, by
mistake of fact, such contribution or part thereof shall be returned to the
Participating Employer within one year after such contribution is made.
6.2 Special Limitation on Benefits for Higher-Paid Employees.
6.2.1 Nondiscrimination upon Plan Termination.
In the event of Plan termination, the benefit payable to any highly
compensated employee or any highly compensated former employee (as defined
in Section 414(q) of the Code and regulations thereunder) shall be limited
to a benefit that is nondiscriminatory under Section 401(a)(4) of the Code.
If payment of benefits is restricted in accordance with this paragraph,
assets in excess of the amount required to provide such restricted benefits
shall become a part of the assets available under Section 10.4 for
allocation among Participants and their beneficiaries whose benefits are
not restricted under this paragraph.
6.2.2 Restrictions on Highly Compensated Participants.
The restrictions of this paragraph shall apply prior to termination of the
Plan to any Participant who is a highly compensated employee or a highly
compensated former employee and who is one of the 25 highest paid employees
or former employees of all Participating Employers and all Bell Atlantic
Affiliates for any Plan Year. The annual payments to or on behalf of any
such Participant shall be limited to an amount equal to the sum of: (1) the
payment that would have been made to the Participant under a single life
annuity that is the Actuarial Equivalent of the sum of the Participant's
Accrued Benefit and any other benefits under the Plan (other than a social
security supplement), plus (2) the payment that the Participant is entitled
to receive under any applicable social security supplement.
6.2.3 Exception to Restrictions on Highly Compensated Participants.
The restrictions in Section 6.2.2 shall not apply:
(a) if, after the payment of benefits to or on behalf of such Participant,
the value of the Plan assets equals or exceeds 110% of the value of the
current liabilities (within the meaning of Section 412(l)(7) of the
Code);
(b) if the value of the benefits payable to or on behalf of the Participant
is less than 1% of the value of
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current liabilities before distribution;
(c) if the value of the benefits payable to or on behalf of the Participant
does not exceed $3,500; or
(d) such Participant has entered into an agreement with the Plan
Administrator as described in Section 6.2.4.
6.2.4 Further Exception from Restrictions on a Highly Compensated
Participant.
Notwithstanding Section 6.2.2, a Participant described in that Section (a
"restricted Participant") may receive one or more distributions without
regard to the restrictions described in that Section, provided that the
following requirements are met:
(a) The "restricted amount" (which may be required to be repaid to the
Plan) is the excess of the accumulated amount of distributions made to
the restricted Participant over the accumulated amount of the
Participant's nonrestricted limit. The Participant's "nonrestricted
limit" is equal to the payments that could have been distributed to the
Participant pursuant to subsection (b). An "accumulated amount" is the
amount of a payment increased by a reasonable amount of interest from
the date the payment was made (or would have been made) until the date
for the determination of the restricted amount.
(b) Prior to receipt of a distribution from the Plan, the restricted
Participant shall deposit in escrow with a depository acceptable to the
Plan Administrator property having a fair market value equal to at
least 125% of the restricted amount. Alternatively, the Participant may
either: (i) post a bond from an insurance company, bonding company or
other surety approved by the U.S. Treasury Department as an acceptable
surety for federal bonds, or (ii) obtain a bank letter of credit in an
amount equal to at least 100% of the restricted amount.
(c) Amounts in the escrow account in excess of 125% of the restricted
amount may be withdrawn on behalf of the Participant. If the market
value of the property in the escrow account falls below 110% of the
restricted amount, the Participant shall deposit additional property to
bring the value of the property up to 125% of the restricted amount.
The Participant may receive any income from the property placed in
escrow, provided that the 125% minimum is maintained. Similar rules
shall apply to the release of any liability in excess of 100% of the
restricted amount where the repayment obligation has been secured by a
bond or a letter of credit.
(d) A depository may not redeliver to a Participant any property held under
the agreement, other than amounts in excess of 125% of the restricted
amount and a surety or bank may not release any liability on a bond or
letter of credit unless the Plan Administrator certifies that the
restricted Participant (or the Participant's estate) is no longer
obligated to repay any amount under the agreement. The Plan
Administrator shall make such certification at any time after the
distribution commences if either: (i) the conditions of paragraphs
"(a)" to "(c)" above are met; or (ii) the Plan is terminated and the
requirement of subsection "(a)" is met; or (iii) the Participant is no
longer a restricted Participant. Such certification shall terminate the
agreement between the Participant and the Plan Administrator.
6.3 Code Section 415 Limits on Benefits.
6.3.1 Code Section 415 Single Plan Limits.
A Participant's benefit under this Plan shall not be payable to the extent
it exceeds the amount set forth in Section 415 of the Code, the limitations
of which are hereby incorporated by reference into the Plan.
6.3.2 Section 415 Combined Plans Limits.
If in any Limitation Year, a Participant is a participant in one or more
defined contribution plans sponsored by a Participating Employer or a Bell
Atlantic Affiliate, the annual benefit under this Plan shall be reduced to
the extent necessary to meet the combined plan limits of Section 415(e) of
the Code.
6.3.3 Application of Section 415 to Surviving Spouses.
If a Participant's benefit is limited by the limitations set forth in Code
Section 415, the benefit payable to
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the Participant's Surviving Spouse under Section 5.2.2(b) or 5.6 shall be
determined on the basis of the Participant's benefit calculated under
Section 4 without regard to the Section 415 limitations, and such
limitations shall be applied instead to the resulting benefit payable to
the Surviving Spouse.
6.3.4 Annual Adjustments.
The limitation of Section 415(b)(1)(A) of the Code will be automatically
adjusted for each Terminated Participant or Former Active Participant by
multiplying such limit by the cost of living adjustment factor prescribed
by the Secretary of the Treasury under Section 415(d) of the Code in such
manner as the Secretary shall prescribe. The limitation of Section
415(b)(1)(B) of the Code shall be automatically adjusted for Terminated
Participants to reflect the cost of living adjustment factor prescribed by
the Secretary of the Treasury under Section 415(d) of the Code in such
manner as the Secretary shall prescribe. The new limitation will apply to
Limitation Years ending within the calendar year of the date of the
adjustment. The pension paid to any Terminated Participant shall be
automatically adjusted to reflect the maximum amount allowable under
Section 415 of the Code for such Limitation Year. Notwithstanding the
above, the adjustment described in this paragraph shall not be made for a
Participant who has received a lump sum benefit payment from either the
Bell Atlantic Executive Management Retirement Income Plan, the Bell
Atlantic Senior Management Retirement Income Plan, or the Bell Atlantic
ERISA Excess Pension Plan to the extent that such adjustment would provide
benefits for which the Participant has previously been compensated by
virtue of the lump sum payment.
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