EXHIBIT 10i(i)
Description of Amendments to Bell Atlantic Deferred Compensation Plan (renamed
the Bell Atlantic Senior Management Income Deferral Plan)
On November 25, 1997, the Human Resources Committee ("HRC") of the Board of
Directors of the Company approved amendments, effective as of January 1, 1998,
to the Bell Atlantic Deferred Compensation Plan, which is renamed the Bell
Atlantic Senior Management Income Deferral Plan ("Plan"). Pursuant to the action
of the HRC, the Plan shall apply to the top 200-300 "Senior Managers" of the
Company and its subsidiaries as follows:
A. Voluntary Deferral Portion of the Plan
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The terms and conditions of the Plan, which pertain to voluntary deferrals of
Senior Management compensation and Company-matching contributions on applicable
portions of such voluntary deferrals, shall, on and after January 1, 1998, be
administered as a voluntary deferral program under the Plan.
B. Company Contribution Program of the Plan
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The Plan shall include, in addition to the voluntary deferral program, a defined
contribution, individual account program consisting of Company contributions and
earnings on such accounts (the "Company Contribution Program").
1. On and after January 1, 1998, each Senior Manager in active service shall
participate in the Company Contribution Program in lieu of: (a) the
Executive Retirement Account ("ERA") adopted by NYNEX Corporation in 1995,
(b) any other nonqualified defined benefit pension plan formerly maintained
for NYNEX senior managers or executives (including without limitation the
NYNEX Mid-Career Pension Plan, or "MCPP"); (c) the Bell Atlantic Senior
Management Retirement Income Plan ("RIP"), (d) the Bell Atlantic Executive
Management Retirement Income Plan ("ERIP"), or (e) any other nonqualified
supplemental retirement plan maintained for employees who are not Senior
Managers.
2. A Senior Manager's account balance as of December 31, 1997 under the ERA
shall be transferred as of January 1, 1998 to the Company Contribution
Program, and the schedule of transition benefits applicable to any such
Senior Manager under the ERA shall be retained and administered under the
Company Contribution Program.
3. A Senior Manager's accrued benefit (if any) as of December 31, 1997 under
the MCPP, RIP, or ERIP, shall be expressed as a present value and shall be
converted to an opening account balance under the Company Contribution
Program, in accordance with a set of transition rules and schedules which
shall be designed in a manner similar to the 1995 transition rules for the
ERA plan, which shall ensure that there shall be no reduction in any benefit
accrued by a participant through December 31, 1997 under MCPP, RIP or ERIP,
and which shall take into account certain aspects of the assumed projected
future growth of the MCPP, RIP or ERIP benefit (whichever is applicable).
4. Employer contributions to the Company Contribution Program shall be a
percentage of a Senior Manager's "Covered Compensation", which shall mean
the sum of the gross amounts of (a) the Senior Manager's annual award under
the Short Term Incentive Plan, and (b) the amount by which the Senior
Manager's base salary exceeds the limit on compensation that can be taken
into account under a qualified retirement plan pursuant to Internal Revenue
Code Section 401(a)(17), as that limit may be adjusted from time to time.
5. The Company Contribution Program shall provide for employer contributions to
a participating Senior Manager's account, commencing as of the later of
January 1, 1998 or the date an executive is designated a Senior Manager, and
shall continue during active service as a Senior Manager, as follows: (a)
for the first 20 years, at an annual rate equal to 32% of Covered
Compensation, and (b) for each additional year thereafter, at an annual rate
equal to 7% of Covered Compensation.
6. A Senior Manager's account balance under the Company Contribution Program
shall be invested in any one or more of the investment vehicles which are
available under the voluntary deferral portion of the Plan (except the
Tandem Investment Account), and such investment vehicles shall mirror (and
shall duplicate the
investment performance of) the funds which are available to participants
under the qualified Savings Plans maintained by the Company.
7. Accrued benefits under the Company Contribution Program shall be fully
vested at all times; provided, however, that the Company shall retain the
discretion to cause a forfeiture of some or all of a participant's benefit
under the Company Contribution Program if the Company determines that the
participant has violated the non-compete rules of the Plan or has engaged in
serious misconduct contrary to written policies and harmful to the Company
or its affiliated companies or their reputation; provided, further, that, to
facilitate retention of key executives, the Chairman shall have the
discretion to cause a forfeiture of any transition benefit (as described in
paragraphs 3 and 4 above) that would otherwise be credited to an account
upon an executive's separation from service if the Chairman determines that
the executive's departure at that time is seriously detrimental to the
interests of the Company.
8. A participant's account balance under the Company Contribution Program shall
be distributed at a time, and in a manner, as determined under terms and
conditions which mirror the terms of the voluntary deferral program;
provided, however, that a distribution of a participant's balance under the
Company Contribution Program may not commence prior to his or her separation
from service.
9. In the event of death, the account balance under the Company Contribution
Plan shall be distributable in one or more installments to the designated
benficiary(ies) of the participant, or if none is designated, to the
deceased's estate.
10. For each participant who is a Senior Manager at the time of separating from
service, the Company Contribution Program under the Plan shall provide for a
benefit equal to the amount by which the participant's benefit under the
tax-qualified pension or cash balance plan in which he or she participates,
is reduced by application of the limitations of Section 415 of the Internal
Revenue Code.
11. The Plan shall be a plan participating in the Bell Atlantic Rabbi Trust.