Exhibit 10.5
FORTIS EXECUTIVE PENSION
AND 401(K) PLAN
AMENDED, RENAMED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2001
TABLE OF CONTENTS
ARTICLE 1 - INTRODUCTION............................................. 1
ARTICLE 2 - ELIGIBILITY AND PARTICIPATION............................ 1
ARTICLE 3 - PENSION BENEFITS......................................... 2
ARTICLE 4 - 401(k) BENEFITS.......................................... 3
ARTICLE 5 - VESTING.................................................. 4
ARTICLE 6 - DISTRIBUTION OF BENEFITS................................. 5
ARTICLE 7 - FUNDING OF PLAN.......................................... 6
ARTICLE 8 - ADMINISTRATION OF THE PLAN............................... 6
ARTICLE 9 - AMENDMENT AND TERMINATION................................ 7
ARTICLE 10 - MISCELLANEOUS........................................... 7
ARTICLE 11 - CLAIMS PROCEDURE........................................ 8
ARTICLE 12 - DEFINITIONS............................................. 10
ARTICLE 1
INTRODUCTION
Effective as of January 1, 1994, Fortis, Inc. established the Fortis, Inc.
Executive Retirement and Profit Sharing Plan. The purpose of the Plan is to help
the Company retain employees of outstanding ability and to enable eligible
employees to receive enhanced retirement benefits.
Effective as of January 1, 2001, Fortis, Inc. has amended, renamed and restated
the Plan in its entirety, as set forth in this document.
This document serves as both the Plan document and the Plan's summary plan
description. Certain important terms in this Plan are capitalized and have the
meanings set forth in Article 12, unless the context indicates otherwise. The
masculine gender, where appearing in the Plan, shall be deemed to include the
feminine gender, unless the context clearly indicates to the contrary.
ARTICLE 2
ELIGIBILITY AND PARTICIPATION
2.01 Pension Benefits. An Employee shall become a Participant in Article 3 of
this Plan (Pension Benefits) on the later of (i) the date the Employee
becomes a Participant in the Pension Plan; or (ii) the first day of the
Plan Year in which he has Executive Compensation in excess of the Code
Section 401(a)(17) limits. Notwithstanding the foregoing, if an Employee
was a Participant in the ABIG Plan as of December 31, 2000 and such
Employee did not elect to have his accrued benefit determined after
December 31, 2000, as a pension equity benefit under the Pension Plan,
then such Employee shall not participate in the Pension portion of this
Plan.
2.02 401(k) Benefits. An Employee shall become a Participant in Article 4 of
this Plan (401(k) Benefits) on the later of (i) the date the Employee
becomes eligible to receive the Employer Matching Contribution under the
401(k) Plan; or (ii) the first day of the Plan Year in which he has
Executive Compensation in excess of the Code Section 401(a)(17) limits.
Notwithstanding the foregoing, if an Employee was a Participant in the
ABIG Plan as of December 31, 2000 and such Employee did not elect to have
his accrued benefit determined after December 31, 2000 as a pension equity
benefit under the Pension Plan, then such Employee shall not participate
in the 401(k) portion of this Plan.
2.03 Character of Plan as a "Top Hat" Plan. Notwithstanding the foregoing, this
Plan is intended to be an unfunded plan maintained primarily for the
benefit of management and highly compensated employees, and the Committee
shall be authorized to terminate the future participation of any Employee
if it determines
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that continued participation by such Employee would jeopardize the Plan's
purpose.
ARTICLE 3
PENSION BENEFITS
3.01 General Description. A Participant's Pension Benefit will equal the
additional benefit that the Participant would have been entitled to
receive under the Pension Plan if the Pension Plan took into account a
Participant's Executive Compensation. The precise method for calculating a
Participant's Retirement Benefit under this Plan is described below.
3.02 Method for Calculating Retirement Benefits. A Participant's Pension
Benefit under this Plan will be the amount determined under (a) below,
minus the sum of the amounts under (b), (c), (d) and (e) below, as
applicable, where:
(a) equals the lump sum benefit the Participant would have been entitled
to receive under the Pension Plan as of the date the Pension Benefit
is payable under this Plan, if the Pension Plan took into account
his Executive Compensation, and disregarding the $15,000 limitation
on lump sum payments contained in the Pension Plan;
(b) equals the lump sum benefit that the Participant would be entitled
to receive under the Pension Plan as of the date the Pension Benefit
is payable under this Plan (regardless of when and in what form the
benefit under the Pension Plan is actually paid), disregarding the
$15,000 limitation on lump sum payments contained in the Pension
Plan;
(c) equals the lump sum value of any benefit that a Participant who was
formerly employed by Mutual Benefit Life Insurance Company ("MBL")
is entitled to receive under the terms of the Mutual Benefit Life
Defined Benefit Excess Benefit Plan (revised effective as of July 1,
1991) or any other excess benefit plan ever maintained by MBL, with
the lump sum offset to be the greater of (i) present value
determined using the same actuarial assumptions as those used to
calculate a lump sum payment under the Pension Plan or (ii) the lump
sum actually payable under the Mutual Benefit Life Defined Benefit
Excess Benefit Plan or any other excess benefit plan ever maintained
by MBL (as applicable);
(d) equals the lump sum value of any benefit that a Participant who was
formerly employed by John Alden Life Insurance Company (or any of
its subsidiaries or affiliates) ("Alden") is entitled to receive
under the terms of the John Alden Senior Executive Supplemental
Retirement Plan ("Alden SESRP"), or any other excess benefit plan
ever maintained by Alden; with
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the lump sum offset to be the greater of (i) present value
determined using the same actuarial assumptions as those used to
calculate a lump sum payment under the Pension Plan or (ii) the lump
sum actually payable under the Alden SESRP; and
(e) equals the lump sum value of any benefit that a Participant who was
formerly employed by American Bankers Insurance Group, Inc. (or any
of its subsidiaries or affiliates) ("ABIG") is entitled to receive
under the terms of the American Bankers Insurance Group, Inc.
Non-Qualified Supplemental Benefit Plan; provided, however, that a
person formerly employed by ABIG shall participate in Article 3
under this Plan only if such person elected to be covered under the
pension equity formula under the Pension Plan as of January 1, 2001.
ARTICLE 4
401(K) BENEFITS
4.01 Amount of Benefits. Each Plan Year, the Company will credit to the
Participant's Account Seven Percent (7%) of a Participant's Executive
Compensation that exceeds the Participant's Annual Compensation.
4.02 Eligibility to Receive 401(k) Benefits. In order to be eligible to be
credited with a 401(k) Benefit under this Plan, a Participant must be
actively employed by an Employer on the last regularly scheduled work day
of the Plan Year, or have terminated employment during such Plan Year on
account of Retirement, Disability, or death.
4.03 Timing of Benefit Credits. 401(k) Benefits earned under the Plan will be
credited to Participant Accounts at the same time as Employer Matching
Contributions are made under the 401(k) Plan each Plan Year.
4.04 Individual Accounts. The amount of any 401(k) Benefits to which a
Participant is entitled will be credited to an Account used for
bookkeeping purposes only. Any income or loss on those amounts will also
be credited to the Participant's Account.
4.05 Investment of Accounts. Amounts credited to a Participant's Account will
be invested in the Vanguard Prime Money Market Fund until such time as the
Participant requests that such amounts be re-allocated to such other
investment fund(s) as may be made available to Participants under the
401(k) Plan from time to time. Such amounts may be re-allocated by the
Participant thereafter among such investment funds at such times as
permitted by the Committee on a basis applied uniformly to all
Participants. The shares of such investment funds shall be legally owned
by the Company. Such investments shall merely indicate the rate of return
on the amounts credited to a Participant's Account, and shall not
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give the Participant an ownership interest, security interest, or
preferred claim on the Company's interest in such investments.
Participants' Accounts will be credited with the actual earnings, losses
and changes in fair market value experienced by the investment fund(s)
selected by the Participant.
ARTICLE 5
VESTING
5.01 Three-Year Vesting for Pension Equity Participants. A Pension Equity Plan
Participant will become 100% vested in his Pension Benefits when he (a)
completes three (3) years of vesting service under the Pension Plan, or
(b) terminates employment with an Employer on account of Retirement,
Disability or death. Any Pension Equity Plan Participant who terminates
employment for any reason other than Retirement, Disability or death
before earning three (3) years of vesting service under the Pension Plan
will not be entitled to receive any Pension Benefits under this Plan.
5.02 Five-Year Vesting for Fortis Prior Retirement Formula Participants. A
Fortis Prior Retirement Formula Participant will become 100% vested in his
Pension Benefits when he (a) completes five (5) years of vesting service
under the Pension Plan, or (b) terminates employment with an Employer on
account of Retirement, Disability or death. Any Fortis Prior Retirement
Formula Participant who terminates employment for any reason other than
Retirement, Disability or death before earning five (5) years of vesting
service under the Pension Plan will not be entitled to receive any Pension
Benefits under this Plan.
5.03 Three-Year Vesting for 401(k) Benefits. A Participant will become 100%
vested in his 401(k) Benefits when he (a) completes three (3) years of
vesting service under the 401(k) Plan, or (b) terminates employment with
an Employer on account of Retirement, Disability or death. Any Participant
who terminates employment for any reason other than Retirement, Disability
or death before earning three (3) years of vesting service under the
401(k) Plan will not be entitled to receive any 401(k) Benefits under this
Plan.
5.04 Forfeiture. Upon a Participant's termination of employment with an
Employer for any reason other than Retirement, Disability or death, the
Participant shall forfeit the non-vested portion of his Account, if any.
5.05 Transferees. A Participant who transfers from one Employer to another
Employer will not be deemed to have incurred a termination of employment
for purposes of this Plan.
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ARTICLE 6
DISTRIBUTION OF BENEFITS
6.01 Form of Payment. Subject to Section 6.06, a Participant will receive
benefits under the Plan in the form of a single lump sum payment.
6.02 Timing of Payment. Subject to Section 6.06, a Participant will receive
benefits under the Plan as soon as is administratively feasible after the
Participant terminates employment with an Employer for any reason.
Notwithstanding the foregoing, effective as of September 13, 2002, a
Participant who is also eligible to participate in the Fortis Investment
Plan may elect to have his benefits under this Plan used to purchase
options under the Fortis Investment Plan.
6.03 Payments in Event of Participant's Death. If a Participant terminates
employment with an Employer on account of his death, benefits under the
Plan will be paid to his Beneficiary.
6.04 Payment to Minors and Incapacitated Persons. If any amount is payable to a
minor or to any other person who is incapable of making a proper
disposition (in the Committee's judgment), the Plan will make a payment
for the benefit of the individual in one of the following ways, as
determined in Committee's sole discretion:
(a) by payment to the individual's legal representative;
(b) by payment directly to the individual; or
(c) by payment in discharge of bills incurred by or for the benefit of
the individual.
The Plan will make these payments as directed by the Committee without
requiring intervention on the part of any guardian or like fiduciary, and
without any obligation to monitor the use of the payment. Any payment made
under this Plan will completely discharge the Plan's obligation to the
Participant and his Beneficiaries.
6.05 Application for Benefits. The Committee may require a Participant or
Beneficiary to complete and file certain forms before he or she may
receive benefits under the Plan. The Committee may rely upon all
information the Participant provides, including the Participant's current
mailing address. Any person interested in receiving a distribution under
the Plan must keep the Committee informed of his current mailing address.
6.06 Change in Form or Timing of Benefit Payments. The Committee, in its sole
discretion, reserves the right to change the form of benefit payment
available
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under the Plan. Any change in the form of benefit payment will be
uniformly applied to all Participants. The Committee also reserves the
right to change the timing of benefit payments. Any change in the timing
of benefit payments will be uniformly applied to all Participants.
6.07 Reinstatement of Service for Re-hires. If a former Participant is re-hired
and again becomes a Participant in Article 3 of this Plan, then such
Participant's benefit accrual and vesting service earned prior to such
re-hire shall be reinstated only to the extent that such service is
reinstated under the Pension Plan. If reinstatement of benefit accrual
service occurs, then the Participant's benefit under Section 3.02 shall
also be reduced by the actuarial equivalent value of the benefit under
Article 3 of this Plan previously paid to such Participant, with actuarial
equivalence to be determined under the terms of the Pension Plan.
If a former Participant is re-hired and again becomes a Participant in
Article 4 of this Plan, then such Participant's vesting service earned
prior to such re-hire shall be reinstated only to the extent that such
service is reinstated under the 401(k) Plan. If such Participant forfeited
any benefits under Article 4 at the time of his prior termination of
employment, then the Committee shall be authorized to develop procedures
to address possible reinstatement of such forfeited benefits. Any such
procedure developed by the Committee shall not be subject to challenge,
but any such procedure should be practicable and should attempt to balance
the interests of the Company and the Participant.
ARTICLE 7
FUNDING OF PLAN
The Pension Benefits provided under this Plan will be paid from the Company's
general assets. 401(k) Benefits will be paid from a custodial account owned by
the Company. Amounts to be credited as 401(k) Benefits for each Participant will
be deposited annually to the custodial account. To the extent that any
Participant acquires the right to receive payments from the Plan, this right
will be no greater than that of any unsecured general creditor of the Company.
Participants and their Beneficiaries will not have any preference or security
interest in the assets of the Company other than as a general unsecured
creditor.
ARTICLE 8
ADMINISTRATION OF THE PLAN
The Committee will have complete control of the administration of the Plan with
all powers necessary to properly carry out the provisions of the Plan. In
addition to all implied powers and responsibilities necessary to carry out the
objectives of the Plan, the Committee will have the following specific powers
and responsibilities:
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(1) to construe the terms of the Plan and to determine all questions regarding
the administration, interpretation and operation of the Plan;
(2) to determine the amounts of any benefits payable under the Plan to a
Participant, Beneficiary or other person;
(3) to keep records of all acts and determinations of the Committee, and to
keep all such records, books of accounts, data and other documents as may
be necessary for the proper administration of the Plan;
(4) to prepare and distribute information concerning the Plan to all
Participants and Beneficiaries;
(5) to do all things necessary to operate and administer the Plan in
accordance with its provisions; and
(6) to delegate to one or more persons any of the duties described above and
these delegates may be employees of the Company.
ARTICLE 9
AMENDMENT AND TERMINATION
The Committee reserves the right to modify, alter, amend, or terminate the Plan,
at any time and from time to time, with or without notice, to any extent deemed
advisable; provided, however, that no amendment or termination of the Plan will
(without the written consent of the Participant, if living, and if not, of his
Beneficiary) adversely affect the amount of the benefit to which a Participant
or his Beneficiary is entitled under the terms of the Plan as of the date of the
amendment or termination.
ARTICLE 10
MISCELLANEOUS
10.01 Headings. The headings and sub-headings in this Plan have been inserted
for convenience only and should be ignored in construing its provisions.
10.02 Spendthrift Clause. None of the benefits, payments, proceeds or
distributions under this Plan may be subject to the claim or legal process
of a Participant's or Beneficiary's creditor(s); no Participant or
Beneficiary (or their creditors) will have any right to alienate, commute,
anticipate or assign any of the benefits, payments, proceeds or
distributions under this Plan.
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10.03 No Participant Contributions. No Employee contributions are required or
permitted under this Plan.
10.04 Form of Payment. All benefit payments will be made in cash.
10.05 Withholding. The Committee will withhold from any payment any income or
employment taxes required to be withheld under applicable federal, state
or local law.
10.06 Release. Any payment to a Participant, Beneficiary or legal representative
will, to the extent of the payment, fully discharge all claims against the
Committee and/or, the Company; these parties may also require the
Participant, Beneficiary, or legal representative, as a condition to
receiving such payment, to execute a receipt and release for the payment
in a form prescribed by the Committee.
10.07 Special Agreements. A Participant and the Company may enter into a special
agreement (e.g., a special severance pay agreement) deemed by the
Committee (in its sole discretion) to provide benefits in lieu of the
benefits payable to a Participant under this Plan. In that event, any
payment made to a Participant, his Beneficiary or legal representative
pursuant to such special agreement will fully discharge the Company's
obligations under this Plan and all claims against the Committee or the
Company. As a condition to receiving benefits under such a special
agreement, the Committee or the Company may require the Participant, his
Beneficiary, or legal representative to execute a receipt and release for
the payment in a form prescribed by the Committee.
10.08 Governing Law. The Plan will be governed by the laws of the State of
Georgia.
ARTICLE 11
CLAIMS PROCEDURE
Any Participant, Beneficiary or authorized representative ("Claimant") may file
a claim for benefits under the Plan by submitting a written statement to the
Committee. The statement should describe the nature of the claim and request a
determination of its validity under the terms of the Plan. Within ninety (90)
days after the date the Committee receives such claim, the Committee will issue
a ruling. If special circumstances require an extension of time for processing,
the Committee will send the Claimant written notice of the extension prior to
the termination of the 90-day period. In no case, however, will the extension of
time delay the Committee's decision beyond 180 days after the Committee received
the claim.
If the claim is denied in whole or in part, the Committee will send the Claimant
written notice. The notice will be written in a manner calculated to be
understood by the Claimant and contain:
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(1) The specific reason(s) for denial;
(2) Specific reference to the pertinent Plan provisions on which the denial is
based;
(3) A description of any additional material or information necessary for the
Claimant to perfect the claim and an explanation of why such material or
information is necessary; and
(4) An explanation of the Plan's claims review procedures and the time limits
applicable to such procedures, including a statement of the Participant's
right to bring a civil action under section 502(a) of ERISA following a
denial of the claim upon appeal.
If a claim for benefits has been denied, a Claimant may appeal the denial by
resubmitting a written statement to the Committee. The Claimant should request
further review of the decision within sixty (60) days of the date the Claimant
receives notice of a denial. The Claimant's written appeal should set forth the
reasons supporting the claim, the reasons such claim should not have been
denied, and any other issues or comments which the Claimant deems appropriate
with respect to the claim. If the Claimant so requests in writing, the Committee
will make copies of the Plan documents pertinent to the claim available to the
Claimant for examination.
Within sixty (60) days after the appeal is received, the Committee will notify
the Claimant in writing of its final decision. If special circumstances require
an extension of time for processing, the Committee will send the Claimant
written notice of the extension prior to the termination of the 60-day period.
In no case, however, will the extension of time delay the Committee's decision
on such appeal request beyond 120 days following receipt of the actual request.
The Committee's written notice of its decision on appeal will include specific
reasons for the decision, written in a manner calculated to be understood by the
Claimant, with specific references to the pertinent Plan provisions on which the
decision is based, and a statement that the Participant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all
documents, records, and other information relevant to the Participant's claim
for benefits. The Committee's decision on appeal may be reviewed by the
Executive Committee, which will have the right to overrule the Committee.
Any suit for benefits must be brought within one year after the date the
Committee or the Executive Committee has made a final denial of a claim for
benefits. Notwithstanding any other provision of the Plan to the contrary, any
suit for benefits must be brought within two years after, in the case of any
lump-sum payment, the date on which the payment was made or for all other
claims, the date on which the action complained of occurred.
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ARTICLE 12
DEFINITIONS
401(k) Benefits means the benefits described in Article 4.
401(k) Plan means the Fortis 401(k) Plan, as amended, renamed, and restated
effective as of January 1, 2001, or the successor to such plan.
ABIG Plan means the American Bankers Insurance Group, Inc. Retirement Plan. The
ABIG Plan was merged into the predecessor to the Fortis Pension Plan as of
November 30, 1999, but a separate ABIG benefit structure was maintained under
the predecessor to the Fortis Pension Plan, and continues to be maintained under
such Plan. Any references in this Plan document to participation in the "ABIG
Plan" as of December 31, 2000 shall mean that a person was covered as of such
date under the separate ABIG benefit structure under the predecessor to the
Fortis Pension Plan.
Account means the bookkeeping account established for each Participant under
this Plan for purposes of the 401(k) Benefit. Each Account will reflect the
amount of 401(k) Benefits credited under the Plan on a Participant's behalf,
plus any income or loss on those amounts.
Affiliate means the Company and any corporation that is a member of the
Company's controlled group of corporations (as defined in Code Section 414(b))
that includes the Company, any trade or business that is under common control
(as defined in Code Section 414(c)) with the Company, any organization that is a
member of an affiliated service group (as defined in Code Section 414(m)) that
includes the Company, and any other entity required to be aggregated with the
Company pursuant to regulations under Code Section 414(o).
Annual Compensation means "Annual Compensation" as defined in the applicable
Qualified Plan.
Beneficiary means, for purposes of Pension Benefits, the Participant's
beneficiary under the Pension Plan and, for purposes of 401(k) Benefits, his
beneficiary under the 401(k) Plan. The Committee, in its sole discretion, may
also permit a Participant to designate a different Beneficiary to receive
benefits under this Plan.
Code means the Internal Revenue Code of 1986, as amended.
Committee means the Fortis, Inc. Benefit Plans Committee.
Company means Fortis, Inc. or any Affiliate with employees covered under the
applicable Qualified Plan.
Disability means a disability recognized under the terms of the Pension Plan.
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Effective Date means January 1, 2001.
Employee means any person employed by the Company or an Affiliate who
participates in the Pension Plan and/or the 401(k) Plan.
Employer means the Company or any Affiliate that has one or more of its
Employees participating in the Plan.
Employer Matching Contribution means "Employer Matching Contribution" as defined
in Article 2 of the 401(k) Plan.
Executive Compensation means amounts that would be taken into account as Annual
Compensation, disregarding the compensation limit under Code Section 401(a)(17);
provided, however, that (i) Executive Compensation shall include any short-term
incentive compensation component deferred under the Fortis Incentive Plan, with
such amount to be included in Executive Compensation in the year of deferral
rather than the year of payment to the Participant; and (ii) Executive
Compensation shall exclude any amounts previously deferred under a non-qualified
deferred compensation plan.
Notwithstanding the foregoing, Executive Compensation shall be subject to the
following additional rules:
(a) For a Pension Equity Plan Participant, Executive Compensation prior to
January 1, 2001, shall be capped at the following level for each
applicable year:
YEAR DOLLAR LIMIT
---- ------------
1990 209,200
1991 222,220
1992 228,860
1993 235,840
1994 242,280
1995 247,530
1996 255,300
1997 262,704
1998 267,313
1999 270,000
2000 275,000
and
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(b) For a Fortis Prior Retirement Formula Participant, Executive Compensation
prior to January 1, 2001 shall be capped at the levels specified in the
immediately preceding clause (a). Executive Compensation after 2000 and
prior to January 1, 2004, shall be capped at the following level for each
applicable year:
YEAR DOLLAR LIMIT
---- ------------
2001 285,000
2002 295,000
2003 320,000
Executive Compensation as of January 1, 2004, shall be capped at the
annual figure obtained by increasing the amount of $320,000 by the Social
Security Administration Cost of Living Adjustment published in October
2003. The cap on Executive Compensation as of each January 1 thereafter
shall similarly be adjusted by the Social Security Administration Cost of
Living Adjustment published the preceding October.
Executive Committee means the committee consisting of the Company's Chief
Executive Officer and such other members designated by the Chairman.
Fortis Prior Retirement Formula Participant means a Participant in this Plan who
(i) as of December 31, 2000, was a Participant in the Fortis, Inc. Employees'
Uniform Retirement Plan; and (ii) did not elect to have his or her accrued
benefit under the Pension Plan determined after December 31, 2000, as a pension
equity benefit under the Pension Plan. Notwithstanding the foregoing, a Fortis
Prior Retirement Formula Participant who terminates employment with the Employer
on or after January 1, 2001 and is later rehired by the Employer, shall, upon
his or her rehire, be considered a Pension Equity Plan Participant rather than a
Fortis Prior Retirement Plan Participant.
Participant means an Employee who has Executive Compensation in excess of the
Code Section 401(a)(17) limits.
Pension Benefits means the benefits described in Article 3.
Pension Equity Plan Participant means the following categories of Participants:
(a) a Participant in this Plan who both (i) as of December 31, 2000, was a
Participant in either the Fortis, Inc. Employees' Uniform Retirement Plan
or the ABIG Plan; and (ii) elected to have his or her accrued benefit
under the Pension Plan determined after December 31, 2000, as a pension
equity benefit under the Pension Plan;
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(b) a Participant in this Plan who was first employed by an Employer on or
after January 1, 2001; and
(c) a Participant in this Plan who was rehired by an Employer on or after
January 1, 2001.
Pension Plan means the Fortis Pension Plan, as amended, renamed and restated
effective as of January 1, 2001, or the successor to such plan.
Plan means the Fortis Executive Pension and 401(k) Plan set forth in this
document, including any subsequent amendments to the Plan, or the successor to
the Plan.
Plan Year means the calendar year.
Qualified Plans means respectively, the Pension Plan and the 401(k) Plan.
Retirement means the date on which a Participant terminates employment on
account of reaching his Retirement Date under the Pension Plan or the 401(k)
Plan, as applicable.
Year of Eligibility Service means "Year of Eligibility Service" as defined in
the Pension Plan.
Year of Vesting Service means "Year of Vesting Service" as defined in the
Pension Plan or the 401(k) Plan, as applicable.
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CERTIFICATION
The undersigned hereby certifies that this document represents the
currently effective version of the Fortis Pension and 401(k) Plan.
/s/ Sheila M. Sweeney
------------------------------------
Sheila M. Sweeney, on behalf of the
Fortis, Inc. Benefit Plans Committee
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