EXHIBIT 10.9
NCR OFFICER PLAN
Effective June 1, 2002
PREAMBLE
NCR Corporation (the "Company") adopts this NCR Officer Plan (the "Plan")
effective as of June 1, 2002, to assist in attracting and retaining highly
qualified candidates to fill key positions, by providing a nonqualified
supplemental pension that assures that the total package of retirement benefits
received by a participant with respect to years served in a Band I or Band II
position equals 1.75% of the average salary received while serving in such
positions.
The terms of the Plan were approved by the Compensation Committee of the
NCR Board of Directors at a meeting on April 23, 2002, and the Senior Vice
President, Human Resources was authorized and directed to prepare and execute a
plan document providing for the Plan.
NCR OFFICER PLAN
ARTICLE I
Definitions
Wherever used herein, the following terms have the meanings indicated:
1.1 "Board of Directors" means the Board of Directors of NCR Corporation.
1.2 "Code" means the Internal Revenue Code of 1986, as amended.
1.3 "Committee" means the Compensation Committee of the Board of Directors.
1.4 "Company" means NCR Corporation, a Maryland corporation, and its
subsidiaries and affiliates.
1.5 "NCR" means NCR Corporation, and does not include its subsidiaries and
affiliates.
1.6 "Participant" means each individual who participates in the Plan in
accordance with Article II.
1.7 "Pension Plan" means the NCR Pension Plan, or any successor plan.
1.8 "Plan" means the NCR Officer Plan as set forth in this document, and in
any amendments from time to time made hereto.
ARTICLE II
Participation and Vesting
2.1 Participation. An individual becomes a Participant in the Plan if he or
she is hired or promoted for the first time by the Company into a Band I
position in the United States or internationally, or a Band II position in the
United States, on or after June 1, 2002. A non-U.S. citizen in a Band II
position who works in the United States for a limited time on an expatriate
assignment and remains covered by his or her home country benefit plans will not
become a Participant in the Plan, unless such individual applies for permanent
residency status (green card) after June 1, 2002, and the green card is
approved, and the individual becomes covered by NCR's U.S. benefits. The
Committee in its discretion may designate other employees of the Company as
Participants in the Plan.
2.2 Vesting. A Participant becomes vested in his or her benefit under the
Plan after completing five years of service as an employee of the Company.
2.3 Termination of Participation. Accrual of benefits under the Plan ceases
on the earlier of the date on which the Participant terminates employment with
the Company or dies, or the date on which the Participant ceases serving in a
Band I or Band II position, provided that the Committee, in its discretion, may
designate a later date for termination of an individual's participation in the
Plan.
2.4 Forfeiture of Benefits. All benefits to which a Participant would
otherwise be eligible shall be forfeited if the Participant, during his or her
employment with the Company and for a period of eighteen months after
termination of employment for any reason, without the prior written consent of
the Chief Executive Officer of NCR, (1) renders services directly or indirectly
to any Competing Organization (as defined below) involving the development,
manufacture, marketing, advertising or servicing of any product, process, system
or service upon which the Participant worked or in which the Participant
participated during the last three years of employment with the Company, (2)
directly or indirectly recruits, hires, solicits or induces, or attempts to
induce, any exempt employee of the Company to terminate their employment with or
otherwise cease their relationship with the Company, (3) canvasses or solicits
business with any firm or company with whom the Participant worked during the
preceding five years while employed by the Company, including customers of the
Company, or (4) discloses to any third party any Company confidential,
technical, marketing, business, financial or other information not publicly
available.
"Competing Organization" means an organization identified by the Chief
Executive Officer of NCR as a Competing Organization in January of the year in
which employment with the Company terminates, and any other person or
organization which is engaged in or about to become engaged in research on or
development, production, marketing, leasing, selling or servicing of a product,
process, system or service which is the same or similar to or competes with a
product, process, system or service manufactured, sold, serviced or otherwise
provided by the Company to its customers.
All benefits to which a Participant would otherwise be eligible shall also
be forfeited if a Participant is terminated by the Company for cause, or is
determined by the Board to have engaged in misconduct in connection with the
Participant's employment with the Company.
ARTICLE III
Benefits
3.1 Benefit. Each Participant with at least five years of service with the
Company shall be entitled to a benefit under this Plan, expressed as a single
life annuity payable at age 65, in an annual amount equal to (a) minus (b).
(a) 1.75% of Officer Compensation, multiplied by the years of Officer
Service.
(b) The Retirement Offset.
3.2 Definitions.
(a) Officer Compensation. "Officer Compensation" means the average
annual compensation earned by the Participant while serving in a
Band I or Band II position. For U.S. Participants, "compensation"
has the same meaning as the defined term "Compensation" in the
Pension Plan, without the exclusion for pay received in the last
quarter of employment, and without regard to the dollar limits
imposed by the Internal Revenue Code. For non-U.S. Participants,
NCR in its discretion shall determine a definition of
compensation that is reasonably similar to the definition in the
Pension Plan, which shall be the definition of compensation in
the Company-sponsored pension plan, if any, in which the
Participant participates, if such definition is reasonably
similar to the Pension Plan definition.
(b) Officer Service. "Officer Service" means the years and fractional
years of service while serving in a Band I or Band II position.
(c) Retirement Offset. The "Retirement Offset" means the annual
amount, expressed as a life annuity, of any employer-provided
pension paid to a Participant under the Pension Plan or any other
defined benefit pension plan of the Company, attributable to the
Participant's Officer Service, including any amount payable to a
Participant from his or her PensionPlus benefit under the Pension
Plan. "Retirement Offset" also includes any annual amount paid to
a Participant from the NCR Nonqualified Excess Plan, any other
nonqualified or supplemental pension plan funded by the Company
(other than the NCR Mid-Career Hire Supplemental Pension Plan),
or any long-term disability plan sponsored by the Company. The
Retirement Offset does not include amounts payable from a
Company-sponsored deferred compensation plan to the extent such
amounts represent employee deferred compensation and earnings
thereon.
For purposes of determining the Retirement Offset, (1) a cash balance
account benefit will be converted to a life annuity using the actuarial
assumptions specified in the Pension Plan for converting lump sums to life
annuities, (2) the portion of a benefit attributable to years of Officer
Service shall be determined by multiplying the total benefit payable from
the applicable plan by a fraction, the numerator of which is the years of
Officer Service as a participant in the applicable plan, and the
denominator of which is all years of service while a participant in the
applicable plan, and (3) amounts payable from a Participant's benefit under
a Company-sponsored retirement plan to a former spouse will be included in
the Retirement Offset.
If a Participant elects to commence the benefit under this Plan prior to
commencing benefits under other Company-sponsored retirement plans, the
Retirement Offset will be calculated as if benefits commenced under all
such plans. In such case, the Retirement Offset shall not be recalculated
when benefits under other retirement plans actually commence.
3.3 Reduction for Early Retirement. If a Participant commences his or her
benefit prior to age 62, the benefit shall be reduced in accordance with the
following table:
Percentage of Monthly
Benefit which shall be
Age at paid commencing on the
Commencement Date Commencement Date
----------------- ----------------------
62 and over 100.0%
61 94%
60 88%
59 82%
58 76%
57 70%
56 64%
55 58%
An adjustment shall be made by straight line interpolation for ages which are
not integral. The reduction shall apply after the benefit calculation described
in Section 3.1 is completed, including application of the Retirement Offset.
3.4 Death Benefits. If an individual eligible for benefits from this Plan
dies before retirement, but after becoming vested in a benefit from this Plan, a
death benefit will be paid to the individual's spouse (if any), if the spouse is
living at the time the death benefit is to commence. The benefit shall equal the
survivor benefit that would have been payable to the spouse from the Plan if the
Participant (1) terminated employment with the Company on the date of death, or
on the actual date of termination of employment if prior to the date of death,
(2) commenced the Plan benefit on the earliest date following the date of death,
and (3) selected a 50% joint and survivor annuity. The death benefit shall
commence as of the later of the date of the Participant's death or the date the
Participant would have attained age 55, and shall be paid as a monthly annuity
for the life of the spouse.
ARTICLE IV
Distribution of Benefits
4.1 Form of Distribution. The benefit to which a Participant is entitled
from the Plan shall be paid as elected by the Participant, as either a single
life annuity, or a 50%, 75% or 100% joint and survivor annuity with the
Participant's legal spouse on the date of commencement of benefits as the joint
annuitant. If the Participant elects a joint and survivor annuity, the
Participant's benefit will be actuarially adjusted using the tables in Appendix
A. The actuarial reduction shall apply after the benefit calculation described
in Section 3.1 is completed, including application of the Retirement Offset, and
after application of the early retirement reduction factor, if applicable.
4.2 Commencement of Benefits. A Participant's benefit from this Plan shall
commence on the first of any month after the Participant attains age 55, as
elected by the Participant.
4.3 Reemployment. If a Participant commences receiving benefits under this
Plan and is subsequently reemployed on a full-time basis by the Company,
payments from this Plan shall be permanently suspended during the period of
reemployment.
4.4 Currency. All distributions from this Plan will be paid in U.S.
currency. Benefits based on non-U.S. compensation will be converted to U.S.
currency in accord with NCR policy, as determined by NCR in its sole discretion.
4.5 Lump Sum Distribution. If the actuarial present value of a
Participant's benefit at termination of employment is $50,000 or less, the
Participant may elect within 90 days to receive the benefit in an immediate
single lump sum payment. If the Participant does not so elect within 90 days,
the benefit will be paid in annuity form. The actuarial present value will be
determined using the actuarial assumptions specified in the Pension Plan for
converting life annuities to lump sum benefits.
4.6 Withholdings. NCR shall withhold appropriate FICA and other applicable
taxes from distributions under the Plan.
ARTICLE V
Unfunded Nature of the Plan
5.1 Unfunded Plan. This Plan shall be unfunded. The funds used for payment
of benefits hereunder and of the expenses of administration hereof shall, until
such actual payment, continue to be a part of the general funds of the Company,
and no person other than the Company shall, by virtue of this Plan, have any
interest in any such funds. Nothing contained herein shall be deemed to create a
trust of any kind or create any fiduciary relationship. To the extent that any
person acquires a right to receive payments from the Company under this Plan,
such right shall be no greater than the right of any unsecured general creditor
of the Company.
ARTICLE VI
Administration of the Plan
6.1 Plan Administrator. The Plan shall be administered by NCR. NCR shall
have the exclusive authority and responsibility for all matters in connection
with the operation and administration of the Plan. NCR shall have all powers
necessary or appropriate to carry out its duties, including the discretionary
authority to interpret the provisions of the Plan and the facts and
circumstances of claims for benefits. NCR's decisions shall be final and binding
on all parties.
6.2 Delegation of Administrative Duties. NCR may, from time to time,
delegate to any person or persons or organizations any of its rights, powers,
and duties with respect to the operation and administration of the Plan.
6.3 Determination of Benefits. In all questions relating to age and service
for eligibility for any benefit hereunder, or relating to term of employment and
rates of pay for determining benefits, NCR's decisions, based upon this Plan and
the Company's records, shall be final and binding.
ARTICLE VII
Amendments and Termination
7.1 Termination. This Plan shall terminate when all benefits payable under
the terms of the Plan have been paid. The Compensation Committee or the Board of
Directors in its discretion may terminate the Plan at any time, provided,
however, that no such action shall adversely affect the right of any Participant
or surviving spouse to a benefit to which he or she has become entitled pursuant
to this Plan.
7.2 Amendment. The Compensation Committee or the Board of Directors may
amend the Plan, provided that no such action shall adversely affect the right of
any Participant or surviving spouse to a benefit to which he or she has become
entitled pursuant to this Plan.
7.3 Lump Sum Cash-Out. For purposes of this Article VII, a decision by the
Compensation Committee or Board of Directors to pay a single lump sum equal to
the present value of any annuity payment due under the Plan shall not be
construed as adversely affecting the right of a Participant or surviving spouse
to a benefit entitlement under the Plan.
ARTICLE VIII
Change-in-Control
8.1 Change-in-Control. In the event of a Change-in-Control, as defined in
the NCR Change-in-Control Severance Plan for Executive Officers (the
"Change-in-Control Plan") or a successor plan, a Participant whose employment
with the Company is terminated involuntarily during the three years following
the Change-in-Control will be fully vested under this Plan. If the
Change-in-Control Plan terminates before the occurrence of a Change-in-Control,
the definition contained therein as of the date of such termination shall govern
for purposes of this section.
ARTICLE IX
Miscellaneous
8.1 Governing Law. This Plan shall be governed by the Employee Retirement
Income Security Act of 1974 ("ERISA") except as otherwise exempt. To the extent
not governed by ERISA, it shall be governed by the laws of the State of Ohio.
8.2 Assignment Prohibited. Assignment, pledge or encumbrance of any kind of
benefits under the Plan shall not be permitted or recognized, including
assignment of benefits pursuant to a domestic relations order; provided,
however, that amounts owed by a Participant to the Company may be collected from
benefits otherwise payable from the Plan, in the discretion of NCR.
8.3 Severability. If any provision of this Plan shall be held illegal or
invalid for any reason, the remaining provisions shall continue to be fully
effective.
8.4 No Additional Rights. Participation in this Plan shall not give to any
employee the right to be retained in the employ of the Company nor any right or
interest in this Plan other than as herein specifically provided. No employee
shall have any right to a benefit under this Plan unless he or she meets the
conditions specified in Sections 2.1 and 2.2.
8.5 Expenses. Expenses of the Plan shall be paid by the Company.
8.6 Domestic Partners. If a Participant has a domestic partner who
qualifies under the terms of the Pension Plan (or a similar defined benefit plan
in a non-U.S. location) as the Participant's joint annuitant or as entitled to
death benefits as a surviving spouse, then such domestic partner may be
designated by the Participant as joint annuitant under this Plan, or will be
entitled to a death benefit under this Plan, as the case may be.
8.6 Facility of Payment. Any payment to a Participant or spouse or domestic
partner of a Participant or the legal representative of either, in accordance
with the terms of this Plan, shall to the extent thereof be in full satisfaction
of all claims such person may have against the Company hereunder, which may
require such payee, as a condition to such payment, to execute a receipt and
release therefor in such form as shall be determined by NCR.
8.7 Single Benefit Payment. The benefit payable from this Plan and any
benefits to which a Participant is entitled from other nonqualified plans
sponsored by the Company may be combined and paid by a single check, according
to standard payment practices, in the discretion of the Company.
8.8 Exemption From Portions of ERISA. This Plan is intended to qualify for
exemption from Parts II, III and IV of the Employee Retirement Income Security
Act of 1974 ("ERISA") as a plan maintained primarily for the purpose of
providing deferred compensation for a select group of management or highly
compensated employees under Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.
IN WITNESS WHEREOF, the Company has caused this Plan to be executed on this
11th day of February, 2003.
NCR CORPORATION
By: /s/ Wilbert Buiter
---------------------------------------
Wilbert Buiter
Senior Vice President, Human Resources
APPENDIX A
TABLE 1
Joint and 50% Survivor
This table shows the percentage of the Basic Monthly Benefit payable to the
Participant and continuing to his surviving spouse at one-half the rate
after his death during the remaining lifetime of such spouse.
Age of
Surviving
Spouse Age of Employee
- -------------------------------------------------------------------------------------------------------------------------
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70
- -------------------------------------------------------------------------------------------------------------------------
70 96.0 95.6 95.1 94.6 94.1 93.5 92.8 92.1 91.3 90.4 89.5 88.5 87.4 86.3 85.1 83.9
69 95.6 95.2 94.7 94.2 93.6 93.0 92.3 91.5 90.7 89.8 88.8 87.8 86.7 85.5 84.3 83.0
68 95.3 94.8 94.3 93.7 93.1 92.4 91.7 90.9 90.0 89.1 88.1 87.0 85.9 84.7 83.4 82.1
67 94.9 94.4 93.9 93.3 92.6 91.9 91.1 90.3 89.4 88.4 87.4 86.3 85.1 83.9 82.6 81.2
66 94.6 94.0 93.5 92.8 92.1 91.4 90.6 89.7 88.8 87.7 86.7 85.5 84.3 83.0 81.7 80.3
65 94.2 93.6 93.0 92.3 91.6 90.8 90.0 89.0 88.1 87.0 85.9 84.8 83.5 82.2 80.9 79.5
64 93.8 93.2 92.5 91.8 91.1 90.3 89.4 88.4 87.4 86.3 85.2 84.0 82.7 81.4 80.0 78.6
63 93.4 92.7 92.1 91.3 90.6 89.7 88.8 87.8 86.8 85.7 84.5 83.3 82.0 80.6 79.2 77.8
62 92.9 92.3 91.6 90.8 90.0 89.1 88.2 87.2 86.1 85.0 83.8 82.6 81.2 79.9 78.4 76.9
61 92.5 91.9 91.1 90.3 89.5 88.6 87.6 86.6 85.5 84.3 83.1 81.8 80.5 79.1 77.6 76.2
60 92.1 91.4 90.7 89.8 89.0 88.0 87.0 86.0 84.8 83.6 82.4 81.1 79.8 78.3 76.9 75.4
59 91.7 91.0 90.2 89.3 88.4 87.5 86.4 85.4 84.2 83.0 81.7 80.4 79.1 77.6 76.1 74.6
58 91.2 90.5 89.7 88.8 87.9 86.9 85.9 84.8 83.6 82.4 81.0 79.8 78.4 76.9 75.4 73.9
57 90.8 90.0 89.2 88.3 87.4 86.4 85.3 84.2 83.0 81.7 80.4 79.1 77.7 76.2 74.7 73.2
56 90.4 89.6 88.7 87.8 86.9 85.8 84.7 83.6 82.4 81.1 79.8 78.5 77.0 75.6 74.0 72.5
55 89.9 89.1 88.3 87.3 86.3 85.3 84.2 83.0 81.8 80.5 79.2 77.9 76.4 74.9 73.4 71.8
54 89.5 88.7 87.8 86.9 85.8 84.8 83.7 82.5 81.2 79.9 78.6 77.3 75.8 74.3 72.8 71.2
53 89.1 88.2 87.3 86.4 85.4 84.3 83.1 81.9 80.7 79.4 78.0 76.7 75.2 73.7 72.2 70.6
52 88.7 87.8 86.9 85.9 84.9 83.8 82.6 81.4 80.1 78.8 77.4 76.1 74.6 73.1 71.6 70.0
51 88.3 87.4 86.4 85.4 84.4 83.3 82.1 80.9 79.6 78.3 76.9 75.6 74.1 72.6 71.0 69.5
50 87.8 87.0 86.0 85.0 83.9 82.8 81.6 80.4 79.1 77.8 76.4 75.1 73.6 72.1 70.5 68.9
An interpolation shall be made for the age of the employee on the basis of
full years and months as of the date of retirement.
Age for the spouse of the employee shall be rounded to the nearest even age
in full years as of the date of the employee's retirement.
Factors for other ages are available upon request.
APPENDIX A
TABLE 2
Joint and 75% Survivor
This table shows the percentage of the Basic Monthly Benefit payable to the
Participant and continuing to his surviving spouse at three-fourths the
rate after his death during the remaining lifetime of such spouse.
Age of
Surviving
Spouse Age of Employee
- -------------------------------------------------------------------------------------------------------------------------
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70
- -------------------------------------------------------------------------------------------------------------------------
70 94.1 93.5 92.8 92.1 91.3 90.5 89.6 88.5 87.5 86.3 85.0 83.7 82.3 80.8 79.3 77.7
69 93.6 93.0 92.3 91.5 90.7 89.8 88.8 87.8 86.6 85.4 84.1 82.7 81.2 79.7 78.1 76.5
68 93.1 92.4 91.7 90.9 90.0 89.1 88.0 86.9 85.8 84.5 83.1 81.7 80.2 78.6 77.0 75.4
67 92.6 91.9 91.1 90.3 89.3 88.3 87.3 86.1 84.9 83.6 82.2 80.7 79.2 77.6 75.9 74.2
66 92.1 91.3 90.5 89.6 88.7 87.6 86.5 85.3 84.0 82.7 81.2 79.7 78.2 76.5 74.9 73.1
65 91.5 90.7 89.8 88.9 87.9 86.8 85.7 84.4 83.1 81.7 80.2 78.8 77.2 75.5 73.8 72.1
64 90.9 90.1 89.2 88.2 87.2 86.1 84.9 83.6 82.2 80.8 79.3 77.8 76.2 74.5 72.8 71.0
63 90.4 89.5 88.6 87.6 86.5 85.3 84.1 82.8 81.4 79.9 78.4 76.9 75.2 73.5 71.8 70.0
62 89.8 88.9 87.9 86.9 85.8 84.6 83.3 81.9 80.5 79.0 77.5 75.9 74.3 72.5 70.8 69.0
61 89.2 88.3 87.3 86.2 85.0 83.8 82.5 81.1 79.7 78.2 76.6 75.0 73.3 71.6 69.8 68.0
60 88.6 87.6 86.6 85.5 84.3 83.1 81.7 80.3 78.9 77.3 75.7 74.1 72.4 70.7 68.9 67.1
59 88.0 87.0 86.0 84.8 83.6 82.3 81.0 79.5 78.0 76.5 74.9 73.3 71.6 69.8 68.0 66.2
58 87.4 86.4 85.3 84.1 82.9 81.6 80.2 78.8 77.2 75.7 74.0 72.4 70.7 69.0 67.2 65.4
57 86.8 85.8 84.6 83.5 82.2 80.9 79.5 78.0 76.5 74.9 73.2 71.6 69.9 68.1 66.3 64.5
56 86.2 85.1 84.0 82.8 81.5 80.2 78.7 77.3 75.7 74.1 72.4 70.8 69.1 67.3 65.5 63.7
55 85.6 84.5 83.4 82.1 80.8 79.5 78.0 76.5 75.0 73.4 71.7 70.1 68.3 66.6 64.8 63.0
54 85.1 83.9 82.7 81.5 80.2 78.8 77.3 75.8 74.3 72.6 71.0 69.4 67.6 65.8 64.1 62.3
53 84.5 83.3 82.1 80.9 79.5 78.1 76.7 75.1 73.6 71.9 70.3 68.7 66.9 65.1 63.4 61.6
52 83.9 82.8 81.5 80.2 78.9 77.5 76.0 74.5 72.9 71.3 69.6 68.0 66.2 64.5 62.7 60.9
51 83.4 82.2 80.9 79.6 78.3 76.9 75.4 73.9 72.3 70.6 68.9 67.3 65.6 63.8 62.1 60.3
50 82.8 81.6 80.4 79.1 77.7 76.3 74.8 73.2 71.6 70.0 68.3 66.7 65.0 63.2 61.5 59.7
An interpolation shall be made for the age of the employee on the basis of
full years and months as of the date of retirement.
Age for the spouse of the employee shall be rounded to the nearest even age
in full years as of the date of the employee's retirement.
Factors for other ages are available upon request.
APPENDIX A
TABLE 3
Joint and 100% Survivor
This table shows the percentage of the Basic Monthly Benefit payable to the
Participant and continuing to his surviving spouse at the same rate after
his death during the remaining lifetime of such spouse.
Age of
Surviving
Spouse Age of Employee
- -------------------------------------------------------------------------------------------------------------------------
55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70
- -------------------------------------------------------------------------------------------------------------------------
70 92.3 91.5 90.7 89.8 88.8 87.7 86.5 85.3 83.9 82.5 81.0 79.4 77.7 75.9 74.1 72.3
69 91.7 90.9 90.0 89.0 88.0 86.8 85.6 84.3 82.9 81.4 79.8 78.2 76.5 74.7 72.8 70.9
68 91.0 90.2 89.2 88.2 87.1 85.9 84.7 83.3 81.9 80.3 78.7 77.0 75.2 73.4 71.5 69.6
67 90.4 89.5 88.5 87.4 86.3 85.0 83.7 82.3 80.8 79.2 77.6 75.8 74.0 72.2 70.3 68.4
66 89.7 88.7 87.7 86.6 85.4 84.1 82.8 81.3 79.8 78.2 76.5 74.7 72.9 71.0 69.1 67.1
65 89.0 88.0 86.9 85.7 84.5 83.2 81.7 80.2 78.7 77.0 75.3 73.6 71.7 69.8 67.9 65.9
64 88.3 87.2 86.1 84.9 83.6 82.2 80.8 79.3 77.6 75.9 74.2 72.4 70.6 68.7 66.7 64.7
63 87.5 86.5 85.3 84.1 82.7 81.3 79.8 78.3 76.6 74.9 73.1 71.4 69.5 67.5 65.6 63.6
62 86.8 85.7 84.5 83.2 81.9 80.4 78.9 77.3 75.6 73.9 72.1 70.3 68.4 66.5 64.5 62.5
61 86.1 84.9 83.7 82.4 81.0 79.5 78.0 76.3 74.6 72.9 71.0 69.3 67.4 65.4 63.5 61.5
60 85.4 84.2 82.9 81.6 80.1 78.6 77.0 75.4 73.7 71.9 70.0 68.3 66.3 64.4 62.4 60.5
59 84.6 83.4 82.1 80.7 79.3 77.7 76.1 74.5 72.7 70.9 69.1 67.3 65.4 63.4 61.5 59.5
58 83.9 82.6 81.3 79.9 78.4 76.9 75.2 73.6 71.8 70.0 68.1 66.3 64.4 62.5 60.5 58.6
57 83.2 81.9 80.5 79.1 77.6 76.0 74.4 72.7 70.9 69.1 67.2 65.4 63.5 61.6 59.6 57.7
56 82.4 81.1 79.8 78.3 76.8 75.2 73.5 71.8 70.0 68.2 66.4 64.6 62.7 60.7 58.8 56.9
55 81.7 80.4 79.0 77.5 76.0 74.4 72.7 71.0 69.2 67.4 65.5 63.7 61.8 59.9 58.0 56.1
54 81.0 79.7 78.2 76.8 75.2 73.6 71.9 70.2 68.4 66.6 64.7 62.9 61.0 59.1 57.2 55.3
53 80.3 79.0 77.5 76.0 74.4 72.8 71.1 69.4 67.6 65.8 63.9 62.2 60.3 58.4 56.5 54.6
52 79.6 78.3 76.8 75.3 73.7 72.1 70.4 68.6 66.9 65.0 63.2 61.4 59.5 57.7 55.8 53.9
51 79.0 77.6 76.1 74.6 73.0 71.4 69.7 67.9 66.1 64.3 62.5 60.7 58.9 57.0 55.1 53.2
50 78.3 76.9 75.4 73.9 72.3 70.7 69.0 67.2 65.5 63.6 61.8 60.1 58.2 56.3 54.5 52.6
An interpolation shall be made for the age of the employee on the basis of
full years and months as of the date of retirement.
Age for the spouse of the employee shall be rounded to the nearest even age
in full years as of the date of the employee's retirement.