Benefit Equalization Plan
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Title: |
Benefit Equalization Plan |
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Entities: |
Ford Motor Co. |
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Date: |
2006 |
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Size: |
28KB total |
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Price: |
$44 |
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ID: |
#2633421 |
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Start of
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FORD MOTOR COMPANY
BENEFIT EQUALIZATION PLAN
(Amended as of October 1, 2006)
Section 1. Purpose.
The purpose of this Plan is to preserve certain benefits of employees under the Company's tax qualified General Retirement Plan, Ford Retirement Plan and Savings and Stock Investment Plan for Salaried Employees by providing appropriate Equalization Benefits under this Plan in place of benefits which cannot be provided under such tax qualified plans because of limitations imposed by Section 415 and Section 401(a)(17) of the Internal Revenue Code of 1986, as amended.
Section 2. Definitions.
As used in this Plan, the following terms shall have the following meanings, respectively:
2.01 "BEP Salary Reductions" shall mean that portion of salary at the basic salary rate which would have been credited to an employee's account before January 1, 1985 pursuant to a salary reduction agreement under paragraph V-2 of the SSIP but which by reason of Code Section 415, exceeds salary reduction contributions that can be made by the Company on an employee's behalf under the Tax-Efficient Savings Program of the SSIP.
2.02 "Company" shall mean Ford Motor Company and such of the subsidiaries of Ford Motor Company as, with the consent of Ford Motor Company, shall have adopted this Plan.
2.03 "Committee" shall mean the Compensation Committee of the Board of Directors of Ford Motor Company
2.04 "Contributory Service" shall have the meaning given that term in the GRP. "Distribution", "account" and "current market value" as used in Section 3.02 of this Plan shall have the meanings given those terms as used in the SSIP.
2.05 "Designated Third Party Administrator" shall be Fidelity Institutional Retirement Services Company or a successor vendor who the Company shall employ to act as record keeper to maintain employee subaccounts and process elections.
2.06 "ERISA " shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.
2.07 "Ford Retirement Plan" or "FRP" shall mean the Ford Motor Company Retirement Plan, as amended from time to time, for salaried employees of Ford Motor Company and its participating subsidiaries, who are hired or rehired on or after January 1, 2004.
2.08 "General Retirement Plan" or "GRP" shall mean the Ford Motor Company General Retirement Plan for Salaried and Certain Other Employees, as amended from time to time.
2.09 "Internal Revenue Code" or "Code" shall mean the Internal Revenue Code of 1986, as amended from time to time.
2.10 "Limitations" shall mean the limitations on benefits and/or contributions imposed on qualified plans by Code Sections 415 and 401(a)(17).
2.11 "PBGC" shall mean the Pension Benefit Guaranty Corporation.
2.12 "Savings and Stock Investment Plan" or "SSIP" shall mean the Ford Motor Company Savings and Stock Investment Plan for Salaried Employees, as amended from time to time.
2.13 "Separation From Service" shall mean termination from Company employment.
2.14 "Specified Employee" shall mean an employee of the Company who is a Key Employee as defined in Code Section 416(i) without regard to paragraph 5 thereof. A Specified Employee shall be identified as of December 31st of each calendar year and shall apply to any Specified Employee who shall incur a Separation From Service in the 12-month period commencing January 1st of the immediately succeeding calendar year. This provision is effective for Specified Employees who incur a Separation From Service on or after January 1, 2005.
2.15 "Subsidiary" shall mean, as applied with respect to any person or legal entity specified, (i) a person or legal entity with a majority of the voting stock of which is owned or controlled, directly or indirectly, by the person or legal entity specified or (ii) any other type of business organization in which the person or legal entity specified owns or controls, directly or indirectly, a majority interest.
Section 3. Equalization of Benefits.
3.01 GRP Equalization Benefits.
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(a) |
A Periodic GRP Equalization Benefit shall be provided for and associated with each payment of a GRP benefit that is subject to the Limitations or delayed pursuant to provisions set forth in (b)(iii). |
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