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Title: |
Supplemental Term Life Insurance Plan |
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Date: |
2002 |
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Preview shows 9KB of 45KB total |
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$48 |
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ID: |
#330070 |
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SUPPLEMENTAL TERM LIFE INSURANCE PLAN
FOR MANAGEMENT PROFIT-SHARING ASSOCIATES
ADOPTED EFFECTIVE JANUARY 1, 2002
{PAGE}
J. C. PENNEY COMPANY, INC.
SUPPLEMENTAL TERM LIFE INSURANCE PLAN
FOR MANAGEMENT PROFIT-SHARING ASSOCIATES
TABLE OF CONTENTS
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Page
----
Article 1 Introduction 1
Article 2 Definitions 2
Article 3 Participation 4
Article 4 Life Insurance Benefits 5
Article 5 Funding of Benefits 7
Article 6 Administration of the Plan 8
Article 7 Adoption By Participating Employers 12
Article 8 Amendment and Termination 13
Article 9 Conversion Rights 14
Article 10 Miscellaneous Provisions 15
Appendix I - Participating Subsidiaries 17
{PAGE}
ARTICLE 1
INTRODUCTION
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1.1 Purpose Of Plan. The J. C. Penney Company, Inc. Supplemental Term Life
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Insurance Plan For Management Profit-Sharing Associates (the "Plan") is an
"employee welfare benefit plan" pursuant to ERISA. The purpose of the Plan is to
permit eligible retired management Associates of J.C. Penney Company, Inc. and
certain designated subsidiaries who elect to participate to purchase group term
life insurance benefits directly from the Insurer (as hereinafter defined). This
document, together with the Policies (as hereinafter defined) will be construed
as a single group term life insurance plan. Capitalized terms used throughout
the Plan have the meanings set forth in Article 2 unless the context clearly
requires otherwise or another definition is expressly assigned to the term in a
particular usage.
1.2 Plan Status. The Plan is intended to satisfy the requirements of an
-----------
after-tax option pursuant to the cafeteria plan requirements under Section
125(d) of the Code.
1.3 Suppression Of Prior Plan. This document is effective January 1, 2002
-------------------------
except as otherwise provided herein. All prior versions of the Plan document are
hereby suppressed or superseded. The Plan was originally adopted effective
January 1, 1978.
1
{PAGE}
ARTICLE 2
DEFINITIONS
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2.1 "Administrator" means the Benefits Administration Committee of the
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Company or such other person or committee as may be appointed from time to time
by the Human Resources Committee of the Management Committee of the Company or
any successor thereto ("HR Committee").
2.2 "Annual Earnings for Benefits" means the greater of (i) the
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Participant's "Annual Earnings for Benefits" for purposes of the Company-Paid
Plan on the Participant's retirement date or (ii) for a retired Participant who
is reemployed by a Participating Employer and who becomes eligible for the
Company-Paid Plan and later loses eligibility under the Company-Paid Plan, such
retired Participant's Annual Earnings for Benefits at such time as the
Participant lost eligibility under the Company-Paid Plan.
2.3 "Associate" means a person who is employed by a Participating Employer
---------
and paid through a participating employer's payroll system. The term "Associate"
does not include a person who is classified as an independent contractor by the
Participating Employer for purposes of federal income tax reporting and
withholding. The designation of an "Associate" by the Company shall be final and
not subject to any redetermination of employment classification by any taxing
authority such as the Internal Revenue Service or any other governmental
authority or agency. The term "Associate" does not include any person who
performs services for a Participating Employer as a "leased employee" within the
meaning of Code Section 414 (n), or who performs services through an agreement
with a leasing organization.
2.4 "Associate-Paid Plan" means the J.C. Penney Company, Inc. Group Term
-------------------
Life Insurance Plan, as amended from time to time, and/or the J.C. Penney
Company, Inc. Associate-Paid Group Term Life Insurance Plan, as amended from
time to time.
2.5 "Code" means the Internal Revenue Code of 1986, as amended and the
----
regulations promulgated thereunder. Reference to any section or subsection of
the Code includes reference to any comparable or succeeding provisions of any
legislation, that amends, supplements or replaces such section or subsection.
2.6 "Company" means J. C. Penney Company, Inc., a Delaware corporation, or
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any successor corporation.
2.7 "Company-Paid Plan" means the J. C. Penney Company, Inc. Group Term
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Life Insurance Plan, as amended from time to time.
2
{PAGE}
2.8 "Date of Disability", "Disabled", and "Disability" have the meanings
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set forth in the Company-Paid Plan.
2.9 "ERISA" means the Employee Retirement Income Security Act of 1974, as
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amended, and the regulations promulgated thereunder. Reference to any section or
subsection of ERISA includes reference to any comparable or succeeding
provisions of any legislation, that amends, supplements or replaces such section
or subsection.
2.10 "Insurer" means the insurance company or companies issuing the Policy
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or Policies.
2.11 "MSRP Retiree" means a former Associate who retired from a
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Participating Employer and who is eligible to receive Company-paid life
insurance coverage under the terms of the Supplemental Retirement Program for
Management Profit-Sharing Associates of J.C. Penney Company, Inc., as amended
from time to time. The term "MSRP Retiree" also includes any additional former
Associate so designated from time to time in the discretion of the Board of
Directors of the Participating Employer or the Benefits Administration Committee
or the HR Committee of the Company in accordance with the provisions of the
Supplemental Retirement Program.
2.12 "Participant" means an MSRP Retiree who has satisfied the eligibility
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requirements of Article 3, has purchased life insurance coverage under the terms
of the Plan, and whose coverage under the Plan has not terminated.
2.13 "Participating Employer" means the Company and any subsidiary or
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affiliate of the Company which is designated as a Participating Employer under
the Plan by the HR Committee, excluding, however, any division of the Company or
of a subsidiary or affiliate that is designated by the HR Committee as
ineligible to participate in the Plan. Appendix I contains a list of the
Participating Employers currently participating in the Plan that have adopted
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