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AMENDMENT TO SUPPLEMENT EXECUTIVE RETIREMENT PLAN

Addendum or Modifications

AMENDMENT TO SUPPLEMENT EXECUTIVE RETIREMENT PLAN | Document Parties: CNA FINANCIAL CORPORATION You are currently viewing:
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Title: AMENDMENT TO SUPPLEMENT EXECUTIVE RETIREMENT PLAN
Date: 1/6/2005
Industry: Insurance (Prop. and Casualty)     Sector: Financial

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EXHIBIT 99.1

THIRD AMENDMENT TO THE

CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

The CNA SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, as restated by CNA

Financial Corporation effective January 1, 2003, and as previously amended by

the First and Second Amendments thereto, is hereby further amended as follows:

1. Section 2.4 is amended to read as follows:

2.4 Time and Form of Payment.

(a) Except as otherwise provided below, or in a SERP

Agreement, a Participant's benefit under this Plan shall be paid in the same

manner as his Retirement Plan benefit, and shall take the form of a supplemental

monthly payment directly from his Employer; provided that if the monthly amount

of the Post-2004 portion of such benefit (as hereinafter defined) paid in such

form does not exceed $15,000.00 per month, such Post-2004 portion shall be paid

in a single lump sum equal to the actuarial equivalent of such portion.

(b) The Benefits Committee may elect to pay the Pre-2005

portion of the benefit of a Choice 1 Participant (as hereinafter defined) in a

single lump sum equal to the actuarial equivalent of the Pre-2005 portion, and

may also decide to pay the Pre-2005 portion of a Choice 2 Participant in any of

the forms of annuity available under the Retirement Plan that are actuarially

equivalent. As of December 31, 2004, the Benefits Committee has elected to pay

all Pre-2005 portions that do not exceed $15,000.00 per month in the form of a

lump sum, but the Benefits Committee may pay Pre-2005 portions that would

otherwise be payable in a lump sum in the form of a monthly annuity, and may

establish a different standard for payment of Pre-2005 portions in a lump sum,

which may be either more or less than $15,000.00 per month. All determinations

by the Benefits Committee as to the form of payment shall be made by the

Benefits Committee in its sole and absolute discretion, which may be exercised

in an arbitrary and capricious manner, and in no event shall any Participant be

considered to have a vested interest in the payment of the Pre-2005 Portion of

his benefit in any particular form. Actuarial equivalence shall be determined in

accordance with the applicable actuarial assumptions provided under the

Retirement Plan. Payment of a Participant's benefit in the form of a lump sum

shall fully discharge all amounts owed to the Participant and to his heirs or

beneficiaries under the Plan.

(c) Anything else in this Plan, or a SERP Agreement, to

the contrary notwithstanding:

(i) Except as otherwise provided below, no part of the

Post-2004 Portion of a Participant's benefit shall be

payable to any Participant until he has incurred a

separation from service as defined in Code Section

409A.

 

 

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(ii) No Post-2004 portion of a benefit shall be payable to

a Participant who is a key employee, as defined in

Code Section 409A, until six months after he has

incurred a separation from service, unless the

Participant is disabled. For this purpose,


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