HEI Exhibit 10.19(b)
AMENDMENTS TO THE AMERICAN
SAVINGS BANK SUPPLEMENTAL
EXECUTIVE RETIREMENT, DISABILITY,
AND DEATH BENEFIT PLAN
FREEZING BENEFIT ACCRUALS
EFFECTIVE DECEMBER 31, 2008
The following amendments are made to
the American Savings Bank Supplemental Executive Retirement,
Disability, and Death Benefit Plan (the “Plan”), which
was restated effective January 1, 2009, to comply with final
regulations under Section 409A of the Internal Revenue Code of
1986, as amended. For purposes of the freeze of benefit accruals,
the provisions of the restated Plan, as amended by this document,
shall be effective December 31, 2008.
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1.
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The following
paragraph is added to the end of the Prologue to the
Plan:
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The Plan is frozen effective
December 31, 2008. After that date, there will be no new
Participants in the Plan, and no further benefits will accrue to
any Participant.
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2.
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Effective
January 1, 2009, the definition of “Final Pay” in
Section 1.12 is deleted.
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3.
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Section 1.19 is amended and restated in its
entirety to read as follows:
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1.19 Primary Social Security
Benefit means the monthly amount of primary old age insurance
benefits available to a Participant at the Participant’s
Normal Retirement Date or Postponed Retirement Date, as applicable,
under the provisions of Title II of the Social Security Act as in
effect for the year during which the Participant Separates from
Service, without regard to any increases in the wage base or
benefit levels or any other change in law that takes effect
thereafter and, if the Participant Separates from Service prior to
reaching his or her Normal Retirement Date, assuming the
Participant’s salary would have remained constant to his or
her Normal Retirement Date. Solely for purposes of determining a
Participant’s Primary Social Security Benefit, each active
Participant whose benefit is frozen December 31, 2008, shall
be treated as having Separated from Service December 31,
2008.
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4.
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Section 1.24 is amended and restated in its
entirety to read as follows:
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1.24 Year of Service means
each 12-month period beginning with the date the Participant
commences employment with a Participating Employer or Associated
Company and ending on the date the Participant Separates from
Service with all the Participating Employers and Associated
Companies. If a non-vested Participant Separates from Service and
is subsequently reemployed by a Participating Employer, the
Committee may determine in its discretion whether to readmit the
former
Participant as a Participant and, if
so, whether to credit the Participant’s Years of Service
prior to the break in service in determining vesting credit and
benefit accrual under the Plan. If a vested Participant
Separ
