Exhibit 10.19
GENERAL DYNAMICS
CORPORATION
SUPPLEMENTAL RETIREMENT
PLAN
Effective January 1,
1983
and restated effective January 1,
2009
TABLE OF
CONTENTS
|
|
|
|
|
|
|
|
|
|
Page
|
|
SECTION
1 INTRODUCTION AND PLAN HISTORY
|
|
1
|
|
|
|
|
1.01
|
|
Introduction
|
|
1
|
|
1.02
|
|
Effective
Date
|
|
1
|
|
1.03
|
|
Plan
Appendices and Exhibits
|
|
1
|
|
|
|
SECTION
2 DEFINITIONS
|
|
1
|
|
|
|
|
2.01
|
|
Actuarial
Equivalent Value
|
|
2
|
|
2.02
|
|
Actuary
|
|
2
|
|
2.03
|
|
Code
|
|
2
|
|
2.04
|
|
Corporation
|
|
2
|
|
2.05
|
|
Defined
Benefit Plan
|
|
2
|
|
2.06
|
|
Defined
Contribution Plan
|
|
2
|
|
2.07
|
|
Determination
Date
|
|
2
|
|
2.08
|
|
Employee
|
|
2
|
|
2.09
|
|
Employing
Unit
|
|
2
|
|
2.10
|
|
ERISA
|
|
3
|
|
2.11
|
|
Grandfathered
Amounts
|
|
3
|
|
2.12
|
|
Participant
|
|
3
|
|
2.13
|
|
Plan
|
|
3
|
|
2.14
|
|
Retirement
Plan
|
|
3
|
|
2.15
|
|
Separation
from Service
|
|
3
|
|
2.16
|
|
Subsidiary
|
|
3
|
|
|
|
SECTION
3 SUPPLEMENTAL BENEFITS DUE TO LIMITATIONS UNDER DEFINED BENEFIT
PLANS
|
|
3
|
|
|
|
|
3.01
|
|
Participation
|
|
3
|
|
3.02
|
|
Transition
Rules
|
|
4
|
|
3.03
|
|
Supplemental
Benefit Due to Limitations Under Defined Benefit Plans
|
|
4
|
|
3.04
|
|
Forms
of Distribution for Grandfathered Amounts
|
|
5
|
|
3.05
|
|
Forms
of Distribution for Benefits Without Lump-Sum Option
|
|
5
|
|
3.06
|
|
Forms
of Distribution for Benefits With Lump-Sum Option
|
|
5
|
|
3.07
|
|
Election
of Alternative Annuity Forms
|
|
5
|
|
3.08
|
|
Distribution
Date of non-Grandfathered Amounts
|
|
5
|
|
3.09
|
|
Small-Sum
Cashout
|
|
6
|
|
3.10
|
|
Reemployment
|
|
6
|
|
3.11
|
|
Distribution
of Benefit to Commence Within 90 Days
|
|
6
|
|
|
|
SECTION
4 SPECIAL SUPPLEMENTAL BENEFITS
|
|
7
|
i
|
|
|
|
|
|
4.01
|
|
Participation
|
|
7
|
|
4.02
|
|
Benefits
|
|
7
|
|
|
|
SECTION
5 MISCELLANEOUS PROVISIONS
|
|
7
|
|
|
|
|
5.01
|
|
Construction
|
|
7
|
|
5.02
|
|
Employment
|
|
7
|
|
5.03
|
|
Non-alienability
of Benefits
|
|
7
|
|
5.04
|
|
Facility
of Payment
|
|
7
|
|
5.05
|
|
Discretionary
Payment of Benefits
|
|
8
|
|
5.06
|
|
Obligation
to Pay Amounts Hereunder.
|
|
8
|
|
5.07
|
|
Administration
|
|
8
|
|
|
|
SECTION
6 AMENDMENT AND TERMINATION OF PLAN
|
|
11
|
|
|
|
|
6.01
|
|
Amendment
|
|
11
|
|
6.02
|
|
Termination
|
|
11
|
|
6.03
|
|
Delegation
|
|
11
|
|
6.04
|
|
Section
409A
|
|
11
|
|
|
|
Appendix
A
|
|
A-1
|
|
|
|
Appendix
B
|
|
B-1
|
|
|
|
Appendix
C
|
|
C-1
|
|
|
|
Appendix
D
|
|
D-1
|
|
|
|
Appendix
E
|
|
E-1
|
ii
SECTION 1
INTRODUCTION AND PLAN
HISTORY
1.01 Introduction
.
|
|
(a)
|
This
Plan is maintained so as to strengthen the ability of the
Corporation to attract and retain persons of outstanding competence
upon which, in large measure, continued growth and profitability
depend.
|
|
|
(b)
|
The
Plan is intended to supplement any benefits that may be provided
under any plans of the Corporation and its Subsidiaries, as they
may be in effect from time to time, that are qualified under Code
Section 401. The Corporation shall not be required to fund, in
any way, any of the benefits provided under this Plan prior to the
time payments become due to persons hereunder.
|
|
|
(c)
|
The
Plan is intended to be an excess benefit plan within the meanings
of Sections 3(36) and 201(7) of ERISA and an unfunded deferred
compensation plan for a select group of management or highly
compensated employees within the meanings of Sections 201(2),
301(a)(3) and 401(a)(4) of ERISA and Labor Regulation
Section 2520.104-23, and shall be construed and interpreted
accordingly.
|
1.02 Effective Date . The
Plan was established January 1, 1983, was amended and restated
as of January 1, 1989, and as of January 1, 2002, and was
subsequently amended from time to time. The Effective Date of the
amendment and restatement of the Plan as set forth herein is
January 1, 2009, except as otherwise provided in the Plan or
an Appendix.
1.03 Plan Appendices and
Exhibits . From time to time, the Corporation may adopt
Exhibits to the Plan for the purpose of setting forth specific
provisions of this Plan. In addition, the Corporation may from time
to time adopt Appendices to this Plan for the purpose of providing
documentation necessary to determine benefits under the Plan for
certain employee groups. Each such Exhibit or Appendix shall be
attached to and form a part of the Plan. Each such Exhibit or
Appendix shall specify the Employing Unit to which it applies and
shall supersede the provisions of the Plan document to the extent
necessary to eliminate any inconsistencies between the Plan
document and such Exhibit or Appendix.
SECTION 2
DEFINITIONS
Where the following words and
phrases appear in the Plan, they shall have the respective meanings
set forth below, unless the context clearly indicates to the
contrary. Some of the words and phrases used in the Plan are not
defined in this Section 2, but, for convenience, are defined
as provided in an Appendix or Exhibit or as they are introduced
into the text.
1
2.01 Actuarial Equivalent Value .
“Actuarial Equivalent Value” shall mean an amount
determined by an Actuary that is of the equivalent value to the
aggregate amounts expected to be received under different forms of
payment under the Plan and based on actuarial assumptions adopted
under the Defined Benefit Plan in which the Plan Participant
benefits. For purposes of determining a lump sum value where no
lump sum payment option, other than the small benefit cashouts
described in Section S5.5 of the Master Retirement Plan Supplement
(or any successor provision thereto), is available under the
Defined Benefit Plan, the lump sum value shall be based on the
actuarial assumptions that would be used for determining a small
benefit cashout.
2.02 Actuary .
“Actuary” shall mean one or more actuaries chosen by
the Corporation, who shall be independent of the Corporation, and
qualified through Fellowship in the Society of Actuaries or a firm
with such actuaries on its staff.
2.03 Code .
“Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time, and the applicable regulations and other
guidance issued thereunder.
2.04 Corporation .
“Corporation” shall mean General Dynamics Corporation,
a Delaware corporation, and any successor thereof.
2.05 Defined Benefit Plan .
“Defined Benefit Plan” shall mean any Retirement Plan
maintained by the Corporation or its Subsidiaries other than a
Defined Contribution Plan as its specific benefit structure is
defined with respect to a group of covered employees. Defined
Benefit Plans covered by this Plan are listed in Appendix
A.
2.06 Defined Contribution
Plan . “Defined Contribution Plan” shall mean a
Retirement Plan which provides for an individual account for each
covered Employee and for benefits based solely upon the amount
contributed to the Employee’s account, and any income,
expenses, gains and losses, and any other amounts which may be
allocated to such account.
2.07 Determination Date .
“Determination Date” shall mean the first day of the
month following the later of the Participant’s attainment of
age 55 or the Participant’s Separation from Service,
including Separation from Service on account of death.
2.08 Employee .
“Employee” shall mean any person regularly employed as
a full-time salaried or hourly employee by the Corporation or its
Subsidiaries in any capacity including officers (and also including
directors who regularly render services to the Corporation or its
Subsidiaries as regular full-time employees), and who is not
covered by a collective bargaining agreement unless coverage under
this Plan has been extended by negotiated agreement to Employees
covered by the terms of such agreements. Individuals not initially
treated and classified by the Corporation as common-law employees,
including, but not limited to, leased employees, independent
contractors or any other contract employees, shall be excluded from
participation irrespective of whether a court, administrative
agency or other entity determines that such individuals are
common-law employees.
2.09 Employing Unit .
“Employing Unit” shall mean any Subsidiary or affiliate
of the Corporation or any economic or organizational or locational
division or unit thereof which is set forth in the Appendices to
the Plan.
2
2.10 ERISA . “ERISA” shall
mean the Employee Retirement Income Security Act of 1974, as
amended.
2.11 Grandfathered Amounts .
“Grandfathered Amounts” shall mean any amounts under
this Plan which were deferred and vested before January 1,
2005 (as determined in accordance with Code
Section 409A).
2.12 Participant .
“Participant” shall mean an Employee who satisfied the
eligibility criteria described in Section 3.01, 4.01 or an
Appendix.
2.13 Plan .
“Plan” shall mean the Supplemental Retirement Plan
effective January 1, 1983, and restated as set forth herein
effective January 1, 2009, as it shall be amended from time to
time and its Appendices and Exhibits.
2.14 Retirement Plan .
“Retirement Plan” shall mean any plan, fund, or program
which was heretofore or is hereafter established or maintained by
the Corporation and/or its Subsidiaries and which is qualified
under Code Section 401 to the extent that by its express terms
or as a result of surrounding circumstances such plan, fund or
program:
|
|
(a)
|
provides
retirement income to Employees; or
|
|
|
(b)
|
results
in a deferral of income by Employees for periods extending to the
termination of covered employment or beyond,
|
regardless of the method of
calculating the contributions made to the plan, the method of
calculating the benefits under the plan or the method of
distributing benefits from the plan.
2.15 Separation from Service
. “Separation from Service” shall have the meaning set
forth in Code Section 409A.
2.16 Subsidiary .
“Subsidiary” shall mean any subsidiary of the
Corporation authorized by the Corporation to participate in this
Plan with respect to its Employees and of which the Corporation
owns, directly or indirectly, fifty percent (50%) or more of
the outstanding voting stock.
SECTION 3
SUPPLEMENTAL BENEFITS DUE TO
LIMITATIONS
UNDER DEFINED BENEFIT
PLANS
3.01 Participation .
Eligibility for participation for any benefits provided under
Section 3.03 shall be extended to Employees covered under a
benefit structure identified in Appendix A either who are members
of a select group of management or highly compensated employees
with benefits payable under such benefit structure restricted due
to the limitations of Code Section 401(a)(17) or whose
benefits payable thereunder are restricted due to Code
Section 415 limitations.
3
Notwithstanding the preceding paragraph, an
Employee shall not be eligible for a benefit under
Section 3.03 if such Employee is eligible for benefits under
an Appendix (other than Appendix A) or an agreement with the
Corporation or its Subsidiaries where such Appendix or agreement
provides benefits in lieu of benefits described in
Section 3.03 unless such Appendix or agreement provides
otherwise.
3.02 Transition Rules
.
|
|
(a)
|
Except
as otherwise specifically provided herein with respect to
Grandfathered Amounts, any benefit pursuant to this Plan
distribution of which commenced prior to January 1, 2009,
shall continue to be paid in the same amount and in the same time
and form of payment as elected by the Participant prior to the
Effective Date.
|
|
|
(b)
|
A
Participant with a Plan benefit that is solely a Grandfathered
Amount the distribution of which has not commenced prior to
January 1, 2009, shall be eligible for a Plan benefit in
accordance with the terms of the Plan as in effect as of the date
of such Participant’s termination of employment, without
regard to any forms of benefit that are no longer available under
the Defined Benefit Plan of which the Participant is a member as of
the date distribution of such Participant’s benefit
commences.
|
3.03 Supplemental Benefit Due to
Limitations Under Defined Benefit Plans .
The benefit payable to or on behalf
of a Participant eligible under Section 3.01 with a
Determination Date on or after January 1, 2009, other than a
Participant described in Section 3.02 above, shall be an
amount equal to the excess, if any, of (X) over (Y) as
follows:
(X) The total benefit that would
have been provided to the Participant under the various Defined
Benefit Plans of which the Participant is a member without regard
to the limitations of Code Sections 415 or 401(a)(17), where such
benefit is calculated in the form of a single life annuity payable
as of the Determination Date.
(Y) The benefit that would have been
payable to the Participant under the various Defined Benefit Plans
of which the Participant is a member, after giving effect to the
limitations of Code Section 415 and 401(a)(17) where such
benefit is calculated in the form of a single life annuity payable
as of the Determination Date.
However, calculation of the benefit
pursuant to this Section shall reflect any restrictions and/or
modifications described in Appendix A that may be applicable to the
Participant. In the event that the Determination Date of a
Participant is earlier than when the Participant would first be
eligible for early commencement of benefits from the underlying
Defined Benefit Plan, the monthly amount payable upon such earlier
commencement shall be reduced in accordance with the actuarial
equivalent early commencement basis that would be applicable under
the General Dynamics Salaried Retirement Plan for a Participant
terminating prior to the attainment of age 55 but with ten years of
service.
4
3.04 Forms of Distribution for Grandfathered
Amounts . Any Grandfathered Amounts shall be subject to the
distribution forms and elections under this Plan as in effect on
December 31, 2004 to the extent that such forms continue to be
available under the Defined Benefit Plan of which the Participant
is a member as of the date distribution of such Participant’s
benefit commences.
3.05 Forms of Distribution for
Benefits Without Lump-Sum Option . Payment of benefits under
the Plan (other than with respect to Grandfathered Amounts), with
respect to Defined Benefit Plans that as of January 1, 2005,
did not provide for a lump sum payment option, shall be as
follows:
|
|
(a)
|
The
normal form of distribution of benefits subject to this
Section 3.05 if the Participant is legally married at the
Determination Date shall be in the form of a 100% Contingent
Annuitant Option, which is a reduced retirement benefit payable to
the Participant during his or her lifetime, with 100% of such
retirement benefit continuing to and for the lifetime of the
participant’s spouse, if such spouse survives the
Participant.
|
|
|
(b)
|
The
normal form of distribution of benefits subject to this
Section 3.05 if the Participant is not legally married at the
Determination Date shall be in the form of a single life annuitant
option, which is a retirement benefit payable to the Participant
for the remainder of his or her lifetime.
|
3.06 Forms of Distribution for
Benefits With Lump-Sum Option . Payment of benefits under the
Plan (other than with respect to Grandfathered Amounts), with
respect to Defined Benefit Plans that as of January 1, 2005,
provided for a lump sum distribution option, shall be as
follows:
|
|
(a)
|
The
normal form of distribution of benefits subject to this
Section 3.06 with respect to benefits for which a lump sum
option under the underlying Defined Benefit Plan was available as
of January 1, 2005, shall be in a lump sum payment.
|
|
|
(b)
|
The
normal form of distribution of benefits subject to this
Section 3.06 but not subject to Section 3.06(a) shall be
(1) if the Participant was legally married at the
Determination Date, in the form of a 100% Contingent Annuitant
Option (as described in Section 3.05) and (2) if the
Participant is not legally married at the Determination Date, in
the form of a single life annuitant option (as described in
Section 3.05).
|
3.07 Election of Alternative
Annuity Forms . With respect to non-Grandfathered Amounts that
are payable under Sections 3.05 or 3.06(b), a Participant may
elect, at any time prior to the Determination Date, to change from
the normal form of distribution to another optional form of
distribution with an Actuarial Equivalent Value that is provided
for in the underlying Defined Benefit Plan.
3.08 Distribution Date of
non-Grandfathered Amounts .
|
|
(a)
|
Later of Age 55 or 6 Months
Following Separation From Service . Except as provided in paragraph (b), below,
distribution of a Participant’s benefits under the Plan
(other than with respect to Grandfathered Amounts) shall commence
on the
|
5
|
|
Participant’s Determination
Date; provided however that distribution of such benefits shall
commence no earlier than the first day of the first month that is
more than 6 months following the Participant’s Separation
from Service. Payments that are delayed pursuant to the proviso in
the preceding sentence shall be accumulated with interest during
such deferral period based on the third segment rate in effect in
November of the year prior to the year in which the Determination
Date occurs and with application of the §417(e)(3)(D)
adjustment for plan years beginning prior to 2012.
|
|
|
(b)
|
Disability
. If
the Participant incurs a “disability” (as defined in
Code Section 409A), distribution of the Participant’s
benefits under the Plan (other than with respect to Grandfathered
Amounts) shall commence upon the Participant’s attainment of
age 65.
|
3.09 Small-Sum Cashout . In
the event that the single lump sum Actuarial Equivalent Value of
any benefit subject to Section 3.05 or Section 3.06(b),
determined as of the Determination Date (or the date specified in
Section 3.08(b), if applicable) is less than $100,000, such
benefit shall be distributed in a single lump sum payment. In
addition, in the event that the single lump sum Actuarial
Equivalent Value of any benefit subject to Section 3.05 or
Section 3.06(b), aggregated with benefits (other than
Grandfathered Amounts) under other plans of the Corporation that
are of a “single type” with this Plan pursuant to
Treas. Reg. § 1.409A-1(c)(2), is less than the applicable
dollar amount under § 402(g)(1)(B) of the Code, the
Corporation shall have the discretion to distribute such amount in
a single lump sum payment.
3.10 Reemployment . Except as
otherwise provided in this Section 3.10, there will be no
suspension of benefits under this Plan in the event of reemployment
of the Participant by the Corporation or any Subsidiary following
the Participant’s Determination Date. Re-employment of a
Participant following such Participant’s Determination Date
shall not affect the Participant’s rights to continued
receipt of benefits previously earned by such Employee.
Notwithstanding the foregoing, if a Participant who is receiving
Grandfathered Amounts is reemployed with the Corporation or an
affiliate of the Corporation and, in connection with such
reemployment, his Defined Benefit Plan benefit payment is
suspended, payment of his Grandfathered Amounts will be suspended
for the same period. Payment of such Grandfathered Amounts will
recommence at the same time as his or her benefit under the Defined
Benefit Plan and recommencement of the Grandfathered Amounts will
be adjusted in accordance with the provisions of the Plan to
reflect the period of suspension and benefits previously paid.
However, any additional benefits earned attributable to service
associated with the Grandfathered Amounts shall be treated as
non-Grandfathered Amounts.
3.11 Distribution
of Benefit to Commence Within 90 Days . In accordance with the
provisions of Section 409A, distributions of a
Participant’s benefits (other than Grandfathered Amounts)
shall be paid or commence no later than the fifteenth (15
th
) day of the
third (3 rd ) month following the date
on which payment of benefits is scheduled to commence pursuant to
Section 3.08.
6
SECTION 4
SPECIAL SUPPLEMENTAL
BENEFITS
4.01 Participation .
Recognizing the need to make special retirement and other
compensation or employee benefit provisions for certain Employees
of Employing Units, the Corporation may, from time to time and in
its best judgment, designate groups of select management or highly
compensated employees as being eligible to receive additional
benefits, substitute benefits, or more restrictive benefits than
are found in Section 3.03 of the Plan. Any such Employees or
groups of Employees shall be described in Appendices attached to
this Plan or in other agreements with the Corporation or its
Subsidiaries.
Such Employees shall not be eligible
for a benefit under Section 3.03 to the extent such appendices
or agreements provide for benefits in lieu of benefits described in
Section 3.03 unless such Appendix or agreement provides
otherwise. For those Employees with individual agreements, unless
expressly provided in the agreement, the provisions of this Plan
shall not apply to the benefit attributable to such
agreement.
4.02 Benefits . Such benefits
may be provided only to select management or highly compensated
employees in such amounts as the Corporation determines are
appropriate.
SECTION 5
MISCELLANEOUS
PROVISIONS
5.01 Construction . In the
construction of the Plan the masculine shall include the feminine
and the singular shall include the plural in all cases where such
meanings would be appropriate. This Plan shall be construed,
governed, regulated, and administered according to the laws of the
State of Virginia.
5.02 Employment . The Plan is
not an employment contract. Participation in the Plan shall not
give any Employee the right to be retained in the employ of the
Corporation or its Subsidiaries, or upon dismissal or upon his
voluntary termination of employment, to have any right, legal or
equitable, under the Plan or any portion thereof, except as
expressly granted by the Plan.
5.03 Non-alienability of
Benefits . No benefit under the Plan shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, or charge; and any attempt to anticipate,
alienate, sell, transfer, assign, pledge, encumber, or charge the
same shall be void; and no such benefit shall in any manner be
liable for or subject to the debts, liabilities, engagements, or
torts of the person entitled to such benefit, except as
specifically provided in the Plan.
5.04 Facility of Payment . If
any recipient of benefits is, in the judgment of the Corporation,
legally incapable of personally receiving and giving a valid
receipt for any payment due him under the Plan, the Corporation
may, unless and until claims shall have been made by a duly
appointed guardian or committee of such person, make such payment
or any part thereof to such person’s spouse, children, or
other legal entity deemed by the Corporation to have incurred
expenses or assumed responsibility for the expenses of such person.
Any payment so made shall be a complete discharge of any liability
under the Plan for such payment.
7
5.05 Discretionary Payment of Benefits .
In any instance in which the Corporation in its sole and
uncontrolled discretion believes such action to be in the best
interest of the party entitled to receive any payment provided by
this Plan, or to be in the best interests of the Corporation,
Grandfathered Amounts payable in installments pursuant to the
provisions of this Plan may be paid in a single lump sum, the
amount of which shall be of Actuarial Equivalent Value to the
benefits for which the lump sum is to be substituted. It is
intended by this Section 5.05 to vest the Corporation with
full discretion to administer this Plan with respect to
Grandfathered Amounts and to determine when and under what
circumstances deviations which accelerate payments of Grandfathered
Amounts are necessary, desirable, or appropriate; and the
Corporation shall have full power to authorize such deviations as
regards each payee separately.
5.06 Obligation to Pay Amounts
Hereunder .
|
|
(a)
|
No
trust fund, escrow account, or other segregation of assets need be
established or made by the Corporation to guarantee, secure, or
assure the payment of any amount payable hereunder. The
Corporation’s obligation to make payments pursuant to this
Plan shall constitute only a general contractual liability of the
Corporation to individuals entitled to benefits hereunder and other
actual or possible payees hereunder in accordance with the terms
hereof. Payments hereunder shall be made only from such funds of
the Corporation as it shall determine, and no individual entitled
to benefits hereunder shall have any interest in any particular
asset of the Corporation by reason of the existence of this Plan.
It is expressly understood as a condition for receipt of any
benefits under this Plan that the Corporation is not obligated to
create a trust fund or escrow account, or to segregate any asset of
the Corporation in any fashion.
|
|
|
(b)
|
The
Corporation may, in its sole discretion, establish segregated
funds, escrow accounts, or trust funds whose primary purpose would
be for the provision of benefits under this Plan. If such funds or
accounts are established, however, individuals entitled to benefits
hereunder shall not have any identifiable interest in any such
funds or accounts nor shall such individuals be entitled to any
preference or priority with respect to the assets of such funds or
accounts. These funds and accounts would still be available to
judgment creditors of the Corporation and to all creditors in the
event of the Corporation’s insolvency or
bankruptcy.
|
|
|
(c)
|
A
former Employee is not entitled to a benefit under this Plan to the
extent that the liability for such benefit has been transferred to
or assumed by a successor to all or any portion of the business of
the Corporation.
|
5.07 Administration
.
|
|
(a)
|
Administrative
Provisions of Defined Benefit Plans . To
the extent consistent with the purposes and provisions of this Plan
and as may be deemed necessary or advisable in the best judgment of
the Corporation, the Plan shall be operated under the
Administrative and General Provisions of the Defined Benefit
Plans.
|
8
|
|
(b)
|
Claims
Procedures . Any
application for benefits, inquiries about the Plan or inquiries
about present or future rights under the Plan must be submitted in
writing to the person or persons (the “Claims
Administrator”) selected by the Corporation or, at the
election of the Corporation, by the Corporation’s Employee
Benefit Appeals Committee (the Company or such Employee Benefit
Appeals Committee being hereinafter referred to as the
“Committee”), as follows:
|
|
|
(i)
|
In
the event that any application for benefits is denied in whole or
in part, the Claims Administrator must notify the applicant, in
written or electronic format, of the denial of the application, and
of the applicant’s right to review the denial. The notice of
denial will be set forth in a manner designed to be understood by
the applicant, and will include specific reasons for the denial,
specific references to the Plan provision upon which the denial is
based, a description of any information or material that the Claims
Administrator needs to complete the review, and an explanation of
the Plan’s review procedure.
|
|
|
(ii)
|
This
notice will be given to the applicant within ninety (90) days
after the Claims Administrator receives the application, unless
special circumstances require an extension of time, in which case,
the Claims Administrator has up to an additional ninety
(90) days for processing the application. If an extension of
time for processing is required, written or electronic notice of
the extension will be furnished to the applicant before the end of
the initial ninety (90)-day period.
|
|
|
(iii)
|
This
notice of extension will describe the special circumstances
necessitating the additional time and the date by which the Claims
Administrator is to render his or her decision on the application.
The applicant will then be permitted to appeal the denial in
accordance with the Review Procedure described below.
|
|
|
(iv)
|
Any
person (or that person’s authorized representative) for whom
an application for benefits is denied, in whole or in part, may
appeal the denial by submitting a request for a review to the
Claims Administrator within 60 days after the application is
denied. The Claims Administrator will give the applicant (or his or
her representative) a reasonable opportunity for a full and fair
review of a claim and adverse benefit determination, including:
(A) the opportunity to submit written comments, documents,
records and other information relating to the claim for benefits;
(B) the provision, upon request and free of charge, of
reasonable access to and copies of, all documents, records and
other information relevant to the claimant’s claim for
benefits, and (C) a review that takes into account all
comments, documents, records, and other information submitted by
the claimant relating to the claim, without regard to whether such
information was submitted or considered in the initial benefit
determination. A request for a review shall be in writing and shall
be addressed to:
|
|
|
|
|
|
|
|
General Dynamics
Corporation
|
|
|
2941
Fairview Park Drive
|
|
|
|
|
Falls
Church, Virginia 22042
|
|
|
9
|
|
(v)
|
A
request for review must set forth all of the grounds on which it is
based, all facts in support of the request and any other matters
that the applicant feels are pertinent. The Claims Administrator
may require the applicant to submit additional facts, documents or
other material as he or she may find necessary or appropriate in
making his or her review.
|
|
|
(vi)
|
The
Claims Administrator will act on each request for review within
sixty (60) days after receipt of the request, unless special
circumstances require an extension of time (not to exceed an
additional sixty (60) days), for processing the request for a
review. If an extension for review is required, written or
electronic notice of the extension will be furnished to the
applicant within the initial sixty (60)-day period. The Claims
Administrator will give prompt, written or electronic notice of his
or her decision to the applicant. In the event that the Claims
Administrator confirms the denial of the application for benefits
in whole or in part, the notice will outline, in a manner
calculated to be understood by the applicant: (A) the specific
reason or reasons for the adverse determination, (B) the
specific Plan provisions upon which the decision is based,
(C) a description of any additional material or information
necessary for the claimant to perfect the claim and an explanation
of why such material or information is necessary, (D) a
description of the Plan’s review procedures and the time
limits applicable to such procedures, including a statement of the
claimant’s right to bring a civil action under
Section 502(a) of ERISA following an adverse benefit
determination on review.
|
|
|
(vii)
|
The
Claims Administrator may establish rules and procedures, consistent
with the Plan and with ERISA, as necessary and appropriate in
carrying out his or her responsibilities in reviewing benefit
claims. The Claims Administrator may require an applicant who
wishes to submit additional information in connection with an
appeal from the denial of benefits to do so at the
applicant’s own expense.
|
|
|
(viii)
|
No
legal action for benefits under the Plan may be brought until the
applicant (A) has submitted a written application for benefits
in accordance with the procedures described by paragraph
(i) above, (B) has been notified by the Claims
Administrator that the application is denied, (C) has filed a
written request for a review of the application in accordance with
the appeal procedure described in paragraph (iv) above and
(D) has been notified in writing or electronically that the
Claims Administrator has denied the appeal.
|
10
|
|
(c)
|
Committee
.
Unless otherwise provided by the Corporation, the Committee shall
rule in place of the Corporation and the Committee’s ruling
shall be the final decision of the Corporation. Benefits shall be
paid under the Plan only if the Corporation or the Committee in its
sole discretion, determines that a Participant is entitled to them.
There shall be no duplication of benefits between this Plan and its
Appendices and any other plan or agreement with the Corporation or
its Subsidiaries for the same period of service unless otherwise
specifically stated in the Plan, Appendices or such other plan or
agreement.
|
SECTION 6
AMENDMENT AND TERMINATION OF
PLAN
6.01 Amendment . The Chairman
of the Board of Directors of the Corporation reserves the right to
modify or amend this Plan in whole or in part, effective as of any
specified date; provided, however, that the Chairman shall have no
a
