Exhibit 10.37
BOISE PAPER HOLDINGS, L.L.C.
SUPPLEMENTAL PENSION PLAN
(Effective February 22, 2008)
BOISE PAPER HOLDINGS, L.L.C.
SUPPLEMENTAL PENSION PLAN
ARTICLE I
1.
Purpose of the Plan
. It is the policy of Boise Paper
Holdings, L.L.C. (the “Company”) to provide retirement
benefits to eligible employees in accordance with the terms and
conditions of the Company’s retirement plans. Under certain
circumstances the effect of federal and state tax laws may preclude
payment of full benefits to which an employee is otherwise entitled
out of the assets of the Company’s retirement plans qualified
under Section 401 of the Internal Revenue Code of 1986, as
amended. In addition, the election of certain employees to
voluntarily defer receipt of otherwise taxable and pensionable
compensation may have the effect of reducing the amount of
retirement benefits which such employees would otherwise be
entitled to receive out of the Company’s tax-qualified
retirement plans. In order to ensure that employees of the Company
receive the full retirement benefits earned during the course of
their employment with the Company, the Company will provide
benefits as described in this Plan.
ARTICLE II
2.
Definitions
.
2.1
“Act” means the Employee
Retirement Income Security Act of 1974 (“ERISA”), as
amended from time to time.
2.2
“BCC SUPP” means the
Boise Cascade Corporation Supplemental Pension Plan (As Amended
Through September 26, 2003), now known as the OfficeMax
Incorporated Supplemental Pension Plan.
2.3
“BCLLC SUPP” means the
Boise Cascade, L.L.C. Supplemental Pension Plan.
2.4
“Code” means the
Internal Revenue Code of 1986, as amended from time to
time.
2.5
“Company” means Boise
Paper Holdings, L.L.C., and any of its subsidiaries or affiliated
business entities participating in the Pension Plan.
2.6
“Compensation” means a
Participant’s compensation as defined in the Pension Plan,
but without regard to any limitations required by
Section 401(a)(17) of the Code, and including amounts
voluntarily deferred at the Participant’s election under any
of the nonqualified deferred compensation plans of the
Company.
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2.7
“Effective Date” means
February 22, 2008.
2.8
“Frozen Benefit” means
(i) the monthly benefit that would have been paid to a
Transferred Participant under the BCC SUPP as if such participant
had been eligible to retire with a fully vested benefit and had
retired under the terms of the Boise Cascade Corporation Pension
Plan for Salaried Employees as of October 28, 2004, plus
(ii) the monthly benefit that would have been paid to that
Transferred Participant under the BCLLC SUPP as if such participant
had been eligible to retire with a fully vested benefit and had
retired under the terms of the Boise Cascade, L.L.C. Pension Plan
for Salaried Employees as of February 21, 2008. In the event
that either the BCC SUPP or the BCLLC SUPP is terminated prior to
the payment of any benefits under this Plan and/or a Participant
receives a payout of his or her benefits under such plan(s), such
payout (or the actuarial equivalent thereof) shall be the Frozen
Benefit.
2.9
“Maximum Benefit” means
the monthly equivalent of the maximum benefit permitted by the Code
to be paid to a participant in the Company’s Pension Plan,
taking into account all limitations required by the Code in order
for the Pension Plan to retain its qualified status under
Section 401 of the Code.
2.10
“Participant” means any
employee of the Company who is an active Participant in the Pension
Plan on or after the Effective Date and whose pension benefits
determined on the basis of the provisions of the Pension Plan,
without regard to the limitations of the Code, would exceed the
Maximum Benefits permitted under the Code.
2.11
“Pension Plan” means the
Boise Paper Holdings, L.L.C. Pension Plan for Salaried Employees,
as amended from time to time.
2.12
“Plan” means this Boise
Paper Holdings, L.L.C. Supplemental Pension Plan, as amended from
time to time, which is an unfunded plan providing benefits for a
select group of senior management or highly compensated employees
of the Company.
2.13
“Plan Administrator”
means the individual(s) designated by the Company as the Plan
Administrator for purposes of compliance with the requirements of
the Act.
2.14
“Separation from
Service” means the Participant’s ceasing to be employed
by the Company for any reason whatsoever, whether voluntarily or
involuntarily, including without limitation by reason of early
retirement, normal retirement, or death, provided that transfer
from the Company to a subsidiary or vice versa shall not be deemed
a Separation from Service for purposes of this Plan. A Separation
from Service shall also occur if (a) the Participant is on a
leave of absence that exceeds 6 months and the Participant
does not have a statutory or contractual right of reemployment, in
which case, Separation from Service shall be deemed to have
occurred on the first day following the 6-month period,
(b) the Participant is on a leave
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of absence that exceeds 6 months and the
Participant’s statutory or contractual right of reemployment
ends, in which case Separation from Service shall be deemed to have
occurred on the first day following the end of the right of
reemployment, or (c) the Company and the Participant
reasonably anticipate that the level of services the Participant
will perform for the Company (whether as an employee or an
independent contractor) will permanently decrease to 20% or less of
the average level of services performed for the Company over the
preceding 36 months. Determination of whether a Separation
from Service has occurred will be made subject to the facts and
circumstances of each situation and will comply with Internal
Revenue Code Section 409A.
2.15
“Specified Employee”
means a “specified employee” as defined in Treasury
Regulation §1.409A-1(i) (or any successor regulation).
For purposes of identifying Specified Employees, the specified
employee identification date is December 31
st of each year and the specified employee
effective date is April 1 st of
each year.
2.16
“Transferred
Participant” means any employee of the Company who was
(i) an active participant in the Boise Cascade Corporation
Spun-off Pension Plan for Salaried Employees immediately before
October 29, 2004, and/or (ii) an active participant in
the Boise Cascade, L.L.C. Spun-off Pension Plan for Salaried
Emp