Exhibit 10(tt)
ALCOA NON-QUALIFIED PENSION PLAN FOR
SENIOR MANAGEMENT
ADOPTED BY
ALUMINUM COMPANY OF AMERICA
Pursuant to due authorization by the
Board of Directors, Aluminum Company of America has adopted the
following Alcoa Non-Qualified Pension Plan for Senior Management
for the exclusive benefit of select management and highly
compensated employees (1) who are actively at work for the
Company or a subsidiary on or after July 1, 1986, (2) who
are participants in the IC Rules adopted under the Employees’
Retirement Plan of Aluminum Company of America, Plan I and/or in
Employees’ Excess Benefits Plan B of Aluminum Company of
America, (3) who meet the requirements for participation
hereunder, and (4) whose monthly retirement benefits under
said plan or plans are less than the monthly retirement benefits
calculated under this Plan.
ARTICLE I —
DEFINITIONS
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1.1
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The following
terms have the specified meanings.
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A. “Company” means
Aluminum Company of America.
B. “Board of Directors”
means the Board of Directors of the Company.
C. “Plan” means the
Alcoa Non-Qualified Pension Plan for Senior Management adopted by
the Company as described herein or as from time to time hereafter
amended.
D. “Excess Plan B” means
the Employees’ Excess Benefits Plan B of Aluminum Company of
America as now in effect and as from time to time amended
hereafter.
E. “IC Rules” means the
IC Rules adopted under Employees’ Retirement Plan of Aluminum
Company of America, Plan I as now in effect and as from time to
time amended hereafter.
F. “Participant” means
any employee or former employee (1) who on or after
July 1, 1986 is actively at work for the Company or a
Subsidiary, (2) who is a participant in the IC Rules or Excess
Plan B and (3) who has a job grade of 25 or higher, as
determined by the Company.
G. “Subsidiary” means a
corporation at least 50% of whose outstanding voting stock is owned
or controlled by the Company and/or one or more other Subsidiaries,
and any noncorporate business entity in which the Company and/or
one or more other Subsidiaries have at least a 50% interest in
capital or profits.
H. “Other Plan or Plans”
means the IC Rules, any other defined benefit retirement plan of
the Company or any Subsidiary, Employees’ Excess Benefits
Plan A of the Company, Excess Plan B and Employees’ Excess,
Plan C, Benefits of the Company.
I. “Pension Benefits”
means any and all retirement benefits provided under the Other Plan
or Plans, excluding the Special Retirement Pension or Supplemental
Pension provided under the IC Rules or (the equivalent thereof
provided) under Excess Plan B.
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J. “Retirement Board”
means the Retirement Board created pursuant to Employees’
Retirement Plan of Aluminum Company of America, Plan I.
K. “Average Final
Compensation” means the average Annual Compensation received
during the five consecutive calendar years within the ten calendar
years preceding the date such Compensation was discontinued
(including the calendar year in which such Compensation was
discontinued if this would increase Average Final Compensation)
affording the highest such average. For a Participant whose Pension
Service terminates on or after December 31, 1986, the five
highest years during such ten years will be used whether or not
consecutive.
L. “Annual Compensation”
means the total payments made by the Company and by any
Subsidiaries during a calendar year for services rendered either as
a salaried employee or as an hourly rated employee, except as
otherwise provided by contractual agreement, other than living and
similar allowances and premium pay and payments made for specific
purposes as determined under supplemental rules adopted by the
Company. Annual Compensation shall include any amounts by which the
Participant has elected to reduce his or her salary under the Alcoa
Savings Plan for Salaried Employees or under any cash or deferred
arrangement established under Section 401(k) of the Internal
Revenue Code of 1954 as amended, other than said Savings Plan, any
amount by which the Participant has elected to reduce his or her
salary under Employees’ Excess Benefits Plan D of the Company
and any amount the Participant has elected to defer under the
Incentive Compensation Plan of Aluminum Company of America.
Notwithstanding the foregoing, only one-half of the amount, if any,
received by a Participant
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