ALLEGHENY ENERGY SUPPLEMENTAL EXECUTIVE RETIREMENT PLANEmployee Benefits Plan Agreement |
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Exhibit 10.8
ALLEGHENY ENERGY
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
(Amended and Restated as of January 1, 2008)
Table of Contents
| Page | ||||||||
| 1. | INTRODUCTION | 1 | ||||||
| 1.1 | History and Purpose | 1 | ||||||
| 1.2 | Effective Date | 1 | ||||||
| 2. | DEFINITIONS | 1 | ||||||
| 2.1 | Accrued Benefit | 1 | ||||||
| 2.2 | Affiliate | 1 | ||||||
| 2.3 | Beneficiary or Beneficiaries | 1 | ||||||
| 2.4 | Board of Directors | 1 | ||||||
| 2.5 | Cause | 1 | ||||||
| 2.6 | Code | 2 | ||||||
| 2.7 | Committee | 2 | ||||||
| 2.8 | Company | 2 | ||||||
| 2.9 | Compensation | 2 | ||||||
| 2.10 | Contingent Annuitant Option | 2 | ||||||
| 2.11 | Early Retirement Date | 2 | ||||||
| 2.12 | Eligible Employee | 2 | ||||||
| 2.13 | Employee | 3 | ||||||
| 2.14 | ERISA | 3 | ||||||
| 2.15 | Final Average Compensation | 3 | ||||||
| 2.16 | Normal Retirement Date | 3 | ||||||
| 2.17 | Other Supplemental Plan Reduction | 3 | ||||||
| 2.18 | Participant | 3 | ||||||
| 2.19 | Plan | 3 | ||||||
| 2.20 | Qualified Joint and Survivor Annuity | 3 | ||||||
| 2.21 | Retirement Plan | 3 | ||||||
| 2.22 | Retirement Plan Reduction | 3 | ||||||
| 2.23 | Single Life Annuity | 4 | ||||||
| 2.24 | Surviving Spouse | 4 | ||||||
| 2.25 | Year of Service | 4 | ||||||
| 3. | PARTICIPATION AND ELIGIBILITY | 4 | ||||||
| 3.1 | Current Participants | 4 | ||||||
| 3.2 | New Participants | 4 | ||||||
| 3.3 | Eligibility Requirements | 4 | ||||||
| 3.4 | Termination of Participation | 5 | ||||||
| 3.5 | Additional Age and Service | 5 | ||||||
| 4. | RETIREMENT BENEFITS | 6 | ||||||
| 4.1 | Determination of Accrued Benefit | 6 | ||||||
| 4.2 | Normal Retirement Benefit | 6 | ||||||
| 4.3 | Early Retirement Benefit | 6 | ||||||
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Table of Contents
(continued)
(continued)
| Page | ||||||||
| 4.4 | Timing and Form of Payment for the Accrued Benefit | 7 | ||||||
| 4.5 | Benefit Computation | 7 | ||||||
| 5. | DEATH BENEFITS | 7 | ||||||
| 5.1 | Death Before Commencement of Benefits | 7 | ||||||
| 5.2 | Death After Commencement of Benefits | 8 | ||||||
| 5.3 | Designating a Beneficiary | 8 | ||||||
| 6. | VESTING | 8 | ||||||
| 7. | FUNDED NATURE OF THE PLAN | 8 | ||||||
| 8. | ADMINISTRATION OF THE PLAN | 9 | ||||||
| 8.1 | Authority of the Committee | 9 | ||||||
| 8.2 | Delegation of Authority | 9 | ||||||
| 8.3 | Compensation and Expenses | 9 | ||||||
| 8.4 | Liability of the Committee and Board; Indemnification | 9 | ||||||
| 9. | AMENDMENTS AND TERMINATION | 9 | ||||||
| 10. | CLAIMS PROCEDURES | 10 | ||||||
| 11. | MISCELLANEOUS | 11 | ||||||
| 11.1 | Construction | 11 | ||||||
| 11.2 | Taxes | 11 | ||||||
| 11.3 | Governing Law | 11 | ||||||
| 11.4 | No Right of Employment | 11 | ||||||
| 11.5 | Payment in Satisfaction of Claims | 11 | ||||||
| 11.6 | No Alienation of Benefits | 12 | ||||||
| 11.7 | Incapacity | 12 | ||||||
| 11.8 | Adjustment | 12 | ||||||
| 11.9 | Compliance With Code Section 409A | 12 | ||||||
| Appendix A | i | |||||||
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