AMENDMENT NO. 1 To The CIGNA SUPPLEMENTAL PENSION PLANEmployee Benefits Plan Agreement |
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Exhibit
10.10(b)
AMENDMENT
NO. 1
To
The
CIGNA
SUPPLEMENTAL PENSION PLAN
(Amended
and Restated effective August 1, 1998)
CIGNA
Corporation has retained the right to amend the CIGNA Supplemental Pension Plan
("Plan") under Article VI, Section 6.2 of the Plan, and CIGNA Corporation wishes
to amend the Plan's benefit payment provisions.
Therefore,
the Plan is amended, unless another date is indicated below, effective September
1, 1999 and only for Plan participants who have not as of that date terminated
employment with the Company, as follows:
1. Section
4.1(a) of Article IV of the Plan is entirely amended effective as of January 1,
1999 for all Participants, to read:
4.1 Standard
Form of Benefits
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(a) |
Except
as provided in Section 4.2, the Supplemental Pension Benefit under Section
3.1 shall be paid to the Participant in the form of a single lump sum in
the January following Participant's severance from employment with the
Company or, if later, the January following the year in which the
Participant reaches age 55. |
2. Section
4.2(a) of Article IV of the Plan is amended by adding a new paragraph at the end
to read:
A
Participant may make a written request to the Plan Administrator for an Optional
Payment Method for 25%, 50%, 75% or 100% of his entire Supplemental Pension
Benefit (determined as of the date of participant's severance from employment).
3. Section
4.2(b) is entirely amended to read:
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(b) |
A
Participant may request that the date of payment under Section 4.1 or the
date payments begin under Section 4.2(a) be postponed to January of any
later year, but no later than the year after the Participant reaches age
70. A request for a postponed payment by a Participant who also requests
an Optional Payment Method for 25%, 50% or 75% of his Supplemental Pension
Benefit (or whose prior request for such an Optional Payment Method has
been approved) will be approved only if the requested date of future
payment under Section 4.1 is the same as the requested date future
payments begin under Section 4.2(a). |
4. Section
4.2(e) of Article IV of the Plan is entirely amended to read:
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(e) |
A
Participant may, before his termination of employment date, make a written
request to the Plan Administrator for an Optional Payment Method for 25%,
50%, 75% or 100% of his Supplemental Pension Benefit (determined as of the
date of Participant's severance from employment), a change to another
Optional Payment Method or a change to the standard single lump sum form
of benefit u
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