Exhibit 10.57
AMENDMENT ONE TO
THE
TORCHMARK
CORPORATION
SAVINGS AND INVESTMENT
PLAN
(as restated January 1,
2007)
This Amendment, made as of the _____
day of ____________________, 2008 by Torchmark Corporation (the
“Employer”);
WITNESSETH:
WHEREAS , the Employer has heretofore adopted the
Torchmark Corporation Savings and Investment Plan (the
“Plan”), which has been restated in its entirety most
recently effective January 1, 2007;
WHEREAS , it has been determined that certain amendments
to the Plan are necessary and desirable;
WHEREAS , this Amendment is adopted to incorporate a
Qualified Automatic Contribution Arrangement under the Pension
Protection Act of 2006; and
WHEREAS , this Amendment supersedes any conflicting
provisions of the Plan.
NOW, THEREFORE
, the Plan is hereby amended,
effective for Plan Years beginning after December 31, 2008
(except as otherwise provided), as follows:
FIRST. Section 3.6
is hereby deleted in its entirety, and the following is substituted
in lieu thereof.
Section 3.6 Automatic
Enrollment of Participants . The automatic enrollment feature
set forth in this Section is intended to be a Qualified Automatic
Contribution Arrangement (“QACA”) as described in
§ 902(a) of the Pension Protection Act of 2006 and Code §
401(k)(13).
Notwithstanding Section 3.5,
any Employee who becomes an Eligible Employee on or after
January 1, 2009 or any Eligible Employee that has not
completed an enrollment form by such date shall be automatically
enrolled as a Participant and shall automatically have an amount
equal to 3% of his or her Compensation for each pay period deferred
and deposited to his or her Salary Deferral Account.
Unless modified by the Participant
pursuant to Section 3.7, each Participant’s Salary
Deferral percentage shall be determined in accordance with the
following:
(i) 3% of Compensation beginning on
the Participant’s entry date and ending on the last day of
the first Plan Year beginning after the Participant’s entry
date;
(ii) 4% of Compensation for the Plan
Year immediately following the period set forth in (i);
(iii) 5% of Compensation for the
Plan Year immediately following the period set forth in
(ii);
(iv) 6% of Compensation for the Plan
Year immediately following the period set forth in (iii) and
all subsequent Plan Years;
The Participant’s Salary
Deferral Account shall be invested in a fund selected by the Plan
Administrator unless and until the Participant gives appropriate
notice to the Plan Administrator to reallocate Investments under
the Plan. The Plan Administrator may implement this automatic
enrollment program through whatever procedure it deems appropriate,
provide
