This Employee Benefits Plan Agreement involves
Title: AMENDMENT TO THE ALCOA GLOBAL PENSION PLAN
Industry: Metal Mining Sector: Basic Materials
AMENDMENT TO THE
ALCOA GLOBAL PENSION PLAN
The American Jobs Creation Act of 2004 requires certain changes to plan provisions required by Section 409A of the Internal Revenue Code, and regulations thereunder. In order to comply with the requirements and clarify certain plan provisions, the plan is amended as follows:
1. Due to the change of the Company’s name, Aluminum Company of America is replaced with Alcoa Inc. throughout.
2. Effective January 1, 2009, the Eligibility provision in Section 1.1(B) is amended by adding the following sentence to the end thereof:
Effective January 1, 2009, Participants who are U.S. residents, who are also eligible to participate in the Alcoa Savings Plan, are no longer eligible to participate in this Plan.
3. Effective January 1, 2009, the definition of Continuous Service in Section 1.3 is restated to terminate continuous service after 6 months for most absences as follows:
“Continuous Service” means, except as modified by the balance of this definition, the period of continuous employment with the Company, either as a salaried employee or as an hourly-rated employee, subject to such rules as may be adopted from time to time by the Director. Continuous Service terminates upon any quit, dismissal, discharge, Retirement, or any other termination of employment with the Company; any determination by the Manager that employment with these entities has terminated is conclusive, final, and binding. Effective January 1, 2009, absences from such employment due to inactive status, sick leave, leave of absence or layoff shall constitute a termination of Continuous Service after such status has continued for 6 months, except to the extent the Participant has the legal right to be reemployed either through contract or statute.
4. Effective January 1, 2005, the Vesting provision in Section 1.4 is restated t