Exhibit 10.59
AMENDMENT TO THE
RETIREMENT PLAN FOR KOPPERS
INC.
The Retirement Plan for Koppers Inc.
hereby is amended, effective January 1, 2008, to add new Annex
I to the Plan to read as follows:
ANNEX I
Maximum Annual Retirement
Benefits
for Limitation Years beginning
on and after January 1, 2008
Except as otherwise provided below,
the provisions of this Annex I shall be effective as of the
Limitation Year beginning on January 1, 2008. The limitations,
adjustments and other requirements prescribed herein shall at all
times comply with the provisions of Code Section 415 and the
final regulations thereunder, the terms of which are specifically
incorporated herein by reference. These provisions shall supersede
the provisions of the Plan to the extent they are inconsistent with
the provisions of this Annex I.
(a) Notwithstanding anything in the
Plan to the contrary, in no event shall the combined Annual Benefit
payable with respect to a Participant on a single life basis under
this or any other defined benefit plan maintained by the Employer
or any Affiliate under which the Participant is covered as a
participant exceed the lesser of: (1) $160,000 (or such other
figure determined in accordance with the cost of living adjustment
procedure under Code Section 415(d) and Treas. Reg.
Section 1.415(d)-1(a), but only for the year in which such
adjustment is effective); and (2) 100% of the
Participant’s average annual Compensation during the three
consecutive years (as adjusted pursuant to Code Section 415(d)
and Treas. Reg. Sections 1.415(d)-1(a) and 1.415(b)-1(a)) in which
the Participant received the greatest amount of Compensation. The
Plan may use any 12-month period to determine a year of service,
provided that such period is determined consistently and applied
uniformly to all Participants. Such 12 month period shall be the
Plan Year. For a Participant who is employed by the Employer for
fewer than three consecutive years, the period of the
Participant’s high three years of service is the actual
number of consecutive years of service (including fractions of a
year, but not less than one year). With respect to a Participant
who incurs a break in service and is rehired by the Employer, the
Participant’s high three years of service shall be calculated
by excluding all years for which the Participant performs no
services for and receives no Compensation from the Employer
maintaining the Plan and by bridging the years of service before
and after the break in service and treating such years as if they
were consecutive.
(b) Notwithstanding subsection
(a) above, benefits up to $10,000 for a Limitation Year may be
paid without regard to the 100% of Compensation limitation if the
total retirement benefits payable to a Participant under all
defined benefit plans maintained by the Employer and any Affiliate
for the present and any prior Limitation Year do not exceed $10,000
and the Employer (or a predecessor employer) and any Affiliate has
not at any time maintained a defined contribution plan under which
the Participant was covered. For purposes of determining the
$10,000 amount, the benefit payable with respect to the Participant
under a plan for a Limitation Year reflects all amounts payable
under the plan for the Limitation Year (except as otherwise
provided in Treas. Reg. Section 1.415(d)-1) and is not
adjusted for form of benefit or commencement date.
(c) If a Participant has multiple
Annuity Starting Dates, the limitations of Code Section 415
and the regulations thereunder must be met separately as of each of
Annuity Starting Date taking into account the benefits that have
been or will be provided as of each Annuity Starting
Date.
(d) If a Participant’s Annual
Benefit (or a retirement benefit to which the Participant is
entitled under any other defined benefit plan maintained by the
Employer or any Affiliate) is payable in a form other
than a single life annuity or qualified joint
and survivor annuity, the Annual Benefit shall be converted to a
single life annuity using the interest rate and mortality
assumptions specified in the Plan for Actuarial Equivalence for the
particular form of benefit payable. The single life annuity, which
has been so determined, shall be compared to the single life
annuity that has the same actuarial present value as the form of
benefit payable to the Participant, computed using a 5 percent
interest rate assumption (or for any form of benefit subject to
Code Section 417(e)(3), the applicable interest rate as
defined in Code Section 417(e)(3)) and the applicable
mortality table prescribed in Code Section 415(b)(2)(E)(v).
The greater of these two amounts shall be the applicable limit for
the Annual Benefit payable in a form other than a single life
annuity or qualified joint and survivor annuity.
Notwithstanding the foregoing, the
following shall not be taken into account: any ancillary benefit
that is not related to retirement income benefits; and the survivor
annuity provided under the portion of any annuity that constitutes
a qualified joint and survivor annuity (as defined in Code
Section 417(b)).
|
|
(1)
|
For
purposes of the adjustment set forth above, for the Plan Years
commencing on January 1, 2004 and January 1, 2005,
f
|