EXHIBIT 10(cg)
FIRST AMENDMENT TO
THE
NATIONAL WESTERN LIFE INSURANCE
COMPANY PENSION PLAN
(As Amended and Restated
Effective January 1, 2007)
This First Amendment to the National Western
Life Insurance Company Pension Plan (as amended, the
“Plan”) is hereby made and entered into as of the date
last set forth below by National Western Life Insurance Company
(the “Company”).
WITNESSETH:
WHEREAS, the Plan was originally established
effective January 1, 1973, was subsequently amended several times,
and was most recently amended and restated effective January 1,
2007; and
WHEREAS, Section 13.1 of the Plan permits the
Company to amend the Plan at any time; and
WHEREAS, the Plan must be amended to comply with
applicable requirements of the Pension Funding Equity Act of 2004
and the final regulations under section 415 of the Internal Revenue
Code of 1986, as amended (the “Code”);
NOW THEREFORE, the Plan is hereby amended as
follows effective as of January 1, 2008 except as otherwise
provided in the amendments below:
1. Plan
Section 8.1(a) is hereby amended by restating the first paragraph
of such Section to read in its entirety as follows:
Notwithstanding
any other provision of this Plan, the Pension payable to or on
behalf of any Participant under this Plan shall be limited in
accordance with Code section 415, as follows. The
provisions of this Article VIII supersede and control any other
provisions of the Plan in conflict therewith; provided, however,
that nothing herein shall affect Section 1.4 or shall be construed
to require the crediting of additional benefit accruals, Benefit
Service, or Compensation after the Freeze Date. Subject
to any specific optional elections made in this Article VIII, the
provisions of Code section 415 are hereby incorporated by reference
and shall control over any provision in the Plan in conflict
therewith. The provisions of this Article VIII are
intended to constitute good-faith compliance with the final
Treasury regulations under Code section 415 published on April 5,
2007 and shall be construed and applied in accordance
therewith.
2. Plan
Section 8.1(a)(i) is hereby amended by inserting the following
sentence at the end of such Section, such sentence to read in its
entirety as follows:
Adjustments
under Code section 415(d) shall apply to years after a
Participant’s severance from employment or, if earlier,
annuity starting date.
3. Plan
Section 8.1(a)(ii) is hereby amended by inserting the following
sentence at the end of such Section, such sentence to read in its
entirety as follows:
The defined
benefit compensation limitation shall be adjusted under Code
section 415(d) for years after a Participant’s severance from
employment or, if earlier, annuity starting date.
4. Section
8.1(a)(iv) is hereby amended by adding the following new subsection
(E) immediately following subsection (D), such subsection to read
in its entirety as follows:
(E) Other
items of remuneration that are similar to any of the items listed
in subsections (A) through (D) of this Section
8.1(a)(iv).
5. Section
8.1(a)(iv) is hereby amended by adding the following new paragraph
and related subsections at the end of such Section, such paragraph
and subsections to read in their entirety as follows:
To be taken into account for a year, earnings
must be actually paid or made available to a Participant during
such year and must be paid or treated as paid prior to the
Participant’s “severance from employment” with
the Employer as such term is defined in Treasury regulation section
1.415(a)-1(f)(5). Notwithstanding the foregoing,
“earnings” shall also include the following:
(F) amounts
paid by the later of 2½ mo
