Exhibit 10.6(b)
FPIC INSURANCE GROUP, INC.
EXCESS BENEFIT PLAN
(as amended and restated
effective January 1, 2008)
TABLE OF CONTENTS
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Page
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1
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2. DEFINITIONS
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1
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3. ADMINISTRATION
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1
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4. ELIGIBILITY
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2
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5. RETIREMENT
BENEFITS
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2
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6. PAYMENTS OF BENEFITS IN
THE EVENT OF
DEATH
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2
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7. CLAIMS
PROCEDURES
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2
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8. CHANGE OF
CONTROL
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5
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9. FUNDING
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5
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10. MISCELLANEOUS
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6
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11. EFFECTIVE
DATE
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6
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FPIC INSURANCE GROUP,
INC.
EXCESS BENEFIT PLAN
1.
PURPOSE
1.1 The
Plan amends and restates in its entirety as of January 1, 2008 the
Florida Physicians Insurance Company Excess Benefit Plan effective
January 13, 1996.
1.2 The
purpose of the Plan is to provide a supplemental retirement benefit
to selected Employees.
2.
DEFINITIONS
2.1 For
purposes of the Plan the following terms shall have the definition
which is attributed to them, unless another definition is clearly
indicated by particular usage and context.
(a) “Board”
means the Company’s Board of Directors.
(b) “Change
in Control” shall have the same meaning herein as in the
Company’s Deferred Compensation Plan (the “DC
Plan”), as in effect on the date hereof (substituting
“the Company” for “a Participating
Employer” throughout).
(c) “Code”
means the Internal Revenue Code of 1986, as amended.
(d) “Committee”
means the Compensation Committee of the Board.
(e) “Company”
means FPIC Insurance Group, Inc.
(f) “Director”
means a member of the Board.
(g) “Employee”
means any individual who performs services for the Company and is
included on the regular payroll of the Company, a Parent or
Subsidiary.
(h) “PBGC”
means the Pension Benefit Guaranty Corporation.
3.
ADMINISTRATION
3.1 The
Committee shall administer the Plan and may delegate to any
management committee, Employee, Director or agent its
responsibility to perform any act hereunder, including without
limitation, those matters involving the exercise of discretion,
provided that such delegation shall be subject to revocation at any
time at its discretion.
3.2 The
Committee shall have full authority to determine all questions
arising in connection with the Plan, other than those
determinations delegated to management Employees or independent
third parties by the Board, including interpreting its provisions
and construing all
of its terms; may
adopt procedural rules, and may employ and rely on such legal
counsel, such actuaries, such accountants and such agents as it may
deem advisable to assist in the administration of the Plan.
3.3 All
of its rules, interpretations and decisions shall be applied in a
uniform manner to all participants similarly situated and decisions
of the Committee shall be conclusive and binding on all
persons.
4.
ELIGIBILITY
4.1 The
former Employees of the Company shown on Schedule 1 hereto
are the only participants in the Plan. No other persons
may become participants in the Plan.
5.
RETIREMENT BENEFITS
5.1 The
amount of each participant’s monthly retirement benefit is
shown on Schedule 1 hereto.
5.2 Payment
of the monthly retirement benefit shall begin as to a participant
on the first day of the month following the date on which that
participant attains age 65. Benefits will continue to be
paid on the first day of each succeeding month, with the last
payment on the first day of the month in which that participant
dies.
6.
PAYMENTS OF BENEFITS IN THE EVENT OF DEATH
6.1 If
a participant dies before attaining age 65 and is survived by a
spouse to whom he was continuously married throughout the one-year
period ending on the date he dies, a death benefit shall be payable
to that spouse in an amount equal to 50 percent of the deceased
participant’s monthly retirement benefit.
6.2 Payment
of the death benefit shall begin on the date the deceased
participant’s monthly retirement benefit would have begun to
be paid. Benefits will continue to be paid on the first
day of each succeeding month with the last payment on the first day
of the month in which the former spouse dies. If the
spouse dies before the date the deceased participant’s
monthly retirement benefit would have begun to be paid, no death
benefits are payable.
7. CLAIM
PROCEDURES
7.1
Filing a Claim. Any controversy or claim arising
out of or relating to the Plan shall be filed in writing with the
Committee, which shall make all determinations concerning such
claim. Any claim filed with the Committee and any
decision by the Committee denying such claim shall be in writing
and shall be delivered to the participant or beneficiary filing the
claim (the “Claimant”).
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(a)
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In General.
Notice of a denial of benefits will be provided within
ninety (90) days of the Committee’s receipt of the Claimant's
claim for benefits. If the
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Committee
determines that it needs additional time to review the claim, the
Committee will provide the Claimant with a notice of the extension
before the end of the initial ninety (90) day
period. The extension will not be more than ninety (90)
days from the end of the initial ninety (90) day period and the
notice of extension will explain the special circumstances that
require the extension and the date by which the Committee expects
to make a decision.
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(b)
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Contents of
Notice. If a claim for benefits is completely or
partially denied, notice of such denial shall be in writing and
shall set forth the reasons for denial in plain
language. The notice shall (i) cite the pertinent
provisions of the Plan document and (ii) explain, where
appropriate, how the Claimant can perfect the claim, including a
description of any additional material or information necessary to
complete the claim and why such material or information is
necessary. The claim denial also shall include an
explanation of the claims review procedures and the time limits
applicable to such procedures, including a statement of the
Claimant’s right to bring a civil action under Section 502(a)
of ERISA following an adverse decision on review.
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7.2
Legal Action. A Claimant may not bring any legal
action, including commencement of any arbitration, relating to a
claim for benefits under the Plan unless and until the Claimant has
followed the claims procedures under the Plan and exhausted his or
her administrative remedies under such claims procedures.
If
a participant or beneficiary prevails in a legal proceeding
brough
