Exhibit 10(p)
UNITED STATES STEEL
CORPORATION
NON TAX-QUALIFIED PENSION
PLAN
Amended Effective
February 28, 2009
United States Steel Corporation
established the United States Steel Corporation Non Tax-Qualified
Pension Plan (the “Plan”), and hereby amends and
restates the Plan effective January 1, 2005, as set forth
herein to comply with section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), except with respect to
benefits that were vested under the Program on or before
December 31, 2004.
The purpose of this Plan is to
compensate individuals for the loss of benefits under the United
States Steel Corporation Plan for Employee Pension Benefits
(Revision of 2003) (the “Qualified Plan”) that occur
due to certain limits established under the Code or that are
required under the Code. The term “Corporation” shall
mean United States Steel Corporation and any other company which is
a participating employer in the Qualified Plan. For the purpose of
this Plan, “individual” will be deemed to include the
estate of a deceased participant in a Qualified Plan when the terms
of the Qualified Plan provide for certain survivor benefits to be
paid to an estate because the participant dies without leaving a
survivor or surviving spouse.
Except as otherwise provided herein,
each individual who qualifies for a benefit under the terms of the
Qualified Plan and whose benefit thereunder is reduced by the
limitations under Code sections 415, 401(a)(17), and/or [411(a)(9)]
is a participant in the Plan. Benefits will not be payable under
this Plan with respect to any individual who terminates employment
prior to age 60 unless the Corporation consents to the termination
of employment; provided, however, that such consent is not required
for terminations on account of: (a) death, or
(b) involuntary termination, other than for cause. Effective
February 28, 2009, individuals who retire under the 2009
Voluntary Early Retirement Program will be treated as having
Company consent to retire even if they have not attained age 60 at
retirement.
The amount payable under this Plan
shall be equal to the difference between: (a) the benefits the
individual actually receives under the Qualified Plan, and
(b) the benefits which the individual would have received
under the Qualified Plan except for the Code limitations outlined
in Section 2 above.
Effective February 28, 2009,
the benefits provided by this Plan will be enhanced for
participants who retire under the 2009 Voluntary Early Retirement
Program to include one additional year of age and one additional
year of continuous service at retirement for vesting, eligibility,
and benefit accrual purposes if the individual did not receive such
additional year of age and continuous service under the Qualified
Plan due to their designation as Supplemental Severance Employees.
However, the increased amount payable from this Plan is the lump
sum amount, using the interest rate assumptions used for the
participant in the 2009 Voluntary Early Retirement Program,
calculated as follows:
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(a)
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the benefits
which the individual would have received under the Qualified Plan,
enhanced by the one additional year of age and one additional year
of continuous service at retirement, except for the Code
limitations outlined in Section 2 above, less
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1 of 5
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(b)
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the benefits
which the individual would have received under the Qualified Plan,
without enhancement for the one additional year of age and one
additional year of continuous service at retirement, except for the
Code limitations outlined in Section 2 above, less
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(c)
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the amount
payable as a Supplemental Severance Benefit ((a) the benefits the
individual would have received under the Qualified Plan enhanced by
the one additional year of age and one additional year of
continuous service, less (b) the benefits the individual
actually receives under the Qualified Plan).
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4.
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Form of
Benefits and Timing of Distribution
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Effective January 1, 2005,
subject to section 4.b. below, an employee shall receive, upon the
employee’s termination of employment from the Corporation, a
lump sum distribution of both the benefits payable to him and the
benefits payable to his surviving spouse and/or survivor under this
Plan. The term “termination of employment”, when used
in the context of a condition to, or time of, payment hereunder,
shall mean a “separation from service” as that term is
used under section 409A(a)(2)(A)(i) of the Code and the regulations
thereunder. The payment date shall be on the last business day of
the calendar month following the month in which such termination of
employment occurred.
If the employee dies prior to
retirement, the survivor benefits payable to the surviving spouse
and/or survivor with respect to survivor benefits shall be paid in
a lump sum distribution to such surviving spouse and/or survivor,
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