Exhibit 10(p)(8)
AMENDMENT TO THE
ALCOA DEFERRED COMPENSATION 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. A new second paragraph
is added to the Plan as follows:
Effective January 1, 2009, the
AFL Deferred Compensation and Excess Plan, (which was created by
the merger of the Alcoa Fujikura Ltd. Telecommunications Division
Deferred Compensation Plan and Alcoa Fujikura Ltd. Deferred
Compensation Plan effective January 1, 1993) (“AFL
Plan”) is merged into this Plan and this Plan is the
surviving plan. All Pre-2005 Credits from the AFL Plan and earnings
thereon will continue to be treated as Pre-2005 Credits under this
Plan. All Post-2004 Credits from the AFL Plan and earnings thereon,
including all account balances of any Participant with less than
three (3) years of Continuous Service as of January 1,
2005, will be treated as Post-2004 Credits under this
Plan.
3. Effective
January 1, 2008, the definition of Beneficiary is amended by
adding the following sentence:
Effective January 1, 2008,
Beneficiary will also include any person or persons designated in
writing by a Participant’s Beneficiary, to receive benefits
in the event of the Participant’s Beneficiary’s
death.
4. Effective
January 1, 2005, the word “retirement” is replaced
with the defined term “Retirement”
throughout.
5. Effective
January 1, 2009, the definition of Continuous Service 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, Subsidiary or
Affiliate, 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 Committee. Continuous Service shall terminate upon any quit,
dismissal, discharge or any other termination of employment with
the Company, Subsidiary or Affiliate; any determination by the
Committee that employment with these entities has terminated shall
be conclusive. Continuous Service upon reemployment does not
include any
Continuous Service accrued prior to
a termination of Continuous Service, except that if a
Participant’s Continuous Service is terminated by reason of
Retirement or a Nonforfeitable Circumstance, Continuous Service at
the time of such termination shall be reinstated upon the date of
his or her reemployment with the Company, a Subsidiary or
Affiliate. 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. Effective as of July 1, 1998 all years of
service accrued with Alumax, Inc. or any of its subsidiaries
(“Alumax”) on and after June 16, 1998, by any
Participant who was actively employed with Alumax on June 16,
1998, will be taken into account to determine Continuous
Service.
6. Due to the change in
the name of the committee, the term “Inside Director
Committee” is replaced with “Benefit Management
Committee” throughout.
7. Effective
Janu
