Executive Pension Makeup Plan [Amendment No. 4] - Albertson's Inc.
FOURTH AMENDMENT TO
ALBERTSON'S, INC.
EXECUTIVE PENSION MAKEUP PLAN
This Amendment is made by Albertson's, Inc., a Delaware corporation
(the "Corporation").
RECITALS:
A. The Corporation established effective June 1, 1988, the Albertson's,
Inc. Executive Pension Makeup Plan for the purpose of providing
supplementary retirement benefits to a select group of management or
highly compensated employees, and amended and restated such plan,
effective February 1, 1989, and subsequently amended the plan (as
amended and restated, the "Plan").
B. The Corporation, under Article V of the Plan, reserved the right to
amend the Plan.
C. Pursuant to resolutions adopted by the Board of Directors of the
Corporation on August 29, 1988 and May 26, 1989, the Administrative
Committee of the Grantor Trust Committee (the "Committee") was granted
authority to amend the Plan.
D. The Committee has determined that it is advisable to amend the Plan in
the manner hereinafter set forth.
AMENDMENTS:
NOW, THEREFORE, the following amendments to the Plan are hereby
adopted, effective January 1, 1995:
1. Article I is expanded to include the following definitions:
"Normal Retirement Date" shall have the same meaning as set
forth in the Salaried Pension Plan.
"Retirement Benefit" shall mean a Participant's benefit as
determined pursuant to Section 3.02.
2. Section 3.01 is renamed "AMOUNT OF ACCRUED BENEFIT."
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3. A new Section 3.02 shall be added as follows:
3.02 AMOUNT OF RETIREMENT BENEFIT. A Participant's
Retirement Benefit shall be a monthly benefit equal to the
Participant's Accrued Benefit adjusted in the same manner as
under the Salaried Pension Plan for benefits commencing at
a date other than the Participant's Normal Retirement Date.
4. Sections 3.02, 3.03 and 3.04 are renumbered as Sections 3.03,
3.04 and 3.05, respectively.
5. Section 4.02 is amended to read, in its entirety, as follows:
4.02 FORM OF BENEFIT PAYMENTS. Benefit payments shall be
paid in the form of a period-certain and life annuity which is
the payment of a reduced benefit to the Participant payable
until death, and if the Participant's death occurs within a
period 10 years after benefit payments commence, payments of
such reduced benefit shall be continued in the same amount to
the Participant's Beneficiary (i.e., the Participant's
Beneficiary or Beneficiaries designated under the Salaried
Pension Plan) for the balance of the 10-year period. Such
benefit shall be the actuarial equivalent of the Participant's
Retirement Benefit. Notwithstanding the foregoing, if the
lump sum amount which is the actuarial equivalent of the
Participant's Retirement Benefit is $3,500 or less, such
amount shall immediately be distributed in a single lump sum
payment. The actuarial equivalent of the Participant's
Retirement Benefit shall be determined using the actuarial
assumptions and equivalents provided under the Salaried
Pension Plan.
IN WITNESS WHEREOF, the Employer has caused this Fourth Amendment to
be executed by its duly authorized officers this 27th day of January, 1995
to be effective as of January 1, 1995.
ALBERTSON'S, INC.
a Delaware corporation
BY: THOMAS R. SALDIN
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Thomas R. Saldin
Executive Vice President,
Administration and General Counsel
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