Pension Plan (2002)Full Document 

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VOLUME I

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS

2

1.01

 

Accrued Pension

2

1.02

 

Act

7

1.03

 

Actuarial Equivalent

7

1.04

 

Actuary

9

1.04A

 

Applicable Interest Rate

9

1.04B

 

Applicable Mortality Table

9

1.05

 

Authorized Leave of Absence

9

1.06

 

Average Monthly Compensation

9

1.07

 

Basic Compensation

10

1.08

 

Beneficiary

11

1.09

 

Benefit Percentage

12

1.10

 

Board of Directors

19

1.11

 

Code

19

1.12

 

Committee

19

1.13

 

Company

19

1.14

 

Compensation

20

1.15

 

Controlled Group

22

1.16

 

Effective Date

23

1.17

 

Eligible Employee

23

1.18

 

Employee

23

1.19

Employer

23

1.20

 

Employment Commencement Date

24

1.21

 

Fiscal Year

24

1.22

 

Highly Compensated Employee

24

1.23

 

Nonhighly Compensated Employee

26

1.24

 

Normal Retirement Age

26

1.25

 

Normal Retirement Date

27

1.26

 

Participant

27

1.27

 

PBGC Interest Rate

27

1.28

 

Plan

27

1.29

 

Plan Administrator

27

1.30

 

Plan Year

28

1.31

 

Pension

28

1.32

 

Prior Plan

28

1.33

 

Qualified Joint and Survivor Annuity

28

1.34

 

Qualified Preretirement Survivor Annuity

28

1.35

 

Reemployment Commencement Date

28

1.36

 

Retirement

28

1.37

 

Service Definitions

28

(a)

 

Hour of Service

28

(b)

 

Year of Service

30

(c)

 

Break in Service

30

(d)

 

Benefit Service

30

(e)

 

Detached Service

32

(f)

 

Eligibility Year of Service

32

(g)

 

Vesting Year of Service

32

(h)

 

Bridging

32

(i)

 

Special Provisions

33

1.38

 

Social Security Covered Compensation

33

1.39

 

Social Security Retirement Age

33

1.40

 

Social Security Taxable Wage Base

33

1.41

 

Spouse

33

1.42

 

Termination of Employment

33

1.43

 

Total and Permanent Disability

33

1.44

 

Trust Agreement and Trust

34

1.45

 

Trustee

34

1.46

 

Trust Fund

34

1.47

 

Vested Pension

34

ARTICLE II ADMINISTRATION

35

2.01

 

Plan Administrator

35

2.02

 

Allocation of Authority and Responsibility Among Named Fiduciaries


35

2.03

 

Rights, Powers and Duties of the Plan Administrator

35

2.04

 

Discharge of Duties

36

2.05

 

Indemnification

36

2.06

 

Compensation and Expenses

36

2.07

 

Committee

36

2.08

 

Administrative Expenses

37

ARTICLE III GENERAL PROVISIONS

39

3.01

 

Adoption of the Plan by Other Employers

39

3.02

 

No Contract of Employment

39

3.03

 

Restrictions Upon Assignments and Creditor's Claims

39

3.04

 

Facility of Payment

39

3.05

 

Restriction of Claims Against Trust

40

3.06

 

Benefits Payable from Trust

40

3.07

 

Merger and Transfer of Assets or Liabilities

40

3.08

 

Applicable Law

40

3.09

 

Reversion of Employer Contributions

40

3.10

 

Veterans' Rights

41

3.11

 

Leased Employees

41

ARTICLE IV CLAIMS PROCEDURES

43

4.01

 

Claim for Benefits

43

4.02

 

Review

43

ARTICLE V AMENDMENT AND TERMINATION

45

5.01

 

Amendment and Termination of the Plan

45

5.02

 

Procedure Upon Termination

45

5.03

 

Non-Forfeitability Upon Termination of Plan

45

5.04

 

Internal Revenue Service Requirements

46

ARTICLE VI TRUST AGREEMENT, TRUST FUND, AND CONTRIBUTIONS

47

6.01

 

Trust Agreement and Trust Fund

47

6.02

 

Irrevocability

47

6.03

 

Employer Contributions

47

6.04

 

Employee Contributions

47

6.05

 

Benefits Payable Only from Trust Fund

47

6.06

 

Optional Provision for Benefits

48

6.07

 

Commingling Authorized

48

ARTICLE VII MAXIMUM LIMITATION ON PENSION

49

7.01

 

Maximum Limitation on Pensions

49

7.02

 

EGTRRA Provisions On Maximum Limitation

52

ARTICLE VIII TOPHEAVY PROVISIONS

55

8.01

 

Definitions

55

(a)

 

Aggregation Group

55

(b)

 

Average Compensation

55

(c)

 

Compensation

55

(d)

 

Determination Date

56

(e)

 

Super Top-Heavy Group

56

(f)

 

Super Top-Heavy Plan

56

(g)

 

Former Key Employee

57

(h)

 

Key Employee

57

(i)

 

Non-Key Employee

58

(j)

 

Permissive Aggregation Group

58

(k)

 

Required Aggregation Group

58

(l)

 

Top-Heavy Group

58

(m)

 

Top-Heavy Plan

58

8.02

 

Top-Heavy Plan Requirements

59

8.03

 

Minimum Vesting Requirement

59

8.04

 

Minimum Benefit Requirement

60

8.05

 

Adjustments to Maximum Benefits and Contributions

60

8.06

 

Coordination With Other Plans

61

8.07

 

EGTRRA Top-Heavy Provisions

61

ARTICLE IX ELIGIBILITY AND PARTICIPATION

63

9.01

 

Eligibility

63

9.02

 

Termination and Rehiring

63

9.03

 

Duration of Participation

63

ARTICLE X DETERMINATION OF BENEFITS

64

10.01

 

Normal Retirement Pension

64

10.02

 

Early Retirement Pension

64

10.03

 

Disability Retirement Pension

65

10.04

 

Deferred Vested Pension Upon Termination of Employment

65

10.05

 

Transfers

66

10.06

 

Minimum Pensions

66

10.07

 

Effect of Prior Plans

67

ARTICLE XI PAYMENT OF BENEFITS

69

11.01

 

Normal and Early Retirement Pensions

69

11.02

 

Disability Retirement Pensions

69

11.03

 

Deferred Vested Pension

70

11.04

 

Automatic Election of Qualified Joint and Survivor Annuity

70

11.05

 

Optional Forms of Pension

72

11.06

 

Payment of Small Pensions

73

11.07

 

Prohibition on Distribution

75

11.08

 

Non-Divestment

75

11.09

 

Suspension of Benefits Upon Reemployment

75

11.10

 

Limitations on Distributions

76

11.11

 

Employment After Normal Retirement Age

78

11.12

 

Benefit Accruals While Receiving Benefit Payments

78

11.13

 

Rollover Requirements

78

ARTICLE XII DEATH BENEFITS

81

12.01

 

Death Prior to Pension Commencement

81

ARTICLE XIII EFFECT OF PRIOR PLANS

83

ARTICLE XIV 1993 SPECIAL EARLY RETIREMENT PROVISIONS

84

14.01

 

General

84

14.02

 

Eligibility

84

14.03

 

Termination of Employment

84

14.04

 

Increased Benefits

84

ARTICLEXV TRANSFER OF BENEFITS WITH RESPECT TO CERTAIN EMPLOYEES WHOSE EMPLOYMENT TRANSFERS TO GTESOUTH INCORPORATED OR CONTEL OF THE SOUTH,INC.



91

15.01

 

Definitions

91

15.02

 

Transfer of Assets and Liabilities

91

15.03

 

Benefit Payments After the Closing Date but Prior to the Transfer of Assets and liabilities

92

15.04

 

Cessation of Participation

92

15.05

 

Vested Interest of Transfer Employees

92

15.06

 

Provisions Regarding LTD Recipients and WC Recipients

92

15.07

 

Plan Continuing

92

15.08

 

Overriding Provisions

92

ARTICLE XVI RESERVED

93

ARTICLEXVII 2001 SPECIAL EARLY RETIREMENT PROVISIONS

94

17.01

 

General

94

17.02

 

Eligibility

94

17.03

 

Termination of Employment and Other Conditions

94

17.04

 

Increased Benefits

95

SCHEDULE A TO ARTICLE XVII OF ALLTEL CORPORATION PENSION PLAN (JANUARY1, 2001 RESTATEMENT)


97

SCHEDULE B TO ARTICLE XVII OF ALLTEL CORPORATION PENSION PLAN (JANUARY1, 2001 RESTATEMENT)


98

ARTICLE XXII TRANSFER OF BENEFITS WITH RESPECT TO CERTAIN EMPLOYEES WHOSE EMPLOYMENT TRANSFERS TO CITIZENS UTILITIES COMPANY OR ONE OF ITS AFFILIATES



99

22.1

 

Definitions

99

22.2

 

Transfer of Assets and Liabilities

100

22.3

 

Benefit Payments After an Effective Date but Prior to the Transfer of Assets and Liabilities

100

22.4

 

Cessation of Participation

100

22.5

 

Vested Interest of Transfer Employees

100

22.6

 

Plan Continuing

100

22.7

 

Overriding Provisions

100

22.8

 

Effective Date of Article XXII

101

ARTICLEXXIII SPECIAL PROVISIONS AND EFFECTIVE DATES

102

23.01

 

Effective Date

102

23.02

 

Termination or Retirement Prior to January 1, 2001

102

23.03

 

Tax Reform Act of 1986 Effective Dates

102

23.04

 

GUST Effective Dates

102

23.05

 

EGTRRA Compliance

103

 

 

ALLTEL CORPORATION
PENSION PLAN
(January 1, 2001 Restatement)

PREAMBLE TO VOLUME I

The ALLTEL Corporation Pension Plan is hereby amended and restated, effective as of January 1, 2001. The amended and restated Plan is intended to be a continuation of the pension plan originally effective as of January 1, 1972, as amended and restated January 1, 1976, January 1, 1982, January 1, 1985, January 1, 1989, and January 1, 1994. The Plan and its corresponding Trust Agreement are intended to be qualified under Section 401(a) and Section 501(a) of the Code. The Plan is maintained for the exclusive benefit of eligible employees and their beneficiaries.

This Volume I of the Plan contains all Articles of the Plan other than Article XIII, which is contained in Volume II.

ARTICLE I
DEFINITIONS

Whenever used herein with the initial letter capitalized, the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context. For purposes of construction of the Plan, the masculine term shall include the feminine and the singular shall include the plural in all cases in which they could thus be applied.

1.01 Accrued Pension

(a) For a Participant who is covered by a collective bargaining agreement, an amount equal to the greater of (A) or (B) below:

(A) His Benefit Percentage multiplied by his Average Monthly Compensation at date of determination; or

(B) $10.00 multiplied by the number of years (and fraction) of Benefit Service;

(b) For a Participant who is not covered by a collective bargaining agreement and who is not compensated on an hourly basis, an amount equal to the sum of (1), (2), as applicable, and (3):

(1) The greater of (A) or (B) below:

(A) His Benefit Percentage as of December 31, 1987 multiplied by his Average Monthly Compensation as of December 31, 1987; or

(B) $10.00 multiplied by the number of years (and fraction) of Benefit Service as of December 31, 1987; plus

Either (A) or (B) below, whichever applies:

(2)

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