Benefit, Service Credit and Offsets. The Company agrees to provide Executive with a Supplemental Executive Retirement Benefit ("SERB") providing an annual retirement benefit beginning at age sixty-two (62) or thereafter, equal to the benefits which would have accrued to Executive under the Salaried Employees Retirement Plan (the "Pension Plan") and the contributions which would have been made to the Salaried Employee Defined Contribution Retirement Plan (the "Defined Contribution Plan") on behalf of Executive (hereinafter collectively referred to as the "Qualified Plans"), computed as follows: (i) The limitation on benefits and contributions with respect to such employees under Section 415 of the Internal Revenue Code of 1986, as at any time amended, and the regulations thereunder (hereinafter the "Code") shall not be given effect; (ii) Such accrued benefits and deemed contributions shall be determined without giving effect to the one hundred and fifty thousand dollar ($150,000) limitation of Code Section 401 (a)(17), or any successor thereto; and (iii) Any and all amounts due Executive under the Qualified Plans shall be credited toward and shall reduce the benefits payable under the SERB.
Appears in 4 contracts
Samples: Employment Agreement (Century Aluminum Co), Employment Agreement (Century Aluminum Co), Employment Agreement (Century Aluminum Co)
