Common use of Qualified and Supplemental Pension and 401(k) Match Contribution Clause in Contracts

Qualified and Supplemental Pension and 401(k) Match Contribution. This Section 4.5 does not apply to Participants who are classified as Other Key Executives. (a) Severance Pay pursuant to Sections 3.2 and 3.4 shall be increased by an amount equal to the value of WellPoint ongoing contributions to the Participant’s qualified and supplemental cash balance pension accounts, and qualified and supplemental 401(k) accounts if Severance Pay had been considered covered earnings in those programs. This amount, is equal to the product of: (i) Severance Pay multiplied by (ii) a fraction, the numerator of which is (a) the Participant’s cash balance pension contribution percentage, if any, plus (b) the Participant’s maximum WellPoint 401(k) matching percentage, and the denominator of which is 100%.

Appears in 2 contracts

Samples: Executive Agreement Plan (Wellpoint Inc), Executive Agreement Plan (Wellpoint Inc)

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Qualified and Supplemental Pension and 401(k) Match Contribution. This Section 4.5 does not apply to Participants who are classified as Other Key Executives. (a) Severance Pay pursuant to Sections 3.2 and 3.4 shall be increased by an amount equal to the value of WellPoint Anthem ongoing contributions to the Participant’s 's qualified and supplemental cash balance pension accounts, and qualified and supplemental 401(k) accounts if Severance Pay had been considered covered earnings in those programs. This amount, is equal to the product of: (i) Severance Pay multiplied by (ii) a fraction, the numerator of which is (a) the Participant’s 's cash balance pension contribution percentage, if any, plus (b) the Participant’s 's maximum WellPoint Anthem 401(k) matching percentage, and the denominator of which is 100%.

Appears in 1 contract

Samples: Executive Agreement (Anthem, Inc.)

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Qualified and Supplemental Pension and 401(k) Match Contribution. This Section 4.5 does not apply to Participants who are classified as Other Key Executives. (a) Severance Pay pursuant to Sections 3.2 and 3.4 shall be increased by an amount equal to the value of WellPoint the Company’s ongoing contributions to the Participant’s qualified and supplemental cash balance pension accounts, and qualified and supplemental 401(k) accounts if Severance Pay had been considered covered earnings in those programs. This amount, is equal to the product of: (i) Severance Pay multiplied by (ii) a fraction, the numerator of which is (a) the Participant’s cash balance pension contribution percentage, if any, plus (b) the Participant’s maximum WellPoint 401(k) matching percentage, and the denominator of which is 100%.

Appears in 1 contract

Samples: Executive Agreement Plan (Elevance Health, Inc.)

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