January 6, 1998
Xx. Xxxxxx X. Xxxxxx
Xxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xx. Xxxxxx:
In recognition of your present responsibilities as Executive
Vice President - Finance of Public Service Electric and Gas Company and Vice
President and Chief Financial Officer of Public Service Enterprise Group
Incorporated, Paragraph 7 of your employment agreement dated December 17, 1991
is amended to read as follows:
7. You shall be granted credited service, in addition to that
earned as a result of your employment by PSE&G, for the purpose of
determining the amount (but not the vesting) of any pension benefits
from PSE&G in accordance with the following schedule:
Additional Years of
Date of Termination of Employment Credited Service
--------------------------------- ----------------
On or after DOE plus 5 years and 5
prior to DOE plus 6 years
On or after DOE plus 6 years and 7
prior to DOE plus 7 years
On or after DOE plus 7 years and 9
prior to DOE plus 8 years
On or after DOE plus 8 years and 11
prior to November 10, 2000
On or after November 10, 2000 17
The additional credited service shown in the table above is not cumulative but
is applied from the table depending upon when you retire. The above service
credit of 17 years, coupled with your actual service at your 55th birthday (8.85
years), would permit you to retire at that time without having your pension
reduced for early retirement. The above credited service is additional to the
current policy of the Board of Directors to credit 5 years of additional
credited service to officers who retire between age 60 and age 65 1/2.
Please sign and return to me the enclosed copy of this letter
to signify your agreement with this change.
Sincerely,
E. XXXXX XXXXXXX
----------------
E. Xxxxx Xxxxxxx
Chairman of the Board,
President and Chief Executive Officer
Agreed to this 6th day of January, 1998.
XXXXXX X. XXXXXX
----------------
Xxxxxx X. Xxxxxx
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