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Walt DIsney Salaried Pension Plan

Walt DIsney Salaried Pension Plan

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Published by: azshanks on Apr 21, 2012
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11/29/2012

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DC: 4012076-4
Disney Salaried Pension Plan A
 
Summary Plan DescriptionEffective January 1, 2012
 
Salaried Pension Plan A
i
January 1, 2012
 
Contents
Disney Salaried Pension Plan A Overview 1
 
Overview ........................................................................................................... 1
 
Disney Salaried Pension Plan A ....................................................................... 1
 
ABC, Inc. Supplemental Pension Plan.............................................................. 1
 
Your Benefit Amount ......................................................................................... 1
 
Eligibility to Receive Retirement Benefits ......................................................... 2
 
Separation From Service Before You’re Vested ............................................... 2
 
Death Before You Start Receiving Benefits ...................................................... 2
 
Company and Affiliated Employer Definitions ................................................... 2
 
Eligibility to Participate 3
 
Who’s Eligible .................................................................................................... 3
 
Eligibility Service ............................................................................................... 3
 
When Participation Begins ................................................................................ 3
 
Changes in Eligibility Status .............................................................................. 3
 
Eligible Groups of Employees ........................................................................... 4
 
What Service Means 5
 
Overview ........................................................................................................... 5
 
Years of Vesting Service ................................................................................... 5
 
Definition of Vesting Service .......................................................................... 5
 
Vesting Requirements .................................................................................... 5
 
Military Service ............................................................................................... 6
 
Years of Pre-2012 Credited Service ................................................................. 6
 
Definition of Pre-2012 Credited Service ......................................................... 6
 
How Service Is Earned ................................................................................... 6
 
Special Rules .................................................................................................. 6
 
Military Service ............................................................................................... 7
 
Years of Post-2011 Benefit Accrual Service ..................................................... 7
 
Definition of Post-2011 Benefit Accrual Service............................................. 7
 
How Service Is Earned ................................................................................... 7
 
Military Service ............................................................................................... 7
 
Leave of Absence ........................................................................................... 7
 
Transfers from Ineligible Positions or Nonparticipating Companies ................. 7
 
Break in Service ................................................................................................ 8
 
How Your Benefits Are Determined 9
 
Overview ........................................................................................................... 9
 
If You Transfer Between Plans ......................................................................... 9
 
Disney Salaried Pension Plan A Formula ......................................................... 9
 
 
Salaried Pension Plan A
ii
January 1, 2012
 
1. Social Security Integrated Benefit (For service before January 1, 2012) 10
 
Gross Benefit (Part A) .................................................................................. 10
 
Social Security Offset (Part B)...................................................................... 10
 
2. Pay-Related Benefit (For service after December 31, 2011) ................... 11
 
Example ........................................................................................................ 11
 
Calculating Your Benefit ............................................................................... 11
 
Average Final Earnings ................................................................................... 13
 
Earnings .......................................................................................................... 14
 
What's Included ............................................................................................ 14
 
What's Not Included ..................................................................................... 14
 
Final Average Pay ........................................................................................... 15
 
Definition ....................................................................................................... 15
 
Eligible Pay ..................................................................................................... 15
 
What’s Included ............................................................................................ 15
 
What’s Not Included ..................................................................................... 15
 
Maximum Eligible Annual Earnings or Annual Pay ......................................... 16
 
Social Security Covered Compensation ......................................................... 17
 
ABC Benefit Equalization Plan ........................................................................ 18
 
Retirement Benefit Assumptions 19
 
Estimating Your Retirement Benefit ................................................................ 19
 
Union Employees Now Covered by the Plan ............................................... 19
 
When You Can Receive Benefits 20
 
When You Can Retire ..................................................................................... 20
 
Payment of Benefits ........................................................................................ 20
 
How to Elect a Payment Option ................................................................... 20
 
Final Benefit Amount .................................................................................... 21
 
Reemployment After Retirement .................................................................. 21
 
Social Security Benefits .................................................................................. 22
 
Normal Retirement .......................................................................................... 22
 
Early Retirement ............................................................................................. 22
 
Early Retirement Reductions .......................................................................... 22
 
How Reductions Affect Your Benefit ............................................................ 22
 
If You Were Hired Before April 1, 1998 ........................................................ 24
 
Late Retirement ............................................................................................... 24
 
Deferred Vested Benefit .................................................................................. 25
 
When You Leave the Company ................................................................... 25
 
When You Can Receive Deferred Vested Benefits ..................................... 25
 
Automatic Lump-Sum Payments .................................................................... 25
 
Retirement Benefit Payment Options 27
 
How Your Retirement Benefit Is Paid ............................................................. 27
 
Standard Payment Methods ........................................................................... 27
 

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