Attached files
| file | filename |
|---|---|
| 10-K/A - FORM 10-K/A - MONEYGRAM INTERNATIONAL INC | d75148e10vkza.htm |
| EX-31.2 - EX-31.2 - MONEYGRAM INTERNATIONAL INC | d75148exv31w2.htm |
| EX-31.1 - EX-31.1 - MONEYGRAM INTERNATIONAL INC | d75148exv31w1.htm |
Exhibit 10.28
FIRST AMENDMENT
OF
MONEYGRAM
SUPPLEMENTAL PENSION PLAN
OF
MONEYGRAM
SUPPLEMENTAL PENSION PLAN
WHEREAS, MoneyGram International, Inc. (the “Company”), has heretofore established and
maintains a non-qualified defined benefit plan (the “Plan”) which is embodied in a document adopted
effective July 1, 2004, and entitled “MONEYGRAM SUPPLEMENTAL PENSION PLAN (Amended and Restated
Effective December 28, 2007),” the “Plan Statement”); and
WHEREAS, The Company has reserved to itself the power to make further amendments of the Plan
Statement.
NOW, THEREFORE, The Plan Statement is hereby amended as follows:
1. FREEZING POST-1997 BENEFIT. Effective for purposes of determining a Participant’s Post-1997
Benefit after December 31, 2009, Section 2 of Schedule F to the Plan Statement shall be amended to
read in full as follows:
2. Post-2007 Benefit
For purposes of this Schedule F, the Post-1997 Benefit is the sum of (a) and (b), multiplied
by the Eligible Employee’s Credited Service for periods after 1997 and prior to January 1, 2010,
where:
| (a) | Is 1.15 percent of the Eligible Employee’s Final Average Earnings at December 31, 2009 up to Covered Compensation at December 31, 2009. |
| (b) | Is 1.70 percent of the excess, if any, of the Eligible Employee’s Final Average Earnings over Covered Compensation. |
An Eligible Employee’s Final Average Earnings and Covered Compensation shall be determined as of
the earlier of the date of the Eligible Employee’s termination of employment or December 31, 2009.
An Eligible Employee’s Credited Service under this section 2 shall be limited to 30 years minus any
Credited Service taken into account for purposes of any calculation under section 3.
2. FREEZING CREDITED SERVICE. Effective for purposes of determining an Eligible Employee’s
Credited Service after December 31, 2009, Section 2(d) of the Plan Statement shall be amended by
adding the following sentence after the third sentence of such Section:
With respect to benefits provided under Schedule F, Credited Service shall only be counted through
December 31, 2009.
3. FREEZING OF FINAL AVERAGE EARNINGS. Effective for purposes of determining an Eligible
Employee’s Final Average Earnings after December 31, 2009,
Section 7(b) of the Plan Statement shall be amended by adding thereto the following new paragraph (3):
| (3) | For an Eligible Employee covered by Schedule F, Final Average Earnings at December 31, 2009 used to determine the Post-1997 Benefit is the Eligible Employee’s Final Average Earnings (as defined in (a) above) determined as of December 31, 2009 (i.e., any base salary, sales commissions and overtime plus fifty percent (50%) of the MIPs earned and paid after December 31, 2009 shall be entirely disregarded). |
4. VESTING SERVICE NOT FROZEN. Effective for determining vesting on or after December 31, 2009,
Schedule F to the Plan Statement shall be amended by adding thereto the following new Section 5
before the last sentence of Schedule F:
5. Vesting
Notwithstanding the freeze on the accrual of additional benefits of Eligible Employees covered
by this Schedule F effective as of December 31, 2009, an Eligible Employee’s employment after
December 31, 2009 shall be taken into account in determining whether the Eligible Employee is
entitled to a benefit under the Plan pursuant to Article 11.
5. ELIGIBILITY FOR SURVIVOR’S BENEFIT NOT FROZEN. Effective for purposes of determining whether
the spouse of an Eligible Employee is entitled to a Survivor’s Benefit under the Plan, Schedule F
to the Plan Statement shall be amended by adding thereto the following new Section 6 before the
last sentence of Schedule F:
6. Survivor’s Benefit
Notwithstanding the freeze on the accrual of additional benefits of Eligible Employees covered
by this Schedule F effective as of December 31, 2009, an Eligible Employee’s employment after
December 31, 2009 shall be taken into account in determining whether the Eligible Spouse of an
Eligible Employee is entitled to a survivor’s benefit under the Plan as described in Article 10.
6. ADDITIONAL RULES. To fully accomplish the general cessation of the accrual of benefits for
Eligible Employees covered by Schedule F, the Committee of the MoneyGram Supplemental Pension Plan
is expressly authorized to adopt additional interpretations and rules consistent with the
foregoing.
7. SAVINGS CLAUSE. Save and except as herein expressly amended, the Plan Statement shall continue
in full force and effect.
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