Document:

exv10w34

 

    Exhibit
    10.34

 

 

    FEDERAL
    HOME LOAN MORTGAGE CORPORATION

 

 

    LONG-TERM
    DISABILITY PLAN

 

 

    RESTATED AND
    AMENDED

    EFFECTIVE JANUARY 1, 1997
    

 

 

    FEDERAL
    HOME LOAN MORTGAGE CORPORATION

 

    LONG-TERM
    DISABILITY PLAN

 

    WHEREAS, the Federal Home Loan Mortgage Corporation
    (“Corporation”) has obtained a group long-term
    disability insurance policy from an insurance company (The
    Prudential Insurance Company of America (“Prudential”)
    or any successor thereto) for the benefit of eligible employees,
    and

 

    WHEREAS, the Employee Retirement Income Security Act of 1974, as
    amended (“ERISA”), requires that every “employee
    welfare plan,” as defined in ERISA, be established and
    maintained pursuant to a written instrument, and

 

    WHEREAS, the Corporation became subject to ERISA effective with
    its first Board of Directors meeting as a private corporation on
    February 6, 1990,

 

    WHEREAS, the aforementioned insurance policy provides for the
    payment of disability benefits and eligibility for such
    benefits, and

 

    WHEREAS, the Corporation desires to amend and restate the
    Federal Home Loan Mortgage Corporation Long-Term Disability Plan
    as of January 1, 1997 principally to clarify and update the
    Plan,

 

    NOW THEREFORE, in accordance with the above, the Federal Home
    Loan Mortgage Corporation Long-Term Disability Plan is hereby
    amended and restated in its entirety as follows:

 

    ARTICLE I

 

    Purpose
    and Effective Date

 

    1.1.  Purpose. This document, together
    with those portions of Corporate Procedure
    No. 3-235
    as concern long-term disability and Group Contract G-39782
    issued by Prudential to the Corporation (“Policy”), as
    the same from time to time may be amended, renewed or
    substituted, incorporated herein by reference, constitutes the
    Federal Home Loan Mortgage Corporation Long-Term Disability Plan
    (“Plan”). The purpose of the Plan is to provide
    long-term disability benefits to eligible employees as specified
    in the Policy.

 

    1.2.  Effective Date. The Plan shall be
    effective as of February 6, 1990. The effective date of
    this restatement is January 1, 1997. Except as otherwise
    provided herein, a person who is not actively at work at anytime
    after December 31, 1996 shall be entitled to benefits, if
    any, under the Plan based upon the provisions of the Plan in
    effect on or prior to that date.

 

    ARTICLE II

 

    General
    Provisions

 

    2.1.  Plan Administration. The
    Corporation shall be the Plan Administrator within the meaning
    of ERISA Section 3(16)(A) and shall be the “named
    fiduciary” as defined in ERISA Section 402(a)(2). The
    Plan Administrator shall have the exclusive right and
    discretionary authority to control and manage the operation and
    administration of the Plan (except as may be allocated to the
    Claims Administration, as discussed below), and to interpret the
    Plan’s provisions. The Plan Administrator’s exclusive
    responsibilities shall include (but not be limited to) the
    following: determining eligibility to participate in the Plan,
    interpreting the terms and provisions of the Plan and
    determining any and all questions arising under the Plan or in
    connection with the administration thereof, including the right
    to remedy or resolve possible ambiguities, inconsistencies or
    omissions; and making any finding of fact necessary or
    appropriate for any purpose under the Plan. In carrying out its
    responsibilities, the Plan Administrator shall have the utmost
    discretion permitted by law, and all findings of fact,
    determinations, interpretations and decisions of the Plan
    Administrator shall be conclusive and binding upon all person
    having or claiming to have any interest or right under the Plan.

 

    Prudential (or any successor thereto) shall be the Claims
    Administrator, unless such function is undertaken by the Plan
    Administrator, and shall be the “named fiduciary” for
    purposes of claims, as provided under ERISA Section 503.
    The Claims Administrator shall have the exclusive responsibility
    for determining the amount of benefits (if any) payable under
    the Plan, for processing all claims, making all payments to
    eligible participants and otherwise acting as administrator for
    purposes of processing and paying claims.

 

    2.2.  Source of Contributions. The
    Corporation pays for the cost of certain “core”
    long-term disability benefits, set forth in the Policy, for
    eligible employees. Eligible employees may voluntarily elect and
    pay for additional disability benefits on a post-tax basis as
    provided in the Policy.

 

    2.3.  Eligibility and Benefits. The
    employees or classes of employees of the Corporation eligible
    for coverage under the Plan, the effective dates upon which they
    become eligible, the conditions which they must satisfy to
    become eligible to receive disability benefits, the benefits
    payable, and other provisions affecting the Plan are those set
    forth in the Policy. The term “employee” as used in
    the Plan shall mean those individuals who are Regular Full-Time
    or Part-Time employees as defined in Corporate Policy
    No. 3-221,
    Employment Classifications Policy. The term “employee”
    as used herein shall not include individuals classified as
    (i) Co-Op, Work Study Students or Interns,
    (ii) Employment Agency Temporaries or
    (iii) Independent Contractors/Consultants, all as defined
    in the Employment Classifications Policy. The term
    “employee” shall not include individuals who are
    retroactively classified as Regular Full-Time or Part-Time
    Employees with respect to such retroactive period of
    classification.

 

    2.4.  Claims Procedure. The Claims
    Procedure for this Plan is based on the underlying Policy, which
    should be referred to in order to determine things such as how
    and when claims must be made. In the event that an employee does
    not receive a Plan benefit that is claimed, the employee shall
    be entitled to consideration and review as provided in this
    Section 2.4. Such consideration and review shall be
    conducted in a manner designed to comply with Section 503
    of ERISA.

 

    ARTICLE III

 

    Miscellaneous

 

    3.1.  Nonassignability. Benefits under
    the Plan are not in any way subject to the debts or other
    obligations of the persons entitled thereto and may not
    voluntarily or involuntarily be sold, transferred or assigned.

 

    3.2.  No Vested Interest. Except for the
    right to receive any benefit payable under the terms of the
    Plan, no person shall have any right, title or interest in or to
    the assets of the Corporation as a participant in the Plan.
    There is no vesting in, or accrual of, benefits under the Plan.

 

    3.3.  Employment Rights. The terms of
    employment of any employee shall not be modified or in any way
    affected hereby.

 

    3.4.  Plan Description. The Summary Plan
    Description for the Plan summarizes the principal features of
    this Plan. However, all rights and obligations of the
    Corporation under the Plan are governed only by the terms of the
    Plan.

 

    3.5.  Availability of Documents and
    Records. Copies of the Plan are available for inspection
    to any employee at the Corporation’s regional Human
    Resources offices or at the Benefits Unit of the Human Resources
    Department in McLean, Virginia.

 

    3.6.  Amendment and Termination. The
    Plan may be amended or terminated, in whole or in part, at any
    time and from time to time by the Corporation.

 

    3.7.  Gender and Number. Where the
    context admits, words in the masculine gender include the
    feminine gender and the singular includes the plural unless the
    context otherwise indicates.

 

    3.8.  Plan Year. The Plan year shall be
    the twelve (12) month period from January 1 to
    December 31.

 

    3.9.  Governing Law. The provisions of
    the Plan shall be construed, administered and enforced in
    accordance with the laws of the Commonwealth of Virginia, except
    to the extent preempted by Federal law or otherwise required by
    ERISA.

 

    IN WITNESS WHEREOF, the Federal Home Loan Mortgage Corporation
    has caused the Plan to be executed by its duly authorized
    officers this
    22nd
    day of December, 1997.

 

	 	 	 
	
 
	
 
	

FEDERAL HOME LOAN MORTGAGE CORPORATION

	
 
	
 
	

By:  /s/  Leland Brendsel

Leland Brendsel
Chief Executive Officer

	
    ATTEST:

    

    /s/  Keith
    Earley

    
Assistant
    Secretaryexv10w35

 

    Exhibit
    10.35

 

    FIRST
    AMENDMENT

    TO THE

    FEDERAL HOME LOAN MORTGAGE CORPORATION

    LONG-TERM DISABILITY PLAN

 

    (As Restated
    and Amended January 1, 1997)
    

 

    FIRST AMENDMENT TO THE FEDERAL LONG TERM DISABILITY PLAN (the
    “Plan”) by the FEDERAL HOME LOAN MORTGAGE CORPORATION
    (the “Corporation”), a corporation organized and
    existing under the laws of the United States of America.

 

    W I T N E
    S S E T H:

 

    WHEREAS, the Plan was restated effective January 1,
    1997, and

 

    WHEREAS, the Corporation desires to amend the
    Plan, and

 

    WHEREAS, section 3.6 of the Plan permits the
    Corporation to amend the Plan, and

 

    WHEREAS, the appropriate officer of the Corporation has
    been duly authorized to amend the Plan and to execute this
    amendment,

 

    NOW, THEREFORE, the Plan is hereby amended as follows,
    effective January 1, 2001:

 

    1. Section 2.3 is amended to read as follows:

 

    2.3.  Eligibility and
    Benefits.  The employees or classes of
    employees of the Corporation eligible for coverage under the
    Plan, the effective dates upon which they become eligible, the
    conditions which they must satisfy to become eligible to receive
    disability benefits, the benefits payable, and other provisions
    affecting the Plan are those set forth in the Policy. The term
    “employee” as used in the Plan and Policy shall mean
    an individual who is a Regular Full-Time or Part-Time employee,
    as defined in Freddie Mac Policy
    No. 3-221,
    Employment Classifications Policy (as may be amended, replaced
    or redesignated from time to time), who is on the payroll of the
    Corporation and not paid by accounts payable, and whose wages
    from the Corporation are subject to withholding for the purposes
    of Federal income taxes and the Federal Insurance Contributions
    Act.

 

    For purposes of the Plan, Part-Time Employees include only those
    Employees who are regularly scheduled to work at least
    20 hours per week.

 

    The term Employee shall not include:

 

			
	 	    (a) 
	
    individuals whom the Corporation classifies, pursuant to Freddie
    Mac Policy
    No. 3-221,
    Employment Classifications Policy (as may be amended, replaced
    or redesignated from time to time), as

 

    (i) Co-Op, Work Study Students or Interns,

 

    (ii) Employment Agency Temporaries,

 

    (iii) Independent Contractors/Consultants, or

 

    (iv) Temporary Employees

 

    (or similar classification) regardless of the individuals’
    employment status under applicable law;

 

			
	 	    (b) 
	
    individuals who are retroactively classified as Regular
    Full-Time or Part-Time employees with respect to such period of
    retroactive classification; and

	 
	 	    (c) 
	
    Leased Employees (as defined in the FHLMC Employees’
    Pension Plan).

 

    IN WITNESS WHEREOF, the Corporation has caused this FIRST
    AMENDMENT TO THE FEDERAL HOME LOAN MORTGAGE CORPORATION LONG
    TERM DISABILITY PLAN to be executed by its duly authorized
    officer, this 31st day of December, 2001.

 

    FEDERAL HOME LOAN

    MORTGAGE CORPORATION

 

			
	 	    Signature: 
	
    /s/  C.
    E. Almer

 

			
	 	    Printed Name: 
	
    C. E. Almer

 

		
	    Attest: 	
    /s/  Mollie
    Roy

    Assistant Secretary

    

    2

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