Document:

Exhibit 10(g)

 

 

AMENDMENT NO. 1 TO PART A OF THE CBS RETIREMENT EXCESS PENSION PLAN (THE “PLAN”)

 

Except as otherwise noted herein, the following amendment shall be effective as of January 1, 2009.

 

1.             Section 5(c) of the Plan is hereby amended to delete such section in its entirety and to insert in place thereof the following:

 

“(c)                 In determining the benefit of any Participant who prior to January 1, 1996 was an employee of Paramount Communications Inc., such eligible Participant shall not be credited with any Benefit Service prior to January 1, 1996.”

 

 

AMENDMENT NO. 1 OF THE

CBS RETIREMENT EXCESS PENSION PLAN (“CREPP”)

PART B – AMENDMENT AND RESTATEMENT AS OF JANUARY 1, 2009

 

 

1.           The CREPP is hereby amended to insert a new paragraph between the third and fourth paragraphs of Section 5 thereof to read as follows:

 

“Notwithstanding the foregoing, effective July 1, 2010, an Employee who transferred on and after January 1, 2006 from one division of the Company or a subsidiary thereof to another division of the Company or a subsidiary thereof and was accruing eligibility service or benefit accrual service under the Qualified Plan on such date, will continue to participate in the Plan subsequent to any such transfer or transfers subject to satisfaction of the Plan’s eligibility requirements, provided that, if such transfer of employment occurred before July 1, 2010, such Employee was also continuously employed without interruption by the Company or a subsidiary thereof from the later of (i) January 1, 2006 and (ii) the date the Employee became an eligible Employee under the Plan through July 1, 2010.”

 

2.           The CREPP is hereby amended (i) to insert a new subsection 6.C to read as follows:

 

“C. The Plan Benefit of any Employee transferred during the period January 1, 2006 through June 30, 2010 who is retroactively deemed eligible to participate in this Plan pursuant to Paragraph 5 shall be determined considering any retroactive service credited under the Qualified Plan for the period beginning on the date of the initial transfer through June 30, 2010 and shall be calculated thereafter as provided under the Plan.

 

The Plan Benefit for any Employee who commences participation in the Qualified Plan on August 15, 2010 and who satisfies the Plan’s eligibility requirements, shall be determined considering any retroactive service credited under the Qualified Plan for the period on and after January 1, 2006 through August 14, 2010 and shall be determined in accordance with Section 6.A, provided that if such Employee was a participant in the CBS Cash Balance Plan Document component of the CBS Combined Pension Plan (the “Cash Balance Plan”) at any time during the period between January 1, 2006 and August 14, 2010, the amount determined under Section 6.A.(i), prior to the application of any reductions due to the Employee’s Benefit Commencement Date preceding his or her Normal Retirement Date, shall be offset (but not less than zero) by the amount of such Employee’s benefit accrued under the Cash Balance Plan for such period, if the provisions of the Cash Balance Plan were administered without regard to the limitations required by Code Sections 401(a)(17) and 415.  For purposes of clarity, the Cash Balance Plan benefit offset shall be expressed as a single life annuity payable at age 65, determined under Section 6.A.3 of the

 

 

Cash Balance Plan in effect on August 14, 2010, utilizing a five-percent (5%) “Interest Rate” (as such term is defined in the Cash Balance Plan) and the Cash Balance Plan’s actuarial equivalence assumptions associated with an annuity starting date of August 1, 2010.”

 

and (ii) to renumber subsequent sections and to adjust cross-references accordingly.

 

3.            The CREPP is hereby amended to delete the words “as provided in Sections 6.A and 6.B above” and to insert in place thereof the words “as provided in Sections 6.A, 6.B and 6.C above” in re-designated subsections 6.D.(i) and (ii) thereof.

 

2

 

AMENDMENT NO. 2 OF THE

CBS RETIREMENT EXCESS PENSION PLAN (“CREPP”)

PART B — AMENDMENT AND RESTATEMENT AS OF JANUARY 1, 2009

 

 

The CREPP is hereby amended (i) to insert at the end of subsection 6.C the following:

 

“The Plan Benefit for any Employee who commences participation in the Qualified Plan on January 1, 2011 and who satisfies the Plan’s eligibility requirements, shall be determined considering any retroactive service credited under the Qualified Plan for the period on and after January 1, 2006 through December 31, 2010 and shall be determined in accordance with Section 6.A, provided that if such Employee was a participant in the CBS Cash Balance Plan Document component of the CBS Combined Pension Plan (the “Cash Balance Plan”) at any time during the period between January 1, 2006 and December 31, 2010, the amount determined under Section 6.A.(i), prior to the application of any reductions due to the Employee’s Benefit Commencement Date preceding his or her Normal Retirement Date, shall be offset (but not less than zero) by the amount of such Employee’s benefit accrued under the Cash Balance Plan for such period, if the provisions of the Cash Balance Plan were administered without regard to the limitations required by Code Sections 401(a)(17) and 415.  For purposes of clarity, the Cash Balance Plan benefit offset shall be expressed as a single life annuity payable at age 65, determined under Section 6.A.3 of the Cash Balance Plan in effect on January 1, 2011, utilizing a five-percent (5%) “Interest Rate” (as such term is defined in the Cash Balance Plan) and the Cash Balance Plan’s actuarial equivalence assumptions associated with an annuity starting date of January 1, 2011.”

 

 

 

AMENDMENT NO. 3 TO THE CBS RETIREMENT EXCESS PENSION PLAN

PART B — AMENDMENT AND RESTATEMENT AS OF JANUARY 1, 2009 (THE “PLAN”)

 

Except as otherwise noted herein, the following amendments shall be effective as of January 1, 2009.

 

	
1.
    	
Section 3.D   of the Plan is hereby amended to delete such section in its entirety and to   insert in place thereof the following:
    
	
 
    	
 
    	
 
    
	
 
    	
“D.
    	
‘Benefit   Commencement Date’ means the first day of the month immediately following the   later of (i) the Participant’s Separation from Service, and   (ii) the Participant’s attainment of age 55, subject to any Transition   Election or Subsequent Payment Election made by the Participant.”
    
	
 
    	
 
    	
 
    
	
2.
    	
Section 6.B   of the Plan is hereby amended to delete such section in its entirety and to   insert in place thereof the following:
    
	
 
    	
 
    	
 
    
	
 
    	
“B.
    	
In   determining the benefit of any Participant who prior to January 1, 1996   was an employee of Paramount Communications Inc., such eligible Participant   shall not be credited with any Benefit Service prior to January 1,   1996.”Exhibit 10(h)

 

 

AMENDMENT NO. 2 TO THE CBS EXCESS 401(K) PLAN FOR DESIGNATED SENIOR EXECUTIVES

PART B — AMENDMENT AND RESTATEMENT AS OF JANUARY 1, 2009 (THE “PLAN”)

 

Except as otherwise noted herein, the following amendments shall be effective as of January 1, 2009.

 

1.             Section 1.3 of the Plan is hereby amended to delete the last sentence and to insert in place thereof the following:

 

“Elections as to the time and form of payment made by a Reporting Employee (or an employee whose securities may be attributable to a Reporting Employee) under the CBS Excess 401(k) Plan prior to the date his account is transferred to this Plan shall remain in full force and effect following the transfer.”

 

2.             Section 2.4 of the Plan is hereby amended to insert the phrase “(or annual component of a cash bonus plan)” immediately following the phrase “annual cash bonus plan”.

 

3.             Section 2.9 of the Plan is hereby amended to delete the phrase “pre-tax” in the first sentence thereof.

 

4.             Section 6.1 of the Plan is hereby amended to delete the phrase “deferred by a Participant and vested for purposes of Code Section 409A” and to insert in place thereof the word “Deferred”.

 

5.             Section 6.2(a) of the Plan is hereby amended to delete such section in its entirety and to insert in place thereof the following:

 

“(a)      Amounts, if any, in a Participant’s Post-2004 Subaccount will be credited through December 31st of the calendar year in which the Participant experiences a Separation from Service with an amount equal to the amount which would have been earned had such amounts been invested in the same Investment Options and in the same proportion as the Participant may elect, from time to time, to have his contributions invested under the CBS 401(k) Plan (other than the Self-Directed Account).”

 

6.             Section 8 of the Plan is hereby amended to delete the phrase “, whether or not the Participant demonstrates that an Unforeseeable Emergency exists,” in the penultimate sentence thereof and to replace it with the phrase “, even if the Participant demonstrates that an Unforeseeable Emergency exists,”.Exhibit 10(i)

 

 

AMENDMENT NO. 2 TO THE CBS BONUS DEFERRAL PLAN FOR DESIGNATED SENIOR EXECUTIVES

PART B – AMENDMENT AND RESTATEMENT AS OF JANUARY 1, 2009 (THE “PLAN”)

 

Except as otherwise noted herein, the following amendments shall be effective as of January 1, 2009.

 

1.             Section 1.3 of the Plan is hereby amended to delete the last sentence and to insert in place thereof the following:

 

“Elections as to the time and form of payment made by a Reporting Employee (or an employee whose securities may be attributable to a Reporting Employee) under the CBS Bonus Deferral Plan prior to the date his account is transferred to this Plan shall remain in full force and effect following the transfer.”

 

2.             Section 2.4 of the Plan is hereby amended to insert the phrase “(or annual component of a cash bonus plan)” immediately following the phrase “annual cash bonus plan”.

 

3.             Section 4.1 of the Plan is hereby amended to delete the phrase “deferred by a Participant and vested for purposes of Code Section 409A” and to insert in place thereof the word “Deferred”.

 

4.             Section 4.2(a) of the Plan is hereby amended to delete such section in its entirety and to insert in place thereof the following:

 

“(a)                        Amounts, if any, in a Participant’s Post-2004 Subaccount will be credited through December 31st of the calendar year in which the Participant experiences a Separation from Service with an amount equal to the amount which would have been earned had such amounts been invested in the same Investment Options and in the same proportion as the Participant may elect, from time to time, to have his contributions invested under the CBS 401(k) Plan (other than the Self-Directed Account).”

 

5.             Section 6 of the Plan is hereby amended to delete the phrase “, whether or not the Participant demonstrates that an Unforeseeable Emergency exists,” in the penultimate sentence thereof and to replace it with the phrase “, even if the Participant demonstrates that an Unforeseeable Emergency exists,”.

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