{"id":40397,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/retirement-income-assurance-plan-fleet-financial-group-inc2.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"retirement-income-assurance-plan-fleet-financial-group-inc2","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/retirement-income-assurance-plan-fleet-financial-group-inc2.html","title":{"rendered":"Retirement Income Assurance Plan &#8211; Fleet Financial Group Inc."},"content":{"rendered":"<pre>\n                                  AMENDMENT ONE\n                                     TO THE\n                           FLEET FINANCIAL GROUP, INC.\n                        RETIREMENT INCOME ASSURANCE PLAN\n\n1.       Section 7.8 is added effective January 1, 1997 to read as follows:\n\n         7.8      NONDUPLICATION OF BENEFITS\n\n         The benefits payable to a Participant under this Plan shall be reduced\n         on an Actuarial Equivalent basis by the benefit such Participant earned\n         under any other similar nonqualified excess defined benefit plan that\n         does not provide for a reduction of benefits under such plan, for\n         benefits payable under this Plan, to the extent that the benefits under\n         such plan were accrued upon the Participant's service that was included\n         as Credited Service under this Plan.\n\n2.       Appendix A is added to read as follows:\n\n                                   APPENDIX A\n\n                SPECIAL RULES FOR SERVICE WITH ACQUIRED ENTITIES\n\n         This Appendix A is part of the Plan and contains special rules\napplicable only to the Participants described herein. If provisions of this\nAppendix A conflict with any other provisions of the Plan with respect to such\nParticipants, the provisions of this Appendix A shall govern.\n\nA.       SHAWMUT NATIONAL CORPORATION\n\n         1. The Shawmut National Corporation Excess Benefit Plan ('Shawmut\nExcess Plan') shall merge into the Plan effective as of January 1, 1997. As of\nthat date, the liabilities of the Shawmut Excess Plan shall become the\nliabilities of the Plan and the Shawmut Excess Plan shall cease to exist.\nNotwithstanding anything in the Plan to the contrary, the benefit under this\nPlan of a Participant who was a former participant in the Shawmut Excess Plan\nshall not be less than the benefit such participant would be deemed to have\naccrued under the terms of the Shawmut Excess Plan as of the date this Appendix\nA was adopted.\n\n         2. Each individual who was a participant in the Shawmut Excess Plan or\nthe Shawmut National Corporation Executive Supplemental Retirement Plan\n('Shawmut SERP') immediately prior to the date as of which Shawmut National\nCorporation merged with Fleet Financial Group, Inc., and who became an employee\nof the Company or a subsidiary or affiliate as of said merger date, shall become\na Participant in the Plan as of January 1, 1997. This Section A of Appendix A\nshall apply solely to former participants in the Shawmut Excess Plan or Shawmut\nSERP ('Shawmut Participants').\n\n         3. The benefits of Shawmut Participants shall be determined by taking\ninto account the principles and provisions of Specification Schedule J of the\nBasic Plan. For Participants who are not Cash Balance Participants, this\nincludes adjustment of their 12\/31\/96 benefit, transferred from the Shawmut\nExcess Plan, for increases in Average Annual Compensation after 1996.\n\n\n\n\n\n         4. As of January 1, 1997, the following Cash Balance Participants shall\nhave the following opening amounts credited to their Cash Balance Accounts under\nthis Plan, which represents the total value of their benefits under the Shawmut\nExcess Plan as of December 31, 1996, reduced by the deemed Shawmut Excess Plan\noffset described in Section 5 below, where applicable, expressed as a single\nsum:\n\n   ---------------------- ---------------------- ---------------------------\n                                                        OPENING CASH\n         NAME                   SOC. SEC.#                BALANCE\n   ---------------------- ---------------------- ---------------------------\n   CLAFFEE, JAMES             XXX-XX-XXXX               $  2,418.50\n   ---------------------- ---------------------- ---------------------------\n   DELFINO, PAUL              XXX-XX-XXXX               $  6,747.34\n   ---------------------- ---------------------- ---------------------------\n   EYLES, DAVID               XXX-XX-XXXX               $ 17,775.70\n   ---------------------- ---------------------- ---------------------------\n   FALK, MICHAEL              XXX-XX-XXXX               $  1,509.82\n   ---------------------- ---------------------- ---------------------------\n   HEDGES JR., ROBERT         XXX-XX-XXXX               $  3,074.22\n   ---------------------- ---------------------- ---------------------------\n   HUSTON, JOHN               XXX-XX-XXXX               $  7,843.30\n   ---------------------- ---------------------- ---------------------------\n   MALLON, WILLIAM            XXX-XX-XXXX               $  4,567.26\n   ---------------------- ---------------------- ---------------------------\n\n         5. Because participants in the Shawmut SERP were not also participants\nin the Shawmut Excess Plan, their benefit under the Plan, which is calculated by\ntaking into account their service with Shawmut, shall be reduced by the\nfollowing amounts, or the Actuarial Equivalent thereof, which are the benefits\nthat they would have accrued under the Shawmut Excess Plan as of December 31,\n1996, with Credited Service frozen as of December 1, 1995, if they had been\nparticipants in the Shawmut Excess Plan:\n\n   ---------------------- ---------------------- ---------------------------\n                                                     EXCESS PLAN OFFSET\n                                                      OF MONTHLY NORMAL\n         NAME                   SOC. SEC.#            RETIREMENT BENEFIT\n   ---------------------- ---------------------- ---------------------------\n   BERGER, JOHN               XXX-XX-XXXX               $    382.62\n   ---------------------- ---------------------- ---------------------------\n   BROMAGE, WILLIAM           XXX-XX-XXXX               $    364.00\n   ---------------------- ---------------------- ---------------------------\n   KRAUS, EILEEN              XXX-XX-XXXX               $  2,294.25\n   ---------------------- ---------------------- ---------------------------\n   OVERSTROM, GUNNAR          XXX-XX-XXXX               $  8,170.96\n   ---------------------- ---------------------- ---------------------------\n   ROTTNER, SUSAN             XXX-XX-XXXX               $    565.74\n   ---------------------- ---------------------- ---------------------------\n\nIN WITNESS WHEREOF, this Amendment One has been adopted by the Human Resources\nand Planning Committee on the 17th day of June, 1998 and is executed by a duly\nauthorized officer of Fleet Financial Group, Inc.\n\n                                           FLEET FINANCIAL GROUP, INC.\n\n                                           By: \/s\/ William C. Mutterperl\n                                              -----------------------------\n                                              William C. Mutterperl\n                                              Executive Vice President,\n                                              Secretary and General Counsel\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7545],"corporate_contracts_industries":[9415],"corporate_contracts_types":[9539,9550],"class_list":["post-40397","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-fleetboston-financial-corp","corporate_contracts_industries-financial__banks","corporate_contracts_types-compensation","corporate_contracts_types-compensation__retirement"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40397"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40397"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40397"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}