{"id":40668,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/supplemental-executive-retirement-plan-raytheon-co.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"supplemental-executive-retirement-plan-raytheon-co","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/supplemental-executive-retirement-plan-raytheon-co.html","title":{"rendered":"Supplemental Executive Retirement Plan &#8211; Raytheon Co."},"content":{"rendered":"<pre>                                    RAYTHEON\n                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN\n\n\n                                    ARTICLE I\n                        NAME, PURPOSE, AND EFFECTIVE DATE\n                        ---------------------------------\n\n         The Raytheon Supplemental Executive Retirement Plan (\"Plan\") is hereby\nestablished effective August 1, 2001. The Plan is a nonqualified, unfunded plan\ndesigned to provide supplemental retirement benefits to a select group of\nmanagement or highly compensated employees within the meaning of Section 201(2)\nof ERISA.\n\n                                   ARTICLE II\n                                   DEFINITIONS\n                                   -----------\n\n         When used herein, the following terms shall have the following meanings\nunless a different meaning is clearly required by the context of the Plan.\n\n         2.1   Affiliate.   \"Affiliate\" shall mean a trade or business that,\n               ---------\ntogether with Raytheon Company, is a member of (i) a controlled group of\ncorporations within the meaning of Section 414(b) of the Code; (ii) a group of\ntrades or businesses (whether or not incorporated) under common control as\ndefined in Section 414(c) of the Code, or (iii) an affiliated service group as\ndefined in Section 414(m) of the Code, or which is an entity otherwise required\nto be aggregated with Raytheon Company pursuant to Section 414(o) of the Code.\n\n         2.2   Applicable Retirement Plan. \"Applicable Retirement Plan\" shall\n               --------------------------\nmean the qualified defined benefit pension plan maintained by the Employer in\nwhich a Participant is accruing benefits at the time he or she terminates\nemployment with the Company and all Affiliates. If a Participant is accruing\nbenefits under more than one qualified defined benefit pension plan at such\ntime, the Applicable Retirement Plan shall be the plan in which the Participant\nis entitled to the greatest benefit (comparing single life annuities commencing\nat normal retirement age as computed under the terms of the respective plans).\n\n\n\n                                      -2-\n\n         2.3      Code.  The \"Code\" shall mean the Internal Revenue Code of\n                  ----\n1986, as amended from time to time.\n\n         2.4      Company. \"Company\" shall mean Raytheon Company and any\n                  -------\nsuccessor thereto by merger, consolidation or reorganization whose board of\ndirectors adopts this Plan.\n\n         2.5      Earliest Accrual Date. \"Earliest Accrual Date\" shall mean the\n                  ---------------------\nfirst day of the month coincident with or immediately following the date an\nEligible Executive both attains at least age 55 and completes at least 10 Years\nof Service, provided the Eligible Executive was an Employee at least one month\nbefore such date.\n\n         2.6      Eligible Executive. \"Eligible Executive\" shall mean an\n                  ------------------\nEmployee  who is a member of the select group of management or highly\ncompensated  provided in Section 201(2) of ERISA and who is selected in writing\nto employees as participate in the Plan by the Plan Administrator.\n\n         2.7      Employee. \"Employee\" shall mean any person employed by an\n                  --------\nEmployer, who is expressly so designated as an employee on the books and records\nof the Employer, and who is treated as such by the Employer for federal\nemployment tax purposes. Any person who, after the close of a Plan Year, is\nretroactively treated by an Employer, or any other party as an Employee for such\nprior Plan Year, shall not, for purposes of the Plan, be considered an Employee\nfor such prior Plan Year unless expressly so treated as such by the Employer.\n\n         2.8      Employer. \"Employer\" shall mean the Company and any Affiliate\n                  --------\nor division of the Employer or an Affiliate which adopts this Plan with the\nconsent of the Company.\n\n         2.9      ERISA.  \"ERISA\" shall mean the Employee Retirement Income\n                  -----\nSecurity Act of 1974, as amended from time to time.\n\n         2.10     Estimated Primary Social Security Benefit.  \"Estimated\n                  -----------------------------------------\nPrimary Social Security Benefit\" shall mean the Estimated Primary Social\nSecurity Benefit as determined under the Raytheon Company Pension Plan for\nSalaried Employees.\n\n         2.11     Final Average Earnings. \"Final Average Earnings\" shall mean\n                  ----------------------\nthe final average earnings that are taken into account for purposes of computing\nthe retirement benefit of a Participant under the Applicable Retirement Plan,\ndetermined without application of the limitation on compensation imposed by\nSection 401(a)(17) of the Code. If an Applicable Retirement Plan does not use\nfinal average earnings to determine retirement benefits, Final Average Earnings\nshall mean the final average earnings as defined under the Raytheon Company\nPension Plan for Salaried Employees, determined\n\n\n\n                                      -3-\n\nwithout application of the limitation on compensation imposed by Section 401(a)\n(17) of the Code.\n\n         2.12     Participant.  \"Participant\" shall mean any Employee eligible\n                  -----------\nto receive benefits under this Plan.\n\n         2.13     Plan Administrator.  \"Plan Administrator\" shall mean the Board\n                  ------------------\nof Directors of the Company or its delegate.\n\n         2.14     Plan Year. \"Plan Year\" shall mean the twelve (12) consecutive\n                  ---------\nmonth period commencing January 1 and ending December 31, with the exception\nthat the first Plan Year shall be the short year commencing August 1, 2001 and\nending December 31, 2001.\n\n         2.15     Service. \"Service\" shall mean the period of time beginning on\n                  -------\nthe date an Eligible Employee is first credited with an hour of service with the\nCompany or any Affiliate (but including Service only while the Affiliate was an\nAffiliate of the Company) and ending on the date an Eligible Employee terminates\nemployment with the Company and all Affiliates. If an Eligible Employee\nterminates employment with the Company and all Affiliates before he or she\nreaches the Earliest Accrual Date, the Service completed before the termination\nof employment shall not be taken into account under this Plan if he or she is\nsubsequently re-employed by an Employer and re-designated an Eligible Employee.\n\n         2.16     Year of Service.  \"Year of Service\" shall mean twelve (12)\n                  ---------------\nmonths of Service.\n\n                                   ARTICLE III\n                                   ELIGIBILITY\n                                   -----------\n\n         3.1      Eligibility. Subject to the conditions of Section 3.2, an\n                  -----------\nEmployee shall be eligible to participate in this Plan only if he or she is\ndesignated by the Plan Administrator in writing as an Eligible Employee.\n\n         3.2      Retirement Benefit Information. As a condition precedent to\n                  ------------------------------\nreceiving benefits under this Plan, an Eligible Employee must provide the Plan\nAdministrator or its delegate with all of the information reasonably requested\nto determine the amount of the Eligible Employee's retirement benefits from all\ndefined benefit pension plans, including both qualified and nonqualified\narrangements, maintained by the Company and all Affiliates and all other\nemployers, and the retirement benefits to which the Eligible Employee will be\neligible to receive under Social Security. If such information is not fully\nprovided, an Eligible Employee will not be entitled to any benefits under this\nPlan.\n\n\n\n                                   -4-\n\nIf, after the commencement of benefit payments under this Plan, the Plan\nAdministrator determines that the information provided was not complete or\naccurate, the Plan Administrator may take all appropriate actions, including,\nbut not limited to, discontinuing benefit payments, adjusting future benefit\npayments and\/or seeking to recover prior benefit payments.\n\n\n                                   ARTICLE IV\n                                    BENEFITS\n                                    --------\n\n         4.1     Supplemental Retirement Benefit. An Eligible Executive shall be\n                 -------------------------------\nentitled to a Supplemental Retirement Benefit on his or her Earliest Accrual\nDate; provided the Eligible Executive was an Employee at least one month before\nsuch date. The Supplemental Retirement Benefit shall be an amount equal to the\n\"Initial Retirement Benefit\" reduced by the \"Offset Amount.\"\n\n         (a)     Initial Retirement Benefit: The Initial Retirement Benefit as\n                 --------------------------\nof an Eligible Executive's Earliest Accrual Date shall be a single life annuity\nequal to thirty-five percent (35%) of his or her Final Average Earnings. For\neach month of Service performed after an Eligible Employee both (i) attains age\n55 and (ii) completes at least ten Years of Service, the Initial Retirement\nBenefit shall be increased by one quarter of one percent (0.25%) (or three\npercent 3% for each such Year of Service), up to a maximum Initial Retirement\nBenefit of fifty percent (50%) of Final Average Earnings (for a maximum\nadditional benefit of up to fifteen percent (15%)).\n\n         (b)     Offset Amount: The Offset Amount is the amount of retirement\n                 -------------\nbenefits the Eligible Executive is entitled to receive or previously received\nfrom all defined benefit pension plans, including both qualified and\nnonqualified arrangements, maintained by the Company and all Affiliates, and all\nother employers, plus the Estimated Primary Social Security Benefit\n(collectively, \"all other defined benefit pension plans\"). For purposes of\ndetermining the Offset Amount, the benefits provided by all other defined\nbenefit pension plans shall be converted to an actuarially equivalent single\nlife annuity commencing on the date benefits under this Plan commence using the\nactuarial assumptions prescribed in the Applicable Retirement Plan.\nNotwithstanding the other provisions of this subsection (b), if a Participant\ncommences benefits under this Plan before he or she is first eligible to receive\nSocial Security Benefits, the Supplemental Retirement Benefit shall not be\nreduced by the Estimated Primary Social Security Benefit until the Participant\nfirst becomes eligible to receive Social Security Benefits.\n\n         4.2     Payment of Benefits.  Except as otherwise provided herein, a\n                 -------------------\nParticipant's  Supplemental  Retirement Benefit shall be paid at the same time\nand in the same form as his or her retirement benefits under the Applicable\nRetirement Plan. Notwithstanding the\n\n\n\n\n                                      -5-\n\npreceding sentence, a Participant's Supplemental Retirement Benefit shall not be\npaid in the form of a lump sum benefit. If the Participant's retirement benefits\nunder the Applicable Retirement Plan are paid in the form of a lump sum benefit,\nthe Participant's Supplemental Retirement Benefit shall be paid in the normal\nform of benefit under the Applicable Retirement Plan. In all cases, if the form\nof payment is other than a single life annuity, the Supplemental Retirement\nBenefit shall be converted into an actuarially equivalent form using the\nactuarial assumptions prescribed in the Applicable Retirement Plan.\n\n         4.3     Benefits Unfunded. The benefits payable under the Plan shall be\n                 -----------------\npaid solely out of the general assets of the participating Employer that is the\nemployer of the Participant (or was the most recent employer) at the time\nbenefits first become payable and shall not be otherwise specifically funded in\nany manner. For this purpose, the Plan Administrator shall maintain separate\nbooks and records for each participating Employer and its respective Employees\nwho are Participants. Nothing herein contained shall preclude the creation of a\nbookkeeping or other reserve for benefits payable hereunder.\n\n         4.4     ERISA Unwind Provision. Notwithstanding anything to the\n                 ----------------------\ncontrary contained herein, if a judicial or administrative determination is made\nor the Plan Administrator has reason to believe that an Employee does not\nqualify as a Eligible Executive, if required hereunder, the Employee shall cease\nto be a Participant under this Plan and the Plan Administrator shall pay to such\nEmployee all benefits due him or her from this Plan, if any, as soon as\nadministratively feasible.\n\n                                    ARTICLE V\n                                 ADMINISTRATION\n                                 --------------\n\n         5.1     Plan Administration. The Plan shall be administered by the Plan\n                 -------------------\nAdministrator in accordance with its terms and purposes. The Plan Administrator\nshall determine the amount and manner of payment of the benefits due to or on\nbehalf of each Participant from the Plan and shall cause the benefits to be paid\nin cash by the appropriate participating Employer accordingly.\n\n         5.2     Finality of Decisions. Except as otherwise provided in Section\n                 ---------------------\n5.3, the Plan Administrator shall have full discretionary authority to determine\neligibility for benefits and to construe the terms of the Plan, including all\nquestions of fact and law. In addition, the decisions made by and the actions\ntaken by the Plan Administrator in the administration of the Plan shall be final\nand conclusive on all persons, and the Plan Administrator shall not be subject\nto any liability whatsoever with respect to the administration of the Plan.\n\n\n\n                                      -6-\n\n         5.3      Claims Procedures. Any Eligible Employee (such Eligible\n                  -----------------\nEmployee being referred to below as a \"Claimant\") may deliver to the Plan\nAdministrator a written claim for a determination with respect to the amounts\ndistributable to such Claimant from the Plan. Any such determination by the Plan\nAdministrator shall be made pursuant to the following procedures, which shall be\nconducted in a manner designed to comply with Section 503 of ERISA:\n\n                  (a)    Step 1. Claims for a benefit should be filed by a\n                         ------\nClaimant as soon as practicable after the Claimant knows or should know that a\ndispute has arisen with respect to the benefit, but at least thirty (30) days\nprior to the Claimant's actual retirement date or, if applicable, within sixty\n(60) days after the termination of employment of the Eligible Employee, by\nmailing a copy of the claim to the Benefits and Services Department, Raytheon\nCompany, 141 Spring Street, Lexington, Massachusetts 02421.\n\n                  (b)    Step 2. In the event that a claim is wholly or\n                         ------\npartially denied by the Plan Administrator, the Plan Administrator shall, within\nninety (90) days following receipt of the claim, so advise the Claimant in\nwriting setting forth: the specific reason or reasons for the denial; specific\nreference to pertinent Plan provisions on which the denial is based; a\ndescription of any additional material or information necessary for the Claimant\nto perfect the claim; an explanation as to why such material or information is\nnecessary; and an explanation of the Plan's claim review procedures.\n\n                  (c)    Step 3. Within sixty (60) days following receipt of the\n                         ------\ndenial of a claim for a benefit, a Claimant desiring to have the denial appealed\nshall file a request for review by an officer of Raytheon Company or a review\ncommittee, as designated by Raytheon Company, by mailing a copy thereof to the\naddress shown in Section 5.3(a); provided, however, that such officer or any\nmember of such review committee, as applicable, may not be the person who made\nthe initial adverse benefit determination nor a subordinate of such person.\n\n                  (d)    Step 4. Within thirty (30) days following receipt of a\n                         ------\nrequest for review, the designated officer or review committee shall provide the\nClaimant a further opportunity to present his or her position. At the designated\nofficer or review committee's discretion, such presentation may be through an\noral or written presentation. Prior to such presentation, the Claimant shall be\npermitted the opportunity to review pertinent documents and to submit issues and\ncomments in writing. Within a reasonable time following presentation of the\nClaimant's position, which usually should not exceed thirty (30) days, the\ndesignated officer or review committee shall inform the Claimant in writing of\nthe decision on review setting forth the reasons for such decision and citing\npertinent provisions in the Plan.\n\n\n\n                                      -7-\n\n                                   ARTICLE VI\n                        AMENDMENT AND TERMINATION OF PLAN\n                        ---------------------------------\n\n         6.1      Amendment and Termination. While Raytheon Company intends to\n                  -------------------------\nmaintain the Plan in conjunction with the Applicable Retirement Plans for as\nlong as necessary, Raytheon Company reserves the right to amend and\/or fully or\npartially terminate the Plan at any time for whatever reasons it may deem\nappropriate, provided that no amendment or termination of the Plan shall affect\nany participating Employer's obligation to pay the benefits due to the\nParticipants hereunder but only to the extent of the value of such benefits\nwhich have accrued up to the date of the amendment or termination.\n\n                                   ARTICLE VII\n                                  MISCELLANEOUS\n                                  -------------\n\n         7.1      No Enlargement of Employee Rights. Nothing contained in the\n                  ---------------------------------\nPlan shall be construed as a contract of employment between any Employer and an\nEmployee or as a right of any Employee to be continued in the employment of any\nEmployer, or as a limitation of the right of any Employer to discharge any\nEmployee at any time, with or without notice and with or without cause.\n\n         7.2      Assignment. The benefits payable under this Plan may not be\n                  ----------\nassigned, alienated, transferred, pledged or otherwise encumbered.\n\n         7.3      Governing Law. To the extent not preempted by ERISA, this Plan\n                  -------------\nshall be governed by the laws of the Commonwealth of Massachusetts.\n\n\n         Executed in Massachusetts this ___ day of ________________, 2001.\n\n\n                                      RAYTHEON COMPANY\n\n\n                                      By:   ____________________________________\n\n\n                                      Title ____________________________________\n\n\n\n                     Supplemental Executive Retirement Plan\n                                   Appendix A\n\n                List of Designated Executives (Plan Section 2.6)\n\n\n----------------------------------------\nDan Burnham\n----------------------------------------\nFrank Caine\n----------------------------------------\nPhil Cheney\n----------------------------------------\nTom Culligan\n----------------------------------------\nBob Drewes\n----------------------------------------\nDick Foley\n----------------------------------------\nPhilip LePore\n----------------------------------------\nFrank Marchilena\n----------------------------------------\nNeil Minahan\n----------------------------------------\nKeith Peden\n----------------------------------------\nPhyllis Piano\n----------------------------------------\nRebecca Rhoads\n----------------------------------------\nDon Ronchi\n----------------------------------------\nJim Schuster\n----------------------------------------\nGreg Shelton\n----------------------------------------\nWilliam Swanson\n----------------------------------------\nJon Wohler\n----------------------------------------\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8652],"corporate_contracts_industries":[9476],"corporate_contracts_types":[9539,9550],"class_list":["post-40668","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-raytheon-co","corporate_contracts_industries-aerospace__space","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\/40668","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=40668"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40668"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40668"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}