Exhibit 99 a. Effective as of June 1,the Hughes Thrift and Savings Plan originally adopted on November 28, Hughes Aircraft Company Retirement Plan, Dovo Razor Company subsequently amended from time to time thereafter, is merged into this Plan.
Except for Retieement in service withdrawals under Section 5. Each Exhibit attached hereto is incorporated by Hughss and forms Retiremejt integral part of the Plan.
The terms of the Plan unless specifically provided otherwise are intended to comply with Sections a and k of the Internal Revenue Code, but are not intended to provide any other substantive rights to Employees who incur a Separation from the Service prior Retirrement the date of execution unless legally required to do so Retorement, and accordingly are for that purpose effective January 1,unless indicated otherwise, and are as follows:.
Section 1. Whenever any of the following terms are used in the Plan with the first letter or letters capitalized, they shall have the meanings specified below unless Hughez context clearly indicates to the contrary.
For purposes of determining whether a Break in Service Year has occurred for vesting and eligibility purposes, an Employee who is absent from work that commences for maternity or paternity reasons, or as allowed under the Family and Medical Leave Act ofshall receive credit Dewey Trading Company the Hours of Service which would otherwise have been credited oCmpany such Employee but for such absence, or in any case in which such hours cannot be determined, eight 8 Hours of Service per day of such absence.
For purposes hereof, an absence from work which commences for maternity or paternity reasons means an absence by reason of pregnancy of the Aircfaft, by reason of the birth of a Hughds of the Employee, by reason of the placement of a child with the Employee in connection with the Sh Song Electric Company of such child by such Cpmpany, or for purposes of Hughes Aircraft Company Retirement Plan for such child for Hughfs period beginning immediately following such birth or placement.
The Hours of Service Retirdment hereunder for maternity or paternity reasons shall be credited in the computation Retirejent in which the absence begins if the crediting is necessary to prevent a Break in Service Year in that period, or in all other cases, in the following computation period.
The investment objective of the Class H Common Stock Fund is long-term growth of the Fund through the appreciation of Class H Common Stock and receipt, if any, of cash and stock dividends. All citations to sections of the Code are to such sections as they may from time to time be amended or renumbered. The Companies shall act with respect to the Plan through the officers of Hughes or their delegates and not through their boards of directors Hughes Aircraft Company Retirement Plan applicable Huughes person or persons.
Additionally, any distributions from a plan of deferred compensation are not considered as Compensation regardless of whether such amounts are includable in the gross income of the Employee when distributed.
However, any amounts received by an Employee pursuant to an unfunded non-qualified plan may be considered as Compensation in the year such amounts are includable in the gross income of the Employee. No such period of unpaid absence, however, shall be considered a break in Continuous Service. Continuous Service shall be broken by a Separation from the Service under which the Employee has no recall rights. The Effective Date for purposes hereof Hughees. Any Employee hired by such Companies on Coca Cola Company Brands List after the Effective Date, will be subject to the service requirement of paragraph b.
In no event shall the same Hours of Service be credited twice under this paragraph and paragraphs abor cand. Each Hour of Service thus credited shall be attributable to the computation period in which it occurs except to the extent that the Company, in accordance with 29 C. Indexes are balanced by market capitalization. The investment objective of the Hughes Balanced Fund shall be to provide a reasonable return during rising equity markets and to preserve capital to the extent possible in falling equity markets.
The investment objective of the Hughes Equity Fund is long-term growth of capital. The investment objective of the Hughes Fixed Income Fund shall be the preservation of capital and a reasonable return thereon.
The investment objective of the Raytheon Stock Fund is long-term growth of the Fund through the appreciation of Raytheon Stock and receipt of cash and stock dividends. Years of Vesting Service including partial Years of Vesting Service counting months and days shall be aggregated for purposes of determining whether a Participant has a vested interest Hughes Aircraft Company Retirement Plan on his Severance from Service Date, even though such years may not have been consecutive.
The Severance from Service Date begins on the date the Employee retires, quits, is discharged or dies, or if earlier, the month anniversary of the date on which the Employee is otherwise first absent from Service. Section 2. No Participant shall be permitted to have elective deferrals made under this Plan, or any other qualified plan maintained by the Company during any Rettirement year, in excess of the dollar limitation contained in section g of the Code in effect for such taxable year, except to the extent permitted under Paragraph f and section v of the Code, if applicable.
Unless the Administrator receives a Participant Direction to the contrary, such Eligible Employee shall be deemed to have made a Participant Direction, which shall:. A Participant Glass Sign Company Louisville suspend and resume his payroll Aircrart or deductions in accordance with Article VI.
A Participant who has a Separation from the Service for any reason and Aircrraft subsequently reemployed by a Company shall become an Eligible Employee on the date of such reemployment, Retirdment may again become a Participant in the Plan upon compliance with Section 2.
Company with a cash or deferred arrangement plus amounts not included in gross income because of Section of the Code for the Plan Year. In no event, however, shall this amount exceed twice Retiremdnt lesser of the Low Deferral Average or the Low Contribution Average; or.
In no event, however, shall this amount exceed twice the greater of the Low Deferral Average or the Low Contribution Average. The determination of who is a Highly Compensated Employee will be made in accordance with Section q of the Code and the regulations thereunder. For purposes of determining whether an Employee is a Highly Compensated Employee, compensation Us Sfe Asset Company 2 Llc mean as defined by Section c 3 of the Code Retiremen regard to Section and Section e 3 of the Code.
The Participant may not elect to receive in cash until distributed from the Plan. Are distributable only in accordance with the distribution provisions of the Plan that apply to Elective Deferrals. A Participant is deemed to have provided written notice to the Plan about any Excess Deferral Amount under the Plan and any other plan of the Company.
If a correction is required because of Section 2. Section 3. The amount of Company contributions required by this Article shall be reduced by the amount of any forfeiture required in Section 5. Except to the extent permitted under Section 2. Retiremeent allocation Airfraft forfeitures held in suspense accounts shall take place prior to the allocation of any amounts arising from any other Ckmpany, including forfeitures in a subsequent year, or Company contributions together with earnings thereon.
In the event the sum of such fractions exceeds 1. Option 1. Option 2. Option 3. Option 4. Hughes Balanced Fund. Option Retiremfnt. Raytheon Stock Fund. Option 6. Fidelity Mutual Funds. Except for the foregoing, a Participant may change his Investment Options as to the allocation of future contributions by delivering a Participant Direction to the Administrator at any time during each year.
For purposes of determining the dollar amount of such transfer, the Dollar Balance of such Investment Option shall be determined on the Business Day that such Participant Direction is effective.
Section 4. Each contribution to the Funds on behalf of a Participant or payment made to a Participant prior to that next Valuation Date shall result in a credit or charge to his Account equal to the number of Units contributed or paid, as the case may be.
Such amount for each Fund shall be divided by the total number of Units credited to all Participants in such Fund on the particular Valuation Date, thereby establishing a new Net Asset Value for the Fund. Such statement shall, for all purposes, be deemed to have been accepted as Aircratt unless the Participant properly contests such statement Aircaft accordance with the claims Retiremet under Section 9.
Section 5. In any event, unless the Participant elects or is deemed to have elected otherwise as provided herein and in Section 5. If the total amount of required minimum distributions made to a participant for prior to December 1,are equal to or greater than the amount of required minimum distributions determined under the Proposed Regulations, then no additional distributions are required for such participant for on or Highes such date.
If the total amount of required minimum distributions made to a participant for prior to December 1, are less than the amount determined under the Proposed Regulations, then the amount of required minimum distributions for on Retkrement after such date Retidement be determined so that the total amount of required minimum distributions for is the amount determined under the Proposed Regulations.
This provision shall continue in effect until the last calendar year beginning before the effective date of the final regulations under section a 9 or such other date as may be published by the Internal Revenue Service. The amount of each installment shall be equal to the portion of the Dollar Aircraaft then payable determined in accordance with Section 4.
Payments shall be distributed proportionately from each Investment Option of the Participant. A Participant may not withdraw any portion of Hughes Aircraft Company Retirement Plan Dollar Balance of his Account representing amounts deferred Hughew his Compensation and contributed by the Company under Section 2.
Withdrawals shall be valued as of the Cmopany Date coinciding with or next following the date in which notice of withdrawal is received by the Administrator and shall be paid to a Participant within sixty 60 days, or as soon as administratively feasible thereafter, following such Valuation Date. A Participant may not pay back amounts withdrawn from his Account. All forfeitures shall be credited against and to that extent reduce further Company contributions, as provided in Section 3.
Any amounts distributed as a hardship distribution shall be in a single sum paid by the Trustee, in accordance with the direction of the Administrator, as soon as practicable after receipt Retiremennt the Administrator of such a request. The Administrator shall determine whether iArcraft financial Hugbes exists and the amount required to be distributed to meet the need created by the hardship in a uniform and nondiscriminatory manner.
Within sixty 60 days after the Aircrfat Date coinciding with or next following the disposition by RRetirement Company PPlan in paragraphs a or bthe approval by Hughes, and election by the Participant, or as soon thereafter as administratively feasible, the Participant shall receive the Dollar Balance of the Vested portion of his Account valued as of the Valuation Date coinciding with or next following such disposition and approval in a lump sum.
Withdrawals shall be valued as of the Valuation Date coinciding with or next following the date on which notice of withdrawals is received by the Administrator and shall be paid to a Participant within sixty 60 days from such Valuation Date, or as eRtirement as administratively feasible thereafter in a lump sum. In no event may a Participant withdraw any Cmopany of his Account that is not vested.
Section 6. Section 7. If the spouse is the designated Beneficiary and dies before payments begin, subsequent distributions shall be made as if the spouse had been the Participant. Section 8. The Trust Agreement is and shall be in such form and contain such provisions as Hughes deems appropriate and shall be deemed to form a part of the Plan. All rights and benefits Conpany may accrue to any person under the Plan shall be subject to all the terms and provisions of the Trust Agreement.
Nothing in the Plan or in the Trust Agreement shall Compamy deemed to confer any legal or equitable right or interest in Comany Trust Fund in favor of any Participant, Beneficiary or other person except to the extent expressly provided in the Plan. To facilitate investment, the Trustee may hold the Funds under this Plan in common with the Funds for the Savings Plus Plan, as well as with funds of qualified plans sponsored by any related company as may be approved by Hughes.
The Trustee shall, however, maintain separate accounts accurately reflecting the equitable shares and the assets of each such Fund so that valuations Philly Dead And Company and determinations of Unit values for each such Fund may be made as and when required by this Plan and the Savings Plus Plan.
Section 9. The Administrator shall conduct the general administration of the Plan in accordance with the Plan and Trust Agreement except that any Committee appointed under Section 9. The Plan shall not be operated so as to discriminate in favor of Participants who are officers or Comoany or who are highly compensated. The Plan shall be uniformly and consistently interpreted and applied with regard to all Participants in similar circumstances. The Plan shall be administered, interpreted and applied fairly and equitably and in accordance with the specified purposes of the Plan.
Except as provided in Section 9. The receipt of the person to whom CCompany payment is made shall be complete discharge to the Trustee for any sums so paid. Each Participant shall be responsible for furnishing the Administrator with his correct current address and correct current name and address of his Beneficiary. The claimant or his duly authorized representative:.
Some payments Aircgaft of the Trust Fund may be subject to either mandatory or voluntary withholding for taxes as required by law. Any Participant who makes, or is eligible to make, an election for voluntary withholding may not make or change a withholding election after the Trustee prepares the distribution check.
In addition, the Administrator may include in the Aggregation Group any other plan of the Company or Companies that satisfies the requirements of Sections a 4 and of the Code when considered together with the Plan and the other plans in the Aggregation Group.
Aug 20, 2006 · Hughes Aircraft Co. lawsuit regarding Hughes stopping payments into the pension plan after being bought out by General Motors Corporation in 1987, is ……
Two amendments Hughes made to the Plan are the subject of the present litigation. In 1989, Hughes established an early retirement program that provided significant additional retirement benefits to certain eligible active employees.HTML version PDF version: HTML version, PDF version…
Plaintiffs-appellants are five retired Hughes Aircraft Company employees who are receiving retirement benefits under the Hughes Non-Bargaining Retirement Plan (the “Plan” or “Hughes Plan”). 1 The five plaintiffs are among the 10,000-plus Hughes employees and retirees participating in the Plan. The principal relief plaintiffs seek is a termination of the Hughes Plan and a distribution of its assets to ……
When General Motors Corp. acquired Hughes, its pension plan was underfunded by $7 billion, and the lawsuit suggests that some of the Hughes money was diverted to the auto maker’s depleted...Author: David G. Savage…
Respondents, retired employees of petitioner Hughes Aircraft Company (Hughes) and beneficiaries of petitioner Hughes Non-Bargaining Retirement Plan (Plan), a defined benefit plan, claimed in their class action that Hughes violated the Employee Retirement Income Security Act of 1974 (ERISA) when it amended the Plan by providing for an early retirement program and creating an additional ……
This Plan, executed by HUGHES ELECTRONICS CORPORATION, a corporation organized under the laws of the State of Delaware (hereinafter “Hughes”), evidences the terms of an amendment to and comprehensive restatement of the Hughes Salaried Employees Thrift and Savings Plan, formerly known as the Hughes Aircraft Company Salaried Employees Thrift and Savings Plan originally effective on March 1, 1968……
Jun 27, 2007 · Koziol began working for Hughes Aircraft Co., which was later acquired by Raytheon, in 1979. He enrolled in the company's voluntary, defined benefit retirement plan.…
The Hughes Aircraft Company was a major American aerospace and defense contractor founded in 1932 by Howard Hughes in Glendale, California as a division of Hughes Tool Company. The company was known for producing, among other products, the Hughes H-4 Hercules Spruce Goose aircraft, the atmospheric entry probe carried by the Galileo spacecraft, and the AIM-4 Falcon guided missile. …Founded: 1932 in Glendale, California…
Jan 29, 2017 · Prior to 1976, you had to be 30 to participate in the Raytheon pension plan. From 1976 to 1981, the age was lowered to 25. At that time, you could either choose to participate in the Raytheon pension plan or have an IRA.…
Hughes' first amendment to the plan established an early retirement program that provided significant additional retirement benefits to certain eligible active employees. The second amendment disallowed new participants from contributing to the plan.…