Exhibit 10(f)16
FIRST AMENDMENT TO THE EMPLOYEES' RETIREMENT
PLAN OF SAVANNAH ELECTRIC AND POWER COMPANY
(AS AMENDED AND RESTATED EFFECTIVE
JANUARY 1, 1989)
WHEREAS, the Board of Directors of Savannah Electric and Power Company
(the "Company") heretofore adopted the amendment and restatement of the
Employees' Retirement Plan of Savannah Electric and Power Company (the "Plan"),
effective January 1, 1989, in order to comply with the Internal Revenue Code of
1986, as amended; and
WHEREAS, the Company has authorized appropriate officers to take proper
actions which accomplish its overall intent to amend and restate the Plan; and
WHEREAS, the Company is authorized pursuant to Article XIII of the Plan
to amend the Plan from time to time.
NOW, THEREFORE, effective January 16, 1995, the Company hereby amends
the Plan as follows:
1.
Section 5.05(a) of the Plan is amended by deleting said Section in its
entirety and substituting the following in lieu thereof:
5.05 Restoration of Retired Member or Former Member to Service
(a) If a Member in receipt of an Allowance is
restored to service as an Employee on or
after his Normal Retirement Date, the
following shall apply, except with respect
to temporary employees on and after January
16, 1995:
(i) His Allowance shall be suspended for each
month during the period of restoration which
is a Suspendible Month.
(ii) Upon the death of the Member during the
period of restoration, any Allowance that
would have been payable to his surviving
Spouse had he not been restored to service
shall be payable or, alternatively, any
payments under an optional benefit, if one
has been elected and becomes effective,
shall begin.
(iii) Upon later retirement, payment of the
Member's Allowance shall resume no later
than the third month after the latest
Suspendible Month during the period of
restoration, and shall be adjusted, if
necessary, in compliance with Title 29 of
the Code of Federal Regulations,
ss. 2530.203-3 in a consistent and
nondiscriminatory manner.
2.
Section 5.05(b) of the Plan is amended by deleting said Section in its
entirety and substituting the following in lieu thereof:
(b) If a Member in receipt of an Allowance is
restored to service as an Employee before
his Normal Retirement Date, the following
shall apply, except with respect to
temporary employees on and after January 16,
1995:
(i) His Allowance shall cease and any election
of an optional benefit in effect shall be void.
(ii) Any Continuous and Credited
Service to which he was
entitled when he retired or
terminated service shall be
restored to him.
(iii) Upon later retirement or termination, his
Allowance shall be based on the benefit
formula then in effect and his Compensation
and Credited Service before and after the
period when he was not in the service of the
Company, reduced by an amount of
Equivalent Actuarial Value to the benefits,
if any, he received before the date of his
restoration to service.
(iv) The part of the Member's Allowance upon
later retirement payable with respect to
Credited Service rendered before his
previous retirement or termination of service
shall never be less than the amount of his
previous Allowance modified to reflect any
option in effect on his later retirement.
2
3.
Except as amended herein by this First Amendment, the Plan shall remain
in full force and effect as amended and restated by the Company prior to the
adoption of this First Amendment.
IN WITNESS WHEREOF, the Company, through its duly authorized officers,
adopts this First Amendment to the Plan this 16th day of January, 1995, to be
effective as stated herein.
SAVANNAH ELECTRIC AND POWER COMPANY
By:
Arthur M. Gignilliat, Jr.
President and Chief Executive Officer
ATTEST:
By:
Lavonne K. Calandra
Corporate Secretary
[CORPORATE SEAL]
3
FIRST AMENDMENT TO THE EMPLOYEES' RETIREMENT
PLAN OF SAVANNAH ELECTRIC AND POWER COMPANY
(AS AMENDED AND RESTATED EFFECTIVE
JANUARY 1, 1989)
WHEREAS, the Board of Directors of Savannah Electric and Power Company
(the "Company") heretofore adopted the amendment and restatement of the
Employees' Retirement Plan of Savannah Electric and Power Company (the "Plan"),
effective January 1, 1989, in order to comply with the Internal Revenue Code of
1986, as amended; and
WHEREAS, the Company has authorized appropriate officers to take proper
actions which accomplish its overall intent to amend and restate the Plan; and
WHEREAS, the Company is authorized pursuant to Article XIII of the Plan
to amend the Plan from time to time.
NOW, THEREFORE, effective January 16, 1995, the Company hereby amends
the Plan as follows:
1.
Section 5.05(a) of the Plan is amended by deleting said Section in its
entirety and substituting the following in lieu thereof:
5.05 Restoration of Retired Member or Former Member to Service
(a) If a Member in receipt of an Allowance is
restored to service as an Employee on or
after his Normal Retirement Date, the
following shall apply, except with respect
to temporary employees on and after January
16, 1995:
(i) His Allowance shall be suspended for each
month during the period of restoration which
is a Suspendible Month.
(ii) Upon the death of the Member during the
period of restoration, any Allowance that
would have been payable to his surviving
Spouse had he not been restored to service
shall be payable or, alternatively, any
payments under an optional benefit, if one
has been elected and becomes effective,
shall begin.
(iii) Upon later retirement, payment of the
Member's Allowance shall resume no later
than the third month after the latest
Suspendible Month during the period of
restoration, and shall be adjusted, if
necessary, in compliance with Title 29 of
the Code of Federal Regulations,
ss. 2530.203-3 in a consistent and
nondiscriminatory manner.
2.
Section 5.05(b) of the Plan is amended by deleting said Section in its
entirety and substituting the following in lieu thereof:
(b) If a Member in receipt of an Allowance is
restored to service as an Employee before
his Normal Retirement Date, the following
shall apply, except with respect to
temporary employees on and after January 16,
1995:
(i) His Allowance shall cease and any election
of an optional benefit in effect shall be void.
(ii) Any Continuous and Credited
Service to which he was
entitled when he retired or
terminated service shall be
restored to him.
(iii) Upon later retirement or termination, his
Allowance shall be based on the benefit
formula then in effect and his Compensation
and Credited Service before and after the
period when he was not in the service of the
Company, reduced by an amount of
Equivalent Actuarial Value to the benefits,
if any, he received before the date of his
restoration to service.
(iv) The part of the Member's Allowance upon
later retirement payable with respect to
Credited Service rendered before his
previous retirement or termination of service
shall never be less than the amount of his
previous Allowance modified to reflect any
option in effect on his later retirement.
2
3.
Except as amended herein by this First Amendment, the Plan shall remain
in full force and effect as amended and restated by the Company prior to the
adoption of this First Amendment.
IN WITNESS WHEREOF, the Company, through its duly authorized officers,
adopts this First Amendment to the Plan this 16th day of January, 1995, to be
effective as stated herein.
SAVANNAH ELECTRIC AND POWER COMPANY
By:
Arthur M. Gignilliat, Jr.
President and Chief Executive Officer
ATTEST:
By:
Lavonne K. Calandra
Corporate Secretary
[CORPORATE SEAL]
3