Preview of our top selling Pension Plans
Amphenol - Pension Plan For Employees Of Amphenol Corp.
PENSION PLAN FOR EMPLOYEES
OF AMPHENOL CORPORATION
TABLE OF CONTENTS
Page
----
ARTICLE I.
ELIGIBILITY
1.1. Eligibility ..........................................................2
ARTICLE II.
EMPLOYER CONTRIBUTIONS;
2.1. Payment of Contributions .............................................2 2.2. Limitation on Contribution ...........................................2 2.3. Time of Payment ......................................................3 2.4. No Additional Liability ..............................................3
ARTICLE III.
EMPLOYEE CONTRIBUTIONS
3.1. Required Contributions ...............................................3
ARTICLE IV.
PLAN BENEFITS
4.1. Plan Benefits ........................................................3 4.2. Minimum Benefit for Top Heavy Plan ...................................3 4.3. Non-Duplication of Benefits ..........................................5 4.4. Transfers; Service with Affiliated Employers .........................6
ARTICLE V.
CODE SECTION 415 LIMITATIONS ON BENEFITS
5.1. Maximum Annual Benefit ...............................................6 5.2. Adjustments to Annual Benefit and Limitations ........................8 5.3. Annual Benefit Not in Excess of $10,000 ..............................10 5.4. Participation or Service Reductions ..................................10 5.5. Multiple Plan Reduction ..............................................11 5.6. Incorporation by Reference ...........................................15
ARTICLE VI.
VESTING
6.1. Vesting Rights .......................................................15 6.2. Top-Heavy Vesting ....................................................15 6.3. Service Computation Period; Service Credit ...........................15 6.4. Amendment of Vesting Schedule ........................................16 6.5. Amendments Affecting Vested and/or Accrued Benefit ...................16 6.6. No Divestiture for Cause .............................................17
ARTICLE VII.
PAYMENT OF BENEFITS
7.1. Notice ...............................................................17 7.2. Waiver of Thirty (30) Day Notice Period ..............................17 7.3. Form of Payment ......................................................18 7.4. Actuarial Equivalent Benefit .........................................18
7.5. Payment Without Participant Consent ..................................18 7.6. Restrictions on Immediate Distributions ..............................18 7.7. Limitation of Benefits on Plan Termination ...........................19 7.8. Early Plan Termination Restrictions ..................................21 7.9. Suspension of Benefits ...............................................24 7.10. Restrictions on Commencement of Retirement Benefits ..................26 7.11. Minimum Distribution Requirements ....................................26 7.12. TEFRA Election Transitional Rule .....................................30 7.13. Distribution of Death Benefit ........................................31 7.14. Date Distribution Deemed to Begin ....................................33 7.15. Distribution Pursuant to Qualified Domestic Relations Orders .........33 7.16. Payment to a Person Under a Legal Disability .........................33 7.17. Unclaimed Benefits Procedure .........................................34 7.18. Direct Rollovers .....................................................35
ARTICLE VIII.
JOINT AND SURVIVOR ANNUITY REQUIREMENTS
8.1. Applicability of Provisions ..........................................35 8.2. Payment of Qualified Joint And Survivor Annuity ......................35 8.3. Payment of Qualified Pre-Retirement Survivor Annuity .................35 8.4. Notice Requirements For Qualified Joint And Survivor Annuity .........36 8.5. Notice Requirements For Qualified Pre-Retirement Survivor Annuity ....36 8.6. Qualified Election ...................................................37
8.7. Election Period ......................................................38 8.8. Pre-age Thirty-five (35) Waiver ......................................38 8.9. Transitional Joint And Survivor Annuity Rules ........................38
ARTICLE IX.
QUALIFIED DOMESTIC RELATIONS ORDERS
9.1. Qualified Domestic Relations Orders ..................................41
ARTICLE X.
TRANSFERS FROM OTHER QUALIFIED PLANS; DIRECT ROLLOVERS
10.1. Transfers from Other Qualified Plans, Direct Rollovers ...............43
ARTICLE XI.
TRANSFERS; SERVICE WITH AFFILIATED EMPLOYERS
11.1. Transfers ............................................................43
ARTICLE XII.
AMENDMENT, TERMINATION, MERGER OR CONSOLIDATION
12.1. Amendment of the Plan ................................................43 12.2. Termination ..........................................................44 12.3. Merger or Consolidation of the Plan ..................................48
ARTICLE XIII.
PARTICIPATING EMPLOYERS
13.1. Adoption by Other Employers ..........................................49 13.2. Requirements of Participating Employers ..............................49 13.3. Designation of Agent .................................................50
13.4. Employee Transfers ...................................................50 13.5. Participating Employer's Contribution ................................50 13.6. Discontinuance of Participation ......................................51 13.7. Plan Administrator's Authority .......................................51
ARTICLE XIV.
ADMINISTRATION OF THE PLAN
14.1. Appointment of Plan Administrator and Trustee ........................51 14.2. Plan Administrator ...................................................52 14.3. Delegation of Powers .................................................52 14.4. Trust Agreement ......................................................52 14.5. Appointment of Advisers ..............................................53 14.6. Records and Reports ..................................................53 14.7. Information From Employer ............................................54 14.8. Majority Actions .....................................................54 14.9. Expenses .............................................................54 14.10. Discretionary Acts ...................................................54 14.11. Responsibility of Fiduciaries ........................................54 14.12. Indemnity by Employer ................................................55 14.13. Claims Procedure .....................................................55
ARTICLE XV.
GENERAL
15.1. Bonding ..............................................................56
15.2. Action by the Employer ...............................................57 15.3. Employment Rights ....................................................57 15.4. Alienation ...........................................................57 15.5. Governing Law ........................................................58 15.6. Conformity to Applicable Law .........................................58 15.7. Usage ................................................................58 15.8. Legal Action .........................................................58 15.9. Exclusive Benefit ....................................................58 15.10. Prohibition Against Diversion of Funds ...............................59 15.11. Return of Contribution ...............................................59 15.12. Employer's Protective Clause .........................................60 15.13. Insurer's Protective Cause ...........................................60 15.14. Receipt and Release for Payments .....................................60 15.15. Headings .............................................................60 15.16. Construction of Plan .................................................61
ARTICLE XVI.
DEFINITIONS
16.1. Accrued Benefit ......................................................61 16.2. Actuarial Equivalent .................................................61 16.3. Administrative Committee .............................................62 16.4. Affiliated Employer ..................................................62 16.5. Aggregation Group ....................................................62
16.6. Anniversary Date .....................................................63 16.7. Annual Benefit .......................................................63 16.8. Annuity ..............................................................63 16.9. Annuity Starting Date ................................................63 16.10. Average Monthly Compensation .........................................64 16.11. Beneficiary ..........................................................64 16.12. Break in Service .....................................................65 16.13. Code .................................................................66 16.14. Compensation .........................................................66 16.15. Controlled Group .....................................................69 16.16. Determination Date ...................................................69 16.17. Direct Rollover ......................................................69 16.18. Disability ...........................................................69 16.19. Distributee ..........................................................70 16.20. Earliest Retirement Date .............................................70 16.21. Early Retirement Age .................................................70 16.22. Early Retirement Date ................................................70 16.23. Eligible Class .......................................................70 16.24. Eligible Retirement Plan .............................................73 16.25. Eligible Rollover Distribution .......................................73 16.26. Employee .............................................................73 16.27. Employer .............................................................73
16.28. Employment Commencement Date .........................................73 16.29. Exhibit ..............................................................74 16.30. ERISA ................................................................74 16.31. Family Member ........................................................74 16.32. Fiscal Year ..........................................................74 16.33. Foreign Subsidiary ...................................................74 16.34. Forfeiture ...........................................................74 16.35. Highly Compensated Employee ..........................................75 16.36. Highly Compensated Participant .......................................76 16.37. Hour of Service ......................................................76 16.38. Inactive Participant .................................................79 16.39. Key Employee .........................................................79 16.40. Late Retirement Date .................................................80 16.41. Leased Employee ......................................................80 16.42. Limitation Year ......................................................81 16.43. Non-Highly Compensated Employee ......................................81 16.44. Non-Key Employee .....................................................81 16.45. Normal Form of Benefit ...............................................81 16.46. Normal Retirement Age ................................................81 16.47. Normal Retirement Date ...............................................81 16.48. Participant ..........................................................81 16.49. Participating Employer ...............................................81
16.50. Period of Military Duty ..............................................82 16.51. Period of Service ....................................................82 16.52. Period of Severance ..................................................82 16.53. Plan .................................................................82 16.54. Plan Administrator ...................................................84 16.55. Plan Year ............................................................84 16.56. Predecessor Employer .................................................84 16.57. Present Value of Accrued Benefit .....................................84 16.58. Primary Social Security Retirement Benefit ...........................84 16.59. Qualified Domestic Relations Order ...................................85 16.60. Qualified Joint and Survivor Annuity .................................85 16.61. Qualified Pre-Retirement Survivor Annuity ............................86 16.62. Re-employment Commencement Date ......................................86 16.63. Re-entry Date ........................................................86 16.64. Regulation ...........................................................86 16.65. Retirement ...........................................................86 16.66. Social Security Retirement Age .......................................86 16.67. Spouse ...............................................................86 16.68. Straight Life Annuity ................................................87 16.69. Super Top-Heavy Plan .................................................87 16.70. Top-Heavy Group ......................................................87 16.71. Top-Heavy Plan .......................................................87
16.72. Top-Heavy Ratio ......................................................88 16.73. Top-Paid Group .......................................................89 16.74. Trust Agreement ......................................................90 16.75. Trust Fund ...........................................................90 16.76. Trustee ..............................................................90 16.77. Valuation Date .......................................................90 16.78. Year of Accrual Service ..............................................90 16.79. Year of Eligibility Service ..........................................90 16.80. Year of Service ......................................................91 16.81. Year of Vesting Service ..............................................91
PENSION PLAN FOR EMPLOYEES OF
AMPHENOL CORPORATION
BY RESOLUTION of its Board of Directors, on the 21st day of November, 1997, AMPHENOL CORPORATION, a Delaware corporation, has approved and adopted a defined benefit pension plan for certain Employees, effective as of December 31, 1997, which amends and restates the Salaried Employees Pension Plan of the Amphenol Corporation, as previously amended effective January 1, 1989 (hereinafter referred to as the "Predecessor Plan"); and which now serves as the single plan to pay benefits to Employees previously participating in certain other plans maintained by the Employer or its affiliates, which plans have been merged and consolidated into the Plan effective as of December 31, 1997.
WHEREAS, Amphenol Corporation and certain of its affiliates maintain the following defined benefit pension plans for eligible employees:
o Salaried Employees' Pension Plan of the Amphenol Corporation
o The Hourly Employees' Pension Plan of Amphenol Corporation
o Pension Plan for Hourly Paid Employees of Chatham Cable Company
o Pyle-National Retirement Plan for Salaried Employees
o LPL Technologies Inc. Retirement Plan
o Pyle-National Retirement Plan for Hourly Employees
o Pension Plan for Salaried Employees of the Sidney Division of the
Amphenol Corporation
o Pension Plan for Hourly Employees of the Sidney Division of the
Amphenol Corporation
WHEREAS, all of the aforesaid plans are to be merged and consolidated with the Plan effective as of December 31, 1997;
1.
WHEREAS, all benefits previously provided under the plans shall be provided hereunder subsequent to the merger and consolidation;
WHEREAS, all assets of the plans shall be transferred to the Plan and Trust and shall thereafter and on an ongoing basis be available to pay benefits to employees and their beneficiaries;
WHEREAS, at this time the Employer desires to retain the distinct benefit structures that applied to the participants of the plans prior to the merger and consolidation to the greatest extent possible;
NOW, THEREFORE, the Plan is amended and restated as follows:
ARTICLE I.
ELIGIBILITY
1.1 Eligibility: The terms and conditions of eligibility shall be determined by reference to the Exhibit attached hereto which corresponds to the Employee's classification and status.
ARTICLE II.
EMPLOYER CONTRIBUTIONS;
2.1. Payment of Contributions: The Employer shall contribute to the Plan from time to time such amounts as the Plan Administrator and the Employer shall determine are necessary to provide Plan benefits. Such amounts shall be determined under accepted actuarial methods and assumptions, and may be contributed in cash or property.
2.2. Limitation on Contribution: Notwithstanding the foregoing, the Employer's contribution for any Plan Year will not exceed the maximum amount allowable as a deduction to the Employer under Code Section 404, except to the extent necessary to satisfy the minimum funding standard required under Code Section 412 or to correct an error, in which event, the Employer shall make a contribution to the Plan even if it causes the limitation under Code Section 404 to be exceeded.
2.
2.3. Time of Payment: The Employer will pay to the Trustee its contribution to the Plan for each Plan Year, within the time prescribed by law, including extensions of time, for the filing of the Employer's federal income tax return for the Fiscal Year. In no event, however, will payment to the Trustee be made after the expiration of the time limit prescribed for satisfaction of the minimum funding requirements of Code Section 412.
2.4. No Additional Liability: The pension benefits to be provided under the Plan shall be only such as can be provided by the assets of the Trust Fund and, except as provided by law, there shall be no liability or obligation on the part of the Employer to make any further contributions to the Plan in the event of its termination. Except as otherwise required by ERISA or other applicable law, no liability for the payment of benefits hereunder shall be imposed upon the Employer, or the officers, directors or stockholders of the Employer.
ARTICLE III.
EMPLOYEE CONTRIBUTIONS
3.1. Required Contributions: The amount of contributions required of Participants as a condition for receiving benefits provided hereunder shall be determined by reference to the Exhibit that corresponds to the Participant's classification and status.
ARTICLE IV
PLAN BENEFITS
4.1. Plan Benefits: A Participant's benefits shall be determined by reference to the Exhibit corresponding to the Participant's classification and status.
4.2. Minimum Benefit for Top-Heavy Plan:
(a) The minimum Accrued Benefit derived from Employer contributions to be provided under this Section for each Non-Key Employee who is a Participant during a Plan Year in which the Plan is Top-Heavy Plan shall equal the product of (1) said Participant's Compensation averaged over the five (5) consecutive Limitation
3.
Years, (or actual number of Limitation Years, if less) which produce the highest average and (2) the lesser of (i) two percent (2%) multiplied by Years of Service or (ii) twenty percent (20%).
(b) For purposes of providing the aforesaid minimum benefit under Code Section 416, a Non-Key Employee who is not a Participant solely because (1) his Compensation is below a stated amount or (2) he declined to make required contributions (if required) to the Plan will be considered to be a Participant Furthermore, such minimum benefit shall be provided regardless of whether such Non-Key Employee is employed on a specified date.
(c) For purposes of this Section, Years of Service for any Plan Year beginning before January 1, 1984, or for any Plan Year during which the Plan was not a Top-Heavy Plan shall be disregarded.
(d) For purposes of this Section, Compensation for any Limitation Year ending in a Plan Year which began prior to January 1, 1984, subsequent to the last Limitation Year during which the Plan is a Top-Heavy Plan, or in which the Participant failed to complete a Year of Service, shall be disregarded.
(e) For the purposes of determining the top-heavy minimum benefit under this Section, Compensation shall be limited to $200,000 (as adjusted in such manner as permitted under Code Section 415(d)).
(f) If the Article herein entitled "Payment of Benefits" provides for the Normal Retirement Benefit to be paid in form other than a single life annuity, the Accrued Benefit under this Section shall be the Actuarial Equivalent of the minimum Accrued Benefit under (a) above.
(g) If payment of the minimum Accrued Benefit commences at a date other than Normal Retirement Date, the minimum Accrued Benefit shall be the Actuarial Equivalent of the minimum Accrued Benefit commencing at Normal Retirement Date.
4.
(h) If a Non-Key Employee participates in this Plan and a defined contribution plan included in a Required Aggregation Group which is top-heavy, the minimum benefits shall be provided under this Plan.
(i) For any Plan Year when (1) the Plan is a Top-Heavy Plan but not a Super Top-Heavy Plan and (2) a Key Employee is a Participant in both this Plan and a defined contribution plan included in a Required Aggregation Group which is top-heavy, the extra minimum Accrued Benefit (required by the Article herein entitled "Section 415 Limitation on Benefits" to provide the higher limitations) shall be provided for each Non-Key Employee who is a Participant by substituting three percent (3%) for two percent (2%) and thirty percent (30%) for twenty percent (20%) in (a) above.
(j) In lieu of the above, if a Non-Key Employee participates in this Plan and a defined contribution plan included in a Required Aggregation Group which is top-heavy, a minimum allocation of five percent (5%) of Compensation shall be provided under the defined contribution plan. If the defined contribution plan is amended so that the minimum benefits are no longer provided under the defined contribution plan, the minimum benefits shall be provided under this Plan.
However, for any Plan Year when (1) the Plan is a Top-Heavy Plan but not a Super Top-Heavy Plan and (2) a Key Employee is a Participant in both this Plan and a defined contribution plan included in a Required Aggregation Group which is top-heavy, seven and one-half percent (7 1/2%) shall be substituted for five percent (5%) above.
(k) The preceding provisions of this Section shall be inapplicable to the extent not required of this Plan pursuant to Code Section 416(i)(4).
4.3. Non-Duplication of Benefits: If an Inactive Participant who is no longer actively employed by the Employer again becomes actively employed by the Employer in the same Eligible Class, any such renewed participation shall not result in duplication of benefits. Accordingly, if such Participant has received or was deemed to have received a distribution of a vested Accrued Benefit under the Plan by reason of prior participation
5.
(and such distribution has not been repaid to the Plan with interest as described in the preceding paragraph within a period of the earlier of five (5) years after the first date on which the Participant is subsequently reemployed by the Employer or the close of the first period of five (5) consecutive Breaks in Service commencing after the distribution), his Accrued Benefit shall be reduced by the Accrued Benefit determined as of the date of distribution.
4.4. Transfers; Service with Affiliated Employers. The benefits provided hereunder as to an Employee who transfers employment to or from an Affiliated Employer or into another Eligible Class shall be determined by reference to this Article and the Article herein entitled "TRANSFERS; SERVICE WITH AFFILIATED EMPLOYERS."
ARTICLE V.
CODE SECTION 415 LIMITATIONS ON BENEFITS
5.1. Maximum Annual Benefit:
(a) Notwithstanding the foregoing and subject to the exceptions below, the maximum Annual Benefit payable to a Participant under this Plan in any Limitation Year shall equal the lesser of:
(1) $90,000, or
(2) one hundred percent (100%) of the Participant's Compensation averaged over the three consecutive Limitation Years (or the actual number of Limitation Years for Employees who have been employed for less than three consecutive Limitation Years) during which the Employee had the greatest aggregate Code Section 415 Compensation from the Employer.
(b) Notwithstanding anything in this Article to the contrary, the maximum Annual Benefit for any Participant in a defined benefit plan in existence on July 1, 1982, shall not be less than the "protected current accrued benefit", payable annually, provided for under question T-3 of Internal Revenue Notice 83-10.
6.
(c) Notwithstanding anything in this Article to the contrary, if the Plan was in existence on May 6, 1986, and had complied at all times with the requirements of Code Section 415; the maximum Annual Benefit for any individual who is a Participant as of the first day of the Limitation Year beginning after December 31, 1986, shall not be less than the Current Accrued Benefit. "Current Accrued Benefit" shall mean a Participant's Accrued Benefit under the Plan, determined as if the Participant had separated from service as of the close of the last Limitation Year beginning before January 1, 1987, when expressed as an Annual Benefit within the meaning of Code Section 415(b)(2). In determining the amount of a Participant's Current Accrued Benefit, the following shall be disregarded: (1) any change in the terms and conditions of the Plan after May 5, 1986; and (2) any cost of living adjustment occurring after May 5, 1986.
(d) The dollar limitation under Code Section 415(b)(1)(A) stated in paragraph (a)(1) above shall be adjusted annually as provided in Code Section 415(d) pursuant to the Regulations. The adjusted limitation is effective as of January 1st of each calendar year and is applicable to Limitation Years ending with or within that calendar year.
(e) The limitation stated in paragraph (a)(2) above for Participants who have separated from service with a non-forfeitable right to an Accrued Benefit shall be adjusted annually as provided in Code Section 415(d) pursuant to the Regulations prescribed by the Secretary of the Treasury.
(f) For the purpose of this Article, all qualified defined benefit plans (whether terminated or not) ever maintained by the Employer shall be treated as one defined benefit plan, and all qualified defined contribution plans (whether terminated or not) ever maintained by the Employer shall be treated as one defined contribution plan.
(g) For the purpose of this Article, if the Employer is a member of a controlled group of corporations, trades or businesses under common control (as defined by Code Section 1563(a) or Code Section 414(b) and (c) as modified by Code Section 425(h))
7.
or is a member of an affiliated service group (as defined by Code Section 414(m)), all employees of such employers shall be considered to be employed by a single employer.
(h) For the purpose of this Article, if this Plan is a Code Section 413(c) plan, all employers of a Participant who maintain this Plan will be considered to be a single employer.
5.2. Adjustments to Annual Benefit and Limitations:
(a) If the Annual Benefit begins before the Participant's Social Security Retirement Age under the Social Security Act, then the $90,000 limitation shall be reduced in such manner as the Secretary of the Treasury shall prescribe which is consistent with the reduction for old-age insurance benefits commencing before the Social Security Retirement Age under the Social Security Act.
(b) Notwithstanding the aforesaid, for Limitation Years beginning prior to January 1, 1987, the $90,000 limit shall not be reduced if the annual benefit begins on or after age sixty-two (62). If the Annual Benefit begins before age sixty-two (62), the $90,000 limitation shall be reduced by each month benefits commence before the Participant attains age sixty-two (62) so that it is the Actuarial Equivalent of the $90,000 limitation beginning at age sixty-two (62). However, the $90,000 limitation shall not be actuarially reduced to less than:
(1) $75,000 if the Annual Benefit commences on or after age fifty-five (55), or
(2) the amount which is the Actuarial Equivalent of the $75,000 limitation at age fifty-five (55) if the Annual Benefit commences prior to age fifty-five (55).
For purposes of adjusting the $90,000 limitation applicable prior to age sixty-two (62) or the $75,000 limitation applicable prior to age fifty-five (55), the adjustment shall be made pursuant to the general principles set forth in this Plan for determining Actuarial Equivalence except that the interest rate assumption shall be the
8.
greater of five percent (5%) or the rate specified in Schedule A hereto and the mortality decrement shall be ignored to the extent that a Forfeiture does not occur at death.
(c) If the Annual Benefit begins after the Participant's Social Security Retirement Age or for Plan Years beginning prior to January 1, 1987, age 65, the $90,000 limitation shall be increased so that it is the Actuarial Equivalent of the $90,000 limitation at the Participant's Social Security Retirement Age (or for Plan Years beginning prior to January 1, 1987, age 65).
(d) If the Annual Benefit begins before age sixty-two (62), then the $90,000 limitation shall be reduced so that it is the Actuarial Equivalent of the $90,000 limitation beginning at age sixty-two (62). However, the $90,000 shall not be actuarially reduced to less than:
(1) $75,000 if the Annual Benefit commences on or after age fifty-five (55), or
(2) the amount which is the Actuarial Equivalent of the $75,000 limitation at age fifty-five (55) if the Annual Benefit commences prior to age fifty-five (55).
For purposes of adjusting the $90,000 limitation applicable prior to age sixty-two (62) or the $75,000 limitation applicable prior to age fifty-five (55), the adjustment shall be made pursuant to the general principles used herein for determining the Actuarial Equivalent except that the interest rate assumption shall be the greater of five percent (5%) or the rate specified in Schedule A hereto and the mortality decrement shall be ignored to the extent that a Forfeiture does not occur at death.
(e) For purposes of adjusting the Annual Benefit to a Straight Life Annuity, the adjustment shall be made pursuant to Section 2.2 except that the interest rate assumption shall be the greater of five percent (5%) or the rate specified in Schedule A hereto.
(f) For purposes of adjusting the $90,000 limitation applicable after age 65, the adjustment shall be made the Actuarial Equivalent except that the interest rate
9.
assumption shall be the lesser of five percent (5%) or the rate specified in Schedule A hereto and the mortality decrement shall be ignored to the extent that a Forfeiture does not occur at death.
(g) For purposes of adjusting the $90,000 limitation applicable after the Participant's Social Security Retirement Age (or for Plan Years beginning prior to January 1, 1987, age 65) the adjustment shall be made for the Actuarial Equivalent except that the interest rate assumption shall be the lesser of five percent (5%) or the rate specified in Schedule A hereto and the mortality decrement shall be ignored to the extent that a Forfeiture does not occur at death.
(h) For purposes of the aforesaid adjustments, no adjustments under Code Section 415(d) shall be taken into account before the Limitation Year for which such adjustment first takes effect.
(i) For purposes of this Section, no adjustment is required for Qualified Joint and Survivor Annuity benefits, Qualified Pre-Retirement Survivor Annuity benefits and post-retirement medical benefits.
5.3. Annual Benefit Not in Excess of $10,000: This Plan may pay an Annual Benefit to any Participant in excess of his maximum Annual Benefit if the Annual Benefit derived from Employer contributions under this Plan and all other defined benefit plans maintained by the Employer does not in the aggregate exceed $10,000 for the Limitation Year or for any prior Limitation Year and the Employer ha