Looking for an agreement? Search from over 1 million agreements now.

Supplemental Executive Retirement Plan

This is an actual contract by Alabama Power.
Browse the agreement preview below and buy the entire agreement for $35
Search This Document
Exhibit 10(a)74
THE SOUTHERN COMPANY


SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN


Amended and Restated Effective January 1, 1999


THE SOUTHERN COMPANY
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN


ARTICLE I - PURPOSE AND ADOPTION OF PLAN


1.1 Adoption: Southern Company Services, Inc. hereby adopts The Southern Company Supplemental Executive Retirement Plan as amended and restated January 1, 1999 (the "Plan"). The Plan was initially established effective January 1, 1997. The Plan shall be an unfunded deferred compensation arrangement whose benefits shall be paid solely from the general assets of the Company.


1.2 Purpose: The Plan is designed to provide deferred compensation benefits primarily for a select group of management or highly compensated employees which are not otherwise payable under The Southern Company Pension Plan as a result of the exclusion of incentive pay from the definition of earnings set forth under such plan.


ARTICLE II - DEFINITIONS


2.1 "Administrative Committee" shall mean the Retirement Board of the Pension Plan.


2.2 "Affiliated Employer" shall mean any corporation which is a member of the controlled group of corporations of which The Southern Company is the common parent corporation which the Board of Directors may from time to time determine to bring under the Plan and which shall adopt the Plan, and any successor of any of them.


2.3 "Beneficiary" shall mean any person, estate, trust or organization entitled to receive any payment under the Plan upon the death of a Participant.


2.4 "Board of Directors" shall mean the Board of Directors of the Company. 2.5 "Code" shall mean the Internal Revenue Code of 1986, as amended from time to time. 2.6 "Company" shall mean Southern Company Services, Inc.


2.7 "Effective Date" shall mean January 1, 1997.


2.8 "Employee" shall mean any person who is employed by an Affiliated Employer excluding any persons represented by a collective bargaining agent.


2.9 "Incentive Pay" shall mean all awards earned while an Employee under any incentive pay plans sponsored by an Affiliated Employer as shall be determined by the Board from time to time and set forth in Appendix B attached hereto, provided such incentive award was earned on and after January 1, 1994. If a person was formerly represented by a collective bargaining agent with respect to any corporation which is a member of the controlled group of corporations of which The Southern Company is the common parent and such person subsequently becomes an Employee, incentive awards described in the preceding sentence shall include awards earned on and after January 1, 1994 while represented by such collective bargaining agent.


2.10 "Participant" shall mean an Employee or former Employee of an Affiliated Employer who is eligible to participate in the Plan pursuant to Sections 4.1 and 4.2.


2.11 "Pension Plan" shall mean The Southern Company Pension Plan, as amended from time to time. 2.12 "Plan" shall mean The Southern Company Supplemental Executive Retirement Plan, as amended from time to time.


2.13 "Plan Year" shall mean the calendar year.


2.14 "SERP Benefit" shall mean the benefit described in Section 5.1.


2.15 "Supplemental Pension Benefit" shall mean the pension benefit, if any, that is payable to a Participant under a group and/or individual supplemental benefit plan of an Affiliated Employer (as such term is defined therein).


Where the context requires, the definitions of all terms set forth in the Pension Plan shall apply with equal force and effect for purposes of interpretation and administration of the Plan, unless said terms are otherwise specifically defined in the Plan. The masculine pronoun shall be construed to include the feminine pronoun and the singular shall include the plural, where the context so requires.


ARTICLE III - ADMINISTRATION OF PLAN


3.1 Administrator. The general administration of the Plan shall be placed in the Administrative Committee.


3.2 Powers. The Administrative Committee shall administer the Plan in accordance with its terms and shall have all powers necessary to carry out the provisions of the Plan more particularly set forth herein. The Administrative Committee shall have the discretionary authority to interpret the Plan and shall determine all questions arising in the administration, interpretation and application of the Plan. Any such determination by it shall be conclusive and binding on all persons. It may adopt such regulations as it deems desirable for the conduct of its affairs. It may appoint such accountants, counsel, actuaries, specialists and other persons as it deems necessary or desirable in connection with the administration of this Plan, and shall be the agent for the service of process.


3.3 Duties of the Administrative Committee.


(a) The Administrative Committee is responsible for the daily
administration of the Plan. It may appoint other persons or entities to
perform any of its fiduciary functions. The Administrative Committee
and any such appointee may employ advisors and other persons necessary
or convenient to help it carry out its duties, including its fiduciary
duties. The Administrative Committee shall have the right to remove any
such appointee from his position. Any person, group of persons or
entity may serve in more than one fiduciary capacity.


(b) The Administrative Committee shall maintain accurate and
detailed records and accounts of Participants and of their rights under
the Plan and of all receipts, disbursements, transfers and other
transactions concerning the Plan. Such accounts, books and records
relating thereto shall be open at all reasonable times to inspection
and audit by persons designated by the Administrative Committee.


(c) The Administrative Committee shall take all steps
necessary to ensure that the Plan complies with the law at all times.
These steps shall include such items as the preparation and filing of
all documents and forms required by any governmental agency;
maintaining adequate Participants' records; recording and transmission
of all notices required to be given to Participants and their
Beneficiaries; the receipt and dissemination, if required, of all
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |