Common use of Cessation of Credited Service Clause in Contracts

Cessation of Credited Service. Effective immediately after 11:59 p.m. on December 31, 2018, Credited Service (as defined in the BCERP) ceased to accrue for purposes of determining an employee’s accrued benefit under the three benefit formulas in the BCERP. Service performed after December 31, 2018, continues to be counted for all other purposes under the BCERP, per the terms of the BCERP. All SPEEA represented BCERP participants on the active payroll, or an authorized leave of absence on December 31, 2018, became 100% immediately vested in his or her accrued benefit under the BCERP as of December 31, 2018. Final Average Monthly Earnings continues to include the highest average Basic Annual Compensation Rate over any period of 60 consecutive months during the employee’s last 120 months of service, and Employee Incentive Plan payments, per the terms of the BCERP. Likewise, Covered Compensation (used to calculate the Excess Benefit portion of the Final Average Benefit) continues to change, per the terms of the BCERP. The Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger will not adversely affect the benefits accrued by BCERP participants. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of Credited Service described above or to maintain the BCERP’s tax- qualified status or otherwise comply with applicable law.

Cessation of Credited Service. Effective immediately after 11:59 p.m. on December 31, 2018, Credited Service (as defined in the BCERP) ceased to accrue for purposes of determining an employee’s accrued benefit under the three benefit formulas in the BCERP. Service performed after December 31, 2018, continues to be counted for all other purposes under the BCERP, per the terms of the BCERP. All SPEEA represented BCERP participants on the active payroll, or an authorized leave of absence on December 31, 2018, became 100% immediately vested in his or her accrued benefit under the BCERP as of December 31, 2018. Final Average Monthly Earnings continues to include the highest average Basic Annual Compensation Rate over any period of 60 consecutive months during the employee’s last 120 months of service, and Employee Incentive Plan payments, per the terms of the BCERP. Likewise, Covered Compensation (used to calculate the Excess Benefit portion of the Final Average Benefit) continues to change, per the terms of the BCERP. The Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger will not adversely affect the benefits accrued by BCERP participants. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of Credited Service described above or to maintain the BCERP’s tax- tax-qualified status or otherwise comply with applicable law.

Cessation of Credited Service. Effective immediately after 11:59 p.m. on December 31, 2018, Credited Service (as defined in the BCERP) ceased will cease to accrue for purposes of determining an employee’s accrued benefit under the three benefit formulas in the BCERP. Service performed after December 31, 2018, continues will continue to be counted for all other purposes under the BCERP, per the terms of the BCERP. All SPEEA represented BCERP participants on the active payroll, or an authorized leave of absence on December 31, 2018, became will become 100% immediately vested in his or her accrued benefit under the BCERP as of December 31, 2018. Final Average Monthly Earnings continues will continue to include the highest average Basic Annual Compensation Rate over any period of 60 consecutive months during the employee’s last 120 months of service, and Employee Incentive Plan payments, per the terms of the BCERP. Likewise, Covered Compensation (used to calculate the Excess Benefit portion of the Final Average Benefit) continues will continue to change, per the terms of the BCERP. The Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger will not adversely affect the benefits accrued by BCERP participants. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of Credited Service described above or to maintain the BCERP’s tax- tax-qualified status or otherwise comply with applicable law.