Common use of Pension Offset Clause in Contracts

Pension Offset. For purposes of determining the projected Pension Offset as of the Normal Retirement Date, the following assumptions shall apply: (a) an annual employer contribution rate of 3% of eligible compensation to the existing qualified 401(k) plan maintained by the Company; (b) an annual employer contribution rate of 1% of eligible compensation to the existing qualified employee stock ownership plan maintained by the Company; (c) 7% annual earnings under such plans; and (d) 4.5% annual salary increase.