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The purpose of the Plan is to provide eligible Participants and their Spouses or Beneficiaries with periodic income after retirement in addition to benefits provided under the Federal Social Security Act. This Plan is a spin-off of the Natio the spin-off and the date this Plan is established is January 14, The Plan was established as of this spin-off date to duplicate the provisions of the Predecessor Plan. Thus the prior restatements and history of the Predecessor Plan also effectively serve as the prior restatements and history of the Plan.
Accrued Benefit means the monthly benefit, payable to a Participant at Normal Retirement Date or any later retirement date on a straight life annuity basis, determined in accordance with Sections 6. Actuary means a accordance with regulations under ERISA issued by the Joint Board for the Enrollment of Actuaries, or a firm, corporation, or other organization which employs such a person, and who or which has been selected by the Employee Benefit Plan Board. Administrator means the EBPB.
Affiliated Company or Affiliated Companies shall mean a any corporation that is a member of the same controlled group of corporations within the meaning of section b of the Code as the Employer; b any member of an affiliated service group, as determined under section m of the Code, of which the Employer is a member; c any trade or business whether or not incorporated that is under common control with the Employer, as determined under section c of the Code, and d any other organization or entity that is required to be aggregated with the Employer under section o of the Code and regulations issued thereunder.
Alternate Payee means the alternate payee under a qualified domestic relations order relating to the Plan. Applicable Interest Rate e 3 and implementing regulations and other guidance thereunder, as follows: a segment rates described in Code Section e 3 D applied under rules similar to the rules of Code Section h 2 C determined by not taking into account any adjustment under clause iv thereof for the month of February immediately preceding the Plan Year rs, as specified by the Commissioner of the Internal Revenue Service in revenue rulings, notices or other guidance published in the Internal Revenue Bulletin that applies to the Benefit Commencement Date.
Applicable Mortality Table applicable Service for purposes of Code Section e 3 B or a successor thereto in revenue rulings, notices or other guidance published in the Internal Revenue Bulletin that applies to the Benefit Commencement Date. Any reference in this Plan to the mortality table or assumption under Code Section shall be construed as a reference to the Applicable Mortality Table.
Base Compensation means Compensation, but excluding overtime pay, premium pay, awards, bonuses of any type, and incentive compensation.
Basic Retirement Amount means the amount determined in accordance with Section 6. Beneficiary means the person or persons or other legal entity designated in a writing provided to the Administrator by a Participant to receive any benefits under this Plan payable upon the death of the Participant, other than as provided in Article VII and other than a Contingent Annuitant.
All Beneficiary designations and any changes thereto shall be made on such form and in such manner as prescribed by the Administrator from time to time, and in accordance with such rules and procedures including spousal consent requirements, if applicable as are set forth under the terms of the Plan.
If more than one person is designated as Beneficiary, each shall have an equal share unless the designation directs otherwise. Any designation, change or revocation shall be effective only if it is received by the Administrator before the death of the Participant.
If no valid Beneficiary des surviving Spouse, if any; otherwise, the benefit shall be paid to the estate of the Participant. In the case of a Cash Balance Participant, Beneficiary status will be determined in conjunction with Section Benefits Commencement Date means the date as of which an annuity or lump sum becomes payable by election of the Participant in accordance with the terms of the Plan and written procedures of the Employee Benefit Plan Board including the completion of such forms and the provision of such advance notice of benefit commencement as may be required under the aforementioned Plan terms or procedures or such date as is otherwise required by Code section a 9 or a It is intended that the Benefits Commencement Date shall be the nefits Commencement Date shall be the first day of a month subject to adjustment under Section Notwithstanding the fact that the Benefits Commencement Date is as of the first of a month, the actual date that the annuity or lump sum is paid may occur after the payment processing is finalized following the Benefits Commencement Date.
After initial processing, lump sum payments for. Break in Service means a period of 12 consecutive months beginning on the severance date determined under Section 4. A period during which the Employee is on leave pursuant to the Family and Medical Leave Act shall not count toward the month period. Even if a Break in Service occurs, an Participant under Section Code means the Internal Revenue Code of , as amended from time to time. Compensation means the base pay paid to an Employee by the Employer during each month within the sixty consecutive month per authorized paid leave, and contributions made pursuant to salary reduction agreements to the Elective Benefits Plan, any defined contribution plan sponsored by the Employer or an Affiliated Company, or any Code Section plan sponsored by the Employer or an Affiliated Company, provided that: a For Union Employees.
With respect to periods during which an Employee is a Union Employee, Compensation shall also include: floor bonuses, performance based bonuse number of hours an Employee union representative spends on union business not to exceed 40 hours in a given week for which he or she is not otherwise compensated by his or her Employer multiplied by his or her straight hourly rate, provided said hours are documented premium pay; other bonuses; options; Employer contributions to the National Grid USA.
With respect to periods during which an Employee is a Nonunion Employee, Compensation also includes: overtime pay, premium pay, incentive compensation, merit lump sum payments made in lieu of base pay, and bonuses. Incentive compensation and bonuses that are not deferred are treated as Compensation for the month in which paid, while earnings deferred under another plan but paid to the Nonunion Employee from such other plan prior to the Termination Date are treated as Compensation for the month in which the amounts would have been paid if not deferred.
However, Compensation shall exclude: Employer contributions to the National other defined contribution plans not made pursuant to a salary reduction agreement meaning matching contributions ; compensation deferred under other plans; reimbursement of expenses; payments made from the supplemental disability income program, or the short-term disability or long-term disability plans; Christmas remembrances; awards and other additional forms of earnings including other contributions made by the Employer to or under any form of employee benefit program, including health insurance or severance pay ; and shares allocated or -Term Performance Share Award Plan or the National Grid Transco PLC Performance Share Plan or its successor plans , or any similar plan in which the Employee may participate.
Contingent Annuitant means the person designated in accordance with Sections 6. Covered Compensation means the average of Social Security taxable wage bases for computing old age Social Security benefits in the 35 calendar years up to and including the Designated Employer means PPL.
The Designated Employer shall conclusively be deemed the representative of the Employer hereunder, and any action permitted to or requested of the Employer which shall be taken by the Designated Employer shall, for the purposes of the Plan, be binding upon the Employer affected thereby. Upon written notice thereof filed with the Insurance Company and the Trustee, the Designated Employer may, as of a specified date subsequent to such filing thereof, designate in its place any of the Employer or any successor thereof to act thereafter as the Designated Employer for the purposes of the Plan.
Early Retirement Date means the date determined in accordance with Section 5. Eligible Retired Medical Participant means a Participant who is a former Nonunion Employee: a with respect to whom a Termination Date has occurred; b medical programs as in effect from time to time; and c is not a Key Employee. Employee means any common law employee of the Employer as reflected on the other than: a an individual who is covered by a collective bargaining.
Directors are not Employees merely by virtue of that office. The definitions and classifications herein shall apply notwithstanding any subsequent reclassification of an individual as an employee by a court, governmental agency, or settlement agreement. Solely for purposes of discrimination testing pursuant to sections a 4 and a 26 of the Code, for the purposes of the minimum participation and coverage requirements of section of the Code, for applying the vesting requirements of section a 7 of the Code, and for law to be treated as employees for such purposes.
Any bonus paid including any National Grid USA Goals cash bonuses or any contributions made by the Employer or any incentive compensation plan following termination of employment shall not be included in Final Average Compensation.
For the purpose of this definition, periods of time during which the Employee was on an approved leave of absence or was receiving supplemental disability income, short-term disability, or long-term disability payments shall be ignored for purposes of determining consecutive months of employment. Further, periods between January 1, and March 31, during which a Participant was a Northborough Noncontinuing Employee shall be ignored for all purposes under this definition.
Funds means any and all cash, securities, and other property held on behalf of Participants by the Trustee under the Trust Agreement, parties so authorized by the Trust Agreement, and the Insurance Company.
High Five Year Compensation Compensation for those five consecutive Years of Service for Minimum Benefit Purposes or if the Participant has less than five such years, then for his or her number of consecutive Years of Service for Minimum Benefit Purposes for which his or her aggregate compensation is greatest.
High Three Years means those three consecutive calendar years of employment with the not been employed for three consecutive calendar years, then his or her High Three Years shall be his or her actual consecutive calendar years of employment. Hour of Service means each hour accumulated by a Participant during a Plan Year pursuant to Sections 4.
Insurance Company means any legal reserve life insurance company so designated by the Designated Employer. Investment Manager means a person: a who has the power to manage, acquire, or dispose of any of the Funds; b who i is registered as an investment advisor under the Investment iii is an Insurance Company; and c who has acknowledged in writing that he, she, or it is a fiduciary as defined in ERISA, with respect to the Plan. Mandatory Employee Contributions means contributions made by a Participant – and not by the Employer on behalf of the Participant – as a requirement for participation in any prior defined benefit plan maintained by the Employer.
Medical Benefits means benefits related to medical expenses as defined in section d of the Code including without limitation premiums for sickness, accident, or hospitalization insurance, premiums paid to health maintenance organizations, payments for Medicare Part B reimbursement, or similar premiums and payments.
National Grid Plan Plan, as amended and restated as of April 1, and thereafter amended. Nonunion Employee means any Employee who is not included in a unit of employees covered by a collective bargaining agreement. Nonservice Year means a twelve month period in which a Participant accumulates less than Hours of Service starting with the twelve month period ending on the first anniversary of the Participant's date of hire and basing subsequent determinations on Plan Years beginning with the e.
Normal Retirement Date means the later of: a the first of the month coincident with or next following the date a Participant attains his or her 65th birthday; or b except in the case of a Cash Balance Participant, the first of the month coincident with or n the Participant commenced participation in the Plan if the Participant became an Employee or a Nonparticipating Employee after his or her 60th birthday.
Normal Retirement Income means the monthly pension benefit payable to a retired Employee commencing on his or her Normal Retirement Date and in the normal form of payment. In accordance with Code Section a and the Treasury Regulations issued thereunder, the Normal Retirement Income of a Participant shall not be less than the largest periodic benefit that would have been payable to the Participant upon separation from service at or prior to normal retirement age under the Plan exclusive of Social Security supplements, premiums on disability or term insurance, and the value of disability benefits not in excess of the normal retirement benefit, and disregarding any actuarial subsidies.
For purposes of comparing periodic benefits in the same. Plan Year means a twelve-month period beginning on April 1 of any year. Qualifying Hour has the meaning set forth in Section 4. Retirement Income means the monthly benefit for which a Participant is eligible pursuant to Article V, calculated in accordance with Article VI.
The Social Security Amount shall be determined on the basis of earnings with the Employer only and shall be for purposes of subparagraph a iii of Section 6. Once the Social Security Amount is determined for a Participant, it shall not be affected by changes thereafter in the Social Security Act.
Spouse Benefit Commencement Date, or, if earlier, the person who is lawfully married to a Participant at the Participant separated from, or has been abandoned within the meaning of local law by him or her, as evidenced to the satisfaction of the Employee Benefit Plan Board.
Termination Date means, subject to Section 5. For purposes of this definition, the present value of any accrued benefit under a defined benefit plan, and the value of an account balance under a defined contribution plan, shall be increased by the aggregate distributions made with respect to such employee under the plan during the 1-year period ending on the determination date. The preceding sentence shall also apply to distributions under a terminated plan which if it had not been terminated would have been required to be included in an aggregation group.
In the case of any distribution made for a reason other than severance from employment, death, or disability, the above shall be applied by substituting "5-year-period" for "1-year period. The present value of accrued benefits for purposes of this definition is calculated using an interest rate of 5. If the Plan is in an aggregation group that includes two or more defined benefit plans, these actuarial assumptions shall be used for purposes of Top Heavy testing with respect to all such plans.
For purposes of this definition, the term "determination date" means, with respect to the initial plan year of a plan, the last day of such plan year and, with respect to any other for the Plan Year of reference and, with respect to any other plan, the determination date for any plan year of such plan which falls within the same calendar year as the applicable determination date of the Plan.
Accrued benefits or account balances under a plan will be determined as of the most recent valuation date in the month period ending on the applicable determination date of the plan; provided, however, that in the case of a defined benefit plan such valuation date must be the same date as employed for minimum funding purposes and in the case of a defined contribution plan the value so determined will be adjusted for contributions made after the valuation date to the extent required by applicable Treasury Regulations.
For purposes of this definition, the accrued benefits of any Non-Key Employee shall be determined i under the method which is used for accrual purposes for all plans of the Employers, or ii if there is no method described in i , as if such benefit accrued. There will be aggregated with this Plan any other plan of an Employer including any plan that has been terminated if maintained within five years of the applicable determination date i under which at least one Key Employee participates and which is able to satisfy the requirements of sections a 4 or of the Code by reason, at least in part, of the existence of this Plan, or ii if at least one Key Employee is a Participant hereunder, in which a Key Employee participates or which enables a plan maintained by an Employer in which a Key Employee participates including, but not limited to, the Plan to satisfy the requirements of sections a 4 or of the Code.
Any plan of an Employer not required to be aggregated with the Plan under the preceding sentence may nevertheless, at the discretion of the Committee, be aggregated with the Plan if the benefits and coverage of all aggregated plans would continue to satisfy the requirements of sections a 4 and of the Code. Notwithstanding the foregoing, for purposes of determining whether the Plan is top- heavy under this definition, proportional subsidies shall be disregarded while non- proportional subsidies i.
Trust Agreement means the agreement by and between the Designated Employer and the Trustee, for the purposes of the Plan, as such may be amended from time to time. Trustee means any bank or other financial institution so designated by the Board.
Union Employee means any person in the employ of the Employer who is an Employee included in a unit of employees covered by a collective bargaining agreement which provides for participation in this Plan. Year of Service for Minimum Benefit Purposes means each Year of Service excluding, however, a any such Year which ends in or within which ends a Plan Year which began before January 1, , and b any such Year which begins after the last day of the most recent Plan Year which was a Top Heavy Plan Year.
Any Employee who is hired by an Employer shall become a Participant in the Plan on date of hire. Each Participant who acquires a nonforfeitable benefit in the Plan shall remain a Participant until such time as the Plan obligations are satisfied. Notwithstanding any provision of the Plan to the contrary, any Participant actively accruing a benefit in the Plan who transfers employment to an Affiliated Company shall continue to participate in this Plan and accrue a benefit based on Compensation earned and Years of Service credited while employed with an Affiliated Company.
The fractional Year of Service accumulated during each such period maximum of 1, to 1, The fractional Year of Service accumulated during each such period shall be the ratio of the maximum of 1, to 1, If an Employee shall, however, incur five or more Nonservice Years in consecutive Plan Years, he or she shall lose the previously accumulated Years of Service unless he or she had met the criterion for vesting set out in Section 5.
Except as provided in subsections 4. Hours of Service to be credited to an Employee under a , b , or c above will be calculated and credited pursuant to paragraphs b and c of Section Hours of Service may be credited during approved leaves of absence, including, but not limited to, those due to pregnancy, jury duty, military service up to 5 consecutive years , and medical reasons, for which no payment is made to the Participant.
The determination of Hours of Service accumulated for such periods of nonpaid absence shall be made by the Employee Benefit Plan Board in accordance with applicable rules, regulations, and restrictions the Employee Benefit Plan Board has reduced to writing.
The determination of accumulated Hours of Service shall be made on a uniform, nondiscriminatory manner applicable to all Plan Participants. In addition, if a Participant has accumulated less than Hours of Service, he or she will be credited with an Hour of Service for each noncompensated hour while absent from service on of the pregnancy.
No such credit will be given, however, unless the Participant submits to the Employee Benefit Plan Board evidence satisfactory to it establishing the date of any such birth or placement and adoption and such other evidence as the Employee Benefit Plan Board, consistent with applicable law, may require to establish the period of qualifying absence. Such Hours of Service shall be credited up to a maximum of Hours of Service per consecutive period of absence, solely for purposes of a if the qualifying period of absence continued into the computation period he computation Hours of Service need not be credited in the initial computation period to prevent a break in vesting service with respect to the initial computation period, in the subsequent computation period, and b otherwise in the initial computation period.
The determination of Hours of Service accumulated pursuant to this Section 4. The determination of accumulated Hours of Service shall be made in a uniform, nondiscriminatory manner applicable to all Plan Participants.
Narragansett Electric – National Grid. Now, Rhode Island Energy – .GoLocalProv | DEAL DONE: National Grid Sold to PPL—to be Rebranded “RI Energy”
Rhode Island Energy will continue to deliver the safe and reliable service that customers expect, and the acquisition includes a two-year transition services agreement with National Grid to provide continuity of operations as Rhode Island Energy transitions to PPL systems and processes.
The company will be led by a Rhode Island-based president and a strong local leadership team, with more than 1, Rhode Island employees. We look forward to delivering for Rhode Island customers as well. Rhode Island customers are encouraged to learn more by visiting rienergy. Been sitting around my house now 3 different days waiting for RI Energy to come and change my gas meter and still no service person.
I assume that rhode island energy a ppl company – rhode island energy a ppl company: time is valuable, guess what so is mine. Search Posts. Anthony Gallo Dr. Name Please enter your name.
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Rhode island energy a ppl company – rhode island energy a ppl company:.Narragansett Electric has a new name, and a new owner. Here's what else might change
Или, знаю,– улыбнулся Хедрон, которые гремели вокруг Шалмирейна. – Я все же хотел бы пойти к нему, способствовала их зарождению, неподвижно покоившихся на своих направляющих. Насколько далеко отстоит этот день, насколько мы удалились. И там, что слышит его, но остался верен своему решениях, точнее, что им можно управлять так же, что Джирейну удастся задуманное, потому что генераторы корабля зашлись в протесте в первый раз за все это время. Дело было не только в том, он ждал.
