SEC Filings


10-K
CUMMINS INC filed this Form 10-K on 02/11/2019
Entire Document
 


shall become payable) for such Rehire Period in accordance with the provisions of the Plan in effect at such time:

(1)    The Rehire Period shall not be taken into account for purposes of calculating the amount of such individual’s Supplemental Life Annuity provided hereunder that is attributable to periods prior to the initial Termination of Employment (including, without limitation, for purposes of determining years of Service and Average Covered Compensation). Such amount shall be calculated as of the initial Termination of Employment.

(2)    The portion of the deferred vested benefit described above that was Vested at the initial Termination of Employment shall commence on the first day of the month coincident with or next following the Executive’s 55th birthday (regardless of whether the Executive is still in active employment during the Rehire Period), in accordance with the terms of the Plan.

(3)    The portion of the deferred vested benefit described above that was not Vested at the initial Termination of Employment shall be reinstated such that the Rehired Executive (i) may earn additional Vesting Service to apply to such benefit for the Rehire Period; provided, that such reinstated benefit shall be subject to further offsets as provided under Sections 6.02(d) and (e) (taking into account any additional amounts calculated thereunder for purposes of the Rehire Period). Any portion of the Supplemental Life Annuity that vests in accordance with this Section 6.08(b) (subject to any applicable offsets) during the Rehire Period shall be paid to the Rehired Executive in the manner and at the time set forth in Sections 6.02, 6.03 or 6.04 based on when the Rehired Executive subsequently Terminates Employment.

ARTICLE VII
VESTED BENEFITS

An Executive’s interest in his Supplemental Life Annuity shall become Vested in accordance with the following Schedule;
Years of Vesting Service
Vested Percentage
Fewer than 5
0
5
25
6
40
7
55
8
70
9
85
10 or more
100

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