穆迪公司職業轉型計劃
自2024年10月1日修訂並重訂
自2024年10月1日修訂並重訂
Moody's Corporation職業過渡計劃（"計劃"）旨在爲Moody's Corporation（"公司"）及其參與的附屬公司的某些合格員工在計劃規定的條件下發生合格終止時提供離職福利。該計劃旨在成爲《1974年修改的《僱員退休收入安全法案》第3（1）條定義的"員工福利計劃"，並受ERISA管轄。公司是根據ERISA第3（16）（B）條所定義的「計劃發起人」，通過董事會和CHRC行使此權限。在該計劃下沒有任何福利權益，並且該計劃可以在任何時候進行修訂、修改或終止。請查閱標題爲「修訂和終止」的部分，了解公司保留的權利。本文件既構成官方計劃文件又構成ERISA下的概要計劃描述。本文件適用於任何在2024年10月1日及之後經歷合格終止的合格僱員。
第1條
定義
1.1 「董事會」指的是穆迪公司的董事會。
1.2 "原因" 應指（a）符合條件的僱員故意瀆職、故意不端或過失大過失，與其就業有關，（b）持續不履行由符合條件的僱員彙報的任何僱員或參與公司董事會要求的職責，（c）符合條件的僱員未遵守和/或不遵守適用於符合條件的僱員的參與公司的重要政策，或（d）由符合條件的僱員定罪，或認罪或不爭辯，（i）任何罪行或（ii）任何涉及道德惡劣行爲的輕罪。是否有原因終止或其他離職應由委員會、公司管理成員單獨和絕對自行裁量決定，該裁定應是決定性和對受影響個人具有約束力。
1.3「CHRC」應指董事會的薪酬和人力資源委員會，或者由董事會任命的任何其他委員會行使其作爲計劃發起人的權力。
1.4、「委員會」指管理福利和薪酬委員會，
這是CHRC的一個小組委員會，或者由董事會或CHRC任命的其他委員會來管理該計劃。
1.5「符合條件的僱員」指參與公司的任何全職工資員工或兼職工資員工：
(a)在參與公司的美國薪酬名單上；並且
(b) 應該簽署一份離職和解除協議。
儘管上述內容，'符合條件的僱員' 不包括任何個人：(A) (i) 被參與公司指定爲臨時工、季節性工人、小時工、臨時工、租賃工、有限期僱員或'獨立承包商'；或 (ii) 關於誰參與公司沒有扣繳所得稅（即使後來按照適用法律或其他情況在此1.3(A)部分被再分類或重新確定爲參與公司的常法僱員的個人，也不會成爲符合條件的僱員）；(B) 正在接受或已經獲批從非參與公司（例如，保險公司）根據任何員工福利計劃、計劃或安排獲得收入補償福利的一方的收入替代福利；(C) 根據個人就業合同、錄取信或其他方式或可能有權從參與公司處獲得解僱賠償的，未放棄並放棄那種有權利的權利的人，這種書面文件形式和內容令參與公司滿意；或 (D) 被參與公司管理層（依其全權酌情決定）指定爲不具資格參與計劃的人。
1.6「符合條件的終止」指的是，在生效日期（詳見第7條）之後，（a）因裁員計劃、崗位裁減或對符合條件員工職責執行不理想而被參與公司非自願地終止僱傭；（b）由參與公司及符合條件員工書面協商一致同意的辭職，由參與公司主動發起；或（c）參與公司管理層（自行決定）指定的任何其他終止情形可視爲符合條件的終止。儘管前述，符合條件的終止不包括（v）由於死亡而發生的僱傭終止；（w）除第1.6（b）項規定的原因外，因任何其他原因的辭職；（x）參與公司因原因而進行的終止；（y）由於參與公司進行的（全部或部分）股份或資產銷售、合併或其他合併、剝離、重組或清算、解散或其他清算或類似交易所致的終止；或（z）發給符合條件員工的合理相當職位的工作機會的終止，參與公司或參與公司的任何附屬公司或與解僱同時進行的外包交易有關（不論該工作機會是否被接受）。此外，在任何情況下，如果委員會確定符合條件員工放棄了在參與公司的職位，則不應視爲符合條件的終止。
1.7「參與公司」應指公司或其他附屬實體，其50%以上表決權益直接或間接擁有，且已通過其董事會或其他治理機構的行動選擇參與計劃。
1.8 "薪金" 指符合條件的僱員在其僱傭終止時的年度基本工資，正如參與公司的工資記錄所反映的那樣
不包括獎金、加班費、佣金、激勵或延遲薪酬或其他額外的薪酬。
1.9「解除和解協議」指參與公司向符合條件的僱員提供的協議，涉及其終止僱傭，根據該協議，如果符合條件的僱員簽署（且未及時撤銷），該僱員將承認自己與參與公司的僱傭終止，解除參與公司及其所有關聯公司以及其他適用人員對任何索賠的責任，並同意根據公司全權自行決定的某些終止後義務（包括競爭、禁止招攬、不詆譭、保密和其他限制性契約）。
1.10 “年資” 意指符合上述定義，且在參與公司裡以符合資格身分自最近聘僱日期算起，連續任職（以年和月計，以最接近整月四捨五入計算部分月份）。 假如 參與公司可以酌情決定，在符合條件的情況下，考慮符合資格員工最近聘僱日期之前的年資（例如，在收購相關的前身公司任職期間）。
第2條
離職補償福利
根據本第2條的規定，並考慮到符合第2.2節的解僱和解除協議，如果符合條件的員工被終止，符合條件的員工應有權從參與公司處獲得附表A規定的福利。
不論本協議任何其他規定，根據本協議第2.1節，提供賠償福利的條件是符合資格的僱員簽署一份賠償與解除協議，其形式應令參與公司滿意，完全由其酌情決定，在該協議中，其中，符合資格的僱員（i）放棄並解除參與公司及其所有關聯公司和任何其他相關人員與符合資格的僱員在參與公司工作期間或符合資格的僱員終止工作與之相關的所有索賠和責任，包括但不限於適用時的《就業年齡歧視法案》和《老年工人福利保護法案》下的索賠，並且符合資格的僱員在其規定的任何撤銷期內不撤銷賠償與解除協議，以及（ii）同意遵守公司完全酌情決定的某些終止後責任（包括非競爭、非招攬、非貶低、保密和其他限制契約）。只有在簽署賠償與解除協議並符合資格的僱員撤銷賠償與解除協議（如果有）的時間已過且該賠償與解除協議根據其條款已生效後，才會支付賠償。符合資格的僱員
must return the executed Severance and Release Agreement no later than sixty (60) days following the date of the Eligible Termination and, if such 60-day period includes two calendar years, no benefits hereunder subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) shall be paid to the Eligible Employee until the second calendar year. Any amounts that otherwise would have been paid during the period beginning on the date of termination and ending on the first applicable payment date shall be paid on the first applicable payment date.
2.3 Notwithstanding any other provision contained herein, the Chief Executive Officer of the Participating Company, or his or her delegee, may, at any time, take such action as such officer, in such officer’s sole discretion, deems appropriate to reduce or increase by any amount the benefits otherwise payable to an Eligible Employee pursuant to Schedule A or otherwise modify the terms and conditions applicable to an Eligible Employee under this Plan. Benefits granted hereunder may not exceed an amount nor be paid over a period which would cause the Plan to be other than a “welfare benefit plan” under Section 3 (1) of ERISA.
2.4 Notwithstanding any other provision contained herein, if the Eligible Employee is a “specified employee” within the meaning of Section 409A of the Code, as of the date of termination of his or her employment, to the extent necessary to comply with Section 409A of the Code, no severance payments or benefits will be paid or provided to the Eligible Employee before the date that is six months after the date of the termination of employment; provided, that such payments and benefits will be accumulated (without interest) and paid to the Eligible Employee as soon as practicable on or after the first day of the seventh month following the date of termination of employment. In no event shall a Participating Company be liable to any Eligible Employee for any adverse tax consequences under Section 409A of the Code for any payment made under this Plan.
ARTICLE 3
AMENDMENT AND TERMINATION
3.1 By action of the Board (including any action of the CHRC or any successor committee to whom the Board has delegated authority to exercise its powers as Plan sponsor), the Company reserves the right, in its sole and absolute discretion, to terminate the Plan on behalf of any or all Participating Companies at any time and for any or no reason and without any further obligation by action of the Board or such other person or persons to whom the Board properly delegates such authority. Any other Participating Company may cease participation in the Plan by action of its board of directors or such other person or persons to whom such board properly delegates such authority.
根據董事會的決定（包括董事會授權行使計劃承辦人職權的CHRC或任何繼任委員會的決定），公司有權自行決定修改或修訂計劃條款，原因充分沒有限制。委員會也有權自行決定修改或修訂計劃條款的權利，無論出於何種原因，隨時、或不時。
所有板塊計劃的修改或修訂必須以書面形式進行。
第4條 股份
計劃的執行
4.1 委員會應該是計劃的管理員，有權控制和管理計劃的操作和管理，並管理和控制根據本計劃第5.2節設置的資產。
4.2 委員會可能不時將其責任委託給公司或參與公司的官員。 委員會可以僱用一名或多名人員，就委員會根據計劃所負責的任何責任提供諮詢。
4.3 委員會（及其代表）將有權解釋計劃的所有條款，並判斷與之有關或與計劃管理有關的任何問題，包括與符合資格的僱員的官員代碼或工作組相關的問題。 委員會（及其代表）的任何決定或行動應對所有僱員、成員和受益人具有決定性和約束力。 在所有情況下，委員會（及其代表）將擁有完全酌情權，以確定計劃參與資格和福利，以及與計劃相關的任何事實或解釋問題，以及解釋和解析計劃的所有條款和所有相關文件，包括，但不限於，所有有爭議和不確定條款。 前述句子的意圖是，委員會（及其代表）的決定，若經聯邦或州法院或仲裁員審查，將根據濫用酌情權或「武斷或任意標準」，而不是「全新標準」進行審查，並且所有法律允許的尊重應給予委員會（及其代表）的解釋、解釋和決定。 如果就計劃提供的福利的符合資格或金額髮生爭議，應根據所附附表B的索賠程序解決此類爭議。
委員會應由其成員中的多數人在會議上或在未開會的情況下經該多數人批准的書面文件採取的任何行動。由一名委員會成員和委員會秘書籤署的書面決議或備忘錄對於證明根據該計劃採取的任何行動對任何人都是足夠的證據。
任何人、公司或其他實體都可以在計劃下擔任多個職務。
4.6 公司應該賠償任何在參與公司任職的董事、主管或僱員，以及其繼承人和法定代表人，對於在與計劃相關的職責履行過程中，因任何索賠、訴訟、訴訟或訴求（無論是民事、刑事、行政還是調查）而支出的所有責任和合理費用，包括律師費、和解金額、判決金額、罰款或處罰金額，條件是任何行爲
或者導致此類索賠、訴訟或程序的遺漏並非故意的不端行爲，也不是以惡意進行或遺漏。
第5條
其他條款(無需翻譯)
5.1 無論計劃的設立還是參與公司、委員會或受託人的任何行動，均不得被解釋爲授予任何人繼續在參與公司就業的法定權利。每家參與公司均明確保留與未實施該計劃相同範圍內解僱任何員工的權利。
計劃項下應支付的福利將從參與公司的一般資產中支付。任何參與公司都無需爲本計劃下應支付的福利提供資金；然而，本第5.2條的規定不得解釋爲阻止任何參與公司爲支付此類福利而資助或留存金額。本計劃項下應支付給符合條件的員工的任何福利均表示該符合條件員工對僱傭該符合條件員工的參與公司的一般資產的無擔保債權。
參與公司應根據法律規定，從應支付的任何離職福利金額中扣除應扣除的稅款和其他金額。
根據計劃規定，計劃下的福利支付不得轉讓、讓與、轉移、抵押、負債、折現或提前支取給有資格的僱員。任何試圖將計劃福利轉讓、讓與、轉移、抵押、負債、折現或提前支取的行爲將被視爲無效。
本計劃應儘可能被解釋爲符合ERISA的要求，或任何隨後的法律或修正案。在不與前述句子或本計劃的其他規定衝突的情況下，本計劃的施工和管理應符合適用於在紐約州簽訂並執行的合同的紐約州法律（不考慮其法律衝突規定）。對於根據外國法律取代的符合資格的員工，本計劃將不具備任何效力。
本計劃取代公司及任何參與公司（無論是書面或口頭形式的）的所有早前的離職安排、政策、計劃或慣例。
如果計劃的任何規定被視爲非法或因任何原因無效，這一事實不會對計劃的其他規定產生不利影響，除非這一決定使計劃的運作變得不可能或不切實際，在這種情況下，應採取適當的規定，以使計劃能夠繼續正常運作。
在委員會判斷符合條件的員工（或指定受益人）因疾病或事故無法處理個人事務的情況下，除非經過合法委任的監護人、委員會或其他法定代表提出索賠，本計劃項下應支付的福利可能按照委員會所判斷的方式支付，並其適用應當作爲對該員工（或指定受益人）在本計劃項下原本應得的支付或福利的任何責任的完全免除。
5.9 本計劃向未成年人的任何支付可能由委員會酌情直接支付給該未成年人；或支付給該未成年人的法定或自然監護人；或支付給任何其他照管該未成年人的人，無論是否被任命爲未成年人的監護人。該個人的收據應視爲對本計劃的所有責任的完全解除。
5.10 計劃旨在符合《法典》第409A條或其中的豁免規定，並應按照該意圖進行解釋和管理。計劃項下可能被排除不受《法典》第409A條覆蓋的任何支付，無論是由於由於非自願的服務分離而產生的分離支付，還是短期推遲，都應儘可能排除在此覆蓋範圍之外。根據《法典》第409A條的規定，本計劃提供的每筆分期付款應被視爲單獨的付款。根據《法典》第409A條的要求，本計劃約定在終止僱傭關係時支付的任何款項，僅在此種僱傭終止構成《法典》第409A條目的「服務分離」時才支付。
第6條
根據ERISA法案，您的權利
作爲計劃的參與者，您有權根據1974年修訂的《僱員養老金安全法案（ERISA）》享有一定的權利和保護。 ERISA規定，所有計劃參與者均有權享有：
獲取有關您的計劃和福利的信息
在計劃管理者（如下定義）的辦公室以及其他指定地點（例如工地和工會大廳）免費檢查所有管理計劃的文件，包括保險合同，以及該計劃向美國勞工部提交的最新年度報告副本（5500系列表格），該報告可在僱員福利安全管理局的公開信息室獲取。
向計劃管理員書面申請，獲取管理該計劃的文件以及摘要計劃說明書。計劃管理員可能會爲這些文檔收取合理費用。
計劃受託人的謹慎行動
除了爲計劃參與者創造權利外，ERISA還對負責管理僱員福利計劃的人員施加職責。操作您的計劃的人員被稱爲計劃的「受託人」，他們有責任謹慎地處理，並符合您和其他計劃參與者及受益人的利益。任何人，包括公司或任何其他人，都不得解僱您或以任何方式進行歧視，以阻止您獲得利益或行使根據ERISA的權利。
執行你的權利
如果您的福利補助申請被全部或部分拒絕或被忽視，您有權知道拒絕的原因，免費獲取與決定相關的文件副本，並在特定時間表內申訴任何拒絕。
根據ERISA，您可以採取措施來執行以上的權利。例如，如果您要求計劃文件的副本或計劃的最新年度報告，並在30天內未收到，您可以在聯邦法院提起訴訟。在這種情況下，法院可能要求計劃管理員提供材料，並在您收到材料之前每天向您支付高達110美元，除非由於計劃管理員無法控制的原因未發送材料。如果您的福利索賠被拒絕或被忽視，完全或部分，您可以在州或聯邦法院提起訴訟。如果計劃受益人濫用計劃的資金，或者如果您因主張自己的權利而受到歧視，您可以尋求美國勞工部的幫助，或者您可以在聯邦法院提起訴訟。法院將決定誰應支付法院費用和律師費。如果您成功，法院可能會下令該
您起訴的人必須支付這些費用。如果您敗訴，法庭可能會命令您支付這些費用，例如，如果法院認爲您的主張是荒謬的。
幫助回答您的問題
如您對計劃有任何疑問，請聯繫計劃管理員。如果您對本聲明或根據ERISA法案享有的權利有任何疑問，或者如果您需要幫助從計劃管理員處獲取文件，您應聯繫最近的美國勞工部員工福利安全管理局辦事處，電話號碼在您的電話簿或技術援助與諮詢部列出。美國勞工部員工福利安全管理局，華盛頓特區憲法大道200號，華盛頓20210。您也可以通過撥打員工福利安全管理局的出版物熱線獲取有關ERISA法案下您的權利和責任的部分出版物。
第7條
其他重要信息。
計劃的正式名稱：Moody's公司職業轉型
贊助計劃: 穆迪公司
紐約市格林威治街250號7世界貿易中心，郵編10007
212.553.0300
僱主識別號（EIN）：13-3998945
計劃編號: 526
計劃類型：員工福利離職補償計劃
計劃年度結束：12月31日
行政類別：僱主管理
計劃管理員：Moody's Corporation董事會的薪酬和人力資源委員會下屬的管理福利與薪酬委員會
紐約市格林威治街250號7世界貿易中心，郵編10007
212.553.0300
法律程序服務代理人：總薪酬董事
世界貿易中心，格林威治街250號，7號樓
紐約市10007
212.553.0300
法律程序也可以向計劃管理員送達。
生效日期: 2024年10月1日
計劃管理員負責記錄計劃並負責計劃的管理。計劃管理員還將回答您對計劃的任何問題。
在計劃終止後，任何個人都不得因任何情況而獲得額外福利或其他權利。
解聘金需繳納聯邦和州所得稅以及社會安防-半導體稅，以及法律規定的其他任何扣款。
Schedule A
An Eligible Employee entitled to benefits under the Plan shall, subject to Article 2 of the Plan, receive the following:
1. Severance Benefits.
(a) If the Eligible Employee is employed in Job Group A (as defined in this paragraph), has one or more Years of Service, and incurs an Eligible Termination for any reason other than unsatisfactory performance, the Eligible Employee shall receive the higher of (i) 10 weeks of Salary or (ii) 2 weeks of Salary for each Year of Service. Job Group A consists of the following officer codes: Assistant Vice President, Assistant Vice President-Analyst, Associate Director, Assistant Director, Analyst, Associate Analyst, and Associate.
(b) If the Eligible Employee is employed in Job Group B (as defined in this paragraph), has one or more Years of Service, and incurs an Eligible Termination for any reason other than unsatisfactory performance, the Eligible Employee shall receive the higher of (i) 26 weeks of Salary or (ii) 2 weeks of Salary for each Year of Service. Job Group B consists of the following officer codes: Vice President, Vice President-Senior Analyst, Vice President-Senior Compliance Officer, Country Head, and Director.
(c) If the Eligible Employee is employed in Job Group C (as defined in this paragraph), has one or more Years of Service, and incurs an Eligible Termination for any reason other than unsatisfactory performance, the Eligible Employee shall receive 52 weeks of Salary. Job Code C consists of the following officer codes: Chief Executive Officer, Chief Executive Officer-Direct, Senior Managing Director, Group Managing Director, Managing Director, Associate Managing Director, Senior Director, and Senior Vice President.
The amount an Eligible Employee would have otherwise been entitled to receive under paragraphs 1(a) through (c) above shall be reduced by 50% if that Eligible Employee (i) incurs an Eligible Termination by reason of unsatisfactory performance, or (ii) has less than one Year of Service and incurs an Eligible Termination for any reason. The maximum payment payable under paragraph 1 shall be 52 weeks of Salary.
If an Eligible Employee serves in roles at two or more Participating Companies, the higher(est) officer code at such entities shall determine the Job Group for purposes hereof. The officer code assigned to an Eligible Employee shall be determined by the Company, in its sole discretion.
2. Payment Method.
Except as otherwise set forth in this paragraph 2 or as otherwise determined by the Company (in its sole discretion, but in all events consistent with the requirements of Section 409A of the Code), the amounts payable under paragraph 1 shall be paid in a lump-sum as soon
as practicable after the Severance and Release Agreement has been signed and the time for the Eligible Employee to revoke the Severance and Release Agreement, if any, has expired and the Severance and Release Agreement has become effective in accordance with its terms. Notwithstanding the foregoing, for Eligible Employees employed as a Managing Director or higher and/or employed in analytical roles (as determined by the Company, in its sole discretion, but in all events consistent with the requirements of Section 409A of the Code), or for any other Eligible Employees the Company determines (in its sole discretion, but in all events consistent with the requirements of Section 409A of the Code), the amounts payable under paragraph 1 shall be paid at the times the Eligible Employee's Salary would have been paid if employment had not terminated, over a period equal to the number of weeks of Salary to which such Eligible Employee is eligible under paragraph 1 (“salary continuation payments”).
If an Eligible Employee performs services for a Participating Company following an Eligible Termination, no payment shall be made under the Plan, and any salary continuation payments already commenced shall cease. For purposes of this Schedule A, to “perform services” shall mean employment or services as a full-time employee, consultant, owner, partner, associate, agent or otherwise on behalf of any person, principal, partnership, firm or corporation (other than a Participating Company).
3. Welfare Benefit Continuation.
Medical, dental, and vision benefits shall be provided during such number of weeks of Salary for which the Eligible Employee is eligible under paragraph 1 at the levels in effect for the Eligible Employee immediately prior to termination of employment, on the same basis as applicable to similarly-situated employees, provided that the Eligible Employee shall pay the employee portion of any required premium payments at the level in effect for employees generally of the Participating Company for such benefits. For purposes of determining an Eligible Employee's entitlement to continuation coverage as required by Title I, Subtitle B, Part 6 of ERISA (COBRA), such employee's 18-month or other period of coverage shall commence on his or her termination of employment.
4. Annual Bonus Payment.
Subject to the provisions of this paragraph 4, a cash bonus for the calendar year of termination may be paid in the event the Eligible Employee was employed by a Participating Company for at least six full months during such year and the Eligible Employee participated in an annual bonus plan (the "Annual Incentive Plan") immediately prior to termination of employment. In such event, the Eligible Employee shall receive a bonus in an amount equal to the Eligible Employee’s bonus target amount in effect as of his or her termination of employment multiplied by a fraction the numerator of which is the number of full months of employment during the calendar year of termination and the denominator of which is 12. Such bonus shall be payable in a lump-sum payment as soon as practicable after the Severance and Release Agreement has been signed and the time for the Eligible Employee to revoke the Severance and Release Agreement, if any, has expired and the Severance and Release Agreement has become effective in accordance with its terms. Notwithstanding the foregoing, no amount shall be paid under this paragraph 4 in the event the Eligible Employee incurred an Eligible
Termination by reason of unsatisfactory performance. The foregoing provisions of this paragraph 4 shall be appropriately modified in the case of any plan not on a calendar year basis.
5. Death.
Upon the death of an Eligible Employee while receiving salary continuation payments, the remainder of the benefits described in paragraph 1 of this Schedule A shall be paid in a lump-sum payment to his or her estate, as applicable, as soon as reasonably practicable after the Company receives acceptable proof of such death.
6. Other Benefits.
The Eligible Employee may be entitled to such outplacement services following a termination of employment as may be provided by, and in the sole discretion of, the Participating Company.
7. No Further Grants, Etc.
Following an Eligible Employee's termination of employment, no further grants, awards, contributions, accruals or continued participation (except as otherwise provided for herein) shall be made to or on behalf of such employee under any plan or program maintained by a Participating Company including, but not limited to, any qualified or nonqualified retirement, profit sharing, stock option or restricted stock plan of a Participating Company. Any unvested or unexercised options, unvested restricted stock and all other benefits under any plan or program maintained by a Participating Company (including, but not limited to, any qualified or nonqualified retirement, profit sharing, stock option or restricted stock plan) which are held or accrued by an Eligible Employee at the time of his or her termination of employment, shall be treated in accordance with the terms of such plans and programs under which such options, restricted stock or other benefits were granted or accrued; provided, however, that if the Eligible Employee satisfies the age and service requirements for “Retirement” treatment under the Amended and Restated 2001 Moody’s Corporation Key Employees’ Stock Incentive Plan as of the date of the Eligible Employee’s termination of employment, the Eligible Employee shall receive such Retirement treatment with respect to any awards outstanding under such Plan to the same extent as if he or she had voluntarily retired as of the date of termination.
Schedule B
Claims Procedures
1. No Eligible Employee or beneficiary or other person or entity shall have any right or claim to benefits under the Plan, or any right or claim to payment from the Plan, except as specified herein. Any dispute as to eligibility, type, amount or duration of benefits or any right or claim to payments from the Plan shall be resolved pursuant to the Claims Procedures of this Schedule B and the provisions of the Plan.
2. All initial and disputed claims for benefits under the Plan shall be submitted to the Managing Director – Total Rewards or such other person designated by the Committee (the “Claims Administrator”). The Claims Administrator shall decide within 90 days after receiving the claim from an Eligible Employee or beneficiary (hereinafter referred to as "Claimant"), or his or her duly authorized representative.
3. If the Claims Administrator determines that an extension of time for processing is required, written or electronic notification of the extension shall be furnished to the Claimant prior to the termination of the initial 90-day period. In no event shall such extension exceed a period of 90 days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Claims Administrator expects to render the benefit determination.
4. The period of time within which a benefit determination is required to be made shall begin at the time a claim is filed in accordance with these claim procedures without regard to whether all the information necessary to make a benefit determination accompanies the filing.
5. If the claim is denied in part or in full, written or electronic notice of denial shall be sent to the Claimant or his duly authorized representative. The written or electronic notice shall be set forth in a manner calculated to be understood by the Claimant and include:
(a) the specific reason or reasons for the denial;
(b) specific reference to pertinent Plan provisions on which the denial is based;
(c) a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and
(d) an explanation of the Plan's claim review procedures and the time limits applicable to such procedures including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA.
6. Except as set forth in section 11 below, within 60 days after the denial of a claim, the Claimant, or his duly authorized representative, may appeal, in writing, the denial of the claim to the Committee and request a review. In connection with the review, the Claimant or his duly authorized representative may review pertinent documents and may submit issues and comments in writing. The Claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits. Such review shall take into account all comments, documents, records, and other information submitted by the Claimant relating to the claims, without regard to whether such information was submitted or considered in the initial benefit determination.
7. The Committee shall deliver the decision on review, in writing or electronic means, to the Claimant or his duly authorized representative not later than 60 days after the receipt of the request for such review, unless there are special circumstances (such as holding a hearing, if the Committee deems necessary), which require extensions of time for processing. If the Committee determines that an extension of time for processing is required, written or electronic notification of the extension shall be furnished to the Claimant prior to the termination of the initial 60-day period. In no event shall such extension exceed a period of 60 days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Committee expects to render the determination on review.
8. The period of time within which a benefit determination on review is required to be made shall begin at the time an appeal is filed in accordance with these claim procedures without regard to whether all the information necessary to make a benefit determination on review accompanies the filing. In the event that a period of time is extended due to Claimant’s failure to submit information necessary to decide a claim, the period for making the benefit determination on review shall be tolled from the date on which the notification of the extension is sent to the Claimant until the date on which the Claimant responds to the request for additional information.
9. In the case of an adverse benefit determination on review, the Committee shall provide access to, and copies of all documents, records, and other information relevant to the Claimant’s claim for benefits.
10. The decision shall be sent in writing or by electronic means and shall set forth in a manner calculated to be understood by the Claimant and include:
(a) the specific reason or reasons for the denial;
(b) specific reference to pertinent Plan provisions on which the denial is based;
(c) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits; and
(d) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA.
11. The Claims Administrator’s decisions on claims (where no review is requested) and the Committee’s decisions on review (where review is requested) shall be in the discretionary and sole and absolute authority of the Claims Administrator (where no review is requested) and the Committee (where review is requested) and shall be binding and conclusive on all interested persons as to participation, benefit eligibility and benefits and any other matter of fact or interpretation relating to the Plan. It is the intention of the preceding sentence that the Claim Administrator’s decision(s) and the Committee’s decision(s) if reviewed by a Federal or state court or an arbitrator are reviewed based on an abuse of discretion or “arbitrary or capricious standard”, and not a de novo standard.”