Transcription
The HSBC – North America (U.S.)PENSION PLANSUMMARY PLAN DESCRIPTION(LEGACY HBUS)
CONTENTSIntroduction . 7Participants Stop Earning HBUS Formula Benefits After 2010. 8About This Document. 8Accessing Your Plan Information . 9Your Eligibility to Participate . 10Your Plan Benefit. 12The HBUS Benefit Formula. 12Part 1 – Participant After December 31, 1988 . 13Part 2 – Participant Before January 1, 1989 . 13Examples. 14All HBUS Benefits Frozen on December 31, 2010 . 15Normal Retirement . 16Special Early Retirement. 16Early Retirement. 16If You Leave HSBC Before Retirement Age . 17If You Work Past Normal Retirement Age. 17If You Become Disabled. 18Should You Elect a Disability Benefit? . 18IRS Limitations On Benefit Accruals and Payments . 19If You Die Before Benefits Are Paid . 20Spouse’s Preretirement Survivor Benefit . 20Regular Spouse’s Benefit. 20Special Spouse’s Benefit . 21Automatic Lump-sum Payment of Spouse’s Benefit. 21Spouse’s Election To Delay Payments . 21Participants In the Former Marine Midland Retirement Plan . 22Same Sex Marriage, Civil Unions and Domestic Partners. 22When Benefits Are Paid . 23How Benefits Are Paid. 24Normal Payment Methods. 24Optional Payment Methods . 25Life Annuity. 25Life Annuity with 120 Months Certain. 2550%, 75%, or 100% Joint and Survivor Annuity . 25Naming a Beneficiary . 26Applying For Benefits. 27Legacy HBUS SPDPage 2
If Your Request for a Benefit Is Denied . 28Benefit Claim Procedure . 28Review Procedure . 29Judicial Review of Administrative Committee’s Decision . 30Claims by Beneficiaries or Others . 30Authorized Representative . 31Claim for Disability Retirement Benefits . 31Review Procedure . 32Judicial Review of Administrative Committee’s Decision. 33Situations That Could Affect Your Benefit . 34If You Are Reemployed by HSBC . 34Reemployment Before Your Annuity Starting Date. 34Reemployment After Your Annuity Starting Date. 34Freeze In HBUS Accruals In 2010 . 36If You Are Transferred. 36Assignment of Benefits. 36Qualified Domestic Relations Orders . 36If You Die During Military Service. 37How Benefits Could be Reduced, Lost, or Delayed . 38Offset by Benefits from Prior Plans . 39Social Security . 40General Plan Information. 42Plan Name. 42Plan Sponsor . 42Participating Employers. 42Plan Administrator . 42QDRO Administrator. 42Agent for Service of Legal Process . 43Type of Plan . 43Plan Identification Number . 43Plan Year. 43Plan Administration. 43Plan Funding . 43Plan Trustee . 43Additional Information About the Plan . 43Plan Amendment . 44Plan Termination . 44Legacy HBUS SPDPage 3
Pension Benefit Guaranty Corporation. 45Your Rights Under ERISA . 46Receive Information About Your Plan and Benefits . 46Prudent Actions by Plan Fiduciaries. 46Enforce Your Rights . 46Assistance With Your Questions . 47Glossary. 48Accrued Benefit . 48Actuarial Equivalent. 48Administrative Committee . 48Affiliate. 49Annuity Starting Date . 49Applicable Interest Rate . 49Applicable Mortality Table . 49Benefit Service . 50Service After 2004. 50Service Before 2005. 51Cash Balance . 52Compensation . 52Covered Compensation. 53Credited Service . 53Early Retirement Service. 53Service After 2004. 53Service Before 2005. 53Eligibility Service. 53Eligibility Service Under HBUS Plan Rules Before 2005 . 54Full-time Employees. 54Part-time Employees . 54Equitable Annuity. 55Final Average Compensation . 55HBUS. 55Hour of Service. 55HSBC. 56HSBC Bank . 56Life Annuity. 56Normal Retirement Date. 56Participating Employer . 56Legacy HBUS SPDPage 4
Glossary (cont.)Plan . 56Social Security Benefit . 57Vested . 57Vesting Service. 57Service After 2004. 57Service Before 2005. 57Special Rules For Former Marine Midland Retirement Plan Participants . 58Special Vesting. 58Special Spouse’s Benefit . 58Adjustment for Equitable Benefits . 59Special Rules for Participants in Plans that Merged into the HBUS Plan . 60Additional Terms You Should Know. 60General Rules Concerning Merged Plans . 61Summary Plan Descriptions of Merged Plans . 62Grace National Bank Retirement Plan . 62Employee Contributions . 62Westchester Financial Services Corporation Retirement Plan . 63Total Benefit of Former Westchester Plan Participants. . 63Payment of Total Benefit. 64When Westchester Plan Benefits Are Paid. 64How Westchester Plan Benefits Are Paid. 64Hongkong and Shanghai Banking CorporationLimited Pension Plan for USA Employees . 65Total Benefit of Former Hongkong Bank Plan Participants. . 65Payment of Total Benefit. 66When Hongkong Bank Plan Benefits Are Paid . 67How Hongkong Bank Plan Benefits Are Paid . 67Disability Retirement . 68Preretirement Survivor’s Benefits. 68Midland Montagu, Inc. Cash Balance Retirement Plan. 68Total Benefit of Former Midland Montagu Plan Participants . 69Payment of Total Benefit. 69When Midland Montagu Plan Benefits Are Paid . 70How Midland Montagu Plan Benefits Are Paid . 70Disability Retirement . 71Preretirement Survivor’s Benefit . 71Legacy HBUS SPDPage 5
Special Rules for Participants in Plans that Merged into the HBUS Plan (cont.)First Federal Savings and Loan Association of Rochester Pension Trust . 72Total Benefit of Former First Federal Plan Participants . 72Payment of Total Benefit. 72When First Federal Plan Benefits Are Paid . 73How First Federal Plan Benefits Are Paid. 73Retirement Plan of Republic National Bank of New York . 75Total Benefit of Former Republic Plan Participants . 75Payment of Total Benefit. 75When Republic Plan Benefits Are Paid. 76How Republic Plan Benefits Are Paid . 76Disability Retirement . 77Legacy HBUS SPDPage 6
INTRODUCTIONThis Summary Plan Description (SPD) describes the legacy HBUS formula of the HSBC – NorthAmerica (U.S.) Pension Plan (the “plan”) as amended through December 31, 2010.The legacy HBUS formula of the plan (the “HBUS formula”) covers former participants in theHSBC Bank USA Pension Plan (the “HBUS Plan”). The HBUS Plan merged into the plan onDecember 31, 2004. Former participants in the HBUS Plan include individuals who becameemployees of HSBC Bank USA, N.A. (“HSBC Bank”) before January 1, 1997, individuals whobecame HSBC Bank employees as a result of the acquisition of Republic National Bank ofNew York in 1999, and certain other individuals. See Your Eligibility to Participate beginning onpage 10 for a description of who is eligible to participate in the HBUS formula of the plan.The plan was formerly named the Household Retirement Income Plan. Household International,Inc., th
North America”). HSBC – North America changed the name of the plan to HSBC – North America (U.S.) Retirement Income Plan effective January 1, 2005 and then changed the name of the plan to HSBC – North America (U.S.) Pension Plan effective January 1, 2010.File Size: 428KB
