ELIP Offset

ELIP Offset. Shall equal an amount of level death benefit that would be paid under the participant's AT&T Supplemental Life Insurance Program ("ELIP") policy as if the participant had restructured his ELIP policy based on the December 31, 2007 cash value to provide a level death benefit assuming no additional premium payments to the policy, as calculated by the ELIP administrator during 2007 and communicated to each active officer participating in ELIP. This amount is applied as an offset to this Plan as... described in Section 4, regardless of whether or not the participant actually restructured his policy or made other decisions regarding such ELIP policy. View More