HomeMy WebLinkAbout20013321.tiff RESOLUTION
RE: APPROVE AMENDMENTS TO WELD COUNTY 401K PLAN AND AUTHORIZE CHAIR
TO SIGN - PRINCIPAL FINANCIAL GROUP
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with Amendments to the Weld County 401K
Plan between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Principal Financial Group, with terms and conditions being
as stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said amendment, a
copy of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Amendment to the 401K Plan between the County of Weld,
State of Colorado, by and through the Board of County Commissioners of Weld County, and
Principal Financial Group be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 5th day of December, A.D., 2001.
BOARD OF COUNTY COMMISSIONERS
WELD C UNTY, COLORADO
ATTEST: LAI
kr; ile, ChairWeld County Clerk tot('B« 4s2
4 j Glenn Vaaero-Tem
BY: 1 .,:2/
Deputy Clerk to the Boa i t AK
Willia Jerk
APPROVED ArO F2M: CU\ (C;��
David E. Long
County Attorney . V
Robert Masden
Date of Signature: "7
2001-3321
e( PE0016
WELD COUNTY
401 (k) SAVINGS PLAN
Defined Contribution Plan 8.0
Restated January 1, 1997
2001-3321
TABLE OF CONTENTS
INTRODUCTION
ARTICLE I FORMAT AND DEFINITIONS
Section 1.01 Format
Section 1.02 Definitions
ARTICLE II PARTICIPATION
Section 2.01 Active Participant
Section 2.02 Inactive Participant
Section 2.03 Cessation of Participation
ARTICLE III CONTRIBUTIONS
Section 3.01 Employer Contributions
Section 3.01A Voluntary Contributions by Participants
Section 3.01 B Rollover Contributions
Section 3.02 Allocation
Section 3.03 Contribution Limitation
ARTICLE IV INVESTMENT OF CONTRIBUTIONS
Section 4.01 Investment of Contributions
ARTICLE V BENEFITS
Section 5.01 Retirement Benefits
Section 5.02 Death Benefits
Section 5.03 Vested Benefits
Section 5.04 When Benefits Start
Section 5.05 Withdrawal Benefits
ARTICLE VI DISTRIBUTION OF BENEFITS
Section 6.01 Automatic Forms of Distribution
Section 6.02 Optional Forms of Distribution
Section 6.03 Election Procedures
ARTICLE VII DISTRIBUTION REQUIREMENTS
Section 7.01 Application
Section 7.02 Definitions
Section 7.03 Distribution Requirements
RESTATEMENT JANUARY 1, 1997 3 TABLE OF CONTENTS (66947)
ARTICLE VIII TERMINATION OF THE PLAN
ARTICLE IX ADMINISTRATION OF THE PLAN
Section 9.01 Administration
Section 9.02 Expenses
Section 9.03 Records
Section 9.04 Information Available
Section 9.05 Delegation of Authority
Section 9.06 Exercise of Discretionary Authority
ARTICLE X GENERAL PROVISIONS
Section 10.01 Amendments
Section 10.02 Direct Rollovers
Section 10.03 Provisions Relating to the Insurer
Section 10.04 Employment Status
Section 10.05 Rights to Plan Assets
Section 10.06 Beneficiary
Section 10.07 Construction
Section 10.08 Legal Actions
Section 10.09 Small Amounts
Section 10.10 Word Usage
Section 10.11 Military Service
PLAN EXECUTION
RESTATEMENT JANUARY 1, 1997 4 TABLE OF CONTENTS (66947)
INTRODUCTION
The Employer previously established a 401(k) savings plan on January 1, 1985.
The Employer is of the opinion that the plan should be changed. It believes that the best means to
accomplish these changes is to completely restate the plan's terms, provisions and conditions. The
restatement, effective January 1, 1997, is set forth in this document and is substituted in lieu of the prior
document.
The restated plan continues to be for the exclusive benefit of employees of the Employer. All persons
covered under the plan on December 31, 1996, shall continue to be covered under the restated plan with no
loss of benefits.
It is intended that the plan, as restated, shall qualify as a governmental profit sharing plan under the
Internal Revenue Code of 1986, including any later amendments to the Code.
RESTATEMENT JANUARY 1, 1997 5 INTRODUCTION (66947)
ARTICLE I
FORMAT AND DEFINITIONS
SECTION 1.01--FORMAT.
Words and phrases defined in the DEFINITIONS SECTION of Article I shall have that defined meaning
when used in this Plan, unless the context clearly indicates otherwise.
These words and phrases have an initial capital letter to aid in identifying them as defined terms.
SECTION 1.02--DEFINITIONS.
Account means, for a Participant, his share of the Plan Fund. Separate accounting records are kept for
those parts of his Account that result from:
(a) Voluntary Contributions
(b) Elective Deferral Contributions
(c) Rollover Contributions
A Participant's Account shall be reduced by any distribution of his Vested Account. A Participant's
Account shall participate in the earnings credited, expenses charged, and any appreciation or
depreciation of the Investment Fund. His Account is subject to any minimum guarantees applicable
under the Annuity Contract and to any expenses associated therewith.
Active Participant means an Eligible Employee who is actively participating in the Plan according to the
provisions in the ACTIVE PARTICIPANT SECTION of Article II.
Annuity Contract means the annuity contract or contracts into which the Employer enters with the
Insurer for guaranteed benefits, for the investment of Contributions in separate accounts, and for the
payment of benefits under this Plan. The term Annuity Contract as it is used in this Plan shall include
the plural unless the context clearly indicates the singular is meant.
Annuity Starting Date means, for a Participant, the first day of the first period for which an amount is
payable as an annuity or any other form.
Beneficiary means the person or persons named by a Participant to receive any benefits under the Plan
when the Participant dies. See the BENEFICIARY SECTION of Article X.
Code means the Internal Revenue Code of 1986, as amended.
Compensation means, except for purposes of the CONTRIBUTION LIMITATION SECTION of Article III,
the total earnings, except as modified in this definition, paid or made available to an Employee by the
Employer during any specified period.
RESTATEMENT JANUARY 1, 1997 6 ARTICLE I (66947)
"Earnings" in this definition means wages, salaries, and fees for professional services and other amounts
received (without regard to whether or not an amount is paid in cash) for personal services actually
rendered in the course of employment with the Employer maintaining the plan to the extent that the
amounts are includible in gross income (including, but not limited to, commissions paid salesmen,
compensation for services on the basis of a percentage of profits, commissions on insurance premiums,
tips, bonuses, fringe benefits, and reimbursements or other expense allowances under a nonaccountable
plan (as described in section 1.62-2(c) of the regulations)), and excluding the following:
(a) employer contributions to a plan of deferred compensation which are not included in the
Employee's gross income for the taxable year in which contributed, or employer contributions
under a simplified employee pension plan, or any distributions from a plan of deferred
compensation;
(b) amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or
property) held by an Employee either becomes freely transferable or is no longer subject to a
substantial risk of forfeiture;
(c) amounts realized from the sale, exchange or other disposition of stock acquired under a qualified
stock option; and
(d) other amounts which receive special tax benefits, or contributions made by the Employer (whether
or not under a salary reduction agreement) towards the purchase of an annuity contract described
in Code Section 403(b) (whether or not the contributions are actually excludible from the gross
income of the Employee).
Compensation shall also include elective contributions. For this purpose, elective contributions are
amounts contributed by the Employer pursuant to a salary reduction agreement and which are not
includible in the gross income of the Employee under Code Section 125, 402(e)(3), 402(h)(1)(B), or
403(b). Elective contributions also include compensation deferred under a Code Section 457 plan
maintained by the Employer and employee contributions "picked up" by a governmental entity and,
pursuant to Code Section 414(h)(2), treated as Employer contributions. For years beginning after
December 31, 2000, elective contributions shall also include amounts contributed by the Employer
pursuant to a salary reduction agreement and which are not includible in the gross income of the
Employee under Code Section 132(f)(4).
For years beginning after December 31, 1988, the annual Compensation of each Participant taken into
account for determining all benefits provided under the Plan for any year shall not exceed 8200,000, as
adjusted by the Secretary in accordance with Code Section 415(d). For Plan Years beginning on or after
January 1, 1996, the annual Compensation taken into account for determining all benefits provided
under the Plan for any Plan Year for any individual who first becomes a Participant in the Plan during a
Plan Year beginning after the first Yearly Date in 1996, shall not exceed $150,000.
Provided, however, with respect to an eligible Participant, the reduced dollar limitation in the preceding
paragraph does not apply to the extent that the amount of Compensation allowed to be taken into
account under the Plan is reduced below the amount that was allowed to be taken into account under
the Plan as in effect on July 1, 1993. For this purpose, "eligible Participant" means an individual who
first became a Participant in the Plan during a Plan Year beginning before the first Yearly Date in 1996.
RESTATEMENT JANUARY 1, 1997 7 ARTICLE I (66947)
The $150,000 limit shall be adjusted by the Commissioner for increases in the cost of living in
accordance with Code Section 401(a)(17)(B). The cost of living adjustment in effect for a calendar year
applies to any period, not exceeding 12 months, over which pay is determined (determination period)
beginning in such calendar year. If a determination period consists of fewer than 12 months, the annual
compensation limit will be multiplied by a fraction, the numerator of which is the number of months in
the determination period, and the denominator of which is 12.
If Compensation for any prior period is taken into account in determining a Participant's contributions or
benefits for the current period, the Compensation for such prior year is subject to the applicable annual
compensation limit in effect for that prior year. For this purpose, for years beginning before January 1,
1990, the applicable annual compensation limit is $200,000 for an Employee who became a Participant
before the first Yearly Date in 1996. For years beginning on and after January 1, 1996, the annual
compensation limit is $150,000 for an Employee who became a Participant on or after the first Yearly
Date in 1996.
Compensation means, for a Leased Employee, Compensation for the services the Leased Employee
performs for the Employer, determined in the same manner as the Compensation of Employees who are
not Leased Employees, regardless of whether such Compensation is received directly from the Employer
or from the leasing organization.
Contingent Annuitant means an individual named by the Participant to receive a lifetime benefit after the
Participant's death in accordance with a survivorship life annuity.
Contributions means
Elective Deferral Contributions
Voluntary Contributions
Rollover Contributions
as set out in Article III, unless the context clearly indicates only specific contributions are meant.
Controlled Group means any group of corporations, trades, or businesses of which the Employer is a part
that are under common control. A Controlled Group includes any group of corporations, trades, or
businesses, whether or not incorporated, which is either a parent-subsidiary group, a brother-sister
group, or a combined group within the meaning of Code Section 414(b), Code Section 414(c) and
regulations thereunder and, for purposes of determining contribution limitations under the
CONTRIBUTION LIMITATION SECTION of Article III, as modified by Code Section 415(h) and, for the
purpose of identifying Leased Employees, as modified by Code Section 144(a)(3). The term Controlled
Group, as it is used in this Plan, shall include the term Affiliated Service Group and any other employer
required to be aggregated with the Employer under Code Section 414(o) and the regulations thereunder.
Direct Rollover means a payment by the Plan to the Eligible Retirement Plan specified by the Distributee.
Distributee means an Employee or former Employee. In addition, the Employee's (or former Employee's)
surviving spouse and the Employee's (or former Employee's) spouse or former spouse who is the
alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), are
Distributees with regard to the interest of the spouse or former spouse.
RESTATEMENT JANUARY 1, 1997 8 ARTICLE I (66947)
Elective Deferral Contributions means contributions made by the Employer to fund this Plan in
accordance with elective deferral agreements between Eligible Employees and the Employer.
Elective deferral agreements shall be made, changed, or terminated according to the provisions of the
EMPLOYER CONTRIBUTIONS SECTION of Article III.
Elective Deferral Contributions shall be 100% vested and subject to the distribution restrictions of
Code Section 401(k) when made. See the WHEN BENEFITS START SECTION of Article V.
Eligibility Service means an Employee's period of service. Eligibility Service shall be determined on the
basis that 30 days equal one month.
However, Eligibility Service is modified as follows:
Period of Military Duty included:
A Period of Military Duty shall be included as service with the Employer to the extent it has not
already been credited.
Eligible Employee means any Employee of the Employer.
Eligible Retirement Plan means an individual retirement account described in Code Section 408(a), an
individual retirement annuity described in Code Section 408(b), an annuity plan described in Code
Section 403(a) or a qualified trust described in Code Section 401(a), that accepts the Distributee's
Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the surviving
spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.
Eligible Rollover Distribution means any distribution of all or any portion of the balance to the credit of
the Distributee, except that an Eligible Rollover Distribution does not include: (i) any distribution that is
one of a series of substantially equal periodic payments (not less frequently than annually) made for the
life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee
and the Distributee's designated Beneficiary, or for a specified period of ten years or more; (ii) any
distribution to the extent such distribution is required under Code Section 401(a)(9); (iii) any hardship
distribution described in Code Section 401(k)(2)(B)(i)(IV) received after December 31, 1998; (iv) the
portion of any other distribution(s) that is not includible in gross income (determined without regard to
the exclusion for net unrealized appreciation with respect to employer securities); and (v) any other
distribution(s) that is reasonably expected to total less than $200 during a year.
Employee means an individual who is employed by the Employer or any other employer required to be
aggregated with the Employer under Code Sections 414(b), (c), (m), or (0).
The term Employee shall also include any Leased Employee deemed to be an employee of any employer
described in the preceding paragraph as provided in Code Section 414(n) or (o).
Employer means Weld County.
Employer Contributions means Elective Deferral Contributions as set out in Article III.
RESTATEMENT JANUARY 1, 1997 9 ARTICLE I (66947)
Entry Date means the date an Employee first enters the Plan as an Active Participant. See the ACTIVE
PARTICIPANT SECTION of Article II.
Fiscal Year means the Employer's accounting year. The last day of the Fiscal Year is December 31.
Inactive Participant means a former Active Participant who has an Account. See the INACTIVE
PARTICIPANT SECTION of Article II.
Insurer means Principal Life Insurance Company and any other insurance company or companies named
by the Employer.
Investment Fund means the total of Plan assets, excluding the guaranteed benefit policy portion of any
Annuity Contract.
The Investment Fund shall be valued at current fair market value as of the Valuation Date. The
valuation shall take into consideration investment earnings credited, expenses charged, payments
made, and changes in the values of the assets held in the Investment Fund.
The Investment Fund shall be allocated at all times to Participants, except as otherwise expressly
provided in the Plan. The Account of a Participant shall be credited with its share of the gains and
losses of the Investment Fund. That part of a Participant's Account invested in a funding arrangement
which establishes one or more accounts or investment vehicles for such Participant thereunder shall
be credited with the gain or loss from such accounts or investment vehicles. The part of a
Participant's Account which is invested in other funding arrangements shall be credited with a
proportionate share of the gain or loss of such investments. The share shall be determined by
multiplying the gain or loss of the investment by the ratio of the part of the Participant's Account
invested in such funding arrangement to the total of the Investment Fund invested in such funding
arrangement.
Investment Manager means any fiduciary (other than a trustee or Named Fiduciary)
(a) who has the power to manage, acquire, or dispose of any assets of the Plan;
(b) who (i) is registered as an investment adviser under the Investment Advisers Act of 1940; (ii) is
not registered as an investment adviser under such Act by reason of paragraph (1) of section
203A(a) of such Act, is registered as an investment adviser under the laws of the state (referred
to in such paragraph (1)) in which it maintains its principal office and place of business, and, at
the time it last filed the registration form most recently filed by it with such state in order to
maintain its registration under the laws of such state, also filed a copy of such form with the
Secretary of Labor, (iii) is a bank, as defined in that Act; or (iv) is an insurance company qualified
to perform services described in subparagraph (a) above under the laws of more than one state;
and
(c) who has acknowledged in writing being a fiduciary with respect to the Plan.
Late Retirement Date means the first day of any month which is after a Participant's Normal Retirement
Date and on which retirement benefits begin. If a Participant continues to work for the Employer after
his Normal Retirement Date, his Late Retirement Date shall be the earliest first day of the month on or
RESTATEMENT JANUARY 1, 1997 10 ARTICLE I (66947)
after the date he ceases to be an Employee. An earlier or a later Retirement Date may apply if the
Participant so elects. See the WHEN BENEFITS START SECTION of Article V.
Leased Employee means any person (other than an employee of the recipient) who, pursuant to an
agreement between the recipient and any other person ("leasing organization"), has performed services
for the recipient (or for the recipient and related persons determined in accordance with Code Section
414(n)(6)) on a substantially full time basis for a period of at least one year, and such services are
performed under primary direction or control by the recipient. Contributions or benefits provided by the
leasing organization to a Leased Employee, which are attributable to service performed for the recipient
employer, shall be treated as provided by the recipient employer.
A Leased Employee shall not be considered an employee of the recipient if:
(a) such employee is covered by a money purchase pension plan providing (i) a nonintegrated
employer contribution rate of at least 10 percent of compensation, as defined in Code Section
415(c)(3), but for years beginning before January 1, 1998, including amounts contributed
pursuant to a salary reduction agreement which are excludible from the employee's gross income
under Code Sections 125, 402(e)(3), 402(h)(1)(B), or 403(b), (ii) immediate participation, and (iii)
full and immediate vesting, and
(b) Leased Employees do not constitute more than 20 percent of the recipient's nonhighly
compensated work force.
Monthly Date means each Yearly Date and the same day of each following month during the Plan Year
beginning on such Yearly Date.
Normal Form means a single life annuity with installment refund.
Normal Retirement Date means the earliest first day of the month on or after the date the Participant
reaches his 65th birthday. Unless otherwise provided in this Plan, a Participant's retirement benefits
shall begin on a Participant's Normal Retirement Date if he has ceased to be an Employee on such date
and has a Vested Account. Even if the Participant is an Employee on his Normal Retirement Date, he
may choose to have his retirement benefit begin on such date. An earlier Retirement Date may apply if
the Participant is age 70 1/2. See the WHEN BENEFITS START SECTION of Article V.
Participant means either an Active Participant or an Inactive Participant.
Participant Contributions means Voluntary Contributions as set out in Article III.
Period of Military Duty means, for an Employee
(a) who served as a member of the armed forces of the United States, and
(b) who was reemployed by the Employer at a time when the Employee had a right to reemployment
in accordance with seniority rights as protected under Chapter 43 of Title 38 of the U. S. Code,
the period of time from the date the Employee was first absent from active work for the Employer
because of such military duty to the date the Employee was reemployed.
RESTATEMENT JANUARY 1, 1997 11 ARTICLE I (66947)
Plan means the 401(k) savings plan of the Employer set forth in this document, including any later
amendments to it.
Plan Administrator means the person or persons who administer the Plan.
The Plan Administrator is the Employer.
Plan Fund means the total of the Investment Fund and the guaranteed benefit policy portion of any
Annuity Contract. The Investment Fund shall be valued as stated in its definition. The guaranteed
benefit policy portion of any Annuity Contract shall be determined in accordance with the terms of the
Annuity Contract and, to the extent that such Annuity Contract allocates contract values to Participants,
allocated to Participants in accordance with its terms. The total value of all amounts held under the
Plan Fund shall equal the value of the aggregate Participants' Accounts under the Plan.
Plan Year means a period beginning on a Yearly Date and ending on the day before the next Yearly Date.
Reentry Date means the date a former Active Participant reenters the Plan. See the ACTIVE
PARTICIPANT SECTION of Article II.
Retirement Date means the date a retirement benefit will begin and is a Participant's Normal or Late
Retirement Date, as the case may be.
Rollover Contributions means the Rollover Contributions which are made by an Eligible Employee or an
Inactive Participant according to the provisions of the ROLLOVER CONTRIBUTIONS SECTION of
Article III.
Semi-yearly Date means each Yearly Date and the sixth Monthly Date after each Yearly Date which is
within the same Plan Year.
Social Security Retirement Age means age 65 in the case of a Participant attaining age 62 before
January 1, 2000 (i.e., born before January 1, 1938), age 66 for a Participant attaining age 62 after
December 31, 1999, and before January 1, 2017 (i.e., born after December 31, 1937, but before
January 1, 1955), and age 67 for a Participant attaining age 62 after December 31, 2016 (i.e., born
after December 31, 1954).
Valuation Date means the date on which the value of the assets of the Investment Fund is determined.
The value of each Account which is maintained under this Plan shall be determined on the Valuation
Date. In each Plan Year, the Valuation Date shall be the last day of the Plan Year. At the discretion of
the Plan Administrator or Insurer (whichever applies), assets of the Investment Fund may be valued
more frequently. These dates shall also be Valuation Dates.
Vested Account means the vested part of a Participant's Account. The Participant's Vested Account is
equal to his Account.
The Participant's Vested Account is nonforfeitable. The percentage used to determine that portion of a
Participant's Account attributable to Employer Contributions which is nonforfeitable is 100%.
RESTATEMENT JANUARY 1, 1997 12 ARTICLE I (66947)
Voluntary Contributions means contributions by a Participant that are not required as a condition of
employment, of participation, or for obtaining additional benefits from the Employer Contributions. See
the VOLUNTARY CONTRIBUTIONS BY PARTICIPANTS SECTION of Article III.
Yearly Date means January 1, 1985, and the same day of each following year.
RESTATEMENT JANUARY 1, 1997 13 ARTICLE I (66947)
ARTICLE II
PARTICIPATION
SECTION 2.01--ACTIVE PARTICIPANT.
(a) An Employee shall first become an Active Participant (begin active participation in the Plan) on the
earliest date on which he is an Eligible Employee and has met the eligibility requirement set forth
below. This date is his Entry Date.
(1) He has completed six months of Eligibility Service before his Entry Date.
Each Employee who was an Active Participant under the Plan on December 31, 1996, shall
continue to be an Active Participant if he is still an Eligible Employee on January 1, 1997, and his
Entry Date shall not change.
(b) An Inactive Participant shall again become an Active Participant (resume active participation in the
Plan) on the date he again becomes an Eligible Employee. This date is his Reentry Date.
Upon again becoming an Active Participant, he shall cease to be an Inactive Participant.
(c) A former Participant shall again become an Active Participant (resume active participation in the
Plan) on the date he again becomes an Eligible Employee. This date is his Reentry Date.
There shall be no duplication of benefits for a Participant under this Plan because of more than one
period as an Active Participant.
SECTION 2.02--INACTIVE PARTICIPANT.
An Active Participant shall become an Inactive Participant (stop accruing benefits under the Plan) on the
earlier of the following:
(a) the date the Participant ceases to be an Eligible Employee, or
(b) the effective date of complete termination of the Plan under Article VIII.
An Employee or former Employee who was an Inactive Participant under the Plan on December 31,
1996, shall continue to be an Inactive Participant on January 1, 1997. Eligibility for any benefits payable to
the Participant or on his behalf and the amount of the benefits shall be determined according to the provisions
of the prior document, unless otherwise stated in this document.
SECTION 2.03--CESSATION OF PARTICIPATION.
A Participant shall cease to be a Participant on the date he is no longer an Eligible Employee and his
Account is zero.
RESTATEMENT JANUARY 1, 1997 14 ARTICLE II (66947)
ARTICLE III
CONTRIBUTIONS
SECTION 3.01--EMPLOYER CONTRIBUTIONS.
Employer Contributions shall be made without regard to excess revenues (excess of receipts over
expenditures) of the Employer. Notwithstanding the foregoing, the Plan shall continue to be designed to
qualify as a profit sharing plan for purposes of Code Sections 401(a) and 402. Such Contributions shall be
equal to the Employer Contributions as described below:
(a) The amount of each Elective Deferral Contribution for a Participant shall be equal to a portion of
Compensation as specified in the elective deferral agreement. An Employee who is eligible to
participate in the Plan may file an elective deferral agreement with the Employer. The Participant
shall modify or terminate the elective deferral agreement by filing a new elective deferral
agreement. The elective deferral agreement may not be made retroactively and shall remain in
effect until modified or terminated.
The elective deferral agreement to start or modify Elective Deferral Contributions shall be effective
on the first day of the first pay period following the pay period in which the Participant's Entry
Date (Reentry Date, if applicable) or any following Semi-yearly Date occurs. The elective
deferral agreement must be entered into on or before the date it is effective.
The elective deferral agreement to stop Elective Deferral Contributions may be entered into on
any date. Such elective deferral agreement shall be effective on the first day of the pay period
following the pay period in which the elective deferral agreement is entered into.
Elective Deferral Contributions cannot be more than 12.5% of Compensation for the pay period.
Elective Deferral Contributions are fully (100%) vested and nonforfeitable.
No Participant shall be permitted to have Elective Deferral Contributions, as defined in the EXCESS
AMOUNTS SECTION of this article, made under this Plan, or any other qualified plan maintained by the
Employer, during any taxable year, in excess of the dollar limitation contained in Code Section 402(g) in effect
at the beginning of such taxable year.
An elective deferral agreement (or change thereto) must be made in such manner and in accordance
with such rules as the Employer may prescribe (including by means of voice response or other electronic
system under circumstances the Employer permits) and may not be made retroactively.
Employer Contributions are allocated according to the provisions of the ALLOCATION SECTION of this
article.
A portion of the Plan assets resulting from Employer Contributions Ibut not more than the original
amount of those Contributions) may be returned if the Employer Contributions are made because of a mistake
of fact. The amount involved must be returned to the Employer within one year after the date the Employer
Contributions are made by mistake of fact. Except as provided under this paragraph and Article VIII, the assets
RESTATEMENT JANUARY 1, 1997 15 ARTICLE III (66947)
of the Plan shall never be used for the benefit of the Employer and are held for the exclusive purpose of
providing benefits to Participants and their Beneficiaries and for defraying reasonable expenses of administering
the Plan.
SECTION 3.01A--VOLUNTARY CONTRIBUTIONS BY PARTICIPANTS.
An Active Participant may make Voluntary Contributions in accordance with nondiscriminatory
procedures set up by the Plan Administrator.
The Plan will not accept deductible Voluntary Contributions which are made for a taxable year
beginning after December 31, 1986. Such Contributions made prior to that date shall be maintained in a
separate account which will be nonforfeitable at all times.
A Participant's participation in the Plan is not affected by stopping or changing Voluntary Contributions.
An Active Participant's request to start, change or stop his Voluntary Contributions must be made in a manner
and in accordance with such rules as the Employer may prescribe (including by means of voice response or
other electronic system under circumstances the Employer permits).
Voluntary Contributions shall be credited to the Participant's Account when made.
The part of the Participant's Account resulting from Voluntary Contributions is fully (100%) vested and
nonforfeitable at all times.
SECTION 3.01B--ROLLOVER CONTRIBUTIONS.
A Rollover Contribution may be made by an Eligible Employee or an Inactive Participant if the following
conditions are met:
(a) The Contribution is of amounts distributed from a plan that satisfies the requirements of Code
Section 401(a) or from a "conduit" individual retirement account described in Code Section
408(d)(3)(A). In the case of an Inactive Participant, the Contribution must be of an amount
distributed from another plan of the Employer, or a plan of a Controlled Group member, that
satisfies the requirements of Code Section 401(a).
(b) The Contribution is of amounts that the Code permits to be transferred to a plan that meets the
requirements of Code Section 401(a).
(c) The Contribution is made in the form of a direct rollover under Code Section 401(a)(31) or is a
rollover made under 402(c) or 408(d)(3)(A) within 60 days after the Eligible Employee or Inactive
Participant receives the distribution.
(d) The Eligible Employee or Inactive Participant furnishes evidence satisfactory to the Plan
Administrator that the proposed rollover meets conditions (a), (b), and (c) above.
A Rollover Contribution shall be allowed in cash only and must be made according to procedures set up
by the Plan Administrator.
RESTATEMENT JANUARY 1, 1997 16 ARTICLE III (66947)
If the Eligible Employee is not an Active Participant when the Rollover Contribution is made, he shall be
deemed to be an Active Participant only for the purpose of investment and distribution of the Rollover
Contribution. Employer Contributions shall not be made for or allocated to the Eligible Employee and he may
not make Participant Contributions until the time he meets all of the requirements to become an Active
Participant.
Rollover Contributions made by an Eligible Employee or an Inactive Participant shall be credited to his
Account. The part of the Participant's Account resulting from Rollover Contributions is fully (100%) vested
and nonforfeitable at all times. A separate accounting record shall be maintained for that part of his Rollover
Contributions consisting of voluntary contributions which were deducted from the Participant's gross income
for Federal income tax purposes.
SECTION 3.02--ALLOCATION.
Elective Deferral Contributions shall be allocated to Participants for whom such Contributions are made
under the EMPLOYER CONTRIBUTIONS SECTION of this article. Such Contributions shall be allocated when
made and credited to the Participant's Account.
If Leased Employees are Eligible Employees, in determining the amount of Employer Contributions
allocated to a person who is a Leased Employee, contributions provided by the leasing organization which are
attributable to services such Leased Employee performs for the Employer shall be treated as provided by the
Employer. Those contributions shall not be duplicated under this Plan.
SECTION 3.03--CONTRIBUTION LIMITATION.
(a) Definitions. For the purpose of determining the contribution limitation set forth in this section, the
following terms are defined.
Annual Additions means the sum of the following amounts credited to a Participant's account for
the Limitation Year:
(1) employer contributions;
(2) employee contributions; and
(3) forfeitures.
Annual Additions to a defined contribution plan shall also include allocations under a simplified
employee pension.
For this purpose, any Excess Amount applied under (e) below in the Limitation Year to reduce
Employer Contributions shall be considered Annual Additions for such Limitation Year.
Compensation means wages, salaries, and fees for professional services and other amounts
received (without regard to whether or not an amount is paid in cash) for personal services
actually rendered in the course of employment with the Employer maintaining the plan to the
extent that the amounts are includible in gross income (including, but not limited to,
commissions paid salesmen, compensation for services on the basis of a percentage of profits,
RESTATEMENT JANUARY 1, 1997 17 ARTICLE III (66947)
commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements or
other expense allowances under a nonaccountable plan (as described in section 1.62-2(c) of the
regulations)), and excluding the following:
(1) employer contributions to a plan of deferred compensation which are not included in the
Employee's gross income for the taxable year in which contributed, or employer
contributions under a simplified employee pension plan, or any distributions from a plan of
deferred compensation;
(2) amounts realized from the exercise of a non-qualified stock option, or when restricted stock
(or property) held by a Employee either becomes freely transferable or is no longer subject
to a substantial risk of forfeiture;
(3) amounts realized from the sale, exchange or other disposition of stock acquired under a
qualified stock option; and
(4) other amounts which received special tax benefits, or contributions made by the Employer
(whether or not under a salary reduction agreement) towards the purchase of an annuity
contract described in Code Section 403(b) (whether or not the contributions are actually
excludible from the gross income of the Employee).
For purposes of applying the limitations of this section, Compensation for a Limitation Year is the
Compensation actually paid or made available in gross income during such Limitation Year.
For Limitation Years beginning after December 31, 1997, for purposes of applying the limitations
of this section, Compensation paid or made available during such Limitation Year shall include any
elective deferral (as defined in Code Section 402(g)(3)), and any amount which is contributed or
deferred by the Employer at the election of the Employee and which is not includible in the gross
income of the Employee by reason of Code Section 125 or 457. For Limitation Years beginning
on and after January 1, 2001, Compensation paid or made available during such Limitation Year
shall include elective amounts that are not includible in the gross income of the Employee by
reason of Code Section 132(f)(4).
Defined Benefit Plan Fraction means a fraction, the numerator of which is the sum of the
Participant's Projected Annual Benefits under all the defined benefit plans (whether or not
terminated) maintained by the Employer, and the denominator of which is 125 percent of the
dollar limitation determined for the Limitation Year under Code Sections 415(b)(1)(A) and (d),
including any adjustments under Code Section 415(b)(5). For Limitation Years beginning on or
after January 1, 1995, the 140 percent of high three-year average compensation limitation on the
denominator provided in Code Section 415(e)(2)(B)lii) shall not apply.
Defined Contribution Dollar Limitation means, for Limitation Years beginning after December 31,
1994, $30,000, as adjusted under Code Section 415(d).
Defined Contribution Plan Fraction means a fraction, the numerator of which is the sum of the
Annual Additions to the Participant's account under all the defined contribution plans (whether or
not terminated) maintained by the Employer for the current and all prior Limitation Years (including
the Annual Additions attributable to the Participant's nondeductible employee contributions to all
RESTATEMENT JANUARY 1, 1997 18 ARTICLE III (66947)
defined benefit plans, whether or not terminated, maintained by the Employer, and the Annual
Additions attributable to all welfare benefit funds, individual medical accounts, and simplified
employee pensions, maintained by the Employer), and the denominator of which is the sum of the
maximum aggregated amounts for the current and all prior Limitation Years of service with the
Employer (regardless of whether a defined contribution plan was maintained by the Employer).
The maximum aggregate amount in any Limitation Year is the lesser of (i) 125 percent of the
dollar limitation under Code Section 415(c)(1)(A) after adjustment under Code Section 415W) or
(ii) 35 percent of the Participant's Compensation for such year.
If the Employee was a participant as of the end of the first day of the first Limitation Year
beginning after December 31, 1986, in one or more defined contribution plans maintained by the
Employer which were in existence on May 6, 1986, the numerator of this fraction will be adjusted
if the sum of this fraction and the Defined Benefit Fraction would otherwise exceed 1.0 under the
terms of this Plan. Under the adjustment, an amount equal to the product of (i) the excess of the
sum of the fractions over 1.0 times (ii) the denominator of this fraction, will be permanently
subtracted from the numerator of this fraction. The adjustment is calculated using the fractions
as they would be computed as of the end of the last Limitation Year beginning before January 1,
1987, and disregarding any changes in the terms and conditions of the plan made after May 5,
1986, but using the Code Section 415 limitation applicable to the first Limitation Year beginning
on or after January 1, 1987.
The Annual Addition for any Limitation Year beginning before January 1, 1987, shall not be
recomputed to treat all employee contributions as Annual Additions.
Employer means the employer that adopts this Plan, and all members of a controlled group of
corporations (as defined in Code Section 414(b) as modified by Code Section 415(h)), all
commonly controlled trades or businesses (as defined in Code Section 415(c) as modified by Code
Section 415(h)) or affiliated service groups (as defined in Code Section 414(m)) of which the
adopting employer is a part, and any other entity required to be aggregated with the employer
pursuant to regulations under Code Section 414(o).
Excess Amount means the excess of the Participant's Annual Additions for the Limitation Year
over the Maximum Permissible Amount.
Limitation Year means the consecutive 12-month period ending on the last day of each Plan
Year, including corresponding consecutive 12-month periods before January 1, 1985. If the
Limitation Year is other than the calendar year, execution of this Plan (or any amendment to this
Plan changing the Limitation Year) constitutes the Employer's adoption of a written resolution
electing the Limitation Year. If the Limitation Year is amended to a different consecutive
12-month period, the new Limitation Year must begin on a date within the Limitation Year in
which the amendment is made.
Maximum Permissible Amount means the maximum Annual Addition that may be contributed or
allocated to a Participant's Account under the Plan for any Limitation Year. This amount shall
not exceed the lesser of:
RESTATEMENT JANUARY 1, 1997 19 ARTICLE III (66947)
(1) The Defined Contribution Dollar Limitation, or
(2) 25 percent of the Participant's Compensation for the Limitation Year.
If a short Limitation Year is created because of an amendment changing the Limitation Year to a
different consecutive 12-month period, the Maximum Permissible Amount will not exceed the
Defined Contribution Dollar Limitation multiplied by the following fraction:
Number of months in the short Limitation Year
12
Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially
equivalent straight life annuity if such benefit is expressed in a form other than a straight life
annuity or qualified joint and survivor annuity) to which the Participant would be entitled under the
terms of the plan assuming:
(1) the Participant will continue employment until normal retirement age under the plan (or
current age, if later), and
(2) the Participant's Compensation for the current Limitation Year and all other relevant factors
used to determine benefits under the Plan will remain constant for all future Limitation
Years.
(b) If the Participant does not participate in, and has never participated in, another qualified plan
maintained by the Employer or a simplified employee pension, as defined in Code Section 408W),
maintained by the Employer, which provides an Annual Addition, the amount of Annual Additions
which may be credited to the Participant's Account for any Limitation Year shall not exceed the
lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. If the
Employer Contribution that would otherwise be contributed or allocated to the Participant's
Account would cause the Annual Additions for the Limitation Year to exceed the Maximum
Permissible Amount, the amount contributed or allocated shall be reduced so that the Annual
Additions for the Limitation Year will equal the Maximum Permissible Amount.
(c) Prior to determining the Participant's actual Compensation for the Limitation Year, the Employer
may determine the Maximum Permissible Amount for a Participant on the basis of a reasonable
estimation of the Participant's Compensation for the Limitation Year, uniformly determined for all
Participants similarly situated.
(d) As soon as is administratively feasible after the end of the Limitation Year, the Maximum
Permissible Amount for the Limitation Year will be determined on the basis of the Participant's
actual Compensation for the Limitation Year.
(e) If a reasonable error in estimating a Participant's Compensation for the Limitation Year, a
reasonable error in determining the amount of elective deferrals (within the meaning of Code
Section 402(g)(3)) that may be made with respect to any individual under the limits of Code
Section 415, or under other facts and circumstances allowed by the Internal Revenue Service,
there is an Excess Amount, the excess will be disposed of as follows:
RESTATEMENT JANUARY 1, 1997 20 ARTICLE III (66947)
(1) Any nondeductible Voluntary Contributions (plus attributable earnings), to the extent they
would reduce the Excess Amount, will be returned (distributed, in the case of earnings) to
the Participant.
(2) If after the application of (1) above an Excess Amount still exists, any Elective Deferral
Contributions (plus attributable earnings), to the extent they would reduce the Excess
Amount, will be distributed to the Participant.
(3) If after the application of (2) above an Excess Amount still exists, and the Participant is
covered by the Plan at the end of the Limitation Year, the Excess Amount in the
Participant's Account will be used to reduce Employer Contributions for such Participant
in the next Limitation Year, and each succeeding Limitation Year if necessary.
(4) If after the application of (2) above an Excess Amount still exists, and the Participant is
not covered by the Plan at the end of the Limitation Year, the Excess Amount will be held
unallocated in a suspense account. The suspense account will be applied to reduce
future Employer Contributions for all remaining Participants in the next Limitation Year,
and each succeeding Limitation Year if necessary.
(5) If a suspense account is in existence at any time during a Limitation Year pursuant to this
(e), it will participate in the allocation of investment gains or losses. If a suspense
account is in existence at any time during a particular Limitation Year, all amounts in the
suspense account must be allocated and reallocated to Participant's Accounts before any
Employer Contributions or any Participant Contributions may be made to the Plan for that
Limitation Year. Excess Amounts held in a suspense account may not be distributed to
Participants or former Participants.
(f) This (f) applies if, in addition to this Plan, the Participant is covered under another qualified
defined contribution plan maintained by the Employer or a simplified employee pension
maintained by the Employer which provides an Annual Addition during any Limitation Year. The
aggregate Annual Additions under all such qualified defined contribution plans and simplified
employee pensions for the Limitation Year will not exceed the Maximum Permissible Amount.
Any reduction necessary shall be made first to the profit sharing plans, then to all other such
qualified defined contribution plans and simplified employee pensions and, if necessary, by
reducing first those that were most recently allocated. Simplified employee pensions shall be
deemed to be allocated first. However, elective deferral contributions shall be the last
contributions reduced before the simplified employee pension is reduced.
(g) If the Employer maintains, or at any time maintained, a qualified defined benefit plan covering
any Participant in this Plan, the sum of the Participant's Defined Benefit Plan Fraction and
Defined Contribution Plan Fraction will not exceed 1.0 in any Limitation Year. The Projected
Annual Benefit shall be limited first. If the Participant's annual benefit(s) equal his Projected
Annual Benefit, as limited, then Annual Additions to the defined contribution plan(s) shall be
limited to the extent needed to reduce the sum to 1.0 in the same manner in which the Annual
Additions are limited to meet the Maximum Permissible Amount. This subparagraph shall cease
to apply effective as of the first Limitation Year beginning on or after January 1, 2000.
RESTATEMENT JANUARY 1, 1997 21 ARTICLE III (66947)
ARTICLE IV
INVESTMENT OF CONTRIBUTIONS
SECTION 4.01--INVESTMENT OF CONTRIBUTIONS.
The handling of Contributions which are directed to the Annuity Contract is governed by the provisions
of the Annuity Contract. To the extent permitted by the Annuity Contract, the parties named below shall
direct the Contributions to the guaranteed benefit policy portion of the Annuity Contract or any of the
investment options available under the Annuity Contract and may request the transfer of amounts resulting
from those Contributions between the guaranteed benefit policy portion of the Annuity Contract and such
investment options. To the extent that a Participant who has investment direction fails to give timely direction,
the Employer shall direct the investment of his Account. If the Employer has investment direction, such
Account shall be invested ratably in the guaranteed benefit policy portion of the Annuity Contract or the
investment options available under the Annuity Contract in the same manner as the Accounts of all other
Participants who do not direct their investments. The Employer shall have investment direction for amounts
which have not been allocated to Participants. To the extent an investment is no longer available, the
Employer may require that amounts currently held in such investment be reinvested in other investments.
(a) Elective Deferral Contributions: The Participant, with the consent of the Primary Employer, shall
direct the investment of Elective Deferral Contributions and transfer of amounts resulting from
those Contributions.
(b) Participant Contributions: The Participant, with the consent of the Primary Employer, shall direct
the investment of Participant Contributions and transfer of amounts resulting from those
Contributions.
(c) Rollover Contributions: The Participant, with the consent of the Primary Employer, shall direct the
investment of Rollover Contributions and transfer of amounts resulting from those Contributions.
However, the Plan Administrator may delegate to the Investment Manager investment discretion for
Contributions and amounts which are not subject to Participant direction.
All Contributions are forwarded by the Employer to the Insurer to be deposited under the Annuity
Contract.
RESTATEMENT JANUARY 1, 1997 22 ARTICLE IV (66947)
ARTICLE V
BENEFITS
SECTION 5.01--RETIREMENT BENEFITS.
On a Participant's Retirement Date, his Vested Account shall be distributed to him according to the
distribution of benefits provisions of Article VI and the provisions of the SMALL AMOUNTS SECTION of
Article X.
SECTION 5.02--DEATH BENEFITS.
If a Participant dies before his Annuity Starting Date, his Vested Account shall be distributed according
to the distribution of benefits provisions of Article VI and the provisions of the SMALL AMOUNTS SECTION of
Article X.
SECTION 5.03--VESTED BENEFITS.
If an Inactive Participant's Vested Account is not payable under the SMALL AMOUNTS SECTION of
Article X, he may elect, but is not required, to receive a distribution of his Vested Account after he ceases to
be an Employee. A distribution under this paragraph shall be a retirement benefit and shall be distributed to
the Participant according to the distribution of benefits provisions of Article VI.
A Participant may not elect to receive a distribution under the provisions of this section after he again
becomes an Employee until he subsequently ceases to be an Employee and meets the requirements of this
section.
If an Inactive Participant does not receive an earlier distribution, upon his Retirement Date or death, his
Vested Account shall be distributed according to the provisions of the RETIREMENT BENEFITS SECTION or the
DEATH BENEFITS SECTION of Article V.
SECTION 5.04--WHEN BENEFITS START.
(a) The Participant may elect to have his benefits begin after the later of his Normal Retirement
Date or the date he ceases to be an Employee, subject to the following provisions of this
section. The Participant shall make the election in writing. Such election must be made before
his Normal Retirement Date or the date he ceases to be an Employee, if later. The election
must describe the form of distribution and the date benefits will begin. The Participant shall not
elect a date for beginning benefits or a form of distribution that would result in a benefit payable
when he dies which would be more than incidental within the meaning of governmental
regulations.
Benefits shall begin by the Participant's Required Beginning Date, as defined in the DEFINITIONS
SECTION of Article VII.
RESTATEMENT JANUARY 1, 1997 23 ARTICLE V (66947)
(b) The Participant's Vested Account which results from Elective Deferral Contributions may not be
distributed to a Participant or to his Beneficiary (or Beneficiaries) in accordance with the
Participant's or Beneficiary's (or Beneficiaries') election, earlier than separation from service,
death, or disability. Such amount may also be distributed upon:
(1) Termination of the Plan, as permitted in Article VIII.
(2) The hardship of the Participant as permitted in the WITHDRAWAL BENEFITS SECTION of
this article.
All distributions that may be made pursuant to one or more of the foregoing distributable events
will be a retirement benefit and shall be distributed to the Participant according to the
distribution of benefit provisions of Article VI. In addition, distributions that are triggered by (1)
above must be made in a lump sum. A lump sum shall include a distribution of an annuity
contract.
SECTION 5.05--WITHDRAWAL BENEFITS.
A Participant may withdraw any part of his Vested Account resulting from Voluntary Contributions. A
Participant may make only two such withdrawals in any 12-month period.
A Participant may withdraw any part of his Vested Account which results from the following
Contributions:
Elective Deferral Contributions
in the event of hardship due to an immediate and heavy financial need. Withdrawals from the Participant's
Account resulting from Elective Deferral Contributions shall be limited to the amount of the Participant's
Elective Deferral Contributions. Immediate and heavy financial need shall be limited to: (i) expenses incurred
or necessary for medical care, described in Code Section 213(d), of the Participant, the Participant's spouse, or
any dependents of the Participant (as defined in Code Section 152); (ii) purchase (excluding mortgage
payments) of a principal residence for the Participant; (iii) payment of tuition, related educational fees, and
room and board expenses, for the next 12 months of post-secondary education for the Participant, his spouse,
children, or dependents; (iv) the need to prevent the eviction of the Participant from his principal residence or
foreclosure on the mortgage of the Participant's principal residence; or (v) any other distribution which is
deemed by the Commissioner of Internal Revenue to be made on account of immediate and heavy financial
need as provided in Treasury regulations.
No withdrawal shall be allowed which is in excess of the amount required to relieve the financial need or
if such need can be satisfied from other resources that are reasonably available to the Participant. The amount
of an immediate and heavy financial need may include any amount necessary to pay any Federal, state, or local
income taxes or penalties reasonably anticipated to result from the distribution. The Participant's request for a
withdrawal shall include his written statement that the amount requested does not exceed the amount needed
to meet the financial need. The Participant's request for a withdrawal shall include his written statement that
the need cannot be relieved: (i) through reimbursement or compensation by insurance or otherwise; (ii) by
reasonable liquidation of the Participant's assets, to the extent such liquidation would not itself cause
immediate and heavy financial need; (iii) by cessation of elective contributions or participant contributions
under the Plan; or (iv) by other distributions or nontaxable (at the time of the loan) loans currently available
RESTATEMENT JANUARY 1, 1997 24 ARTICLE V (66947)
from plans maintained by the Employer or any other employer, or by borrowing from commercial sources on
reasonable commercial terms.
A request for withdrawal shall be made in such manner and in accordance with such rules as the
Employer will prescribe for this purpose (including by means of voice response or other electronic means under
circumstances the Employer permits). Withdrawals shall be a retirement benefit and shall be distributed to the
Participant according to the distribution of benefits provisions of Article VI.
RESTATEMENT JANUARY 1, 1997 25 ARTICLE V (66947)
ARTICLE VI
DISTRIBUTION OF BENEFITS
SECTION 6.01--AUTOMATIC FORMS OF DISTRIBUTION.
Unless an optional form of benefit is selected pursuant to a election within the election period (see the
ELECTION PROCEDURES SECTION of this article), the automatic form of benefit payable to or on behalf of a
Participant is determined as follows:
(a) Retirement Benefits. The automatic form of retirement benefit for a Participant who does not die
before his Annuity Starting Date shall be the Normal Form.
(b) Death Benefits. The automatic form of death benefit for a Participant who dies before his Annuity
Starting Date shall be a single-sum payment to the Participant's Beneficiary.
SECTION 6.02--OPTIONAL FORMS OF DISTRIBUTION.
(a) Retirement Benefits. The optional forms of retirement benefit shall be the following: (i) a straight
life annuity; (ii) single life annuities with certain periods of 5, 10 or 15 years; (iii) a single life
annuity with installment refund; (iv) survivorship life annuities with installment refund and
survivorship percentages of 50%, 66 2/3% or 100%; (v) fixed period annuities for any period of
whole months which is not less than 60 and does not exceed the Life Expectancy, as defined in
Article VII, of the Participant where the Life Expectancy is not recalculated; and (vi) a full
flexibility option. A single sum payment is also available.
The full flexibility option is an optional form of benefit under which the Participant receives a
distribution each calendar year, beginning with the calendar year in which his Annuity Starting
Date occurs. The Participant may elect the amount to be distributed each year (not less than
$1,000). The amount payable in his first Distribution Calendar Year, as defined in Article VII,
must satisfy the minimum distribution requirements of Article VII for such year. Distributions
for later Distribution Calendar Years, as defined in Article VII, must satisfy the minimum
distribution requirements of Article VII for such years. If the Participant's Annuity Starting Date
does not occur until his second Distribution Calendar Year, as defined in Article VII, the amount
payable for such year must satisfy the minimum distribution requirements of Article VII for both
the first and second Distribution Calendar Years, as defined in Article VII.
Election of an optional form is subject to the election provisions of the ELECTION PROCEDURES
SECTION of this article and the distribution requirements of Article VII.
Any annuity contract distributed shall be nontransferable.
(b) Death Benefits. The optional forms of death benefit are a single-sum payment and any annuity
that is an optional form of retirement benefit. However, the full flexibility option shall not be
available if the Beneficiary is not the spouse of the deceased Participant.
RESTATEMENT JANUARY 1, 1997 26 ARTICLE VI (66947)
Election of an optional form is subject to the election provisions of the ELECTION PROCEDURES
SECTION of this article and the distribution requirements of Article VII.
SECTION 6.03--ELECTION PROCEDURES.
The Participant or Beneficiary shall make any election under this section in writing. The Plan
Administrator may require such individual to complete and sign any necessary documents as to the provisions
to be made. Any election permitted under (a) and (b) below shall be subject to the election provisions of (c)
below.
(a) Retirement Benefits. A Participant may elect his Beneficiary or Contingent Annuitant and may
elect to have retirement benefits distributed under any of the optional forms of retirement benefit
available in the OPTIONAL FORMS OF DISTRIBUTION SECTION of this article.
(b) Death Benefits. A Participant may elect his Beneficiary and may elect to have death benefits
distributed under any of the optional forms of death benefit available in the OPTIONAL FORMS OF
DISTRIBUTION SECTION of this article.
If the Participant has not elected an optional form of distribution for the death benefit payable to
his Beneficiary, the Beneficiary may, for his own benefit, elect the form of distribution, in like
manner as a Participant.
(c) Election. The Participant or Beneficiary may make an election at any time during the election
period. The Participant or Beneficiary may revoke the election made (or make a new election) at
any time and any number of times during the election period.
(1) Election Period for Retirement Benefits. A Participant may make an election as to
retirement benefits at any time before the Annuity Starting Date. If the Participant elects a
full flexibility option, he may revoke his election at any time before his first Distribution
Calendar Year, as defined in Article VII. When he elects to have benefits begin again, he
shall have a new Annuity Starting Date. His election period for this election is at any time
before the Annuity Starting Date for the optional form of retirement benefit elected.
(2) Election Period for Death Benefits. A Participant may make an election as to death benefits
at any time before he dies. The Beneficiary's election period begins on the date the
Participant dies and ends on the date benefits begin.
RESTATEMENT JANUARY 1, 1997 27 ARTICLE VI (66947)
ARTICLE VII
DISTRIBUTION REQUIREMENTS
SECTION 7.01--APPLICATION.
The optional forms of distribution are only those provided in Article VI. An optional form of distribution
shall not be permitted unless it meets the requirements of this article. The timing of any distribution must meet
the requirements of this article.
SECTION 7.02--DEFINITIONS.
For purposes of this article, the following terms are defined:
Applicable Life Expectancy means Life Expectancy (or Joint and Last Survivor Expectancy) calculated
using the attained age of the Participant (or Designated Beneficiary) as of the Participant's (or
Designated Beneficiary's) birthday in the applicable calendar year reduced by one for each calendar year
which has elapsed since the date Life Expectancy was first calculated. If Life Expectancy is being
recalculated, the Applicable Life Expectancy shall be the Life Expectancy so recalculated. The applicable
calendar year shall be the first Distribution Calendar Year, and if Life Expectancy is being recalculated,
such succeeding calendar year.
Designated Beneficiary means the individual who is designated as the beneficiary under the Plan in
accordance with Code Section 401(a)(9) and the regulations thereunder.
Distribution Calendar Year means a calendar year for which a minimum distribution is required. For
distributions beginning before the Participant's death, the first Distribution Calendar Year is the calendar
year immediately preceding the calendar year which contains the Participant's Required Beginning Date.
For distributions beginning after the Participant's death, the first Distribution Calendar Year is the
calendar year in which distributions are required to begin pursuant to (e) of the DISTRIBUTION
REQUIREMENTS SECTION of this article.
Joint and Last Survivor Expectancy means joint and last survivor expectancy computed using the
expected return multiples in Table VI of section 1.72-9 of the Income Tax Regulations.
Unless otherwise elected by the Participant by the time distributions are required to begin, life
expectancies shall be recalculated annually. Such election shall be irrevocable as to the Participant and
shall apply to all subsequent years. The life expectancy of a nonspouse Beneficiary may not be
recalculated.
Life Expectancy means life expectancy computed using the expected return multiples in Table V of
section 1.72-9 of the Income Tax Regulations.
Unless otherwise elected by the Participant (or spouse, in the case of distributions described in (e)(2)(ii)
of the DISTRIBUTION REQUIREMENTS SECTION of this article) by the time distributions are required to
begin, life expectancy shall be recalculated annually. Such election shall be irrevocable as to the
RESTATEMENT JANUARY 1, 1997 28 ARTICLE VII (66947)
Participant (or spouse) and shall apply to all subsequent years. The life expectancy of a nonspouse
Beneficiary may not be recalculated.
Participant's Benefit means:
(a) The Account balance as of the last Valuation Date in the calendar year immediately preceding the
Distribution Calendar Year (valuation calendar year) increased by the amount of any contributions
or forfeitures allocated to the Account balance as of the dates in the valuation calendar year after
the Valuation Date and decreased by distributions made in the valuation calendar year after the
Valuation Date.
(b) Exception for Second Distribution Calendar Year. For purposes of (a) above, if any portion of the
minimum distribution for the first Distribution Calendar Year is made in the second Distribution
Calendar Year on or before the Required Beginning Date, the amount of the minimum distribution
made in the second Distribution Calendar Year shall be treated as if it had been made in the
immediately preceding Distribution Calendar Year.
Required Beginning Date means, for a Participant, the April 1 of the calendar year following the later of
the calendar year in which he attains age 70 1/2 or the calendar year in which he retires.
SECTION 7.03--DISTRIBUTION REQUIREMENTS.
(a) General Rules.
(1) The requirements of this article shall apply to any distribution of a Participant's interest
and shall take precedence over any inconsistent provisions of this Plan. Unless otherwise
specified, the provisions of this article apply to calendar years beginning after
December 31, 1984.
(2) All distributions required under this article shall be determined and made in accordance
with the proposed regulations under Code Section 401(a)(9), including the minimum
distribution incidental benefit requirement of section 1.401(a)(9)-2 of the proposed
regulations.
(3) With respect to distributions under the Plan made on or after June 14, 2001, for calendar
years beginning on or after January 1, 2001, the Plan will apply the minimum distribution
requirements of Code Section 401(a)(9) in accordance with the regulations under Code
Section 401(a)(9) that were proposed on January 17, 2001 (the 2001 Proposed
Regulations), notwithstanding any provision of the Plan to the contrary. If the total
amount of required minimum distributions made to a Participant for 2001 prior to
June 14, 2001, are equal to or greater than the amount of required minimum distributions
determined under the 2001 Proposed Regulations, then no additional distributions are
required for such Participant for 2001 on or after such date. If the total amount of
required minimum distributions made to a Participant for 2001 prior to June 14, 2001,
are less than the amount determined under the 2001 Proposed Regulations, then the
amount of required minimum distributions for 2001 on or after such date will be
determined so that the total amount of required minimum distributions for 2001 is the
amount determined under the 2001 Proposed Regulations. These provisions shall
RESTATEMENT JANUARY 1, 1997 29 ARTICLE VII (66947)
continue in effect until the last calendar year beginning before the effective date of final
regulations under Code Section 401(a)(9) or such other date as may be published by the
Internal Revenue Service.
(b) Required Beginning Date. The entire interest of a Participant must be distributed or begin to be
distributed no later than the Participant's Required Beginning Date.
(c) Limits on Distribution Periods. As of the first Distribution Calendar Year, distributions, if not made
in a single sum, may only be made over one of the following periods (or combination thereof):
(1) the life of the Participant,
(2) the life of the Participant and a Designated Beneficiary,
(3) a period certain not extending beyond the Life Expectancy of the Participant, or
(4) a period certain not extending beyond the Joint and Last Survivor Expectancy of the
Participant and a Designated Beneficiary.
(d) Determination of Amount to be Distributed Each Year. If the Participant's interest is to be
distributed in other than a single sum, the following minimum distribution rules shall apply on or
after the Required Beginning Date:
(1) Individual Account.
(i) If a Participant's Benefit is to be distributed over
A. a period not extending beyond the Life Expectancy of the Participant or the
Joint Life and Last Survivor Expectancy of the Participant and the Participant's
Designated Beneficiary, or
B. a period not extending beyond the Life Expectancy of the Designated
Beneficiary,
the amount required to be distributed for each calendar year beginning with the
distributions for the first Distribution Calendar Year, must be at least equal to the
quotient obtained by dividing the Participant's Benefit by the Applicable Life
Expectancy.
(ii) For calendar years beginning before January 1, 1989, if the Participant's spouse is
not the Designated Beneficiary, the method of distribution selected must assure that
at least 50 percent of the present value of the amount available for distribution is
paid within the Life Expectancy of the Participant.
•
(iii) For calendar years beginning after December 31, 1988, the amount to be distributed
each year, beginning with distributions for the first Distribution Calendar Year shall
not be less than the quotient obtained by dividing the Participant's Benefit by the
lesser of:
RESTATEMENT JANUARY 1, 1997 30 ARTICLE VII (66947)
A. the Applicable Life Expectancy, or
B. if the Participant's spouse is not the Designated Beneficiary, the applicable
divisor determined from the table set forth in Q&A-4 of section 1.401(a)(9)-2
of the proposed regulations.
Distributions after the death of the Participant shall be distributed using the
Applicable Life Expectancy in (1)(i) above as the relevant divisor without regard to
section 1.401(a)(9)-2 of the proposed regulations.
(iv) The minimum distribution required for the Participant's first Distribution Calendar
Year must be made on or before the Participant's Required Beginning Date. The
minimum distribution for other calendar years, including the minimum distribution for
the Distribution Calendar Year in which the Participant's Required Beginning Date
occurs, must be made on or before December 31 of that Distribution Calendar Year.
12) Other Forms. If the Participant's Benefit is distributed in the form of an annuity purchased
from an insurance company, distributions thereunder shall be made in accordance with the
requirements of Code Section 4011a)(9) and the proposed regulations thereunder.
(e) Death Distribution Provisions.
11) Distribution Beginning Before Death. If the Participant dies after distribution of his interest
has begun, the remaining portion of such interest will continue to be distributed at least as
rapidly as under the method of distribution being used prior to the Participant's death.
(2) Distribution Beginning After Death.
(i) If the Participant dies before distribution of his interest begins, distribution of the
Participant's entire interest shall be completed by December 31 of the calendar year
containing the fifth anniversary of the Participant's death except to the extent that
an election is made to receive distributions in accordance with A or B below:
A. if any portion of the Participant's interest is payable to a Designated
Beneficiary, distributions may be made over the life or over a period certain
not greater than the Life Expectancy of the Designated Beneficiary beginning
on or before December 31 of the calendar year immediately following the
calendar year in which the Participant died;
B. if the Designated Beneficiary is the Participant's surviving spouse, the date
distributions are required to begin in accordance with A above shall not be
earlier than the later of:
1. December 31 of the calendar year immediately following the calendar
year in which the Participant died, or
2. December 31 of the calendar year in which the Participant would have
attained age 70 1/2.
RESTATEMENT JANUARY 1, 1997 31 ARTICLE VII (66947)
(ii) If the Participant has not made an election pursuant to this (e)(2) by the time of his
death, the Participant's Designated Beneficiary must elect the method of distribution
no later than the earlier of:
A. December 31 of the calendar year in which distributions would be required to
begin under this subparagraph, or
B. December 31 of the calendar year which contains the fifth anniversary of the
date of death of the Participant.
(iii) If the Participant has no Designated Beneficiary, or if the Designated Beneficiary does
not elect a method of distribution, distribution of the Participant's entire interest
must be completed by December 31 of the calendar year containing the fifth
anniversary of the Participant's death.
(3) For purposes of (e)(2) above, if the surviving spouse dies after the Participant, but before
payments to such spouse begin, the provisions of (e)(2) above, with the exception of
(e)(2)(i)(B) therein, shall be applied as if the surviving spouse were the Participant.
(4) For purposes of this (e), distribution of a Participant's interest is considered to begin on the
Participant's Required Beginning Date (or if (e)(3) above is applicable, the date distribution is
required to begin to the surviving spouse pursuant to (e)(2) above). If distribution in the
form of an annuity irrevocably begins to the Participant before the Required Beginning Date,
the date distribution is considered to begin is the date distribution actually begins.
RESTATEMENT JANUARY 1, 1997 32 ARTICLE VII (66947)
ARTICLE VIII
TERMINATION OF THE PLAN
The Employer expects to continue the Plan indefinitely but reserves the right to terminate the Plan in
whole or in part at any time upon giving written notice to all parties concerned. Complete discontinuance of
Contributions constitutes complete termination of the Plan.
The Account of each Participant shall be fully (100%) vested and nonforfeitable as of the effective date
of complete termination of the Plan. The Account of each Participant who is included in the group of
Participants deemed to be affected by the partial termination of the Plan shall be fully (100%) vested and
nonforfeitable as of the effective date of the partial termination of the Plan. The Participant's Account shall
continue to participate in the earnings credited, expenses charged, and any appreciation or depreciation of the
Investment Fund until his Vested Account is distributed.
A Participant's Account which does not result from Elective Deferral Contributions may be distributed
to the Participant after the effective date of the complete termination of the Plan. A Participant's Account
resulting from such Contributions may be distributed upon complete termination of the Plan, but only if
neither the Employer nor any Controlled Group member maintain or establish a successor defined
contribution plan (other than a simplified employee pension plan as defined in Code Section 408(k) or a
SIMPLE IRA plan as defined in Code Section 408(p)) and such distribution is made in a lump sum. A
distribution under this article shall be a retirement benefit and shall be distributed to the Participant according
to the provisions of Article VI.
The Participant's entire Vested Account shall be paid in a single sum to the Participant as of the
effective date of complete termination of the Plan if (i) the requirements for distribution of Elective Deferral
Contributions in the above paragraph are met and (ii) the Participant's Vested Account is $5,000 or less. This
is a small amounts payment. The small amounts payment is in full settlement of all benefits otherwise payable.
Upon complete termination of the Plan, no more Employees shall become Participants and no more
Contributions shall be made.
The assets of this Plan shall not be paid to the Employer at any time, except that, after the satisfaction
of all liabilities under the Plan, any assets remaining may be paid to the Employer. The payment may not be
made if it would contravene any provision of law.
RESTATEMENT JANUARY 1, 1997 33 ARTICLE VIII (66947)
ARTICLE IX
ADMINISTRATION OF THE PLAN
SECTION 9.01--ADMINISTRATION.
Subject to the provisions of this article, the Plan Administrator has complete control of the
administration of the Plan. The Plan Administrator has all the powers necessary for it to properly carry out its
administrative duties. Not in limitation, but in amplification of the foregoing, the Plan Administrator has
complete discretion to construe or interpret the provisions of the Plan, including ambiguous provisions, if any,
and to determine all questions that may arise under the Plan, including all questions relating to the eligibility of
Employees to participate in the Plan and the amount of benefit to which any Participant, Beneficiary, or
Contingent Annuitant may become entitled. The Plan Administrator's decisions upon all matters within the
scope of its authority shall be final.
Unless otherwise set out in the Plan or Annuity Contract, the Plan Administrator may delegate
recordkeeping and other duties which are necessary for the administration of the Plan to any person or firm
which agrees to accept such duties. The Plan Administrator shall be entitled to rely upon all tables, valuations,
certificates and reports furnished by the consultant or actuary appointed by the Plan Administrator and upon all
opinions given by any counsel selected or approved by the Plan Administrator.
The Plan Administrator shall receive all claims for benefits by Participants, former Participants,
Beneficiaries, and Contingent Annuitants. The Plan Administrator shall determine all facts necessary to
establish the right of any claimant to benefits and the amount of those benefits under the provisions of the
Plan. The Plan Administrator may establish rules and procedures to be followed by claimants in filing claims for
benefits, in furnishing and verifying proofs necessary to determine age, and in any other matters required to
administer the Plan.
SECTION 9.02--EXPENSES.
Expenses of the Plan, to the extent that the Employer does not pay such expenses, may be paid out of
the assets of the Plan provided that such payment is consistent with any law to which the Plan is subject.
Such expenses include, but are not limited to, expenses for recordkeeping and other administrative services;
fees and expenses of the Annuity Contract; expenses for investment education service; and direct costs that
the Employer incurs with respect to the Plan.
SECTION 9.03--RECORDS.
All acts and determinations of the Plan Administrator shall be duly recorded. All these records, together
with other documents necessary for the administration of the Plan, shall be preserved in the Plan
Administrator's custody.
Writing (handwriting, typing, printing), photostating, photographing, microfilming, magnetic impulse,
mechanical or electrical recording, or other forms of data compilation shall be acceptable means of keeping
records.
RESTATEMENT JANUARY 1, 1997 34 ARTICLE IX (66947)
SECTION 9.04--INFORMATION AVAILABLE.
Any Participant in the Plan or any Beneficiary may examine copies of any bargaining agreement, this
Plan, the Annuity Contract or any other instrument under which the Plan was established or is operated. The
Plan Administrator shall maintain all of the items listed in this section in its office, or in such other place or
places as it may designate in order to comply with governmental regulations. These items may be examined
during reasonable business hours. Upon the written request of a Participant or Beneficiary receiving benefits
under the Plan, the Plan Administrator shall furnish him with a copy of any of these items. The Plan
Administrator may make a reasonable charge to the requesting person for the copy.
SECTION 9.05--DELEGATION OF AUTHORITY.
All or any part of the administrative duties and responsibilities under this article may be delegated by the
Plan Administrator to a retirement committee. The duties and responsibilities of the retirement committee shall
be set out in a separate written agreement.
SECTION 9.06--EXERCISE OF DISCRETIONARY AUTHORITY.
The Employer, Plan Administrator, and any other person or entity who has authority with respect to the
management, administration, or investment of the Plan may exercise that authority in its/his full discretion,
subject only to the duties imposed under any law to which the Plan is subject. This discretionary authority
includes, but is not limited to, the authority to make any and all factual determinations and interpret all terms
and provisions of the Plan documents relevant to the issue under consideration. The exercise of authority will
be binding upon all persons; will be given deference in all courts of law; and will not be overturned or set aside
by any court of law unless found to be arbitrary and capricious or made in bad faith.
RESTATEMENT JANUARY 1, 1997 35 ARTICLE IX (66947)
ARTICLE X
GENERAL PROVISIONS
SECTION 10.01--AMENDMENTS.
The Employer may amend this Plan at any time, including any remedial retroactive changes (within the
time specified by Internal Revenue Service regulations), to comply with any law or regulation issued by any
governmental agency to which the Plan is subject.
An amendment may not diminish or adversely affect any accrued interest or benefit of Participants or
their Beneficiaries nor allow reversion or diversion of Plan assets to the Employer at any time, except as may be
required to comply with any law or regulation issued by any governmental agency to which the Plan is subject.
SECTION 10.02--DIRECT ROLLOVERS.
Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee's
election under this section, a Distributee may elect, at the time and in the manner prescribed by the Plan
Administrator, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan
specified by the Distributee in a Direct Rollover.
Any distributions made under the SMALL AMOUNTS SECTION of this article (or which are small
amounts payments made under Article VIII at complete termination of the Plan) which are Eligible Rollover
Distributions and for which the Distributee has not elected to either have such distribution paid to him or to an
Eligible Retirement Plan shall be paid to the Distributee.
SECTION 10.03--PROVISIONS RELATING TO THE INSURER.
The obligations of an Insurer shall be governed solely by the provisions of the Annuity Contract. The
Insurer shall not be required to perform any act not provided in or contrary to the provisions of the Annuity
Contract. Each Annuity Contract when purchased shall comply with the Plan. See the CONSTRUCTION
SECTION of this article.
The Insurer is not a party to the Plan, nor bound in any way by the Plan provisions. It shall not be
required to look to the terms of this Plan, nor to determine whether the Employer or the Plan Administrator
have the authority to act in any particular manner or to make any contract or agreement.
Until notice of any amendment or termination of this Plan has been received by the Insurer at its home
office, the Insurer is and shall be fully protected in assuming that the Plan has not been amended or terminated
according to the latest information which it has received at its home office.
SECTION 10.04--EMPLOYMENT STATUS.
Nothing contained in this Plan gives an Employee the right to be retained in the Employer's employ or to
interfere with the Employer's right to discharge any Employee.
RESTATEMENT JANUARY 1, 1997 36 ARTICLE X (66947)
SECTION 10.05--RIGHTS TO PLAN ASSETS.
An Employee shall not have any right to or interest in any assets of the Plan upon termination of
employment or otherwise except as specifically provided under this Plan, and then only to the extent of the
benefits payable to such Employee according to the Plan provisions.
Any final payment or distribution to a Participant or his legal representative or to any Beneficiaries or
Contingent Annuitant of such Participant under the Plan provisions shall be in full satisfaction of all claims
against the Plan, the Plan Administrator, the Insurer, and the Employer arising under or by virtue of the Plan.
SECTION 10.06--BENEFICIARY.
Each Participant may name a Beneficiary to receive any death benefit (other than any income payable to
a Contingent Annuitant) that may arise out of his participation in the Plan. The Participant may change his
Beneficiary from time to time. The Participant's Beneficiary designation and any change of Beneficiary shall be
subject to the provisions of the ELECTION PROCEDURES SECTION of Article VI. It is the responsibility of the
Participant to give written notice to the Insurer of the name of the Beneficiary on a form furnished for that
purpose.
With the Employer's consent, the Plan Administrator may maintain records of Beneficiary designations
for Participants before their Retirement Dates. In that event, the written designations made by Participants
shall be filed with the Plan Administrator. If a Participant dies before his Retirement Date, the Plan
Administrator shall certify to the Insurer the Beneficiary designation on its records for the Participant.
If there is no Beneficiary named or surviving when a Participant dies, the Participant's Beneficiary shall
be the Participant's surviving spouse, or where there is no surviving spouse, the executor or administrator of
the Participant's estate.
SECTION 10.07--CONSTRUCTION.
The validity of the Plan or any of its provisions is determined under and construed according to Federal
law and, to the extent permissible, according to the laws of the state in which the Employer has its principal
office. In case any provision of this Plan is held illegal or invalid for any reason, such determination shall not
affect the remaining provisions of this Plan, and the Plan shall be construed and enforced as if the illegal or
invalid provision had never been included.
In the event of any conflict between the provisions of the Plan and the terms of any Annuity Contract
issued hereunder, the provisions of the Plan control.
SECTION 10.08--LEGAL ACTIONS.
No person employed by the Employer; no Participant, former Participant, or their Beneficiaries; nor any
other person having or claiming to have an interest in the Plan is entitled to any notice of process. A final
judgment entered in any such action or proceeding shall be binding and conclusive on all persons having or
claiming to have an interest in the Plan.
RESTATEMENT JANUARY 1, 1997 37 ARTICLE X (66947)
SECTION 10.09--SMALL AMOUNTS.
If the Vested Account of a Participant is $5,000 or less ($3,500 or less for Plan Years beginning before
August 6, 1997), his entire Vested Account shall be paid in a single sum as of the earliest of his Retirement
Date, the date he dies, or the date he ceases to be an Employee for any other reason (the date the Employer
provides notice to the record keeper of the Plan of such event, if later). On and after the first Plan Year
beginning on or after August 6, 1997, if a Participant would have received a distribution under the first
sentence of this paragraph but for the fact that the Participant's Vested Account exceeded the small amount
cash out limit, and if at a later time the Participant's Vested Account is equal to or less than the small
amount cash out limit and such Participant has not again become an Employee, such Vested Account shall
be paid in a single sum. This is a small amounts payment.
If a small amounts payment is made as of the date the Participant dies, the small amounts payment
shall be made to the Participant's Beneficiary. If a small amounts payment is made while the Participant is
living, the small amounts payment shall be made to the Participant. The small amounts payment is in full
settlement of benefits otherwise payable.
No other small amounts payments shall be made.
SECTION 10.10--WORD USAGE.
The masculine gender, where used in this Plan, shall include the feminine gender and the singular words,
as used in this Plan, may include the plural, unless the context indicates otherwise.
The words "in writing" and "written," where used in this Plan, shall include any other forms, such as
voice response or other electronic system, as permitted by any governmental agency to which the Plan is
subject.
SECTION 10.11--MILITARY SERVICE.
Notwithstanding any provision of this Plan to the contrary, the Plan shall provide contributions, benefits,
and service credit with respect to qualified military service in accordance with Code Section 414(u).
RESTATEMENT JANUARY 1, 1997 38 ARTICLE X (66947)
By executing this Plan, the Employer acknowledges having counseled to the extent necessary with
selected legal and tax advisors regarding the Plan's legal and tax implications.
Executed this Fifth day of naremher , 7001
WELD COUNTY
By:
M. J. Geile
Chair Board of Wald County Commissioners
/405'01001) Title
Defined Contribution Plan 8.0
RESTATEMENT JANUARY 1, 1997 39 PLAN EXECUTION (66947)
O206/--332/
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