PENSION SPECIALISTS, INC.
|
PENSION
SPECIALISTS, INC.
|
|
PROFIT
SHARING/401 (K) PLAN
|
By
executing this Profit Sharing/401 (k) plan Adoption Agreement (the ?Agreement?)
under the Pension Specialists, Inc. Plan, the Employer agrees to establish
or
continue a profit sharing plan or a profit sharing plan with a 401(k) feature,
as selected below, for its Employees. The plan adopted by the Employer consists
of the Basic Plan Document (the ?BPD?) and the elections made under this
Agreement (collectively referred to as the ?Plan?). A Related Employer may
jointly co-sponsor the Plan by signing a Co-Sponsor Adoption Page, which
is
attached to this Agreement. (See Section 22.164 of the BPD for the definition
of
a Related Employer.) This Plan is effective as of the Effective Date identified
on the Signature Page of this Agreement.
1. Employer
Information
|
a.
|
Name
and address of Employer executing the Signature Page of this
Agreement: Capital
Corp of the West ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇______
|
b.
Employer
Identification Number (EIN) for the Employer: 77-0405791_________
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c.
|
Business
entity of Employer
(optional):
|
[X]
(1)
C-Corporation
[
] (2) S-Corporation
[
] (3) Limited Liability Corporation
[
] (4) Sole Proprietorship
[
] (5) Partnership
[
] (6) Limited Liability Partnership
[
] (7) Government
[
] (8) Other ______
d.Last
day of Employer?s taxable year (optional):
December
31__________
|
e.
|
Does
the Employer have any Related Employers
(as defined in Section 22.164 of the
BPD)?
|
[
] (1) Yes [X] (2) No
|
f.
|
If
e. is yes, list the Related Employers
(optional):__________________________
|
[Note:
This
Plan will cover Employees of a Related Employer only if such Related Employer
executes a CoSponsor Adoption Page. Failure to cover the Employees of a Related
Employer may result in a violation of the minimum coverage rules under Code
?410(b). See Section 1.3 of the BPD.]
2. Plan
Information
|
a.
|
Name
of Plan:
Capital
Corp of the West 401(k) Plan
|
b.
Plan
number
(as
identified on the Form 5500 series filing for the Plan): 003
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c.
|
Trust
identification number
(optional):___________________________________
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d.
Plan
Year:
[Check
(1) or (2). Selection (3) may be selected in addition to (1) or (2) to identify
a Short Plan Year.]
[X]
(1) The
calendar year.
[ ]
(2) The
12-consecutive month period ending _______.
[
] (3) The
Plan
has a Short Plan Year beginning ______ and ending ________.
3. Types
of Contributions
The
following types of contributions are authorized under this Plan. The selections
made below should correspond with the selections made under Parts 4A, 4B,
4C, 4D
and 4E of this Agreement.
[X]
a. Section
401(k) Deferrals
(see
Part 4A).
[X]
b. Employer
Matching Contributions
(see
Part 4B).
[X]
c. Employer
Nonelective Contributions
(see
Part 4C).
[
] d. Employee
After Tax Contributions
(see
Part 4D).
[
] e. Safe
Harbor Matching Contributions
(see
Part 4E, #27).
[
] f. Safe
Harbor Nonelective Contributions
(see
Part 4E, #28).
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[
] g.
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None.
This Plan is a frozen Plan effective ___ (see Section 2.1(d) of
the
BPD).
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Part
I Eligibility Conditions
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(See
Article 1 of the BPD)
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4.
|
Excluded
Employees.
[Check a. or any combination of b. - f. for those contributions
the
Employer elects to make under Part 4 of this Agreement. See Section
1.2 of
the BPD for rules regarding the determination of Excluded Employees
for
Employee After-Tax Contributions, QNECs, QMACs and Safe Harbor
Contributions.]
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(1)
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(2)
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(3)
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||
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?401(k)
Deferrals
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Employer
Match
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Employer
Nonelective
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a.
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[
]
|
[
]
|
[
]
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No
excluded categories of Employees.
|
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b.
|
[
]
|
[
]
|
[
]
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Union
Employees (see Section 22.202 of the BPD).
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c.
|
[
]
|
[
]
|
[
]
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Nonresident
Alien Employees (see Section 22.124 of the BPD).
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|
d.
|
[
]
|
[
]
|
[
]
|
Leased
Employees (see Section 1.2(b) of the BPD).
|
|
e.
|
[
]
|
[
]
|
[
]
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Highly
Compensated Employees (see Section 22.99 of the BPD).
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f.
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[X]
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[X]
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[X]
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(Describe
Excluded Employees):
Directors acting solely in that
capacity.
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5.
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Minimum
age and service conditions for becoming an Eligible
Participant.
[Check a. or check b. and/or any one of c. - e. for those contributions
the Employer elects to make under Part 4 of this Agreement. Selection
f.
may be checked instead of or in addition to any selections under
b. - e.
See Section 1.4 of the BPD for the application of the minimum age
and
service conditions for purposes of Employee After - Tax Contributions,
QNECs, QMACs and Safe Harbor Contributions. See Part 7 of this
Agreement
for special service crediting
rules.]
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(1)
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(2)
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(3)
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||
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?401(k)
Deferrals
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Employer
Match
|
Employer
Nonelective
|
||
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a.
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[
]
|
[
]
|
[
]
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None
(conditions are met on Employment Commencement Date).
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b.
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[X]
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[X]
|
[X]
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Age
21 (cannot exceed age 21).
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c.
|
[
]
|
[
]
|
[
]
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One
Year of Service.
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d.
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[X]
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[X]
|
[X]
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3
consecutive months (not more than 12) during which the Employee
completes
at least ...j.. Hours of Service (cannot exceed 1,000). If an Employee
does not satisfy this requirement in the first designated period
of months
following his/her Employment Commencement Date, such Employee will
be
deemed to satisfy this condition upon completing a Year of Service
(as
defined in Section 1.4(b) of the BPD).
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|
e.
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[
]
|
[
]
|
[
]
|
Two
Years of Service. [Full and immediate vesting must be selected
under Part
6 of this Agreement.]
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f.
|
[
]
|
[
]
|
[
]
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(Describe
eligibility conditions):
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|
[Note:
Any conditions provided under f. must be described in a manner
that
precludes Employer discretion and must satisfy the nondiscrimination
requirements of ?1 .401(a) (4) of the regulations, and may not
cause the
Plan to violate the provisions of Code
?410(a).]
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|
[X]
6.
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Dual
eligibility.
Any Employee (other than an Excluded Employee) who is employed
on the date
designated under a. or b. below, as applicable, is deemed to be
an
Eligible Participant as of the later of the date identified under
this #6
or the Effective Date of this Plan, without regard to any Entry
Date
selected under Part 2. See Section 1 .4(d)(2) of the BPD. [Note:
If this #6 is checked, also check a. orb. If this #6 is not checked,
the
provisions of Section 1.4(d)(1) of the BPD
apply.]
|
[
] a. The
Effective Date of this Plan.
[X] b. (Identify
date) Employees
of Regency Investment Advisors. Inc. shall enter thePlan
on the acquisition date, April 26, 2002.
[Note:
Any
date specified under b. may not cause the Plan to violate the provisions
of Code
?410(a). See Section 1.4 of the BPD.]
|
Part
2 Commencement of
Participation
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(See
Section 1.5 of the BPD)
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7.
|
Entry
Date upon which participation begins after completing minimum age
and
service conditions under Part 1, #5 above.
[Check one of a. - e. for those contributions the Employer elects
to make
under Part 4 of this Agreement. See Section 1.5 of the BPD for
determining
the Entry Date applicable to Employee After-Tax Contributions,
QNECs,
QMAC5 and Safe Harbor
Contributions.]
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|
(1)
|
(2)
|
(3)
|
||
|
?401(k)
Deferrals
|
Employer
Match
|
Employer
Nonelective
|
||
|
a.
|
[
]
|
[
]
|
[
]
|
The
next following Entry Date (as defined in #8 below).
|
|
b.
|
[X]
|
[X]
|
[X]
|
The
Entry Date (as defined in #8 below) coinciding with or next following
the
completion of the age and service conditions.
|
|
c.
|
N/A
|
[
]
|
[
]
|
The
nearest Entry Date (as defined in #8 below).
|
|
d.
|
N/A
|
[
]
|
[
]
|
The
preceding Entry Date (as defined in #8 below).
|
|
e.
|
[
]
|
[
]
|
[
]
|
The
date the age and service conditions are satisfied. [Also check
#8.e. below
for the same type of contribution(s) checked
here.]
|
|
8.
|
Definition
of Entry Date.
[Check one of a. - e. for those contributions the Employer elects
to make
under Part 4 of this Agreement. Selection f. may be checked instead
of or
in addition to a. - e. See Section 1.5 of the BPD for determining
the
Entry Date applicable to Employee After-Tax Contributions, QNECs,
QMACs
and Safe Harbor Contributions.]
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|
(1)
|
(2)
|
(3)
|
|||
|
?401(k)
Deferrals
|
Employer
Match
|
Employer
Nonelective
|
|||
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a.
|
[
]
|
[
]
|
[
]
|
The
first day of the Plan Year and the first day of 7th month of the
Plan
Year.
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|
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b.
|
[X]
|
[X]
|
[X]
|
The
first day of each quarter of the. Plan Year.
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|
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c.
|
[
]
|
[
]
|
[
]
|
The
first day of each month of the Plan Year.
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|
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d.
|
[
]
|
[
]
|
[
]
|
The
first day of the Plan Year. [If #7.a. or #7.b. above is checked
for the
same type of contribution as checked here, see the restrictions
in Section
1.5(b) of the BPD.]
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|
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e.
|
[
]
|
[
]
|
[
]
|
The
date the conditions in Part 1, #5. above are satisfied. [This e.
should be
checked for a particular type of contribution only if #7.e. above
is also
checked for that type of contribution.]
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|
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f.
|
[
]
|
[
]
|
[
]
|
(Describe
Entry Date) __________________________
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|
|
[Note:
Any Entry Date designated in f. must comply with the requirements
of Code
?410(a) (4) and must satisfy the nondiscrimination requirements
under
?1.401(a) (4) of the regulations. See Section 1.5(a) of the
BPD.]
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|||||
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Part
3 Compensation Definitions
|
|||||
(See
Sections 22.102 and 22.197 of the BPD)
9. Definition
of Total Compensation:
[X] a. W-2
Wages.
[
] b. Withholding
Wages.
[
] c. Code
?415
Safe Harbor Compensation.
[Note:
Each of
the above definitions is increased for Elective Deferrals (as defined in
Section
22.61 of the BPD, for pre-tax contributions to a cafeteria plan or a Code
?457
plan, and for qualified transportation fringes under Code ?132(f) (4). See
Section 22.197 of the BPD.]
|
10.
|
Definition
of Included Compensation
for allocation of contributions or forfeitures: [Check a. orb.
for those
contributions the Employer elects under Part 4 of this Agreement.
If b. is
selected for a particular contribution, also check any combination
of c.
through]. for that type of contribution. See Section 22.102 of
the BPD for
determining Included Compensation for Employee After-Tax Contributions,
QNECs, QMAC5 and Safe Harbor
Contributions.]
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|
(1)
|
(2)
|
(3)
|
||||
|
?401(k)
Deferrals
|
Employer
Match
|
Employer
Nonelective
|
||||
|
a.
|
[
]
|
[
]
|
[
]
|
Total
Compensation, as defined in #9 above.
|
||
|
b.
|
[X]
|
[X]
|
[X]
|
Total
Compensation, as defined in #9 above, with the following
exclusions:
|
||
|
c.
|
N/A
|
[
]
|
[
]
|
Elective
Deferrals, pre-tax contributions to a cafeteria plan or a Code
?457 plan,
and qualified transportation fringes under Code ?132(f)(4) are
excluded.
See Section 22.102 of the BPD.
|
||
|
d.
|
[X]
|
[X]
|
[X]
|
Fringe
benefits, expense reimbursements, deferred compensation, and welfare
benefits are excluded.
|
||
|
e.
|
[
]
|
[
]
|
[
]
|
Compensation
above $______ is excluded.
|
||
|
f.
|
[
]
|
[
]
|
[
]
|
Bonuses
are excluded.
|
||
|
g.
|
[
]
|
[
]
|
[
]
|
Commissions
are excluded.
|
||
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h.
|
[
]
|
[
]
|
[
]
|
Overtime
is excluded.
|
||
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I.
|
[
]
|
[
]
|
[
]
|
Amounts
paid for services performed for a Related Employer that does not
execute
the Co-Sponsor Adoption Page under this Agreement are
excluded.
|
||
|
j.
|
[X]
|
[X]
|
[X]
|
(Describe
modifications to Included Compensation): Income
derived from the exercise of stock options and director?s fees
are
excluded.
|
||
[Note:
Unless
otherwise provided under]., any exclusions selected under f. through j. above
do
not apply to Nonhighly Compensated Employees in determining allocations under
the Permitted Disparity Method under Part 4C, #21.b. of this Agreement or
for
purposes of applying the Safe Harbor 401(k) Plan provisions under Part 4E
of
this Agreement.]
[
] 11. Special
rules.
[
] a. Highly
Compensated Employees only. For all purposes under the Plan, the
modifications
to
Included Compensation elected in #10.f. through #10.j. above will apply only
to
Highly Compensated Employees.
[
] b. Measurement
period (see the operating rules under Section 2.2(c)(3) of the BPD).
Instead
of
the
Plan Year, Included Compensation is determined on the basis of the period
elected under (1) or (2) below.
[
] (1)
The
calendar year ending in the Plan Year.
[
] (2)
The
12-month period ending on ______ which ends during the Plan Year.
[Note:
If
this selection b. is checked, Included Compensation will be determined on
the
basis of the period designated in (1) or (2) for all contribution types.
If this
selection b. is not checked, Included Compensation is based on the Plan Year.
See Part 4 for the ability to use partial year Included
Compensation.]
[Practitioner
Tip: If #1 1.b is checked, it is recommended that the Limitation Year for
purposes of applying the Annual Additions Umitation under Code ?415 correspond
to the period used to determine Included Compensation. This modification
to the
Limitation Year may be made in Part 13, #69.a. of this
Agreement.]
|
Part
4A - Section 401(k) Deferrals
|
(See
Section 2.3(a) of the BPD)
|
[X]
|
Check
this selection and complete the applicable sections of this Part
4A to
allow for Section 401(k) Deferrals under the
Plan.
|
[
] 12. Section
401(k) Deferral limit.
___%of
Included Compensation. [If this#12 is not
checked,
the Code ?402(g)
deferral
limit described in Section 17.1 of the BPD and the Annual Additions Limitation
under Article 7 of the BPD still apply.]
[
] a. Applicable
period.
The
limitation selected under #12 applies with respect to Included
Compensation
earned during:
[
] (1)
the Plan Year.
[
] (2) the portion of the Plan Year in which the Employee is an Eligible
Participant.
[
] (3) each separate payroll period during which the Employee is an Eligible
Participant.
[Note:
If
Part 3, #1 lb. is checked, any period selected under this a. will be determined
as if the Plan Year were the period designated under Part 3, #1 1.b. See
Section
2.2(c) (3) of the BPD.]
[
] b. Limit
applicable only to Highly Compensated Employees.
[If
this b. is not checked,
any
limitation selected under #12 applies to all Eligible
Participants.)
[
] (1) The limitation selected under #12 applies only to Highly Compensated
Employees.
[
] (2) The limitation selected under #12 applies only to Nonhighly
Compensated
Employees.
Highly Compensated Employees may defer up to _% of Included Compensation
(as
determined under a. above). [The percentage inserted in this (2) for Highly
Compensated Employees must be lower than the percentage inserted in #12 for
Nonhighly Compensated Employees.]
|
[X]
13.
|
Minimum
deferral rate:
[If this #13 is not checked, no minimum deferral rate applies to
Section
401(k) Deferrals under the Plan.]
|
[X] a. _1_%
of
Included Compensation for a payroll period. b. $ for a payroll
period.
[
] b. $__
for
payroll period.
[
] 14. Automatic
deferral election.
(See
Section 2.3(a)(2) of the BPD.) An Eligible Participant will
automatically
defer
_%
of Included Compensation for each payroll period, unless the Eligible
Participant makes a contrary Salary Reduction Agreement election on or after___.
This automatic deferral election will apply to:
[
] a. all
Eligible Participants.
[
] b. only
those Employees who become Eligible Participants on or after the following
date:
_______________________________________________________________________
[
] 15. Effective
Date.
If this
Plan is being adopted as a new 401(k) plan or to add a 401(k) feature to
an
existing plan, Eligible Participants may begin making Section 401(k) Deferrals
as
of:_
|
Part
4B Employer Matching
Contributions
|
(See
Sections 2.3(b) and (c) of the BPD)
|
[X]
|
Check
this selection and complete this Part 4B to allow for Employer
Matching
Contributions.
Each formula allows for Employer Matching Contributions to be allocated
to
Section 401(k) Deferrals and/or Employee After-Tax Contributions
(referred
to as ?applicable contributions?). If a matching formula applies
to both
types of contributions, such contributions are aggregated to determine
the
Employer Matching Contribution allocated under the formula. If
any formula
applies to Employee After-Tax Contributions, Part 4D must be completed.
[Note: Do not check this selection if the giy Employer Matching
Contributions authorized under the Plan are Safe Harbor Matching
Contributions. Instead, complete the applicable elections under
Part 4E of
this Agreement If a ?regular? Employer Matching Contribution will
be made
in addition to a Safe Harbor Matching Contribution, complete this
Part 48
for the ?regular? Employer Matching Contribution and Part 4E for
the Safe
Harbor Matching Contribution. To avoid ACP Testing with respect
to any
?regular? Employer Matching Contributions, such contributions may
not be
based on applicable contributions in excess of 6% of Included Compensation
and any discretionary ?regular? Employer Matching Contributions
may not
exceed 4% of Included
Compensation.]
|
16. Employer
Matching Contribution formula(s):
[See
the operating rules under #17 below.]
|
(1)
|
(2)
|
||||||
|
?401(k)
Deferrals
|
Employee
After-Tax
|
||||||
|
a.
|
[
]
|
[
]
|
Fixed
matching contribution.
...._% of each Eligible Participant?s applicable contributions.
The
Employer Matching Contribution does not apply to applicable
contributions
that exceed:
|
||||
|
[
] (a) % of Included Compensation.
|
|||||||
|
[
] (b) $__.
|
|||||||
|
[Note:
If neither (a) nor (b) is checked all applicable contributions
are
eligible for the Employer Matching Contribution under this
formula.]
|
|||||||
|
b.
|
[X]
|
[
]
|
Discretionary
matching contribution.
A
uniform percentage, as determined by the Employer, of each
Eligible
Participant?s applicable contributions.
|
||||
|
[
] (a) The Employer Matching Contribution allocated to any
Eligible
Participant may not exceed .___% of Included
Compensation.
|
|||||||
|
[X]
(b) The Employer Matching Contribution will apply only to
a Participant?s
applicable contributions that do not exceed:
|
|||||||
|
[
] 1.__% of Included Compensation.
|
|||||||
|
[
] 2. $__.
|
|||||||
|
[X]
3. a dollar amount or percentage of Included Compensation
that is
uniformly determined by the Employer for all Eligible
Participants.
|
|||||||
|
[Note:
If none of the selections 1. 3. is checked, all applicable
contributions
are eligible for the Employer Matching Contribution under
this
formula.]
|
|||||||
|
c.
|
[
]
|
[
]
|
Tiered
matching contribution.
A
uniform percentage of each tier of each Eligible Participant?s
applicable
contributions, determined as follows:
|
||||
|
Tiers
of contributions
|
Matching
percentage
|
||||||
|
|
|
|
|
(indicate
$ or %)
|
|
||
|
|
|
|
|
(a)
First _______________
|
(b)
_______________
|
||
|
|
|
|
|
(c)
Next _______________
|
(d)
_______________
|
||
|
|
|
|
|
(e)
Next _______________
|
(f)
________________
|
||
|
|
|
|
|
(g)
Next _______________
|
(h)
_______________
|
||
|
[Note:
Fill in only percentages or dollar amounts but not both.
If percentages
are used each tier represents the amount of the Participant?s
applicable
contributions that equals the specified percentage of the
Participant?s
Included Compensation.]
|
|||||||
|
d.
|
[
]
|
[
]
|
Discretionary
tiered matching contribution.
The Employer will determine a matching percentage for each
tier of each
Eligible Participant?s applicable contributions. Tiers are
determined in
increments of:
|
||||
|
Tiers
of contributions
|
|||||||
|
(indicate
$ or %)
|
|||||||
|
(a)
First _______________
|
|
||||||
|
|
|
|
|
(b)
Next _______________
|
|
||
|
|
|
|
|
(c)
Next _______________
|
|
||
|
|
|
|
|
(d)
Next _______________
|
|||
|
[Note:
Fill in only percentages or dollar amounts but not both.
If percentages
are used each tier represents the amount of the Participant?s
applicable
contributions that equals the specified percentage of the
Participant?s
Included Compensation.]
|
|||||||
|
e.
|
[
]
|
[
]
|
Year
of Service matching contribution.
A
uniform percentage of each Eligible Participants applicable
contributions
based on Years of Service with the Employer, determined as
follows:
|
||
|
Matching
Percentage
|
|||||
|
(b)
_______________%
|
|||||
|
(d)
_______________%
|
|||||
|
(f)
_______________%
|
|||||
| [ ]1. |
In
applying the Year of Service matching contribution formula,
a Year of
Service is: [If not checked, a Year of Service is 1,000 Hours
of Service
during the Plan Year.]
|
||||
|
[
] a. as defined for purposes of eligibility under Part
7.
|
|||||
|
[
] b. as defined for purposes of vesting under Part 7.
|
|||||
|
[
] 2.
|
Special
limits on Employer Matching Contributions under the Year of
Service
formula:
|
||||
|
[
] a. The Employer Matching Contribution allocated to any Eligible
Participant may not exceed _% of Included Compensation.
|
|||||
|
[
] b. The Employer Matching Contribution will apply only to
a Participant?s
applicable contributions that do not exceed:
|
|||||
|
[
] (1) __% of Included Compensation.
|
|||||
|
[
]
(2) $__.
|
|||||
|
f.
|
[
]
|
[
]
|
Net
Profits.
Any Employer Matching Contributions made in accordance with
the elections
under this #16 are limited to Net Profits. [If this f. is checked,
also
select (a) or (b) below.]
|
||
|
[
] (a)
|
Default
definition of Net Profits.
For purposes of this selection f., Net Profits is defined in
accordance
with Section 2.2(a)(2) of the BPD.
|
||||
|
[
] (b)
|
Modified
definition of Net Profits.
For purposes of this selection f., Net Profits is defined as
follows:
|
||||
|
[Note:
Any definition of Net Profits under this (b) must be described
in a manner
that precludes Employer discretion and must satisfy the nondiscrimination
requirements of 1.401(a) (4) of the regulations and must apply
uniformly
to all Participants.]
|
|||||
17. Operating
rules for applying the matching contribution formulas:
|
a.
|
Applicable
contributions taken into account:
(See Section 2.3(b)(3) of the BPD.) The matching contribution
formula(s)
elected in #16. above (and any limitations on the amount of
a
Participant?s applicable contributions considered under such
formula(s))
are applied separately for each:
|
|
|
[X]
(1) Plan Year.
|
[
] (2) Plan Year quarter.
|
|
|
[
] (3) calendar month.
|
[
] (4) payroll period.
|
|
|
[Note:
If Part 3 #1 1.b. is checked the period selected under this
a. (to the
extent such period refers to the Plan Year) will be determined
as if the
Plan Year were the period designated under Part 3 #1 1.b. See
Section 2.
2(c)(3) of the BPD.]
|
||
|
b.
|
Special
rule for partial period of participation.
If an Employee is an Eligible Participant for only part of
the period
designated in a. above, Included Compensation is taken into
account
for:.
|
|
|
[X]
(1) the entire period, including the portion of the period
during which
the Employee is not an Eligible Participant.
|
||
|
[ ] (2) the portion of the period in which
the Employee is an
Eligible Participant.
|
||
|
[
] (3) the portion of the period during which the Employee?s
election to
make the applicable contributions is in
effect.
|
||
|
[
]
18.
|
Qualified
Matching Contributions
(QMACs): [Note: Regardless of any elections under this #18, the
Employer
may make a QMAC to the Plan to correct a failed ADP or ACP Test,
as
authorized under Sections 17.2(d) (2) and 17.3(d) (2) of the BPD.
Any QMAC
allocated to correct the ADP or A CP Test which is not specifically
authorized under this #18 will be allocated to all Eligible Participants
who are Nonhighly Compensated Employees as a uniform percentage
of Section
401(k) Deferrals made during the Plan Year. See Section 2.3(c)
of the
BPD.]
|
|
[
]
|
a.
|
All
Employer Matching Contributions are designated as
QMACs.
|
|||||
|
[
]
|
b.
|
Only
Employer Matching Contributions described in selection(s) under
#16 above
are designated as QMACs.
|
|||||
|
[
]
|
c.
|
In
addition to any Employer Matching Contribution provided under #16
above,
the Employer may make a discretionary QMAC that is allocated equally
as a
percentage of Section 401(k) Deferrals made during the Plan Year.
The
Employer may allocate QMACs only on Section 401(k) Deferrals that
do not
exceed a specific dollar amount or a percentage of Included Compensation
that is uniformly determined by the Employer. QMACs will be allocated
to:
|
|||||
|
[
]
|
(1)
|
Eligible
Participants who are Nonhighly Compensated Employees.
|
|||||
|
[
]
|
(2)
|
all
Eligible Participants.
|
|||||
|
[
] 19.
|
Allocation
conditions.
An Eligible Participant must satisfy the following allocation conditions
for an Employer Matching Contribution: [Check a. orb. or any combination
of c. - f. Selection e. may not be checked if b. or d. is checked.
Selection g. and/or h. may be checked in addition to b. -
f]
|
[
] a. None.
[
] b. Safe
harbor allocation condition. An Employee must be employed by the Employer
on
the
last
day
of the Plan Year OR must have more than____ (not more than 500) Hours of
Service
for the Plan Year.
[X] c. Last
day
of employment condition. An Employee must be employed with the Employer
on
the
last day of the Plan Year.
[X] d. Hours
of
Service condition. An Employee must be credited with at least 1,000 Hours
of
Service
(may) not exceed 1,000) during the Plan Year.
[
] e. Elapsed
Time Method. (See Section 2.6(d) of the BPD.)
[
] (1) Safe
harbor allocation condition. An Employee must be9mployed by the
Employer
on the last day of the Plan Year OR must have more than __ (not more than
91)
days of employment with the Employer during the Plan Year.
[
] (2) Service
condition. An Employee must have more than ? (not more than
182)
days
of employment with the Employer during the Plan Year.
[
] f. Distribution
restriction. An Employee must not have taken a distribution of the
applicable
contributions eligible for an Employer Matching Contribution prior to the
end of
the period for which the Employer Matching Contribution is being made (as
defined in
#1 7.a. above). See Section 2.6(c) of the BPD.
[
] g. Application
to a specified period. In applying the allocation condition(s) designated
under
b.
through e. above, the allocation condition(s) will be based on the period
designated under #1 7.a. above. In applying an Hours of Service condition
under
d. above, the following method will be used: [This g. should be checked only
if
a period other than the Plan Year is selected under #17. a. above. Selection
(1)
or (2) must be selected only if d. above is also checked.]
[
] (1) Fractional
method (see Section 2.6(e)(2)(i) of the BPD).
[
] (2) Period-by-period
method (see Section 2.6(e)(2)(ii) of the BPD).
[Practitioner
Note: If this g. is not checked, any allocation condition(s) selected under
b.
through e. above will apply with respect to the Plan Year, regardless of
the
period selected under #1 7.a. above. See Section 2.6(e) of the BPD for
procedural rules for applying allocation conditions for a period other than
the
Plan Year.]
[
] h. The
above
allocation condition(s) will not apply if:
[
] (1) the
Participant dies during the Plan Year.
[
] (2) the
Participant is Disabled.
[
] (3) the
Participant, by the end of the Plan Year, has reached:
[
] (a) Normal
Retirement Age.
[
] (b) Early
Retirement Age.
|
Part
4C Employer Nonelective
Contributions
|
(See
Sections 2.3(d) and (e) of the BPD)
|
[X]
|
Check
this selection and complete this Part 4C to allow for Employer
Nonelective
Contributions.
[Note: Do not check this selection if the gy Employer Nonelective
Contributions authorized under the Plan are Safe Harbor Nonelective
Contributions. Instead, complete the applicable elections under
Part 4E of
this Agreement.]
|
[X]
20. Employer
Nonelective Contribution
(other
than QNECs):
[X] a. Discretionary.
Discretionary with the Employer.
[
] b. Fixed
uniform percentage.
_% of
each Eligible Participants Included Compensation.
[
] c. Uniform
dollar amount.
[
] (1) A
uniform
discretionary dollar amount for each Eligible Participant.
[
] (2) $___
for
each Eligible Participant.
[
] ▇. ▇▇▇▇▇-▇▇▇▇▇
Contribution Formula.
(See
Section 2.2(a)(1) of the BPD for rules
regarding
the application of the ▇▇▇▇▇-▇▇▇▇▇ Contribution Formula.) The Employer will
make
a contribution for each Eligible Participant?s ▇▇▇▇▇-▇▇▇▇▇ Act Service based
on
the hourly contribution rate for the Participant?s employment classification,
as
designated under Schedule A of this Agreement. The contributions under this
formula will be allocated under the Pro Rata Allocation Formula under #21
a.
below, but based on the amounts designated in Schedule A as attached to this
Agreement. [If this d. is selected, #21.a. below also must be
selected.]
[
] (1) The
contributions under the ▇▇▇▇▇-▇▇▇▇▇ Contribution Formula will
offset
the following contributions under the Plan: [Check (a) and/or (b). If this
(1)
is not checked, contributions under the ▇▇▇▇▇ ▇▇▇▇▇ Contribution
Formula
will not offset any other Employer Contributions under the Plan.]
[
] (a) Employer
Nonelective Contributions
[
] (b) Employer
Matching Contributions
[
] (2) The
default provisions under Section 2.2(a)(1) are modified as follows:
[Note:
Any modification to the default provisions under (2) must satisfy the
nondiscrimination requirements under ?1.401(a) (4) of the regulations. Any
modification under (2) will not allow the offset of any contributions to
any
other Plan.]
[
] e. Net
Profits.
Check
this e. if the contribution selected above is limited to Net Profits. [If
this
e.
is
checked, also select (1) or (2) below]
[
] (1) Default
definition of Net Profits. For purposes of this subsection e., Net
Profits
is defined in accordance with Section 2.2(a)(2) of the BPD.
[
] (2) Modified
definition of Net Profits. For purposes of this subsection e., Net
Profits
is defined as follows: __________________________________
[Note:
Any definition of Net Profits under this (2) must be described in a manner
that
precludes Employer discretion, must satisfy the nondiscrimination requirements
of ?1.401(a) (4) of the regulations, and must apply uniformly to all
Participants.]
[
] f. Safe
Harbor Contributions.
The
Employer will make a contribution to this Plan designed
to
satisfy the Safe Harbor 401(k) Plan provisions under the [Insert Plan Name].
The
amount of the Safe Harbor Contribution is determined under the above referenced
plan. Any Employer Nonelective Contributions designated under this #20 are
in
addition to the Safe Harbor Contribution. Any Safe Harbor Contribution made
under this f. must satisfy the Safe Harbor Contribution requirements described
in Section I 7.6(a)(1) of the BPD. See Section 1 7.6(a)(1 )(ii)(B) of the
BPD
for rules regarding the allocation of the Safe Harbor Contribution under
this
Agreement.
[X] 21. Allocation
formula for Employer Nonelective Contributions
(other
than QNECs): (See Section
2.3(d)
of
the B PD.)
[X] a. Pro
Rata Allocation Method.
The
allocation for each Eligible Participant is a
uniform
percentage of Included Compensation (or a uniform dollar amount if #20.c.
is
selected above).
[
] b. Permitted
Disparity Method.
The
allocation for each Eligible Participant is
determined
under the following formula: [Selection #20.a. above must also be
checked.]
[
] (1) Two-Step
Formula.
[
] (2) Four-Step
Formula.
[
] c. Uniform
points allocation.
The
allocation for each Eligible Participant is determined
based
on
the Eligible Participants points. Each Eligible Participants allocation shall
bear the same relationship to the Employer Contribution as his/her total
points
bears to all points awarded. An Eligible Participant will receive: [Check
(1)
and/or (2). Selection (3) may be checked in addition to (I) and (2). Selection
#20a. above also must be checked.]
[
] (1) __
points
for each year(s) of age (attained as of the end of the Plan
Year).
[
] (2) __
points
for each Year(s) of Service, determined as follows: [Check (a)
or
(b).
Selection (c) may be checked in addition to (a) or (b).]
[
] (a) In
the
same manner as determined for eligibility.
[
] (b) In
the
same manner as determined for vesting.
[
] (c) Points
will not be provided with respect to Years of
Service
in excess of
[
] (3) __
points
for each $__ (not to exceed $200) of Included Compensation.
[
] d. Allocation
based on service.
The
Employer Nonelective Contribution will be allocated to
each
Eligible Participant as: [Check (1) or (2). Also check (a), (b), and/or (c).
Selection (3) may be checked in addition to (1) or(2).]
|
[
]
|
(1)
|
a
uniform dollar amount
|
[
]
|
(2)
|
a
uniform percentage of Included Compensation for the following periods
of
service:
|
[ ] (a) Each
Hour
of Service.
[
] (b) Each
week
of employment.
[ ] (c) (Describe
period)
[
] (3) The
contribution is subject to the following minimum and/or maximum
benefit limitations:
[Practitioner
Note: If #20.b. or #20.c. is checked, the selection in (1) or (2) must conform
to the selection made in #20.b. or #20. c. Thus, if #20.b. is checked along
with
this subsection d., the allocation must be a uniform percentage of Included
Compensation under (2). If #20. c. is checked along with this subsection
d. the
allocation must be a uniform dollar amount under (1).]
[
] e. Top-heavy
minimum contribution.
In
applying the Top-Heavy Plan requirements under
Article
16 of the BPD, the top-heavy minimum contribution will be allocated to all
Eligible Participants, in accordance with Section 16.2(a) of the BPD. [Note:
If
this e. is not checked, any top-heavy minimum contribution will be allocated
only to Non-Key Employees, in accordance with Section 16.2(a) of the
BPD.]
[
] f. Cross
Testing Method.
The
allocation for each Eligible Participant is determined as set
forth
below.
(1) Identify
each Benefiting Group under the Plan: ___________________________
(2) Identify
the method for allocating amounts within each Benefiting Group
under
the Plan: _________________________________________________________
(3) Identify
the amount of the contributions to be allocated to each Benefiting
Group
under the Plan:
[
] (a) The
Employer will notify the Trustee, in writing, of the amount
of
the contributions to be allocated to each Benefiting Group under the
Plan.
[
] (b) Other:
____________________________________________
|
[
] 22.
|
Qualified
Nonelective Contribution
(QNEC). The Employer may make a discretionary QNEC that is allocated
under
the following method. [Note: Regardless of any elections under
this #22,
the Employer may make a QNEC to the Plan to correct a failed ADP
or ACP
Test, as authorized under Sections 17.2(d) (2) and 17.3(d) (2)
of the BPD.
Any QNEC allocated to correct the ADP or ACP Test which is not
specifically authorized under this #22 will be allocated as a uniform
percentage of Included Compensation to all Eligible Participants
who are
Nonhighly Compensated Employees. See Section 2.3(e) of the
BPD.]
|
[
] a. Pro
Rata Allocation Method.
(See
Section 2.3(e)(1) of the BPD.) The QNEC will be
allocated
as a uniform percentage of Included Compensation to:
[
] (1) all
Eligible Participants who are Nonhighly Compensated Employees.
[
] (2) all
Eligible Participants.
[
] b. Bottom-up
QNEC method.
The
QNEC will be allocated to Eligible Participants who are
Nonhighly Compensated Employees in reverse order of Included Compensation.
(See
Section 2.3(e)(2) of the B PD.)
[
] c. Application
of allocation conditions.
If this
c. is checked, QNECs will be allocated only to
Eligible
Participants who have satisfied the allocation conditions under
#24 below.
[If this c. is not checked, QNECs will be allocated without regard to the
allocation conditions under #24 below.]
23. Operating
rules for determining amount of Employer Nonelective
Contributions.
a. Special
rules regarding Included Compensation.
|
(1)
|
Applicable
period for determining Included Compensation. In determining the
amount of
Employer Nonelective Contributions to be allocated to an Eligible
Participant under this Part 4C, Included Compensation is determined
separately for each: [If #21.b. above is checked, the Plan Year
must be
selected under (a) below.]
|
[X] (a) Plan
Year.
[
] (b) Plan
Year
quarter.
[
] (c) calendar
month. [
] (d) payroll
period.
[Note:
If
Part 3, #1 1.b. is checked, the period selected under this (1) (to the extent
such period refers to the Plan Year) will be determined as if the Plan Year
were
the period designated under Part 3, #1 lb. See Section 2.2(c)(3) of the
BPD.]
[X] (2) Special
rule for partial period of participation. If an Employee is an Eligible
Participant for
only
part
of the period designated under (1)above, Included Compensation is taken into
account for the entire period, including the portion of the period during
which
the Employee is not an Eligible Participant. [If this selection (2)is not
checked, Included Compensation is taken into account only for the portion
of the
period during which the Employee is an Eligible Participant.]
[
] b. Special
rules for applying the Permitted Disparity Method. [Complete this b. only
if
#21.b.
above
is
also checked.]
[
] (1) Application
of Four-Step Formula for Top-Heavy Plans. If this (1) is checked,
the
Four-Step
Formula applies instead of the Two-Step Formula for any Plan Year in which
the
Plan is a Top Heavy Plan. [This (1) may only be checked if #21.b.(1) above
is
also checked.]
[
] (2) Excess
Compensation under the Permitted Disparity Method is the amount of
Included
Compensation that exceeds: [If this selection (2) is not checked, Excess
Compensation under the Permitted Disparity Method is the amount of Included
Compensation that exceeds the Taxable Wage Base.]
[
] (a) __%
(may
not exceed 100Yo) of the Taxable Wage Base.
[
] 1. The
amount determined under (a) is not
rounded.
[
] 2. The
amount determined under (a) is rounded
(but
not
above the Taxable Wage Base) to the next higher:
[
] a. $1.
[
] b. $100.
[
] c. $1,000.
[
] (b) ________________(may
not exceed the Taxable Wage Base).
[Note:
The maximum integration percentage of 5.7% must be reduced to (i) 5.4% if
Excess
Compensation is based on an amount that is greater than 80% but less than
100%
of the Taxable Wage Base or (ii) 4.3% if Excess Compensation is based on
an
amount that is greater than 20% but less than or equal to 80% of the Taxable
Wage Base. See Section 2.2(b)(2) of the BPD.]
|
24.
|
Allocation
conditions.
An Eligible Participant must satisfy the following allocation conditions
for an Employer Nonelective Contribution: [Check a. or b. or any
combination of c. - e. Selection e. may not be checked if b. or
d. is
checked. Selection f. and/or g. may be checked in addition to b.
-
e.]
|
[
] a. None.
[
] b. Safe
harbor allocation condition. An Employee must be employed by the Employer
on the
last day of the Plan Year OR must have more than ? (not more than
500)
Hours of Service for the Plan Year.
[X] c. Last
day
of employment condition. An Employee must be employed with the Employer
on
the
last
day of the Plan Year.
[X] d. Hours
of
Service condition. An Employee must be credited with at least 1,000 Hours
of
Service
(may not exceed 1,000) during the Plan Year.
[
] e. Elapsed
Time Method. (See Section 2.6(d) of the BPD.)
[
] (1) Safe
harbor allocation condition. An Employee must be employed by the
Employer
on the last day of the Plan Year OR must have more than ? (not more than
91)
days of employment with the Employer during the Plan Year.
[
] (2) Service
condition. An Employee must have more than ? (not more than
182)
days
of employment with the Employer during the Plan Year.
[
] f. Application
to a specified period. In applying the allocation condition(s) designated
under
b.
through e. above, the allocation condition(s) will be based on the period
designated under #23.a.(1) above. In applying an Hours of Service condition
under d. above, the following method will be used: [This f. should be checked
only if a period other than the Plan Year is selected under #23.a. (1) above.
Selection (1) or (2) must be selected only if d. above is also
checked.]
[
] (1) Fractional
method (see Section 2.6(e)(2)(i) of the BPD).
[
] (2) Period-by-period
method (see Section 2.6(e)(2)(ii) of the BPD).
[Practitioner
Note: If this f. is not checked, any allocation condition(s) selected under
b.
through e. above will apply with respect to the Plan Year, regardless of
the
period selected under #23.a. (1) above. See Section 2.6(e) of the BPD for
procedural rules for applying allocation conditions for a period other than
the
Plan Year.]
[
] g. The
above
allocation condition(s) will not apply if:
[
] (1) the
Participant dies during the Plan Year.
[
] (2) the
Participant is Disabled.
[
] (3) the
Participant, by the end of the Plan Year, has reached:
[
] (a) Normal
Retirement Age.
[
] (b) Early
Retirement Age.
|
Part
4D Employee After Tax
Contributions
|
(See
Section 3.1 of the BPD)
|
[
]
|
Check
this selection to allow for Employee After-Tax
Contributions.
If Employee After-Tax Contributions will not be permitted under
the Plan,
do not check this selection and skip the remainder of this Part
4D. [Note:
The eligibility conditions for making Employee After-Tax Contributions
are
listed in Part I of this Agreement under ?4OI(k) Deferrals.
?
|
[
] 25. Maximum.
____%
of Included Compensation for:
[
] a. the
entire Plan Year.
[
] b. the
portion of the Plan Year during which the Employee is an Eligible
Participant.
[
] c. each
separate payroll period during which the Employee is an Eligible
Participant.
[Note:
If
this #25 is not checked, the only limit on Employee After-Tax Contributions
is
the Annual Additions Limitation under Article 7 of the BPD. If Part 3, #11
.b.
is checked, any period selected under this #25 will be determined as if the
Plan
Year were the period designated under Part 3, #11. b. See Section 2.2(c)
(3) of
the BPD.]
[
] 26. Minimum.
For any
payroll period, no less than:
[
] a. of
Included Compensation.
[
] b. $__.
|
Part
4E Safe Harbor 40 1(k) Plan
Election
|
(See
Section 17.6 of the BPD)
[
] Check
this selection and complete this Part 4E if the Plan is designed to be a
Safe
Harbor 401(k) Plan.
[
] 27. Safe
Harbor Matching Contribution:
The
Employer will make an Employer Matching Contribution with
respect to an Eligible Participant?s Section 401(k) Deferrals and/or Employee
After-Tax Contributions (?applicable contributions?) under the following
formula: [Complete selection a. orb. In addition, complete selection c.
Selection d. may be checked in addition to a. orb. and c.]
[
] a. Basic
formula: 100% of applicable contributions up to the first 3% of
Included
Compensation, plus 50% of applicable contributions up to the next 2% of Included
Compensation.
[
] b. Enhanced
formula:
[
] (1) __%
(not
less than 100%) of applicable contributions up to __% of
Included
Compensation (not less than 4% and not more than 6%).
[
] (2) The
sum
of: [The contributions under this (2) must not be less than the
contributions
that would be calculated under a. at each level of applicable
contributions.]
[
] (a) __%
of
applicable contributions up to the first (b) __%
of
Included Compensation, plus
[
] (c) __%
of
applicable contributions up to the next (d) _%
of
Included Compensation.
[Note:
The percentage in (c) may not be greater than the percentage in (a). In
addition, the sum of the percentages in (b) and (d) may not exceed
6%.]
[
] c. Applicable
contributions taken into account: (See Section 1 7.6(a)(1 )(i) of the BPD.)
The
Safe
Harbor Matching Contribution formula elected in a. or b. above (and any
limitations on the amount of a Participant?s applicable contributions considered
under such formula(s)) are applied separately for each:
[
] (1) Plan
Year. [
] (2) Plan
Year
quarter.
[
] (3) calendar
month. [
] (4) payroll
period.
[Note:
If
Part 3, #1 1.b. is checked, any period selected under this #25 will be
determined as if the Plan Year were the period designated under Part 3, #1
1.b.
See Section 2.2(c) (3) of the BPD.]
[
] d. Definition
of applicable contributions. Check this d. if the Plan permits Employee
After-Tax
Contributions
but the Safe Harbor Matching Contribution formula selected under a. or b.
above
does not apply to such Employee After-Tax Contributions.
[
] 28. Safe
Harbor Nonelective Contribution:
_% (no
less than 3%) of Included Compensation.
[
] a. Check
this selection if the Employer will make this Safe Harbor Nonelective
Contribution
pursuant
to a supplemental notice as described in Section 17.6(a)(1)(ii) of the BPD.
If
this a. is checked, the Safe Harbor Nonelective Contribution will be required
only for a Plan Year for which the appropriate supplemental notice is provided.
For any Plan Year in which the supplemental notice is not provided, the Plan
is
not a Safe Harbor 401(k) Plan.
[
] b. Check
this selection to provide the Employer with the discretion to increase the
above
percentage
to a higher percentage.
[
] c. Check
this selection if the Safe Harbor Nonelective Contribution will be made
under
another plan maintained by the Employer and identify the
plan:______________________
[
] d. Check
this d. if the Safe Harbor Nonelective Contribution offsets the allocation
that
would
otherwise
be made to the Participant under Part 4C, #21 above. If the Permitted Disparity
Method is elected under Part 4C, #21.b., this offset applies only to the
second
step of the Two-Step Formula or the fourth step of the Four-Step Formula,
as
applicable.
|
[
] 29.
|
Special
rule for partial period of participation.
If an Employee is an Eligible Participant for only part of a Plan
Year,
Included Compensation is taken into account for the entire Plan
Year,
including the portion of the Plan Year during which the Employee
is not an
Eligible Participant. [If this #29 is not checked, Included Compensation
is taken into account only for the portion of the Plan Year in
which the
Employee is an Eligible
Participant.]
|
[
] 30. Eligible
Participant.
For
purposes of the Safe Harbor Contributions elected above, ?Eligible
Participant?
means:
[Check a., b. or c. Selection d. may be checked in addition to a., b. or
c.]
[
] a. All
Eligible Participants (as determined for Section 401(k) Deferrals).
[
] b. All
Nonhighly Compensated Employees who are Eligible Participants (as determined
for
Section
401(k) Deferrals).
[
] c. All
Nonhighly Compensated Employees who are Eligible Participants (as determined
for
Section
401(k) Deferrals) and all Highly Compensated Employees who are Eligible
Participants (as determined for Section 401(k) Deferrals) but who are not
Key
Employees.
[
] d. Check
this d. if the selection under a., b. or c., as applicable, applies only
to
Employees
who
would
be Eligible Participants for any portion of the Plan Year if the eligibility
conditions selected for Section 401(k)
Deferrals
in Part 1, #5 of this Agreement were one Year of Service and age 21. (See
Section 1 7.6(a)(1) of the BPD.)
|
Part
4F Special 40 1(k) Plan
Elections
|
(See
Article 17 of the BPD)
|
31.
|
ADPIACP
testing method.
In performing the ADP and ACP tests, the Employer will use the
following
method: (See Sections 17.2 and 17.3 of the BPD for an explanation
of the
ADP/ACP testing methods.)
|
[
] a. Prior
Year Testing Method.
[X] b. Current
Year Testing Method.
[Practitioner
Note: If this Plan is intended to be a Safe-Harbor 401(k) Plan under Part
4E
above, the Current Year Testing Method must be elected under b. See Section
17.6
of the BPD.]
[
] 32. First
Plan Year for Section 401(k) Deferrals.
(See
Section 17.2(b) of the BPD.) Check this selection if this
Agreement
covers the first Plan Year that the Plan permits Section 401(k) Deferrals.
The
ADP for the Nonhighly Compensated Employee Group for such first Plan Year
is
determined under the following method:
[
] a. the
Prior
Year Testing Method, assuming a 3% deferral percentage for the
Nonhighly
Compensated
Employee Group.
[
] b. the
Current Year Testing Method using the actual deferral percentages of the
Non
highly
Compensated
Employee Group.
[
] 33. First
Plan Year for Employer Matching Contributions or Employee After-Tax
Contributions.
(See
Section
17.3(b) of the BPD.) Check this selection if this Agreement covers the first
Plan Year that the Plan includes either an Employer Matching Contribution
formula or permits Employee After-Tax Contributions. The ACP for the Nonhighly
Compensated Employee Group for such first Plan Year is determined under the
following method:
[
] a. the
Prior
Year Testing Method, assuming a 3% contribution percentage for the Non
highly
Compensated Employee Group.
[
] b. the
Current Year Testing Method using the actual contribution percentages of
the
Nonhighly
Compensated Employee Group.
|
Part5
- RetirementAges
|
(See
Sections 22.57 and 22.126 of the BPD)
34. Normal
Retirement Age:
[
] a. Age
(not
to exceed 65).
[X] b. The
later
of (1) age 65 (not to exceed 65) or (2) the 5th (not to exceed 5th) anniversary
of
the
date
the Employee commenced participation in the Plan.
[
] c. (may
not
be later than the maximum age permitted under b.)
35. Early
Retirement Age:
[Check
a. or check b. and/or C.]
[X] a. Not
applicable.
[
] b. Age.
[
] c. Completion
of Years of Service, determined as follows:
[
] (1) Same
as
for eligibility.
[
] (2) Same
as
for vesting.
|
Part
6 - Vesting Rules
|
(See
Article 4 of the BPD)
| v |
Complete
this Part 6 only if the Employer has elected to make Employer Matching
Contributions under Part 4B or Employer Nonelective Contributions
under
Part 4C. Section 401(k) Deferrals, Employee After- Tax Contributions,
QMACs, QNECs, Safe Harbor Contributions, and Rollover Contributions
are
always 100% vested. (See Section 4.2 of the BPD for the definitions
of the
various vesting schedules.)
|
|
36.
|
Normal
vesting schedule:
[Check one of a. - f. for those contributions the Employer elects
to make
under Part 4 of this Agreement.]
|
|
(1)
|
(2)
|
||
|
Employer
Match
|
Employer
Nonelective
|
||
|
a.
|
[
]
|
[
]
|
Full
and immediate vesting.
|
|
b.
|
[
]
|
[
]
|
7-year
graded vesting schedule.
|
|
c.
|
[
]
|
[
]
|
6-year
graded vesting schedule.
|
|
d.
|
[
]
|
[
]
|
5-year
cliff vesting schedule.
|
|
e.
|
[
]
|
[
]
|
3-year
cliff vesting schedule.
|
|
f.
|
[X]
|
[X]
|
Modified
vesting schedule:
|
(1)
___30____%
after 1
Year of Service
(2)
___60____%
after 2
Years of Service
(3)
__100____%
after 3 Years of Service
(4)
_________% after 4 Years of Service
(5)
_________% after 5 Years of Service
(6)
_________% after 6 Years of Service, and
(7)
100%
after 7 Years of Service.
[Note:
The percentages selected under the modified vesting schedule must not be
less
than the percentages that would be required und??r the 7-year graded vesting
schedule, unless 100% vesting occurs after no more than 5 Years of
Service.]
|
37.
|
Vesting
schedule when Plan is top-heavy:
[Check one of a. - d. for those contributions the Employer elects
to make
under Part 4 of this Agreement.]
|
|
(1)
|
(2)
|
||
|
Employer
Match
|
Employer
Nonelective
|
||
|
a.
|
[
]
|
[
]
|
Full
and immediate vesting.
|
|
b.
|
[
]
|
[
]
|
6-year
graded vesting schedule.
|
|
c.
|
[
]
|
[
]
|
3-year
cliff vesting schedule.
|
|
d.
|
[X]
|
[X]
|
Modified
vesting schedule:
|
(1)
___30____%
after 1 Year of Service
(2)
___60____% after 2 Years of Service
(3)
__100____% after 3 Years of Service
(4)
_________% after 4 Years of Service
(5)
_________% after 5 Years of Service, and
(6)
100%
after 6 Years of Service.
[Note:
The percentages selected under the modified vesting schedule must not be
less
than the percentages that would be required under the 6-year graded vesting
schedule, unless 100% vesting occurs after no more than 3 Years of
Service.]
[X]
38. Service
excluded under the above vesting schedule(s):
[
] a. Service
before the original Effective Date of this Plan. (See Section 4.5(b)(1) of
the
BPD
for
rules
that require service under a Predecessor Plan to be counted.)
[X] b. Years
of
Service completed before the Employee?s 18th birthday (cannot exceed the
18th
birthday).
|
[X]
39.
|
Special
100% vesting.
An
Employee?s vesting percentage increases to 100% if, while employed
with
the Employer, the Employee:
|
[X] a. dies.
[X] b. becomes
Disabled (as defined in Section 22.53 of the BPD).
[
] c. reaches
Early Retirement Age (as defined in Part 5, #35 above).
|
[
] 40.
|
Special
vesting provisions:
______________________________________________________________
|
[Note:
Any special vesting provision designated in #40 must satisfy the requirements
of
Code ?411(a) and must satisfy the nondiscrimination requirements under ?1.401(a)
(4) of the regulations.]
|
Part
7 Special Service Crediting Rules
|
(See
Article 6 of the BPD)
If
no
minimum service requirement applies under Part 1, #5 of this Agreement and
all
contributions are 100% vested under Part 6, skip this Part 7.
| v |
Year
of Service - Eligibility. 1,000 Hours of Service during an Eligibility
Computation Period. Hours of Service are calculated using the Actual
Hours
Crediting Method. [To modify, complete #41
below.]
|
| v |
Eligibility
Computation Period. If one Year of Service is required for eligibility,
the Shift-to-Plan-Year Method is used. If two Years of Service
are
required for eligibility, the Anniversary Year Method is used.
[To modify,
complete #42 below.]
|
| v |
Year
of Service - Vesting. 1,000 Hours of Service during a Vesting Computation
Period. Hours of Service are calculated using the Actual Hours
Crediting
Method. [To modify, complete #43
below.]
|
| v |
Vesting
Computation Period. The Plan Year. [To modify, complete #44
below.]
|
| v |
Break
in Service Rules. The Rule of Parity Break in Service rule applies
for
both eligibility and vesting but the one-year holdout Break in
Service
rule is NOT used for eligibility or vesting. [To modify, complete
#45
below.]
|
|
[
] 41.
|
Alternative
definition of Year of Service for
eligibility.
|
[
] a. A
Year of
Service is Hours of Service (may not exceed 1,000) during an
Eligibility
Computation
Period.
[
] b. Use
the
Equivalency Method (as defined in Section 6.5(a) of the BPD) to count Hours
of
Service.
If this b. is checked, each Employee will be credited with 190 Hours of Service
for each calendar month for which the Employee completes at least one Hour
of
Service, unless a different Equivalency Method is selected under #46 below.
The
Equivalency Method applies to:
[
] (1) All
Employees.
[
] (2) Employees
who are not paid on an hourly basis. For hourly Employees, the
Actual
Hours Method will be used.
[
] c. Use
the
Elapsed Time Method instead of counting Hours of Service. (See Section
6.5(b)
of
the
BPD.)
|
[
] 42.
|
Alternative
method for determining Eligibility Computation
Periods.
(See Section 1.4(c) of the BPD.)
|
[
] a. One
Year
of Service eligibility. Eligibility Computation Periods are determined using
the
Anniversary
Year Method instead of the Shift-to-Plan-Year Method.
[
] b. Two
Years
of Service eligibility. Eligibility Computation Periods are determined using
the
Shift-to-Plan-
Year Method instead of the Anniversary Year Method.
|
[
] 43.
|
Alternative
definition of Year of Service for
vesting.
|
[
] a. A
Year of
Service is ? Hours of Service (may not exceed 1,000) during a
Vesting
Computation
Period.
[
] b. Use
the
Equivalency Method (as defined in Section 6.5(a) of the BPD) to count Hours
of
Service.
If this b. is checked, each Employee will be credited with 190 Hours of Service
for each calendar month for which the Employee completes at least one Hour
of
Service, unless a different Equivalency Method is selected under #46 below.
The
Equivalency Method applies to:
[
] (1) All
Employees.
[
] (2) Employees
who are not paid on an hourly basis. For hourly Employees,
the
Actual Hours Method will be used.
[
] c. Use
the
Elapsed Time Method instead of counting Hours of Service. (See Section
6.5(b)
of
the
BPD.)
|
[
] 44.
|
Alternative
method for determining Vesting Computation Periods. Instead of
Plan Years,
use:
|
[
] a. Anniversary
Years. (See Section 4.4 of the BPD.)
[
] b. (Describe
Vesting Computation Period):
[Practitioner
Note: Any Vesting Computation Period described in b. must be a 12-consecutive
month period and must apply uniformly to all Participants.]
|
[
] 45.
|
Break
in Service rules.
|
[
] a. The
Rule
of Parity Break in Service rule does not apply for purposes of
determining
eligibility
or vesting under the Plan. [If this selection a. is not checked, the Rule
of
Parity Break jn Seivice Rule applies for purposes of eligibility and vesting.
(See Sections 1.6 and 4.6 of the BPD.)]
[
] b. One-year
holdout Break in Service rule.
[
] (1) Applies
to determine eligibility for: [Check one or both.]
[
] (a) Employer
Contributions (other than Section 401(k)
Deferrals).
[
] (b) Section
401(k) Deferrals. (See Section 1.6(c) of the
BPD.)
1 (2) Applies to determine vesting. (See Section 4.6(a) of the
BPD.)
|
[
] 46.
|
Special
rules for applying Equivalency Method.
[This #46 may only be checked if #41.b. and/or #43.b. is checked
above.]
|
[
] a. Alternative
method. Instead of applying the Equivalency Method on the basis of
months
worked,
the following method will apply. (See Section 6.5(a) of the BPD.)
[
] (1) Daily
method. Each Employee will be credited with 10 Hours of Service
for
each day worked.
[
] (2) Weekly
method. Each Employee will be credited with 45 Hours of
Service
for each week worked.
[
] (3) Semi-monthly
method. Each Employee will be credited with 95 Hours of
Service
for each semi-monthly payroll period worked.
[
] b. Application
of special rules. The alternative method elected in a. applies for purposes
of:
[Check
(1) and/or (2).] -
[
] (1) Eligibility.
[Check this (1) only if #4 1.b. is checked above.]
[
] (2) Vesting.
[Check this (2) only if #43.b. is checked above.]
|
Part
8 Allocation of Forfeitures
|
(See
Article 5 of the BPD)
|
[
]
|
Check
this selection if ALL contributions under the Plan are 100% vested
and
skip this Part 8. (See Section 5.5 of the BPD for the default forfeiture
rules if no forfeiture allocation method is selected under this
Part
8.)
|
|
47.
|
Timing
of forfeiture allocations:
|
|
(1)
|
(2)
|
||
|
Employer
Match
|
Employer
Nonelective
|
||
|
a.
|
[X]
|
[X]
|
In
the same Plan Year in which the forfeitures occur.
|
|
b.
|
[
]
|
[
]
|
In
the Plan Year following the Plan Year in which the forfeitures
occur.
|
|
48.
|
Method
of allocating forfeitures:
(See the operating rules in Section 5.5 of the
BPD.)
|
|
(1)
|
(2)
|
||
|
Employer
Match
|
Employer
Nonelective
|
||
|
a.
|
[
]
|
[X]
|
Reallocate
as additional Employer Nonelective Contributions using the allocation
method specified in Part 4C, #21 of this Agreement. If no allocation
method is specified, use the Pro Rata Allocation Method under Part
4C, #21
a. of this Agreement.
|
|
b.
|
[X]
|
[
]
|
Reallocate
as additional Employer Matching Contributions using the discretionary
allocation method in Part 4B, #1 6.b. of this Agreement.
|
|
c.
|
[
]
|
[
]
|
Reduce
the: [Check one or both.]
|
[
] (a) Employer
Matching Contributions
[
] (b) Employer
Nonelective Contributions
the
Employer would otherwise make for the Plan Year in which the forfeitures
are
allocated. [Note: If both (a) and (b) are checked, the Employer may adjust
its
contribution deposits in any manner, provided the total Employer Matching
Contributions and Employer Nonelective Contributions (as applicable) properly
take into account the forfeitures used to reduce such contributions for that
Plan Year.]
|
[
] 49.
|
Payment
of Plan expenses.
Forfeitures are first used to pay Plan expenses for the Plan Year
in which
the forfeitures are to be allocated. (See Section 5.5(c) of the
BPD.) Any
remaining forfeitures are allocated as provided in #48
above.
|
|
[
] 50.
|
Modification
of cash-out rules.
The Cash-Out Distribution rules are modified in accordance with
Sections
5.3(a)(1 )(i)(C) and 5.3(a)(1 )(ii)(C) of the BPD to allow for
an
immediate forfeiture, regardless of any additional allocations
during the
Plan Year.
|
|
Part
9 Distributions After Termination of
Employment
|
(See
Section 8.3 of the BPD)
| v |
The
elections in this Part 9 are subject to the operating rules in
Articles 8
and 9 of the BPD.
|
|
51.
|
Vested
account balances in excess of $5,000.
Distribution is first available as soon as administratively feasible
following:
|
[
] a. the
Participant?s employment termination date.
[
] b. the
end
of the Plan Year that contains the Participant?s employment termination
date.
[X] c. the
first
Valuation Date following the Participant?s termination of
employment.
[
] d. the
Participant?s Normal Retirement Age (or Early Retirement Age, if applicable)
or,
if
later,
the Participant?s employment termination date.
[X] e. (Describe
distribution event)Cost
to process charged to participant___________________
[Practitioner
Note: Any distribution event described in e. will apply uniformly to all
Participants under the Plan.]
|
52.
|
Vested
account balances of $5,000 or less.
Distribution will be made in a lump sum as soon as administratively
feasible following:
|
[
] a. the
Participant?s employment termination date.
[
] b. the
end
of the Plan Year that contains the Participant?s employment termination
date.
[X] c. the
first
Valuation Date following the Participant?s termination of
employment.
[X] d. (Describe
distribution event):
Cost
to process charged to participant__________________
[Practitioner
Note: Any distribution event described in d. will apply uniformly to all
Participants under the Plan.]
|
[
] 53.
|
Disabled
Participant. A
Disabled Participant (as defined in Section 22.53 of the BPD) may
request
a distribution (if earlier than otherwise permitted under #51 or
#52 (as
applicable)) as soon as administratively feasible
following:
|
[
] a. the
date
the Participant becomes Disabled.
[
] b. the
end
of the Plan Year in which the Participant becomes Disabled.
[
] c. (Describe
distribution
event):________________________________________________
[Practitioner
Note: Any distribution event described in c. will apply uniformly to all
Participants under the Plan.]
|
[
] 54.
|
Hardship
withdrawals following termination of employment
A
terminated Participant may request a Hardship withdrawal (as defined
in
Section 8.6 of the BPD) before the date selected in #51 or #52
above, as
applicable.
|
|
[
] 55.
|
Special
operating rules.
|
[
] a. Modification
of Participant?s consent requirement. A Participant must consent to
a
distribution
from the Plan, even if the Participant?s vested Account Balance does not
exceed
$5,000. See Section 8.3(b) of the BPD. [Note: If this a. is not checked,
the involuntary distribution rules under Section 8.3(b) of
the BPD
apply.]
[
] b. Distribution
upon attainment of Normal Retirement Age (or age 62, if later). A
distribution
from
the
Plan will be made without a Participant?s consent if such Participant has
terminated employment and has attained Normal Retirement Age (or age 62,
if
later). See Section 8.7 of the BPD.
|
Part
10 In Service Distributions
|
(See
Section 8.5 of the BPD)
| v |
The
elections in this Part 10 are subject to the operating rules in
Articles 8
and 9 of the BPD.
|
|
56.
|
Permitted
in-service distribution events: [Elections
under the 401(k) Deferrals column also apply to any QNECs, QMACs,
and Safe
Harbor Contributions unless otherwise specified in #57d.
below.]
|
|
(1)
|
(2)
|
(3)
|
||
|
?401(k)
Deferrals
|
Employer
Match
|
Employer
Nonelective
|
||
|
a.
|
[
]
|
[
]
|
[
]
|
In-service
distributions are not available.
|
|
b.
|
[
]
|
[
]
|
[
]
|
After
age . [If earlier than age 59 Y2, age is deemed to be age 59 ?
for Section
40 1(k) Deferrals if the selection is checked under that
column.]
|
|
c.
|
[X]
|
[
]
|
[
]
|
A
safe harbor Hardship described in Section 8.6(a) of the BPD. [Note:Not
applicable to QNECs, QMACs and Safe Harbor Contributions.]
|
|
d.
|
N/A
|
[
]
|
[
]
|
A
Hardship described in Section 8.6 (b) of the BPD.
|
|
e.
|
N/A
|
[
]
|
[
]
|
After
the Participant has participated in the Plan for at least _______
years
(cannot be less than 5 years).
|
|
f.
|
N/A
|
[
]
|
[
]
|
At
any time with respect to the portion of the vested Account Balance
derived
from contributions accumulated in the Plan for at least 2
years.
|
|
g.
|
[
]
|
[
]
|
[
]
|
Upon
a Participant becoming Disabled (as defined in Section
22.53).
|
|
h.
|
[
]
|
[
]
|
[
]
|
Attainment
of Normal Retirement Age. [If earlier than age 59 1/2, age is deemed
to be
59 1/2 for Section 401(k) Deferrals if the selection is checked
under that
column.]
|
|
i.
|
N/A
|
[
]
|
[
]
|
Attainment
of Early Retirement Age.
|
57. Limitations
that apply to in-service distributions:
[
] a. Available
only if the Account which is subject to withdrawal is 100% vested. (See
Section
4.8
of
the BPD for special vesting rules if not checked.)
[
] b. No
more
than ? in-service distribution(s) in a Plan Year.
[
] c. The
minimum amount of any in-service distribution will be $_ (may not exceed
$1,000).
[X] d. (Describe
limitations on in-service distributions)
Fees
for review and processing of
hardship
distributions. participant loans and QDRQs will be charged directly to the
account of the Participant.
[Practitioner
Note: Any limitations described in d. will apply uniformly to all Participants
under the Plan.]
|
Part
11 Distribution Options
|
(See
Section 8.1 of the BPD)
58. Optional
forms of payment available upon termination of employment:
[X] a. Lump
sum
distribution of entire vested Account Balance.
[
] b. Single
sum distribution of a portion of vested Account Balance.
[X] c. Installments
for a specified term.
[
] d. Installments
for required minimum distributions only.
[
] e. Annuity
payments (see Section 8.1 of the BPD).
[X] f. (Describe
optional forms or limitations on available forms) Investment in Employer
stock
will
be
distributed in-kind to the extent of whole shares. Fractional shares will
be
paid in cash.
[Practitioner
Note: Unless specified otherwise in f, a Participant may receive a distribution
in any combination of the forms of payment selected in a. - f. Any optional
forms or limitations described in f. will apply uniformly to all Participants
under the Plan.]
|
59.
|
Application
of the Qualified Joint and Survivor Annuity (QJSA) and Qualified
Preretirement Survivor Annuity (QPSA) provisions: (See Article
9 of the
BPD.)
|
[X] a. Do
not
apply. [Note: The QJSA and QPSA provisions automatically apply to any assets
of
the
Plan
that were received as a transfer from another plan that was subject to the
QJSA
and QPSA rules, If this a. is checked, the QJSA and QPSA rules generally
will
apply only with respect to transferred assets or if distribution is made
in the
form of life annuity. See Section 9.1(b) of the BPD.]
[
] b. Apply,
with the following modifications: [Check this b. to have all assets under
the
Plan be
subject
to the QJSA and QPSA requirements. See Section 9.1(a) of the BPD.]
[
] (1) No
modifications.
[
] (2) Modified
QJSA benefit. Instead of a 50% survivor benefit, the normal
form
of the QJSA provides the following survivor benefit to the spouse:
[
] (a) 100%.
[
] (b) 75%.
[
] (c) 66
2/3%.
[
] (3) Modified
QPSA benefit. Instead of a 50% QPSA benefit, the QPSA
benefit
is 100% of the Participant?s vested Account Balance.
[
] c. One-year
marriage rule. The one-year marriage rule under Sections 8.4(c)(4) and 9.3
of
the
BPD
applies. Under this rule, a Participant?s spouse will not be treated as a
surviving spouse unless the Participant and spouse were married for at least
one
year at the time of the Participant?s death.
|
Part
12 Administrative Elections
|
| v |
Use
this Part 12 to identify administrative elections authorized by
the BPD.
These elections may be changed without reexecuting this Agreement
by
substituting a replacement of this page with new elections. To
the extent
this Part 12 is not completed, the default provisions in the BPD
apply.
|
60. Are
Participant loans permitted?
(See
Article 14 of the BPD.)
[
] a. No
[X] b. Yes
[
] (1) Use
the
default loan procedures under Article 14 of the BPD.
[X] (2) Use
a
separate written loan policy to modify the default loan procedures
under
Article 14 of the BPD.
61. Are
Participants permitted to direct investments?
(See
Section 13.5(c) of the BPD.)
[
] a. No
[X] b. Yes
[X] (1) Specify
Accounts: Section 401(k) Deferral Account and Rollover
Contribution
Account
[X] (2) Check
this selection if the Plan is intended to comply with ERISA
?404(c).
(See Section 13.5(c)(2) of the BPD.)
62. Is
any portion of the Plan daily valued? (See
Section 13.2(b) of the BPD.)
[
] a. No
[X] b. Yes.
Specify Accounts and/or investment options: Section
401(k) Deferral Account and Rollover
Contribution Account not invested in Employer stock (all
accounts)
63. Is
any portion of the Plan valued periodically (other than daily)?
(See
Section 13.2(a) of the BPD.)
[X] a. No
[
] b. Yes
[
] (1) Specify
Accounts and/or investment options:______________________
[
] (2) Specify
valuation date(s):_____________________________________
[
] (3) The
following special allocation rules apply: [If this (3)/snot checked,
the
Balance
Forward Method under Section 13.4(a) of the BPD applies.]
[
] (a) Weighted
average method. (See Section 1 3.4(a)(2)(i)
of
the BPD.)
[
] (b) Adjusted
percentage method, taking into account __%
of
contributions made during the valuation period. (See Section 1 3.4(a)(2)(ii)
of
the BPD.)
[
] (c) (Describe
allocation rules)
[Practitioner
Note: Any allocation rules described in (c) must be in accordance with a
definite predetermined formula that is not based on compensation,that satisfies
the nondiscrimination requirements of ?1.401(a) (4) of the regulations, and
that
is applied uniformly to all Participants.]
64. Does
the Plan accept Rollover Contributions?
(See
Section 3.2 of the BPD.)
[
] a. No [X] b. Yes
65. Are
life insurance investments permitted?
(See
Article 15 of the BPD.)
[X] a. No [
] b. Yes
66. Do
the default QDRO procedures under Section 11.5 of the BPD
apply?
[X] a. No [
] b. Yes
67. Do
the default claims procedures under Section 11.6 of the BPD
apply?
[
] a. No [X] b. Yes
|
Part
13 Miscellaneous Elections
|
| v |
The
following elections override certain default provisions under the
BPD and
provide special rules for administering the Plan. Complete the
following
elections to the extent they apply to the
Plan.
|
[
] 68. Determination
of Highly Compensated Employees.
[
] a. The
Top-Paid Group Test applies. [If this selection a. is not checked, the Top-Paid
Group
Test will not apply. See Section 22. 99(b)(4) of the BPD.]
[
] b. The
Calendar Year Election applies. [This selection b. may only be chosen if
the
Plan
Year is LZQ the calendar year. See Section 22. 99(b)(5) of the
BPD.]
[
] 69. Special
elections for applying the Annual Additions Limitation under Code
?415.
[
] a. The
Limitation Year is the 12-month period ending ___. [If this selection a.
is
not
checked,
the Limitation Year is the same as the Plan Year.]
[
] b. Total
Compensation includes imputed compensation for a terminated
Participant
who
is
permanently and totally Disabled. (See Section 7.4(g)(3) of the
BPD.)
[
] c. Operating
rules. Instead of the default provisions under Article 7 of the BPD,
the
following
rules apply:
[
] 70. Election
to use Old-Law Required Beginning Date.
The
Old-Law Required Beginning Date (as defined in
Section
1 0.3(a)(2) of the BPD) applies instead of the Required Beginning Date rules
under Section 1 0.3(a)(1) of the BPD.
[X]
71. Service
credited with Predecessor Employers:
(See
Section 6.7 of the BPD.)
[X] a. (Identify
Predecessor Employers) For those who became Employees of the Employer
by
the
acquisition of Reqencv Investment Advisors, Inc.
[X] b. Service
is credited with these Predecessor Employers for the following
purposes:
[X] (1) The
eligibility service requirements elected in Part 1 of this
Agreement.
[X] (2) The
vesting schedule(s) elected in Part 6 of this Agreement.
[X] (3) The
allocation requirements elected in Part 4 of this Agreement.
[
] c. The
following service will not be recognized:
[Note:
If
the Employer is maintaining the Plan of a Predecessor Employer, service with
such Predecessor Employer must be counted for all purposes under the Plan.
This
#71 may be completed with respect to such Predecessor Employer indicating
all
service under selections (1), (2) and (3) will be credited. The failure to
complete this #71 where the Employer is maintaining the Plan of a Predecessor
Employer will not override the requirement that such predecessor service
be
credited for all purposes under the Plan. (See Section 6.7 of the BPD.) If
the
Employer is not maintaining the Plan of a Predecessor Employer, service with
such Predecessor Employer will be credited under this Plan only if specifically
elected under this #71. If the above crediting rules are to apply differently
to
service with different Predecessor Employers, attach separately completed
elections for this item, using the same format as above but listing only
those
Predecessor Employers to which the separate attachment relates.]
[X]
72. Special
rules where Employer maintains more than one plan.
[X] a. Top-heavy
minimum contribution - Employer maintains this Plan and one or more
Defined
Contribution
Plans. If this Plan is a Top-Heavy Plan, the Employer will provide any required
top-heavy minimum contribution under: (See Section 16.2(a)(5)(i) of the
BPD.)
[
] (1) This
Plan.
[X] (2) The
following Defined Contribution Plan maintained by the Employer:
Capital
Corp of the West Employee Stock Ownership Plan
[
] (3) Describe
method for providing the top-heavy minimum contribution:
_________________________________________________________
[
] b. Top-heavy
minimum benefit - Employer maintains this Plan and one or more
Defined
Benefit
Plans. If this Plan is a Top-Heavy Plan, the Employer will provide any required
top-heavy minimum contribution or benefit under: (See Section 1 6.2(a)(5)(ii)
of
the BPD.)
[
] (1) This
Plan, but the minimum required contribution is increased from 3%
to
5% of Total Compensation for the Plan Year.
[
] (2) The
following Defined Benefit Plan maintained by the Employer:______
_________________________________________________________
[
] (3) Describe
method for providing the top-heavy minimum contribution:____
_________________________________________________________
[
] c. Limitation
on Annual Additions. This c. should be checked only if the Employer
maintains
another
Defined Contribution Plan in which any Participant is a participant, and
the
Employer will not apply the rules set forth under Section 7.2 of the BPD.
Instead, the Employer will limit Annual Additions in the following manner:
_______________________
_______________________________________________________________________
|
[X]
73.
|
Special
definition of Disabled.
In applying the allocation conditions under Parts 4B and 4C, the
special
vesting provisions under Part 6, and the distribution provisions
under
Parts 9 and 10 of this Agreement, the following definition of Disabled
applies instead of the definition under Section 22.53 of the BPD:
?Disabled? shall refer to a Participant suffering from a physical
or
mental condition based upon appropriate medical reports and examinations
as determined by the Administrative Committee, which may be expected
to
result in death or of long and indefinite duration, which renders
the
Participant incapable of performing any substantial gainful activity
and
which constitutes a Total and Permanent Disability under the Federal
Social Security Act.[Note: Any definition included under this #73
must
satisfy the requirements of ?1 .401(a) (4) of the regulations and
must be
applied uniformly to all
Participants.]
|
|
[
] 74.
|
Fail-Safe
Coverage Provision.
[This selection #74 must be checked to apply the Fail-Safe Coverage
Provision under Section 2.7 of the
BPD.]
|
[
] a. The
Fail-Safe Coverage Provision described in Section 2.7 of the BPD applies
without
modification.
[
] b. The
Fail-Safe Coverage Provisions described in Section 2.7 of the BPD applies
with
the
following
modifications:
[
] (1) The
special rule for Top-Heavy Plans under Section 2.7(a) of the BPD
does
not apply.
[
] (2) The
Fail-Safe Coverage Provision is based on Included Compensation
as
described under Section 2.7(d) of the BPD.
|
[
] 75.
|
Election
not to participate (see
Section 1.10 of the BPD). An Employee may make a one-time irrevocable
election not to participate under the Plan upon inception of the
Plan or
at any time prior to the time the Employee first becomes eligible
to
participate under any plan maintained by the Employer. [Note: Use
of this
provision could result in a violation of the minimum coverage rules
under
Code ?410(b).]
|
|
[
] 76.
|
Protected
Benefits.
If
there are any Protected Benefits provided under this Plan that
are not
specifically provided for under this Agreement, check this #76
and attach
an addendum to this Agreement describing the Protected
Benefits.
|
|
Signature
Page
|
By
signing this page, the Employer agrees to adopt (or amend) the Plan which
consists of the BPD and the provisions set forth in this Agreement. The Employer
agrees that Pension Specialists, Inc. has no responsibility or liability
regarding the suitability of the Plan for the Employer?s needs or the options
elected or modifications made under this Agreement. It is recommended that
the
Employer consult with legal counsel before executing this
Agreement.
77. Name
and title of authorized representative(s): Signature(s): Date:
__▇▇▇▇▇▇
▇. ▇▇▇▇▇▇, President/CEO_______ /s/▇▇▇▇▇▇
▇. ▇▇▇▇▇▇ 9/2/03_
78. Effective
Date of this Agreement:
[
] a. New
Plan.
Check this selection if this is a new Plan. Effective Date of the Plan is:
_______
[X] b. Restated
Plan. Check this selection if this is a restatement of an existing plan.
Effective
Date
of
the restatement is:
January 1, 1997
(1) Designate
the plan(s) being amended by this restatement: Capital
Corp of the
West 401(k) Plan
(2) Designate
the original Effective Date of this Plan (optional): January
1, 1992
[
] c. Amendment
by page substitution. Check this selection if this is an amendment
by
substitution
of certain pages of this Adoption Agreement. [If this c. is checked, complete
the remainder of this Signature Page in the same manner as the Signature
Page
being replaced.]
(1)
Identify the page(s) being replaced:
________________________________________
(2)
Effective Date(s) of such changes:
_________________________________________
[
] d. Substitution
of sponsor. Check this selection if a successor to the original plan sponsor
is
Continuing
this Plan as a successor sponsor, and substitute page 1 to identify the
successor as the Employer.
(1)
Effective Date of the amendment is:
________________________________________
|
[X]
79.
|
Check
this #79 if any special Effective Dates apply under Appendix A
of this
Agreement and complete the relevant sections of Appendix
A.
|
|
80.
|
Inquiries.
The Employer may direct inquiries regarding the Plan or the effectbf
the
Favorable IRS Letter to Pension Specialists, Inc. or its authorized
representative, as set forth below:
|
a.
Name:
Pension
Specialists, Inc.
b.
Address:
▇▇
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
c.
Telephone number:
(▇▇▇)
▇▇▇-▇▇▇▇
Important
information about this Plan. A failure to properly complete the elections
in
this Agreement or to operate the Plan in accordance with applicable law may
result in disqualification of the Plan. The Employer may not rely on the
Favorable IRS Letter issued by the Internal Revenue Service with respect
to the
Volume Submitter Specimen Plan (if applicable) as evidence that the Plan
is
qualified under Section 401 of the Code. In order to obtain reliance with
respect to Plan qualification, the Employer must apply to the office of Employee
Plans Determinations of the Internal Revenue Service for a determination
letter.
See Section 22.87 of the BPD.
|
Trustee
Declaration
|
By
signing this Trustee Declaration, the Trustee agrees to the duties,
responsibilities and liabilities imposed on the Trustee by the BPD and this
Agreement.
81.
|
Name(s)
of Trustee(s):
|
Signature(s)
of Trustee(s):
|
Date:
|
|
▇▇▇▇▇▇▇▇
▇▇▇▇▇▇
|
/s/
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
8/29/03
|
|
▇▇▇▇
▇▇▇▇▇▇▇▇
|
/s/
▇▇▇▇ ▇▇▇▇▇▇▇▇
|
8/29/03
|
|
▇▇
▇▇▇▇▇
|
/s/
▇▇ ▇▇▇▇▇
|
9/15/03
|
|
▇▇▇▇
▇▇▇▇
|
/s/
▇▇▇▇ ▇▇▇▇
|
8/29/03
|
82. Effective
date of this Trustee Declaration:
____________________________________________________
83. The
Trustee?s investment powers are:
[
] a. Discretionary
Trustee. The Trustee has discretion to invest Plan assets. This discretion
is
limited
to the extent Participants are permitted to give investment direction, or
to the
extent the Trustee is subject to direction from the Plan Administrator, the
Employer, an Investment Manager or other Named Fiduciary.
[
] b. Directed
Trustee only. The Trustee may only invest Plan assets as directed
by
Participants
or by the Plan Administrator, the Employer, an Investment Manager or other
Named
Fiduciary.
[X] c. Separate
trust agreement. The Trustee?s investment powers are determined under
a
separate
trust document which replaces (or is adopted in conjunction with) the trust
provisions under the BPD. [Note: The separate trust document is
incorporated as part of this Plan and must be attached hereto. The
responsibilities, rights and powers of the Trustee are those specified in
the
separate trust agreement. If this c. is checked, the Trustee need not sign
or
date this Trustee Declaration under #81 above.]
|
Appendix
A Special Effective Dates
|
|
A-I
|
[X]
Eligibility conditions. The eligibility conditions specified in
Part 1 of
this Agreement are effective: July 1
2002
|
A-2 [X]
Entry
Date. The Entry Date provisions specified in Part 2 of this Agreement are
effective: July 1 2002
|
A-3
|
[
] Section 401(k) Deferrals. The provisions regarding Section 401(k)
Deferrals selected under Part 4A of this Agreement are effective:
______________________________________________________________
|
|
A-4
|
[
] Matching contribution formula. The Employer Matching
Contribution
formula(s) selected under Part 4B of this Agreement are effective:
______________________________________________________________
|
|
A-5
|
[
] Employer contribution formula. The Employer Nonelective
Contribution formula(s) selected under Part 4C of this Agreement
are
effective:
__________________________________________________________
|
|
A-6
|
[
] Allocation conditions for receiving an Employer Matching Contribution.
The allocation conditions designated under Part 4B, #19 of this
Agreement
are effective:
____________________________________
|
|
A-7
|
[
] Allocation conditions for receiving an Employer Nonelective
Contribution. The allocation conditions designated under Part 4C,
#24 of
this Agreement are effective:
___________________________________
|
|
A-8
|
[
] Safe Harbor 401(k) Plan provisions. The Safe Harbor 401(k) Plan
provisions under Part 4E of this Agreement are effective:
__________________________________________________________________
|
A-9
[
] Vesting rules. The vesting schedules selected under Part 6 of this Agreement
are effective: __________
|
A-I0
|
[
] Service crediting rules for eligibility. The service crediting
rules for
determining a Year of Service for eligibility purposes under Section
1.4
of the BPD and Part 7 of this Agreement are effective:
_____________
|
|
A-Il
|
[
] Service crediting rules for vesting. The service crediting rules
for
determining a Year of Service for vesting purposes under Section
4.5 of
the 8PD and Part 7 of this Agreement are effective:
______________
|
A-12
[
] Forfeiture provisions. The forfeiture provisions selected under Part 8
of this
Agreement are effective: ___
A-I3
[
] Distribution provisions. The distribution options selected under Part 9
of the
Agreement are effective for distributions occurring after:
______________________________________________________________________
|
A-14
|
[
] In-service distribution provisions. The in-service distribution
options selected under Part 10 of the Agreement are effective for
distributions occurring after:
_________________________________________
|
|
A-I5
|
[
] Forms of distribution. The optional forms of distribution selected
under
Part 11 of this Agreement are eligible for distributions occurring
after:
_______________________________________________________
|
|
A-16
|
[
] Special effective date provisions for merged plans. If any qualified
retirement plans have been merged into this Plan, the provisions
of
Section 22.59 apply, except as otherwise provided under this A-16:
_______
|
A-I7
[X]
Other
special effective dates: Definition
of Included Compensation, effective July 1, 2003
|
Appendix
B GUST Operational
Compliance
|
|
[X]
|
Check
this selection and complete the remainder of this page if this
Plan is
being adopted to comply retroactively with the GUST Legislation.
An
Employer need only check those provisions that apply. If this Plan
is not
being adopted to comply with the GUST Legislation, this Appendix
B need
not be completed and may be removed from the
Agreement.
|
[
] B-1. Highly
Compensated Employee rules.
(See
Section 20.2 of the BPD.)
[
] a. Top-Paid
Group Test. The election under Part 13, #68.a. above to use (or to
not
use)
the
Top-Paid Group Test did not apply for the following post-i 996 Plan
Year(s):
[
] b. Calendar
Year Election. The election under Part i3, #68.b. above to use (or to
not
use)
the
Calendar Year Election did not apply for the following post-i 996 Plan
Year(s):
[
] c. The
Old-Law Calendar Year Election applied for the Plan Year that began
in
1997.
[X] B-2. Required
minimum distributions.
(See
Section 10.4 of the BPD.)
[X] a. Option
to
postpone minimum distributions. For calendar year(s) 1997 forward , the
Plan
permitted
Participants (other than Five-Percent Owners) who were still employed with
the
Employer to postpone minimum distributions in accordance with the Required
Beginning Date rules under Section iO.3(a)(i) of the BPD, even though the
Plan
had not been amended to contain such rules.
[X] b. Election
to stop required minimum distributions. Starting in calendar year 1997 forward
,
a
Participant
(other than a Five-Percent Owner) who had already started receiving in-service
minimum distributions under the Old-Law Required Beginning Date rules may
stop
receiving such minimum distributions until the Participant?s Required Beginning
Date under Section 1 0.3(a)(1) of the BPD. [If this b. is not checked,
Participants who began receiving minimum distributions under the Old-Law
Required Beginning Date rules must continue to receive such minimum
distributions.]
[
] c. Application
of Joint and Survivor Annuity rules. If Employees are permitted to stop
their
required
minimum distributions under b. above and the Joint and Survivor Annuity
requirements apply to the Plan under Article 9 of the BPD, the
Participant:
[
] (1) will [
] (2) will
not
be
treated as having a new Distribution Commencement Date when distributions
recommence. [Note: Do not check this c. if the Plan is not subject to the
Joint
and Survivor Annuity requirements. See Section 10.4(c) of the BPD for operating
rules concerning the application of the Joint and Survivor Annuity rules
under
this subsection c.]
[X] d. Application
of Proposed Regulations for the 2001 Plan Year. [This d. should be
checked
only
if
required minimum distributions made for calendar years beginning on or after
January 1, 2001 will be made in accordance with the proposed regulations
under
Code ?401(a) (9), which were issued in January 2001. If this d. is checked,
required minimum distributions made for calendar years beginning on or after
January 1, 2001 may be made in accordance with the proposed regulations,
notwithstanding any provision in the Plan to the contrary. An election under
this d. applies until the end of the last calendar year beginning before
the
effective date of final regulations under Code ?401(a) (9) or such other
date
specified in guidance published by the Internal Revenue Service. If this
d. is
not checked, required minimum distributions will continue to be made in
accordance with the provisions of Code ?401(a) (9), without regard to the
proposed regulations.]
[X] (1) Effective
date. The election under d. to apply the proposed regulations
under
Code ?401(a)(9) applies only for required minimum distributions that are
made on
or after January 1. 2002 . [In no event may the proposed regulations apply
to a
required minimum distribution that is made for a calendar year that begins
before January 1, 2001.]
[X] B-3.
Special
effective dates.
[
] a. Involuntary
distribution threshold of $5,000 is first effective under this Plan for
distributions
made
after ______ (no earlier than the first day of the first Plan Year beginning
on
or after August 5, 1997 and no later than the date the Plan is adopted).
[If
this a. is not checked, the $5,000 threshold applies to all distributions
made
on or after the first day of the first Plan Year beginning on or after August
5,
1997, except as provided in an earlier restatement or amendment of the Plan.
See
Section 20.4 of the BPD.]
[
] b. Family
aggregation is repealed for purposes of determining the allocation of
Employer
Contributions
for Plan Years beginning _______ (no earlier than the first Plan Year beginning
on or after January 1, 1997 and no later than the date the Plan is adopted).
[If
this b. is not checked, family aggregation is repealed as of the first Plan
Year
beginning on or after January 1, 1997. See Section 20.5 of the
BPD.]
[X] c. Qualified
transportation fringes. The inclusion of qualified transportation fringes
in
the
definition
of Total Compensation (and Included Compensation) is applicable for years
beginning on or after January 1,2001 (no earlier than January 1, 1998 and
no
later than January 1,2001). [If this c. is not checked, the inclusion of
qualified transportation fringes is effective for years beginning on or after
January 1, 2001. An earlier date should be entered under this c. only if
the
Plan was operated to include qualified transportation fringes in Total
Compensation (and Included Compensation) during such period.]
[
] B-4. Code
?415 limitation.
Complete
this B-4 if for any Limitation Year in which the Code ?415(e)
limitation
was applicable under Section 7.5 of the BPD, the Code ?415(e) limitations
were
applied in a manner other than that described in Section 7.5(b) of the BPD.
Any
alternative method described in this B-4 that is used to comply with the
Code
?415(e) limitation must be consistent with Plan operation.
[
] B-5. Special
401(k) Plan elections.
(See
Article 17 of the BPD)
[
] a. ADPIACP
testing methods during GUST remedial amendment period. Check this
a.
if. in
any Plan Year beginning after December 31, 1996, but before the adoption
of this
Agreement, the ADP Test or ACP Test was performed using a different testing
method than the one selected under Part 4F, #31 a. or Part 4F, #31 .b. and
specify the Plan Year(s) in which the other testing method was used: - 1
(1) ADP
Test: 1 (2) ACP Test: _________
[
] b. Application
of Safe Harbor 401(k) Plan provisions. Check this b. if, prior to
the
adoption
of this Agreement, the Plan was operated in accordance with the Safe Harbor
401(k) Plan provisions, and this Agreement is conforming the document to
such
operational compliance for the period prior to the adoption of this Agreement.
[Note: This b. should be checked only if this Agreement is executed within
the
remedial amendment period applicable to the GUST Legislation. See Article
20 of
the BPD.1
[
] (1) GUST
effective date. The Safe Harbor 401(k) Plan provisions
under
Part 4E are effective for the Plan Year beginning _______ (may not be earlier
than the first Plan Year beginning on or after January 1, 1999).
[
] (2) Modifications
to Part 4E. Describe here, if applicable, any Safe
Harbor
401(k) Plan provisions applied in operation that are not described or are
inconsistent with the selections under Part 4E: _____
[Note:
The Safe Harbor 401(k) Plan provisions under Part 4E of this Agreement will
apply for all Plan Years beginning on or after January 1, 1999 or the GUST
effective date designated under (1) above unless specifically modified under
this (2).]