Profit-Sharing Plan and Trust Agreement
This Profit-Sharing Plan and Trust Agreement is made ___________________ (date of
agreement) , between ___________________ (Name of Employer) , a corporation organized
under the laws of ___________________ (name of state) , having its principal office at
__________________________________________________ (street address, city, state, zip
code) , and referred to herein as Employer , and ___________________ (Name of Trustee) , a
corporation organized under the laws of ___________________ (name of state) , having its
principal office at _______________________________________ (street address, city, state,
zip code) , referred to herein as Trustee .
Whereas, Employer desires to establish and maintain a profit-sharing plan for the benefit
of its Employees who shall qualify as Participants under this Plan;
Now, therefore, effective ___________________ (effective date) , the Employer
establishes a Plan of profit-sharing and creates this Trust for the purpose of carrying out such
Plan on the following terms:
I. Purpose
A. Exclusive Benefit: This Plan has been executed for the exclusive benefit of the
Participants under this Plan and their Beneficiaries. This Plan shall be interpreted in a
manner consistent with this intent and with the intention of the Employer that this Plan
satisfy Internal Revenue Code (“IRC”) §§ 401 and 501. Under no circumstances shall
the Trust Fund ever revert to or be used or enjoyed by the Employer, except as provided
in Article XI, Section D .
B. No Rights of Employment Granted
The establishment of this Plan shall not be considered as giving any employee
the right to be retained in the service of the Employer.
II. Definition
A. Accrued Benefit
An Accrued Benefit is the amount credited to the Employer Account.
B. Administrative Committee
The Administrative Committee shall refer to the Administrative Committee, as
defined in Article IX, Section A .
C. Affiliated Employer
Affiliated Employer shall mean the Employer and any corporation that is a
member of a controlled group of corporations (as defined in IRC § 414(b)) that includes
the Employer; any trade or business (whether or not incorporated) that is under common
control (as defined in IRC § 414(c)) with the Employer; any organization (whether or not
incorporated) that is a member of an affiliated service group (as defined in IRC §
414(m)) that includes the Employer; and any other entity required to be aggregated with
the Employer pursuant to regulations under IRC § 414(o).
D. Beneficiary
A Beneficiary is any person, estate or Trust who by operation of law, or under
the terms of the Plan, or otherwise, is entitled to receive any Accrued Benefit of a
Participant under the Plan. A designated Beneficiary is any individual designated or
determined in accordance with Article V , Section E , except that it shall not include any
person who becomes a beneficiary by virtue of the laws of inheritance or intestate
succession.
E. Cash-Out
A Cash-Out may be involuntary or voluntary. An involuntary Cash-Out is a
distribution of Accrued Benefit to a former Participant that meets the following
requirements:
1. The former Participant's entire non-forfeitable Accrued Benefit is
distributed to him or her;
2. The present value of the non-forfeitable Accrued Benefit of the Participant
does not exceed $_____________; and
3. The distribution is made on account of the Employee's termination of
participation in the Plan and no later than the end of the Plan Year
following such termination. In determining the Accrued Benefit of a Participant
under this paragraph, the Plan shall use an interest rate not greater than the
interest rate that would be used (as of the date of distribution) by the Pension
Benefit Guaranty Corporation for purposes of determining the
present value of a lump- sum distribution on Plan termination.
A voluntary Cash-Out is a distribution of Accrued Benefits to a former
Participant that meets the following requirements: (i) the former
Participant has voluntarily elected to receive the distribution; and (ii) the
distribution is made on account of the Employee's termination of
participation in the Plan and no later than the end of the Plan Year following such
termination.
F. Compensation
Compensation refers to all compensation paid during the Plan Year under
consideration as wages, salary or commissions/wages or salary , by the Employer to an
Employee during the time he or she was a Participant , ___________________
( including or excluding ) overtime payments and bonuses, but excluding director's fees.
It excludes all contributions by the Employer to the Plan and to any other retirement or
deferred compensation Plan maintained by the Employer (except amounts deferred
pursuant to IRC § 401(k)(2) or 403(b) or contributed pursuant to IRC § 125) and
excludes amounts in excess of $______________ (as adjusted for the cost of living) for
contributions for the Plan Year or such other amount as may be prescribed by law. In
determining the Compensation of an Employee for purposes of the Compensation
limitation, the rules of IRC § 414(q)(6) shall apply, except that in applying such rules, the
term family shall include only the spouse of the Employee and any lineal descendants of
the Employee who have not attained age ___________________ (age of descendant)
before the close of the Plan Year.
G. Early Retirement Age
Early Retirement Age shall be ___________________ (early retirement age)
years of age with ___________________ (number) years from the time he or she
begins initial participation in the Plan .
H. Employee
An Employee is an individual who is employed by the Employer or who is on a
Leave of Absence. Employee shall not include a salaried individual hourly paid
individual . Independent contractors shall not be Employees.
I. Employer
The Employer shall mean ___________________ (name of employer) .
J. Employer Account
The Employer Account is the separate account maintained for each Participant
to which all Employer contributions shall be allocated and to which Forfeitures shall be
reallocated.
K. ERISA
ERISA refers to the Employee Retirement Income Security Act of 1974, as
amended.
L. Forfeiture
Forfeiture refers to the amount of non-vested Accrued Benefits in a Participant's
Employer Account that are reallocated to the Employer Accounts of other Participants.
M. Highly Compensated Employee
1. Highly Compensated Employee means a highly compensated active
employee and a highly compensated former employee. A highly compensated
active employee includes any employee who performs service for the Employer
during the determination year and who, during the look-back year: (i) received
compensation from the Employer in excess of $_______________ (as adjusted
pursuant to IRC § 415(d)); (ii) received compensation from the Employer in
excess of $_______________ (as adjusted pursuant to IRC § 415(d)) and was a
member of the top-paid group for such year; or (iii) was an officer of the
Employer or an Affiliated Employer and received compensation during such year
that is greater than _____% of the dollar limitation in effect under IRC §415(b)(1)
(A). The term highly compensated active employee also includes: (i)
Employees who are both described in the preceding sentence if the term
determination year is substituted for the term look-back year and the employee
is one of the ____________ (number) employees who received the most
compensation from the Employer or Affiliated Employer during the determination
year; and (ii) Employees who are 5% owners at any time during the look-back
year or determination year.
2. If no officer has satisfied the compensation requirement of (iii) above
during either a determination year or look-back year, the highest paid
officer for such year shall be treated as a highly compensated employee.
3. For this purpose, the determination year shall be the Plan year unless the
Employer elects a calendar year. The look-back year shall be the 12-month
period immediately preceding the determination year, or, if elected by the
Employer, the calendar year ending with or within the applicable
determination year (or, in the case of a determination year that is shorter than 12
months, the calendar year ending with or within the 12-month period ending
with the end of the applicable determination year), or, if elected, the
calendar year immediately preceding the calendar year determination year.
4. A highly compensated former employee includes any employee who
separated from service (or was deemed to have separated) before the
determination year, performs no service for the Employer during
the determination year, and was a highly compensated active
employee for either the separation year or any determination ear ending on or after
the employee's 55th birthday.
5. The determination of who is a Highly Compensated Employee, including
the determinations of the number and identity of employees in the top-paid
group, the top ________________ (number of employees) employees, the
number of employees treated as officers, and the compensation that is
considered, will be made in accordance with IRC § 414(g) and the regulations
under that section.
6. For Plan Years beginning after December 31, ______ (identification of
year) , the preceding definition of a Highly Compensated Employee shall be
limited to anyone who was a 5% owner during the current or preceding Plan
Year, or had compensation from the Employer in excess of $_____________
(adjusted for the cost of living) in the preceding Plan Year. If the Employer elects
(in the manner determined by the Internal Revenue Service), those earning
$_____________ must also have been in the top-paid group for the preceding
Plan Year.
N. Hour of Service
Hour of Service means:
1. Each hour for which an Employee is directly or indirectly compensated or
entitled to compensation from the Employer for the performance of duties
during the applicable computation period;
2. Each hour for which an Employee is directly or indirectly compensated or
entitled to compensation from the Employer (irrespective of whether the
employment relationship has terminated) for reasons other than
performance of duties (such as vacation, holidays, sickness, disability, lay-
off, military duty or leave of absence) during the applicable computation
period;
3. Each hour for which back pay is awarded or agreed to by the Employer,
without regard to mitigation of damages; and
4. Each hour before or after the effective date of this Plan for which an
Employee was directly or indirectly paid or entitled to be paid by the
Predecessor Employer, except that such hours before the effective date of this Plan
shall not be considered for the purposes of determining Hours of Service
for Accrual of Benefits or Years of Service for Vesting.
(Select one of the following)
5. Service will be determined on the basis of actual hours for which an
Employee is paid or entitled to payment. (or)
5. Service will be determined on the basis of days worked. An Employee will
be credited with ______ (number) hours of service if under this Section of the
Plan an Employee would be credited with at least one hour of service
during the day. (or)
5. Service will be determined on the basis of weeks worked. An Employee
will be credited with ______ (number) hours of service if under this
Section of the Plan an Employee would be credited with at least one hour of
service during the week. (or)
5. Service will be determined on the basis of months worked. An Employee
will be credited with _____ (number) hours of service if under this Section of the
Plan an Employee would be credited with at least one hour of service during the
month.
6(i). Hours of Service will be credited for employment with other members of
an affiliated service group (under IRC § 414(m)), a controlled group of
corporations (under IRC § 414(b)), or a group of trades or
businesses under common control (under IRC § 414(c)) of which the
Employer is a member or any other entity required to be aggregated with
the Employer pursuant to regulations under IRC § 414(o).
(ii). Hours of Service will also be credited for any individual considered an
Employee for purposes of this Plan under IRC § 414(n).
(iii). Notwithstanding Paragraph II above, no more than ______________
(number) hours of Service are required to be credited to an Employee on
account of any single continuous period during which the Employee performs no
duties (whether or not such period occurs in a single computation period), and an
hour for which an Employee is directly or indirectly paid, or entitled to payment,
on account of a period during which no duties are performed is not required to be
credited to the Employee if such payment is made or due under a Plan
maintained by the Employer solely for the purpose of complying with applicable
worker's compensation, unemployment compensation or disability insurance
laws. In addition, Hours of Service are not required to be credited for a payment
that solely reimburses an Employee for medical or medically related expenses
incurred by the Employee. The provisions of Sections 2530.200b-2(b) and (c) of
the Department of Labor Regulations are incorporated in this Article by
reference.
(iv). For the purposes of this Section N, a payment shall be deemed to be
made by or due from the Employer regardless of whether such payment
is made by or due from the Employer directly or indirectly through a Trust,
fund or insurer to which the Employer contributes or pays premiums.
O. IRC
IRC refers to the Internal Revenue Code of 1986, as amended.
P. Leave of Absence
A Leave of Absence shall refer to that period during which the Participant is
absent without Compensation and for which the Administrative Committee, in its
sole discretion, has determined him or her to be on a Leave of Absence instead
of having terminated his or her employment. (However, such discretion of the
Administrative Committee shall be exercised in a nondiscriminatory manner.) In
all events, a Leave of Absence by reason of service in the armed forces of the
United States shall end no later than the time at which a Participant's
reemployment rights as a member of the armed forces cease to be protected by
law and a Leave of Absence for any other reason shall end after _________
(number) months, except that if the Participant resumes employment with the
Employer prior to that time, the Leave of Absence shall end on such date of
resumption of employment. The date that the Leave of Absence ends shall be
deemed the Termination Date if the Participant does not resume employment
with the Employer. In determining a Year of Service for Accrual of Benefits, all
such Leaves of Absence shall be considered to be periods when the Employee is
a Participant.
Q. Net Profits
The Net Profits mean the Employer's net profits for the taxable year of the
Employer (coinciding with or within which the Plan Year ends) as calculated at the end of
the taxable year, in accordance with the Employer's regular accounting practices, before
state and federal income taxes and without reduction by reason of the Employer's
contributions under the Plan, and any other Plan maintained by the Employer and
described in IRC §§ 401(a) and 403(a).
R. Normal Retirement Age
The Normal Retirement Age shall be the time at which the Participant attains
_______________ (normal retirement age) years of age.
S. One Year Break in Service
A. One Year Break in Service means a Plan Year in which the Participant
has completed not more than ______ (number) Hours of Service. However, in
determining a One Year Break in Service for a Plan Year in which, or following which, a
maternity or paternity absence (as defined below) occurs, the following shall apply: the
Hours of Service that normally would have been credited but for the maternity or
paternity absence or _______ (number) Hours of Service per day if the Administrative
Committee is unable to determine the Hours of Service that normally would have been
credited) shall be credited to the Plan Year in which such absence begins, if the
Employee would incur a One Year Break in Service if the hours were not so credited; in
all other cases the Hours of Service shall be credited to the following Plan Year. The
total Hours of Service credited under a maternity or paternity absence shall not exceed
________ (number) hours. A maternity or paternity absence is one in which the
Employee is absent from work because of: (i) the pregnancy of the Employee; (ii) the
birth of a child of the Employee; (iii) the placement of a child with the Employee in
connection with the adoption of such child by the Employee; or (iv) the caring for such
child immediately following such birth or placement. As a condition of an Employee
being credited with Hours of Service pursuant to this paragraph, the Administrative
Committee can require that the Employee timely furnish such information as is
reasonably necessary to establish that the absence from work was for a cause stated in
clauses (i) -- (iv) and the number of days attributable to such cause.
T. Participant
A Participant shall refer to every Employee or former Employee who has met
the applicable participation requirements of Article III .
U. Plan
Plan refers to this Profit-Sharing Plan and Trust Agreement.
V. Plan Administrator
The Plan Administrator shall be the Employer, unless a different person is
designated Plan Administrator in a resolution adopted by the board of directors of the
Employer, and such person accepts the designation in writing.
W. Plan Year
A Plan Year is the period from the first day of _____________ (name of month)
to the last day of _______________ (name of month) , annually.
X. Predecessor Employer
Predecessor Employer refers to ___________________ (name) , a
________________________ (Corporation, Limited Liability Company, Sole
Proprietorship, or Partnership) which was the predecessor of the present Employer.
Y. Retirement
Retirement refers to the termination of employment of an Employee who has
attained at least the ____________________ (Normal Retirement Age or Early
Retirement Age) . The Employee may work beyond Normal Retirement Age, in which
case Employer contributions and Forfeitures shall continue to be allocated to the
Employer Account of the Employee.
Z. Rollover Contribution
Rollover Contribution means:
1. Amounts transferred to this Plan directly from another qualified corporate
or qualified non-corporate Plan;
2. Lump sum distributions received by an Employee from another qualified
Plan that are eligible for tax-free rollover treatment and are transferred by the
Employee to this Plan within _________ (number) days following his or her
receipt of the same;
3. Amounts transferred to this Plan from a conduit individual retirement
account, provided that such account has no assets other than assets that
were previously distributed to the Employee by another qualified Plan other
than a qualified Plan; and further provided that such amounts met the applicable
requirements of IRC § 408(d)(3) for rollover treatment on transfer
to the conduit individual retirement account; and
4. Amounts distributed to an Employee from a conduit individual retirement
account meeting the requirements of Subparagraph 3 above which are
transferred by the Employee to this Plan within ________ (number) days of his
or her receipt from such account.
AA. Termination Date
The Termination Date shall be the date on which the earliest of the following
events occurs: (a) a Participant's retirement; (b) a Participant's termination of
employment as a result of Total and Permanent Disability; (c) a Participant's death; or
(d) a Participant's termination of employment for any other reason.
BB. Total and Permanent Disability
Total and Permanent Disability shall refer to the Participant suffering from a
physical or mental condition as determined by the Administrative Committee, based
upon appropriate medical reports and examinations may be expected to result in death
or be of long and indefinite duration and which renders the Participant unable to perform
any substantial gainful activity/any substantial gainful activity for purposes of IRC §
72(m)(7) , his or her customary duties for the Employer.
CC. Total Service for Vesting
1. Total Service for Vesting shall mean the sum of each separate Year of
Service for Vesting credited to the Participant; however, if the Participant incurs
at least __________ (number) consecutive One Year Breaks in Service, his or
her Years of Service for Vesting rendered after such break in service shall only
be counted for purposes of determining his or her vested benefits accruing after
such break in service, not for determining his or her vested benefits accruing
before such break.
2. If, at any time when the Participant is 0% vested as to his or her Employer
Account, the Participant incurs a One Year Break in Service or two or more
consecutive One Year Breaks in Service, and the number of such One
Year Breaks in Service equals or exceeds his or her Years of Service for
Vesting rendered before such break in service, then Total Service for
Vesting shall not include any Years of Service for Vesting occurring before
such break in service.
DD. Trust
Trust means the Trust created under this Profit-Sharing Plan and Trust
Agreement.
EE. Trust Fund
The Trust Fund consists of the Employer and Participant contributions held by
the Plan and any income or appreciation on the same.
FF. Year of Service for Accrual of Benefits
1. A Year of Service for Accrual of Benefits means a Plan Year during
which the Employee had not less than ________ (number) Hours of Service as
a Participant. If the Participant entered the Plan other than on the first day of the
Plan Year, all Hours of Service rendered by the Participant during that Plan Year
whether or not rendered as a Participant, shall be treated as if they were Hours
of Service as a Participant.
2. Notwithstanding the preceding paragraph, if the number of Employees
who have less than _________ (number) but more than _________ (number)
Hours of Service as a Participant for the Plan Year is such that the Plan would
not otherwise meet the requirements of IRC § 401(a)(26) (generally requiring the
participation of the lesser of 50 Employees or 40% of the Employees) and 410(b)
(generally requiring that the participation of the non-highly compensated
employees be at least 70% of the participation of the highly compensated
employees), then if the requirements of IRC §§ 401(a)(26) and 410(b) are still not
met, the _________ (number) Hours of Service requirement of the first
paragraph of this section will be reduced to not more than _________ (number)
hours of Service, but only to the extent necessary to permit a sufficient additional
number of Employees to receive an allocation in the Plan Year to meet the
requirements of IRC §§ 401(a)(26) and 410(b). The Employees (or former
Employees) so qualifying shall be determined by first selecting the Employee
with the highest number of Hours of Service (less than ________ (number)
hours for the Plan Year and continuing in descending order until a sufficient
number of Employees receive an allocation in the Plan Year.
GG. Year of Service for Participation
A Year of Service for Participation means the 12-consecutive-month period,
the first day of which is the day the Employee was first required to be credited with an
Hour of Service, provided the Employee was credited with not less than ________
(number) Hours of Service during such period.
HH. Year of Service for Vesting
A Year of Service for Vesting shall mean a Plan Year during which the
Employee had not less than ___________ (number) Hours of Service.
III. Eligibility to Participate
A. Initial Entry
Every Employee who has attained the age of _________ (age of employee) will
be eligible to and shall participate in the Plan on the first day of the Plan Year or the first
day of the _________ (ordinal number) month of the Plan Year that first occurs on or
after such completion, provided that he or she is an Employee on such date. All
Participants shall be required to furnish such information to the Administrative
Committee as it may reasonably request for the proper administration of the Plan.
B. Notwithstanding the preceding Subparagraph A , an individual shall not be
eligible to participate in the Plan during any time period for which he or she is included in
a unit of the employees covered by a collective bargaining agreement between
employee representatives and one or more employers, if there is evidence that
retirement benefits were the subject of good faith bargaining between such employee
representatives and the employer.
C. Resumption of Participation
If a Participant incurs at least a One Year Break in Service, then his or her
active participation in the Plan shall be suspended until he or she completes a Year of
Service for Participation following such One Year Break in Service for Participation
following such One Year Break in Service. Following such One Year Break in Service
and upon then completing a Year of Service for Participation, measured from his or her
reemployment commencement date, the Participant will be readmitted to active
participation in the Plan retroactive to the beginning of such Year of Service for
Participation .
IV. Contributions to the Trust
A. Employer Contributions to Participants
Subject to the rights of the Employer under Article XI , the Employer may make a
contribution to the Trust beginning with the first Plan Year ending on or after the effective
date of the Plan. The amount of the contribution shall be discretionary with the Employer
and shall be paid to the Trustee on or before the time required by law for filing the
Employer's federal income tax return (including extensions) for the year with respect to
which the contribution is made. However, no Employer contributions may be made in
any Plan Year to the extent that they would not be deductible.
B. Manner of Allocation
All contributions by the Employer for any Plan Year, and all Forfeitures, if any,
during such year, shall be allocated as of the last day of such year to the Employer
Account of each individual Participant who is an Employee on such date and who has a
Year of Service for Accrual of Benefits for the Plan Year, in the same proportion that
each such Participant's Compensation for the Plan Year bears to the total Compensation
of all Participants for the Plan Year.
C. Permissible Types of Employer Contributions
Payments on account of the contributions due from the Employer for any year
may be made in cash or in kind; except that assets may not be contributed if such
contribution violates the prohibited transaction rules of IRC § 4975, or the corresponding
rules under ERISA § 406, if applicable.
D. Loans to Participants
1. The Administrative Committee may authorize the Trustee to loan to
any Participant an amount or amounts that, when added to the
outstanding balance of all prior loans to the Participant under the Plan
and all other plans maintained by the Employer, does not exceed the
lesser of (i) $____________ (reduced by the excess, if any, of (A) the
highest outstanding balance of loans from the Plan during the one-year
period ending on the day before the date such loan is made over (B) the
outstanding balance of loans from the Plan on the date on which such loan is
made), or (ii) one-half of such Participant's vested Accrued Benefit. For
the purposes of the preceding sentence all qualified retirement plans maintained by
the Employer shall be treated as included with this Plan for purposes of
the limitations relating to the dollar amounts of permissible loans
and the length of time of repayment, except that only Accrued Benefits
under this Plan shall be taken into account, in applying the limitations of (ii). A
loan may not be made to an owner-employee or shareholder-employee, as
defined in IRC § 4975(d).
2. Loans may not be made to Participants who are highly compensated
Employees, officers, or shareholders in percentage amounts greater than
amounts made available to other Participants, and such loans must be made
available to all Participants on a reasonable equivalent basis. Any loans made
must bear a reasonable rate of interest, considering all relevant factors,
specifically including current bank interest rates, and must be adequately
secured, as determined by the Administrative Committee. The Employer Account
of the borrower may be pledged as security for such loans. The loan shall be
repaid in substantially level amortization (with payments not less frequently than
quarterly) over a term not to exceed ________ (number) years.
Notwithstanding the preceding sentence, the repayment of loans may be
extended a reasonable time beyond _________ (number) years if such loan is
used to acquire a dwelling unit that is to be used as a principal residence of the
Participant. All costs and expenses in connection with obtaining the loans and
perfecting the Plan's security interest, including but not limited to taxes, recording
fees, filing fees and attorney's fees, shall be prepaid by the Participant or shall be
deducted from the total proceeds of the loan.
3. Any loan shall be allocated to the accounts of the Participant to whom the
loan is made and repayment of principal and interest on the loan shall be
allocated to such accounts in the proportion in which the funds were
borrowed.
4. The Administrative Committee may adopt a loan policy, provided that it
shall not conflict with the Plan.
5. Loan repayments will be suspended under this Plan as permitted under
IRC § 414(u)(4).
E. Rollover Contributions
1. Any Employee may make a Rollover Contribution to this Plan, subject to
the consent of the Employer; provided, however, that the Trust from
which the funds are to be transferred must permit the transfer to be made,
and provided, further, that, in the opinion of the Employer's legal counsel, such
transfer will not jeopardize the tax exempt status of this Plan or Trust or
create adverse tax consequences for the Employer. Rollover Contributions
shall be made by delivery to the Trustee (or to the Employer for
delivery to the Trustee) for deposit in the Trust. All Rollover Contributions must
be in cash or property satisfactory to the Trustee, whose decision in this
regard shall be final. The Trustee will not accept rollovers of accumulated
deductible employee contributions from a Simplified Employee Pension Plan;
nor will the Trustee accept rollovers in the form of a direct transfer from any
qualified Plan that is required to provide benefits in the form of a
qualified joint and survivor annuity or a qualified preretirement survivor
annuity, as defined in IRC § 417(b) and (c).
2. If the Administrative Committee accepts such transfer of funds, it shall
allocate them to the Participant Account of the transferor, or to a separate
or segregated account established for such purpose ( Rollover Account ). If
the funds are allocated to a segregated account, they shall be invested
separately and any appreciation, depreciation, gain, or loss with respect to
such account, and any related expenses shall be allocated to such account; for
all other purposes such funds shall be treated as if they had been
allocated to a Participant Account.
3. Rollover Contributions shall not be considered to be Participant
contributions for the purpose of calculating the limitations under Article
V, Section D .
V. Administration of Accounts
A. Investments
The amounts allocated to the Employer and Participant Accounts, if applicable,
shall be invested by the Trustee (except as provided in Article IX, Section D ) in
accordance with Article VIII .
B. Invest in Single Fund and Reasonable Rules
The Trustee may cause all contributions paid to it by the Employer and the
income from such contributions, without distinction between principal and
income, to be held and administered as a single fund, and the Trustee shall not be required to
invest separately any share of any Participant except as provided in Article IV, Section E, and
Article VII, Section D . The Trustee may adopt reasonable rules for the administration of
such common fund and for the determination of the proportionate interest of each
Participant in the fund.
C. Valuation of Assets and Allocation of Changes
The assets of the Trust Fund will be valued as of the close of the last day of each
Plan Year at their fair-market value and the Employer Account (or Employer Accounts if
the Participant has Accrued Benefits for service incurred both prior and subsequent to
___________ (number) consecutive One Year Breaks in Service), including any
Employer Account held in suspense, shall be adjusted for any net appreciation or net
depreciation in the assets of the Plan and any net income or net loss of the Trust for
such year, with each account being credited or charged in the ratio that the amount of
the account (as of the close of the last day of the Plan Year) bears to the total (as of the
close of the last day of the Plan Year) of all remaining non-segregated accounts. For the
purpose of such adjustment of accounts, any contribution made by the Employer with
respect to that Plan Year shall be considered as having been made immediately after
such valuation and adjustment. In making the adjustments required by this Section, the
cash value of any life insurance, and the value of any amounts segregated in
accordance with Article IV, Section E , and Article VII, Section D shall not be
considered in determining the amount of net appreciation, depreciation, gain or loss to
be allocated to such account. The amount of any net appreciation, depreciation, gain or
loss with respect to such cash value or segregated account shall be allocated to the
individual account with respect to which it arose.
D. Limitations on Allocations to Each Participant
1. Defined Contribution Plan Limitations
Notwithstanding any other provision of this Plan, the maximum annual
addition for any Plan Year that can be made to any individual Participant's
Employer accounts, taken together, is the lesser of $___________or ______% of
the Participant's Compensation. For the purposes of this Paragraph I and
Paragraph II of this Section D , the annual addition is the sum of the following
amounts allocated to the accounts of the individual Participant for the Plan Year
of the Trust (which shall be the limitation year for purposes of IRC § 415, unless
the Employer otherwise elects) under this and all other defined contribution type
Plans maintained by the Employer:
a. Employer contributions;
b. Forfeitures (if applicable);
c. Participant contributions;
d. Amounts allocated to an individual medical account (as defined in
IRC § 415(l)(2)) that is part of a defined benefit Plan maintained
by the Employer; and
e. Amounts derived from contributions paid or accrued after
December 31, ________ (year) , in taxable years ending after such date,
that are attributable to postretirement medical benefits allocated to the
separate account of a Key Employee (as defined in IRC § 419A(d)(3))
under a welfare benefit fund (as defined in IRC § 419(e)) maintained by
the Employer.
If Subsections D(1) and D(2) of this Article limit the amount that can be
allocated to the Employer Account of any Participant for a Plan Year, the excess
amount that cannot be allocated for the Plan Year shall be held in the suspense
account to be allocated on the last day of each succeeding Plan Year until the
funds in the suspense account have been completely reallocated. No further
Employer contributions may be made to the Plan until the suspense account has
been completely reallocated. No investment gains and losses or other
income shall be allocated to the suspense account.
2. Defined Benefit Plan Limitations
As to any defined benefit Plan maintained by the Employer for any Plan
Year, the annual benefit cannot exceed the lesser of:
a. $__________ (or such other figure as determined in accordance
with the cost of living adjustment procedure of IRC § 415(d) but
only for the year in which such a adjustment is effective), or
b. 100% of the Participant's average annual Section 415
Compensation for the Participant's three highest paid consecutive
Plan Years; however, benefits of up to $__________ a Plan Year can
be paid without regard to the 100% limitation if the total retirement
benefits payable to an Employee under all defined-benefit Plans
(as defined in IRC § 414(j)) maintained by the Employer for the present
and any prior Plan Year do not exceed $__________ and the Employer
has not at any time maintained a defined-contribution Plan (as
defined in IRC § 414(i)) in which the Employee was a Participant.
c. If the Participant has less than 10 years of participation in the Plan
(as defined in IRC § 415(b)(5)), the applicable limitation in subsection
D(2)(a) above shall be reduced by multiplying such limitation by a
fraction. The numerator of such fraction shall be the
number of years, or part of a year, of participation in the defined benefit
Plan maintained by the Employer; the denominator shall be 10 years.
d. If the Participant has less than 10 years of service as an
Employee (as defined in IRC § 415(b)(5)), the applicable limitation
in subsection D(2)(b) shall be reduced by multiplying such limitation
by a fraction. The numerator of such fraction shall be the number of
years, or part of a year, of service with the Employer; the
denominator shall be 10 years.
e. For the purposes of this Subsection D(2) , the annual benefit
means a benefit payable annually in the form of a straight life annuity with
no ancillary or incidental benefits and with no Employee or Rollover
Contributions. To the extent that ancillary benefits are provided, the limits
set forth in Subsections D(2)( a) and (b) shall be reduced actuarially,
using an interest rate assumption equal to _______% to reflect such
ancillary benefits.
f. If distribution of retirement benefits begins before the Social
Security Retirement Age, the $__________ limitation as described
in this Subsection D(2) shall be reduced actuarially on the following
basis:
If the Social Security Retirement Age is 65 and distribution
of benefits begins after the Participant has attained age 62 but
before the Social Security Retirement Age, the reduction
shall be 5
/
9 of 1% per month for each month by which the
first distribution precedes the Social Security Retirement
Age;
g. If the Social Security Retirement Age exceeds 65 and the
distribution of benefits begins after the Participant has attained
age 62, the reduction shall be the sum of (1) and (2), where (1) is
5
/
9 of 1% per month for each of the first 36 months, and (2) is 5
/
12 of 1%
per month for each additional month (up to 24 months) by which benefits
commence before the month of the Participant's Social Security
Retirement Age; and
h. If the distribution of benefits begins before the Participant has
attained age 62, the limitation will be the actuarial equivalent of
what it would have been if the first distribution had been made when the
Participant had attained age 62; the assumed interest rate
for such calculation shall be _____%.
i. Social Security Retirement Age means the age used as the
retirement age under section 216(l) of the Social Security Act,
which is presently age 65 for a person born before 1938, age 66 for
a person born between 1938 and 1954, and (description of Social
Security retirement ages for different years of birth) .
j. For the purposes of this Subsection D(2), the average annual
Section 415 Compensation for a Participant's three highest paid
consecutive years shall mean the Participant's greatest
aggregate Section 415 Compensation during the period of
three consecutive Plan Years in which the individual was an active
Participant in the Plan.
3. Section 415 Compensation
Section 415 Compensation means (EITHER:) wages as defined in IRC §
3401(a) and all other payments of compensation to an employee by the
employer (in the course of the Employer's trade or business) for which the
Employer is required to furnish the Employee a written statement under IRC §§
6041(d) and 6051(a)(3). Compensation must be determined without regard to
any rules under IRC § 3401(a) that limit the remuneration included in
wages based on the nature or location of the employment or the services
performed (such as the exception for agricultural labor in IRC § 3401(a)(2)).
(OR:) wages within the meaning of IRC § 3401(a) for the purposes of income tax
withholding at the source but determined without regard to any rules that
limit the remuneration included in wages based on the nature or location of
the employment or the services performed (such as the exception for
agricultural labor in IRC § 3401(a)(2)).
Notwithstanding the preceding, for Plan Years beginning after December
31, _______ (identification of year) , Section 415 Compensation will include any
elective deferral under IRC §§ 401(k), 403(b), 457, or 125.
For any self-employed individual compensation will mean earned income.
For the purposes of applying the limitations of this Section D ,
compensation for a limitation year is the compensation actually paid or
made available during such limitation year. Notwithstanding the preceding
sentence, compensation for a Participant in a defined contribution Plan who
is permanently and totally disabled (as defined in IRC § 22(e)(3)) is the
compensation such Participant would have received for the limitation year
before becoming permanently and totally disabled; such imputed
compensation for the disabled Participant may be taken into account only if
the Participant is not a Highly Compensated Employee (as defined in IRC
§ 414(q)) and contributions made on behalf of such Participant are non-
forfeitable when made.
4. Overall Permitted Disparity Limits under IRC § 401(l)
The overall permitted disparity limits for purposes of IRC § 401(l), and as
set forth in Treasury Regulation § 1.401(l)-5, may not be exceeded for all
qualified retirement Plans maintained by the Employer, including
any Affiliated Employer. If the limits would otherwise be exceeded with respect
to all such Plans, then (EITHER:) the Participant's permitted disparity under
the defined- benefit Plan will be reduced to the extent necessary to comply
with the Permitted disparity limits before any such reductions in permitted
disparity to this Plan or any other defined-contribution Plan maintained by
the Employer or an Affiliated Employer are made. (OR:) the Participant's
permitted disparity under this Plan will be reduced to the extent necessary to
comply with the permitted disparity limits before any such reductions in
permitted disparity to any other defined contribution Plan or defined-benefit
Plan of the Employer or an Affiliated Employer are made.
E. Designation of Beneficiary
Each Participant may designate from time to time in writing one or more
Beneficiaries, who will receive the Participant's vested Accrued Benefit in the event of
the Participant's death. If the Participant dies without having made a Beneficiary
designation, the Trustee shall distribute such benefits in the following order of priority to
the deceased Participant's: (a) spouse; (b) lineal descendants; (c) parents; or (d) estate.
However, in the event of the death of a married Participant, the surviving spouse must
be the sole beneficiary unless the surviving spouse has consented in writing to a
different election, has acknowledged the effect of such election, and the consent and
acknowledgment are witnessed by a member of the Administrative Committee or a
notary public. The consent of the spouse shall not be necessary if it is established to the
satisfaction of the Administrative Committee that there is no spouse, the spouse cannot
reasonably be located, or for such other reasons as the regulations may prescribe. The
consent of the spouse or reason for not requiring such consent shall be applicable only
to that spouse. If the spouse of a Participant becomes locatable or if a Participant
remarries, it shall be the duty of the Participant to bring that fact to the attention of the
Administrative Committee. If the Participant so notifies the Administrative Committee, the
Administrative Committee shall then, if applicable, proceed to make available to
such spouse the consent of spouse procedures described in this Section.
F. Life Insurance
1. Portions of the Trust Fund may be used to purchase and pay premiums
on life insurance contracts on the lives of Participants as to which the
insured Participant shall have the power to designate beneficiaries.
2. Each life insurance contract shall be purchased and premiums paid on
the contract in accordance with uniform policies, established by the
Administrative Committee and providing for treatment of
Participants in similar circumstances in a similar fashion (except those
Participants declared uninsurable at standard rates by an insurance
company, for whom no insurance need be purchased) from the Employer
Account of the Participant whose life is insured. If life insurance is not
purchased ratably for all Participants (except those Participants uninsurable at standard
rates), the consent of Participants on whose behalf life insurance
contracts are purchased must be obtained. The aggregate premiums paid for
any Plan Year on such insurance contracts on the Participant's life from
his or her Employer Account shall, in the case of whole life insurance, at all times
be less than _____% of the aggregate of the Employer contributions
allocated to the credit of such Participant's Employer Account; and in the
case of term life insurance, shall at all times be less than _____% of such
Employer contributions.
3. As to such life insurance contract on any Participant's life, upon or before
the happening of any of the circumstances (other than the Participant's
death) upon which, pursuant to Article VII, the Participant becomes eligible for
payments under the Plan, the Trustee shall:
a. Convert its entire value into cash;
b. Convert its entire value to provide periodic income to the
Participant, provided that no portion may be used to continue life
insurance for the Participant; or
c. Distribute it to the Participant.
In no event, however, shall this Section F be interpreted to permit
receipt by a Participant of such cash, periodic income, or contracts (with
modes of settlement, as to all three alternatives, limited to those
provided elsewhere in the Plan) before he or she is eligible to
receive benefits pursuant to Article VII .
4. If contracts of life insurance are purchased pursuant to this Section F ,
amounts paid for premiums on such policies shall be subtracted from the
Employer Accounts of the Participants upon such payments, and
such contracts and the cash or reserve values of the contracts shall not
be deemed part of the Trust Fund for purposes of the allocation of profit
and loss of the Trust under Se ction C of this Article V . Dividends paid upon,
and return of premiums with respect to, any policy of life insurance held under
this Plan shall be credited to the Employer Account of the Participant insured.
VI. Vesting
A. Employer Account Vesting on Death, Retirement, or Total Permanent
Disability
If a Participant's employment is terminated for death, on or after ___________
(Normal/Early) Retirement Age, or for Total and Permanent Disability, then 100% of the
Accrued Benefit in his or her Employer Account shall vest in the Participant (or in his or
her Beneficiary, as the case may be) and shall be distributed or set aside in accordance
with the provisions of Article VII .
B. Employer Account Vesting on Termination
If a Participant's employment is terminated except for death, Total and
Permanent Disability, or on or after ___________ (Normal/Early) Retirement Age, the
following percentages of the Accrued Benefit in the Employer Account of the Participant
shall vest in the Participant and shall be distributed to or set aside for him or her in
accordance with the provisions of Article VII :
One year or less of total service: 0%
(Description of vesting schedule for interim years) _______________________
__________________________________________________________________ ;
_____________ (Number of years for full vesting) years or more: 100%.
The Accrued Benefit of a Participant that is not vested as above provided shall
be retained by the Trustee for allocation as a Forfeiture, in accordance with the
provisions of Article IV, Section B , and Article VII, Sections H and J . ( OPTIONAL: If a
Participant's employment is terminated, except for death, Total and Permanent
Disability, or on or after (Normal/Early) Retirement Age, then 100% of the Accrued
Benefit in the Employer Account of the Participant shall vest in the Participant and shall
be distributed to or set aside for him or her in accordance with the provisions of Article
VII .)
C. Forfeiture for Certain Acts
Notwithstanding the provisions of Sections A and B of this Article, a Participant
who has less than _____________ (number of years) years of Total Service for Vesting
shall forfeit all of the Accrued Benefit in his or her Employer Account if he or she should
commit any criminal act or willful or malicious act that damages the Employer or other
Employees.
D. Restoration of Forfeitures
If a Participant is less than 100% vested and he or she receives a deemed or
actual distribution from the Plan and forfeits part of his or her Accrued Benefit, then if the
Participant resumes employment with the Employer before the occurrence of ______
(number) consecutive One Year Breaks in Service, until such time as there is a
_______________ (ordinal number of consecutive one-year breaks in service)
consecutive One Year Break in Service, the Participant's vested portion of the balance in
his or her account at any time shall be equal to an amount (“X”) determined by the
formula X = P(AB + D) — D, where “P” is the vested percentage of the Participant at
such time, “AB” is the balance in the Participant's account at such time, and “D” is the
amount distributed as a severance of employment benefit and not previously repaid by
the Participant in accordance with Article VII, Section J .
If an Employee is deemed to receive a distribution pursuant to Article VII,
Section B , and the Participant resumes employment covered under the Plan before the
date the Employee incurs _____ (number) consecutive One Year Breaks in Service,
upon the reemployment of such Employee, the balance of the Employer Account of the
Employee will be restored to the amount on the date of such deemed distribution. If the
Participant's forfeited Accrued Benefit is restored pursuant to this Section D , the
restoration shall be made first out of Forfeitures, if any, and then by additional Employer
contributions.
VII. Distribution of Benefits
A. Method of Distribution of Employer Accounts
The Participant shall elect to receive distribution of his or her accounts in one of
the following forms: (a) a lump-sum distribution; (b) an installment distribution consisting
of approximately equal annual or more frequent installments (subject to the limitations of
Section B of this Article) over a term certain; (c) a Cash-Out; or (d) a direct rollover as
described in Section G of this Article. Notwithstanding the preceding, if a Participant's
vested Accrued Benefit at the time he or she terminates employment (through
severance, death, or Total and Permanent Disability) does not exceed $___________,
the entire amount of such Accrued Benefit shall be distributed in the form of a Cash-Out
within ______ (number) days after such termination of employment.
B. Time of Distribution
1. After the Participant has attained the Normal Retirement Age, has died, or
has terminated his or her employment, then the first installment, the lump-sum payment,
Cash-Out, or Direct Rollover, as the case may be, shall be made no more than ______
(number) days after the end of the Plan Year in which the event occurs, or as soon
thereafter as administratively feasible; provided, however, unless the distribution is made
in the form of a Cash-Out, the distributions shall be made no earlier than the time at
which, the Participant has incurred a One Year Break in Service or is 100% vested as to
his or her Employer Account. If the distribution is made before the time the Participant
attains the later of age 62 or the Normal Retirement Age under the Plan, the Participant
must consent to the distribution, unless it is in the form of an involuntary Cash-Out. If the
distribution is delayed until the Participant incurs a One Year Break in Service or is
100% vested, it shall be made within ______ (number) days of the occurrence of such
event. If the Participant is 0% vested in his or her Accrued Benefit, his or her account
balance will be deemed to have been distributed to him or her in the form of a Cash-Out.
However, in all events such distributions shall begin no later than ______ (number)
days after the end of the Plan Year in which occurs the latest of the following:
a. The date on which the Participant attains the earlier of age _____
(age of participant) or the Normal Retirement Age;
b. The ______ (number) anniversary of the year in which the
Participant commenced participation in the Plan; or
c. The Termination Date.
2. Distributions shall commence no later than the later of (i) the first day of
April of the calendar year following the calendar year in which the
Participant attains age 701/2, or (ii) the calendar year in which the Participant
retires if the Participant is not a 5% owner of the Employer.
3. If distributions are made in installments rather than a lump-sum
distribution or a Cash-Out, then (i) the installments must be over a period of
________ (number) years or less, or (ii) the amount of the installment to be
distributed each year must be at least an amount equal to the quotient obtained
by dividing the Participant's entire interest by the life expectancy of the
Participant or the joint and last survivor expectancy of the Participant and his or
her designated Beneficiary. Life expectancy and joint and last survivor
expectancy are computed by the use of the return multiples contained in
Treasury Regulations § 1.72-9, or, in the case of payments under a contract
issued by an insurance company, by use of the life expectancy tables of the
insurance company. For the purposes of this computation, a Participant's life
expectancy may be recalculated no more frequently than annually, but the life
expectancy of a non-spouse Beneficiary may not be recalculated. If the
Participant's spouse is not the designated Beneficiary, the method of distribution
selected must assure that at least 50% of the present value of the amount
available for distribution is paid within the life expectancy of the Participant.
4. If the Participant dies after distributions to him or her have begun but
before his or her entire Accrued Benefit has been distributed to him or
her, the remaining portion of his or her Accrued Benefit shall be distributed
from the Plan at least as rapidly as under the method of distribution previously
established for him or her, if such method was irrevocable at the time of
his or her death.
5. If the Participant dies before distribution of his or her interest commences,
then distributions of the Participant's remaining Accrued Benefit must be
completed by the end of the fifth calendar year following the year of his or
her death. However, installment distributions to a designated Beneficiary that
begin not later than the end of the calendar year following the death of the
Participant shall be treated as complying with this five-year distribution
requirement (even though the installment payments are not completed within
five years of the Participant's death) if the distributions are made at a rate
that is not longer than that calculated (in the manner described in Section
III of this Article) to provide payment of all the Participant's Accrued Benefit
during the anticipated life expectancy of the designated Beneficiary.
Provided that if the designated Beneficiary is the surviving spouse
of the deceased Participant, the distributions can begin as long after the
Participant's death as the date on which the deceased Participant would have
attained the age of 701/2; if the surviving spouse dies before distributions to
the surviving spouse have begun, the Plan may make distributions at such
times as described in this Article as it would have if the surviving spouse had
been a deceased Participant.
6. For the purposes of this Section B , any amount paid to a child of a
Participant will be treated as if it had been paid to the surviving spouse of
the Participant if such remaining amount becomes payable to the surviving
spouse when the child reaches the age of majority.
7. If a distribution is one to which IRC §§ 401(a)(11) and 417 do not apply,
such distribution may commence less than 30 days after the notice
required under § 1.411(a)-11(c) of the Income Tax Regulations is given,
provided that:
a. The Plan Administrator clearly informs the Participant that the
Participant has a right to a period of at least _______ (number) days
after receiving the notice to consider the decision of whether or not to
elect a distribution (and, if applicable, a particular distribution option); and
b. The Participant, after receiving the notice, affirmatively elects a
distribution. The notice specified in the first sentence of this
Section shall not be required if the Participant's vested Accrued Benefit
at the time of the distribution does not exceed $____________.
C. Segregation if Installment Distribution
The Administrative Committee may determine that the Employer and Participant
Accounts, if applicable, of a Participant who is no longer an Employee shall be
segregated and set aside, in which event the Administrative Committee shall direct the
Trustee to segregate the vested portion (as defined in Article VI ) of the entire balance of
the Participant's Employer Account and Participant Account, if applicable, and to deposit
such portion in a separate interest bearing account at a bank or savings and loan
association, and the account shall cease to participate in the income or net loss or
appreciation or depreciation of the Trust Fund, as of the beginning of the Plan Year in
which such segregation occurs, and instead will be credited with the full amount of
interest earned on the account.
D. Non-segregation if Installment Distribution
If the Administrative Committee does not segregate (as provided in Section C
above) the Employer Account and Participant Account, if applicable, of a Participant, the
account shall continue to be treated, without interruption, in the same manner as when
the Participant was an Employee, in which case the installment distributions shall be
adjusted upward or downward to reflect appreciation or depreciation, or income or loss
in the account balance.
E. Distribution after Death of Participant
In the event of the death of a Participant after installment payments have begun,
but before completion of such payments, the full amount of such unpaid benefits shall
continue to be paid in the form of the previously established installments except that the
Beneficiary may request that the remaining Accrued Benefit be paid in a lump sum.
In the event of the death of the Participant before the start of any payment of his or her
Accrued Benefit, distributions shall be made in the form and at the time or times selected
by the Beneficiary pursuant to Sections A and B of this Article VII.
F. Distribution after Death of Beneficiary
In the event of the death of a Beneficiary (or a contingent Beneficiary, if
applicable) before the completion of payment of benefits due the Beneficiary from the
Plan, the full amount of such unpaid benefits shall at once vest in and become the
property of the estate of the Beneficiary. In determining the amount of such unpaid
benefits, no adjustment shall be made by reason of any net income, or net loss, of the
Trust, or any net appreciation or net depreciation by the Trust's assets subsequent to the
beginning of the Plan Year in which such final distribution occurs.
G. Direct Rollover
Notwithstanding any other provision of the Plan, the Plan Administrator shall
advise any distributee entitled to receive an eligible rollover distribution, at the same time
as the notice required to be given pursuant to this Article VII (or such other time as is
permitted by law) of his or her right to elect a direct rollover to an eligible retirement Plan,
pursuant to the provisions of this Section. To elect a direct rollover the distributee must
request in writing to the Plan Administrator that all or a specified portion of the eligible
rollover distribution be transferred directly to (an eligible retirement plan/one or more
eligible retirement plans) . (EITHER :) If more than one direct rollover distribution will be
made, the notice specified in the first sentence of this Section must state that the
distributee's initial election to make or not to make a direct rollover will remain in effect
unless he or she gives the Plan Administrator written instructions to change the election,
in which case the new election will remain in effect until changed. (OR :) If a distribution
will be made on behalf of the distributee in more than one year, the notice specified in
the first sentence of this Section must be given to the distributee in each year in which
there is an eligible rollover distribution, and the distributee must file a new election with
the Plan Administrator if he or she wishes to have the eligible rollover distribution
transferred directly to an eligible retirement Plan.
For the purposes of this Section G , the following definitions shall apply:
1. A direct rollover is a payment by the Plan to the eligible retirement Plan
specified by the distributee.
2. A distributee includes an Employee or former Employee. In addition, the
Employee's or former Employee's surviving spouse and the Employee's
(or former Employee's) spouse or former spouse who is the alternate payee
under a qualified domestic relations order, as defined in IRC § 414(p), are
distributees with regard to the interest of the spouse or former spouse.
3. An Eligible Retirement Plan is a retirement Plan/Trust that meets the
requirements of IRC § 401(a), an annuity described in IRC § 403(a), an individual
retirement account described in IRC § 408(a), or an individual retirement annuity
(other than an endowment contract) described in IRC § 408(b), the terms of
which permit the acceptance of a direct rollover of the distributives’ eligible
rollover distribution. However, in the case of an eligible rollover distribution to the
surviving spouse, an eligible retirement Plan is an individual retirement account
or an individual retirement annuity. The ___________________ (Administrative
Committee/Plan Administrator) may establish reasonable procedures for
ascertaining that the eligible retirement Plan meets the preceding requirements.
4. An eligible rollover distribution is any distribution from this Plan of all or
any portion of the balance to the credit of the distributee, except for distributions
(or portions of distributions) that are:
a. Part of a series of substantially equal periodic payments (not less
frequently than annually) made over the life of the Employee (or
the joint lives of the Employee and the Employee's designated
beneficiary), the life expectancy of the Employee (or the joint life and last
survivor expectancy of the Employee and the Employee's designated
beneficiary), or a specified period of ________ (number)
years or more;
b. Required under IRC § 401(a)(9) (relating to the minimum
distribution requirements); or
c. The portion of any distribution that is not includable in gross
income (determined without regard to the exclusion for net
unrealized appreciation in employer securities described in IRC §
402(e)(4)).
H. Suspens
