Defined Contribution Prototype Plan (2003)Full Document 

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                    PFPC INC. DEFINED CONTRIBUTION PROTOTYPE
                                 PLAN AND TRUST
                             BASIC PLAN DOCUMENT #01
















 Copyright 2001 PFPC Inc.



                                             DEFINED CONTRIBUTION PROTOTYPE PLAN

                                    PFPC INC.
                  DEFINED CONTRIBUTION PROTOTYPE PLAN AND TRUST

























 Copyright 2001 PFPC Inc.



                                             DEFINED CONTRIBUTION PROTOTYPE PLAN


                                               TABLE OF CONTENTS

                                                   ARTICLE I
                                                  DEFINITIONS

                                                   ARTICLE II
                                                 ADMINISTRATION



                                                                                               
      2.1      POWERS AND RESPONSIBILITIES OF THE EMPLOYER...........................................12
      2.2      DESIGNATION OF ADMINISTRATIVE AUTHORITY...............................................12
      2.3      ALLOCATION AND DELEGATION OF RESPONSIBILITIES.........................................13
      2.4      POWERS AND DUTIES OF THE ADMINISTRATOR................................................13
      2.5      RECORDS AND REPORTS...................................................................14
      2.6      APPOINTMENT OF ADVISERS...............................................................14
      2.7      INFORMATION FROM EMPLOYER.............................................................14
      2.8      PAYMENT OF EXPENSES...................................................................14
      2.9      MAJORITY ACTIONS......................................................................14
      2.10     CLAIMS PROCEDURE......................................................................14
      2.11     CLAIMS REVIEW PROCEDURE...............................................................15

                                                  ARTICLE III
                                                  ELIGIBILITY

      3.1      CONDITIONS OF ELIGIBILITY.............................................................15
      3.2      EFFECTIVE DATE OF PARTICIPATION.......................................................15
      3.3      DETERMINATION OF ELIGIBILITY..........................................................15
      3.4      TERMINATION OF ELIGIBILITY............................................................16
      3.5      REHIRED EMPLOYEES AND BREAKS IN SERVICE...............................................16
      3.6      ELECTION NOT TO PARTICIPATE...........................................................16
      3.7      CONTROL OF ENTITIES BY OWNER-EMPLOYEE.................................................17

                                                   ARTICLE IV
                                            CONTRIBUTION AND ALLOCATION

      4.1      FORMULA FOR DETERMINING EMPLOYER'S CONTRIBUTION.......................................17
      4.2      TIME OF PAYMENT OF EMPLOYER'S CONTRIBUTION............................................17
      4.3      ALLOCATION OF CONTRIBUTION, FORFEITURES AND EARNINGS..................................17
      4.4      MAXIMUM ANNUAL ADDITIONS..............................................................21
      4.5      ADJUSTMENT FOR EXCESSIVE ANNUAL ADDITIONS.............................................25
      4.6      ROLLOVERS.............................................................................25
      4.7      PLAN-TO-PLAN TRANSFERS FROM QUALIFIED PLANS...........................................26
      4.8      VOLUNTARY EMPLOYEE CONTRIBUTIONS......................................................27
      4.9      QUALIFIED VOLUNTARY EMPLOYEE CONTRIBUTIONS............................................27
      4.10     DIRECTED INVESTMENT ACCOUNT...........................................................27
      4.11     INTEGRATION IN MORE THAN ONE PLAN.....................................................29
      4.12     QUALIFIED MILITARY SERVICE............................................................29

(c) Copyright 2001 PFPC Inc. -i- DEFINED CONTRIBUTION PROTOTYPE PLAN ARTICLE V VALUATIONS 5.1 VALUATION OF THE TRUST FUND...........................................................29 5.2 METHOD OF VALUATION...................................................................29 ARTICLE VI DETERMINATION AND DISTRIBUTION BENEFITS 6.1 DETERMINATION OF BENEFITS UPON RETIREMENT.............................................29 6.2 DETERMINATION OF BENEFITS UPON DEATH..................................................30 6.3 DETERMINATION OF BENEFITS IN EVENT OF DISABILITY......................................31 6.4 DETERMINATION OF BENEFITS UPON TERMINATION............................................31 6.5 DISTRIBUTION OF BENEFITS..............................................................32 6.6 DISTRIBUTION OF BENEFITS UPON DEATH...................................................36 6.7 TIME OF DISTRIBUTION..................................................................39 6.8 DISTRIBUTION FOR 1VIIIVOR OR INCOMPETENT BENEFICIARY..................................39 6.9 LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN........................................39 6.10 IN-SERVICE DISTRIBUTION...............................................................39 6.11 ADVANCE DISTRIBUTION FOR HARDSHIP.....................................................39 6.12 SPECIAL RULE FOR CERTAIN PROFIT SHARING PLANS.........................................40 6.13 QUALIFIED DOMESTIC RELATIONS ORDER DISTRIBUTION.......................................40 6.14 DIRECT ROLLOVERS......................................................................40 6.15 TRANSFER OF ASSETS FROM A MONEY PURCHASE PLAN.........................................41 6.16 ELECTIVE TRANSFERS OF BENEFITS TO OTHER PLANS.........................................41 ARTICLE VII TRUSTEE AND CUSTODIAN 7.1 BASIC RESPONSIBILITIES OF THE TRUSTEE.................................................42 7.2 INVESTMENT POWERS AND DUTIES OF DISCRETIONARY TRUSTEE.................................43 7.3 INVESTMENT POWERS AND DUTIES OF NONDISCRETIONARY TRUSTEE..............................45 7.4 POWERS AND DUTIES OF CUSTODIAN........................................................46 7.5 LIFE INSURANCE........................................................................46 7.6 LOANS TO PARTICIPANTS.................................................................47 7.7 MAJORITY ACTIONS......................................................................48 7.8 TRUSTEE'S COMPENSATION AND EXPENSES AND TAXES.........................................48 7.9 ANNUAL REPORT OF THE TRUSTEE..........................................................48 7.10 AUDIT.................................................................................48 7.11 RESIGNATION, REMOVAL AND SUCCESSION OF TRUSTEE........................................49 7.12 TRANSFER OF INTEREST..................................................................49 7.13 TRUSTEE INDEMNIFICATION...............................................................49 7.14 EMPLOYER SECURITIES AND REAL PROPERTY.................................................49 ARTICLE VIII AMENDMENT, TERMINATION AND MERGERS 8.1 AMENDMENT.............................................................................50 8.2 TERMINATION...........................................................................50
(c) Copyright 2001 PFPC Inc. -ii- DEFINED CONTRIBUTION PROTOTYPE PLAN 8.3 MERGER, CONSOLIDATION OR TRANSFER OF ASSETS...........................................51 ARTICLE IX TOP HEAVY PROVISIONS 9.1 TOP HEAVY PLAN REQUIREMENTS...........................................................51 9.2 DETERMINATION OF TOP HEAVY STATUS.....................................................51 ARTICLE X MISCELLANEOUS 10.1 EMPLOYER ADOPTIONS....................................................................52 10.2 PARTICIPANT'S RIGHTS..................................................................52 10.3 ALIENATION............................................................................52 10.4 CONSTRUCTION OF PLAN..................................................................53 10.5 GENDER AND NUMBER.....................................................................53 10.6 LEGAL ACTION..........................................................................53 10.7 PROHIBITION AGAINST DIVERSION OF FUNDS................................................53 10.8 EMPLOYER'S AND TRUSTEE'S PROTECTIVE CLAUSE............................................54 10.9 INSURER'S PROTECTIVE CLAUSE...........................................................54 10.10 RECEIPT AND RELEASE FOR PAYMENTS......................................................54 10.11 ACTION BY THE EMPLOYER................................................................54 10.12 NAMED FIDUCIARIES AND ALLOCATION OF RESPONSIBILITY....................................54 10.13 HEADINGS..............................................................................54 10.14 APPROVAL BY INTERNAL REVENUE SERVICE..................................................54 10.15 UNIFORMITY............................................................................55 10.16 PAYMENT OF BENEFITS...................................................................55 ARTICLE XI PARTICIPATING EMPLOYERS 11.1 ELECTION TO BECOME A PARTICIPATING EMPLOYER...........................................55 11.2 REQUIREMENTS OF PARTICIPATING EMPLOYERS...............................................55 11.3 DESIGNATION OF AGENT..................................................................55 11.4 EMPLOYEE TRANSFERS....................................................................55 11.5 PARTICIPATING EMPLOYER'S CONTRIBUTION AND FORFEITURES.................................55 11.6 AMENDMENT.............................................................................56 11.7 DISCONTINUANCE OF PARTICIPATION.......................................................56 11.8 ADMINISTRATOR'S AUTHORITY.............................................................56 11.9 PARTICIPATING EMPLOYER CONTRIBUTION FOR AFFILIATE.....................................56 ARTICLE XII CASH OR DEFERRED PROVISIONS 12.1 FORMULA FOR DETERMINING EMPLOYER'S CONTRIBUTION.......................................56 12.2 PARTICIPANT'S SALARY REDUCTION ELECTION...............................................57 12.3 ALLOCATION OF CONTRIBUTION, FORFEITURES AND EARNINGS..................................59 12.4 ACTUAL DEFERRAL PERCENTAGE TESTS......................................................60 12.5 ADJUSTMENT TO ACTUAL DEFERRAL PERCENTAGE TESTS........................................62 12.6 ACTUAL CONTRIBUTION PERCENTAGE TESTS..................................................64
(c) Copyright 2001 PFPC Inc. -iii- DEFINED CONTRIBUTION PROTOTYPE PLAN 12.7 ADJUSTMENT TO ACTUAL CONTRIBUTION PERCENTAGE TESTS....................................66 12.8 SAFE HARBOR PROVISIONS................................................................68 12.9 ADVANCE DISTRIBUTION FOR HARDSHIP.....................................................70 ARTICLE XIII SIMPLE 401(K) PROVISIONS 13.1 SIMPLE 401(k) PROVISIONS..............................................................71 13.2 DEFINITIONS...........................................................................71 13.3 CONTRIBUTIONS.........................................................................71 13.4 ELECTION AND NOTICE REQUIREMENTS......................................................72 13.5 VESTING REQUIREMENTS .................................................................72 13.6 TOP-HEAVY RULES.......................................................................72 13.7 NONDISCRIMINATION TESTS...............................................................72
(c) Copyright 2001 PFPC Inc. -iv- DEFINED CONTRIBUTION PROTOTYPE PLAN ARTICLE I DEFINITIONS As used in this Plan, the following words and phrases shall have the meanings set forth herein unless a different meaning is clearly required by the context: 1.1 "ACP" means the "Actual Contribution Percentage" determined pursuant to Section 12.6(e). 1.2 "ACT" means the Employee Retirement Income Security Act of 1974, as it may be amended from time to time. 1.3 "ADP" means the "Actual Deferral Percentage" determined pursuant to Section 12.4(e). 1.4 "ADMINISTRATOR" means the Employer unless another person or entity has been designated by the Employer pursuant to Section 2.2 to administer the Plan on behalf of the Employer. 1.5 "ADOPTION AGREEMENT" means the separate agreement which is executed by the Employer and sets forth the elective provisions of this Plan and Trust as specified by the Employer. 1.6 "AFFILIATED EMPLOYER" means any corporation which is a member of a controlled group of corporations (as defined in Code Section 414(b)) which includes the Employer; any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)) with the Employer; any organization (whether or not incorporated) which is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Employer; and any other entity required to be aggregated with the Employer pursuant to Regulations under Code Section 414(o). 1.7 "ANNIVERSARY DATE" means the last day of the Plan Year. 1.8 "ANNUITY STARTING DATE" means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit. 1.9 "BENEFICIARY" means the person (or entity) to whom all or a portion of a deceased Participant's interest in the Plan is payable, subject to the restrictions of Sections 6.2 and 6.6. 1.10 "CODE" means the Internal Revenue Code of 1986, as amended. 1.11 "COMPENSATION" with respect to any Participant means one of the following as elected in the Adoption Agreement: (a) Information required to be reported under Code Sections 6041, 6051 and 6052 (Wages, tips and other compensation as reported on Form W-2). Compensation means wages, within the meaning of Code Section 3401(a), and, all other payments of compensation to an Employee by the Employer (in the course of the Employees trade or business) for which the Employer is required to furnish the Employee a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. Compensation must be determined without regard to any rules under Code Section 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 Code Section 3401(a)(2)). (b) Code Section 3401(a) Wages. Compensation means an Employee's wages within the meaning of Code Section 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 Code Section 3401(a)(2)). (c) 415 Safe-Harbor Compensation. Compensation means wages, salaries, and fees for professional services and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the Employer maintaining the Plan to the extent that the amounts are includible in gross income (including, but not limited to, commissions paid salespersons, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips,
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