Defined Contribution Prototype Plan (2004)Full Document 

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MASSMUTUAL RETIREMENT SERVICES FLEXINVEST®

DEFINED CONTRIBUTION PROTOTYPE PLAN

 


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

   13

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

   15

2.9

  

MAJORITY ACTIONS

   15

2.10

  

CLAIMS PROCEDURE

   15

2.11

  

CLAIMS REVIEW PROCEDURE

   15
     ARTICLE III     
     ELIGIBILITY     

3.1

  

CONDITIONS OF ELIGIBILITY

   15

3.2

  

EFFECTIVE DATE OF PARTICIPATION

   16

3.3

  

DETERMINATION OF ELIGIBILITY

   16

3.4

  

TERMINATION OF ELIGIBILITY

   16

3.5

  

REHIRED EMPLOYEES AND BREAKS IN SERVICE

   16

3.6

  

ELECTION NOT TO PARTICIPATE

   17

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

   18

4.3

  

ALLOCATION OF CONTRIBUTION, FORFEITURES AND EARNINGS

   18

4.4

  

MAXIMUM ANNUAL ADDITIONS

   22

4.5

  

ADJUSTMENT FOR EXCESS ANNUAL ADDITIONS

   26

4.6

  

ROLLOVERS

   26

4.7

  

PLAN TO PLAN TRANSFERS FROM QUALIFIED PLANS

   27

4.8

  

VOLUNTARY EMPLOYEE CONTRIBUTIONS

   27

4.9

  

QUALIFIED VOLUNTARY EMPLOYEE CONTRIBUTIONS

   28

4.10

  

DIRECTED INVESTMENT ACCOUNT

   28

4.11

  

QUALIFIED MILITARY SERVICE

   30

 

© Copyright 2001 MassMutual Life Insurance Company

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Defined Contribution Prototype Plan

 

     ARTICLE V     
     VALUATIONS     

5.1

  

VALUATION OF THE PLAN FUND

   30

5.2

  

METHOD OF VALUATION

   30
     ARTICLE VI     
     DETERMINATION AND DISTRIBUTION OF BENEFITS     

6.1

  

DETERMINATION OF BENEFITS UPON RETIREMENT

   30

6.2

  

DETERMINATION OF BENEFITS UPON DEATH

   31

6.3

  

DETERMINATION OF BENEFITS IN EVENT OF DISABILITY

   32

6.4

  

DETERMINATION OF BENEFITS UPON TERMINATION

   32

6.5

  

DISTRIBUTION OF BENEFITS

   33

6.6

  

DISTRIBUTION OF BENEFITS UPON DEATH

   38

6.7

  

TIME OF DISTRIBUTION

   40

6.8

  

DISTRIBUTION FOR MINOR OR INCOMPETENT BENEFICIARY

   40

6.9

  

LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN

   40

6.10

  

IN-SERVICE DISTRIBUTION

   40

6.11

  

ADVANCE DISTRIBUTION FOR HARDSHIP

   41

6.12

  

SPECIAL RULE FOR CERTAIN PROFIT SHARING PLANS

   42

6.13

  

QUALIFIED DOMESTIC RELATIONS ORDER DISTRIBUTION

   42

6.14

  

DIRECT ROLLOVERS

   42

6.15

  

TRANSFER OF ASSETS FROM A MONEY PURCHASE PLAN

   43

6.16

  

ELECTIVE TRANSFERS OF BENEFITS TO OTHER PLANS

   43
     ARTICLE VII     
     PLAN ADMINISTRATOR DUTIES     

7.1

  

LIFE INSURANCE

   44

7.2

  

LOANS TO PARTICIPANTS

   45

7.3

  

MAJORITY ACTIONS

   46

7.4

  

ADMINISTRATOR’S COMPENSATION, EXPENSES AND TAXES

   46

7.5

  

ANNUAL REPORT OF THE ADMINISTRATOR

   46

7.6

  

AUDIT

   46

7.7

  

RESIGNATION, REMOVAL AND SUCCESSION OF ADMINISTRATOR OR TRUSTEE

   47

7.8

  

TRANSFER OF INTEREST

   47

7.9

  

ADMINISTRATOR AND TRUSTEE INDEMNIFICATION

   47

7.10

  

EMPLOYER SECURITIES AND REAL PROPERTY

   47

7.11

  

COLLECTIVE INVESTMENT FUND

   48
     ARTICLE VIII     
     AMENDMENT, TERMINATION AND MERGERS     

8.1

  

AMENDMENT

   48

8.2

  

TERMINATION

   49

8.3

  

MERGER, CONSOLIDATION OR TRANSFER OF ASSETS

   49

 

© Copyright 2001 MassMutual Life Insurance Company

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Defined Contribution Prototype Plan

 

     ARTICLE IX     
     TOP-HEAVY PROVISIONS     

9.1

  

TOP-HEAVY PLAN REQUIREMENTS

   49

9.2

  

DETERMINATION OF TOP-HEAVY STATUS

   49
     ARTICLE X     
     MISCELLANEOUS     

10.1

  

EMPLOYER ADOPTIONS

   50

10.2

  

PARTICIPANT’S RIGHTS

   51

10.3

  

ALIENATION

   51

10.4

  

CONSTRUCTION OF PLAN

   51

10.5

  

GENDER AND NUMBER

   51

10.6

  

LEGAL ACTION

   51

10.7

  

PROHIBITION AGAINST DIVERSION OF FUNDS

   52

10.8

  

EMPLOYER’S, ADMINISTRATOR’S AND TRUSTEE’S PROTECTIVE CLAUSE

   52

10.9

  

INSURER’S PROTECTIVE CLAUSE

   52

10.10

  

RECEIPT AND RELEASE FOR PAYMENTS

   52

10.11

  

ACTION BY THE EMPLOYER

   52

10.12

  

NAMED FIDUCIARIES AND ALLOCATION OF RESPONSIBILITY

   52

10.13

  

HEADINGS

   53

10.14

  

APPROVAL BY INTERNAL REVENUE SERVICE

   53

10.15

  

UNIFORMITY

   53

10.16

  

PAYMENT OF BENEFITS

   53

10.17

  

BONDING

   53
     ARTICLE XI     
     PARTICIPATING EMPLOYERS     

11.1

  

ELECTION TO BECOME A PARTICIPATING EMPLOYER

   53

11.2

  

REQUIREMENTS OF PARTICIPATING EMPLOYERS

   54

11.3

  

DESIGNATION OF AGENT

   54

11.4

  

EMPLOYEE TRANSFERS

   54

11.5

  

PARTICIPATING EMPLOYER’S CONTRIBUTION AND FORFEITURES

   54

11.6

  

AMENDMENT

   54

11.7

  

DISCONTINUANCE OF PARTICIPATION

   54

11.8

  

ADMINISTRATOR’S AUTHORITY

   54
     ARTICLE XII     
     CASH OR DEFERRED PROVISIONS     

12.1

  

FORMULA FOR DETERMINING EMPLOYER’S CONTRIBUTION

   55

12.2

  

PARTICIPANT’S SALARY REDUCTION ELECTION

   55

12.3

  

ALLOCATION OF CONTRIBUTION, FORFEITURES AND EARNINGS

   57

12.4

  

ACTUAL DEFERRAL PERCENTAGE TESTS

   59

12.5

  

ADJUSTMENT TO ACTUAL DEFERRAL PERCENTAGE TESTS

   60

12.6

  

ACTUAL CONTRIBUTION PERCENTAGE TESTS

   63

 

© Copyright 2001 MassMutual Life Insurance Company

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Defined Contribution Prototype Plan

 

12.7

  

ADJUSTMENT TO ACTUAL CONTRIBUTION PERCENTAGE TESTS

   65

12.8

  

SAFE HARBOR PROVISIONS

   67

12.9

  

ADVANCE DISTRIBUTION FOR HARDSHIP

   69

 

© Copyright 2001 MassMutual Life Insurance Company

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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 (“ERISA”), 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 first day of each Plan Year as defined in Section B.3 of the Adoption Agreement.

 

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 Section F of 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 Employer’s 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)).

 

© Copyright 2001 MassMutual Life Insurance Company

1


Defined Contribution Prototype Plan

 

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