Employees' Profit Sharing Plan and Trust (2003)Full Document 

Start of Preview
                            ALLTECH ASSOCIATES, INC.

                    EMPLOYEES' PROFIT SHARING PLAN AND TRUST



                                TABLE OF CONTENTS

ARTICLE 1.....................................................................2
DEFINITIONS...................................................................2
   1.1   ACP or ACP TEST......................................................2
   1.2   ACTUAL DEFERRAL PERCENTAGE TEST......................................2
   1.3   ADP or ADP TEST......................................................3
   1.4   ADMINISTRATOR........................................................3
   1.5   ADOPTING EMPLOYER....................................................3
   1.6   AFFILIATED EMPLOYER..................................................3
   1.7   AGE..................................................................3
   1.8   ANNIVERSARY DATE.....................................................3
   1.9   ANNUITY STARTING DATE................................................4
   1.10  AVERAGE CONTRIBUTION PERCENTAGE TEST.................................4
   1.11  BENEFICIARY..........................................................6
   1.12  BREAK IN SERVICE.....................................................6
   1.13  CODE.................................................................6
   1.14  COMPENSATION.........................................................6
   l.15  DISABILITY...........................................................6
   1.16  EARLY RETIREMENT AGE.................................................6
   1.17  EARNED INCOME........................................................7
   1.18  ELECTIVE DEFERRAL....................................................7
   1.19  ELIGIBLE PARTICIPANT.................................................7
   1.20  EMPLOYEE.............................................................7
   1.21  EMPLOYER.............................................................7
   1.22  FIDUCIARY............................................................8
   1.23  FISCAL YEAR..........................................................8
   1.24  FORFEITURE...........................................................8
   1.25  HCE..................................................................8
   1.26  HIGHLY COMPENSATED EMPLOYEE..........................................8
   1.27  HOUR OF SERVICE......................................................8
   1.28  KEY EMPLOYEE.........................................................9
   1.29  LEASED EMPLOYEE......................................................9
   1.30  LIMITATION YEAR......................................................9
   1.31  MATCHING CONTRIBUTION................................................9
   1.32  MATERNITY OR PATERNITY LEAVE.........................................9
   1.33  NHCE.................................................................9
   1.34  NON-ELECTIVE CONTRBUTIONS............................................9
   1.35  NON-HIGHLY COMPENSATED EMPLOYEE......................................9
   1.36  NON-KEY EMPLOYEE.................................................... 9
   1.37  NORMAL RETIREMENT AGE...............................................10
   1.38  NORMAL RETIREMENT DATE..............................................10
   1.39  OWNER-EMPLOYEE......................................................10
   1.40  PARTICIPANT.........................................................10
   1.41  PARTICIPANT'S ACCOUNT...............................................10
   1.42  PERMISSIVE AGGREGATION GROUP........................................10
   1.43  PLAN................................................................10
   1.44  PLAN YEAR...........................................................10
   1.45  POLICY..............................................................10
   1.46  QMAC................................................................10
   1.47  QNEC................................................................10
   1.48  QUALIFIED JOINT AND SURVIVOR ANNUITY................................10
   1.49  QUALIFIED MATCHING CONTRIBUTION.....................................11
   1.50  QUALIFIED NON-ELECTIVE CONTRIBUTIONS................................11
   1.51  QUALIFIED PRERETIREMENT SURVIVOR ANNUITY............................11
   1.52  REQUIRED AGGREGATION GROUP..........................................11
   1.53  REQUIRED BEGINNING DATE.............................................11
   1.54  SECTION 415 COMPENSATION............................................12
   1.55  SELF-EMPLOYED INDIVIDUAL............................................12
   1.56  SHAREHOLDER-EMPLOYEE................................................12
   1.57  SUPER TOP HEAVY.....................................................12
   1.58  TERMINATION OF EMPLOYMENT...........................................12



   1.59  TERMINATED PARTICIPANT .............................................12
   1.60  TOP HEAVY ..........................................................12
   1.61  TOP HEAVY MINIMUM ALLOCATION .......................................12
   1.62  TOP HEAVY RATIO ....................................................13
   1.63  TRUSTEE ............................................................14
   1.64  TRUST FUND..........................................................14
   1.65  VALUATION DATE .....................................................14
   1.66  VESTED AGGREGATE ACCOUNT ...........................................14
   1.67  VESTED INTEREST.....................................................14
   1.68  YEAR OF SERVICE ....................................................14

ARTICLE 2....................................................................16
PLAN PARTICIPATION ..........................................................16
   2.1   ELIGIBILITY REQUIREMENTS ...........................................16
   2.2   ENTRY DATE .........................................................16
   2.3   WAIVER OF PARTICIPATION ............................................17
   2.4   CESSATION OF PARTICIPATION .........................................17
   2.5   RESTRICTIONS ON OWNER-EMPLOYEES ....................................17

ARTICLE 3....................................................................18
CONTRIBUTIONS AND ALLOCATIONS ...............................................18
   3.1   EMPLOYER CONTRIBUTIONS .............................................18
   3.2   ALLOCATION OF EMPLOYER CONTRIBUTIONS ...............................19
   3.3   ALLOCATION OF EARNINGS AND LOSSES ..................................20
   3.4   ALLOCATION OF FORFEITURES ..........................................20
   3.5   TOP HEAVY MINIMUM ALLOCATION .......................................20
   3.6   FAILSAFE ALLOCATION ................................................21
   3.7   ROLLOVERS ..........................................................21

ARTICLE 4....................................................................23
PLAN BENEFITS ...............................................................23
   4.1   BENEFIT UPON NORMAL RETIREMENT .....................................23
   4.2   BENEFIT UPON LATE RETIREMENT .......................................23
   4.3   BENEFIT UPON DEATH .................................................23
   4.4   BENEFIT UPON DISABILITY ............................................23
   4.5   BENEFIT UPON TERMINATION ...........................................23
   4.6   DETERMINATION OF VESTED INTEREST ...................................23

ARTICLE 5....................................................................25
DISTRIBUTION OF BENEFITS ....................................................25
   5.1   BENEFIT UPON RETIREMENT ............................................25
   5.2   BENEFIT UPON DEATH .................................................25
   5.3   DISABILITY BENEFITS ................................................26
   5.4   BENEFIT UPON TERMINATION ...........................................26
   5.5   CASH-OUT OF BENEFITS ...............................................27
   5.6   RESTRICTIONS ON IMMEDIATE DISTRIBUTIONS ............................27
   5.7   RESTORATION OF FORFEITED ACCOUNT BALANCE ...........................28
   5.8   SPOUSAL CONSENT REQUIREMENTS .......................................28
   5.9   APPLICATION OF CODE SECTION 401(a)(9) ..............................30
   5.10  STATUTORY COMMENCEMENT OF BENEFITS .................................30
   5.11  DETERMINATION OF LIFE EXPECTANCIES .................................30
   5.12  SEGREGATION OF BENEFIT BEFORE DISTRIBUTION .........................30
   5.13  DISTRIBUTION IN EVENT OF INCAPACITY ................................30
   5.14  DIRECT ROLLOVERS ...................................................31
   5.15  DISTRIBUTION OF EXCESS ELECTIVE DEFERRALS ..........................31
   5.16  DISTRIBUTION OF EXCESS CONTRIBUTIONS ...............................32
   5.17  DISTRIBUTION OF EXCESS AGGREGATE CONTRIBUTIONS .....................33

ARTICLE 6....................................................................36
CODE SECTION 415 LIMITATIONS ................................................36
   6.1   MAXIMUM ANNUAL ADDITION ............................................36
   6.2   ADJUSTMENTS TO MAXIMUM ANNUAL ADDITION .............................36
   6.3   MULTIPLE PLANS AND MULTIPLE EMPLOYERS ..............................37



   6.4 MULTIPLE PLAN REDUCTION ..............................................37
   6.5 ADJUSTMENT FOR EXCESSIVE ANNUAL ADDITIONS ............................38

ARTICLE 7....................................................................40
DUTIES OF THE TRUSTEE .......................................................40
   7.1   APPOINTMENT, RESIGNATION, REMOVAL AND SUCCESSION ...................40
   7.2   INVESTMENT ALTERNATIVES OF THE TRUSTEE .............................40
   7.3   VALUATION OF THE TRUST FUND ........................................42
   7.4   COMPENSATION AND EXPENSES ..........................................42
   7.5   PAYMENTS FROM THE TRUST FUND .......................................42
   7.6   PAYMENT OF TAXES ...................................................43
   7.7   ACCOUNTS, RECORDS AND REPORTS ......................................43
   7.8   EMPLOYMENT OF AGENTS AND COUNSEL ...................................43
   7.9   DIVISION OF DUTIES AND INDEMNIFICATION .............................43
   7.10  APPOINTMENT OF INVESTMENT MANAGER ..................................44
   7.11  ASSIGNMENT AND ALIENATION OF BENEFITS ..............................45
   7.12  EXCLUSIVE BENEFIT RULE .............................................45
   7.13  PURCHASE OF INSURANCE ..............................................45
   7.14  LOANS TO PARTICIPANTS ..............................................45
   7.15  DIRECTED INVESTMENT ACCOUNTS .......................................47
   7.16  SUPERSEDING TRUST OR CUSTODIAL AGREEMENT ...........................48

ARTICLE 8....................................................................49
DUTIES OF THE ADMINISTRATOR .................................................49
   8.1   APPOINTMENT, RESIGNATION, REMOVAL AND SUCCESSION ...................49
   8.2   POWERS AND DUTIES OF THE ADMINISTRATOR .............................49
   8.3   EMPLOYMENT OF AGENTS AND COUNSEL ...................................49
   8.4   COMPENSATION AND EXPENSES ..........................................49
   8.5   CLAIMS PROCEDURES ..................................................49
   8.6   QUALIFIED DOMESTIC RELATIONS ORDERS ................................50

ARTICLE 9....................................................................52
AMENDMENT, TERMINATION AND MERGER ...........................................52
   9.1   AMENDMENT ..........................................................52
   9.2   TERMINATION ........................................................52
   9.3   MERGER OR CONSOLIDATION ............................................52

ARTICLE 10...................................................................53
MISCELLANEOUS PROVISIONS ....................................................53
   10.1  NO CONTRACT OF EMPLOYMENT ..........................................53
   10.2  TITLE TO ASSETS ....................................................53
   10.3  QUALIFIED MILITARY SERVICE .........................................53
   10.4  BONDING OF FIDUCIARIES .............................................53
   10.5  SEVERABILITY OF PROVISIONS .........................................53
   10.6  GENDER AND NUMBER ..................................................53
   10.7  HEADINGS AND SUBHEADINGS ...........................................53
   10.8  LEGAL ACTION .......................................................53



                            ALLTECH ASSOCIATES, INC.

                    EMPLOYEES' PROFIT SHARING PLAN AND TRUST

     THIS AGREEMENT is made and entered into this 28th day of February, 2002,
between ALLTECH ASSOCIATES, INC. (hereafter called the Employer) and RICHARD A.
DOLAN and RICHARD R. KURTZ (hereafter called the Trustee).

                              W I T N E S S E T H:

     WHEREAS, the Employer originally established a profit sharing plan
(hereafter called the Plan), effective August 1, 1973, to provide retirement and
other incidental benefits to Employees who are eligible to participate in the
plan; and

     WHEREAS, the Employer believes that continued contributions to the Plan
will help to strengthen the bonds of loyalty and mutual understanding that have
existed between the Employer and its employees, thereby making possible the
continued growth of its business; and

     WHEREAS, in accordance with the terms of the Plan, the Employer has the
ability at any time, and from time to time, to amend the Plan;

     NOW, THEREFORE, effective January 1, 1997 (except for those sections of the
Plan that have an alternative effective date), the Employer and the Trustee
hereby amend and restate the Plan as a 401(k) profit sharing plan to comply with
all applicable statutes, including the Employee Retirement Income Security Act
of 1974 (ERISA) and the Internal Revenue Code of 1986, as amended by the Uruguay
Round Agreements Act, the Small Business Job Protection Act of 1996, the
Taxpayer Relief Act of 1997, the Uniformed Services Employment and Reemployment
Rights Act, and all applicable rulings and regulations issued thereunder:

                                                                             -1-



                                    ARTICLE 1
                                   DEFINITIONS

1.1  ACP or ACP TEST: The term ACP means the Average Contribution Percentage as
     defined in Section 1.10(e). The term ACP Test means the Average
     Contribution Percentage Test.

1.2  ACTUAL DEFERRAL PERCENTAGE TEST: The term Actual Deferral Percentage Test
     means one of the following tests for Elective Deferrals: (a) the ADP for
     Participants who are HCEs in the current Plan Year will not exceed the
     current Plan Year's ADP for Participants who are NHCEs in the current Plan
     Year multiplied by 1.25; or (b) the ADP for Participants who are HCEs for
     the current Plan Year will not exceed the current Plan Year's ADP for
     Participants who are NHCEs in the current Plan Year multiplied by 2.0,
     provided that the ADP for Participants who are HCEs in the current Plan
     Year does not exceed the ADP for Participants who are NHCEs in the current
     Plan Year by more than 2 percentage points. The ADP Test will be determined
     in accordance with the following provisions:

     (a)  Definition Of Actual Deferral Percentage: The term Actual Deferral
          Percentage (ADP) means, for a specified group of Participants for a
          Plan Year, the average of the ratios calculated separately for each
          Participant in such group of (1) the amount of Employer contributions
          actually paid on behalf of such Participant for the Plan Year to (2)
          the Participant's Compensation for such Plan Year. Employer
          contributions made on behalf of any Participant will include a
          Participant's Elective Deferrals, including Excess Elective Deferrals
          of HCEs, but excluding Excess Elective Deferrals of NHCEs that arise
          solely from Elective Deferrals made to this Plan or any other plans
          maintained by this Employer and Elective Deferrals used in the ACP
          Test if the ADP Test is satisfied both with and without exclusion of
          these Elective Deferrals. Employer contributions for purposes of this
          paragraph will also include QNECs and QMACs to the extent necessary to
          pass the ADP Test. In computing ADPs, an Employee who would be a
          Participant but for the failure to make Elective Deferrals will be
          treated as a Participant on whose behalf no Elective Deferrals are
          made.

     (b)  Highly Compensated Employees: A Participant is a HCE for a particular
          Plan Year if he or she meets the definition of a HCE in effect for
          that Plan Year. A Participant is a NHCE for a particular Plan Year if
          he or she does not meet the definition of a HCE in effect for that
          Plan Year. The ADP for any Participant who is a HCE for the Plan Year
          and who is eligible to have Elective Deferrals (and QNECs and QMACs
          that are treated under paragraph (a) as Elective Deferrals for
          purposes of the ADP Test) allocated to his or her accounts under two
          or more arrangements described in Code (S)401(k) that are maintained
          by this Employer will be determined as if such Elective Deferrals (and
          QNECs and QMACs) were made under a single arrangement. If a HCE
          participates in two or more cash or deferred arrangements that have
          different Plan Years, all cash or deferred arrangements ending with or
          within the same calendar year will be treated as a single arrangement.
          However, certain plans will be treated as separate if mandatorily
          disaggregated under regulations under Code (S)401(k).

     (c)  Other Rules: In determining the ADP Test, (1) if this Plan satisfies
          the requirements of Code (S)(S)40l(k), 401(a)(4), or 410(b) only if
          aggregated with one or more other plans, or if one or more other plans
          satisfy such requirements only if aggregated with this Plan, then this
          section will be applied by determining the ADP of Employees as if all
          such plans were a single plan. Plans may be aggregated in order to
          satisfy Code (S)401(k) only if they have the same Plan Year and use
          the same ADP testing method; (2) Elective Deferrals, QNECs and QMACs

End of Preview