Personal Investment Plan (2004)Full Document 

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                              CERIDIAN CORPORATION
                            PERSONAL INVESTMENT PLAN

                         FOURTH DECLARATION OF AMENDMENT

Pursuant to the retained power of amendment contained in Section 10.2 of the
Ceridian Corporation Personal Investment Plan (the "Plan"), the undersigned
hereby amends the Plan in the manner set forth below.

1.    Article 8 of the Plan is amended, effective as of January 1, 2003, by
      adding a new Section 8.9 that reads as follows:

            "8.9. MINIMUM DISTRIBUTION REQUIREMENTS ON AND AFTER JANUARY 1,
                  2003.

      (a)   General Rules.

                  (i) Effective Date. The provisions of this Section 8.9 will
                  apply for purposes of determining minimum required
                  distributions for calendar years beginning with the 2003
                  calendar year.

                  (ii) Precedence. The requirements of this section will take
                  precedence over any inconsistent provisions of the Plan.

                  (iii) Requirements of Treasury Regulations Incorporated. All
                  distributions required under this section will be determined
                  and made in accordance with the Treasury Regulations under
                  Code section 401(a)(9).

                  (iv) TEFRA Section 242(b)(2) Elections. Notwithstanding the
                  other provisions of this section, distributions may be made
                  under a designation made before January 1, 1984, in accordance
                  with section 242(b)(2) of the Tax Equity and Fiscal
                  Responsibility Act (TEFRA) and the provisions of the Plan that
                  relate to section 242(b)(2) of TEFRA.

      (b)   Time and Manner of Distribution.

                  (i) Required Beginning Date. The Participant's entire interest
                  will be distributed, or begin to be distributed, to the
                  Participant no later than April 1st of the calendar year
                  following the later of the calendar year during which the
                  Participant attains age 70-1/2 or the Participant's
                  Termination of Employment.

                  (ii) Death of Participant Before Distributions Begin. Subject
                  to Section 8.1(a)(i), if the Participant dies before
                  distributions begin, the Participant's entire interest will be
                  distributed, or begin to be distributed, no later than as
                  follows.



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                        (1) If the Participant's surviving spouse is the
                        Participant's sole designated Beneficiary, then
                        distributions to the surviving spouse will begin by
                        December 31 of the calendar year immediately following
                        the calendar year in which the Participant died, or by
                        December 31 of the calendar year in which the
                        Participant would have attained age 70 1/2, if later.

                        (2) If the Participant's surviving spouse is not the
                        Participant's sole designated Beneficiary, then the
                        Participant's entire interest will be distributed as
                        follows:

                              (A) if the designated Beneficiary elects to
                              receive distributions under the life expectancy
                              rule pursuant to Section 8.9(e), distributions to
                              the designated Beneficiary will begin by December
                              31 of the calendar year immediately following the
                              calendar year in which the Participant died; or

                              (B) if the designated Beneficiary has not made an
                              election to receive distributions under the life
                              expectancy rule pursuant to Section 8.9(e), the
                              Participant's entire interest will be distributed
                              by December 31 of the calendar year containing the
                              fifth anniversary of the Participant's death.

                        (3) If there is no designated Beneficiary as of
                        September 30 of the year following the year of the

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