Exhibit 4.2
ADOPTION AGREEMENT FOR
Franklin Xxxxxxxxx Investor Services, Inc.
STANDARDIZED 401(K) PROFIT SHARING
PLAN AND TRUST
The undersigned Employer adopts Franklin Xxxxxxxxx Investor Services, Inc.
Prototype Standardized 401(k) Profit Sharing Plan and Trust and elects the
following provisions:
CAUTION: Failure to properly fill out this Adoption Agreement may result in
disqualification of the Plan.
EM PLOYER INFORMATION
(An amendment to the Adoption Agreement is not needed solely to reflect a change
in the information in this Employer Information Section.)
1. EMPLOYER'S NAME, ADDRESS AND TELEPHONE NUMBER
Name: American Pacific Corporation
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Address: 3770 Xxxxxx Xxxxxx Parkway, 0xx Xxxxx
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Xxxxxx
Xxx Xxxxx Xxxxxx 00000
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City State Zip
Telephone: (000) 000-0000
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2. EMPLOYER'S TAXPAYER IDENTIFICATION NUMBER 00-0000000
3. TYPE OF ENTITY
a. [X] Corporation (including Tax-exempt or Non-profit Corporation)
b. [ ] Professional Service Corporation
c. [ ] S Corporation
d. [ ] Limited Liability Company that is taxed as:
1. [ ] a partnership or sole proprietorship
2. [ ] a Corporation
3. [ ] an S Corporation
e. [ ] Sole Proprietorship
f. [ ] Partnership (including Limited Liability)
g. [ ] Other:______________________________________________________________
AND, the Employer is a member of (select all that apply):
h. [ ] a controlled group
i. [ ] an affiliated service group
4. EMPLOYER FISCAL YEAR means the 12 consecutive month period:
Beginning on October 1st (e.g., January 1st)
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month day
and ending on September 30th
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month day
PLAN INFORMATION
(An amendment to the Adoption Agreement is not needed solely to reflect a change
in the information in Questions 9. through 11.)
5. PLAN NAME:
American Pacific Corporation 401(k) Plan
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6. EFFECTIVE DATE
a. [ ] This is a new Plan effective as of ______ (hereinafter called the
"Effective Date").
b. [ ] This is an amendment and restatement of a previously established
qualified plan of the Employer which was originally effective
(hereinafter called the "Effective Date"). The effective date of
this amendment and restatement is _______.
c. [X] FOR GUST RESTATEMENTS: This is an amendment and restatement of a
previously established qualified plan of the Employer to bring the
Plan into compliance with GUST (GATT, USERRA, SBJPA and TRA `97).
The original Plan effective date was October 1, 1987 (hereinafter
called the "Effective Date"). Except as specifically provided in
the Plan, the effective date of this amendment and restatement is
October 1, 2002.
(May enter a restatement date that is the first day of the current
Plan Year. The Plan contains appropriate retroactive effective
dates with respect to provisions for the appropriate laws.)
7. PLAN YEAR means the 12 consecutive month period:
Beginning on October 1st (e.g., January 1st)
--------------------------------
month day
and ending on September 30th
--------------------------------
month day
EXCEPT that there will be a Short Plan Year:
a. [X] N/A
b. [ ] beginning on ___________________________ (e.g., July 1, 2000)
month day, year
and ending on __________________________
month day, year
8. VALUATION DATE means:
a. [X] Every day that the Trustee, any transfer agent appointed by the
Trustee or the Employer, and any stock exchange used by such agent
are open for business (daily valuation).
b. [ ] The last day of each Plan Year.
c. [ ] The last day of each Plan Year half (semi-annual).
d. [ ] The last day of each Plan Year quarter.
e. [ ] Other (specify day or dates):_______________________
(must be at least once each Plan Year).
9. PLAN NUMBER assigned by the Employer
a. [X] 001
b. [ ] 002
c. [ ] 003
d. [ ] Other: ______________________________
10. TRUSTEE:
a. [ ] Individual Trustee(s) who serve as discretionary Trustee(s) over
assets not subject to control by a corporate Trustee.
Name(s) Title(s)
____________________________ ______________________________
____________________________ ______________________________
____________________________ ______________________________
Address and Telephone number
1. [ ] Use Employer address and telephone number.
2. [ ] Use address and telephone number below:
Address:
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Street
------------------- ---------------- -------------
City State Zip
Telephone:
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2
b. [X] Corporate Trustee
Name: Franklin Xxxxxxxxx Bank & Trust
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Address: One Franklin Parkway, 970/2
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Xxxxxx
Xxx Xxxxx Xxxxxxxxxx 00000
----------- ------------ ----------
City State Zip
Telephone: (000) 000-0000
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AND, the corporate Trustee shall serve as:
1. [X] a directed (nondiscretionary) Trustee over all Plan assets
except for the following:
N/A
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2. [ ] a discretionary Trustee over all Plan assets except for
the following:
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AND, shall a separate trust agreement be used with this Plan?
c. [ ] Yes
d. [X] No
NOTE: If Yes is selected, an executed copy of the trust
agreement between the Trustee and the Employer must be
attached to this Plan. The Plan and trust agreement will
be read and construed together. The responsibilities,
rights and powers of the Trustee shall be those specified
in the trust agreement.
11. PLAN ADMINISTRATOR'S NAME, ADDRESS AND TELEPHONE NUMBER:
(If none is named, the Employer will become the Administrator.)
a. [X] Employer (Use Employer address and telephone number).
b. [ ] Use name, address and telephone number below:
Name: _______________________________________________________
Address: _______________________________________________________
Street
________________ ________________ ____________
City State Zip
Telephone: _______________________________________________________
12. CONSTRUCTION OF PLAN
This Plan shall be governed by the laws of the state or commonwealth where
the Employer's (or, in the case of a corporate Trustee, such Trustee's)
principal place of business is located unless another state or commonwealth
is specified:
Nevada
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ELIGIBILITY REQUIREMENTS
13. ELIGIBLE EMPLOYEES (Plan Section 1.18)
FOR ALL PURPOSES OF THE PLAN (EXCEPT AS ELECTED IN d. or e. BELOW
FOR EMPLOYER CONTRIBUTIONS) means all Employees (including Leased
Employees) EXCEPT:
NOTE: If different exclusions apply to Elective Deferrals than to other
Employer contributions, complete this part a.-b. for the Elective
Deferral component of the Plan.
a. [ ] N/A. No exclusions.
b. [X] The following are excluded, except that if b.3. is selected, such
Employees will be included (select all that apply):
1. [X] Union Employees (as defined in Plan Section 1.18).
2. [ ] Non-resident aliens (as defined in Plan Section 1.18).
3. [ ] Employees who became Employees as the result of a "Code
Section 410(b)(6)(C) transaction" (as defined in Plan Section
1.18).
HOWEVER, different exclusions will apply (select c. OR d. and/or e.):
c. [X] N/A. The options elected in a.-b. above apply for all purposes of
the Plan.
d. [ ] For purposes of all Employer contributions (other than Elective
Deferrals and matching contributions)...
e. [ ] For purposes of Employer matching contributions...
IF d. OR e. IS SELECTED, the following exclusions apply for such purposes
(select f. or g.):
f. [ ] N/A. No exclusions.
g. [ ] The following are excluded, except that if g.3. is selected, such
Employees will be included (select all that apply):
1. [ ] Union Employees (as defined in Plan Section 1.18).
2. [ ] Non-resident aliens (as defined in Plan Section 1.18).
3. [ ] Employees who became Employees as the result of a "Code
Section 410(b)(6)(C) transaction" (as defined in Plan Section
1.18).
14. THE FOLLOWING AFFILIATED EMPLOYER (Plan Section 1.6) will adopt this Plan
as a Participating Employer (if there is more than one, or if Affiliated
Employers adopt this Plan after the date the Adoption Agreement is
executed, attach a list to this Adoption Agreement of such Affiliated
Employers including their names, addresses, taxpayer identification numbers
and types of entities):
NOTE: Regardless of the election below, Employees of an Affiliated
Employer are generally treated as Employees of the Employer.
However, if the transition rule for certain acquisitions and
dispositions applies (Code Section 410(b)(6)(C)), then Employees of
the Affiliated Employer will not be considered Employees of the
Employer until the expiration of the transition period unless the
Affiliated Employer actually adopts the Plan prior to such date.
a. [X] N/A
b. [ ] Name of First Affiliated Employer: _________________________________
Address: ___________________________________________________________
Street
____________________ ______________ __________________
City State Zip
Telephone: _________________________________________________________
Taxpayer Identification Number:_____________________________________
AND, the Affiliated Employer is:
c. [ ] Corporation (including Tax-exempt, Non-profit or Professional
Service Corporation)
d. [ ] S Corporation
e. [ ] Limited Liability Company that is taxed as:
1. [ ] a partnership or sole proprietorship
2. [ ] a Corporation
3. [ ] an S Corporation
f. [ ] Sole Proprietorship
g. [ ] Partnership (including Limited Liability)
h. [ ] Other: _____________________________________________________________
15. CONDITIONS OF ELIGIBILITY (Plan Section 3.1)
Any Eligible Employee will be eligible to participate in the Plan upon
satisfaction of the following:
NOTE: If the Year(s) of Service selected is or includes a fractional year,
an Employee will not be required to complete any specified number of
Hours of Service to receive credit for such fractional year. If
expressed in months of service, an Employee will not be required to
complete any specified number of Hours of Service in a particular
month, unless elected in b.4. or i.4. below.
ELIGIBILITY FOR ALL PURPOSES OF THE PLAN (EXCEPT AS ELECTED IN e.-k. BELOW
FOR EMPLOYER CONTRIBUTIONS) (select a. or all that apply of b., c., and
d.):
NOTE: If different conditions apply to Elective Deferrals than to other
Employer contributions, complete this part a.-d. for the Elective
Deferral component of the Plan.
a. [ ] No age or service required. (Go to e.-g. below)
b. [X] Completion of the following service requirement which is based on
Years of Service (or Periods of Service if the Elapsed Time Method
is elected):
1. [ ] No service requirement
2. [ ] 1/2 Year of Service or Period of Service
3. [ ] 1 Year of Service or Period of Service
4. [ ] _______ (not to exceed 1,000) Hours of Service within (not
to exceed 12) months from the Eligible Employee's employment
commencement date. If an Employee does not complete the
stated Hours of Service during the specified time period,
the Employee is subject to the Year of Service requirement
in b.3. above.
5. [X] Other: 90 days of employment
(may not exceed one (1) Year of Service or Period of Service)
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c. [X] Attainment of age:
1. [X] No age requirement
2. [ ] 20 1/2
3. [ ] 21
4. [ ] Other:_________ (may not exceed 21)
d. [ ] The service and/or age requirements specified above shall be waived
with respect to any Eligible Employee who was employed on and such
Eligible Employee shall enter the Plan as of such date. The
requirements to be waived are (select one or both):
1. [ ] service requirement (will let part-time Eligible Employees in
Plan)
2. [ ] age requirement
HOWEVER, DIFFERENT ELIGIBILITY CONDITIONS WILL APPLY (select e. OR f.
and/or g.):
e. [X] N/A. The options elected in a.-d. above apply for all purposes of
the Plan.
f. [ ] For purposes of all Employer contributions (other than Elective
Deferrals and matching contributions)...
g. [ ] For purposes of Employer matching contributions...
If f. OR g. IS SELECTED, the following eligibility conditions apply for
such purposes:
h. [ ] No age or service requirements
i. [ ] Completion of the following service requirement which is based on
Years of Service (or Periods of Service if the Elapsed Time Method
is elected):
1. [ ] No service requirement
2. [ ] 1/2 Year of Service or Period of Service
3. [ ] 1 Year of Service or Period of Service
4. [ ] _______ (not to exceed 1,000) Hours of Service within (not
to exceed 12) months from the Eligible Employee's employment
commencement date. If an Employee does not complete the
stated Hours of Service during the specified time period,
the Employee is subject to the Year of Service requirement
in i.3. above.
5. [ ] 1 1/2 Years of Service or Periods of Service
6. [ ] 2 Years of Service or Periods of Service
7. [ ] Other: _____________________________________________________
(may not exceed two (2) Years of Service or Periods
of Service)
NOTE: If more than one (1) Year of Service is elected 100%
immediate vesting is required.
j. [ ] Attainment of age:
1. [ ] No age requirement
2. [ ] 20 1/2
3. [ ] 21
4. [ ] Other: _____________ (may not exceed 21)
k. [ ] The service and/or age requirements specified above shall be waived
with respect to any Eligible Employee who was employed on ________
and such Eligible Employee shall enter the Plan as of such date. The
requirements to be waived are (select one or both):
1. [ ] service requirement (will let part-time Eligible Employees in
Plan)
2. [ ] age requirement
16. EFFECTIVE DATE OF PARTICIPATION (Plan Section 3.2)
An Eligible Employee who has satisfied the eligibility requirements will
become a Participant for all purposes of the Plan (except as elected in
g.-p. below for Employer contributions):
NOTE: If different entry dates apply to Elective Deferrals than to other
Employer contributions, complete this part a.-f. for the Elective
Deferral component of the Plan.
a. [ ] the day on which such requirements are satisfied.
b. [ ] the first day of the month coinciding with or next following the
date on which such requirements are satisfied.
c. [X] the first day of the Plan Year quarter coinciding with or next
following the date on which such requirements are satisfied.
d. [ ] the earlier of the first day of the seventh month or the first day
of the Plan Year coinciding with or next following the date on which
such requirements are satisfied.
e. [ ] the first day of the Plan Year next following the date on which such
requirements are satisfied. (Eligibility must be 1/2 Year of Service
(or Period of Service) or less and age must be 20 1/2 or less.)
f. [ ] other:_____________________________________________________________,
provided that an Eligible Employee who has satisfied the maximum age
(21) and service requirements (one (1) Year or Period of Service)
and who is otherwise entitled to participate, shall commence
participation no later than the earlier of (a) 6 months after such
requirements are satisfied, or (b) the first day of the first Plan
Year after such requirements are satisfied, unless the Employee
separates from service before such participation date.
5
HOWEVER, different entry dates will apply (select g. OR h. and/or i.):
g. [X] N/A. The options elected in a.-f. above apply for all purposes of
the Plan.
h. [ ] For purposes of all Employer contributions (other than Elective
Deferrals and matching contributions)...
i. [ ] For purposes of Employer matching contributions...
IF h. OR i. IS SELECTED, the following entry dates apply for such purposes
(select one):
j. [ ] the first day of the month coinciding with or next following the
date on which such requirements are satisfied.
k. [ ] the first day of the Plan Year quarter coinciding with or next
following the date on which such requirements are satisfied.
l. [ ] the first day of the Plan Year in which such requirements are
satisfied.
m. [ ] the first day of the Plan Year in which such requirements are
satisfied, if such requirements are satisfied in the first 6 months
of the Plan Year, or as of the first day of the next succeeding Plan
Year if such requirements are satisfied in the last 6 months of the
Plan Year.
n. [ ] the earlier of the first day of the seventh month or the first day
of the Plan Year coinciding with or next following the date on which
such requirements are satisfied.
o. [ ] the first day of the Plan Year next following the date on which such
requirements are satisfied. (Eligibility must be 1/2 (or 1 1/2 if
100% immediate Vesting is selected) Year of Service (or Period of
Service) or less and age must be 20 1/2 or less.)
p. [ ] other:_____________________________________________________________,
provided that an Eligible Employee who has satisfied the maximum age
(21) and service requirements (one (1) Year or Period of Service (or
more than one (1) year if full and immediate vesting)) and who is
otherwise entitled to participate, shall commence participation no
later than the earlier of (a) 6 months after such requirements are
satisfied, or (b) the first day of the first Plan Year after such
requirements are satisfied, unless the Employee separates from
service before such participation date.
SERVICE
17. RECOGNITION OF SERVICE WITH PREDECESSOR EMPLOYER (Plan Sections 1.57 and
1.85)
a. [X] No service with a predecessor Employer shall be recognized.
b. [ ] Service with will be recognized except as follows (select 1. or all
that apply of 2. through 4.):
1. [ ] N/A, no limitations.
2. [ ] service will only be recognized for vesting purposes.
3. [ ] service will only be recognized for eligibility purposes.
4. [ ] service prior to will not be recognized.
NOTE: If the predecessor Employer maintained this qualified Plan,
then Years of Service (and/or Periods of Service) with such
predecessor Employer shall be recognized pursuant to Plan
Sections 1.57 and 1.85 and b.1. will apply.
18. SERVICE CREDITING METHOD (Plan Sections 1.57 and 1.85)
NOTE: If no elections are made in this Section, then the Hours of Service
Method will be used and the provisions set forth in the definition
of Year of Service in Plan Section 1.85 will apply.
ELAPSED TIME METHOD shall be used for the following purposes (select all
that apply):
a. [X] N/A. Plan only uses the Hours of Service Method.
b. [ ] all purposes. (If selected, skip to Question 19.)
c. [ ] eligibility to participate.
d. [ ] vesting.
e. [ ] sharing in allocations or contributions.
HOURS OF SERVICE METHOD shall be used for the following purposes (select
all that apply):
f. [ ] N/A. Plan only uses the Elapsed Time Method.
g. [X] eligibility to participate in the Plan. The eligibility computation
period after the initial eligibility computation period shall...
1. [X] shift to the Plan Year after the initial computation period.
2. [ ] be based on the date an Employee first performs an Hour of
Service (initial computation period) and subsequent
computation periods shall be based on each anniversary date
thereof.
h. [X] vesting. The vesting computation period shall be...
1. [X] the Plan Year.
2. [ ] the date an Employee first performs an Hour of Service and
each anniversary thereof.
i. [X] sharing in allocations or contributions (the computation period
shall be the Plan Year).
6
AND, IF THE HOURS OF SERVICE METHOD IS BEING USED, the Hours of Service
will be determined on the basis of the method selected below. Only one
method may be selected. The method selected below will be applied to
(select j. or k.):
j. [X] all Employees.
k. [ ] salaried Employees only (for hourly Employees, actual Hours of
Service will be used).
ON THE BASIS OF:
l. [X] actual hours for which an Employee is paid or entitled to payment.
m. [ ] days worked. An Employee will be credited with ten (10) Hours of
Service if under the Plan such Employee would be credited with at
least one (1) Hour of Service during the day.
n. [ ] weeks worked. An Employee will be credited with forty-five (45)
Hours of Service if under the Plan such Employee would be credited
with at least one (1) Hour of Service during the week.
o. [ ] semi-monthly payroll periods worked. An Employee will be credited
with ninety-five (95) Hours of Service if under the Plan such
Employee would be credited with at least one (1) Hour of Service
during the semi-monthly payroll period.
p. [ ] months worked. An Employee will be credited with one hundred ninety
(190) Hours of Service if under the Plan such Employee would be
credited with at least one (1) Hour of Service during the month.
AND, a Year of Service means the applicable computation period during which
an Employee has completed at least: q. [X] 1,000 (may not be more than
1,000) Hours of Service (if left blank, the Plan will use 1,000 Hours of
Service).
VESTING
19. VESTING OF PARTICIPANT'S INTEREST (Plan Section 6.4(b))
Vesting for Employer Contributions (except as otherwise elected in j. - q.
below for matching contributions). The vesting schedule, based on a
Participant's Years of Service (or Periods of Service if the Elapsed Time
Method is elected), shall be as follows:
a. [ ] 100% upon entering Plan. (Required if eligibility requirement is
greater than one (1) Year of Service or Period of Service.)
b. [ ] 3 Year Cliff: c. [ ] 5 Year Cliff:
0-2 years 0 % 0-4 years 0%
3 years 100 % 5 years 100%
d. [X] 6 Year Graded: e. [ ] 4 Year Graded:
0-1 year 0 % 1 year 25%
2 years 20 % 2 years 50%
3 years 40 % 3 years 75%
4 years 60 % 4 years 100%
5 years 80 %
6 years 100 %
f. [ ] 5 Year Graded: g. [ ] 7 Year Graded:
1 year 20% 0-2 years 0%
2 years 40% 3 years 20%
3 years 60% 4 years 40%
4 years 80% 5 years 60%
5 years 100% 6 years 80%
7 years 100%
h. [ ] Other - Must be at least as liberal as either c. or g. above.
Service Percentage
________ __________
________ __________
________ __________
________ __________
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VESTING FOR EMPLOYER MATCHING CONTRIBUTIONS
The vesting schedule for Employer matching contributions, based on a
Participant's Years of Service (or Periods of Service if the Elapsed Time
Method is elected) shall be as follows:
i. [X] N/A. There are no matching contributions subject to a vesting
schedule OR the schedule in a.-h. above shall also apply to matching
contributions.
j. [ ] 100% upon entering Plan. (Required if eligibility requirement is
greater than one (1) Year of Service or Period of Service.)
k. [ ] 3 Year Xxxxx
x. [ ] 5 Year Xxxxx
x. [ ] 6 Year Graded
n. [ ] 4 Year Graded
o. [ ] 5 Year Graded
p. [ ] 7 Year Graded
q. [ ] Other - Must be at least as liberal as either l. or p. above.
Service Percentage
________ __________
________ __________
________ __________
________ __________
20. FOR AMENDED PLANS (Plan Section 5.9(g))
If the vesting schedule has been amended to a less favorable schedule,
enter the pre-amended schedule below:
a. [X] Vesting schedule has not been amended, amended schedule is more
favorable in all years or prior schedule was immediate 100% vesting.
b. [ ] Pre-amended schedule:
Service Percentage
________ __________
________ __________
________ __________
________ __________
21. TOP HEAVY VESTING (Plan Section 6.4(c))
If this Plan becomes a Top Heavy Plan, the following vesting schedule,
based on number of Years of Service (or Periods of Service if the Elapsed
Time Method is elected), shall apply and shall be treated as a Plan
amendment pursuant to this Plan. Once effective, this schedule shall also
apply to any contributions made before the Plan became a Top Heavy Plan and
shall continue to apply if the Plan ceases to be a Top Heavy Plan unless an
amendment is made to change the vesting schedule.
a. [X] N/A (the regular vesting schedule already satisfies one of the
minimum top heavy schedules).
b. [ ] 6 Year Graded:
0-1 year 0 %
2 years 20 %
3 years 40 %
4 years 60 %
5 years 80 %
6 years 100 %
c. [ ] 3 Year Cliff:
0-2 years 0 %
3 years 100 %
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d. [ ] Other - Must be at least as liberal as either b. or c. above.
Service Percentage
________ __________
________ __________
________ __________
________ __________
NOTE: This Section does not apply to the account balances of any
Participant who does not have an Hour of Service after the Plan has
initially become top heavy. Such Participant's Account balance
attributable to Employer contributions and Forfeitures will be
determined without regard to this Section.
22. EXCLUDED VESTING SERVICE
a. [X] No exclusions.
b. [ ] Service prior to the Effective Date of the Plan or a predecessor plan.
c. [ ] Service prior to the time an Employee has attained age 18.
23. VESTING FOR DEATH AND TOTAL AND PERMANENT DISABILITY
Regardless of the vesting schedule, Participants shall become fully Vested
upon (select a. or all that apply of b. and c.)
a. [ ] N/A. Apply vesting schedule, or all contributions to the Plan are
fully Vested.
b. [X] Death.
c. [X] Total and Permanent Disability.
24. NORMAL RETIREMENT AGE ("NRA") (Plan Section 1.45) means the:
a. [X] date of a Participant's 65th birthday (not to exceed 65th).
b. [ ] later of a Participant's ____ birthday (not to exceed 65th) or the
_____ (not to exceed 5th) anniversary of the first day of the Plan
Year in which participation in the Plan commenced.
25. NORMAL RETIREMENT DATE (Plan Section 1.46) means the:
a. [X] Participant's "NRA". OR (select one)
b. [ ] first day of the month coinciding with or next following the
Participant's "NRA".
c. [ ] first day of the month nearest the Participant's "NRA".
d. [ ] Anniversary Date coinciding with or next following the Participant's
"NRA".
e. [ ] Anniversary Date nearest the Participant's "NRA".
26. EARLY RETIREMENT DATE (Plan Section 1.15) means the:
a. [X] No Early Retirement provision provided.
b. [ ] date on which a Participant...
c. [ ] first day of the month coinciding with or next following the date on
which a Participant...
d. [ ] Anniversary Date coinciding with or next following the date on which
a Participant...
AND, if b., c., or d. is selected...
e. [ ] attains age ________.
f. [ ] attains age ______ and completes at least ____ Years of Service (or
Periods of Service) for vesting purposes.
AND, if b., c. or d. is selected, shall a Participant become fully Vested
upon attainment of the Early Retirement Date?
g. [ ] Yes
h. [ ] No
COMPENSATION
27. COMPENSATION (Plan Section 1.11) with respect to any Participant means:
a. [ ] Wages, tips and other compensation on Form W-2.
b. [X] Section 3401(a) wages (wages for withholding purposes).
c. [ ] 415 safe-harbor compensation.
9
COMPENSATION shall be based on the following determination period:
d. [X] the Plan Year.
e. [ ] the Fiscal Year coinciding with or ending within the Plan Year.
f. [ ] the calendar year coinciding with or ending within the Plan Year.
NOTE: The Limitation Year for Code Section 415 purposes shall be the same
as the determination period for Compensation unless an alternative
period is specified: ___________ (must be a consecutive twelve month
period).
ADJUSTMENTS TO COMPENSATION
g. [ ] N/A. No adjustments.
h. [X] Compensation shall be adjusted by: (select all that apply)
1. [X] including compensation which is not currently includible in the
Participant's gross income by reason of the application of Code
Sections 125 (cafeteria plan), 132(f)(4) (qualified
transportation fringe), 402(e)(3) (401(k) plan), 402(h)(1)(B)
(simplified employee pension plan), 414(h) (employer pickup
contributions under a governmental plan), 403(b) (tax sheltered
annuity) or 457(b) (eligible deferred compensation plan).
2. [ ] excluding reimbursements or other expense allowances, fringe
benefits (cash or non-cash), moving expenses, deferred
compensation (other than deferrals specified in 1. above) and
welfare benefits.
3. [X] excluding Compensation paid during the determination period
while not a Participant in the component of the Plan for which
the definition is being used.
HOWEVER, FOR SALARY DEFERRAL AND MATCHING PURPOSES Compensation shall be
adjusted by (for salary deferral purposes the Plan automatically includes
amounts in h.1. above):
i. [X] N/A. No adjustments or same adjustments as in above.
j. [ ] Compensation shall be adjusted by: (select all that apply)
1. [ ] excluding reimbursements or other expense allowances, fringe
benefits (cash or non-cash), moving expenses, deferred
compensation (other than deferrals specified in h.1. above) and
welfare benefits.
2. [ ] excluding Compensation paid during the determination period
while not a Participant in the component of the Plan for which
the definition is being used.
CONTRIBUTIONS AND ALLOCATIONS
28. SALARY REDUCTION ARRANGEMENT - ELECTIVE DEFERRALS (Plan Section 12.2)
Each Participant may elect to have Compensation deferred by:
a. [ ] ___%.
b. [ ] up to ___%.
c. [ ] from ______ % to _____%.
d. [X] up to the maximum percentage allowable not to exceed the limits of
Code Sections 401(k), 402(g), 404 and 415.
AND, Participants who are Highly Compensated Employees determined as of the
beginning of a Plan Year may only elect to defer Compensation by:
e. [X] Same limits as specified above.
f. [ ] The percentage equal to the deferral limit in effect under Code
Section 402(g)(3) for the calendar year that begins with or within
the Plan Year divided by the annual compensation limit in effect for
the Plan Year under Code Section 401(a)(17).
MAY PARTICIPANTS make a special salary deferral election with respect to
bonuses?
g. [X] No.
h. [ ] Yes, a Participant may elect to defer up to ______% of any bonus.
PARTICIPANTS MAY commence salary deferrals on the effective date of
participation and on the first day of each Plan Year quarter (must be at
least once each calendar year).
Participants may modify salary deferral elections:
1. [ ] As of each payroll period
2. [X] On the first day of the month
3. [ ] On the first day of each Plan Year quarter
4. [ ] On the first day of the Plan Year or the first day of the
7th month of the Plan Year
5. [ ] Other: _____ (must be at least once each calendar year)
10
AUTOMATIC ELECTION: Shall Participants who do not affirmatively elect to
receive cash or have a specified amount contributed to the Plan
automatically have Compensation deferred?
i. [X] No.
j. [ ] Yes, by _____% of Compensation.
SHALL THERE BE a special effective date for the salary deferral component
of the Plan?
k. [X] No.
l. [ ] Yes, the effective date of the salary deferral component of the Plan
is _____ (enter month day, year).
29. SIMPLE 401(k) PLAN ELECTION (Plan Section 13.1)
Shall the simple 401(k) provisions of Article XIII apply?
a. [X] No. The simple 401(k) provisions will not apply.
b. [ ] Yes. The simple 401(k) provisions will apply.
30. 401(k) SAFE HARBOR PROVISIONS (Plan Section 12.8)
Will the ADP and/or ACP test safe harbor provisions be used? (select a., b.
or c.)
a. [X] No. (If selected, skip to Question 31.)
b. [ ] Yes, but only the ADP (and NOT the ACP) Test Safe Harbor provisions
will be used. c. [ ] Yes, both the ADP and ACP Test Safe Harbor
provisions will be used.
IF c. is selected, does the Plan permit matching contributions in
addition to any safe harbor contributions elected in d. or e. below?
1. [ ] No or N/A. Any matching contributions, other than any Safe
Harbor Matching Contributions elected in d. below, will be
suspended in any Plan Year in which the safe harbor
provisions are used.
2. [ ] Yes, the Employer may make matching contributions in
addition to any Safe Harbor Matching contributions elected
in d. below. (If elected, complete the provisions of the
Adoption Agreement relating to matching contributions
(i.e., Questions 31. and 32.) that will apply in addition
to any elections made in d. below. NOTE: Regardless of any
election made in Question 31., the Plan automatically
provides that only Elective Deferrals up to 6% of
Compensation are taken into account in applying the match
set forth in that Question and that the maximum
discretionary matching contribution that may be made on
behalf of any Participant is 4% of Compensation.)
THE EMPLOYER WILL MAKE THE FOLLOWING ADP TEST SAFE HARBOR CONTRIBUTION FOR
THE PLAN YEAR:
NOTE: The ACP Test Safe Harbor is automatically satisfied if the only
matching contribution made to the Plan is either (1) a Basic
Matching Contribution or (2) an Enhanced Matching Contribution that
does not provide a match on Elective Deferrals in excess of 6% of
Compensation.
d. [ ] Safe Harbor Matching Contribution (select 1. or 2. AND 3.)
1. [ ] BASIC MATCHING CONTRIBUTION. The Employer will make Matching
Contributions to the account of each "Eligible Participant"
in an amount equal to the sum of 100% of the amount of the
Participant's Elective Deferrals that do not exceed 3% of the
Participant's Compensation, plus 50% of the amount of the
Participant's Elective Deferrals that exceed 3% of the
Participant's Compensation but do not exceed 5% of the
Participant's Compensation.
2. [ ] Enhanced Matching Contribution. The Employer will make
Matching Contributions to the account of each "Eligible
Participant" in an amount equal to the sum of:
a. [ ] ______% (may not be less than 100%) of the
Participant's Elective Deferrals that do not exceed
_____% (if over 6% or if left blank, the ACP test will
still apply) of the Participant's Compensation, plus
b. [ ] ____% of the Participant's Elective Deferrals that
exceed _____% of the Participant's Compensation but do
not exceed _____% (if over 6% or if left blank, the
ACP test will still apply) of the Participant's
Compensation.
NOTE: a. and b. must be completed so that, at any rate of
Elective Deferrals, the matching contribution is at
least equal to the matching contribution receivable if
the Employer were making Basic Matching Contributions,
but the rate of match cannot increase as deferrals
increase. For example, if a. is completed to provide a
match equal to 100% of deferrals up to 4% of
Compensation, then b. need not be completed.
3. [ ] The safe harbor matching contribution will be determined on
the following basis (and Compensation for such purpose will
be based on the applicable period):
a. [ ] the entire Plan Year.
b. [ ] each payroll period.
c. [ ] all payroll periods ending with or within each month.
d. [ ] all payroll periods ending with or within the Plan
Year quarter.
11
e. [ ] Nonelective Safe Harbor Contributions (select one)
1. [ ] The Employer will make a Safe Harbor
Nonelective Contribution to the account of
each "Eligible Participant" in an amount
equal to % (may not be less than 3%) of the
Employee's Compensation for the Plan Year.
2. [ ] The Employer will make a Safe Harbor
Nonelective Contribution to another defined
contribution plan maintained by the Employer
(specify the name of the other plan): _____.
FOR PURPOSES OF THE ADP Test Safe Harbor contribution, the term
"Eligible Participant" means any Participant who is eligible to make
Elective Deferrals with the following exclusions:
f. [ ] Highly Compensated Employees.
g. [ ] Employees who have not satisfied the greatest minimum age and
service conditions permitted under Code Section 410(a).
h. [ ] Other: ______________________________________________________
(must be a category that could be excluded under the
permissive or mandatory disaggregation rules of Regulations
1.401(k)-1(b)(3) and 1.401(m)-1(b)(3)).
SPECIAL EFFECTIVE DATE OF ADP AND ACP TEST SAFE HARBOR PROVISIONS
i. [ ] N/A. The safe harbor provisions are effective as of the later
of the Effective Date of this Plan or, if this is an
amendment or restatement, the effective date of the amendment
or restatement.
j. [ ] The ADP and ACP Test Safe Harbor provisions are effective for
the Plan Year beginning: _____________ (enter the first day
of the Plan Year for which the provisions are (or, for GUST
updates, were) effective and, if necessary, enter any other
special effective dates that apply with respect to the
provisions).
31. FORMULA FOR DETERMINING EMPLOYER MATCHING CONTRIBUTIONS (Plan Section
12.1(a)(2))
NOTE: Regardless of any election below, if the ACP test safe harbor is
being used (i.e., Question 30.c. is selected), then the Plan
automatically provides that only Elective Deferrals up to 6% of
Compensation are taken into account in applying the match set forth
below and that the maximum discretionary matching contribution that
may be made on behalf of any Participant is 4% of Compensation.
a. [ ] N/A. There will not be any matching contributions (Skip to
Question 33).
b. [X] The Employer ... (select 1. or 2.)
1. [X] may make matching contributions equal to a discretionary
percentage, to be determined by the Employer, of the
Participant's Elective Deferrals.
2. [ ] will make matching contributions equal to % (e.g., 50) of the
Participant's Elective Deferrals, plus:
a. [ ] N/A.
b. [ ] an additional discretionary percentage, to be determined
by the Employer.
AND, in determining the matching contribution above, only Elective
Deferrals up to the percentage or dollar amount specified below will
be matched: (select 3. and/or 4. OR 5.)
3. [ ] % of a Participant's Compensation.
4. [ ] $ .
5. [X] a discretionary percentage of a Participant's Compensation or
a discretionary dollar amount, the percentage or dollar
amount to be determined by the Employer on a uniform basis to
all Participants.
c. [ ] The Employer may make matching contributions equal to
a discretionary percentage, to be determined by the
Employer, of each tier, to be determined by the
Employer, of the Participant's Elective Deferrals.
d. [ ] The Employer will make matching contributions equal
to the sum of % of the portion of the Participant's
Elective Deferrals which do not exceed ____% of the
Participant's Compensation or $____ plus ____% of the
portion of the Participant's Elective Deferrals which
exceed ____% of the Participant's Compensation or
$____, but does not exceed ____% of the Participant's
Compensation or $_____.
NOTE: If c. or d. above is elected, the rate of matching
contributions must decrease as a Participant's
Elective Deferrals or Years of Service (or Periods of
Service) increase.
PERIOD OF DETERMINING MATCHING CONTRIBUTIONS31 p.1212
Matching contributions will be determined on the following basis (and any
Compensation or dollar limitation used in determining the match will be
based on the applicable period):
e. [X] the entire Plan Year.
f. [ ] each payroll period.
g. [ ] all payroll periods ending within each month.
h. [ ] all payroll periods ending with or within the Plan Year quarter.
12
THE MATCHING CONTRIBUTION MADE ON BEHALF OF ANY PARTICIPANT for any Plan
Year will not exceed:
i. [X] N/A.
j. [ ] $________________.
MATCHING CONTRIBUTIONS WILL BE MADE ON BEHALF OF:
k. [X] all Participants.
l. [ ] only Non-Highly Compensated Employees.
SHALL THE MATCHING CONTRIBUTIONS BE QUALIFIED MATCHING CONTRIBUTIONS?
m. [ ] Yes. If elected, ALL matching contributions will be fully Vested and
will be subject to restrictions on withdrawals. In addition,
Qualified Matching Contributions may be used in either the ADP or
ACP test.
n. [X] No.
32. ONLY PARTICIPANTS WHO SATISFY THE FOLLOWING CONDITIONS WILL BE ELIGIBLE TO
SHARE IN THE ALLOCATION OF MATCHING CONTRIBUTIONS:
REQUIREMENTS FOR PARTICIPANTS WHO ARE ACTIVELY EMPLOYED AT THE END OF THE
PLAN YEAR: Participants who are actively employed at the end of the Plan
Year will share in allocations regardless of the service completed during
such Plan Year.
REQUIREMENTS FOR PARTICIPANTS WHO ARE NOT ACTIVELY EMPLOYED AT THE END OF
THE PLAN YEAR (except as provided in c. through e. below)
a. [X] A Participant must complete more than 500 Hours of Service (not more
than 500) or, if the Elapsed Time Method is elected, ______ months
of service (not more than three (3)).
b. [ ] Participants will share in such allocations, regardless of service.
PARTICIPANTS WHO ARE NOT ACTIVELY EMPLOYED AT THE END OF THE PLAN YEAR due
to the following shall be eligible to share in the allocation of matching
contributions regardless of the above conditions (select all that apply):
c. [ ] Death.
d. [ ] Total and Permanent Disability.
e. [ ] Early or Normal Retirement.
33. FORMULA FOR DETERMINING EMPLOYER'S PROFIT SHARING CONTRIBUTION (Plan
Section 12.1(a)(3))
a. [ ] N/A. No Employer Profit Sharing Contributions may be made (other
than top heavy minimum contributions) (Skip to Question 34.)
b. [X] Discretionary, to be determined by the Employer, not limited to
current or accumulated Net Profits.
c. [ ] Discretionary, to be determined by the Employer, out of current or
accumulated Net Profits.
CONTRIBUTION ALLOCATIONS
If b. or c. above is selected, the Employer's discretionary profit sharing
contribution for a Plan Year will be allocated as follows:
d. [X] NON-INTEGRATED ALLOCATION
1. [X] In the same ratio as each Participant's Compensation bears to
the total of such Compensation of all Participants.
2. [ ] In the same dollar amount to all Participants (per capita).
3. [ ] In the same dollar amount per Hour of Service completed by
each Participant.
e. [ ] INTEGRATED ALLOCATION
In accordance with Plan Section 4.3(b)(2) based on a Participant's
Compensation in excess of:
1. [ ] The Taxable Wage Base.
2. [ ] _________% (not to exceed 100%) of the Taxable Wage Base.
(See Note below)
3. [ ] 80% of the Taxable Wage Base plus $1.00.
4. [ ] $______ (not greater than the Taxable Wage Base). (See Note
below)
NOTE: The integration percentage of 5.7% shall be reduced to:
1. 4.3% if 2. or 4. above is more than 20% and less than or
equal to 80% of the Taxable Wage Base.
2. 5.4% if 3. is elected or if 2. or 4. above is more than 80%
of the Taxable Wage Base.
13
34. QUALIFIED NON-ELECTIVE CONTRIBUTIONS (Plan Section 12.1(a)(4))
NOTE: Regardless of any election made in this Question, the Plan
automatically permits Qualified Non-Elective Contributions to
correct a failed ADP or ACP test.
a. [X] N/A. There will be no additional Qualified Non-Elective
Contributions except as otherwise provided in the Plan.
b. [ ] The Employer will make a Qualified Non-Elective Contribution equal
to % of the total Compensation of those Participants eligible to
share in the allocations.
c. [ ] The Employer may make a Qualified Non-Elective Contribution in an
amount to be determined by the Employer, to be allocated in
proportion to the Compensation of those Participants eligible to
share in the allocations.
d. [ ] The Employer may make a Qualified Non-Elective Contribution in an
amount to be determined by the Employer, to be allocated equally to
all Participants eligible to share in the allocations (per capita).
AND, if b., c., or d. is selected, the Qualified Non-Elective Contributions
above will be made on behalf of:
e. [ ] all Participants.
f. [ ] only Non-Highly Compensated Employees.
35. REQUIREMENTS TO SHARE IN ALLOCATIONS OF EMPLOYER DISCRETIONARY PROFIT
SHARING CONTRIBUTION, QUALIFIED NON-ELECTIVE CONTRIBUTIONS (other than
Qualified Non-Elective Contributions under Plan Sections 12.5(c) and
12.7(g)) AND FORFEITURES
REQUIREMENTS FOR PARTICIPANTS WHO ARE ACTIVELY EMPLOYED AT THE END OF THE
PLAN YEAR: Participants who are actively employed at the end of the Plan
Year will share in allocations regardless of the service completed during
such Plan Year.
REQUIREMENTS FOR PARTICIPANTS WHO ARE NOT ACTIVELY EMPLOYED AT THE END OF
THE PLAN YEAR (except as provided in d. through f. below)
a. [ ] N/A. Plan does not permit such contributions and all contributions
under the Plan are fully Vested.
b. [X] A Participant must complete more than 500 Hours of Service (not more
than 500) (or _____ months of service (not more than three (3)) if
the Elapsed Time Method is elected).
c. [ ] Participants will share in such allocations, regardless of service.
PARTICIPANTS WHO ARE NOT ACTIVELY EMPLOYED AT THE END OF THE PLAN YEAR due
to the following will be eligible to share in the allocations regardless of
the above conditions (select all that apply):
d. [ ] Death.
e. [ ] Total and Permanent Disability.
f. [ ] Early or Normal Retirement.
36. FORFEITURES (Plan Sections 1.27 and 4.3(e))
Except as provided in Plan Section 1.27, a Forfeiture will occur (if no
election is made, a. will apply):
a. [X] as of the earlier of (1) the last day of the Plan Year in which the
Former Participant incurs five (5) consecutive 1-Year Breaks in
Service, or (2) the distribution of the entire Vested portion of the
Participant's Account.
b. [ ] as of the last day of the Plan Year in which the Former Participant
incurs five (5) consecutive 1-Year Breaks in Service.
Will Forfeitures first be used to pay any administrative expenses?
c. [X] Yes.
d. [ ] No.
AND, EXCEPT as otherwise provided below with respect to Forfeitures
attributable to matching contributions, any remaining Forfeitures will
be...
e. [ ] added to any Employer discretionary contribution.
f. [ ] used to reduce any Employer contribution.
g. [ ] added to any Employer matching contribution and allocated as an
additional matching contribution.
h. [X] allocated to all Participants eligible to share in the allocations
in the same proportion that each Participant's Compensation for the
Plan Year bears to the Compensation of all Participants for such
year.
14
FORFEITURES OF MATCHING CONTRIBUTIONS WILL BE...36 p.1515
i. [ ] N/A. Same as above or no matching contributions.
j. [ ] used to reduce the Employer's matching contribution.
k. [ ] added to any Employer matching contribution and allocated as an
additional matching contribution.
l. [ ] added to any Employer discretionary profit sharing contribution.
m. [X] allocated to all Participants eligible to share in the matching
allocations (regardless of whether a Participant elected any salary
reductions) in proportion to each such Participant's Compensation
for the year.
n. [ ] allocated to all Non-Highly Compensated Employees eligible to share
in the matching allocations (regardless of whether a Participant
elected any salary reductions) in proportion to each such
Participant's Compensation for the year.
37. ALLOCATIONS OF EARNINGS (Plan Section 4.3(c))
Allocations of earnings with respect to amounts which are not subject to
Participant directed investments and which are contributed to the Plan
after the previous Valuation Date will be determined...
a. [X] N/A. All assets in the Plan are subject to Participant investment
direction.
b. [ ] by using a weighted average based on the amount of time that has
passed between the date a contribution or distribution was made and
the date of the prior Valuation Date.
c. [ ] by treating one-half of all such contributions as being a part of
the Participant's nonsegregated account balance as of the previous
Valuation Date.
d. [ ] by using the method specified in Plan Section 4.3(c) (balance
forward method).
e. [ ] other: _____________________________________________________________
(must be a definite predetermined formula that is not based on
Compensation and that satisfies the nondiscrimination requirements
of Regulation 1.401(a)(4)-4 and is applied uniformly to all
Participants).
38. LIMITATIONS ON ALLOCATIONS (Plan Section 4.4)
If any Participant is covered under another qualified defined contribution
plan maintained by the Employer, other than a Master or Prototype Plan, or
if the Employer maintains a welfare benefit fund, as defined in Code
Section 419(e), or an individual medical account, as defined in Code
Section 415(l)(2), under which amounts are treated as Annual Additions with
respect to any Participant in this Plan:
a. [X] N/A. The Employer does not maintain another qualified defined
contribution plan other than a paired plan.
b. [ ] The provisions of Plan Section 4.4(b) will apply as if the other
plan were a Master or Prototype Plan.
c. [ ] Specify the method under which the plans will limit total Annual
Additions to the Maximum Permissible Amount, and will properly
reduce any Excess Amounts, in a manner that precludes Employer
discretion:
____________________________________________________________________
NOTE: If b. or c. is selected, an Employer may not rely on the opinion
letter issued by the Internal Revenue Service that this Plan is
qualified under Code Section 401.
IF ANY PARTICIPANT is a Participant in a qualified defined benefit plan
maintained by the Employer:
d. [ ] N/A. The Employer does not maintain, and has never maintained, a
qualified defined benefit plan OR the provisions of Code Section
415(e) no longer apply to the Plan.
e. [X] N/A. The provisions of Code Section 415(e) no longer apply to this
Plan effective with respect to Limitation Years beginning after
December 31, 1999, or if later December 31, 1999 (if a later date is
entered, this Plan will not be considered a safe harbor plan under
Code Section 401(a)(4) and the Regulations thereunder).
f. [ ] In any Limitation Year, the Annual Additions credited to the
Participant under this Plan may not cause the sum of the Defined
Benefit Plan Fraction and the Defined Contribution Fraction to
exceed 1.0. If the Employer's contribution that would otherwise be
made on the Participant's behalf during the Limitation Year would
cause the 1.0 limitation to be exceeded, the rate of contribution
under this Plan will be reduced so that the sum of the fractions
equals 1.0. If the 1.0 limitation is exceeded because of an Excess
Amount, such Excess Amount will be reduced in accordance with
Section 4.5 of the Plan.
g. [ ] Specify the method under which the plans involved will satisfy the
1.0 limitation in a manner that precludes Employer discretion:
____________________________________________________________________
NOTE: If f. or g. is selected, an Employer may not rely on the opinion
letter issued by the Internal Revenue Service that this Plan is
qualified under Code Section 401.
15
DISTRIBUTIONS
39. FORM OF DISTRIBUTIONS (Plan Sections 6.5 and 6.6)
Distributions under the Plan may be made in (select all that apply)...
a. [X] lump-sums.
b. [X] substantially equal installments.
c. [ ] partial withdrawals provided the minimum withdrawal is $___________.
AND, pursuant to Plan Section 6.12,
d. [X] no annuities are allowed (Plan Section 6.12(b) will apply and the
joint and survivor rules of Code Sections 401(a)(11) and 417 will
not apply to the Plan).
AND, if this is an amendment that is eliminating annuities, then an
annuity form of payment is not available with respect to
distributions that have an Annuity Starting Date beginning on or
after:
1. [X] N/A
2. [ ] ________ (may not be a retroactive date), except that
regardless of the date entered, the amendment will not be
effective prior to the time set forth in Plan Section 8.1(e).
e. [ ] annuities are allowed as the normal form of distribution (Plan
Section 6.12 will not apply and the joint and survivor rules of Code
Sections 401(a)(11) and 417 will automatically apply). If elected,
the Pre-Retirement Survivor Annuity (minimum spouse's death benefit)
will be equal to:
1. [ ] 100% of Participant's interest in the Plan.
2. [ ] 50% of Participant's interest in the Plan.
3. [ ] _____% (may not be less than 50%) of a Participant's interest
in the Plan.
AND, the normal form of the Qualified Joint and Survivor Annuity
will be a joint and 50% survivor annuity unless otherwise elected
below:
4. [ ] N/A.
5. [ ] Joint and 100% survivor annuity. 6. [ ] Joint and 75%
survivor annuity. 7. [ ] Joint and 66 2/3% survivor annuity.
NOTE: If only a portion of the Plan assets may be distributed in an
annuity form of payment, then select d. AND e. and the assets
subject to the joint and survivor annuity provisions will be those
assets attributable to (specify): _____________ (e.g., the money
purchase pension plan that was merged into this Plan).
AND, distributions may be made in...
f. [X] cash only (except for insurance or annuity contracts).
g. [ ] cash or property.
40. CONDITIONS FOR DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT
Distributions upon termination of employment pursuant to Plan Section
6.4(a) of the Plan will not be made unless the following conditions have
been satisfied:
a. [ ] No distributions may be made until a Participant has reached Early
or Normal Retirement Date.
b. [X] Distributions may be made as soon as administratively feasible at
the Participant's election.
c. [ ] The Participant has incurred __________ 1-Year Break(s) in Service
(or Period(s) of Severance if the Elapsed Time Method is elected).
d. [ ] Distributions may be made at the Participant's election as soon as
administratively feasible after the Plan Year coincident with or
next following termination of employment.
e. [ ] Distributions may be made at the Participant's election as soon as
administratively feasible after the Plan Year quarter coincident
with or next following termination of employment.
f. [ ] Distributions may be made at the Participant's election as soon as
administratively feasible after the Valuation Date coincident with
or next following termination of employment.
g. [ ] Distributions may be made at the Participant's election as soon as
administratively feasible ____________ months following termination
of employment.
h. [ ] Other: _____________________________________________________________
(must be objective conditions which are ascertainable and are not
subject to Employer discretion except as otherwise permitted in
Regulation 1.411(d)-4 and may not exceed the limits of Code Section
401(a)(14) as set forth in Plan Section 6.7).
16
41. INVOLUNTARY DISTRIBUTIONS41 p.1717
Will involuntary distributions of amounts less than $5,000 be made in
accordance with the provisions of Sections 6.4, 6.5 and 6.6?
a. [X] Yes
b. [ ] No
42. MINIMUM DISTRIBUTION TRANSITIONAL RULES (Plan Section 6.5(e))
NOTE: This Section does not apply to (1) a new Plan or (2) an amendment or
restatement of an existing Plan that never contained the provisions
of Code Section 401(a)(9) as in effect prior to the amendments made
by the Small Business Job Protection Act of 1996 (SBJPA).
The "required beginning date" for a Participant who is not a "five percent
(5%) owner" is:
a. [ ] N/A. (This is a new Plan or this Plan has never included the
pre-SBJPA provisions.)
b. [ ] April 1st of the calendar year following the year in which the
Participant attains age 70 1/2. (The pre-SBJPA rules will continue
to apply.)
c. [X] April 1st of the calendar year following the later of the year in
which the Participant attains age 70 1/2 or retires (the post-SBJPA
rules), with the following exceptions (select one or both and if no
election is made, both will apply effective as of January 1, 1996):
1. [X] A Participant who was already receiving required minimum
distributions under the pre-SBJPA rules as of January 1, 2003
(not earlier than January 1, 1996) may elect to stop
receiving distributions and have them recommence in
accordance with the post-SBJPA rules. Upon the recommencement
of distributions, if the Plan permits annuities as a form of
distribution then the following will apply:
a. [X] N/A. Annuity distributions are not permitted.
b. [ ] Upon the recommencement of distributions, the original
Annuity Starting Date will be retained.
c. [ ] Upon the recommencement of distributions, a new
Annuity Starting Date is created.
2. [X] A Participant who had not begun receiving required minimum
distributions as of January 1, 2003 (not earlier than January
1, 1996) may elect to defer commencement of distributions
until retirement. The option to defer the commencement of
distributions (i.e., to elect to receive in-service
distributions upon attainment of age 70 1/2) will apply to
all such Participants unless the option below is elected:
a. [ ] N/A.
b. [X] The in-service distribution option is eliminated with
respect to Participants who attain age 70 1/2 in or
after the calendar year that begins after the later of
(1) December 31, 1998, or (2) the adoption date of the
amendment and restatement to bring the Plan into
compliance with SBJPA. (This option may only be
elected if the amendment to eliminate the in-service
distribution is adopted no later than the last day of
the remedial amendment period that applies to the Plan
for changes under SBJPA.)
43. DISTRIBUTIONS UPON DEATH (Plan Section 6.6(h))
Distributions upon the death of a Participant prior to receiving any
benefits shall...
a. [X] be made pursuant to the election of the Participant or beneficiary.
b. [ ] begin within 1 year of death for a designated beneficiary and be
payable over the life (or over a period not exceeding the life
expectancy) of such beneficiary, except that if the beneficiary is
the Participant's spouse, begin prior to December 31st of the year
in which the Participant would have attained age 70 1/2.
c. [ ] be made within 5 (or if lesser _________) years of death for all
beneficiaries.
d. [ ] be made within 5 (or if lesser ) years of death for all
beneficiaries, except that if the beneficiary is the Participant's
spouse, begin prior to December 31st of the year in which the
Participant would have attained age 70 1/2 and be payable over the
life (or over a period not exceeding the life expectancy) of such
surviving spouse.
44. HARDSHIP DISTRIBUTIONS (Plan Sections 6.11 and/or 12.9)
a. [ ] No hardship distributions are permitted.
b. [X] Hardship distributions are permitted from the following accounts
(select all that apply):
1. [ ] All accounts.
2. [X] Participant's Elective Deferral Account.
3. [ ] Participant's Account attributable to Employer matching
contributions.
4. [ ] Participant's Account attributable to Employer profit sharing
contributions.
5. [ ] Participant's Rollover Account.
6. [ ] Participant's Transfer Account.
7. [ ] Participant's Voluntary Contribution Account.
NOTE: Distributions from a Participant's Elective Deferral Account are
limited to the portion of such account attributable to such
Participant's Elective Deferrals (and earnings attributable thereto
up to December 31, 1988). Hardship distributions are not permitted
17
from a Participant's Qualified Non-Elective Account (including any
401(k) Safe Harbor Contributions) or Qualified Matching Contribution
Account.
AND, shall the safe harbor hardship rules of Plan Section 12.9 apply to
distributions made from all accounts? (Note: The safe harbor hardship rules
automatically apply to hardship distributions of Elective Deferrals.)
c. [X] No or N/A. The provisions of Plan Section 6.11 apply to hardship
distributions from all accounts other than a Participant's Elective
Deferral Account.
d. [ ] Yes. The provisions of Plan Section 12.9 apply to all hardship
distributions.
AND, are distributions restricted to those accounts in which a Participant
is fully Vested?
e. [X] Yes, distributions may only be made from accounts which are fully
Vested.
f. [ ] No. (If elected, the fraction at Plan Section 6.5(h) shall apply in
determining vesting of the portion of the account balance not
withdrawn).
AND, the minimum hardship distribution shall be...
g. [X] N/A. There is no minimum.
h. [ ] $__________ (may not exceed $1,000).
45. IN-SERVICE DISTRIBUTIONS (Plan Section 6.10)
a. [ ] In-service distributions may not be made (except as otherwise
elected for Hardship Distributions).
b. [X] In-service distributions may be made to a Participant who has not
separated from service provided any of the following conditions have
been satisfied (select all that apply):
1. [ ] the Participant has attained age ___.
2. [X] the Participant has reached Normal Retirement Age.
3. [ ] the Participant has been a Participant in the Plan for at
least _____ years (may not be less than five (5)).
4. [ ] the amounts being distributed have accumulated in the Plan
for at least two (2) years.
AND, in-service distributions are permitted from the following accounts
(select all that apply):
c. [X] All accounts.
d. [ ] Participant's Elective Deferral Account.
e. [ ] Qualified Matching Contribution Account and portion of Participant's
Account attributable to Employer matching contributions.
f. [ ] Participant's Account attributable to Employer profit sharing
contributions.
g. [ ] Qualified Non-Elective Contribution Account.
h. [ ] Participant's Rollover Account.
i. [ ] Participant's Transfer Account.
j. [ ] Participant's Voluntary Contribution Account.
NOTE: Distributions from a Participant's Elective Deferral Account,
Qualified Matching Contribution Account and Qualified Non-Elective
Account (including 401(k) Safe Harbor Contributions) are subject to
restrictions and generally may not be distributed prior to age 59
1/2.
AND, are distributions restricted to those accounts in which a Participant
is fully Vested?
k. [X] Yes, distributions may only be made from accounts which are fully
Vested.
l. [ ] No. (If elected, the fraction at Plan Section 6.5(h) will apply in
determining vesting of the portion of the account balance not
withdrawn.)
AND, the minimum distribution shall be...
m. [X] N/A. There is no minimum.
n. [ ] $_______ (may not exceed $1,000).
NONDISCRIMINATION TESTING
46. HIGHLY COMPENSATED EMPLOYEE (Plan Section 1.31)
NOTE: If this is a GUST restatement, complete the questions in this
Section retroactively to the first Plan Year beginning after 1996.
TOP-PAID GROUP ELECTION. Will the top-paid group election be made? (The
election made below for the latest year will continue to apply to
subsequent Plan Years unless a different election is made.)
a. [ ] Yes, for the Plan Year beginning in:______.
b. [X] No, for the Plan Year beginning in: 1997.
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Calendar Year Data Election. Will the calendar year data election be used?
(The election made below for the latest year will continue to apply to
subsequent Plan Years unless a different election is made.)
c. [ ] Yes, for the Plan Year beginning in:_________________.
d. [X] No, for the Plan Year beginning in: 2002.
47. ADP AND ACP TESTS (Plan Sections 12.4 and 12.6). The ADP ratio and ACP
ratio for Non-Highly Compensated Employees will be based on the following.
The election made below for the latest year will continue to apply to
subsequent Plan Years unless the Plan is amended to a different election.
a. [ ] N/A. This Plan satisfies the ADP Test Safe Harbor rules and there
are no contributions subject to an ACP test or for all Plan Years
beginning in or after the Effective Date of the Plan or, in the case
of an amendment and restatement, for all Plan Years to which the
amendment and restatement relates.
b. [X] PRIOR YEAR TESTING: The prior year ratio will be used for the Plan
Year beginning in 2002 . (Note: If this election is made for the
first year the Code Section 401(k) or 401(m) feature is added to
this Plan (unless this Plan is a successor plan), the amount taken
into account as the ADP and ACP of Non-Highly Compensated Employees
for the preceding Plan Year will be 3%.)
c. [ ] CURRENT YEAR TESTING: The current year ratio will be used for the
Plan Year beginning in ___________.
NOTE: In any Plan Year where the ADP Test Safe Harbor is being used but
not the ACP Test Safe Harbor, then c. above must be used if an ACP
test applies for such Plan Year.
TOP HEAVY REQUIREMENTS
48. TOP HEAVY DUPLICATIONS (Plan Section 4.3(i)): When a Non-Key Employee is a
Participant in this Plan and a Defined Benefit Plan maintained by the
Employer, indicate which method shall be utilized to avoid duplication of
top heavy minimum benefits: (If b., c., d. or e. is elected, f. must be
completed.)
a. [ ] N/A. The Employer does not maintain a Defined Benefit Plan other
than a paired plan. (Go to next Question)
b. [ ] The full top heavy minimum will be provided in each plan (if
selected, Plan Section 4.3(i) shall not apply).
c. [ ] 5% defined contribution minimum.
d. [X] 2% defined benefit minimum.
e. [ ] Specify the method under which the Plans will provide top heavy
minimum benefits for Non-Key Employees that will preclude Employer
discretion and avoid inadvertent omissions:
____________________________________________________________________
NOTE: If c. or d. is selected and both plans do not cover the same
Employees, or if e. is selected, then an Employer may not rely on
the opinion letter issued by the Internal Revenue Service that this
Plan is qualified under Code Section 401.
AND, the "Present Value of Accrued Benefit" (Plan Section 9.2) for Top
Heavy purposes shall be based on...
f. [X] Interest Rate: 7% Mortality
Table: UP 84
49. TOP HEAVY DUPLICATIONS (Plan Section 4.3(f)): When a Non-Key Employee is a
Participant in this Plan and another defined contribution plan maintained
by the Employer, indicate which method shall be utilized to avoid
duplication of top heavy minimum benefits:
a. [X] N/A. The Employer does not maintain another qualified defined
contribution plan other than a paired plan.
b. [ ] The full top heavy minimum will be provided in each plan.
c. [ ] A minimum, non-integrated contribution of 3% of each Non-Key
Employee's 415 Compensation shall be provided in the Money Purchase
Plan (or other plan subject to Code Section 412), where the Employer
maintains two (2) or more non-paired Defined Contribution Plans.
d. [ ] Specify the method under which the Plans will provide top heavy
minimum benefits for Non-Key Employees that will preclude Employer
discretion and avoid inadvertent omissions, including any
adjustments required under Code Section 415:
____________________________________________________________________
NOTE: If c. is selected and both plans do not cover the same Employees, or
if d. is selected, then an Employer may not rely on the opinion
letter issued by the Internal Revenue Service that this Plan is
qualified under Code Section 401.
MISCELLANEOUS
50. LOANS TO PARTICIPANTS (Plan Section 7.6)
a. [ ] Loans are not permitted.
b. [X] Loans are permitted.
19
IF loans are permitted (select all that apply)...
c. [X] loans will be treated as a Participant directed investment.
d. [ ] loans will only be made for hardship or financial necessity.
e. [X] the minimum loan will be $ 1,000 (may not exceed $1,000).
f. [X] a Participant may only have 1 (e.g., one (1)) loan(s) outstanding at
any time.
g. [X] all outstanding loan balances will become due and payable in their
entirety upon the occurrence of a distributable event (other than
satisfaction of the conditions for an in-service distribution).
h. [X] loans will only be permitted from the following accounts (select all
that apply):
1. [X] All accounts.
2. [ ] Participant's Elective Deferral Account.
3. [ ] Qualified Matching Contribution Account and/or portion of
Participant's Account attributable to Employer matching
contributions.
4. [ ] Participant's Account attributable to Employer profit sharing
contributions.
5. [ ] Qualified Non-Elective Contribution Account.
6. [ ] Participant's Rollover Account.
7. [ ] Participant's Transfer Account.
8. [ ] Participant's Voluntary Contribution Account.
NOTE: Department of Labor Regulations require the adoption of a separate
written loan program setting forth the requirements outlined in Plan
Section 7.6.
51. DIRECTED INVESTMENT ACCOUNTS (Plan Section 4.10)
a. [ ] Participant directed investments are not permitted.
b. [X] Participant directed investments are permitted for the following
accounts (select all that apply):
1. [X] All accounts.
2. [ ] Participant's Elective Deferral Account.
3. [ ] Qualified Matching Contribution Account and/or portion of
Participant's Account attributable to Employer matching
contributions.
4. [ ] Participant's Profit Sharing Account.
5. [ ] Qualified Non-Elective Contribution Account.
6. [ ] Participant's Rollover Account.
7. [ ] Participant's Transfer Account.
8. [ ] Participant's Voluntary Contribution Account.
9. [ ] Other: ______________________________________________________
AND, is it intended that the Plan comply with Act Section 404(c) with
respect to the accounts subject to Participant investment direction?
c. [ ] No.
d. [X] Yes
AND, will voting rights on directed investments be passed through to
Participants?
e. [X] No. Employer stock is not an alternative OR Plan is not intended to
comply with Act Section 404(c).
f. [ ] Yes, for Employer stock only.
g. [ ] Yes, for all investments.
52. ROLLOVERS (Plan Section 4.6)
a. [ ] Rollovers will not be accepted by this Plan.
b. [X] Rollovers will be accepted by this Plan.
AND, if b. is elected, rollovers may be accepted...
c. [X] from any Eligible Employee, even if not a Participant.
d. [ ] from Participants only.
AND, distributions from a Participant's Rollover Account may be made...
e. [ ] at any time.
f. [X] only when the Participant is otherwise entitled to a distribution
under the Plan.
53. AFTER-TAX VOLUNTARY EMPLOYEE CONTRIBUTIONS (Plan Section 4.8)
a. [ ] After-tax voluntary Employee contributions will not be allowed.
b. [X] After-tax voluntary Employee contributions will be allowed.
54. LIFE INSURANCE (Plan Section 7.5)
a. [X] Life insurance may not be purchased.
b. [ ] Life insurance may be purchased at the option of the Administrator.
c. [ ] Life insurance may be purchased at the option of the Participant.
20
AND, if b. or c. is elected, the purchase of initial or additional life
insurance will be subject to the following limitations (select all that
apply):
d. [ ] N/A, no limitations.
e. [ ] each initial Contract will have a minimum face amount of $______.
f. [ ] each additional Contract will have a minimum face amount of $_____.
g. [ ] the Participant has completed Years of Service (or Periods of
Service).
h. [ ] the Participant has completed Years of Service (or Periods of
Service) while a Participant in the Plan.
i. [ ] the Participant is under age on the Contract issue date.
j. [ ] the maximum amount of all Contracts on behalf of a Participant may
not exceed $_____.
k. [ ] the maximum face amount of any life insurance Contract will be $____.
GUST TRANSITION RULES
The following questions only apply if this is a GUST restatement (i.e.,
Question 6.c. is selected). If this is not a GUST restatement, then this
Plan will not be considered an individually designed plan merely because
the following questions are deleted from the Adoption Agreement.
55. COMPENSATION
The family aggregation rules of Code Section 401(a)(17) as in effect under
Code Section 414(q)(6) prior to the enactment of SBJPA do not apply to this
Plan effective as of:
a. [X] The first day of the first Plan Year beginning after 1996.
b. [ ] _________ (may not be prior to the first day of the first Plan Year
beginning in 1997 and may not be later than the first day of the
Plan Year following the Plan Year in which this GUST restatement is
adopted).
NOTE: If family aggregation continued to apply after 1996, the Plan is not
a safe harbor plan for Code Section 401(a)(4) purposes and the
Employer may not rely on the opinion letter issued by the Internal
Revenue Service that this Plan is qualified under Code Section 401.
56. LIMITATION ON ALLOCATIONS AND TOP HEAVY RULES
If any Participant is a Participant in this Plan and a qualified defined
benefit plan maintained by the Employer, then the limitations of Code
Section 415(e) as in effect under Code Section 414(q)(6) prior to the
enactment of SBJPA do not apply to this Plan effective with respect to
Limitation Years beginning on or after:
a. [X] N/A. The Employer does not maintain, and has never maintained, a
qualified defined benefit plan OR the provisions of Code Section
415(e) have already been removed from this Plan.
b. [ ] ________ (may not be prior to the first Limitation Year beginning in
2000 and may not be later than the first Limitation Year beginning
after the Limitation Year in which this GUST restatement is
adopted).
NOTE: If the Code Section 415(e) limits continued to apply to Limitation
Years beginning after 1999, the Plan is not a safe harbor plan for
Code Section 401(a)(4) purposes and the Employer may not rely on the
opinion letter issued by the Internal Revenue Service that this Plan
is qualified under Code Section 401.
AND, if b. is selected with a date that is later than the effective date of
this GUST restatement, then with respect to the Limitation Year in which
this restatement is adopted, if any Participant is a Participant in this
Plan and a qualified defined benefit plan maintained by the Employer,
specify the method under which the plans involved will provide top heavy
minimum benefits for Non-Key Employees and will satisfy the limitations of
Code Section 415(e) in a manner that precludes Employer discretion:
c. [ ] N/A. The effective date of the GUST restatement is the date the
provisions of Code Section 415(e) no longer apply to this Plan.
d. [ ] ____________________________________________________________________
NOTE: If the top heavy minimum benefit is only provided in one plan and
the Defined Benefit Plan and this Plan do not benefit the same
Participants, the uniformity requirement of the Section 401(a)(4)
Regulations may be violated.
57. INVOLUNTARY DISTRIBUTIONS
If the Plan provides for involuntary distributions (i.e., 41.a. is elected)
then the increase in the involuntary amount threshold from $3,500 to $5,000
became effective with respect to distributions made on or after:
a. [ ] N/A. The plan doesn't provide for involuntary distributions less
than $5,000.
b. [X] August 6, 1997, or if later ______________ (leave blank if not
applicable).
21
58. MINIMUM DISTRIBUTIONS
The proposed Code Section 401(a)(9) Regulations issued in January 2001
apply with respect to distributions under the Plan made on or after January
1, 2001, unless a later date is specified below:
a. [ ] N/A.
b. [X] January 1, 2002 (may be any date in 2001 or the first day of any
calendar year after 2001).
AND, if b. is selected, for years prior to the date specified above, life
expectancies for minimum distributions required pursuant to Code Section
401(a)(9) shall...
c. [X] be recalculated at the Participant's election.
d. [ ] be recalculated.
e. [ ] not be recalculated.
59. ADP AND ACP TESTS. For Plan Years beginning in and prior to the Plan Year
in which the restatement is adopted, the following will apply:
ADP TEST:
a. [X] PRIOR YEAR TESTING: The prior year ratio will be used for the Plan
Year beginning in the year specified below. (If this election is
made for the first year the Code Section 401(k) feature is added to
this Plan (unless this Plan is a successor plan), the amount taken
into account as the ADP of Non-Highly Compensated Employees for the
preceding Plan Year will be 3%.)
1. [X] 1997 2. [X] 1998 3. [X] 1999 4. [X] 2000 5. [X] 2001
b. [ ] CURRENT YEAR TESTING: The current year ratio will be used for the
Plan Year beginning in:
1. [ ] 1997 2. [ ] 1998 3. [ ] 1999 4. [ ] 2000 5. [ ] __
ACP TEST:
c. [ ] N/A.
d. [X] PRIOR YEAR TESTING: The prior year ratio will be used for the Plan
Year beginning in the year specified below. (If this election is
made for the first year the Code Section 401(m) feature is added to
this Plan (unless this Plan is a successor plan), the amount taken
into account as the ACP of Non-Highly Compensated Employees for the
preceding Plan Year will be 3%.)
1. [X] 1997 2. [X] 1998 3. [X] 1999 4. [X] 2000 5. [X] 2001
e. [ ] CURRENT YEAR TESTING: The current year ratio will be used for the
Plan Year beginning in:
1. [ ] 1997 2. [ ] 1998 3. [ ] 1999 4. [ ] 2000 5. [ ] __
22
The adopting Employer may rely on an opinion letter issued by the Internal
Revenue Service as evidence that the plan is qualified under Code Section 401
except to the extent provided in Rev. Proc. 2000-20, 2000-6 I.R.B. 553 and
Announcement 2001-77, 2001-30 I.R.B.
An Employer who has ever maintained or who later adopts any plan (including a
welfare benefit fund, as defined in Code Section 419(e), which provides
post-retirement medical benefits allocated to separate accounts for key
employees, as defined in Code Section 419A(d)(3), or an individual medical
account, as defined in Code Section 415(l)(2)) in addition to this Plan may not
rely on the opinion letter issued by the National Office of the Internal Revenue
Service with respect to the requirements of Code Sections 415 and 416.
If the Employer who adopts or maintains multiple plans wishes to obtain reliance
with respect to the requirements of Code Sections 415 and 416, application for a
determination letter must be made to Employee Plans Determinations of the
Internal Revenue Service.
The Employer may not rely on the opinion letter in certain other circumstances,
which are specified in the opinion letter issued with respect to the plan or in
Revenue Procedure 2000-20 and Announcement 2001-77.
This Adoption Agreement may be used only in conjunction with basic Plan document
#01. This Adoption Agreement and the basic Plan document shall together be known
as Franklin Xxxxxxxxx Investor Services, Inc. Prototype Standardized 401(k)
Profit Sharing Plan and Trust #01-006.
The adoption of this Plan, its qualification by the IRS, and the related tax
consequences are the responsibility of the Employer and its independent tax and
legal advisors.
Franklin Xxxxxxxxx Investor Services, Inc. will notify the Employer of any
amendments made to the Plan or of the discontinuance or abandonment of the Plan.
Furthermore, in order to be eligible to receive such notification, we agree to
notify Franklin Xxxxxxxxx Investor Services, Inc. of any change in address.
This Plan may not be used, and shall not be deemed to be a Prototype Plan,
unless an authorized representative of Franklin Xxxxxxxxx Investor Services,
Inc. has acknowledged the use of the Plan. Such acknowledgment is for
administerial purposes only. It acknowledges that the Employer is using the Plan
but does not represent that this Plan, including the choices selected on the
Adoption Agreement, has been reviewed by a representative of the sponsor or
constitutes a qualified retirement plan.
Franklin Xxxxxxxxx Investor Services, Inc.
By: /s/ Xxxx X. Xxxxxxxxx
--------------------------------
With regard to any questions regarding the provisions of the Plan, adoption of
the Plan, or the effect of an opinion letter from the IRS, call or write (this
information must be completed by the sponsor of this Plan or its designated
representative):
Name: Xxxx Xxxxxxxxx
-------------------------------------------------------------------
Address: 0000 Xxxx Xxxxx, 0xx Xxxxx
-------------------------------------------------------------------
Xxxxxx Xxxxxxx Xxxxxxxxxx 00000
-------------------------------------------------------------------
Telephone: (000) 000-0000
-------------------------------------------------------------------
23
The Employer and Trustee hereby cause this Plan to be executed on May 13, 2003.
Furthermore, this Plan may not be used unless acknowledged by Franklin Xxxxxxxxx
Investor Services, Inc. or its authorized representative.
EMPLOYER:
American Pacific Corporation
By: /s/ Xxxx X. Xxxxxx
---------------------
TRUSTEE:
Franklin Xxxxxxxxx Bank & Trust
By: /s/ Xxxxxxx Xxxxxx
------------------
24
