AMENDMENT TO THE CAPITAL CORP OF THE WEST 401(K) PLAN
AMENDMENT
TO THE
CAPITAL
CORP OF THE WEST 401(K) PLAN
Effective
August 15, 2004, Capital Corp of the West 401(k) Plan -- Adoption Agreement
Section 58 is hereby amended to read as follows:
58. Optional
forms of payment available upon termination of employment:
[X] a. Lump
sum
distribution of entire vested Account Balance.
[
] b. Single
sum distribution of a portion of vested Account Balance.
[X] c. Installments
for a specified term.
[
] d. Installments
for required minimum distributions only.
[
] e. Annuity
payments (see Section 8.1 of the BPD).
[
] f. (Describe
optional forms or limitations on available forms)
[Practitioner Note: Unless specified otherwise in f, a Participant may receive
a
distribution in any combination of the forms of payment selected in a. -
F. Any
optional
forms or limitations described in F. will apply uniformly to all Participants
under the Plan.]
Accepted
By: /s/Xxxxxx
Xxxxxx Date:9/7/04
SECRETARY?S
CERTIFICATE
The
undersigned, being the duly appoint and acting Secretary of Capital Corp
of the
West, hereby certifies that the attached Resolution is a true copy of the
approved resolution, Resolution approving 40] (k) plan amendment by the Board
of
Directors of Capital Corp of the West on August 31st, 2004.
IN
WITNESS WHEREOF, the undersigned has executed this Certificate and affixed
the
corporate seal of the Company on December 16th, 2004.
/S/
Xxxxxx Xxxxxx
Xxxxxx
Xxxxxx
Corporate
Secretary
RESOLUTION
OF THE BOARD OF DIRECTORS OF CAPITAL CORP OF THE WEST
August
3 1st, 2004
A
meeting
of Capital Corp of the West was held on August 31st, 2004, with Xxx Xxx
Xxxxxxxxx serving as Chairperson. The Chairperson presented to the meeting
a
proposed amendment to Capital Corp of the West 40 1(k) Plan (the ?Plan?).
After
discussion and upon motion duly made and seconded, the following Resolution
was
adopted:
WHEREAS,
the Capital Corp of the West 401(k) Plan expressly provides the right to
amend
said Plan and Trust; and,
WHEREAS,
it is the desire of Capital Corp of the West to amend the Plan?s Distribution
Options per the attached amendment, effective August 315t; and,
WHERAS,
such amendment shall not reduce the accrued benefits of any participant in
the
Capital Corp of the West 40 1(k) Plan;
THEREFORE,
BE IT RESOLVED, that this resolution this hereby adopted as part of the
Capital
Corp
of
the West 401(k) Plan; and that by adopting this resolution, the Capital Corp
of
the West
40
1(k)
Plan does accept the amendments as attached hereto;
BE
IT
FURTHER RESOLVED, that any executed copy of this Resolution, duly signed
as
hereunder, shall constitute a Certificate of Corporate Resolution in the
matters
hereinabove recited.
WITNESS,
my hand and seal of this organization.
Capital
Corp of the West
/S/
Xxxxxx Xxxxxx
Xxxxxx
Xxxxxx
Corporate
Secretary
August
31st,
2004
401(K)
Plan
Investment
Policy
5/6/2004
The
Administrative Committee for the Capital Corp of the West 401K Plan (the
?Committee?) evaluates, selects, supervises, and monitors the investment
alternatives of the Capital Corp of the West 401K Plan (the ?Plan?). The
Plan
intends to comply with Section 404(c) of the Employee Retirement Income Security
Act of 1974 (?ERISA?) and to give Participants in the Plan investment control
over those portions of their Plan accounts other than Employer Matching
Contributions made in the form of Employer Securities.
PLAN
IN VESTMENT OBJECTIVE
In
accordance with Section 404(c) of ERISA, the Committee intends to select
asset
classes which in the aggregate permit a portfolio with aggregate risk and
return
characteristics at any point within the range normally appropriate for a
Participant. In addition, the Committee shall select investments in asset
classes each of which, when combined with investments in the other asset
classes, tends to minimize the risk of the portfolio at any given level of
expected return.
The
Committee intends to offer mutual funds, with no transaction fee, representing
a
broad range of major asset classes, each with a different risk/return
characteristic.
Investment
Categories.
To
satisfy the broad range of investments requirement of Section 404(c) of ERISA,
the Committee shall designate at least three core investment vehicles. Twenty
one (21) funds with the following investment objectives are currently being
offered as investment vehicles for plan participants:
| ? |
Cash
Equivalent?a money market instrument investing in high quality,
short-
term fixed income securities
|
| ? |
Bond
Fund?an investment portfolio investing primarily in fixed income
securities of corporations and/or the U.S.
Government
|
| ? |
Growth
Stock Fund(s)?an investment portfolio investing primarily in equity
securities of companies which are growing faster than their peers
and tend
to have above average price-earnings
ratios
|
| ? |
Value
Stock Fund(s)?an investment portfolio investing primarily in equity
securities of companies which are believed to be under-valued and
tend to
have below average price-earnings
ratios
|
| ? |
Large
Capitalization Stock Fund(s)-an investment portfolio investing
primarily
in equity securities of companies which have market capitalization
of more
than $5 billion
|
| ? |
Mid
Capitalization Stock Fund(s)?an investment portfolio investing
primarily
in equity securities of companies which have market capitalization
of more
than $1 billion but less than $5
billion
|
| ? |
Small
Capitalization Stock Fund?an investment portfolio investing primarily
in
equity securities of companies which have market capitalization
of less
than $1 billion
|
| ? |
International
Foreign Stocks?an investment portfolio investing primarily in equity
securities of companies which are located outside the United
States
|
| ? |
Asset
Allocated Funds?an investment portfolio investing in a combination
of
fixed income and equity securities. The relative weighting of the
securities may range from ?conservative? (i.e. mostly fixed income)
to
?aggressive? (mostly equities)
|
| ? |
Company
Stock?this is an investment in the common stock of the parent company,
Capital Corp of the West, trading as CCOW. It is an equity which
is traded
on NASDAQ
|
The
asset
classes chosen were deemed broad enough to allow Plan Participants the ability
to combine mutual funds from dissimilar asset classes to suit individual
risk
tolerances, investment time horizons and investment philosophies. Participants
shall be entitled to change their investments on a daily basis. -
FUND
SELECTION CRITERIA
The
Mutual Funds offered in the Plan are recommended by an outside financial
advisor
and had to meet the following criteria:
| ? |
Employ
a sound investment philosophy that has been consistently applied
for at
least the past five years, either as a mutual fund or as a separate
account;
|
| ? |
A
reliable one, three and five?year performance record and superior
relative
performance to comparably managed
portfolios;
|
| ? |
A
level of risk that compares favorably with similarly managed portfolios;
and
|
| ? |
Reasonable
and competitive expense ratios.
|
In
addition to actively managed equity mutual funds, the options also include
an
index fund and a money market fund. Index funds offer the broad security
diversification, pricing security and economies of buying in essentially
efficient markets at relatively low expense ratios.
COMMITTEE
OBJECTIVES
| ? |
To
meet at least annually with the Committee?s outside investment
advisor to
review the options? performance;
|
| ? |
To
evaluate both quantitative and qualitative information about the
investment funds to ensure that they are consistently delivering
the asset
class characteristics they were selected to deliver;
and
|
| ? |
To
ensure that each investment fund?s performance is adequate relative
to
appropriate indices and peer groups. (Because mutual funds often
combine
several asset classes or sub-classes in the pursuit of higher returns
and/or lower risk, benchmark and peer group comparisons are only
part of
the Committee?s evaluation.)
|
In
addition, the Committee considers qualitative factors such as an investment
fund?s unique combination of securities or whether an investment fund?s unique
investment objective, or style, is in or out of favor. If a fund?s performance
lags, the Committee will determine whether there is reason to believe the
relative under-performance is temporary and will replace any fund that it
believes will under-perform or whether there is a better alternative. Once
a
decision to change or eliminate a fund is made, the investment policy will
be
revised and the asset transfer and liquidation shall be handled to the best
advantage of the Plan in a manner designed to minimize disruption to Plan
Participants.
EMPLOYER
SECURITIES
Generally,
Employer Matching Contributions are made in the form of Capital Corp of the
West
Common Stock (?Employer Securities?). Participants are restricted from
reinvesting the Employer Matching Contributions made in Employer Securities
in
another investment alternative under the Plan.
To
the
extent that Participants do not have investment control over contributions
made
in the form of Employer Securities, Section 404(c) of ERISA shall not
apply.
The
Administrative Committee shall vote the shares of all Employer Securities
held
as plan assets.
AMENDMENT
OF POLICY
The
Committee may amend this Policy at any time. Modifications of this Policy
will
be made by the Committee to help ensure that this Policy continues to reflect
the Plan?s objectives. Changes to this Policy are expected to be infrequent,
as
they will reflect long-term considerations, rather than short-term changes
in
the financial markets.
EXECUTION
This
Investment Policy Statement is approved and adopted by Administrative Committee
for the Capital Corp of the West 401K Plan on:
5/6/04______
Date
Xxxxx
X. Xxxxxxxx EVP/CFO /s/
Xxxxx X. Xxxxxxxx
Committee
Member Name and Title Signature
Xxxxxxx
X. Xxxx XXX /s/
Xxxxxxx X. Xxxx
Committee
Member Name and Title Signature
Xx
X.
Xxxxx EVP/COO /s/
Xx
X. Xxxxx
Committee
Member Name and Title Signature
Xxxxxx
X Xxxxxx VP/Director of HR /s/
Xxxxxx Xxxxxx
Committee
Member Name and Title Signature
Xxxxxxxx
Xxxxxx HR
Administrator
/s/
Xxxxxxxx Xxxxxx
Committee
Member Name and Title Signature
