FIRST AMENDMENT TO THE MEN’S WEARHOUSE, INC. 401(k) SAVINGS PLAN THIS AGREEMENT is made by The Men’s Wearhouse, Inc. (the “Sponsor”),
Exhibit 99.1
FIRST AMENDMENT TO
THE MEN’S WEARHOUSE, INC. 401(k) SAVINGS PLAN
THIS AGREEMENT is made by The Men’s Wearhouse, Inc. (the “Sponsor”),
WITNESSETH:
WHEREAS, the Sponsor has executed the amendment and restatement effective February 20, 2004,
of the plan known as “The Men’s Wearhouse, Inc. 401(k) Savings Plan” (the “Plan”);
WHEREAS the Sponsor has retained the right in Section 11.01 of the Plan to amend the Plan; and
WHEREAS, the Sponsor desires to amend the Plan to comply with the automatic rollover
requirements imposed by section 401(a)(31) of the Internal Revenue Code of 1986, as amended,
effective as of March 28, 2005;
NOW, THEREFORE, the Sponsor agrees that, effective for distributions on and after March 28,
2005, Section 5.04 and Section 5.05 of the Plan are completely amended to provide as follows:
5.04 Lump Sum Payment of Small Amounts Upon Separation From Service. This
Section 5.04 applies notwithstanding any other provision of the Plan other than
Section 5.06. If a Member’s Account balance at the time of his Separation from
Service is less than or equal to $5,000.00 but greater than $1,000.00, his Account
balance shall be paid to him (or, in the event he has died, to his Beneficiary) as
soon as administratively practicable in shares of Sponsor Stock with respect to
amounts invested in Sponsor Stock that exceed $200.00, in a single sum cash payment
and/or as a Direct Rollover (if allowed under Section 5.06), or, in the case of a
Member only, in an Automatic Rollover. If a Member’s Account balance at the time of
his Separation from Service is less than or equal to $1,000.00 but greater than
$200.00, his Account balance shall be paid to him (or, in the event he has died, to
his Beneficiary) as soon as administratively practicable in shares of Sponsor Stock
with respect to amounts invested in Sponsor Stock that exceed $200.00, in a single
sum cash payment and/or as a Direct Rollover (if allowed under Section 5.06). If a
Member’s Account balance at the time of his Separation from Service is less than or
equal to $200.00, his Account balance shall be paid to him (or, in the event he has
died, to his Beneficiary) as soon as administratively practicable in the form of a
single sum cash payment.
If a Member who is subject to this Section 5.04 and whose Plan benefit is less
than or equal to $5,000.00 but greater than $1,000.00 does not furnish instructions
in accordance with Plan procedures to receive his entire Plan benefit in a form
authorized in this Section 5.04 and/or directly roll over his entire Plan
benefit within 45 days after he has been given distribution election forms, his
entire Plan benefit will be paid in an Automatic Rollover. If a Member who is
subject to this Section 5.04 and whose Plan benefit is less than or equal to
$1,000.00 but greater than $200.00 does not furnish instructions in accordance with
Plan procedures to receive his entire Plan benefit in a form authorized in this
Section 5.04 and/or directly roll over his entire Plan benefit within 45 days after
he has been given distribution election forms, he will be deemed to have elected a
lump sum cash distribution of his entire Plan benefit. If a Distributee, other than
a Member, who is subject to this Section 5.04 and whose Plan benefit is less than or
equal to $5,000.00 but greater than $200.00 does not furnish instructions in
accordance with Plan procedures to directly roll over his Plan benefit within 45
days after he has been given direct rollover forms, he will be deemed to have
elected a lump sum cash distribution of his entire Plan benefit. The term
“Automatic Rollover” shall mean a distribution in cash made by the Plan in a direct
rollover to an individual retirement plan designated by the Sponsor.
5.05 Form of Payment. All payments from the Plan shall be made in the form of
cash; provided however that a Member, former Member or Beneficiary may elect to
receive amounts invested in Sponsor Stock that exceed $200.00 in an in-kind
distribution of Sponsor Stock.
IN WITNESS WHEREOF, the Sponsor has executed this Agreement this 12th day of
December, 2005.
| THE MEN’S WEARHOUSE, INC. | ||||||
| By: Title: |
/s/ XXXXXXX X. XXXXXX
|
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