EX-99.B14(g)
PROTOTYPE MONEY PURCHASE PENSION PLAN ADOPTION AGREEMENT
The undersigned employer(s) - ________________________________________________
hereinafter referred to as the "Employer", hereby adopts the ___________________
Standard Prototype Money Purchase Pension Plan and Trust.
1. EMPLOYER TAX IDENTIFICATION NUMBER ____________________________________.
2. The EFFECTIVE DATE of the Plan shall be ________________________________.
3. The EFFECTIVE DATE of this amendment ____________________________________.
4. The ANNIVERSARY DATE of the Plan shall be _______________________________.
5. The ENTRY DATE(S) of the Plan:
5.1 ___________________________________ shall be the first Entry Date.
5.2 ___________________________________ shall be the second Entry Date.
(The Entry Date(s) may not postpone entry into the Plan later than the earlier
of (a) the first day of the Plan Year begining after the date on which an
Employee satisfies the requirements of Section 6 below, or (b) the date 6 months
after the date such requirements were satisfied).
6. ELIGIBILITY REQUIREMENTS - Each Employee will be eligible to participate
in this Plan in accordance with Section 5 of this Adoption Agreement,
except the following:
6.1 _____ Employees who have not attained the age of __________ (cannot
exceed 21).
6.2 _____ Employees who have not completed ________ Year(s) of Service
(cannot exceed 1 year unless the Plan provides a nonforfeitable right
to 100% of the Participant's account balance derived from Employer
contributions after not more than 2 Years of Service, in which case,
up to 2 years is permissible. If the Year(s) of Service selected is,
or includes, a fractional year, an Employee will not be required to
complete any specified Hours of Service to receive credit for such
fractional year.)
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6.3 _____ Employees included in a unit of Employees covered by a
collective bargaining agreement between the Employer and Employee
Representatives, if retirement benefits were the subject of good faith
bargaining. For this purpose, the term "Employee Representatives"
does not include any organization more than half of whose members are
employees who are owners, officers, or executives of the Employer.
6.4 _____ Employees who are nonresident aliens and who receive no earned
income from the Employer which constitutes income from sources within
the United States.
The term "Employee" shall include all Employees of this Employer and any other
employer aggregated with this Employer under Internal Revenue Code Section
414(b), (c) or (m) and individuals required to be considered Employees or any
such Employer under Code Section 414(n) or under regulations under Code Section
414(o).
7. COMPENSATION shall mean all of each Participant's:
7.1 _____ W-2 earnings
7.2 _____ Compensation (as that term is defined in Section 415(c)(3) of
the Code)
which is actually paid to the Participant during:
7.3 _____ The Plan Year.
7.4 _____ The taxable year ending with or within the Plan Year.
7.5 _____ The Limitation Year ending with or within the Plan Year.
Compensation:
7.6 _____ Shall include
7.7 _____ Shall not include
Employer contributions made pursuant to a salary reduction agreement which
are not includable in the gross income of the employee under sections 125,
402(a)(8), 402(h) or 403(b) of the Code.
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8. NORMAL RETIREMENT AGE shall mean:
The later of age ______ (not to exceed age 65) or the ________ (not to
exceed 5th) anniversary of the first day of the first Plan Year in which
the Participant commenced participation in the Plan.
9. VESTING
If a participant terminates prior to Normal Retirement Age he shall receive
a percentage of his Accrued Benefit according to the vesting schedule
checked below:
9.1 ____ One Hundred Percent schedule - 100% at all times.
9.2 ____ Twenty Percent Schedule - 20% after the second Covered Year of
Service and 20% for each additional Covered Year of Service.
9.3 ____ Variable Schedule - Based on Covered Years of Service after
Year:
1 _____ 3 _____ (at least 40%)5 ________ (at least 80%)
2 _____ (at least 20%) 4 _______ (at least 60%)
6 100%
9.4 Three Year Vesting Schedule - 100% after three (3) Covered
Years of Service.
Notwithstanding the above, the Accrued Benefit shall become fully vested at
Normal Retirement Age.
10. CONTRIBUTIONS:
Employer contributions will be calculated based on Compensation of those
Participants who are New or Active Participants who have not incurred a
Break in Service.
10.1 _____ The Employer hereby agrees to contribute to the Plan an amount
equal to _________ (not to exceed 25%) of Compensation.
10.2 _____The Employer hereby agrees to contribute an amount equal to _____
% (Base Contribution Percentage, not less than 3%) of each
Participant's Compensation (as defined in Section 5.8 (D)(d) of the
Plan) for the Plan Year up to the Integration Level plus _____ % (not
less than 3% and not to exceed the Base Contribution Percentage by
more than the lesser of (1)
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the Base Contribution Percentage, or (2) the Money Purchase Maximum
Disparity Rate) of such Participant's Excess Compensation as defined
in Section 12.
The above excess percentage rate shall not exceed the rates applicable
to the Employer for old age insurance under the Social Security Act
for such Plan Year of Compensation. Both the taxable wage base and
old age insurance tax rate are those in effect on the first day of the
Plan Year. Such amount will be allocated directly to such
Participant's Account in the same manner as calculating the
contribution and no allocation shall be made under Section 11 of this
Adoption Agreement.
10.3 ______Forfeitures of Employer Contributions shall be applied to reduce
the Employer's Contribution.
10.4 ______Forfeitures of Employer Contributions shall be added to the
Employer's Contribution in the year of forfeiture and allocated
therewith.
11. ALLOCATION OF CONTRIBUTIONS:
The Employer contribution to the Plan will be allocated amoung Participant
Accounts:
11.1 ______ ALLOCATION BASED ON COMPENSATION
In the ratio which each Participant's Compensation bears to the
Compensation paid to all Participants.
11.2 ______ ALLOCATION UNDER PERMITTED DISPARITY RULES
Employer contributions for the Plan Year plus any forfeitures will be
allocated to Participants' accounts as follows:
If the Plan is Top Heavy for the Plan Year (as defined in Section 8 of
the Plan document), begin at step (1), otherwise begin at step (3).
(1) Contributions and forfeitures will be allocated to each
Participant's account in the ratio that each Participant's total
Compensation bears to all Participant's total Compensation, but
not in excess of 3% of each Participant's Compensation.
(2) Any contributions and forfeitures remaining after the allocation
in (1) above will be allocated to each Participant's account in
the ratio that each Participant's Compensation for the Plan Year
in excess of
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the Integration Level bears to the Excess Compensation of all
Participants, but not in excess of 3%.
(3) Any contributions and forfeitures (remaining after the allocation
in (2) above in the case of a Top Heavy Plan) will be allocated
to each Participant's account in the ratio that the sum of each
Participant's total Compensation and Compensation in excess of
the Integration Level bears to the sum of all Participants' total
Compensation and Compensation in excess of the Integration Level,
but not in excess of the Profit Sharing Maximum Disparity Rate.
(4) Any remaining Employer contributions or forfeitures will be
allocated to each Participant's account in the ratio that each
Participant's total Compensation for the Plan Year bears to all
Participant's total Compensation for that year.
12. EXCESS COMPENSATION SHALL MEAN COMPENSATION IN EXCESS:
12.1 _____ of the Taxable Wage Base in effect as of the beginning of the
Plan Year.
12.2 _____ of $ ___________________________ (a dollar amount less than the
Taxable Wage Base).
12.3 _____ of ______ % of the Taxable Wage Base (not to exceed 100%).
13. INDIVIDUAL INVESTMENT ACCOUNTS:
13.1 ____ Will not be used.
13.2 ____ Will be used as follows:
Each Participant will have a separate Individual Investment Account
which will contain the amount allocated to the Participant Account.
Each Participant will have the power to direct the investment with
respect to his Individual Investment Account subject to such rules as
the Administrator and the Trustee may deem necessary. Gains and
losses of the Account shall accrue to such Account only.
14. LIMITATION YEAR shall mean each 12 consecutive month period ending on _____
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NOTE: A written resolution must be adopted by the Employer if the
Limitation Year is other than the calendar year.
15. LIMITATION IN BENEFITS - If the Employer maintains or has ever maintained,
in addition to this Plan, one or more plans which are either qualified
defined benefit plans or qualified defined contribution plans other than
paired plan:
Plan #01 - Adoption Agreement ▇▇▇
▇▇▇▇ #▇▇ - Adoption Agreements 001, 002, 005, 009
in which any Participant in this Plan is (or was) a participant or could
possibly become a participant, the Employer must complete this Section.
The Employer must also complete this Section if it maintains a welfare
benefit fund, as defined in Code Section 419(e), or an individual medical
account, as defined in Code Section 415(1)(2) under which amounts are
treated as annual additions with respect to any Participant in this Plan.
If any Participant is covered under another qualified defined contribution
plan maintained by the Employer, other than a master or prototype plan:
15.1 ____ The provisions of Section 5.5 (B) of the Plan will apply as if
the other plan were a master or prototype plan.
15.2 ____ The total Annual Additions will be limited to the maximum
permissible amount and excess amounts will be reduced in a manner that
precludes Employer discretion, as follows:
15.3 ____ If the Participant is or has ever been a Participant in a defined
benefit plan maintained by the Employer, the benefits under the plans
will be limited as follows (this method must preclude Employer
discretion):
16. MINIMUM CONTRIBUTION FOR TOP HEAVY PLAN - If the Employer maintains one or
more defined benefit plans in which a Participant participates in addition
to this Plan and does not maintain any other defined contribution plans in
which a Participant participates, the minimum benefit requirement
applicable to Top Heavy Plans shall be met under this Plan.
If the minimum benefit requirement is met under this Plan, the additional
minimum benefit:
16.1 ___ Shall be provided.
16.2 ___ Shall not be provided.
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17. YEAR OF SERVICE shall mean
17.1 ____ 1000 Hours of Service
17.2 ____ ______ Hours of Service (less than 1000 Hours of Service).
18. PREDECESSOR EMPLOYER - Service with the following Predecessor Employer(s):
shall be counted for purposes of:
18.1 ____ eligibility Years of Service
18.2 ____ vesting (Covered Years of Service)
19. ADMINISTRATOR shall mean:
19.1 _____ The Employer
19.2 _____ Individuals specified in item 23 below.
20. OTHER BENEFITS
20.1 _____Early Retirement Benefit (fully vested): Subject to the Joint
and Survivor Annuity requirements, any Participant may retire and
receive the entire amount in his Participant Account provided he has
attained age ________ and has at least ________ Covered Years of
Service.
21. ACTUARIAL EQUIVALENT - For purposes of establishing present value to
compute the top heavy ratio, benefit payments shall be discounted only for
mortality and interest based on the following:
21.1 ______Pre-Retirement Interest Rate ________ %.
21.2 ______Post-Retirement Mortality Table __________________with ________
% interest.
22. PARTICIPATING AFFILIATES - Each Affiliate (i.e., each member of a
controlled group of corporations, commonly controlled group of trades or
businesses, or an affiliated service group within the meaning of section
414 of the Code) must adopt this Plan as a Participating Affiliate.
(Attach additional signature pages if there is more than one Participating
Affiliate.)
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Participating Affiliate Name ________________________ Employer I.D. ______
Address _____________________________________________ Taxable Year________
By _________________________________ Title ____________________ Date ______
23. ADMINISTRATOR - If Option 19.2 is elected the following named individuals
shall serve as Plan Administrator.
Signature by the Administrator (if other than the Employer) is in
acknowledgment of acceptance of appointment as Administrator.
Administrator(s) Name(s) Signature(s):
__________________________
__________________________
__________________________
Optional Provision - To be elected if Plan Section 10.6(E) is not elected.
24. Appointment of Trustee - Signature by the Trustee is in acknowledgment of
acceptance of appointment.
Trustee Name: Signature:
_______________________
Optional Provision - To be elected if Plan Section 10.6(E) is elected.
24. Appointment of Trustee or Custodian (Select 24.1 or 24.2)
Incorporated businesses must name a Trustee. Unincorporated businesses
covering one or more Self Employed Individuals may appoint a Custodian or a
Trustee.
24.1 ______ Trustee - Signature by the Trustee is in acknowledgment of
acceptance of appointment.
Trustee Name: Signature:
______________________
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24.2 _______ Custodian - _________________________________ is hereby
appointed as Custodian.
Signature of Authorized Individual Accepting Appointment
Optional Provision - To be elected if Plan Section 10.7 is elected.
25. INSURANCE TRUSTEE - Signature by the Trustee is in acknowledgment of
acceptance of appointment.
Insurance Trustee Name: Signature:
26< 25>.ADOPTION AGREEMENT USAGE
This Adoption Agreement is only to be used with basic Defined Contribution
Plan document 02.
An Employer who has ever maintained or who later adopts any plan (including
a welfare benefit fund, as defined in Section 419(e) of the Code, 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 Section 415(1)(2) of the code) in addition
to this Plan other than paired plans:
Plan #01 - Adoption Agreement ▇▇▇
▇▇▇▇ #▇▇ - Adoption Agreement 001, 002, 006, 009, 010
may not rely on the opinion letter issued by the National Office of the
Internal Revenue Service as evidence that this Plan is qualified under
Section 401 of the Internal Revenue Code. If the Employer who adopts or
maintains multiple plans other than the paired plans identified above
wishes to obtain reliance that its plans are qualified, application for a
determination letter should be made to the appropriate Key District
Director of Internal Revenue.
Failure of the Employer to properly complete this Adoption Agreement may
result in the disqualification of this Plan.
27< 26>.SPONSORING ORGANIZATION - The Sponsoring organization or its authorized
representative identified below will inform the adopting employer of any
amendments made to the Plan or of the discontinuance or abandonment of the
Plan.
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The organization sponsoring this Plan is _______________________.
The authorized representative of the sponsoring organization is
The Employer represents the the legal and tax aspects of this Plan and Trust
have been duly considered and passed upon by its attorney and/or tax advisor who
has determined that it is suitable and has been properly completed and adopted.
ADOPTION FOR THE EMPLOYER
Date of Execution
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Signature
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Title
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