UNION BANK
NON-STANDARDIZED ADOPTION AGREEMENT
401(K) PROFIT SHARING PLAN
CAUTION: THE FAILURE TO PROPERLY FILL OUT THIS ADOPTION
AGREEMENT MAY RESULT IN DISQUALIFICATION OF THE PLAN.
The undersigned Employer adopts the UNION BANK Non-Standardized 401(k)
Profit Sharing Plan for those Employees who shall qualify as Participants
hereunder, to be known as the
A1 _____________________________________________________
(Enter Plan Name)
It shall be effective as of the date specified below. The Employer hereby
selects the following Plan specifications:
EMPLOYER INFORMATION
B1 NAME OF EMPLOYER: _____________________________________
_____________________________________
B2 ADDRESS: _____________________________________
_______________, ___________ _______
City State Zip
Telephone ___________________________
B3 EMPLOYER IDENTIFICATION NUMBER: _____-_____________
B4 DATE BUSINESS COMMENCED: __________________
B5 TYPE OF ENTITY
a. ( ) S Corporation
b. ( ) Professional Service Corporation
c. ( ) Corporation
d. ( ) Sole Proprietorship
e. ( ) Partnership
f. ( ) Other ___________________________
AND, is the Employer a member of...
g. a controlled group? ( ) Yes ( ) No
h. an affiliated service group? ( ) Yes ( ) No
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NOTE: If a group of related corporations filing a consolidated
federal income tax return is adopting the Plan as a
single Employer, one of the corporations should be
designated the "Employer" and a Schedule should be
attached hereto setting forth the information requested
in Items B1 - B9 with respect to each other corporation
in the group.
B6 NAME OF TRUSTEE:
B7 TRUSTEE'S ADDRESS
a. ( ) Use Employer Address
b. ( ) ___________________________________________
Street
__________________, ___________ _________
City State Zip
B8 LOCATION OF EMPLOYER'S PRINCIPAL OFFICE:
a. ( ) state b. ( ) commonwealth of c. __________________
This Plan and Trust shall be construed and enforced according to XXXXX
and the laws of the State of California, to the extent not pre-empted
by XXXXX.
B9 EMPLOYER FISCAL YEAR means the 12 consecutive month period:
Commencing on a. ____________________ (e.g., January 1st) and
month day
ending on b. ____________________.
month day
PLAN INFORMATION
C1 EFFECTIVE DATE
This Adoption Agreement of the UNION BANK Non-Standardized 401(k) Profit
Sharing Plan and Trust shall:
a. ( ) establish a new Plan effective as of ________________
(hereinafter called the "Effective Date").
b. ( ) constitute an amendment and restatement in its entirety of a
previously established qualified Plan of the Employer which was
effective ____________________ (hereinafter called the "Effective
Date"). Except as specifically provided in the Plan, the
effective date of this amendment and restatement is ___________
(For TRA '86 amendments, enter the first day of the first Plan
Year beginning in 1989).
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IS THERE A SHORT PLAN YEAR?
c. ( ) No
d. (x) Yes, beginning October 1, 1994
and ending December 31, 1994.
C3 ANNIVERSARY DATE of Plan (Annual Valuation Date)
a. December 31st
C4 PLAN NUMBER assigned by the Employer (select one)
a. (x) 001 b. ( ) 002 c. ( ) 003 d. ( ) Other __________.
C5 NAME OF PLAN ADMINISTRATOR (Document provides for the Employer to appoint
an Administrator. If none is named, the Employer will become the
Administrator.)
a. (x) Employer (Use Employer Address)
b. ( ) Name: _____________________________________
Address: ___________________________________________
__________________, ___________ _________
City State Zip
Telephone ___________________________
Administrator's I.D. Number: _____-_____________
C6 PLAN'S AGENT FOR SERVICE OF LEGAL PROCESS
a. (x) Employer (Use Employer Address)
b. ( ) Name: ___________________________________________
Address: ___________________________________________
__________________, ___________ _________
City State Zip
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C7 VALUATION DATE (Section 4.3 of the Plan)
The Valuation Date(s) of Participant accounts will be:
a. ( ) the last day of the Plan Year only (as specified in C3 above).
b. ( ) the last day of each month.
c. ( ) the last day of the Plan Year & the last day of _____________.
d. ( ) the last day of each Plan Quarter Ending ______________,
______________, ______________, and ______________.
e. ( ) daily.
ELIGIBILITY, VESTING AND RETIREMENT AGE
D1 ELIGIBLE EMPLOYEES (Plan Section 1.16) shall mean:
a. ( ) all Employees who have satisfied the eligibility requirements
b. ( ) all Employees who have satisfied the eligibility requirements,
except those checked below:
1. ( ) Employees paid by commissions only.
2. ( ) Employees who are hourly paid.
3. ( ) Employees paid by Xxxxxx.
4. ( ) Employees whose employment is governed by a collective
bargaining agreement between the Employer and "Employee
Representatives" under which 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.
5. ( ) Highly Compensated Employees.
6. ( ) Employees who are nonresident aliens who received no earned
income [withing the meaning of Code Section 911(d)(2)] from
the Employer which constitutes income from sources within
the United States [within the meaning of Code Section
861(a)(3)].
7. ( ) Other _____________________________________________________
___________________________________________________________
___________________________________________________________
NOTE: For purposes of this section, the term Employee shall
include all Employees of this Employer, and any leased
employees deemed to be Employees under Code Section 414(n)
or 414(o).
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D2 EMPLOYEES OF AFFILIATED EMPLOYERS (Plan Section 1.17) Employees of
Affiliated Employers:
a. ( ) will not or N/A.
b. ( ) will be treated as Employees of the Employer adopting this Plan.
NOTE: If b. is selected a separate schedule should be
attached hereto setting forth the information requested
in items B1 - B9 above with respect to each other
Affiliated Employer and each Affiliated Employer should
execute this Adoption Agreement as a Participating
Employer.
D3 HOURS OF SERVICE (Plan Section 1.32) will be determined on the basis of the
method selected below. Only one method may be selected. The method
selected will be applied to all Employees covered under the Plan:
a. ( ) On the basis of actual hours for which an Employee is paid or
entitled to payment.
b. ( ) On the basis of 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.
c. ( ) On the basis of weeks worked. An employee will be credited
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.
d. ( ) On the basis of semi-monthly payroll periods. 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.
e. ( ) On the basis of 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.
D4 CONDITIONS OF ELIGIBILITY (Plan Section 3.1) (Check either a OR b and c,
and if applicable, d) Any Eligible Employee will be eligible to
participate in the Plan if such Eligible Employee has satisfied the service
and age requirements, if any, specified below:
a. ( ) NO AGE OR SERVICE REQUIRED.
b. ( ) SERVICE REQUIREMENT. (may not exceed 1 year)
1. ( ) None
2. ( ) 1/2 Year of Service
3. ( ) 1 Year of Service
4. ( ) Other _________ (Must be a period less than 1 year)
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.
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c. ( ) AGE REQUIREMENT (may not exceed 21)
1. ( ) N/A - No Age Requirement
2. ( ) 20 1/2
3. ( ) 21
4. ( ) Other _______________
d. ( ) FOR NEW PLANS ONLY - Regardless of any of the above age or
service requirements, any Eligible Employee who was employed on
the Effective Date of the Plan shall be eligible to participate
hereunder and shall enter the Plan as of such date.
D5 EFFECTIVE DATE OF PARTICIPATION (Plan Section 3.2)
An Eligible Employee shall become a Participant as of:
a. ( ) The first day of the Plan Year in which he met the requirements.
b. ( ) The first day of the Plan Year in which he met the requirements,
if he met the requirements in the first 6 months of the Plan
Year, or as of the first day of the next succeeding Plan Year if
he met the requirements in the last 6 months of the Plan Year.
c. ( ) 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 he met the requirements.
d. ( ) The first day of the Plan Year next following the date on which
he met the requirements. (Eligibility must be 1/2 Year of
Service or less or 1 1/2 Years of Service or less if 100%
immediate vesting is selected and age 20 1/2 or less.)
e. ( ) The first day of the month coinciding with or next following the
date on which he met the requirements.
f. ( ) The first day of the plan quarter coinciding with or next
following the date on which he met the requirements.
g. ( ) Other: ________________________________________________________
_______________________________________________________________
NOTE: If item g. is selected the method described is
conditional upon; 1) the Employee satisfying the
maximum age and service requirements set forth in
Section D4, 2) the Employee must be otherwise entitled
to participate, 3) the method set forth must allow the
Employee to begin participating no later than the
earlier of (a) 6 months after the requirements are
satisfied or (b) the first day of the first Plan Year
after the requirements are satisfied.
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D6 VESTING OF PARTICIPANT'S INTEREST (Plan Section 6.4(b))
The vesting schedule, based on number of Years of Service, shall be as
follows:
a. ( ) 100% upon entering Plan. (Required if eligibility requirement is
greater than one (1) Year of Service.)
b. ( ) 0-2 years 0% c. ( ) 0-4 years 0%
( ) 3 years 100% 5 years 100%
c. ( ) 0-1 year 0% e. ( ) 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. ( ) 1 year 20% g. ( ) 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.
Year of Service Percentage
--------------- ----------
--------------- ----------
--------------- ----------
--------------- ----------
--------------- ----------
--------------- ----------
--------------- ----------
D7 FOR AMENDED PLANS (Plan Section 6.4(f))
If the vesting schedule has been amended to a less favorable schedule,
enter the pre-amended schedule below:
a. ( ) Vesting schedule has not been amended or amended schedule is more
favorable in all years.
b. ( ) Vesting schedule has been amended from the following:
Year of Service Percentage
--------------- ----------
--------------- ----------
--------------- ----------
--------------- ----------
--------------- ----------
--------------- ----------
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D8 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,
for such Plan Year and each succeeding Plan Year, whether or not the Plan
is a Top Heavy Plan, 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 prior to the effective date of Code Section 416
and/or before the Plan became a Top Heavy Plan.
a. ( ) N/A (D6 a, b, d, e or f was selected)
b. ( ) 0-1 year 0% c. ( ) 0-2 years 0%
2 years 20% 3 years 100%
3 years 40%
4 years 60%
5 years 80%
6 years 100%
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.
D9 VESTING (Plan Section 6.4(h)) In determining Years of Service for vesting
purposes, Years of Service attributable to the following shall be EXCLUDED:
a. ( ) Service prior to the Effective Date of the Plan or a predecessor
plan.
b. ( ) N/A
c. ( ) Service prior to the time an Employee attained age 18.
d. ( ) N/A
e. ( ) Service excludable under rule of parity [Plan Section
6.4(g)(3)(i)].
f. ( ) Years of Service for vesting prior to January 1, 1976, that would
not have constituted Years of Service for vesting under the
"Break in Service Rules" of a predecessor plan in effect prior to
that date if this Plan is an amendment of such predecessor plan.
For purposes of this part, "Break in Service rules" are previous
plan rules which result in the loss of prior vesting or benefit
accruals of an employee, or which deny an employee eligibility to
participate, by reason of separation from service or failure to
complete a required amount of service within a specified period
of time.
D10 PLAN SHALL RECOGNIZE SERVICE WITH PREDECESSOR EMPLOYER
a. ( ) No.
b. ( ) Yes. Years of Service with __________________ shall be recognized
for the purpose of this Plan.
NOTE: If the predecessor Employer maintained this qualified
Plan, then Years of Service with such predecessor Employer
shall be recognized pursuant to Section 1.77 and b. must be
marked.
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D11 NORMAL RETIREMENT AGE ("NRA") (Plan Section 1.43) means:
a. ( ) The date a Participant attains his _______ birthday. (Not to
exceed 65th)
b. ( ) The later of the date a Participant attains his ______ birthday
(not to exceed 65th) or the c. _____ (not to exceed 5th)
anniversary of the first day of the Plan Year in which
participation in the Plan commenced.
D12 NORMAL RETIREMENT DATE (Plan Section 1.44) shall commence:
a. ( ) As of the Participant's "NRA". OR (must select b. or c.
AND 1. or 2.)
b. ( ) As of the first day of the month .......
c. ( ) As of the Anniversary Date ..........
1. ( ) coinciding with or next following the Participant's
"NRA".
2. ( ) nearest the Participant's "NRA".
D13 EARLY RETIREMENT DATE (Plan Section 1.13) means the:
a. ( ) 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 was selected .....
1. ( ) attains his _____ birthday and has
2. ( ) completed at least ______ Years of Service.
CONTRIBUTIONS, ALLOCATIONS AND DISTRIBUTIONS
E1 COMPENSATION DEFINED
a. COMPENSATION (Plan Section 1.9) with respect to any Participant means:
1. ( ) "415 Compensation."
2. ( ) Wages as defined in Section 3401(a) for the purposes of
income tax witholding at the source but determined without
regard to any rules that limit the remuneration included
in wages based on the nature or location of the employment
or the services performed (such as the exception for
agricultural labor in Code Section 3401(a)(2)).
b. COMPENSATION shall be
1. ( ) actually paid (must be selected if Plan is integrated)
2. ( ) accrued
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c. HOWEVER, for non-integrated plans, Compensation shall exclude (select
all that apply):
1. ( ) N/A, No exclusions.
2. ( ) overtime
3. ( ) bonuses
4. ( ) commissions
5. ( ) other __________________
________________________
d. FOR PURPOSES OF THIS SECTION E1, Compensation shall be based on:
1. ( ) the Plan Year.
2. ( ) the Fiscal Year coinciding with or ending within the
Plan Year.
3. ( ) the Calendar Year coinciding with or ending within the
Plan Year.
NOTE: The Limitation Year shall be the same as the year
on which Compensation is based.
e. HOWEVER, for an Employee's first year of participation, Compensation
shall be recognized as of:
1. ( ) the first day of the Plan Year.
2. ( ) the date the participant entered the Plan.
f. IN ADDITION, COMPENSATION and "414(s) Compensation"
1. ( ) shall
2. ( ) shall not include compensation which is not currently
includible in the Participant's gross income by reason of
the application of code Sections 125, 402(a)(8),
402(h)(1)(B), or 403(b).
E2 SALARY REDUCTION ARRANGEMENT - ELECTIVE CONTRIBUTION (Plan Section 11.2)
Each Employee may elect to have his Compensation reduced by:
a. ( ) ____%
b. ( ) up to ____%
c. ( ) from ____% to ____%
d. ( ) up to the maximum percentage allowable not to exceed the limits
of Code Section 401(k), 404 and 415.
AND....
e. ( ) a Participant may elect to commence salary reductions as of _____
(ENTER AT LEAST ONE DATE OR PERIOD). A Participant may modify the
amount of salary reductions as of _______________ (ENTER AT LEAST ONE
DATE OR PERIOD).
AND....
Shall cash bonuses paid within 2 1/2 months after the end of the Plan
Year be subject to the salary reduction election?
f. ( ) Yes
g. ( ) No
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E3 FORMULA FOR DETERMINING EMPLOYER'S MATCHING CONTRIBUTION (Plan Section
11.1(b))
a. ( ) N/A There shall be no matching contributions.
b. ( ) The Employer shall make matching contributions equal to ______%
(e.g. 50%) of the Participant's salary reductions.
c. ( ) The Employer may make matching contributions equal to a
discretionary percentage, to be determined by the Employer, of the
Participant's salary reductions.
d. ( ) The Employer shall make matching contributions equal to the
percentage determined under the following schedule:
Participant's Total
Years of Service Matching Percentage
------------------- -------------------
----------- -----------
----------- -----------
----------- -----------
----------- -----------
e. ( ) Other
--------------------------------------------------------------
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FOR PLANS WITH MATCHING CONTRIBUTIONS
f. ( ) Matching contributions....
g.( ) shall h.( ) shall not
be used in satisfying the deferral percentage tests. (If used,
full vesting and restrictions on withdrawals will apply and the
match will be deemed to be an Elective Contribution.)
i. ( ) Shall a Year of Service be required in order to share in the
matching contributions?
with respect to Plan Years beginning after 1989.....
1. ( ) A Participant will be required to complete a Year of
Service (i.e. 1,000 Hours) in order to share in the
matching contribution.
2. ( ) A Participant will be required to complete only 501
Hours of Service in order to share in the matching
contribution.
3. ( ) A Participant will be permitted to share in the
matching contributions regardless of Hours of Service.
NOTE: Selection of item 1. could cause the Plan to violate
minimum participation and coverage requirements under Code
Sections 401(a)(26) and 410.
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with respect to Plan Years beginning before 1990.....
1. ( ) N/A New Plan or same as years beginning after 1989.
2. ( ) Yes
3. ( ) No
j. ( ) In determining matching contributions, only salary reductions up
to _______% of a Participant's Compensation will be matched.
k. ( ) N/A
l. ( ) The matching contribution made on behalf of a Participant for any
Plan Year shall not exceed $ ______________. m. ( ) N/A
n. ( ) Matching contributions shall be made on behalf of
1. ( ) all Participants.
2. ( ) only Non-Highly Compensated Employees.
E4 WILL A DISCRETIONARY EMPLOYER CONTRIBUTION BE PROVIDED (OTHER THAN A
DISCRETIONARY MATCHING OR QUALIFIED NON-ELECTIVE CONTRIBUTION) (Plan Section
11.1(c))?
a. ( ) No.
b. ( ) Yes, the Employer may make a discretionary contribution out of its
current or accumulated Net Profit.
c. ( ) Yes, the Employer may make a discretionary contribution which is
not limited to its current or accumulated Net Profit.
If b. or c. was selected above the Employer's discretionary contribution
shall be allocated as follows:
d. ( ) FOR A NON-INTEGRATED PLAN... the Employer's discretionary
contribution for the Plan Year shall be allocated in the same ratio
as each Participant's Compensation bears to the total of such
Compensation of all Participants.
e. ( ) FOR AN INTEGRATED PLAN... the Employer's discretionary
contribution for the Plan Year shall be allocated in accordance
with Plan Section 4.3(b)(2) based on a Participant's Compensation
in excess of:
f. ( ) The Taxable Wage Base.
g. ( ) The greater of $10,000 or 20% of the Taxable Wage Base.
h. ( ) ____% of the Taxable Wage Base. (See Note below)
i. ( ) $__________. (See Note below)
NOTE: The integration percentage of 5.7% shall be reduced to:
1. 4.3% in h. or i. above is more than 20% and less than or
equal to 80% of the Taxable Wage Base.
2. 5.4% if h. or i. above is less than 100% and more than
80% of the Taxable Wage Base.
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E5 QUALIFIED NON-ELECTIVE CONTRIBUTIONS (Plan Section 11.1(d))
a. ( ) N/A There shall be no Qualified Non-Elective Contributions,
except as provided in Section 11.5(b) and 11.7(h).
b. ( ) The Employer shall make a Qualified Non-Elective Contribution
equal to _____% of the Participant's Total Compensation to:
1. ( ) all Participants eligible to share in the allocation.
2. ( ) only Non-Highly Compensated Employees eligible to share
in the allocation.
c. ( ) The Employer may make a Qualified Non-Elective Contribution in an
amount to be determined by the Employer to:
1. ( ) all Participants eligible to share in the allocation.
2. ( ) only Non-Highly Compensated Employees eligible to share
in the allocation.
E6 FORFEITURES (Plan Section 4.3(e))
a. Forfeitures of contributions other than matching contributions shall
be......
1. ( ) added to the Employer's contribution under the Plan.
2. ( ) allocated to all Participants eligible to share in the
allocations in the same proportion that each Participant's
Compensation for the year bears to the Compensation of all
Participants for such year.
b. Forfeitures of matching contributions shall be......
1. ( ) N/A No matching contributions or match is fully vested.
2. ( ) used to reduce the Employer's matching contribution.
3. ( ) allocated to Participants eligible to share in the
allocations in proportion to each such Participant's
Compensation for the year.
4. ( ) allocated to all Non-Highly Compensated Employees eligible
to share in the allocations in proportion to each such
Participant's Compensation for the year.
5. ( ) allocated only to those Participants with salary reductions
for the Plan Year who are employed on the last day of the
Plan Year, in proportion to each such Participant's
Compensation for the year.
6. ( ) allocated only to those Non-Highly Compensated Employees
with salary reductions for the Plan Year and who are
employed on the last day of the Plan Year, in proportion to
each such Participant's Compensation for the year.
7. ( ) allocated only to those Participants with salary reductions
for the Plan Year and who are employed on the last day of
the Plan Year, in proportion to each such Participant's
Deferred Compensation for the Plan Year.
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8. ( ) allocated only to those Non-Highly Compensated Employees
with salary reductions for the Plan Year and who are
employed on the last day of the Plan Year, in proportion to
each such Participant's Deferred Compensation for the Plan
Year.
NOTE: If item 7. or 8. is selected, the Plan could become
discriminatory in operation.
E7 ALLOCATIONS TO ACTIVE PARTICIPANTS (Plan Section 4.3)
For Plan Years beginning after 1989, a Participant......
a. ( ) shall be required to complete a Year of Service (i.e.
1,000 Hours) in order to share in any Qualified Non-Elective
Contributions or Non-Elective Contributions (other than
matching contributions).
b. ( ) shall be required to complete more than 500 Hours of Service in
order to share in any Qualified Non-Elective Contributions or
Non-Elective Contributions (other than matching contributions).
NOTE: if item a. selected, the Plan could become discriminatory
in operation.
For Plan Years beginning before 1990, a Participant......
c. ( ) must d. ( ) need not e. ( ) N/A, Plan not effective before 1990
complete a Year of Service to share in the allocations.
E8 ALLOCATIONS TO TERMINATED PARTICIPANTS (Plan Section 4.3(k))
Any Participant who terminated employment during the Plan Year (i.e. not
actively employed on the last day of the Plan Year) for reasons other than
death, Total and Permanent Disability or retirement:
a. With respect to the allocation of Employer Non-Elective Contributions
(other than matching), Qualified Non-Elective Contributions, and
Forfeitures for Plan Years beginning prior to 1990:
1. For Plan Years beginning after 1989,
i ( ) N/A, Plan does not provide for such contributions.
ii ( ) shall share in such allocations, regardless of Hours of
Service.
iii ( ) shall share in such allocations provided such
Participant completed more than 500 Hours of Service.
iv ( ) shall share in such allocations provided such
Participant completed a Year of Service.
v ( ) shall not share in such allocations, regardless of
Hours of Service.
2. For Plan Years beginning before 1990,
i ( ) N/A, new Plan, or same as for Plan Years beginning
after 1989.
ii ( ) shall share in such allocations provided such
Participant completed a Year of Service.
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iii ( ) shall not share in such allocations, regardless of
Hours of Service.
NOTE: if a. 1 (iii) or (iv) is selected, the Plan could
violate minimum participation and coverage requirements
under Code Sections 401(a)(26) and 410.
b. With respect to the allocation of Employer Matching Contributions, a
Participant:
1. For Plan Years beginning after 1989,
i ( ) N/A, Plan does not provide for matching contributions.
ii ( ) shall share in such allocations, regardless of Hours of
Service.
iii ( ) shall share in such allocations provided such
Participant completed more than 500 Hours of Service.
iv ( ) shall share in such allocations provided such
Participant completed a Year of Service.
v ( ) shall not share in such allocations, regardless of
Hours of Service.
2. For Plan Years beginning before 1990,
i ( ) N/A, new Plan, or same as for Plan Years beginning
after 1989.
ii ( ) shall share in such allocations, regardless of Hours of
Service.
iii ( ) shall share in such allocations provided such
Participant completed a Year of Service.
iv ( ) shall not share in such allocations, regardless of
Hours of Service.
NOTE: if b. 1 (iv) or (v) is selected, the Plan could violate
minimum participation and coverage requirements under
Code Sections 401(a)(26 and 410).
c. For Plan Years beginning prior to 1990, any Participant who terminated
employment during the Plan Year for reason of......
1. ( ) Death
2. ( ) Disability
3. ( ) Retirement
shall share in the allocations of Contributions and Forfeitures
regardless of whether such Participant completed a Year of Service
during the Plan Year.
d. For Plan Years beginning after 1989, any Participant who terminated
employment during the Plan Year for reasons of......
1. ( ) Death
2. ( ) Disability
3. ( ) Retirement
shall share in the allocations of Contributions and Forfeitures
regardless of whether such Participant completed a Year of Service
during the Plan Year.
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E9 ALLOCATIONS OF EARNINGS/LOSSES (Plan Section 4.3(c)) Allocations of
earnings or losses with respect to contributions specified, but received
after the previous Anniversary Date or other valuation date, shall be
credited according to the following method:
a. ( ) by using a weighted average.
b. ( ) based on the Participant's non-segregated account balance as of
the previous Anniversary Date or valuation date adjusted for
investment transfers (if any) in and out less withdrawals and
distributions plus one-half of all voluntary contributions, salary
reduction contributions, and transfers from qualified plans made
since the previous Anniversary Date or valuation date.
c. ( ) as specified in Plan Section 4.3(c), based on the Participant's
non-segregated account balance as of the previous Anniversary Date
or valuation date adjusted for investment transfers (if any) in
and out less withdrawals and distributions since the previous
Anniversary Date or valuation date.
d. ( ) based on the Participant's non-segregated account balance as of
the previous Anniversary Date or valuation date adjusted for
investment transfers (if any) in and out less withdrawals and
distributions plus all voluntary contributions, salary
reduction contributions, and transfers from qualified Plans made
since the previous Anniversary Date or valuation date.
e. ( ) based on the Participant's non-segregated account balance as of the
previous Anniversary Date or valuation date adjusted for
investment transfers (if any) in and out less withdrawals and
distributions plus one-half of all voluntary contributions, salary
reduction contributions, employer matching contributions under
Plan Section 11.1(b), and transfers from qualified plans made
since the previous Anniversary Date or valuation date.
f. ( ) gains and losses will be allocated to each participant's account
on a daily basis in accordance with plan section 4.3(c)(2).
g. ( ) not applicable.
E10 LIMITATIONS ON ALLOCATIONS (Plan Section 4.4)
a. If any Participant is or was 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(c), 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:
1. ( ) N/A
2. ( ) The provisions of Section 4.4(b) of the Plan will apply as
if the other plan were a Master or Prototype Plan.
3. ( ) Provide 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.
---------------------------------------------
---------------------------------------------
-16-
NOTE: If a. 3 above 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.
b. If the Participant is or ever has been a Participant in a defined
benefit plan maintained by the Employer:
1. ( ) N/A
2. ( ) 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 4.4(a)(4) of
the Plan.
3. ( ) Provide the method under which the Plans involved will
satisfy the 1.0 limitation in a manner that precludes
Employer discretion.
------------------------------------------
------------------------------------------
------------------------------------------
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E11 DISTRIBUTIONS UPON DEATH (Plan Section 6.6(h)) Distributions upon the
death of a Participant prior to receiving any benefits shall.....
a. ( ) 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 within the time the Participant
would have attained age 70 1/2.
c. ( ) be made within 5 years of death for all beneficiaries.
d. ( ) Other ___________________________________________
E12 LIFE EXPECTANCIES (Plan Section 6.5(f)) for minimum distributions
required pursuant to Code Section 401(a)(9) shall.....
a. ( ) be recalculated at the Participant's election.
b. ( ) be recalculated.
c. ( ) not be recalculated.
-17-
E13 CONDITIONS FOR DISTRIBUTIONS UPON TERMINATION
Distributions upon termination of employment pursuant to Section 6.4(a)
of the Plan shall not be made unless the following conditions have been
satisfied:
a. ( ) N/A. Immediate distributions may be made at Participant's election.
b. ( ) The Participant has incurred ____ 1-Year Break(s) in Service.
c. ( ) The Participant has reached his or her Early or Normal Retirement
Age.
d. ( ) Distributions may be made at the Participant's election on or after
the Anniversary Date following termination of employment.
e. ( ) Other _________________________________________________
E14 FORM OF DISTRIBUTIONS (Plan Sections 6.5 and 6.6)
Distributions under the Plan may be made.....
a. 1. ( ) in lump sums.
2. ( ) in lump sums or installments.
b. AND, pursuant to Plan Section 6.13,
1. ( ) no annuities are allowed (avoids Joint and Survivor rules).
2. ( ) annuities are allowed (Plan Section 6.13 shall not apply).
NOTE: b.1. above may not be elected if this is an amendment to a
plan which permitted annuities as a form of distribution
or if this Plan has accepted a plan to plan transfer of
assets from a plan which permitted annuities as a form of
distribution.
c. AND may be made in.....
1. ( ) cash only (except for insurance or annuity contracts).
2. ( ) cash or property.
d. AND may be made in.....
1. ( ) the following other form(s):
-------------------------------------------------------
2. ( ) any other non-discriminatory form selected by the Participant.
-18-
TOP HEAVY REQUIREMENTS
F1 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.
a. ( ) The Employer does not maintain a Defined Benefit Plan.
b. ( ) A minimum, non-integrated contribution of 5% of each Non-Key
Employee's total Compensation shall be provided in this Plan,
as specified in Section 4.3(i). (The Defined Benefit and Defined
Contribution Fractions will be computed using 100% if this
choice is selected.)
c. ( ) A minimum, non-integrated contribution of 7 1/2% of each
Non-Key Employee's total Compensation shall be provided in this
Plan, as specified in Section 4.3(i). (If this choice is
selected, the Defined Benefit and Defined Contribution
Fractions will be computed using 125% for all Plan
Years in which the Plan is Top Heavy, but not Super Top Heavy.)
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(e).
-------------------------------------------------
F2 PRESENT VALUE OF ACCRUED BENEFIT (Plan Section 2.2) for Top Heavy
purposes where the Employer maintains a Defined Benefit Plan in addition
to this Plan, shall be based on ...
a. ( ) N/A. The Employer does not maintain a defined benefit plan.
b. ( ) Interest Rate:
------------------------------------
Mortality Table:
----------------------------------
F3 TOP HEAVY DUPLICATIONS: Employer maintaining two (2) or more Defined
Contribution Plans (other than paired plans).
a. ( ) N/A.
b. ( ) A minimum, non-integrated contribution of 3% of each Non-Key
Employee's total 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.
c. ( ) 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(e).
-------------------------------------------------
-19-
MISCELLANEOUS
G1 LOANS TO PARTICIPANTS (Plan Section 7.1)
a. ( ) Yes, loans may be made up to $50,000 or 1/2 Vested interest.
b. ( ) No, loans may not be made.
If YES, (Check all that apply) .......
c. ( ) loans shall be treated as an "earmarked" investment of the
borrowing Participant's Account.
d. ( ) loans shall be treated as a general investment of Plan assets.
e. ( ) loans shall only be made for hardship or financial necessity.
IF PARTICIPANTS ARE ALLOWED TO ELECT INVESTMENT OPTIONS (UNDER
ITEM G8 BELOW), THE PROMISSORY NOTE WILL BE HELD AS AN ASSET
UNDER THE _______________ OPTION.
NOTE: Department of Labor Regulations require the adoption of
a separate written loan program setting forth the
requirements outlined in Plan Section 7.1.
G2 DIRECTED INVESTMENT ACCOUNTS (Plan Section 4.8(h)) are permitted for the
interest in any one or more accounts.
a. ( ) Yes, regardless of the Participant's Vested interest in the
Plan.
b. ( ) Yes, but only with respect to the Participant's Vested
interest in the Plan.
c. ( ) Yes, but only with respect to those accounts which are 100%
Vested.
d. ( ) No directed investments are permitted.
G3 TRANSFERS FROM QUALIFIED PLANS (Plan Section 4.6)
a. ( ) Yes, transfers from qualified plans (and rollovers) will be
allowed.
b. ( ) No, transfers from qualified plans (and rollovers) will not be
allowed.
AND, transfers shall be permitted ........
c. ( ) from any Employee, even if not a Participant.
d. ( ) from Participants only.
-20-
G4 EMPLOYEE'S VOLUNTARY CONTRIBUTIONS (Plan Section 4.7)
a. ( ) Yes, Voluntary Contributions are allowed subject to the limits
of Section 4.10.
b. ( ) No, Voluntary Contributions will not be allowed.
NOTE: TRA '86 subjects voluntary contributions to strict
discrimination rules.
G5 HARDSHIP DISTRIBUTION (Plan Section 6.11 and 11.8)
a. ( ) Yes, from any accounts which are 100% Vested.
b. ( ) Yes, from Participant's Elective Account only.
c. ( ) Yes, but limited to the Participant's Account only.
d. ( ) No.
NOTE: Distributions from a Participant's Elective Account are
limited to the portion of such account attributable to
such Participant's Deferred Compensation and earnings
attributable thereto up to December 31, 1988. Also
hardship distributions are not permitted from a
Participant's Qualified Non-Elective Account.
The Plan provides that when a Hardship Distributions under
Section 11.8 is requested under a 401(k) Plan that the
request for Hardship Distribution will be reviewed in
accordance with the "Safe Harbor" criteria of Section
11.8(a)(2) and 11.8(c)(2).
G6 PRE-RETIREMENT DISTRIBUTION (Plan Section 6.10)
a. ( ) If a Participant has reached the age of ____, distributions
may be made, at the Participant's election, from any accounts
which are 100% Vested without requiring the Participant to
terminate employment.
b. ( ) No pre-retirement distribution may be made.
NOTE: Distributions from a Participant's Elective Account and
Qualified Non-Elective Account are not permitted prior
to age 59 1/2.
G7 LIFE INSURANCE may be purchased with Plan contributions.
a. ( ) No life insurance may be purchased.
b. ( ) Yes, at the option of the Administrator.
c. ( ) Yes, at the option of the Participant.
AND, the purchase of initial or additional life insurance shall be
subject to the following limitations: (select all that apply)
d. ( ) N/A no limitation.
-21-
e. ( ) each initial Contract shall have a minimum face amount of $_______.
f. ( ) each additional Contract shall have a minimum face
amount of $________.
g. ( ) the Participant has completed __________Years of Service.
g. ( ) the Participant has completed __________Years 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
shall not exceed $_____________.
k. ( ) the maximum face amount of life insurance shall be
$_____________.
G8 INVESTMENT OPTIONS (Section 4.8 of the Plan)
a. ( ) Participants may not elect Investment Options.
b. ( ) Participants may elect one or more of the Investment Options as
listed on Exhibit "A", attached hereto and incorporated for all
purposes.
c. ( ) If item b. has been selected, investment transfers requested by
a Participant may be restricted as follows:
_______________________________________________________________
_______________________________________________________________
NOTE: If item b. has been selected above, but a Participant fails
to select Investment Option(s), such Participant's account
balance shall be invested under the _________________ option.
G9 INVESTMENT TRANSFER DATE (Section 4.8 of the Plan)
a. ( ) Not Applicable (Investment Options not provided under Item G8
above).
b. ( ) The Transfer Date on which amounts may be transferred between
investment options is:
1. ( ) the first day of each calendar quarter.
2. ( ) the first day of the Plan Year.
3. ( ) the first day of each Plan Year and the first day of
the seventh month of each Plan Year.
4. ( ) the first day following each Valuation Date.
5. ( ) daily to the extent administratively feasible and in no
event less frequently than the first day of each Plan
quarter.
-22-
G10 RESTRICTIONS ON TRANSFERS (Section 4.8 of the Plan)
a. ( ) Not applicable (Investment Options not provided Item G8 above).
b. ( ) Except for the restrictions described in Section 4.8 of the
Plan, transfers may be made between investment options.....
1. ( ) without restriction
2. ( ) with the following restriction (specify):
_____________________________________________________
G11 ELECTION DATE (Section 4.8 of the Plan)
a. ( ) Not Applicable (Investment Options not provided under
Item G8 above).
b. ( ) The Election Date on which Participants may change investment
options for future contributions is:
1. ( ) the first day of each calendar quarter.
2. ( ) the first day of each Plan Year.
3. ( ) the first day of each Plan Year and the first day of
the seventh month of each Plan Year.
4. ( ) the first day following each Valuation Date.
5. ( ) daily to the extent administratively feasible and in no
event less frequently than the first day of each Plan
quarter.
G12 EMPLOYER SECURITIES - PASS THROUGH VOTING (Trust Section 1.11)
a. ( ) Yes, pass through voting is required subject to the conditions
set forth in the Trust Agreement.
b. ( ) No, pass through voting is not required.
c. ( ) N/A, Employer Securities are not held as an asset of the Trust,
nor are they an Investment Option.
-23-
The adopting Employer may not rely on an opinion letter issued by the
National Office of the Internal Revenue Service as evidence that the plan is
qualified under Code Section 401. In order to obtain reliance with respect to
plan qualification, the Employer must apply to the appropriate Key District
Office for a Determination Letter.
This Adoption Agreement may be used only in conjunction with basic Plan
document #03. This Adoption Agreement and the basic Plan document shall
together be known as UNION BANK Non-Standardized 401(k) Profit Sharing Plan
#03-005.
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.
UNION BANK will notify the Employer of any amendments made to the Plan or of
the discontinuance or abandonment of the Plan provided this Plan has been
acknowledged by UNION BANK or its authorized representative. Furthermore, in
order to be eligible to receive such notification, we agree to notify UNION
BANK of any change in address.
-24-
IN WITNESS WHEREOF, the Employer and Trustee hereby cause this Plan and Trust
to be executed on the dates listed below. Furthermore, this Plan and Trust
may not be used unless acknowledged by UNION BANK or its authorized
representative. The Trustee hereby accepts appointment as Trustee under the
Trust Agreement Pursuant To The Union Bank Master Defined Contribution Plan.
EMPLOYER: TRUSTEE:
--------------------------- ------------------------------
(enter name) (enter name)
By: By:
------------------------ --------------------------
By:
--------------------------
Dated: Dated:
----------------- ------------------
PARTICIPATING EMPLOYER:
-----------------------
(enter name)
By:
--------------------
Dated:
---------------
This Plan may not be used, and shall not be deemed to be a Prototype Plan,
unless an authorized representative of UNION BANK 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.
UNION BANK, SPONSOR
By:
----------------------
Dated:
---------------
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:
-------------------------------------------------------
Address:
-----------------------------------------------------
Telephone: ( )
------------------------
-25-
EXHIBIT A
INVESTMENT OPTIONS
In accordance with Section 4.8(e) of the Union Bank Master Defined
Contribution Plan, participants in the INSERT NAME OF THE PLAN will be
permitted to elect the investment of the portions of their account balances,
as specified below, from any of the following Investment Options, as
specified by the Employer in Section G8 of the Adoption Agreement effective
INSERT DATE:
Fund A Money Market Fund
Fund B
Fund C
The Plan Administrative Committee appointed by the Employer will direct the
Trustee as to the specific investment vehicles for each of the Investment
Options.
A Participant will be permitted to elect investment options for his/her
balance within the (CHANGE THE HIGHLIGHTED ITEMS AS NECESSARY) EMPLOYER
MATCHING, QUALIFIED NON-ELECTIVE, PROFIT SHARING, AND SALARY DEFERRAL
portions within the Plan.
IN WITNESS WHEREOF, the Employer and Trustee hereby cause this to be executed
on the dates listed below.
EMPLOYER: TRUSTEE:
--------------------------- UNION BANK
(Enter Name)
By:
--------------------------
By: By:
------------------------ --------------------------
Dated: Dated:
----------------- ------------------
