HomeMy WebLinkAbout401(a) Plan update 10-1-13
Florida Municipal Pension Trust Fund
§ 401(a) Defined-Contribution
Retirement Plan
amended and restated as of October 1, 2013
Florida Municipal Pension Master Trust
401(a) Defined Contribution Plan
TC
ABLE OF ONTENTS
1. ESTABLISHMENT OF PLAN ...............................................................................................3
2. PARTICIPATING EMPLOYERS ............................................................................................3
3. DEFINITIONS .........................................................................................................................6
4. SERVICE CREDITING .........................................................................................................27
5. ELIGIBILITY ........................................................................................................................27
6. PARTICIPATION IN THE PLAN .........................................................................................28
7. INVESTMENT DIRECTION ...............................................................................................29
8. ALLOCATION METHODS ..................................................................................................33
9. CONTRIBUTION LIMIT .....................................................................................................33
10. VESTING ..............................................................................................................................34
11. REEMPLOYMENT AFTER UNIFORMED SERVICE .......................................................34
12. QUALIFIED DOMESTIC RELATIONS ORDER ...............................................................37
13. HARDSHIP DISTRIBUTION ...............................................................................................39
14. PERMITTED DISTRIBUTION ............................................................................................40
15. RETIREMENT DISTRIBUTION .........................................................................................40
16. DEATH DISTRIBUTION .....................................................................................................41
17. DIRECT ROLLOVER ...........................................................................................................42
18. ADMINISTRATION OF DISTRIBUTION PROCEDURES ...............................................43
19. PLAN SPONSOR AND ADMINISTRATOR .......................................................................49
20. GENERAL PROVISIONS ....................................................................................................50
21. AMENDMENT......................................................................................................................60
22. TERMINATION ....................................................................................................................60
23. CONSTRUCTION .................................................................................................................62
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1.ESTABLISHMENT OF PLAN
1.1Establishment of Plan
This Basic Plan Document together with the Participating Employer’s Adoption Agreement
states the provisions of this retirement Plan established and maintained by the Participating
Employer(s).
1.2Previous plan replaced
To the extent of the Participating Employer’s participation in the Florida Municipal Pension
Master Trust 401(a) Defined Contribution Retirement Plan, this Plan shall amend and restate any
similar plan previously in effect. The restated Plan is effective as of the Restatement Date,
except as otherwise specified by the Adoption Agreement. This Provision shall not affect the
authority of the Master Trustees to amend and restate this Plan as provided in Part 2.
1.3Plan type
The Participating Employer intends to (but is not required to or obligated to) maintain the Plan as
a plan that qualifies for favorable federal income tax treatment under IRC § 401(a).
1.4Individual account plan
The Plan is an individual account plan that provides for an individual Account for each
Participant and for Benefits based solely upon the amount of Contributions, income and gains
and losses, expenses, and Forfeitures allocated to the Participant’s Account.
1.5ERISA does not apply
The United States Code provisions created by Title I of the Employee Retirement Income
Security Act of 1974 [“ERISA”] do not apply to this Plan.
1.6 Governmental Plan
The Plan is intended to be a governmental plan within the meaning of Code Section 414(d).
2.PARTICIPATING EMPLOYERS
2.1Adoption by Participating Employer
An Employer may make the Plan available to its Employees if it takes the following actions:
a)The Governing Authority of the Employer must pass an ordinance or resolution formally
adopting this Plan for its Employees and approving the Adoption Agreement.
b)The ordinance or resolution must indicate the date of adoption.
c)The ordinance or resolution must commit to the terms of an Adoption Agreement as
completed by the Employer.
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d)The ordinance or resolution must specify that the Employer shall abide by the terms of the
Plan, including all investment, administrative, and service of the Plan, and all applicable
provisions of the Code and other applicable law.
e)The ordinance or resolution must acknowledge that the Master Trustees are only responsible
for the Plan and have no responsibility for other employee benefit plans maintained by the
Employer.
2.2Participating Employer has same provisions
Except as properly specified by the Adoption Agreement, each Participating Employer adopts the
Plan. The Participating Employer’s adoption of the Plan is stated by the Adoption Agreement.
2.3Amendment binding upon all Participating Employers
a)Subject to the provision of any applicable law, the Master Trustees may at any time
amend or modify this Plan without the consent of the Participating Employers or of
Participants (or any Beneficiaries thereof). Any modification, alteration, or amendment
of the Plan, made in accordance with this Provision, may be made retroactively, if
deemed necessary or appropriate by the Master Trustees. A certified copy of the
resolution of the Master Trustees making such amendment shall be delivered to the Plan
Administrator, and the Plan shall be amended in the manner and effective as of the date
set forth in such resolution, and the Participating Employers, Employees, Participants,
Beneficiaries, Trustees, and Plan Administrator shall be bound by the amendment. A
Participating Employer may not amend the Plan in any way.
b)Subject to the provisions of applicable law, the Master Trustees and the Administrator
may at any time amend or modify the form of Adoption Agreement with the consent of
the Participating Employers, unless otherwise required under Provision 2.4.
2.4Amendment for Qualification of Plan.
It is the intent of the Master Trustees that the Plan shall be and remain qualified for tax purposes
under Code Section 401(a) and other applicable provisions. The Master Trustees are permitted
(but not required) to submit the Plan to the Internal Revenue Service for a determination under
the Internal Revenue Code and all expenses incident thereto shall be borne by the Master
Trustees. The Master Trustees may make any modifications, alterations, or amendments to the
Plan or Adoption Agreement necessary to obtain and retain approval of the Secretary of the
Treasury or his or her delegate as may be necessary to establish and maintain the status of the
Plan as qualified under the provisions of the Internal Revenue Code, as now in effect or hereafter
enacted, and the regulations issued thereunder. Any modification, alteration, or amendment of
the Plan or Adoption Agreement, made in accordance with this Provision, may be made
retroactively, if necessary or appropriate. A copy of the resolution of the Master Trustees making
such amendment shall be delivered to the Plan Administrator, and the Plan or Adoption
Agreement shall be amended in the manner and effective as of the date set forth in such
resolution, and the Participating Employers, Employees, Participants, Beneficiaries, Trustees,
Plan Administrator, and all others having any interest under the Plan shall be bound thereby.
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2.5Amendment of Adoption Agreement by Participating Employer.
The Governing Authority shall have the right at any time to amend, in whole or in part, any or all
of its elections under the Adoption Agreement without the consent of the Participants or any
Beneficiaries. Provided, however, that no such amendment shall:
a)Deprive any Participant or Beneficiary of any of the benefits to which the Participant or
Beneficiary is entitled under this Plan with respect to amounts credited prior to the effective
date of the amendment; or
b)Authorize or permit any part of the Master Trust to be diverted to purposes other than the
exclusive benefit of the Participants or their Beneficiaries; or
c)If an amendment limits or otherwise restricts the deferral and distribution rights of the
Participants, the amendment shall become effective on the first day of the month following
the giving of not less than forty-five (45) days prior notice of the amendment to Participants.
If the amendment was made by the Master Trustees, notice shall be deemed given when the
amendment is sent to each Participating Employer. If the amendment was made by the
Participating Employer, notice shall be deemed given when the amendment is sent to the Plan
Administrator. No amendment shall deprive any Participant of any of the benefits to which
the Participant is entitled under this Plan with respects to amounts credited prior to the
effective date of the amendment, and
d)If the Plan is amended or modified, the Plan Administrator shall nonetheless be responsible
for the supervision and the payment of benefits resulting from amounts contributed prior to
the amendment or modifications in accordance with this Provision.
2.6Contributions by Participating Employer
Contributions made by a Participating Employer shall be determined separately by each
Participating Employer and shall be paid to and held by individual Account(s) under the
Investment(s) for the exclusive benefit of the Participants (and their Beneficiaries) who are
Employees of the Participating Employer.
2.7Transfer of Participant among Participating Employers
The transfer of any Participant from or to any Participating Employer shall not affect the
Participant’s Benefit or rights under the Plan other than as provided by the Plan.
2.8Discontinuance of Plan by Participating Employer
Any Participating Employer is permitted to revoke and discontinue its participation in the Plan.
At the time of the discontinuance, the Participating Employer shall deliver satisfactory evidence
of the revocation to the Plan Administrator.
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3.DEFINITIONS
Whenever used in the Plan, each of the following terms has the meaning stated or provided by
this Part.
If a term is not defined by this Provision and is defined by the Internal Revenue Code or the
Enabling Statute or relevant Investment Law, the term has the meaning given by the Internal
Revenue Code or the Enabling Statue or relevant Investment Law.
3.1“Account”
means the total of the individual sub-Account(s) maintained on behalf of each Participant under
the Investment(s) held pursuant to the Plan.
The Account balance is the total amount or value of the Account (or sub-Account as applicable)
reduced by any security interest held by the Plan or by the Issuer(s) for an outstanding loan and
reduced by any applicable Investment fees, charges, expenses, and taxes and any Master Trust
charges, fees, expenses, and taxes.
At any time, the amount or value of any Account or sub-Account is the applicable Account
balance (as stated above) as of the last Valuation Date. At any time, the Account shall reflect the
Vested portion [the Vested Account].
“Account” may also refer to each of the sub-Accounts.
To the extent necessary or desirable to administer the Plan, a separate sub-Account shall be kept
to receive each kind of Contributions (and attributable interest or investment earnings).
However, the Plan Administrator, in its sole discretion, may combine any sub-Accounts if so
doing does not impair the Plan Administrator’s ability to operate this Plan according to its
provisions. Except as otherwise permitted above, sub-Accounts that are fully Vested shall not be
combined with sub-Accounts that are not fully Vested.
The sub-Accounts are:
Employee Contributions Account
Employer Matching Contributions Account
Employer Non-elective Contributions Account
Transfer Contributions Account
Miscellaneous Account
If the Participant designates more than one Beneficiary, upon the written request of any
Beneficiary or upon an approved claim payable to any Beneficiary and not all Beneficiaries, the
Plan Administrator or the Issuer(s) shall, to the extent permitted by the Investment(s), maintain a
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separate account with respect to the interest of each Beneficiary, beginning as of the next
Valuation Date that occurs after the Beneficiary’s approved request or claim is received and
processed by the Plan Administrator or the Issuer (as applicable).
A Participant’s Plan Account shall be reduced to the extent that any portion of the Participant’s
Plan Account has been paid or set aside for payment to an Alternate Payee or to the extent that
the Participating Employer or the Master Trustee or the Plan Administrator or the Agent
otherwise is subject to a binding judgment, decree, or order for the attachment, garnishment, or
execution of any portion of the Participant’s Account or of any distribution therefrom. The
Participant shall be deemed to have released the Participating Employer and the Master Trustee
and the Plan Administrator and the Agent from any claim with respect to such amounts in any
case in which any of them was served with legal process or otherwise joined in a proceeding
relating to such amounts, and the Participant was notified of the pendency of such proceeding,
and the Participant fails to obtain an order of the court that relieves the Participating Employer
and the Master Trustee and the Plan Administrator and the Agent from any obligation to comply
with the judgment, decree, or order.
Each Account statement or Confirmation furnished by (or on behalf of) the Plan Administrator or
by an Issuer or the Agent is intended as a legally significant statement of the Participant’s
accrued (but not Vested) Benefit under the Plan. As to each Account statement, if, by the date
that is 60 days after the date that the statement was mailed or otherwise sent or delivered (or the
later date that is required under applicable Investment Law), the Participant has not delivered a
written objection as to the accuracy of the statement, the accounting reported is then settled and
conclusive and an account stated. If an objection to any Account statement or Confirmation is
withdrawn or is adjusted to the Participant’s satisfaction, the accounting is then settled and
conclusive and an account stated. To the extent that an Account statement or Confirmation is an
account stated, the Plan Administrator and every party acting under the instruction of the Plan
Administrator is discharged from any liability that might otherwise arise out of the Account
statement as fully as if the Account had been settled by an appropriate court proceeding. Without
limiting the comprehensive effect of the above, if an Account statement or Confirmation furnished
to the Alternate Payee shows the amount segregated to his or her separate sub-Account under a
Qualified Domestic Relations Order or other court order if, by the date that is 60 days after the date
that the statement or Confirmation was mailed or otherwise sent or delivered, the Alternate Payee
has not delivered a written objection as to the accuracy of the statement or the objection is
withdrawn or is adjusted to the Alternate Payee’s satisfaction, the accounting reported is then settled
and conclusive and an account stated, and shall constitute a release of any obligation under the court
order to segregate or set aside the appropriate amount for the Alternate Payee. If a court finds that
the application of this provision is void as against public policy, this provision shall apply to the
extent not so found.
3.2“Active Participant”
means a Participant who received a Contribution allocated to his or her Account during the
applicable Year.
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3.3“Adoption Agreement”
means the separate but related written agreement executed by the Participating Employer that
states the establishment of the Participating Employer’s Plan and its adoption of this Basic Plan
Document, The Florida Municipal Pension Trust Fund 401(a) Defined Contribution Plan Trust,
and that states those conforming and elective provisions of this Plan specified by the
Participating Employer.
3.4“Agent”
means a person that the Plan Administrator appoints to perform services regarding the Plan.
3.5“Allocation Date”
means the last day of the Year, unless otherwise specified by the Adoption Agreement.
3.6“Alternate Payee”
means a person who is an alternate payee (within the meaning of IRC § 414(p)(8)) under an
order directed to the Plan that has been determined to be a Qualified Domestic Relations Order.
3.7“Annuity Payout Option”
means a Payout Option that includes a provision for payments based, in whole or in part, upon
the life of a natural person.
3.8“Annuity Starting Date”
has the meaning given by the applicable Investment.
If the Investment fails to define the relevant Annuity Starting Date, the Annuity Starting Date is
the first day of the first period for which an amount is paid under any Payout Option.
3.9“Basic Plan Document”
means this Plan document.
3.10“Beneficiary”
means the person(s), whether natural or non-natural, including but not limited to a trustee or
other fiduciary, designated by the Participant by a valid Beneficiary Designation in his or her
Participation Agreement to receive any undistributed vested account balance payable upon or
after the Participant’s death (the “primary” Beneficiary(s)), or upon or after the primary
Beneficiary’s death (the “contingent” or “alternate” Beneficiary(s)).
The Participant’s right to designate his or her Beneficiary is limited by 3.11 and by all of the
following provisions.
Notwithstanding any Beneficiary designation in the Participation Agreement or otherwise to the
contrary, a person shall not be a Beneficiary unless he or she is living or in existence (and, to the
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extent that the Beneficiary is entitled to receive the vested account balance as a trustee or other
fiduciary, the person or the entity that the person represents or acts for, is living or in existence)
on the Distribution Commencement Date. Any right of a Beneficiary is strictly personal to that
Beneficiary and lapses upon his or her death. Any undistributed Vested account balance that
would have been distributable to a Beneficiary if he or she had lived is not distributable to the
Beneficiary’s heirs. Upon a Beneficiary’s death, any undistributed Vested account balance with
respect to that Beneficiary becomes distributable to the remaining primary Beneficiary(s) if any,
or if none, to the remaining contingent Beneficiary(s), in each case to be distributable in equal
shares to all living Beneficiaries of the applicable primary or contingent Beneficiary class.
The Participant must designate each Beneficiary by name. A Beneficiary(s) cannot be designated
by relationship or by class, and any such attempted beneficiary designation is absolutely void.
As provided by law, including Section 732.703, Florida Statutes, a designation made by or on
behalf of the decedent providing for the payment or transfer at death of an interest in an asset to
or for the benefit of the decedent’s former spouse is void as of the time the decedent’s marriage
was judicially dissolved or declared invalid by court order prior to the decedent’s death, if the
designation was made prior to the dissolution or court order. The decedent’s interest in the asset
shall pass as if the decedent’s former spouse predeceased the decedent. An individual retirement
account described in Section 408 or Section 408A of the Internal Revenue Code of 1986, or an
employee benefit plan, may not be treated as a trust for purposes of the law.
Notwithstanding any law to the contrary, a separation, separate maintenance, revocation of a
domestic partner registration, termination or revocation of any living together contract, or
interruption or termination of any contract not recognized by the State as a marriage, has no
effect in any way concerning who is the Beneficiary under the Plan.
If the Participant designates as Beneficiary more than one person, all persons of the same
Beneficiary Designation (“primary” or “contingent”) have equal shares unless the Participant
specifies otherwise.
If a Participant fails to designate a Beneficiary, or if for any reason (including the absence of a
surviving designated beneficiary) the Participant’s beneficiary designation is invalid or
ineffective, the person(s) entitled to the residuary estate of the Participant’s estate is (are) the
Beneficiary(s), to the extent of the failure or invalid or ineffective designation, with the
applicable share of the Plan Account divided among those Beneficiaries in the same shares as
their shares of the residuary estate. For the purposes of this Provision, the Plan Administrator
and Plan Sponsor may rely on an appropriate court order or the Personal Representative’s written
statement as to the identity (including name, address, and Taxpayer Identifying Number) of and
shares allocable to the persons entitled to such residuary estate.
A named beneficiary who feloniously and intentionally kills the Participant or Beneficiary is not
a Beneficiary and is not entitled to any Distribution or any other right under the Plan; and any
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Vested account balance is payable as though the killer had predeceased the Participant or
Beneficiary.
3.11“Beneficiary Designation”
means the valid and effective Beneficiary Designation made by the Participant, designating the
person(s) (which may be a non-natural person) who shall be his or her Beneficiary(s) entitled to
receive any undistributed Vested account balance.
At any time before his or her death, the Participant has the right to designate a Beneficiary(s),
including a contingent Beneficiary(s), subject to the provisions of the Plan. The Participant shall
have the right to change his or her Beneficiary Designation at any time, subject to the provisions
of the Plan.
A Beneficiary Designation must be in writing, on the form(s) prescribed by the Plan
Administrator. A Beneficiary Designation (or change) is not effective until the Plan
Administrator receives it. Each Beneficiary Designation completely revokes and cancels any
and every previous beneficiary designation.
The Participant must designate each Beneficiary by name. A Beneficiary(s) cannot be designated
by relationship or by class, and any such attempted beneficiary designation is absolutely void.
Notwithstanding the rule that a Participant must designate each Beneficiary by name, if the Plan
Sponsor, in its sole discretion, finds that a Beneficiary Designation sufficiently describes a trust,
that Beneficiary Designation will be construed as naming the duly appointed and currently acting
trustee of that trust.
Any beneficiary designation that, in whole or in part, designates the Participant’s estate as
beneficiary shall be construed as designating as Beneficiary(s), to the extent of the share of
Vested account balance specified or otherwise provided for the estate, the Personal
Representative of the Participant’s estate.
Any statement in a Beneficiary Designation referring to the Beneficiary’s relationship to the
Participant is for convenience or information only and has no effect in the construction or
interpretation of the Beneficiary Designation.
Any statement in a Beneficiary designation attempting to state or create a condition or restriction
upon the Beneficiary’s receipt or enjoyment of any Vested account balance is invalid and the
Beneficiary is entitled to the Vested account balance without regard to any attempted condition
or restriction.
Notwithstanding anything to the contrary in any Beneficiary designation in the Participation
Agreement or any other document or otherwise (including but not limited to any court order),
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any designation of a Beneficiary cannot be irrevocable and any such designation shall be
construed as a revocable designation of that Beneficiary.
If the Participant designates as Beneficiary more than one person, all persons of the same
Beneficiary Designation (“primary” or “contingent”) have equal shares, unless the Participant
specifies otherwise.
If a Beneficiary Designation divides a Benefit between or among two or more Beneficiaries, the
“primary” Beneficiary Designation must allocate the share of each such Beneficiary solely by
specifying a percentage of the Participant’s Account and the “contingent” Beneficiary
Designation must allocate the share of each such Beneficiary solely by specifying a percentage
of the Participant’s Account. Without limiting the comprehensive effect of the preceding
sentence, any division of any Benefit under a Beneficiary Designation shall be ineffective to the
extent that it would ask the Plan Sponsor to consider any fact other than the amount of the
Participant’s Account.
A Beneficiary Designation shall be construed to dispose all the remaining Plan Account or
Vested account balance.
Except as otherwise provided by the Plan, a Beneficiary Designation that uses a term or phrase
that would have significance in construing or interpreting a conveyance or a disposition of a
decedent’s estate shall, except as otherwise specified by the Participant, be construed or
interpreted according to the Uniform Probate Code (without regard to the Participant’s domicile
at the time he or she made the Beneficiary Designation or the Participant’s domicile at the time
of his or her death). Likewise, if a Beneficiary Designation remains ambiguous after applying all
provisions and construction rules stated by this Plan and can be resolved by applying the rules of
construction and interpretation of the Uniform Probate Code for construing a beneficiary
designation or conveyance, such rules shall apply to the Beneficiary Designation, except as
otherwise provided by the Plan. Any provision of the Uniform Probate Code concerning the
effect of divorce or marital separation shall not apply.
After the Participant’s death, no person has any right or power or discretion to change any
Beneficiary (except to disclaim his or her or its Vested account balance as permitted by
Provision 18.14 [“Disclaimer by Beneficiary”]), and any such purported provision stated in a
Beneficiary Designation or otherwise is ineffective.
3.12“Benefit”
refers to the right under this Plan of the Participant (or Beneficiary or other payee) to receive a
Distribution of all or any portion of the Participant’s Vested Account.
Any Benefit under the Plan shall not be paid or payable except as a:
Retirement Distribution
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Death Distribution
Hardship Distribution
Permitted Distribution
Required Minimum Distribution
Corrective Distribution
Termination Distribution;
or according to the provisions of a Qualified Domestic Relations Order [all as defined and
provided below].
All rights and Benefits, including elections, provided by the Plan shall be subject to and limited
by the rights awarded to any Alternate Payee pursuant to a Qualified Domestic Relations Order.
Any Distribution may, to the extent that the Distribution is an Eligible Rollover Distribution, be
paid as a Rollover Distribution.
3.13“Benefit Compensation”
means, except to the extent modified by an express statement in the Adoption Agreement, the
total wages, salaries, fees, and other amounts paid (except as modified below) during each Plan
Year to the Participant by the Employer for personal services actually rendered in the course of
employment with the Employer, excluding compensation payable as bonuses or as overtime, and
excluding compensation payable by reason of “call premium” or “shift differential” or
“charge time” unless the Participant is permanently assigned to the unfavorable shift or duty, and
excluding any compensation received in the form of non-taxable fringe benefits.
Benefit Compensation shall include the amount of the Participant’s elective salary reduction
under an IRC § 132(f) qualified transportation fringe and any amounts of compensation deferred
as “elective deferrals” (within the meaning of IRC § 402(g)(3) or similar provisions) under any
other vested account balance plan, including but not limited to, plans in accordance with or under
IRC §§ 125, 401(k), 402(a)(8), 403(b), 408(k), 457(b), 501(c)(18).
To the extent that Contributions are required or permitted to be made for a Disabled Participant,
Benefit Compensation is determined on the basis of the Benefit Compensation the Participant
would have received if he or she were or had been paid at the rate of compensation paid to the
Participant immediately before the Participant became Disabled.
In addition to other applicable limits stated by the Plan and notwithstanding any other provision
of the Plan to the contrary, for any Plan Year beginning after December 31, 1993 (except as
otherwise provided by 3.13.2), the amount of Benefit Compensation determined for the purposes
of the Plan shall not exceed the limit prescribed by IRC § 401(a)(17) as adjusted each year
according to IRC § 401(a)(17)(B).
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If the Plan Year or applicable period for determining Benefit Compensation contains fewer than
12 calendar months, then this Benefit Compensation limit is the amount equal to the annual
IRC § 401(a)(17) limit for the applicable calendar Year during which the Benefit Compensation
period begins multiplied by the ratio that is obtained by dividing the number of full months in the
period by 12. If Benefit Compensation for any prior Year is taken into account in determining
Contributions for the current Plan Year, the Benefit Compensation for the prior Year is subject to
the applicable annual Benefit Compensation limit in effect for that prior Year (and for this
purpose the applicable annual Benefit Compensation limit for all Plan Years beginning before
January 1, 1994 is $150,000).
This definition of “Benefit Compensation” is not intended to control the definition of
“compensation” for the purposes of applying the IRC § 415(c) annual additions limit or for any
purpose other than determining the amount of an Employer Contribution.
3.13.1Pre-1994 Plan Years
In addition to other applicable limits stated by the Plan and notwithstanding any other provision
of the Plan to the contrary, for any Plan Year beginning after December 31, 1988 and before
January 1, 1994, the amount of Benefit Compensation determined for the purposes of the Plan
shall not exceed the limit prescribed by IRC § 401(a)(17), as adjusted each year, without regard
to the amendment of IRC § 401(a)(17) made by § 13212(a)(1) of the Omnibus Budget
Reconciliation Act of 1993.
3.13.2Governmental Plan
Consistent with § 13212(d)(3)(A) of the Omnibus Budget Reconciliation Act of 1993, for an
eligible participant (as defined below) in a Governmental Plan, the general IRC § 401(a)(17)
limit stated above shall not apply to the extent that the amount of compensation that is allowed to
be taken into account under the Plan would be reduced below the amount that was allowed to be
taken into account under the Plan as in effect on July 1, 1993. For the purpose of the preceding
sentence, an eligible participant is a natural person who first becomes or became a Participant in
the Plan during a Plan Year that begins or began before the first Plan Year that begins or began
after December 31, 1995. For any Plan Year that begins after December 31, 1995, the general
IRC § 401(a)(17) limit stated above (without regard to the special rule stated by this paragraph)
shall apply to each Participant other than an eligible participant.
3.14“Business Day”
means any day on which both the New York Stock Exchange [NYSE] is open for regular trading
and the person that is required or permitted to act or that is entitled to receive notice is (or was)
open for regular business at its principal office.
A Business Day ends at 4 p.m. New York Time, or, if earlier, the time that regular trading closes
on the NYSE.
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As required or permitted by applicable Investment Law, any Agent may make reasonable rules
governing the time of the day after which investment instructions will be treated as received on
the next Business Day. Without limiting the comprehensive effect of the preceding sentence, any
investment direction that includes an instruction to buy or sell registered investment company
shares that is received after the closing of the NYSE shall be treated as received on the next
Business Day.
A day that is not a Business Day ends at 4 p.m. New York Time.
3.15“Compensation”
means all wages, salaries, fees, and other amounts paid to the Employee by the Employer for
personal services actually rendered in the course of employment with the Employer.
3.15.1“Confirmation”
has the meaning given by applicable Investment Law.
3.16“Contributions”
means Contributions under the provisions of this Plan [as provided in the Adoption Agreement],
including Employer Contributions and Rollover Contributions.
The Plan shall not accept employee contributions other than Employee Basic Contributions.
Contributions under the Plan shall not be reduced because of the Participant’s attainment of any
age.
Each Participating Employer shall determine according to the provisions of the Plan the amount
of Contributions to be made for each Participant.
To the extent required for this Plan to qualify under IRC § 401(a), the provisions of this Plan
shall be construed, consistent with Treasury Reg. § 1.401-1(b)(1)(ii), to provide: a definite pre-
determined formula for allocating Contributions, a definite pre-determined formula for allocating
investment earnings (and losses) among Accounts, periodic [at least once each year] valuation of
Plan assets (including Investments) and Plan-Trust assets, periodic [at least once each year]
valuation of Accounts, and distribution of Participant Accounts after a fixed number of years or
the attainment of a specified age or upon the occurrence of some event such as death or
retirement or severance-from-employment.
3.17“Corrective Distribution”
means a Distribution required or permitted to remedy a potential violation or correct a violation
of Part 9 of this Plan. A Corrective Distribution includes (but is not limited to) a corrective
disbursement under Treasury Reg. § 1.415-6(b)(6) or IRS Rev. Proc. 92-93.
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3.18“Corrective Forfeiture”
means a Forfeiture required or permitted under Part 9 of this Plan.
3.19“Custodian”
means any Custodian duly appointed and currently serving regarding the Master Trust
Agreement.
At all times, every Custodian shall be a directed trustee and (except as provided by the next
sentence) shall be completely subject to the direction of the Plan Administrator, or the Participant
or Beneficiary or Alternate Payee. The Custodian’s primary duty is to ensure that all
Investments, amounts, property, and rights held under the Master Trust and committed to the
Custodian’s care are held for the exclusive benefit of Participants and their Beneficiaries.
3.20“Death Distribution”
means any Distribution that does not begin before the death of the Participant (other than a
Benefit paid or payable under a Qualified Domestic Relations Order).
3.21“Deemed Distribution”
means a Distribution (of a Vested Account of not more than $0) that is deemed distributed under
Provision 15.2.
This definition is limited and is not intended to include any other Distribution or distribution that
is or may be a deemed distribution within the meaning of IRC § 3405 or otherwise for federal
income tax reporting purposes.
3.22“Direct Rollover”
means a payment under the Plan by the Custodian or Issuer to an Eligible Retirement Plan
specified by the Distributee.
3.23“Disability” or “Disabled”
means, consistent with IRC § 22(e)(3) or IRC § 37 or IRC § 72(m)(7) as applicable in the
context, the inability of the Participant to engage in any substantial gainful activity by reason of
any medically determined physical or mental impairment, which condition (according to a
physician’s written medical opinion acceptable to the Plan Sponsor) can be expected to result in
death or which has lasted or can be expected to last for a continuous period of not less than
12 months. The permanence and degree of the impairment shall be supported by medical
evidence acceptable to the Plan Sponsor. The Plan Sponsor has sole discretion to determine
whether a Participant is Disabled or has a Disability.
3.24“Distributee”
means any person who receives or but for his or her or its instruction to the Plan Sponsor is
entitled to receive a Distribution.
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For the purposes of Provision 12.1, a Distributee includes an Alternate Payee to whom the Plan
Sponsor is directed to make a payment under a Qualified Domestic Relations Order.
3.25“Distribution”
means, as appropriate in the context, any kind of Distribution or the particular kind of
Distribution provided by the Plan, as follows:
Hardship Distribution
Permitted Distribution
Retirement Distribution
Death Distribution
Corrective Distribution
Any Distribution may be made, in whole or in part, in cash, or by delivery of an Investment(s)
(including any annuity contract or life insurance contract), Fund Shares, other securities, or other
assets or property of any kind. Any Distribution of property other than cash shall be valued at
fair market value as of the date of the Distribution.
If a payee does not as a part of his or her or its written claim specify that a Distribution is to be
made in the form of a specified property(s), any Distribution is payable as a cash payment(s).
Any Distribution may, to the extent that the Distribution is an Eligible Rollover Distribution, be
paid as a Direct Rollover.
3.26“Effective Date”
means with respect to a Participating Employer’s participation the date so specified by its
Adoption Agreement. If no date is so specified, the Effective Date shall be the date that the
Adoption Agreement is executed.
3.27“Eligible Employee”
means an Employee who meets the age and service requirements provided by the Adoption
Agreement who is not otherwise excluded (by the Adoption Agreement) from participation in
this Plan.
Eligible Employee shall not include an Employee who belongs to a classification of employees
that is excluded from eligibility to participate in the Plan by any definition, term, or provision
specified by the Adoption Agreement.
If the Adoption Agreement states any terms for employment classifications, these terms shall
have the meaning given by the Participating Employer for other non-pension employment-
related purposes.
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If the Adoption Agreement specifies that “part-time” Employees are excluded and does not state
or refer to a definition of “part-time”, a “part-time” Employee means an employee who normally
works or, if a schedule applies, is regularly scheduled to work less than 20 hours per week.
An Employee who is a Leased Employee shall not be an Eligible Employee, unless otherwise
specified by the Adoption Agreement.
An Employee shall not be excluded from participation in the Plan solely because of his or her
attainment of any age, notwithstanding anything in the Adoption Agreement or otherwise to the
contrary.
3.28“Eligible Retirement Plan”
has the meaning given by IRC § 402(c)(8)(B).
3.29“Eligible Rollover Distribution”
has the meaning given by IRC § 402(f)(2)(A).
3.30“Eligible Rollover Distribution Notice”
means the notice prescribed under Treasury Reg. § 1.411(a)-11(c) without regard to whether
IRC § 411 applies to the Plan.
3.31“Employee”
means, except as provided below, a person who performs services for the Employer on a regular
basis as a common-law employee and not as an independent contractor, or as a Leased Employee
who is deemed an Employee of an Employer according to the provisions below.
The fact that a natural person is or is determined to be an employee for the purpose of another
employee benefit plan (including another pension plan or retirement plan) or any other legal
purpose shall not be construed as any inference that the natural person is an Employee under this
Plan.
The Plan Sponsor shall decide all questions of eligibility for participation in the Plan, except as
otherwise required by the Enabling Statute.
3.32“Employee Basic Contributions”
means those contributions made under a plan other than this Plan that are required under this
Plan as a condition for receiving all or any portion of the Employer Matching Contributions that
are provided under this Plan.
This Plan’s provisions concerning Employee Basic Contributions may be specified by the
Adoption Agreement.
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Employee Basic Contributions can be determined only upon Benefit Compensation paid after the
date of eligibility as provided in the Adoption Agreement.
3.33“Employer”
means the Participating Employer named in the Adoption Agreement, or any Employer that has
adopted this Plan.
Unless the context of the Plan clearly indicates otherwise, the term “Employer” shall be deemed
to refer only to each Participating Employer as related to its adoption of and participation in the
Plan.
By adopting the Plan, each Participating Employer specifically agrees to Provision 2.1 and all
Provisions of Part 2 of this Plan.
3.34“Employer Contributions”
means those Contributions made by the Participating Employer and not under a salary reduction
agreement, and which the Participant could not have elected to receive in the form of cash or
other taxable benefit.
Employer Contributions includes Matching Contributions and Non-elective Contributions.
This Plan’s provisions concerning Employer Contributions may be specified by the Adoption
Agreement.
3.35“Enabling Statute”
means the State statute or similar law that grants the Employer legal authority to maintain this
Plan.
3.36“Entry Date”
means the pay date of the next available pay period for Employee Contributions to be made after
the Eligible Employee enrolls in the Plan (according to Provision 6.01 below).
The Plan Administrator may limit the Entry Dates in order to conform to the provisions of its
agreement with the Agent.
3.37“Excess Elective Deferrals”
means, for each taxable year of the Participant, those Elective Deferrals that are includible in the
Participant’s gross income under IRC § 402(g) to the extent that the Participant’s Elective
Deferrals for the taxable year exceed the dollar limit under any applicable part of IRC § 402(g)
or IRC § 457(b)(2)-(3) or IRC § 457(c).
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3.38“Fees”
means any fees required or permitted to be charged against the Participant’s (or Beneficiary’s or
Alternate Payee’s) Plan Account according to (any one or more of the following): the Plan, the
Master Trust Agreement , the Participation Agreement, an Investment, an investment advisory
agreement, any other writing signed by the Participant (or, after the Participant’s death, the
Beneficiary), any written notice given by or behalf of the Plan Administrator or the Custodian
that is accepted or deemed accepted by the Participant (or Beneficiary), or any court order.
3.39“Forfeiture”
means that portion of the Participant’s Account that is not Vested and that is added to the
Forfeiture Account according to Provision 3.40.
3.40“Forfeiture Account”
means a special Plan account maintained by the Plan Sponsor for the purposes of holding
Forfeiture amounts until reallocated as specified in the Adoption Agreement.
3.41“Fund”
means a registered investment company or an insurance company separate account or collective
investment fund or group trust or any similar pooled investment under which the value of the
holder’s interest is calculated according to the number of shares or units held for the holder’s
account.
3.42“Governing Authority”
means the entity authorized by law to act for the Employer and adopt this Plan and the Adoption
Agreement.
3.43“Hardship Distribution”
means a Distribution under Part 13.
3.44“Internal Revenue Code” or “IRC” or “Code”
means the Internal Revenue Code of 1986, as amended, and including any Regulations and
rulings (or other guidance of general applicability) under the Code.
Any reference to a Section of the Code shall be construed to also refer to any successor
provision. Any reference to a Section of Treasury Regulations shall be construed to also refer to
any successor provision of such Regulations. Any reference to a Revenue Ruling or Revenue
Procedure or IRS Notice or IRS Announcement shall be construed to also refer to any guidance
of general applicability that extends, amplifies, or modifies the Revenue Ruling or Revenue
Procedure or IRS Notice or IRS Announcement.
3.45“Internal Revenue Service” or “IRS”
means and refers to the Internal Revenue Service, a division of the Department of the Treasury of
the United States, and thereby an agency of the government of the United States of America, and
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any related departments, divisions, or offices under the supervision of the Secretary of the
Treasury of the United States of America.
3.46“Investment”
means (any of the following): an annuity contract or custodial account that satisfies the
requirements of IRC § 401(f); any annuity contract or life insurance contract that may be held by
the Master Trust; any Fund Shares that may be held by the Master Trust; an interest under a
group trust (as described in Rev. Rul. 81-100) that may be held by the Master Trust; or any
Investment that may be held by the Master Trust.
The Master Trust shall not hold any Investment that has provisions (whether express or
incorporated by reference or at law) that would preclude the correct application of the Plan or the
Master Trust Agreement.
The Master Trust shall maintain (or cause to be maintained) the indicia of ownership of each
Investment within the USA, except as otherwise permitted by 29 C.F.R. § 2550.404b-1(b)
applied as if this Plan were a plan subject to 29 U.S.C. § 1104(b).
All Investments to be used under the Plan must be specified by the Master Trustees.
The provisions of each Investment (including any provisions stated by each Investment’s and
each Fund’s prospectus and the statement of additional information) are to the extent not
inconsistent with the Plan incorporated in the Plan by reference.
An Investment may also be referred to (in Plan documents, disclosure information, and forms) by
other terms that are not misleading in the context.
3.46.1“Investment Adviser”
has the meaning given by § 202(a)(11) of the Federal Investment Advisers Act of 1940, as
amended [15 U.S.C. § 80b-2(a)(11)].
An agreement to provide investment advice (or the giving of investment advice) to a Participant
or Beneficiary or Alternate Payee does not constitute an Investment Adviser as an investment
manager or investment adviser as to the Plan or the Master Trust. An agreement to provide
investment advice (or the giving of investment advice) to any Fund or to the Issuer of any
Investment does not constitute an Investment Adviser as an investment manager or investment
adviser as to the Plan or the Master Trust.
3.47 “Investment Law”
means, as applicable or relevant in the context, any United States law or Florida law relating to
banking, insurance, securities, investment companies, investment advice, or commodities
trading, including any self-regulatory organization rules. Investment Law includes the Bylaws,
Rules of Fair Practice, Code of Arbitration Procedure, and other Rules of the National
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Association of Securities Dealers, Inc. [NASD] and the rules of each securities exchange or
clearing agency.
3.48“Involuntary Distribution”
refers to a Distribution described in Provision 15.3 or Provision 16.3.
3.49“IRA”
means any IRC § 408(a) Individual Retirement Account or any IRC § 408(b) Individual
Retirement Annuity.
3.50“Issuer”
means the person who has issued or may issue an Investment held regarding the Plan.
An Issuer may be a bank, or an insurance company, or a registered investment company, or the
issuer of any other instrument or indicia of ownership or beneficial ownership that is held as a
Plan Investment. When appropriate in the context, the term Issuer also includes the definition of
“issuer” provided by 15 U.S.C. § 77b(4).
3.51“Leased Employee”
has the meaning given by IRC § 414(n).
3.52“Master Trust”
means the trust created and maintained by the Master Trust Agreement.
3.53“Master Trust Agreement”
th
means the Agreement made as of 16 day of December, 1983 as may amended and restated, by
and between all parties that are now or may hereafter become Participating Employers of the
Florida Municipal Pension Trust Fund and the individuals named as Master Trustees pursuant to
provisions of the Agreement.
3.54“Master Trustee”
means the individuals who serve as trustees pursuant to the Master Trust Agreement.
3.55“Matching Contributions”
means any Employer Contributions that are made to a Participant’s Account on account of the
Participant’s Employee Basic Contributions.
3.56“Non-elective Contributions”
means Employer Contributions other than Matching Contributions.
3.56.1 “Normal Retirement Age”
means age 70 ½ unless the Plan Sponsor elects an alternate normal retirement age for the Plan
[through the Adoption Agreement or otherwise] that is consistently applied.
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3.57“Notarial Officer”
means a natural person who is authorized to take oaths under the law of the jurisdiction in which
the relevant document is signed.
3.58“Participant”
means the natural person for whom Contributions under the Plan have been made or accrued and
whose Vested Account has not been fully distributed under the Plan.
3.59“Participating Employer”
an Employer that has passed the Trust Joinder Agreement to participate in the Florida Municipal
Pension Trust Fund, and has passed an Adoption Agreement to participate in this Plan.
3.60“Participation Agreement”
means the agreement (in the form prescribed by the Plan Administrator), as amended from time
to time, entered into by and between the Participant and the Participating Employer under which
the Employee elects to participate in the Plan.
3.61“Payout Option”
means any, except as limited below, of the annuity options or other options for payment that are
available under the applicable Plan Investment(s) or that are otherwise provided by the Plan.
As to an Unallocated Investment, the Payout Options are as specified by the current written
agreement between the Plan Administrator and the Agent.
The Plan Sponsor shall not permit the use of any payout option that is based on gender-distinct
actuarial tables or that otherwise unlawfully discriminates against any person.
The Plan Sponsor shall not permit the Participant (or Beneficiary) to elect any Payout Option
that does not satisfy all applicable provisions of the Plan, including (but not limited to)
Provision 15.3 or Provision 16.3.
If an Investment permits a payout option to be arranged “as mutually agreed”, any such
unspecified payout option, regardless of whether the payout option is the actuarial equivalent of
any other payout option, shall not be a Payout Option under the Plan unless the Issuer offers this
payout option on a uniform and non-discriminatory basis to all Participants and Beneficiaries in
similar circumstances.
3.62“Permitted Distribution”
means a Distribution under Part 14 of this Plan.
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3.63“Plan”
means the Plan specified by this Basic Plan Document together with the Participating
Employer’s Adoption Agreement and, to the extent necessary to comply with IRC § 401(a), the
Master Trust Agreement, and any executed amendments thereof, which together constitute the
Plan of the Participating Employer specified by the Adoption Agreement.
3.64“Plan Administrator” or “Administrator”
means the Florida League of Cities, Inc. or any successor of it.
Except as otherwise indicated, any reference to the Plan Administrator refers also to the Agent to
the extent of any service required or permitted to be performed by the Agent.
3.65“Plan Sponsor”
means the Participating Employer or any successor to it.
3.66“Qualified Domestic Relations Order”
means a domestic relations order lawfully directed to this Plan that creates or recognizes the
existence of the right of an Alternate Payee to receive all or a portion of any Benefit payable to a
Participant under the Plan and that is defined as and meets all the requirements for a “qualified
domestic relations order” as stated by IRC § 414(p).
An order does not fail to be a Qualified Domestic Relations Order solely because the order
directs a distribution or payment to be paid or payable to the Alternate Payee(s) at a time that is
earlier than the Participant’s earliest retirement Age.
An order shall not be a Qualified Domestic Relations Order unless the Plan Sponsor determines
that: the order does not require this Plan to provide any type or form of benefit or any option not
otherwise provided under this Plan; the order does not require this Plan to provide increased
Benefit; and the order does not require the payment of Benefits to an Alternate Payee that are
required to be paid to another Alternate Payee under another order that was previously
determined to be a Qualified Domestic Relations Order.
An order shall not be a Qualified Domestic Relations Order unless the Plan Sponsor determines
that the order clearly specifies: the name and the last known mailing address (if any) of the
Participant, and the name and the mailing address of each Alternate Payee; the amount or
percentage, or the manner in which the amount or percentage is to be determined, of the
Participant’s Vested Account to be paid (or payable) to each Alternate Payee; the form of
payment, and the number of payments or period to which the order applies. The Plan Sponsor
may assume that the Alternate Payee named by the court order is a proper payee and need not
inquire into whether the person named is a spouse or former spouse of the Participant.
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3.67“Registered Investment Adviser”
means an investment adviser that is registered with the SEC pursuant to § 203(c) of the federal
Investment Advisers Act of 1940, as amended [15 U.S.C. § 80b-3(c)].
An agreement to provide investment advice (or the giving of investment advice) to a Participant
or Beneficiary or Alternate Payee does not constitute a Registered Investment Adviser as an
investment manager or investment advisor as to the Plan or any Master Trust.
3.68“Required Beginning Date”
has the meaning given by IRC § 401(a)(9).
3.69“Restatement Date”
means the date so specified by the Adoption Agreement. An amendment or restatement of this
Plan by the Master Trustees does not require execution of a new Adoption Agreement by a
Participating Employer.
If no date is so specified, the Restatement Date shall be the date that the Participating Employer
executes the Adoption Agreement.
3.70“Retirement Distribution”
means any Distribution other than a Hardship Distribution or a Permitted Distribution or a
Corrective Distribution that begins after the Participant’s Severance from employment and
before the Participant’s death.
3.71“Rollover Contribution”
means an amount or property received into this Plan according to Part 17.
3.72“Rollover Distribution”
means any Eligible Rollover Distribution (within the meaning of IRC § 402(a)(1)) that is to be
paid, directly or indirectly, into another plan or annuity contract as a rollover under IRC § 402(a).
3.73“SEC”
means and refers to the Securities and Exchange Commission, an agency of the government of
the United States of America, established by § 4(a) of the federal Securities Exchange Act of
1934.
3.74“Severance-from-employment”
means the later of the last day that the Participant performed service for or was scheduled to
perform service for the Employer (including any successor employer) with no obligation for and
no particular expectation of future services to be performed by the Participant.
The Plan Administrator is entitled to rely upon the date of Severance-from-employment certified
by the Employer.
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Notwithstanding any other information, the Agent shall not be deemed to have any knowledge of
any Severance from employment until it receives the Plan Sponsor’s certificate of the fact and
date of the Participant’s Severance from employment.
3.75“Service”
has the meaning given by Part 4.
3.76“Service Agreement”
means the agreement between the Plan Administrator or any Participating Employer and the
Agent or a Service Provider for services regarding the Plan.
3.77“Service Provider”
means each Agent, each Issuer, any accountant or actuary or lawyer who performs services
regarding the Plan in his or her professional capacity and each other person that the Plan
Administrator or any Participating Employer hires or retains or appoints or authorizes or permits
to perform services regarding the Plan.
Every Service Provider is not a fiduciary.
3.78“Shares”
means shares or similar units of interest in a Fund.
3.79“Signature Guarantee”
means a written guarantee of the signature of the person endorsing a writing that is made by a
corporation that is an “eligible guarantor institution” (including but not limited to a Transfer
Agent or Securities Broker or Securities Dealer or Bank) as defined by Rule 17Ad-15(a)(2)
under the federal Securities Exchange Act of 1934, as amended [the “Rule”] that is not otherwise
excluded under the Rule and that is a member of the Securities Transfer Agent Medallion
Program [“STAMP”].
3.80“Spouse” or “Surviving Spouse”
means, solely for the purposes of minimum distribution provisions, the natural person who is the
surviving spouse of the Participant within the meaning of IRC § 401(a)(9)(B)(iv).
For all purposes under the Plan, the Plan Sponsor may rely on any written statement furnished to
it, and the Plan Sponsor has no duty to inquire concerning the non-existence or identity of a
Participant’s Spouse unless the Plan Sponsor has received a court order or legal process or a
written notice from any office of the IRS concerning the existence or non-existence or identity of
the Participant’s Spouse.
3.81“State”
means the State of Florida and includes the meaning given by IRC § 7701(a)(10).
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3.82“Taxpayer Identifying Number”
has the meaning given by IRC § 6109.
3.83“USA”
means the United States of America.
To the extent that any provision of the Plan is intended to state a provision that meets a
requirement of or by reference to IRC § 401(a) or IRC § 501(a), USA shall be construed
according to IRC § 7701(a)(9), except as otherwise required or permitted by the Internal
Revenue Code for the applicable requirement.
3.84“Valuation Date”
means each date provided for valuing Plan Accounts as specified by the Plan Administrator
under a written procedure(s), and further means -- .
for any “unallocated” Investment
each valuation date or the last day of each valuation period as provided by the Investment, or as
provided by the Plan Administrator’s agreement with the Agent.
for any “allocated” Investment
each regular Business Day on which the Issuer values the accounts under the Investment.
for any Trust account
each valuation date or the last day of each valuation period as provided by the Master Trust
Agreement, or as provided by the Plan Administrator’s agreement with the Custodian or the
Agent.
Each Investment or Master Trust account shall provide that the Allocation Date (or, if for any
Year the Allocation Date is not a regular Business Day, the regular Business Day that
immediately precedes the Allocation Date) is a Valuation Date.
A Valuation Date that is a Business Day ends at the same time that the Business Day ends. A
Valuation Date that is not a Business Day ends at 4 p.m. New York Time.
3.85“Valuation Period”
means the time after the end of a Valuation Date to the end of the next Valuation Date.
3.86“Vested”
refers to the portion of the Participant’s Account that is currently non-forfeitable under the Plan.
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3.87“Vested Account”
means the portion of the Participant’s Account that is currently non-forfeitable or Vested under
the Plan.
3.88“Vesting Break-in-Service”
means a 12-month Vesting Computation Period during which the Participant fails to complete a
Year of Vesting Service under the elapsed time method of crediting service.
3.89“Year”
means the Employers Plan Year, as specified by the Adoption Agreement.
The limitation year is the calendar Year.
The Plan Sponsor shall be entitled to rely on the assumption that a Participant’s taxable year is
the calendar Year, unless the Participant gives written notice specifying his or her taxable year.
4.SERVICE CREDITING
4.1Service crediting procedure
A year of vesting service shall be measured from the Participant’s date of hire. The completion
of twelve calendar months from the date of hire shall count as a year of vesting service. Any
years of service credited from prior years, shall remain credited, regardless of revised provisions.
The Plan shall comply with applicable provisions of IRC Section 411 to qualified trusts.
4.2USERRA service crediting
To the extent required by Part 11, the Plan Sponsor shall count service consistent with Part 11.
5.ELIGIBILITY
5.1Eligibility requirements
Except as otherwise provided by the Plan, any Eligible Employee is eligible to receive an
allocation of any Employer Matching Contributions (if Employee Basic Contributions are made)
or receive an allocation of any Employer Non-elective Contributions (or both).
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5.2Immediate eligibility for existing Employees
If the Adoption Agreement specifies that this Plan is an amended and restated plan, any
Employee who was a Participant on the day before the Restatement Date shall be an Eligible
Employee, notwithstanding any age and service requirements or other eligibility conditions that
are specified by the Adoption Agreement, unless otherwise specified by the Adoption Agreement.
5.3Decision as to eligibility
The Plan Sponsor shall decide all questions of eligibility for participation in the Plan.
5.4Changes in eligibility
If a Participant shall go from a classification of an Eligible Employee to a non-eligible
classification, the Participant shall continue to have his or her interest in the Plan, but no
Employer Contributions or Employee Basic Contributions shall be made for the Employee
during the time that he or she is employed in a non-eligible classification. If the Participant is
then later employed in an eligible classification, Contributions shall resume immediately for any
Employer Non-elective Contributions, or upon the effective time (including any
recommencement) of the Eligible Employee’s salary reduction agreement to make Employee
Basic Contributions if the Employer Contributions are Matching Contributions.
The Participant shall not receive service credited towards vesting while employed in a non-
eligible classification.
If an Employee who was not an Eligible Employee becomes an Eligible Employee, the Eligible
Employee shall be eligible for the applicable participation in the Plan (as stated by Provision 5.1)
immediately upon becoming an Eligible Employee.
6.PARTICIPATION IN THE PLAN
6.1Enrollment
An Eligible Employee or Employee shall enroll in the Plan by completing and executing and
delivering all instruments or forms required by the Plan.
6.2Employee responsible to enroll
If the Eligible Employee or Employee fails to complete and execute and deliver any enrollment
forms required according to Provision 6.1, he or she shall not be entitled to receive an allocation
of any Contributions under the Plan.
The Employer or the Plan Administrator shall not be responsible to notify or advise any Eligible
Employee or Employee that he or she has become eligible to participate in the Plan. The Eligible
Employee or Employee shall be responsible to know when he or she becomes eligible to
participate in the Plan, and shall be responsible to take any action necessary to enroll in the Plan.
The Employer or the Plan Administrator shall not be liable for any missed Contributions.
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6.3Enrollment date
An Eligible Employee who has become eligible to participate in this Plan shall be eligible to
enroll as a Participant (or to receive Employer Contributions) as of the date on which the Eligible
Employee satisfies this Plan’s eligibility requirements; provided the Eligible Employee is still
employed as of that date, or, if not employed on that date, as of the date of rehire (if he or she
then satisfies this Plan’s eligibility requirements).
6.4Amendment of Participation Agreement
Subject to all of the provisions of the Plan, a Participant may at any time amend his or her
Participation Agreement to change: his or her investment direction; his or her designated
Beneficiary(s).
Unless the Participation Agreement specifies a later effective date, a change in the investment
direction for Contributions shall take effect after investment direction is received according to
Provision 7.2. A change in the Beneficiary designation shall take effect when the Participation
Agreement is accepted by the Plan Sponsor, Plan Administrator or Agent.
7.INVESTMENT DIRECTION
7.1Participant’s duty of investment direction
Each Participant (and, when applicable, each Beneficiary or Alternate Payee) shall, subject to the
requirements of any applicable Investment Law and of any procedures established by the Plan
Administrator and the Agent, direct the investment of his or her or its Account(s).
7.2Procedure for giving investment direction
The Participant, Beneficiary, or Alternate Payee must give his or her or its investment direction
according to the provisions of this Plan, including any procedure or form required by the Plan
Administrator or the Agent or the Issuer.
7.3Reasonable frequency
The Plan Administrator, Issuer or each Investment may, but only on a uniform and consistent basis,
impose reasonable restrictions on the frequency with which a Participant, Beneficiary, or Alternate
Payee may give investment directions. In addition to (and not by limitation upon) such restrictions,
the Participant, Beneficiary, or Alternate Payee cannot give more than one investment direction in
any Valuation Period and the latest investment direction in a Valuation Period cancels all earlier
inconsistent investment directions in that Valuation Period.
7.4Who directs investment
During the Participant’s life, the Participant shall direct the investment of his or her Account.
During the Participant’s disability or incompetence, the person who has authority to act for the
Participant under a power-of-attorney accepted by the Plan Sponsor or the Agent according to
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Provision 20.16 [“Power-of-attorney”] or, if there is no such agent, the person that is the duly
appointed and currently serving conservator or guardian of the estate of the Participant shall direct
the investment of the Participant’s Account. After the Participant’s death, the Beneficiary shall
direct the investment of his or her or its Account or each Beneficiary shall direct the investment of
his or her or its segregated Account. A Participant, Beneficiary, or Alternate Payee may authorize an
agent or attorney-in-fact to direct investment for all of his or her or its Account by giving written
notice acceptable to the Plan Sponsor and furnishing a power-of-attorney that is accepted by the
Plan Sponsor according to Provision 20.16. A Participant, Beneficiary, or Alternate Payee cannot
delegate investment responsibility as provided above for part of his or her or its Account.
7.5Investment direction must be in writing
Each investment direction shall be in writing and shall not be proper unless the writing is signed by
the Participant, Beneficiary, or Alternate Payee. Except as otherwise specified by the Agent’s
investment direction procedure, “writing” and “signed” as outlined in Provision 20.21, subject to
any security procedures required by the Agent or the Issuer. Without limiting the comprehensive
effect of the above, a signed writing includes, to the extent permitted by the applicable
Investment(s), a proper telephone or Internet-based communication made in the manner
prescribed by the Agent and the Issuer.
7.6Proper person to receive investment direction
The Participant, Beneficiary, or Alternate Payee shall give his or her or its investment direction only
to the Plan Administrator, except as otherwise permitted by a uniform written procedure adopted by
the Plan Administrator.
For any Investment, notwithstanding any service or assistance that may be provided by the
Agent, only the Issuer(s) has authority to accept an investment direction and any direction is
effective only when and as so received. Nothing in this Plan or otherwise shall be construed to
enlarge or augment any legal obligation of the Agent.
7.7Plan Administrator not responsible
Except as provided by Provision 7.8, the Plan Administrator must accept every proper investment
direction and the Plan Administrator is obligated to comply with such proper investment direction.
Without limiting the comprehensive effect of the above, the Plan Administrator is not under any
duty to question any investment direction of a Participant, Beneficiary, or Alternate Payee (or his or
her or its agent), or to make any investment recommendations, or to provide to any person any
investment advice or investment education, or to provide any investment information.
If the Employer or the Plan Administrator or the Custodian or the Master Trust provides any
investment education or investment information or investment advice of any kind, the Employer
and the Plan Administrator and the Custodian and the Master Trust shall not be liable for any loss or
liability arising out of such investment education or investment information or investment advice.
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7.8Investment direction refused
The Plan Sponsor, Plan Administrator or any person may decline to implement any investment
direction if:
the person receiving the investment direction knows (or a court order has determined) that the
Participant, Beneficiary, or Alternate Payee is legally incompetent
(under a reasonable written procedure uniformly applied to all Participants, Beneficiaries, or
Alternate Payees) the investment direction could result in a loss in excess of the applicable
Account (or sub-Account) balance
the investment direction would be contrary to this Plan
the investment direction would be contrary to a court order, even if the court order is not a
Plan-approved Qualified Domestic Relations Order.
the investment direction would jeopardize the Plan’s (or the Master Trust’s) tax qualified status
the investment direction would generate income that would be taxable to the Master Trust
the investment direction would result in a prohibited transaction within the meaning of
IRC § 503, or
the investment direction would cause the Custodian or any person to maintain the indicia of
ownership of an Investment or any assets of the Plan outside the jurisdiction of the district
courts of the USA or outside the jurisdiction specified by the Master Trust Agreement.
7.9Failure to give investment direction
If at any time a Participant, Beneficiary, or Alternate Payee fails to exercise his or her or its duty of
investment direction (or an investment direction is refused), the Master Trustee shall, to the extent of
the failure of proper investment direction, cause the Account or applicable sub-Account(s) or
segregated Account to be invested as specified under a written procedure adopted by the Master
Trustee.
7.10Investment direction during domestic relations or bankruptcy matter
Notwithstanding any notice to the Plan Sponsor (or to any other person dealing with or performing
services regarding the Plan) that a domestic relations order or bankruptcy demand or court order or
similar court order relating to the Plan is or may be presented, the Participant shall continue to
exercise his or her duty of investment direction as required by the Plan unless a final court order
expressly provides otherwise and the Plan Sponsor or Plan Administrator does not challenge,
contest, or appeal the court order.
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If such a court order provides for an Alternate Payee (or any person other than the Participant) to
have a right of investment direction under the Plan, the Plan Sponsor shall give effect to that court
order to the extent permitted by the Plan, and the Plan Sponsor may give effect to that court order
even contrary to the Plan if the Plan Sponsor or Plan Administrator does not challenge, contest, or
appeal the court order.
7.11Expenses of investment direction
The Plan may charge the Participant’s or Beneficiary’s Account for the expenses of executing his or
her or its investment direction. If such expenses are so charged, the Plan Administrator shall
maintain reasonable procedures to inform Participant, Beneficiary, or Alternate Payees that such
charges are made and to inform each Participant, Beneficiary, or Alternate Payee as to the actual
expenses charged to the Participant’s or Beneficiary’s individual Account.
If the execution of an investment direction would incur an unusual charge or any tax under the
Investment or otherwise under applicable law, any person receiving the investment direction may
(but is not required to) require the Participant, Beneficiary, or Alternate Payee to acknowledge in
writing that he or she or it understands each charge or tax and how the charge or tax is calculated or
determined.
7.12Relief from fiduciary responsibility
To the extent of the Participant’s or Beneficiary’s investment direction, the Employer and the Plan
Administrator and the Custodian and the Master Trustee and the Agent and each Issuer and each
person performing services regarding the Plan is relieved of any fiduciary responsibility and every
kind of liability, and is not responsible for or liable for any damage or loss or expense or other claim
which may arise from that Participant’s or Beneficiary’s investment direction or exercise of control
(or from that Participant’s or Beneficiary’s failure to exercise his or her or its duty of investment
direction and control).
7.13Employer and Plan Administrator not responsible for Plan Investment selection
Except as otherwise required by the Enabling Statute, neither the Employer nor the Plan
Administrator has or had any responsibility and shall not have any liability relating to the selection
of Plan Investments. Without limiting the comprehensive effect of the above, the Employer and
Plan Administrator are not liable for losses or damages arising out of: any action in approving or
purchasing any Plan Investment(s), any bankruptcy or insolvency or impairment or liquidation or
rehabilitation or supervision of any Issuer(s), any other impairment of any Issuer’s ability to meet
its obligations, or the performance of any Plan Investments.
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8.ALLOCATION METHODS
8.1Employer Contributions are discretionary
Employer Contributions under this Plan shall be allocated as defined in the Adoption Agreement.
8.2Non-elective Contributions
Each Participating Employer shall allocate Employer Non-elective Contributions among
Participants who had Benefit Compensation during the Year, unless otherwise specified by the
Adoption Agreement.
8.3Matching Contributions
Each Participating Employer shall allocate Employer Matching Contributions among
Participants who made Employee Basic Contributions during the Year and had Benefit
Compensation during the Year, unless otherwise specified by the Adoption Agreement.
8.4Contributions during Disability
Unless otherwise specified by the Adoption Agreement, each Participating Employer shall
continue to make Employer Contributions for a Disabled Participant on the basis of the Benefit
Compensation the Participant would have received if he or she were or had been paid at the rate
of compensation paid to the Participant immediately before the Participant became Disabled.
However, the Participating Employer shall continue Matching Contributions only to the extent
that the Disabled Participant actually makes Employee Basic Contributions. Any Employer
Contributions made under this paragraph are non-forfeitable when made.
8.5No rights created by allocation
Any allocation of Contributions or investment earnings to any Account shall not cause the
Participant to have any right, title, or interest in any assets of the Plan, except as expressly provided
by the Plan.
9.CONTRIBUTION LIMIT
9.1Plan to satisfy annual additions limit
Notwithstanding any other provision of this Plan, if IRC § 415(c)(1) applies to Contributions
under this Plan, and solely to the extent that IRC § 401(a)(16) applies to this Plan, the
Contributions credited to a Participant’s Account for any Limitation Year shall not exceed the
limit prescribed by IRC § 415(c). The provisions of IRC § 415 are incorporated by reference and
made a part of the Plan.
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10.VESTING
10.1Vesting in Employer Contributions
The Participant’s Vested Employer Contributions Account shall be determined on the basis of the
vesting provisions specified by the Adoption Agreement to the extent not inconsistent with this
Basic Plan Document. If no vesting provision is so specified, Provision 10.2 applies.
10.2Immediate vesting
If the Adoption Agreement specifies (or is deemed to specify) immediate vesting, a Participant’s
interest in his or her Employer Contributions Account shall immediately become and shall at all
times remain fully vested and non-forfeitable.
10.3Vesting rules
Except as otherwise specified, the Plan shall be construed to state provisions consistent with
IRC § 401(a)(7) as in effect on September 1, 1974.
10.4Segregating a forfeiture
Notwithstanding anything in the Plan to the contrary, the Plan Sponsor may, without waiting for
a Participant to have any break in service, segregate a forfeiture whenever a Participant,
Beneficiary, or Alternate Payee receives a Distribution (including an Involuntary Distribution)
from an Account that is less than 100% Vested. Likewise, the Plan Sponsor may segregate a
forfeiture whenever a Participant has a Severance-from-Employment.
10.5 No Change in Vesting for Attainment of Normal Retirement Age
Attaining Normal Retirement Age has no impact on the determination of the Vested portion or
percentage of a Participant’s Account.
11.REEMPLOYMENT AFTER UNIFORMED SERVICE
11.1Reemployment after Uniformed Service
To the extent required by 38 U.S.C. § 4318, a person who is a member of, applies to be a member
of, has performed, applies to perform, or has an obligation to perform service in a Uniformed
Service shall not be denied any Benefit or right under this Plan on the basis of such membership,
performance of service, application for service, or obligation.
Consistent with all provisions of USERRA, any provision of this Part and any other right under the
Plan arising out of or related to reemployment after Service in the Uniformed Services does not
apply unless and until: the person is eligible for reemployment under 38 U.S.C. § 4304 [honorable
discharge], the person applied for reemployment in compliance with 38 U.S.C. § 4312, and the
Participant or Employee furnishes to the Plan Sponsor satisfactory documentation concerning the
Service in the Uniformed Services consistent with 38 U.S.C. § 4312(e)(3)(B).
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The provisions of IRC § 414(u) are incorporated by reference and made a part of the Plan as
required to be in compliance with the IRC.
11.1.1Effective dates
Consistent with USERRA § 8, the provisions of United States Code Title 38 Chapter 43, as in effect
on the day before the date of enactment of USERRA, apply to reemployments before
December 12, 1994. Consistent with USERRA § 8, the provisions stated in this Part apply to
reemployments on or after December 12, 1994, except that any obligation under this Part shall not
commence until October 13, 1996.
11.2Definitions
Solely for the purposes of this Part (including any Provision or Definition that refers to this Part),
each of the following terms has the meaning stated below.
11.2.1“Qualified Military Service”
means, consistent with IRC § 414(u)(5), any Service in the Uniformed Services (as defined below)
if the individual is entitled to reemployment rights under USERRA with respect to such service.
11.2.2“Service in the Uniformed Services”
means, consistent with 38 U.S.C. § 4303(13), the performance of duty on a voluntary or involuntary
basis in a Uniformed Service under competent authority and includes active duty, active duty for
training, initial active duty for training, inactive duty training, full-time National Guard duty, and a
period for which a person is absent from a position of employment for the purpose of an
examination to determine the fitness of the person to perform any such duty.
11.2.3“Uniformed Service”
means, consistent with 38 U.S.C. § 4303(16), any one or more of the Armed Forces, the Army
National Guard or the Air National Guard when engaged in active duty for training or inactive duty
training or full-time National Guard duty, the commissioned corps of the Public Health Service, or
any other category of persons designated by the President of the USA in time of war or emergency.
11.2.4“USERRA”
means the Uniformed Services Employment and Reemployment Rights Act of 1994 (Public Law
No. 103-353) [October 13, 1994] codified at 38 U.S.C. § 4301 et seq..
11.3Service crediting
Consistent with 38 U.S.C. § 4318(a)(2)(A) and IRC § 414(u)(8)(A), a person reemployed under
38 U.S.C. § 4301 et seq. shall be treated as not having incurred a break-in-service by reason of such
person’s period(s) of Qualified Military Service.
Consistent with 38 U.S.C. § 4318(a)(2)(B) and IRC § 414(u)(8)(B), upon reemployment under
38 U.S.C. § 4301 et seq., each period of Qualified Military Service shall constitute service under
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this Plan for the purpose of determining the nonforfeitability of the Participant’s accrued benefits
under this Plan and for the purpose of determining the accrual of benefits under this Plan.
Consistent with the Heroes Earning Assistance and Relief Tax (HEART) Act, a deceased person’s
period of qualified military service will be credited service under this Plan.
11.4Compensation
Consistent with 38 U.S.C. § 4318(b)(3) and IRC § 414(u)(7) and IRC § 457(e)(5), for the purposes
of computing any Contributions required or permitted under this Part, the reemployed Participant’s
Compensation during the period of Qualified Military Service shall be either the Compensation the
Participant would have received during such period if the Participant were not in Qualified Military
Service, determined based on the rate of pay the Participant would have received from the Employer
but for absence during the period of Qualified Military Service, or, if the Compensation the
Participant would have received during the period of absence for Qualified Military Service was not
reasonably certain, the Participant’s average Compensation from the Employer during the 12-month
period (or, if shorter, the entire period of employment) immediately preceding the Qualified Military
Service.
11.5Non-elective Employer Contributions
Consistent with 38 U.S.C. § 4318(b)(1) and IRC § 414(u), if a person is reemployed under
38 U.S.C. § 4301 et seq., with respect to the period(s) of Service in the Uniformed Services, the
Employer shall pay (if it has not already done so) and direct the Plan Administrator to allocate to the
reemployed Participant’s Account any Employer Non-elective Contribution for the Participant in the
amount (without investment income or earnings of any kind) that would have been allocated to the
Participant’s Account if the Participant had been actively at work for the Employer.
11.6Matching Employer Contributions
Consistent with 38 U.S.C. § 4318(b)(2), if a person is reemployed under 38 U.S.C. § 4301 et seq.
and makes Employee Contributions as permitted by Provision 11.7, with respect to the period(s) of
Service in the Uniformed Services, the Employer shall pay (if it has not already done so) and direct
the Plan Administrator to allocate to the reemployed Participant’s Account any Employer Matching
Contribution for the Participant in the amount (without investment income or earnings of any kind)
that would have been allocated to the Participant’s Account if the Participant had been actively at
work for the Employer to the extent that the reemployed Participant makes payment to the Plan for
Employee Contributions. Consistent with IRC § 414(u)(2)(A)(ii), the Employer has no obligation
to pay the Matching Contribution until and its obligation is only to the extent that the reemployed
Participant pays his or her Employee Contribution.
11.7Employee Contributions
Consistent with 38 U.S.C. § 4318(b)(2) and IRC § 414(u)(2), if a person is reemployed under
38 U.S.C. § 4301 et seq., with respect to the period(s) of Service in the Uniformed Services, the
Participant may pay (if he or she has not already done so) and the Employer shall direct the Plan
Administrator to allocate to the reemployed Participant’s Account any Employee Contributions in
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the amount required or any amount permitted that would have been required or permitted to be
made and then allocated to the Participant’s Account if the Participant had been actively at work for
the Employer. No such payment shall exceed the amount the reemployed person would have been
permitted to contribute had the person remained continuously employed by the Employer
throughout his or her Service in the Uniformed Services. Consistent with IRC § 414(u)(2)(A)(i),
any such payment to the Plan may be made during the period beginning with the date of
reemployment and whose duration is the lesser of five years or three times the period of the
reemployed person’s Service in the Uniformed Services.
11.8Plan Loan repayment
To the extent permitted by IRC § 414(u)(4), a Plan Loan may suspend the Participant’s repayment
obligation for any part of the period during which the Participant performs Service in the Uniformed
Services, even if such service is not Qualified Military Service.
11.9HEART Act
If a Participant dies while engaged in Qualified Military Service, the Participant’s beneficiaries
shall be entitled to any benefits the Participant would have been entitled to as if the Participant
had resumed employment immediately prior to his or her death in accordance with the Heroes
Earning Assitance and Relief Tax (HEART) Act and any regulations promulgated thereunder.
12.QUALIFIED DOMESTIC RELATIONS ORDER
12.1QDRO procedures
The Plan Sponsor may establish written procedures (consistent with IRC § 414(p)(6)), which
may be the procedures stated by Provision 12.7, for determining whether an order directed to the
Plan is a Qualified Domestic Relations Order.
12.2Determination as to order’s status
The Plan Sponsor may make a determination on whether a final court order directed to the Plan is a
Qualified Domestic Relations Order. The Plan Sponsor may delay the commencement of its
consideration of any order until the later of the date that is 30 days after the date of the order or the
date that the Plan Sponsor is satisfied that all rehearing and appeal rights with respect to the order
have expired.
12.3Notice of determination
The Plan Sponsor, Plan Administrator or Agent may notify the Participant and any Alternate
Payee, or their attorneys, of its determination on any order.
12.4Investment direction during domestic relations matter
Notwithstanding any notice to the Plan Sponsor (or to any other person dealing with or
performing services regarding the Plan) that a domestic relations order is or may be presented to
be determined as a Qualified Domestic Relations Order, the Participant shall continue to exercise
his or her duty of investment direction as required by the Plan unless a court order expressly
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provides otherwise and the Plan Sponsor determines that the court order is a Qualified Domestic
Relations Order. If a Qualified Domestic Relations Order provides for an Alternate Payee (or
any person other than the Participant) to have a right of investment direction under the Plan, the
Plan Sponsor shall give effect to that court order to the extent permitted by the Plan.
12.5Giving effect to a Qualified Domestic Relations Order
If the Plan Sponsor determines that an order is a Qualified Domestic Relations Order, the Plan
Sponsor may instruct the Plan Administrator to instruct the Custodian or the Issuer(s) to cause
the payment of amounts pursuant to (and to prevent any payment or act which might be
inconsistent with) the Qualified Domestic Relations Order, notwithstanding any contrary
provision of the Plan.
12.6Inability to locate payee
If any payment under a Qualified Domestic Relations Order cannot be paid because the Alternate
Payee cannot be located upon reasonable efforts [including services available from the Social
Security Administration], the Plan Sponsor may (but is not required to) instruct the Plan
Administrator to direct the Issuer(s) or Custodian(s) to pay the Benefit into an interest-bearing
FDIC-insured bank account or IRA opened in the Alternate Payee’s name.
12.7QDRO procedures
Unless the Plan Sponsor adopts a different written procedure, the procedure for administering
Qualified Domestic Relations Orders shall be as follows:
The Plan Sponsor shall promptly notify the Participant and each Alternate Payee of receipt of
such order and the Plan’s procedures for determining the qualified status of domestic relations
orders.
The Plan Sponsor will then determine if the order meets the requirements of the Plan.
If the Plan Sponsor determines the order to be a Qualified Domestic Relations Order, it will send
a written determination to the named Issuer(s) of the Investment(s), and give notice to the Plan
Administrator, Plan Participant, the Alternate Payee(s), and their attorneys, so that they may act
according to the provisions of the order.
If the Plan Sponsor determines that the order is not a Qualified Domestic Relations Order, it must
ensure that the Plan does not make any distribution from the Participant’s Account for a period of
18 months, unless the Alternate Payee either releases a claim to the Benefits or the parties obtain
an amended order which is determined by the Plan Sponsor to be a QDRO.
12.8Domestic relations proceeding
Each of the Participating Employer and the Master Trustee and the Plan Administrator and the
Agent and each Issuer and any person serving under contract or otherwise with respect to the
Plan shall not be obligated to incur any cost to defend against or set aside any judgment, decree,
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or order relating to the division, attachment, garnishment, or execution of or levy upon the
Participant’s Plan Account or any Distribution, including (but not limited to) any domestic
relations proceeding. Notwithstanding the foregoing, if any such person is joined in any
proceeding, the party may take such action as it considers necessary or appropriate to protect any
and all of its legal rights, and the Participant (or Beneficiary) shall reimburse all actual fees of
lawyers and legal assistants and expenses reasonably incurred by such party.
13.HARDSHIP DISTRIBUTION
13.1Hardship Distribution
A Participant shall be permitted to make a hardship withdrawal from the vested amount (as
determined by this Plan) credited to his Employer Contributions Account and Employee Basic
Contributions Account if the Participant certifies that he has incurred an immediate and heavy
financial need for funds. For these purposes, an immediate and heavy financial need shall include a
need : (1) to pay medical expenses described in Section 213(d) of the Code incurred by the
Participant, his spouse, or his dependents; or (2) to prevent the eviction of the Participant from his
principal residence or foreclosure on the mortgage of the Participant’s principal residence.
13.2Hardship
The Amount of any hardship withdrawal by a Participant under Provision 13.1 shall not exceed the
amount necessary to satisfy the immediate and heavy financial need and not reasonably available
from other resources of the participant. For these purposes, a hardship withdrawal will be treated as
necessary to satisfy an immediate and heavy financial need under Provision 13.1 above if the
Participant certifies that the need cannot be relieved; (1) through reimbursement or compensation by
insurance or otherwise; (2) by reasonable liquidation of the Participant’s assets to the extent such
liquidation would not itself cause an immediate and heavy financial need; or (3) by other
distributions from the Plan or by borrowing from commercial sources on reasonable commercial
terms. The Participant must provide documentation acceptable to the Plan Sponsor or approver of
the hardship that indicates the reason for the hardship and the dollar amount necessary to satisfy the
hardship.
13.3Manner of Making Hardship Withdrawals
Any withdrawals by a Participant under the Plan shall be made only after the Participant files a
written request with the Plan Sponsor specifying the nature of the withdrawal (and reasons
therefore, if a hardship withdrawal) and the amount of funds requested to be withdrawn. Upon
approving any withdrawal, the Plan Sponsor shall furnish the Plan Administrator with written
instructions to make the withdrawal in a lump-sum payment to the Participant.
13.4Plan Sponsor must determine hardship
The Plan Sponsor or their agent must determine whether the circumstances of the Participant
constitute a hardship under Provision 13.1.
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Following a uniform procedure, the Plan Sponsor’s or agent’s determination shall consider any
facts or conditions deemed necessary or advisable by the Plan Sponsor or agent, and the
Participant shall be required to submit any evidence of his or her circumstances that the Plan
Sponsor or agent requires. The determination as to whether the Participant’s circumstances are a
case of hardship shall be based on the facts of each case; provided however, that all
determinations as to hardship shall be uniformly and consistently made according to the
provisions of the Plan for all Participants in similar circumstances.
The Plan Sponsor or agent may require that any statement made as part of a claim for a Hardship
Distribution be made under penalties of perjury. The Plan Sponsor or agent may require that any
statement made as part of a claim for a Hardship Distribution be signed in the presence of a
Notarial Officer.
14.PERMITTED DISTRIBUTION
14.1Permitted Distribution
Unless otherwise specified by the Adoption Agreement, in addition to Provision 13.1, a Participant
at any time before becoming eligible for a Retirement Distribution is entitled to a Distribution upon
the Participant’s Disability or as otherwise required by applicable law.
15.RETIREMENT DISTRIBUTION
15.1Retirement Distribution
Upon Severance-from-employment, the Participant is entitled to apply to receive his or her
Benefit payable under any Payout Option that satisfies the provisions of the Plan, including (but
not limited to) Provision 15.3.
15.2Deemed Distribution
Upon Severance-from-employment, if the Participant’s Vested Account is $0 (as of the date of
his or her Severance-from-employment), the Participant shall be deemed to have received a
Deemed Distribution of his or her Vested Account.
15.3Involuntary Distribution
On his or her Severance-from-employment, a Participant, at the discretion of the Plan Sponsor, may
receive an Involuntary Distribution if as of a Valuation Day on or after the date of his or her
Severance-from-employment his or her Account is no more than $5,000. If the Involuntary
Distribution is more than $1,000, the Involuntary Distribution will be paid as a direct rollover to an
IRA designated by the Plan Sponsor. If the Involuntary Distribution is $1,000 or less, it will be paid
in money as a single sum.
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15.4Minimum distribution
For any Distribution that commences on or after the Required Beginning Date or with respect to
a Distribution that commences before the Required Beginning Date to the extent of payments to
be made after the Required Beginning Date, the Payout Option must meet the requirements of
IRC § 401(a)(9), including IRC § 401(a)(9)(G).
15.5Required Beginning Date Distribution
A Retirement Distribution shall commence not later than the Required Beginning Date.
15.6Default Retirement Distribution
If a Retirement Distribution is required to begin according to Provision 15.5 and the Participant
has not filed an application for payment by the date that is 90 days before the Participant’s
Required Beginning Date or Normal Retirement Age (or if the Plan Sponsor or Plan
Administrator has denied an application and an acceptable re-application has not been filed
before the applicable date), the Plan Sponsor or Plan Administrator shall direct payment (or, if
provided by the Investment, the Issuer may without instruction make payment) according to the
automatic Payout Option provided by the applicable Investment(s), or, to the extent not so
provided, as a lump sum distribution.
16.DEATH DISTRIBUTION
16.1Death Distribution
Upon the Participant’s death before a Retirement Distribution has begun (and before the
Participant has otherwise received a total distribution of his or her Vested Account), the
Beneficiary(s) is entitled to receive a Death Distribution under any Payout Option that satisfies
the requirements of Provision 16. 2-16. 3 below.
16.2Continuing Retirement Distribution after death
If the distribution of the Participant’s Benefit has begun under a Retirement Distribution, and the
Participant dies before the entire interest has been distributed according to the terms of the
Payout Option, the remaining interest shall be distributed according to the terms of the Payout
Option. In any such case, to the extent required by IRC § 401(a)(9) the remaining interest shall
be distributed at least as rapidly as under the Payout Option or other method of distribution being
used as of the date of the Participant’s death.
16.3Involuntary Distribution
On a Participant’s death before a Retirement Distribution commenced, a Beneficiary who is the
Participant’s surviving spouse will receive an Involuntary Distribution if as of a Valuation Day on or
after the date of the Participant’s death the Beneficiary’s Account is no more than $5,000. If the
Involuntary Distribution is more than $1,000, the Involuntary Distribution will be paid as a direct
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rollover to an IRA designated by the Plan Sponsor. If the Involuntary Distribution is $1,000 or less,
it will be paid in money as a single sum.
16.4Minimum distribution
For any Distribution that commences on or after the Required Beginning Date or with respect to
a Distribution that commences before the Required Beginning Date to the extent of payments to
be made after the Required Beginning Date, the Payout Option must meet the requirements of
IRC § 401(a)(9), including IRC § 401(a)(9)(G).
16.5Required Beginning Date Distribution
A Death Distribution shall commence not later than the Required Beginning Date.
16.6Default Death Distribution
If a Death Distribution is required to begin according to Provision 16.5 and the Beneficiary has
not filed an application for payment by the date that is 90 days before the Participant’s Required
Beginning Date or Normal Retirement Age (or if the Plan Sponsor or Plan Administrator has
denied an application and an acceptable re-application has not been filed before the applicable
date), the Plan Sponsor or Plan Administrator shall direct payment (or, if provided by the
Investment, the Issuer may without instruction make payment) according to the automatic Payout
Option provided by the applicable Investment(s), or, to the extent not so provided, as a lump sum
distribution.
16.7 Death While Engaged in Qualified Uniform Service
The benefits described in this Part will be payable to the designated beneficiary (or beneficiaries)
of a Participant who dies while engaged in Qualified Military Service and will be determined as
if the Participant had returned to employment immediately prior to his death in accordance with
the Heroes Earnings Assistance and Relief Tax (HEART) Act and any regulations promulgated
thereunder.
17.DIRECT ROLLOVER
17.1Direct Rollover
Consistent with IRC § 401(a)(31), for any Distribution paid after December 31, 1992 that is an
Eligible Rollover Distribution, the Distributee may elect, at the time and in the manner
prescribed by the Plan Sponsor, to instruct the Plan Sponsor (and the Issuer) to have any portion
of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the
Distributee.
17.2Eligible Rollover Distribution payable without delay
The Plan Sponsor may (but is not required to) commence the Distribution less than 30 days after
the Eligible Rollover Distribution Notice is given only if the following requirements are met.
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Consistent with Treasury Reg. § 1.402(c)-2, the Plan Sponsor must inform the Distributee (in the
Eligible Rollover Distribution Notice or otherwise) that the Distributee has a right to a period of
at least 30 days after receiving the Eligible Rollover Distribution Notice to consider the decision
of whether or not to elect a Distribution and any available Payout Option, and the Distributee
after receiving the Eligible Rollover Distribution Notice must affirmatively elect a Distribution.
18.ADMINISTRATION OF DISTRIBUTION PROCEDURES
18.1Claim for Distribution
Any Distribution shall be paid only upon a completed and properly executed written claim made in
a form acceptable to the Plan Sponsor that states under penalties of perjury all facts and
authorizations necessary or appropriate to the Distribution, including but not limited to:
if the Distribution is a Retirement Distribution, appropriate evidence that the Participant has
a Severance-from-employment;
if the Distribution is an Eligible Rollover Distribution, the Distributee’s instruction as to
whether the Distribution (or a portion of the Distribution) is to be paid directly to an Eligible
Retirement Plan, and if any amount is to be paid directly to an Eligible Retirement Plan, the
name and address of the trustee or issuer of that Eligible Retirement Plan together with any
other information that the Plan Sponsor or Issuer reasonably requests pursuant to Treasury
Reg. § 1.401(a)(31)-1T.
if the Distribution is a Death Distribution, appropriate evidence of the Participant’s death;
if the Distribution is a Hardship Distribution, an appropriate certificate or evidence of the
facts constituting the Participant’s hardship;
if the Participant has a designated Beneficiary, the date-of-birth of the Designated Beneficiary;
if the Distribution is in the form of an Annuity Payout Option, the date-of-birth of any annuitant
designated under the Annuity Payout Option; and
whenever required by the Plan Sponsor, the date-of-birth of any person as relevant to the
Distribution; and
if the Account consists of more than one Investment, the order in which any Investments are to
be charged or liquidated to pay the Distribution; and
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if the amount of the Distribution is greater than a uniform amount established by the Plan
Sponsor, appropriate assurance (including a Signature Guarantee) that the Participant’s or
Beneficiary’s signature is genuine; and
any other evidence or information that the Plan Sponsor finds is relevant to administer a
provision of the Plan in the Participant’s or Beneficiary’s and the Distributee’s circumstances.
Absent contrary evidence actually known to the Plan Sponsor, an appropriate death certificate or
a court order stating that the Participant is found to be absent and presumed dead shall constitute
appropriate evidence of the Participant’s death.
If the Distributee fails to submit proper instructions, the Plan Sponsor may, at its discretion, deny
the claim; or may determine which Plan Investment(s) and investment options are to be charged.
18.2Time for Distribution
The Plan Sponsor may require for payment of any Distribution a minimum advance notice,
uniformly determined and consistently applied. In addition to the above, no payment can be
made before the Distribution Commencement Date.
18.3Plan Sponsor to approve
Payments shall not begin until the Plan Sponsor has approved: the Distribution, and the claim
for payment, and the Payout Option as satisfying the provisions of the Plan.
18.4Payout Option
The election of a payout option by a Participant or a Beneficiary must be made no later than
thirty (30) days before the commencement of such benefits. Subject to restrictions established by
the Plan Sponsor, the Plan shall permit payout options in the form of lump sums, periodic
payments of a fixed amount or fixed duration, or life contingent annuities. Absent such election,
the Account will be paid in a lump sum.
18.5Payor may rely on apparent entitlement
The Employer and the Plan Administrator and the Master Trustee and the Issuer and the Agent [a
“payor”] is not liable for having made a payment under an unclear Beneficiary designation or
Participation Agreement to a person not entitled to the payment, or for having taken or omitted
any other action in good faith reliance on a person’s apparent entitlement under the Plan, before
the payor actually received written notice of a claimed lack of entitlement under this Plan.
Any payor of any Distribution is not liable for having made a payment or having transferred an item
of property to a beneficiary designated in a beneficiary designation (or in a similar writing
reasonably believed to constitute a beneficiary designation) who is not entitled to the Distribution,
or for having taken any other action in good faith reliance on the beneficiary’s apparent entitlement
under the terms of the beneficiary designation before the payor received written actual notice
alleging that the beneficiary was not entitled to the Distribution.
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18.6Instruction to Issuer
Any Distribution is payable by or on behalf of the Custodian or Issuer only upon the Custodian’s or
Issuer’s receipt in good order of the Plan Sponsor’s approval of the Distributee’s claim.
Except to the extent otherwise expressly provided by the Investment(s), any payment or Payout
Option shall be determined as of the Valuation Date requested by the Participant or Beneficiary, or if
later, as of the Valuation Date that next follows the Issuer’s or Custodian’s receipt in good order
(within the meaning of the Investment(s) or applicable law) the approved claim.
18.7Delay of payment
The Plan Sponsor, in its sole discretion, may delay payment of an approved Distribution:
to receive any necessary information,
to permit a valuation of the Account,
to permit any necessary or appropriate liquidation of assets,
if a dispute arises as to the proper payee (refer to Provision 18.8 below),
if the Plan Sponsor has notice of a domestic relations case or petition that may involve the
applicable Account,
if the Plan Sponsor has notice of a bankruptcy case or petition that may involve the applicable
Account,
if the Plan Sponsor has notice of any legal proceeding or petition that may involve the
applicable Account, or
for any reason described elsewhere in this Plan, or
for any other lawful purpose.
Without limiting the comprehensive effect of the above, to the extent that any Distribution requires a
redemption or transfer of Fund shares, the Plan Sponsor shall delay the Distribution during any
period: when the NYSE is closed other than for a weekend or a holiday, or when trading on the
NYSE is restricted (as determined by the SEC), or when an emergency exists making disposal of a
Fund’s securities or valuation of a Fund’s net assets not reasonably practicable, or when the SEC has
required or permitted the suspension of redemptions or transfers by order, or during any period
otherwise described by § 22(e)(1)-(3) of the Investment Company Act of 1940, as amended
[15 U.S.C. § 80a-22(e)(1)-(3)].
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If the Participant received an allocation of Employer Contributions for a period that included his or
her absence under a federal or state Family and Medical Leave Act, the Plan Sponsor shall delay
payment of any Distribution until the Plan Sponsor is satisfied that the Participant has returned to
work from such absence or that the Participant will not or did not return to work from such absence.
18.8Dispute as to proper recipient
If a dispute arises as to the proper recipient of any payment(s) under the Plan, the Plan Sponsor,
in its sole discretion, may instruct the Issuer(s) to withhold payment until the dispute is
determined by a court of competent jurisdiction or is settled by the parties concerned.
18.9Doubt as to proper payee
If the Plan Sponsor determines that there is doubt as to the proper construction of the Plan with
respect to determining the Beneficiary(s) or other proper payee(s) under the Plan, the Plan
Sponsor shall construe the Plan to state provisions consistent with the Uniform Probate Code
applied as though the interest under the Plan were an interest to a commercial annuity contract,
to the extent that any such construction is not inconsistent with any requirement of IRC § 401(a).
18.10Distribution to minor Beneficiary
If a Distribution is to be made to a minor Beneficiary, any payment(s) may, except to the extent
prohibited by applicable law, be paid to a responsible person according to the following order:
as instructed by an appropriate court,
to the duly appointed and currently acting guardian or conservator of the Beneficiary,
to the custodial parent of the Beneficiary,
to a responsible adult with whom the Beneficiary maintains his or her residence,
to a responsible adult who is a relative of the Beneficiary,
to a custodian for the Beneficiary under the Uniform Transfers to Minors Act or Uniform
Gifts to Minors Act,
to the court having jurisdiction over the estate of the Beneficiary,
to any person determined by the Plan Sponsor to be a proper recipient for the Beneficiary.
This payment shall be in full satisfaction of all claims. The Plan Sponsor has no duty to
supervise or inquire into the application of any amount(s) so paid.
If at the time a Distribution begins the Beneficiary is a minor and the Plan Sponsor begins payments
to another person under this Provision, the Plan Sponsor may continue all payments under the
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Distribution to the other person notwithstanding that the Beneficiary may have attained full age,
unless the Beneficiary files a written claim according to all of the requirements of the Plan,
including furnishing satisfactory evidence that he or she is of full age.
18.11Distribution to incompetent Participant or Beneficiary
If a Distribution is to be made to a Participant or Beneficiary that the Plan Sponsor finds to be
unable to manage property effectively for any reason including (but not limited to) mental illness,
mental deficiency, physical illness, physical disability, chronic use of drugs, chronic intoxication,
confinement, detention by a foreign power, or disappearance, any payment may be paid according
to the terms of the applicable Investment(s) (if any) or according to applicable Investment Law (if
any), or the Plan Sponsor may direct payment(s) according to the following order:
as instructed by an appropriate court,
to the duly appointed and currently acting legal guardian of the estate of the Participant or
Beneficiary,
to the duly appointed and currently acting conservator of the Participant or Beneficiary,
to the duly appointed and currently acting attorney-in-fact under a durable power-of-attorney
if the Plan Sponsor finds that the power-of-attorney provides sufficient power to authorize
the attorney-in-fact to receive the Vested account balance,
to a responsible adult with whom the Participant or Beneficiary maintains his or her residence,
to a responsible adult who is a relative of the Participant or Beneficiary,
to any person determined by the Plan Sponsor to be a proper recipient for the Participant or
Beneficiary,
to the court having jurisdiction over the estate of the Participant or Beneficiary.
This payment shall be in full satisfaction of all claims. The Plan Sponsor has no duty to supervise
or inquire into the application of any amount(s) so paid.
If at the time a Distribution begins the Participant or Beneficiary is an incompetent or incapacitated
(as described above) and the Plan Sponsor begins payments to another person under this Provision,
the Plan Sponsor may continue all payments under the Distribution to the other person
notwithstanding that the Participant or Beneficiary may have become competent or may have been
adjudicated as competent, unless the Participant or Beneficiary files a written claim according to all
of the requirements of the Plan, including furnishing a satisfactory court order that he or she is
competent to manage his or her Vested account balance.
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18.12Inability to locate payee
If, at a time when a Distribution other than an Involuntary Distribution is required to be paid, the
Distribution cannot be paid because the payee cannot be located upon reasonable efforts, the Plan
Sponsor may (but is not required to) direct each Issuer or the Agent to pay the Vested account
balance into an interest-bearing FDIC-insured bank account opened in the payee’s name, Taxpayer
Identifying Number, and then-current address of record according to the Plan; and such deposit
shall discharge the Employer’s obligation to pay Vested account balance.
18.13Payment to Personal Representative
Any payment (or delivery of property) to the duly appointed Personal Representative of the
Participant shall, to the extent of the payment (or delivery of property), bar recovery by any other
person or entity, including every Beneficiary, and shall, to the extent of the payment (or delivery
of property), discharge any obligation under the Plan.
18.14Disclaimer by Beneficiary
Any Beneficiary may renounce or disclaim all or any part of any Vested account balance by filing a
written irrevocable disclaimer not later than 31 days before the Distribution begins or any payment
is otherwise to be made and before acceptance of any Vested account balance. An acceptance may
be express or may be inferred from actions or facts and circumstances, including (but not limited to)
those actions described in the Uniform Probate Code as establishing an inference of acceptance. In
addition to any requirements under State law, the disclaimer is not effective unless the disclaimer
describes the Vested account balance renounced, expressly declares the renunciation and the extent
of it, expressly states the Beneficiary’s belief upon reasonably diligent examination that no creditor
of the Beneficiary (or, if the Beneficiary is an executor or trustee or guardian or other fiduciary, of
any current or reasonably anticipated beneficiary of the estate or trustee or guardianship or other
fiduciary relationship or entity) would be adversely affected by the disclaimer, expressly states that
the disclaimer is irrevocable, is signed by the Beneficiary, meets all requirements of IRC § 2518
such that the disclaimer would be treated as effective for federal gift and estate tax purposes, and
otherwise is made in a form that is acceptable to the Plan Sponsor. Notwithstanding any State law
that would permit otherwise, if the Beneficiary is a minor or an incapacitated person, any disclaimer
cannot have any effect regarding the Plan until the court having jurisdiction of the minor’s or
incapacitated person’s estate authorizes the disclaimer after finding that it is advisable and will not
materially prejudice the rights of any interested person. Any Vested account balance disclaimed
shall be payable as if the Beneficiary who submitted the disclaimer died before the Participant.
18.15Receipt and release
Any Distribution or payment or any agreement to make a payment(s), or any transfer of Vested
account balance to another eligible vested account balance plan, shall, to the extent of the
Distribution or payment(s) or the agreement, be in full satisfaction of all claims. The Plan
Sponsor, in its sole discretion, may require any Distributee or payee, as a condition precedent to
making or causing to be made any payment(s) or agreement, to execute a receipt and release.
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19.PLAN SPONSOR AND PLAN ADMINISTRATOR
19.1Plan Sponsor has full authority
The Plan Sponsor has full and complete authority and discretion to control and manage the
operation of and shall decide all matters under the Plan. The Plan Sponsor has any and all powers
as may be necessary or advisable to discharge its duties under the Plan, and has complete
discretionary authority to decide all matters and questions under the Plan.
The Plan Sponsor and Plan Administrator do not have any duties concerning the selection of
Investments.
19.2Plan Sponsor must decide all matters
The Plan Sponsor must decide all matters under the Plan. The discretionary decisions of the Plan
Sponsor are final, binding, and conclusive on all interested persons for all purposes.
Without limiting the comprehensive effect of the above, the Plan Sponsor’s discretionary decisions
may include, but shall not be limited to, any decision as to: whether a natural person is an
Employee, whether an Employee belongs to a particular employment classification, whether an
Employee is an eligible Employee, the amount of a Participant’s Compensation, the amount of
Contributions to be made, whether an amount of Contributions exceeds the limits prescribed by the
Plan, whether a court order shall be recognized, whether a Participant (or any other person) has
established the presence or absence of a Spouse, whether a Payout Option is an Annuity Payout
Option, whether a Participant has incurred a hardship, whether a Participant has a Severance-from-
employment, whether a Beneficiary Designation is valid or effective, who is the proper Beneficiary,
whether a Participant or Beneficiary is a minor or is of full age, whether a Participant or Beneficiary
is an incompetent, the person who is a proper recipient for a Participant or Beneficiary who is a
minor or an incompetent, whether any power-of-attorney is effective and acceptable to act with
respect to the Plan, whether a Signature Guarantee is required, whether a Signature Guarantee is
acceptable for any purpose under the Plan.
19.3Determinations to be uniformly made
To the extent required by the Enabling Statute, any determination or decision required or permitted
to be made for the purposes of the Plan by the Plan Sponsor shall be uniformly and consistently
made according to reasonable procedures established and maintained by the Plan Sponsor.
19.4Plan Administrator is responsible
The Plan Administrator is responsible for performing all duties agreed to regarding the operation of
the Plan, and is responsible for supervising the performance of every other person that may assist in
the performance of the Plan Administrator’s responsibilities. The Plan Administrator does not have
the authority or discretion to perform activities or decide any matter or question not provided for
under the Plan, such as, but not limited to, forfeiture of retirement benefits determinations under
Section 112.3173, Florida Statutes, and any such activities or decisions shall be the sole
responsibility of the Plan Sponsor.
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19.5Information from Employer
To enable the Plan Administrator to perform its responsibilities, the Employer(s) shall promptly
provide to the Plan Administrator complete and accurate information on any matter under the Plan.
The Plan Administrator shall rely upon this information as supplied by the Employer, and shall have
no duty or responsibility to verify this information.
19.6Plan Administrator may delegate or contract
Except as prohibited by the Enabling Statute or other State law, the Plan Administrator may,
except when expressly prohibited by this Plan, delegate any of its duties to any Employer, or to
any officers, employees, or agents of any kind. Except as prohibited by the Enabling Statute or
other State or local law, the Plan Administrator may, except when expressly prohibited by this
Plan, contract any of its duties to the Agent, a Service Provider, or otherwise.
19.7Plan services
The Plan Administrator may contract with any person or entity to provide services to assist in the
administration of the Plan. The Plan Administrator must make such contracts in compliance with
the Enabling Statute and other applicable State and local law.
Any person other than the Plan Administrator who performs services regarding the Plan
(including but not limited to the Agent) is subject to the supervision and direction of the Plan
Administrator, and does not have authority to control the operation of the Plan.
Any person other than the Plan Administrator who performs services regarding the Plan
(including but not limited to the Agent) is entitled to rely upon any direction, instruction,
information, or action (or failure to act) of the Plan Sponsor or Plan Administrator as being
proper under this Plan, and is not required to inquire into the propriety or correctness of any such
direction, instruction, information, or action.
19.8Plan Sponsor official may not decide personal benefit
An individual shall recuse himself or herself from and shall take no part in any Plan Sponsor
determination or decision specifically relating to his or her own participation or Benefit, unless
his or her abstention would render the Plan Sponsor committee or organization incapable of
acting on the matter.
20.GENERAL PROVISIONS
20.1Anti-alienation
In addition to (and not by limitation upon) the provisions of the Plan and any provision of
applicable law, any benefit or interest available under the Plan, or any right to receive or instruct
payments under the Plan, or any Distribution or payment made under the Plan shall not be
subject to assignment, alienation, garnishment, attachment, transfer, anticipation, sale, mortgage,
pledge, hypothecation, commutation, execution, or levy, whether by the voluntary or involuntary
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act of any interested person under the Plan, except for an interest which becomes payable
pursuant to a Qualified Domestic Relations Order (or a domestic relations order that was entered
before January 1, 1985). However, the preceding sentence shall not be construed to preclude the
payment of any Fees or expenses (including taxes) of the Issuer(s) or the Master Trust.
20.2Audit
The Plan Sponsor may engage a public accountant to audit or review the financial statements or
internal-control procedures with respect to the Plan, and any fees paid or incurred for such audit
or review and related accounting and auditing services may be an expense charged to all
Participants’ Accounts in an equitable manner determined by the Plan Sponsor.
20.3Claims procedure
By the terms of the Plan, the claimant (or other aggrieved person) shall not be entitled to take
any legal action (including but not limited to instituting any arbitration procedure) or otherwise
seek to enforce a claim to benefits or rights under the Plan until he or she or it has exhausted all
claims and appeals procedures provided by the Plan.
In considering claims under the Plan, the Plan Sponsor has full power and discretionary authority
to construe and interpret the provisions of the Plan, and of any law governing or applying to or
relating to the Plan.
Notwithstanding any statement to the contrary in any collective bargaining agreement, any
determination under or arising out of the Plan is not subject to any arbitration procedure of any
kind.
20.4Exclusive benefit
The Plan is established for the exclusive benefit of the Participants and their Beneficiaries.
Except as otherwise provided by the Plan, or otherwise permitted by IRC § 401(a)(2), no
amounts held under the Plan shall ever inure to the benefit of the Employer or any successor. All
amounts held under the Plan shall be held for the exclusive purpose of providing Benefits to the
Plan’s Participants and their Beneficiaries.
20.5Expenses
Upon the Plan Sponsor’s written instruction, the Plan Sponsor (or any party acting for it) shall be
reimbursed from the Plan assets for any reasonable expense (including attorneys’ or counsel fees)
incurred in performing services with respect to the Plan. Except as otherwise provided or
permitted by the Plan, the reimbursement shall be effected by deducting a charge against all
Accounts according to an equitable method determined by the Plan Sponsor.
If the Internal Revenue Service [IRS] determines, and the determination is not contested, or if
contested, is finally upheld (or otherwise finally determined), or if a final court order (that is not
appealed) decides that any payment of expenses is a violation of IRC § 401(a)(2), the Plan
Sponsor shall pay full restoration into the Plan to the extent of the improperly paid expense
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(including fair interest from the date the expense was improperly paid to the date that restoration
is made).
20.6Fiduciary responsibility
The Custodian (if any) shall act solely according to the provisions of the Master Trust
Agreement, and the Custodian has no duty of any kind to read or have any knowledge of the
Plan. Every person other than the Plan Sponsor has no duty of any kind to read or have any
knowledge of the Plan.
20.7Governing law
The Plan, and actions under or with respect to the Plan, and the statute of limitations for such
actions (refer to Provision 20.23 [statute of limitations]) shall be governed by and enforced by
the laws of the State of Florida and shall be construed, to the extent that any construction beyond
the written provisions of the Plan (including Part 23 [construction]) is necessary, according to the
laws of the State of Florida.
20.8IRS Levy
Notwithstanding any other provision of the Plan, the Plan Sponsor may pay to the IRS from a
Participant’s (or Beneficiary’s) Account the amount(s) that the Plan Sponsor determines is
demanded under a levy issued by the IRS with respect to that Participant (or Beneficiary) or is
sought to be collected by the United States under a judgment resulting from an unpaid tax
assessment against the Participant (or Beneficiary).
20.9Litigation
If the Participant or a Beneficiary or the Participant’s Spouse (or putative spouse) or any other
person claiming through the Participant or a Beneficiary brings any kind of legal action or
proceeding regarding the Plan against the Plan Sponsor or any Participating Employer or the
Plan Administrator or the Master Trustee or any Agent or any Service Provider or any Custodian,
or any shareholder or member, any director or trustee, officer, employee, or agent of any of them
[each an “indemnified party”] is brought by a Participant or Beneficiary or Spouse or by a person
or entity claiming through a Participant or Beneficiary or Spouse, and the legal action or
proceeding is resolved in favor of the indemnified party, each party participating in or
contributing to the defense of the legal action or proceeding shall be entitled to be reimbursed
from the Participant’s Account for any and all actual fees of lawyers and legal assistants and
other expenses reasonably paid or incurred in the defense of the legal action or proceeding.
If the amount(s) of the litigation expense is greater than the amount of the Participant’s Account,
the full Account must be paid to the indemnified party(s), and any obligation to that Participant
and his or her Beneficiary(s) is then completely discharged.
If there is more than one indemnified party entitled to a reimbursement of litigation expense and
the total amounts of litigation expense are greater than the amount of the Participant’s Account,
each indemnified party shall be paid a pro rata portion of the Participant’s total Account, and
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each portion shall be determined by applying to the Participant’s Account the percentage that is
the ratio of the indemnified party’s litigation expense to the litigation expense of all indemnified
parties.
However, nothing in this Provision shall diminish or impair any indemnified party’s claim at law
or in equity for further indemnification or contribution from the Participant (or Beneficiary).
20.10Mistaken contributions
If any Contribution (or any portion of a Contribution) is made by the Employer by a good faith
mistake of fact, upon receipt in good order (within the meaning of the Investment(s) or
applicable law) of a proper request by the Plan Sponsor or by the Participant to the extent
required or permitted by the Investment(s), the Custodian or the Issuer(s) shall, to the extent
permitted by the Investment(s), return the amount of the mistaken Contribution(s), except as
limited below, to the Employer or to the extent required or permitted by the Investment(s)
directly to the Participant to the extent of any mistaken Employee Contribution(s). The
Participant’s exercise of a “free look” or right-to-return or similar cancellation provision under
applicable Investment Law is deemed to cause a Contribution to be by a good faith mistake of
fact. A return of a mistaken Contribution shall not be demanded or made if the return will not be
made within 1 year from the date of the mistaken payment of the Contribution. Upon any return
of a mistaken Contribution, earnings attributable to the mistaken Contribution shall not be
returned and losses attributable to the mistaken Contribution shall reduce the amount to be
returned. If the return of any amount of mistaken Contribution would cause the Participant’s
Vested account balance to be reduced to less than the Vested account balance would be if the
mistaken Contribution had not been contributed, then the amount to be returned to the Employer
shall be limited to the extent needed so that any such reduction of the Participant’s Vested
account balance shall not occur.
20.11Necessary information
The Participant (or Beneficiary) shall provide upon any request of the Plan Sponsor or of the
Agent or of the Custodian or any Issuer any information that may be needed for the proper and
lawful operation and administration of the Plan; including but not limited to, his or her or its full
legal name, his or her or its Social Security Number [SSN] or other Taxpayer Identification
Number [TIN], his or her or its current address and the current address of his or her or its Spouse
and of any Beneficiary(s), evidence of his or her age, evidence of his or her marital status. The
Participant shall promptly respond to and fully answer any reasonable inquiry related to these
purposes. A failure to provide any information described above or which otherwise may be
necessary or appropriate for the lawful operation of the Plan may result in a delay of eligibility
for participation, in a delay of the payment of Contributions, or in a delay or refusal by the Plan
Sponsor, in its discretion, to authorize or permit any payment to be made.
The Plan Sponsor or Plan Administrator (and any party acting for it) shall have the right to rely
on any information or representation given by any Participant or Beneficiary or other party
interested in the Plan. The Plan Sponsor or Plan Administrator shall have no duty to inquire into
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the accuracy or adequacy or truth of any such information or representation. Any such
representation shall be binding upon any party seeking to claim a Benefit through the Participant.
20.12No contract of employment
Under no circumstances shall the Plan constitute or modify a contract of employment or in any
way obligate the Employer to continue the services of any Employee.
20.13No right other than provided by Plan
The establishment of the Plan and the purchase of any Investment(s) under the Plan shall not be
construed as giving to any Participant or Beneficiary or any other person any legal or equitable
right against the Employer or the Plan Sponsor or the Plan Administrator or the Master Trust or
their representatives, except as is expressly provided by the Plan.
20.14Notices
Each Participant or Beneficiary shall be responsible for furnishing the Plan Sponsor (and the
Agent and the applicable Issuer(s)) with his or her or its current address at all times. Any notice
required or permitted to be given under the Plan shall be deemed given if directed to the proper
person at the current address in any Plan (or Investment) record and mailed or otherwise
delivered to that address. This Provision shall be construed and applied consistently. This
Provision shall not be construed to require the mailing or delivery of any notice otherwise
permitted to be given by posting or by publication.
20.15Plan is binding
The Plan, and all acts and decisions taken under it, is binding and conclusive, for all purposes,
upon all interested persons, and upon the heirs, executors, administrators, successors and assigns
of any and all such persons.
The Plan shall not affect contracts or other dealings with a person who is not an interested
person, unless a written agreement executed by that person expressly so provides.
20.16Power-of-attorney
A power-of-attorney cannot be effective for any purpose with respect to the Plan unless the Plan
Sponsor determines that the power-of-attorney is acceptable.
The Plan Sponsor shall not accept a power-of-attorney until the Plan Sponsor determines that the
power-of-attorney appears on its face to meet all of the following requirements:
The power-of-attorney was made in a form and manner that is legally enforceable under
applicable law.
The power-of-attorney indemnifies the Plan Sponsor and the Agent and every person who
may rely on the power-of-attorney against any liability that may arise out of the Plan
Sponsor’s acceptance of the power-of-attorney or any person’s acts or omissions in reliance
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upon the power-of-attorney, even if revoked (including revocation by reason of the maker’s
death).
The power-of-attorney expressly refers to this Plan with sufficient clarity so that the Plan
Sponsor, in its sole discretion, believes that there is no confusion or ambiguity concerning
whether an express power to act regarding this Plan was intended.
The power-of-attorney unambiguously provides one or more powers to act regarding this
Plan.
The power-of-attorney meets any further requirements stated below in this Provision or
otherwise under the Plan, and meets any other requirements reasonably requested by the
Plan Sponsor.
Without limiting the comprehensive effect of the above, any power-of-attorney, including even a
general power-of-attorney, cannot be effective to make or change the Participant’s Beneficiary
designation under the Plan unless the document, in the Plan Sponsor’s sole opinion, expressly
grants power to make or change Beneficiary designations under this Plan and refers to this Plan
with sufficient clarity so that the Plan Sponsor, in its sole discretion, believes that there is no
confusion or ambiguity concerning whether an express power to act regarding Beneficiary
designations under this Plan was intended.
Without limiting the comprehensive effect of the above, any power-of-attorney, including even a
general power-of-attorney, cannot be effective to exercise any right or privilege of investment
direction under the Plan unless the document, in the sole opinion of the person that is requested
to give effect to an investment instruction, expressly grants power to act regarding investment
direction under this Plan and expresses the principal’s (Participant’s or Beneficiary’s or Alternate
Payee’s) knowledge as to whether the attorney-in-fact is or is not a Registered Investment
Adviser and refers to this Plan with sufficient clarity so that the Issuer determines that there is no
confusion or ambiguity concerning whether an express power to act regarding investment
direction under this Plan was intended. For the purpose of the preceding sentence, an investment
advisory agreement that conforms to the disclosure and investment advisory contract
requirements of § 204 and § 205 of the federal Investment Advisers Act of 1940, as amended
[15 U.S.C. § 80b-4, 15 U.S.C. § 80b-5] is deemed to constitute an acceptable power-of-attorney
if it refers to the Plan or to the Investment held for the Participant’s Plan Account.
20.17Protection of Issuers
Any Issuer shall not be liable or imprudent in acting according to any direction, if in writing or
otherwise reasonably believed to be genuine, of its contract owner or the Plan Sponsor or any
other authorized person, and shall not be required to question (unless otherwise provided by the
applicable Investment) any action so directed by any of them. However, the Issuer shall not be
required to take or permit any action or allow any benefit or privilege contrary to the provisions
of any Investment.
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20.18Release
Any payment or any agreement to make payments under a Payout Option selected by the proper
payee, shall, to the extent of the payment(s) or agreement, be in full satisfaction of all claims.
The Plan Sponsor may require any person, as a condition precedent to making or causing to be
made any payment, or agreement for a Payout Option, to execute a receipt and release. If a
dispute arises as to the proper payee of any payment(s), the Plan Sponsor, in its sole discretion,
may withhold or cause to be withheld any payment(s) until the dispute shall have been
determined by a court of competent jurisdiction or shall have been settled by all the parties
concerned.
20.19Service of legal process
Requests for information, claims or demands, legal process, and court orders are properly
delivered when delivered to the Plan Sponsor at the address stated in the Adoption Agreement.
20.20Severability
If a court finds that any provision of the Plan is invalid, the Plan shall be construed and enforced
as if the invalid provision was not a provision of the Plan, unless the court finds that such a
construction of the Plan would be clearly contrary to the intent of the Plan or would be contrary
to IRC § 401(a) or would violate the Enabling Statute.
20.21Signature
If a Participant or Beneficiary (or other person claiming through a Participant or Beneficiary)
must submit any writing of any kind required or permitted under the Plan, the maker’s signature
must be complete and formal. However, if a Participant or Beneficiary has a disability that
precludes him or her from making a complete and formal signature, a writing is signed if it bears
or includes or incorporates any symbol executed or adopted by the maker with a present
intention to authenticate the writing, or it is otherwise demonstrated to the satisfaction of the Plan
Sponsor that the maker had (at the relevant time) a present intention to adopt the writing.
20.22Signature Guarantee
In addition to (and not by limitation of) any other provision of the Plan, for any claim or
instruction of any kind the Plan Sponsor may require the person submitting the claim or
instruction to include on the written claim or instruction a Signature Guarantee when required
under a uniform written procedure of the Plan Sponsor.
20.22.1 Signatures and broad acceptance of writings
An instruction (but not a claim for any kind of Distribution) is considered to be written or in
writing and signed according to the following broad provisions, except as otherwise specified by
a uniform written procedure adopted by the Plan Sponsor.
“Written” or “writing” or “in writing” includes any intentional reduction to tangible form.
Without limiting the comprehensive effect of the first sentence of this paragraph, any of the
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following is a writing and all of the following rules of construction apply in determining what is
a writing and who made the writing. “Written” or “writing” or “in writing” includes
handwriting, typewriting, printing. “Writing” includes any copy or reproduction, including (but
not limited to) a photocopy, of an original writing. “Writing” includes a telefacsimile
transmission. “Writing” includes a videotape or audiotape recording, including a recording of a
telephone conversation; and a person’s commencement or continuation of a conversation after
the person is informed that the conversation is or may be recorded shall be deemed such person’s
intent to reduce the conversation to writing. Anything that is the subject of a written
confirmation is deemed to be in writing. “Writing” or “written” includes anything that is
recognized as such by the Restatement of Contracts or the Uniform Commercial Code as then-
currently published or adopted by the American Law Institute or the National Conference of
Commissioners on Uniform State Laws. “Writing” or “written” includes anything that is
recognized as such under § 2(9) of the federal Securities Act of 1933, as amended
[15 U.S.C. § 77b(9)] or any rule or regulation thereunder. A writing made by a person who
appears to be an agent or attorney-in-fact is the writing of the apparent principal, unless the Plan
Sponsor has actual knowledge that no agency exists. The Plan Sponsor in its sole discretion may
construe any writing(s), and may combine separate writings, including writings that are not
contemporaneous, so as to establish one integrated writing or instruction.
“Signed” or “signature” includes any symbol executed or adopted by a person with present
intention to authenticate a writing. Without limiting the comprehensive effect of the first
sentence of this paragraph, any of the following is a signature and all of the following rules of
construction apply in determining what is a signature and who signed. Authentication may be
handwritten, typed, printed, stamped, or otherwise written. A signature need not consist of the
person’s legal name. A signature need not consist of the person’s entire name. A signature may
be on any part of a writing (except as expressly limited below). A person who fills-out a form in
his or her own handwriting or typewriting has signed that form or writing. Anything that is the
subject of a written confirmation is deemed to be signed if the recipient of the confirmation does
not promptly object to the confirmation. For a conversation, a person’s use of his or her voice is
a signature. For a conversation, a person’s compliance with the authentication procedure
specified by the Plan Sponsor or its agent is a signature. “Signed” or “signature” includes
anything that is recognized as such for any purposes by the Restatement of Contracts or the
Uniform Commercial Code as then-currently published or adopted by the American Law Institute
or the National Conference of Commissioners on Uniform State Laws. A signature need not be
contemporaneous to the writing that it authenticates. A signature made by a person who appears
to be an agent or attorney-in-fact is the signature of the apparent principal, unless the Plan
Sponsor has actual knowledge that no agency exists. A writing that includes a forgery at the
place where a signature customarily would be made is not signed by any person other than the
forger.
Upon receiving anything that appears to be a writing, or anything that appears to be a signature
or signed, the Plan Sponsor or Plan Administrator shall not be liable or responsible to anyone to
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the extent that it acted without actual knowledge that the writing was false or that the signature
was a forgery.
20.23Statute of limitations
As to any action at law or in equity under or with respect to this Plan (other than as described by
the other sentence of this paragraph), the action shall be governed by (or precluded by) the
relevant statute of limitations or statute of repose for actions upon a written contract according to
the internal laws (without regard to the law of conflicts) of the State of Florida. For any dispute
that was resolved by arbitration, to the extent that the statute of limitations or statute of repose
relating to any arbitration proceeding or arbitration award is not governed by the federal
Arbitration Act, any arbitration proceeding or arbitration award or any other matter relating to
arbitration shall be governed by the internal laws (without regard to the law of conflicts) of the
State in which the arbitration was conducted.
20.24Unemployment compensation
For the purposes of any unemployment compensation law, a Distribution in one sum or as
installments for a period of not more than one year, to the extent attributable to Employer
Contributions, is deemed a severance payment and shall be so allocated (for the purposes of the
applicable unemployment compensation law) over a period of weeks equal to the amount of the
Distribution divided by the Participant’s regular weekly pay before the Severance-from-
employment with this period beginning on the first week that begins after the Severance-from-
employment.
20.25Uniformity
To the extent required by applicable State law, provisions of the Plan shall be construed and
applied in a uniform or non-discriminatory manner.
20.26Venue
If any person, including, without limitation, any Participant or Beneficiary or Alternate Payee or
Distributee (or any person claiming through a Participant or Beneficiary or Alternate Payee or
Distributee) brings or maintains any suit or action (other than as described by the other sentence
of this paragraph) against the Plan Administrator or the Master Trustee or to which the Plan
Administrator or the Master Trustee is or becomes a party, each such person hereby submits to
exclusive jurisdiction and exclusive venue in the courts sitting in Leon County, Florida or in
which the Plan Administrator has its principal place of business. However, any suit or action
upon an arbitration award or relating to an arbitration shall be governed by the internal laws
(without regard to the law of conflicts) of the State in which the arbitration was conducted, and
each such person who is or was a party to an arbitration hereby submits to exclusive jurisdiction
and exclusive venue in the courts sitting in and for the district in which the city or place of the
arbitration is located.
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20.27Privacy
The Participating Employer may (but is not required to) take reasonable steps to protect
Participants’ privacy concerning participation under the Plan.
However, the Participating Employer and the Plan Administrator and any Agent and any Service
Provider (and any other person acting for or at the request of any of them) may disclose
information concerning the Participant’s (or Beneficiary’s) Account:
when requested by the attorney-in-fact who is currently acting under a power-of-attorney
that was accepted by the Plan Sponsor under Provision 20.16.
when required by any court order or legal process.
without a court order or legal process when reasonably requested by the IRS or the SEC or
the NASD.
when reasonably requested by a public accountant engaged by the Plan Administrator or by
the Participating Employer or by the Master Trustee or by an Agent or by an Issuer.
when, in the course of any proceeding relating to divorce, separation, or child support, an
attorney-at-law states in writing that he or she represents the Participant’s (or, after the
Participant’s death, the Beneficiary’s) spouse or former spouse or child and that the
information is reasonably related to such proceeding.
when, in the course of the administration of any estate or succession, the Personal
Representative (or an attorney-at-law who represents the Personal Representative) states in
writing that he or she or it needs the requested information for the purpose of preparing a
return of any estate tax, transfer tax, gift tax, inheritance tax, death tax, or similar tax,
whether of the United States or any State or any foreign nation.
If a person presents himself or herself as an attorney-at-law and states that he or she has authority
to act for a person or entity, the Plan Sponsor, Plan Administrator and the Agent shall be entitled
without inquiry to assume, unless it has actual knowledge to the contrary, that the person so
presenting himself or herself has the authority stated.
20.28Translations
This Plan or any part of it may be translated (at the sole discretion of the Plan Sponsor) into or
summarized in another language(s) for the convenience of certain Employees. However, the
original English language text of the Plan shall control, and the translation of the Plan has no
effect in the construction of the Plan.
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20.29Unclaimed property
For the purposes of any unclaimed property statute, if a Distribution has not commenced, any
Vested Account balance does not become distributable until such time as a Distribution is
mandatory under the terms of the Plan.
21.AMENDMENT
21.1Master Trustee’s right to amend the Plan
The Master Trustee has the right to amend the Plan at any time.
Any Participating Employer has the right to discontinue the Plan at any time, except as otherwise
expressly provided by a collective bargaining agreement that is enforceable under
29 U.S.C. § 151 et seq. [the National Labor Relations Act].
Any amendment of the Plan has no effect on the Master Trust Agreement. The Plan Sponsor
may not amend the Plan in any way.
21.2Amendment can’t change exclusive benefit
Any amendment or termination of the Plan shall not be effective to the extent that the
amendment has the effect of causing any Plan assets to be diverted to or inure to the benefit of
the Plan Sponsor or any Employer, or to be used for any purpose other than providing Benefits to
Participants and Beneficiaries and defraying reasonable expenses of administering the Plan.
21.3Retroactive effect
Any amendment of the Plan may be given immediate or retroactive effect to the extent
determined by the Master Trustee; provided that such immediate or retroactive effect is permitted
under the Code.
22.TERMINATION
22.1Plan Termination by Participating Employer
A Participating Employer may terminate its participation in the Plan, including but not limited to,
its contribution requirements, if it takes the following actions:
a)The Governing Authority of the Participating Employer must adopt an ordinance or
resolution terminating its participation in the Plan.
b)The ordinance or resolution must specify when the Plan will be closed to any additional
participation by Eligible Employees, which must be a date at least sixty (60) days after
the adoption of the ordinance or resolution.
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c)The ordinance or resolution must be submitted to the Master Trustees, or it’s designee.
The Master Trustees, or its designee, shall determine whether the ordinance or resolution
complies with this provision, and all applicable federal and state laws, and shall determine an
appropriate effective date for the termination of Employer participation, which shall be no later
than twelve (12) months from the Master Trustee’s receipt of the ordinance or resolution. The
Plan Administrator shall provide appropriate forms to the Participating Employer to terminate
ongoing participation. Distributions under the Plan of existing accounts to the Participants and
Beneficiaries affected by the termination are subject to the distribution provisions in this
document. However, if the Participating Employer requests a plan-to-plan transfer of Plan
assets with respect to the Participating Employer’s Employees who are Participants, the Master
Trustees may in it’s discretion make the transfer.
22.2Discontinuance of Contributions
At the discretion of the Master Trustees, a Participating Employer who fails to make
contributions for a period of one (1) year or who fails to make timely contributions over a period
of one (1) year shall be considered to have terminated participation in the Plan.
22.3Effect of Termination by Participating Employer
In the case of the complete or partial termination of the Plan as to one (1) or more Participating
Employers, including a termination arising from the discontinuance and/or delinquency of
contributions, the affected portion of the Master Trust shall continue to be held pursuant to the
direction of the Master Trustees, for the benefit of affected Participants pursuant to the benefit
provisions of this Plan. The Plan shall remain in full effect with respect to each Participating
Employer that does not terminate its participation in the Plan on behalf of its Employees, or
whose participation is not terminated by the Master Trustees.
22.4Termination of Entire Plan
This Plan in its entirety may be terminated at any time by official action of the Master Trustees,
with notice to all Participating Employers and Participants. The last date for contributions and
earnings to be credited to Participants Accounts must be specified in the Master Trustees official
action and must be no sooner than ninety (90) days after the adoption of the official action. All
actions associated with the termination of the Plan, including a final accounting, must be
completed within twelve (12) months after the adoption of official action. In the event of a
complete Plan termination, the Master Trustees must take all steps reasonable to avoid a
distribution to the Participants and Beneficiaries, except pursuant to benefit options under the
provisions of this Plan, including identifying successor plan(s). However, if distributions must
be made, the Plan Administrator shall be responsible for directing distribution of all assets of the
Master Trust to Participants and Beneficiaries.
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23.CONSTRUCTION
23.1Construction
The provisions of this Part govern the construction or interpretation of this Plan. These rules of
construction and interpretation shall apply for all provisions, and shall supersede any other
construction or interpretation rules.
23.2Construction as a qualified plan
The Plan is established and maintained with the intent that the Plan always be a qualified plan
within the meaning of IRC § 401(a) and conform to the Internal Revenue Code’s requirements
for treatment or recognition as such a plan. Therefore, the provisions of the Plan shall be
interpreted whenever possible to state provisions that conform to the applicable requirements of
the Internal Revenue Code. When the Internal Revenue Code is amended or interpreted through
subsequent legislation or regulations or other guidance of general applicability, the Plan should
be construed as stating provisions consistent with such amendment or interpretation of the
applicable law.
23.3Construction with Enabling Statute
The Plan is established and maintained with the intent that the Plan conform to the applicable
requirements of the Enabling Statute. The provisions of the Plan shall be interpreted whenever
possible to state provisions that conform to the applicable requirements of the Enabling Statute.
When the Enabling Statute is amended or interpreted through subsequent legislation or
regulations, the Plan should be construed as stating provisions consistent with such amendment
or interpretation of the applicable law.
23.4Construction of statutes and regulations
Any reference to a Section of the Internal Revenue Code shall be construed to also refer to any
successor provision. Any reference to a Section of Treasury Regulations shall be construed to
also refer to any successor provision of such regulations. Any reference to a Revenue Ruling or
Revenue Procedure or IRS Notice or IRS Announcement shall be construed to also refer to any
guidance of general applicability that extends, amplifies, or modifies the Revenue Ruling or
Revenue Procedure or IRS Notice or IRS Announcement.
The Plan refers to relevant regulations, including (but not limited to) Treasury regulations under
the Internal Revenue Code, without regard to whether the regulations are substantive or
interpretive and without regard to whether the regulations are proposed or temporary or final; but
it is intended that any provision that refers to a regulation shall be construed to refer to the
regulation in the sense of the appropriate legal effect (under administrative procedure law and
otherwise) that the regulation currently has at the time the construction is made.
To the extent that a provision states a duty owed to any government (rather than a duty to a
Participant or Beneficiary or other person or entity having an interest under the Plan), the
provision shall be construed as directory and shall be enforced only by the government.
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However, a provision that is necessary for the Plan to meet the requirements of a qualified plan
within the meaning of IRC § 401(a) includes a duty owed to Participants and Beneficiaries and is
not directory.
To the extent that a construction or interpretation of the Plan involves a construction of a statute
or regulation, the Plan Sponsor may (but is not required to) construe the statute or regulation
according to the Uniform Statutory Construction Act.
23.5Investment Law
Whenever, after applying the specific construction rules of any Definition or Provision or Part
and the general construction rules stated in this Part, the Plan may be susceptible to more than
one construction or interpretation, a construction or interpretation that is consistent with or that is
not inconsistent with applicable Investment Law is preferred over a construction or interpretation
that is inconsistent with applicable Investment Law.
23.6Construction of words and phrases
The headings and numbering of provisions in the Plan and text that is stated within brackets,
excluding text in parenthesis are included solely for convenience of reference and are not
intended to limit or amplify or control the meaning or interpretation or construction of any
provision of this Plan.
The phrase “under the Plan” or “under this Plan” refers to the entire Plan (and any Master Trust
Agreement) as a whole and not merely to any part of any document or Provision in which the
phrase appears. Any reference to a Part of the Plan refers to the whole Part. Any reference to a
Definition or Provision of the Plan refers to the whole Definition or Provision, unless the
reference specifies a particular portion or paragraph of the Provision.
The singular shall be construed to include the plural, unless the context clearly indicates
otherwise.
The words “as” or “if” shall be construed to mean the phrase, “to the extent that”, as appropriate
in the context.
Any reference to the Plan Administrator shall be construed to refer also to the Agent and the
Issuer(s) and any other party acting for or at the instruction of the Plan Administrator.
Unless the provision states otherwise, any reference to a person or party shall be construed to
refer also to any non-natural person or any entity (including but not limited to, any trust or
estate).
To the extent that a provision states a duty owed to any government (rather than a duty to a
Participant or Beneficiary or other person or entity having an interest under the Plan), the
provision shall be construed as directory and shall be enforced only by the government.
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Any reference to a corporation or similar organization shall be construed to include any
successor to the corporation or similar organization.
All provisions of the Master Trust Agreement that do not conflict with the Plan are incorporated
by reference and are a part of the Plan as if fully set forth by this document.
All provisions of a prospectus and statement of additional information or statement of operation
of a Fund that do not conflict with the Plan are incorporated by reference and are a part of the
Plan as if fully set forth by this document.
If any provision concerning a benefit under the Plan is ambiguous, a construction or
interpretation of the provision that would provide that such benefit is available in a non-
discriminatory manner shall take precedence over a construction or interpretation that would not
so provide.
23.7Construction by reference to model laws
To the extent that any construction beyond the written provisions of the Plan is necessary, the
Plan shall be construed (except as otherwise provided by the Plan) according to any then-current
Restatement of law published or promulgated by the American Law Institute or any then-current
Uniform Act or Model Act published or recommended by the National Conference of
Commissioners on Uniform State Laws. The Plan Sponsor may consider a withdrawn Uniform
Act or Model Act if no successor has been promulgated. Among these sources, the Plan Sponsor
in its sole discretion may select any order of reference and if more than one source is relevant
may decide which source it considers controlling or appropriate.
23.8USA Constitution and Florida Constitution
When applying any of the preceding construction rules relating to the Internal Revenue Code or
the Enabling Statute or Employment Laws or Government Contracts Laws, the Plan Sponsor or
Plan Administrator need not consider any statute or regulation or order to the extent that its
application is contrary to the Constitution of the USA or is contrary to the Constitution of Florida
; however, the Plan Sponsor or Plan Administrator may presume that any statute or regulation or
order is not unconstitutional until a published controlling court decision expressly holds that such
law is contrary to a Constitution.
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The Plan Document is not signed here.
This Plan is not complete without the Participating Employer’s Adoption Agreement, by which
the Participating Employer must specify the conforming and elective provisions of the Plan.
The Participating Employer will sign the Adoption Agreement to indicate adoption of the Plan.
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