HomeMy WebLinkAboutWinter Springs, City of Defined Benefit Plan Amended by Resolution 2003-44
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DEFINED BENEFIT PLAN AND TRUST
FOR
EMPLOYEES OF THE
CITY OF WINTER SPRINGS
November 10,2003 Restatement
As Amended by Resolution 2003-44
Adopted by the City of Winter Springs City Commission
November 10, 2003
T ABLE OF CONTENTS
ARTICLE I - DEFINITIONS.. ..... ............. ....................... .................................... ............ .... ..... 1.1
1.0] "Plan" ............ ....... ........... ............. ............. ....... ......... ....... .............. ................. ... .......... 1.1
1.02 "Employer" .... ....... .......... .............. ....... ..... .................... ..... ...... ............. ..... ........... ........ 1. I
1.03 "Trustee" ...................................................................................................................... 1.1
1.04 "Plan Administrator" .................................................................................................... 1.1
1.05 "Retirement Committee: .............................................................................................. 1.1
I .06 "Employee" ................. ...... ...... ........................... .......... ................. ..:...... ......... ............. I. I
1.07 [Reserved] . .... ................ ...... ....................... ..... ........ ...... ...... .................... .............. ....... 1.2
1.08 "Participant" ............... ......... .................... .............. ....... ...................... ...... .................... 1.2
I .09 "Beneficiary" . ........... ........... .... ..... ............... ......... .............................. .................. ........ 1.2
1.10 Compensation Definitions ........................................................................................... 1.2
1.11 "Accrued Benefit" ........................................................................................................ 1.3
1.12 Actuarial Definitions and Related Rules...................................................................... 1.3
1.13 "Plan Entry Date" ......................................................................................................... 1.4
1.14 "Plan Year" ............................................................... .......... ......................................... 1.4
1.15 "Effective Date" ........................................................................................................... 1.4
1.16 "Nonforfeitable" ............ .......... ....................... .............. ..... .......... ...... ....................:...... 1.4
1.17 "Accounting Date" ....................................................................................................... 1.4
1.18 "Trust" ........ ..................... ........ ....... ........... .......... ....... ......................... ............. ............ 1.4
1.19 "Trust Fund" .......... .................................................... ................................................... 1.4
1.20 "Nontransferable Annuity". ....,...... .................. ......... ........... .......... .......... ..................... 1.4
1.21 [Reserved] ....... ......... ........ ........ ........ ...... ............ ................. ....... ............................. ..... 1.4
1.22 "Code" .......................................................................................................................... 1.4
1.23 " Service"................. ........... ........................ ... ........ ..... .... .......... ... ................................... 1.4
1.24 Definitions and Special Rules Relating to Hours of Service ....................................... 1.4
1.25 "Disability" . .................. ..... ............... .................. ........... ....... .....................; ............ ....... 1.6
ARTICLE II - EMPLOYEE P ARTICIP ANTS .......................................................... .............. 2.1
2.01 Eligibility... ..... ...... ........ ..... ............... ............................. ............ ..... ........... .................. 2.1
2.02 Break in Service - Eligibility................... .......... ............... ...... .......... ............................ 2.1
2.03 Participation upon Re-employment ..... ....... ...... ............... ..................... ........ ............... 2.2
ARTICLE III - EMPLOYER CONTRffiUTIONS .................................................................. 3.1
3.01 Amount ......................... .......................... .......... ............... ...... .......... ................. ........... 3.1
3.02 Determination of Contribution........... ................ ............ .............................................. 3.1
3.03 Time of Payment of Contribution .................................... .................. ........... ............... 3.1
3.04 Nonvested Accrued Benefit............................................. ............................................ 3.1
3.05 Limitation on Annual Benefit ...................................................................;.................. 3.1
3.06 Definitions - Article III ................................................................................................ 3.3
ARTICLE IV - PAR TICIP ANT CONTRIBUTIONS.............................................................. 4.1
4.01 Required Participant Contributions....... ...... ................. ............... ................ ........ ......... 4. I
4.02 Direct Transfers of Eligible Rollover Distributions..................................................... 4. I
4.03 Pat1icipant Contributions Transferred from Money Purchase Pension Plan ...............4.2
ARTICLE V - NORMAL RETIREMENT BENEFIT............................................................ 5.1
5.01 Nonnal Retirement Age/Nonnal Retirement Date ...................................................... 5.1
5.02 Amount ofNonnal Retirement Pension! Accrued Benefit ........................................... 5.1
5.03 Nonnal Form of Benefit. ...... ........... ........................... ..... ......... ............. ........... ....... ..... 5.2
5.04 Late Retirement............... .... ..... ....... .............................. ................ ....... ......... ............... 5.2
ARTICLE VI - EARLY RETIREMENT PENSION ..............................................................6.1
6.01 Eligibility for Early Retirement Pension. ...... ................ ................. ......... ..................... 6.1
6.02 Payment of Early Retirement Pension. .......... ...... ...... .................... ....... ........ ....... ........ 6.1
ARTICLE VII - DISABILITY PENSION ............... ........ ....... ............ ................ ................ ..... 7.1
7.01 Disability Pension........ ......... .......... ............ ............... ...... .... ......... .......... ~.................... 7.1
ARTICLE VIII - DEFERRED VESTED PENSION - DEATH BENEFIT .........................8.1
8.01 Deferred Vested Pension... .......... .......... ................... .......... ............. ............................. 8.1
8.02 Amount of Deferred Vested Pension ........................................................................... 8.1
8.03 Payment of Deferred Vested Pension .......................................................................... 8.1
8.Q4 Pre-Retirement Death Benefit.. ...... ............ .......... ..... ....... ..... ........ ........... ..... ............... 8.1
8.05 Vesting Schedule.... ..... .......... .................................. ...... ........................... ....... ............ 8.1
8. 06 Year of Service - Vesting.................................................... ......................................... 8.3
8.07 Break in Service - Vesting ...........................................................:............................... 8.3
8.08 Included Years of Service - Vesting ............................................................................ 8.3
8.09 Disregard of Accrued Benefi t .............................................. ........................................ 8.3
ARTICLE IX - PRERETIREMENT SURVIVOR ANNUITY ..............................................9.1
9.01 Preretirement Survivor Annuity - Eligibility............................................................... 9.1
9.02 Waiver Election - Preretirement Survivor Annuity..................................................... 9.1
9.03 Reduction of Pension Benefits...................................... ............................................... 9.2
ARTICLE X - PAYMENT OF ACCRUED BENEFIT -
OPTIONAL FORMS OF PAYMENT ........... ....... ........... .......................... ............. ............. 10.1
10.01 Form of Benefit.. .......... ............... ...... ........ .................. ......................... ................... ... 10.1
10.02 Qualified Joint and Survivor Annuity........................................................................ 10.2
10.03 Commencement of Benefits. ................ .................... ....... ........... ................... ....... ...... 10.2
10.04 Waiver Election - Qualified Joint and Survivor Annuity .......................................... 10.4
10.05 Optional Forms of Distribution...... .............. ...... ...... .......................... ................:....... 10.4
10.06 Mandatory Distributions............................................................................................ 10.5
10.07 Distributions Under Domestic Relations Orders ....................................................... 10.9
ARTICLE XI - MISCELLANEOUS PROVISIONS
AFFECTING THE PAYMENT OF BENEFITS .................................................................... 11.1
11.01 General....................................................................................................................... 11.1
11.02 Nonduplication of Benefits ........................................................................................ 11.1
11
11.03 [Reserved) .................................................................................................................. 11.1
11.04 No Disregard of Service....... ..................... ....................... ............ ..... ......................... 11.1
11.05 Merger/Direct Transfers............................................................................................. 11.1
ARTICLE XII - OTHER PROVISIONS AFFECTING BENEFITS ................................... 12.1
12.01 Assignment or Alienation.......................................................................................... 12.1
12.02 [Reserved).....,.............................................................................................. ............... 12.1
12.03 [Reserved) ....... ............ ..................... ...... ........ .... ............. ..... ......... .......... ....... ............ 12.1
12.04 Distribution Upon Termination of Trust.. ............. ............. ...... ......... ............ ............. 12.1
12.05 Overfunding. ................... ..... ........... .................... .............. ......,..... ..... ............... ......... 12.1
ARTICLE XIII - EMPLOYER ADMINISTRATIVE PROVISIONS .................................. 13.1
13.01 Information to Committee.................. ..... ..................................................... ............... 13.1
13.02 No Liability ................................................................................................................ 13.1
13.03 Indemnity of Plan Administrator and Committee...................................................... 13.1
ARTICLE XIV - PARTICIPANT ADMINISTRATIVE PROVISIONS ............................. 14.1
14.01 Beneficiary Designation.... ......................................................................................... 14.1
14.02 No Beneficiary Designation/Death of Beneficiary..................................................... 14.1
14.03 Personal Data to Committee ...................................................................................... 14.1
14.04 Address for Notification............................................................................................ 14.1
14.05 Notice of Change in Terms........................................................................................ 14.2
14.06 Litigation Against the Trust....................................................................................... 14.2
14.07 Information Available.... .................... .......... .............. ................... ............................. 14.2
14.08 Appeal Procedure for Denial of Benefits ........... ............. ............... ...... ................. ..... 14.2
ARTICLE XV - RETIREMENT COMMITTEE -
DUTIES WITH RESPECT TO PARTICIPANTS' ACCRUED BENEFITS ...................15.1
15.01 Members' Compensation, Expenses........................................................................... 15.1
15. 02 Term..... ....... .. ..................... .. .... .... ........ .. ...... ......... .. ..... .... .. .. .. . .... .. .. . . .. .. . . .. .. .. . . .. .. .. .. ... I 5.1
15.03 Powers...... .... ............... ..... ...... ......................... ..... ........ ..... ................. ........... ............. 15.1
15.04 General.. .................. ................................ ........... ............. ............ ..... ........... ............... 15.1
15.05 Funding Policy................................. .......................................................................... 15.2
15.06 Manner of Action....................................................................................................... 15.2
15.07 Authorized Representative....................... .............. .................................................... 15.2
15.08 Interested Member ............... .... .......... .......................... ............ .............. .......... .......... 15.2
15.09 Participant Records.................................................................................................... 15.2
15.10 Unclaimed Accrued Benefit - Procedure ................................................................... 15.2
ARTICLE XVI - TRUSTEE, POWERS AND DUTIES ..................................................... 16.1
16.01 Acceptance............................................................. .................................................... 16.1
16.02 Receipt of Contributions......................... .................. ................................................. 16.1
16.03 Investment Powers........................................ ........ ...........:......................................... 16.1
16.04 Records and Statements........................................ .............. ....................................... 16.3
16.05 Fees and Expenses From Fund........ ............ ..................................... .................... ...... 16.3
111
16.06 Parti~s to Litigation......... ..................... ....... .... ...... ...... ......... ...... ................................ J 6.3
16.07 Professional Agents ... ................. ............ ........ ........................................ ....... ............ 16.4
16.08 Distribution Directions............................. ............................................ ...................... 16.4
16.09 Third Party/Multiple Trustees............ ......... ................ .......... .................. ................... 16.4
16.10 Resignation.......... ...... ............. ................ .................... ....................... .................. ...... 16.4
16.11 Removal.............. .......... ........... ..... ... ........... ........... .................................. .......... ........ 16.4
16.12 Interim Duties and Successor Trustee.................................................................~...... 16.5
16.13 Valuation of Trust. ..................................................................................................... 16.5
16.14 Limitation on Liability - If Investment Manager or
Independent Fiduciary Appointed.... ...... ........ ............. ...... ........ ................ ...... ........... 16.5
16.15 Investment in Group Trust Fund / Combined Trust................................................... 16.5
ARTICLE XVII - INVESTMENT IN INSURANCE OR ANNUITY CONTRACTS ..... 17.1
17.01 Purchase of Life Insurance and Annuity Contracts.................................................... 17.1
ARTICLE XVIII - MISCELLANEOUS... ...... ................... ......... .:.... ........ ....... ....................... 18.1
18.01 Evidence...................................................... ................................ ............................... 18.1
18.02 No Responsibility for Employer Action ............. ......... ........ ..... ......... ............. ........... 18.1
18.03 Fiduciaries Not Insurers ........... ................. ...................... ........ ............ ..... ............ ...... 18.1
18.04 Waiver of Notice ..... ..................... ......... ................ .............................. ....................... 18.1
18.05 Successors ....... ......................... ....... ........ ....... ............................ ....... ................. ........ 18.1
18. 06 Word Usage............................. .................................................................................. 18.1
18.07 State Law......... .......... ................ .......... .............. ............. ............. ............ ........ ........... 18.1
18.08 Employment Not Guaranteed..................... ................ ......................... ............... ........ 18.1
ARTICLE XIX - EXCLUSIVE BENEFIT, AMENDMENT, TERMINA nON ................... 19.1
19.01 Exclusive Benefit ....................................................................................................... 19.1
19.02 Amendment By Employer.......................................................................................... 19.1
19.03 Discontinuance................................ .............. ....................... ........... ............ ............... 19.1
19.04 Full Vesting on Termination.......... ............. ..................................... .......................... 19.2
19.05 Termination ................................................ .......................... ................. ..................... 19.2
Article A - Appendix to Plan and Trust Agreement .............................................................. 19.3
Execution Page.............................................................................................................:......... 19.4
IV
Defined Benefit Plan and Trust for
Employees of the City of Winter Springs
The City of Winter Springs, a municipality incorporated under the laws of the State of
Florida, makes this Agreement with the Board of Trustees ofthe City of Winter Springs, as Trustee.
WITNESSETH:
The City of Winter Springs continues, within this Trust Agreement, a Plan for the purpose of
providing retirement benefits for eligible Employees. This Plan is an amended plan, in restated form,
the original plan being effective October 1, 1997 and this restated Plan is also effective October 1,
1997 (except to the extent otherwise provided herein). The provisions of this Plan apply solely to an
Employee whose employment with the Employer terminates on or after the Effective Date of the
Plan. If an Employee's employment with the Employer terminates prior to the Effective Date, that
Employee is not entitled to any benefit under the Plan.
Now, therefore, in consideration of their mutual covenants, the Employer and the Trustee
agree as follows:
ARTICLE I - DEFINITIONS
1.01 "Plan" means the retirement plan established by the Employer in the form of this
Agreement, designated as the Defined Benefit Plan and Trust for Employees ofthe City of Winter
Springs.
1.02 "Employer" means the City of Winter Springs.
1.03 "Trustee" means the Board of Trustees ofthe City of Winter Springs, or any successor
in office who in writing accepts the position of Trustee.
1.04 "Plan Administrator" is the Employer unless the Employer designates another person
to hold the position of Plan Administrator. In addition to his other duties, the Plan Administrator has
full responsibility for compliance with any reporting and disclosure rules applicable to the Plan.
1.05 "Retirement Committee" means the Board of Trustees of the City of Winter Springs,
or any successor who in writing accepts the position of the Retirement Committee.
1.06 "Employee" means any employee of the Employer. Individuals who perform services
for the Employer in any capacity other than as an Employee, determined pursuant to the books and
records of the Employer (e.g., independent contractors or leased employees within the meaning of
Code ~ 414(n), even if such individuals are reclassified as Employees by any governmental agency
(other than the Employer) or judicial decision), are not Employees tor purposes of the Plan, and thus,
are not eligible to participate in the Plan.
1.1
':'
l.07 [Reserved]
1.08 "Participant" is an Employee who is eligible to be and becomes a Participant in
accordance with the provisions of Section 2.01. .
1.09 "Beneficiary" is a person designated by a Participant or by the Plan who is or may
become entitled to a benefit under the Plan. A Beneficiary who becomes entitled to a benefit under
the Plan remains a Beneficiary under the Plan until the Trustee has fully distributed his benefit to
him. A Beneficiary's right to (and the Plan Administrator's, the Retirement Committee's or a
Trustee's duty to provide to the Beneficiary) information or data concerning the Plan does not arise
until he first becomes entitled to receive a benefit under the Plan.
1.10 Compensation Definitions. Any reference in this Plan to Compensation is a reference
to the definition in this Section 1.10, unless the Plan reference specifies a modification to this
definition. The Retirement Committee will take into account only Compensation actually paid for
the relevant period.
(A) Total Compensation. "Total Compensation" means wages, salaries, and other amounts
received (whether or not paid in cash) for personal services actually rendered in the course of
employment with the Employer, but only to the extent included in gross income. This definition
includes, but is not limited to commissions, overtime pay and bonuses. With respect to the Plan
Years beginning prior to October 1, 1998, Total Compensation does not include elective
contributions. With respect to Plan Years beginning on and after October 1, 1998, Total
Compensation includes elective contributions. Total Compensation also does not include:
(l) Employer contributions to a plan of deferred compensation to the extent the
contributions are not included in the gross income of the Employee for the taxable year in
which contributed, on behalf of an Employee to a Simplified Employee Pension Plan to the
extent such contributions are excludible from the Employee's gross income, and any
distributions from a plan of deferred compensation, regardless of whether such amounts are
includible in the gross income of the Employee when distributed.
(2) Other amounts which receive special tax benefits, such as premiums for group term
life insurance (but only to the extent that the premiums are not includible in the gross income
ofthe Employee), or contributions made by an Employer towards the purchase of an annuity
contract described in Code 9403(b) (whether or not the contributions are excludible from the
gross income of the Employee).
(B) Plan Compensation. Plan Compensation means Total Compensation described in Section
1.10(A), except that Plan Compensation includes elective contributions for all Plan Years. Plan
Compensation applies to determine a Participant's benefit formula and Accrued Benefit under Article
V.
(C) Elective Contributions. Elective contributions are amounts excludible from the Employee's
gross income under Code 99125, 402(e)(3), 402(h) or 403(b), and contributed by the Employer, at
1.2
the Employee's election, to a Code ~40 I (k) arrangement, a Simplified Employee Pension, cafeteria
plan or tax -sheltered annuity. Elective contributions also include: (1) Compensation deferred under
a Code ~457 plan maintained by the Employer; and (2) Employee contributions "picked up" by the
Employer and, pursuant to Code 94 I 4(h)(2), treated as Employer contributions.
(D) Limitations on Compensation.
(1) Compensation Limitation. For any Plan Year beginning after December 31, 1995, the
Retirement Committee must take into account no more Plan Compensation than the
Compensation Limitation prescribed by Code 9401 (a)(17). The Compensation Limitation is
$150,000 for the 1996 Plan Year. For Plan Years beginning after December 31, 1996, the
Compensation Limitation is the adjusted dollar amount determined in accordance with Code
s401(a)(l7).
The Compensation Limitation in effect for any Plan Year (or for any 12-month
Compensation period) is the Compensation Limitation in effect at the beginning of that Plan
Year (or other 12-month period). For a Plan Year (or other Compensation measuring period)
ofless than 12 months, the Compensation Limitation is a prorated dollar amount, determined
by multiplying the Compensation Limitation by a fraction equal to the number of months in
the short period divided by 12.
(2) A verage Compensation. When determining Average Compensation for a Plan Year
beginning after December 31, 1995, Compensation for any prior Compensation period is
subject to the Compensation Limitation in effect for that prior Compensation period, using
$150,000 as the Compensation Limit in effect for any prior Compensation period.
1.11 "Accrued Benefit" means the benefit determined under Article V.
1.12 Actuarial Definitions and Related Rules.
(A) Definitions.
(l) "Actuarial Equivalent" means a benefit of equal value computed by using the
following assumptions, subject to the requirements of this Section 1.12:
Pre- Retirement Interest: 8%
and Mortality: 1983 Group Annuity Mortality Table, Male Rates
Post-Retirement Set Back Two Years for Females
(2) "Present value" means the single sum Actuarial Equivalent of the Participant's
Accrued Benefit.
(3) "Actuary" means an enrolled actuary selected by the Retirement Committee to
provide actuarial services for the Plan.
1.3
(B) Interest Rate. When determining the amount of a Participant's distribution or the present
value of the Participant's Accrued Benefit, the interest rate used to make an Actuarial Equivalent
determination is the applicable interest rate specified in Section 1.12(A).
1.13 "Plan Entry Date" means the date(s), specified in Section 2.01.
1.14 "Plan Year" means the fiscal year of the Plan, a 12 consecutive month period ending
every September 30.
1.15 "Effective Date" of this Plan is October], 1997.
1.] 6 "Nonforfeitable" means a Participant's or Beneficiary's unconditional claim, legally
enforceable against the Plan, to the Participant's Accrued Benefit.
1.17 "Accounting Date" is the first day of the Plan Year.
1.18 "Trust" means the separate Trust created under the Plan.
1.19 "Trust Fund" means all property of every kind held or acquired by the Trustee under
the Plan.
1.20 "Nontransferable Annuity" means an annuity which by its terms provides that it may
not be sold, assigned, discounted, pledged as collateral for a loan or security for the performance of
an obligation or for any purpose to any person other than the insurance company. If the Trustee
distributes an annuity contract, the contract must be a Nontransferable Annuity.
1.21 [Reserved]
1.22 "Code" means the Internal Revenue Code of 1986, as amended.
1.23 "Service" means any period of time the Employee is in the employ of the Employer,
including any period the Employee is on an unpaid leave of absence authorized by the Employer
under a uniform, nondiscriminatory policy applicable to all Employees. "Separation from Service"
means a separation from Service with the Employer maintaining this Plan.
1.24 Definitions and Special Rules Relating to Hours of Service
(A) Definition of Hours of Service. "Hour of Service" means:
(1) Each Hour of Service for which the Employer, either directly or indirectly, pays an
Employee, or for which the Employee is entitled to payment, for the performance of duties.
The Retirement Committee credits Hours of Service under this paragraph (I) to the
Employee for the computation period in which the Employee performs the duties,
irrespective of when paid;
1.4
(2) Each Hour of Service for back pay, irrespective of mitigation of damages, to which
the Employer has agreed or for which the Employee has received an award. The Retirement
Committee credits Hours of Service under this paragraph (2) to the Employee for the
computation period(s) to which the award or the agreement pertains rather than for the
computation period in which the award, agreement or payment is made; and
(3) Each Hour of Service for which the Employer, either directly or indirectly, pays an
Employee, or for which the Employee is entitled to payment (irrespective of whether the
employment relationship is terminated), for reasons other than for the performance of duties
during a computation period, such as leave of absence, vacation, holiday, sick leave, illness,
incapacity (including disability), layoff, jury duty or military duty. The Retirement
Committee will credit no more than 501 Hours of Service under this paragraph (3) to an
Employee on account of any single continuous period during which the Employee does not
perform any duties (whether or not such period occurs during a single computation period).
(4) Each Hour of Service the Employee is on an unpaid leave of absence authorized by
the Employer under a uniform, nondiscriminatory policy applicable to all Employees under
which the Employer specifically credits Hours of Service for such unpaid leave of absence.
The Retirement Committee will not credit an Hour of Service under more than one of the
above paragraphs. A computation period for purposes of this Section 1.24 is the Plan Year, Year of
Service period, Break in Service period or other period, as determined under the Plan provision for
which the Retirement Committee is measuring an Employee's Hours of Service. The Retireme~t
Committee will resolve any ambiguity with respect to the crediting ofan Hour of Service in favor of
the Employee.
(B) Method of Crediting Hours of Service. The Retirement Committee will credit every
Employee with Hours of Service on the basis of the "actual" method. For purposes of the Plan,
"actual" method means the determination of Hours of Service from records of hours worked and
hours for which the Employer makes payment or for which payment is due from the Employer.
(C) Maternity/Paternity Leave. Solely for purposes of determining whether the Employee incurs
a Break in Service under any provision of this Plan, the Retirement Committee must credit Hours of
Service during an Employee's unpaid absence period due to maternity or paternity leave. The
Retirement Committee considers an Employee on maternity or paternity leave if the Employee's
absence is due to the Employee's pregnancy, the birth of the Employee's child, the placement with the
Employee of an adopted child, or the care ofthe Employee's child immediately following the child's
birth or placement. The Retirement Committee credits Hours of Service under this paragraph on the
basis of the number of Hours of Service the Employee would receive if he were paid during the
absence period or, if the Retirement Committee cannot determine the number of Hours of Service the
Employee would receive, on the basis of8 hours per day during the absence period. The Retirement
Committee will credit only the number (not exceeding 501) of Hours of Service necessary to prevent
an Employee's Break in Service. The Retirement Committee credits all Hours of Service described
in this paragraph to the computation period in which the absence period begins or, if the Employee
does not need these Hours of Service to prevent a Break in Service in the computation period in
1.5
~
which his absence period begins, the Retirement Committee credits these Hours of Service to the
immediately following computation period.
1.25 "Disability" means a physical or mental condition of a Participant permitting such
Participant to be eligible for disability benefits under the Employer's long term disability program.
* * * * * * * * * * * * * * *
1.6
ARTICLE 11 - EMPLOYEE PARTiCIPANTS
2.01 Eligibility. Each Employee (other than an Excluded Employee) becomes a Participant
in the Plan on the first day of the month (if employed on that date) immediately following the date 6
months after his Employment Commencement Date. "Employment Commencement Date" means
the date on which the Employee first performs an Hour of Service for the Employer.
(A) Excluded Employee
(1) An Employee is an Excluded Employee ifhis customary weekly employment with the
Employer is less than 29 hours. An Employee is an Excluded Employee if he is actively
participating (and "benefiting" within the meaning of Treas. Reg. SiAl O(b )-3) in another
qualified plan maintained by the Employer other than the Money Purchase Pension Plan and
Trust for Employees of the City of Winter Springs, Florida (hereinafter referred to as the
"Money Purchase Plan").
(2) If a Participant has not incurred a Separation from Service but becomes an Excluded
Employee, then during the period such a Participant is an Excluded Employee, the
Participant will not accrue a benefit under the Plan attributable to any period during which he
is an Excluded Employee. However, during such period of exclusion, the Participant,
without regard to employment classification, continues to receive credit for vesting under
Article VIII for each included Year of Service.
(3) If an Excluded Employee who is not a Participant becomes eligible to participate in
the Plan by reason of a change in employment classification, he will participate in the Plan
immediately ifhe has satisfied the eligibility conditions of Section 2.01 and would have been
a Participant had he not been an Excluded Employee. during his period of Service.
Furthermore, the Plan takes into account all of the Participant's included Years of Service
with the Employer as an Excluded Employee for purposes of vesting credit under Article
VIII.
(B) Employees with Non-Contributing Service. Any Employee who completed Years of Service
prior to adoption of Resolution No. 2003-44, but did not make contributions to this Trust Fund or to
the Money Purchase Plan, shall be credited with Years of Accrual Service upon payment of the
Required Participant Contributions due under this Plan and the required participant contributions due
under the Money Purchase Plan for such service.
2.02 Break in Service - Eligibility. For purposes of participation in the Plan, the Plan does
not apply any Break in Service rule.
2.1
"
2.03 Participation upon Re-employment. A Participant whose employment tenninates will
re-enter the Plan as a Participant on the date of his re-employment. An Employee who satisfies the
Plan's eligibility conditions but who tenninates employment with the Employer prior to becoming a
Participant will become a Participant on the later of the Plan Entry Date on which he would have
entered the Plan had he not tenninated employment or the date of his reemployment. Any Employee
who tenninates employment prior to satisfying the Plan's eligibility conditions becomes a Participant
in accordance with the provisions of Section 2.01.
* * * * * * * * * * * * * * *
2.2
ARTICLE III - EMPLOYER CONTRIBUTIONS
Part 1. Determination of Employer's Contributions.
3.01 Amount.
(A) The Employer intends to make such contributions as are necessary to fund the Plan on a
sound actuarial basis, in accordance with applicable law.
(B) The Employer contributes to this Plan on the condition its contribution is not due to a mistake
of fact. The Trustee, upon written request from the Employer, must return to the Employer the
amount of the Employer's contribution made by the Employer by mistake off act. The Trustee will
not return any portion of the Employer's contribution under the provisions of this paragraph more
than one year after the Employer made the contribution by mistake of fact. Furthermore, the Trustee
will not increase the amount of the Employer contribution returnable under this Section 3.01 for any
earnings attributable to the contribution, but the Trustee will decrease the Employer contribution
returnable for any losses attributable to it.
3.02 Determination of Contribution. The Employer, from its records and the reports of
the Actuary, will determine the amount of any contribution to be made by it to the Trust under the
terms of the Plan. In this regard, the Employer may place full reliance upon all reports, opinions,
tables, valuations, certificates and computations the Actuary furnishes the Employer.
3.03 Time of Payment of Contribution. The Employer shall m.ake its contribution to the
Trustee not less frequently than in quarterly installments. However, contributions shall be
considered timely if paid to the Trustee within 90 days of the date that such payments are due.
3.04 Nonvested Accrued Benefit. The Trustee will retain in the Trust all amounts
representing the nonvested Accrued Benefit of Participants who have terminated employment. The
Employer will not use forfeited benefits to increase the benefits of other Participants but instead will
use the amounts to reduce its contribution for future Plan Years.
Part 2. Limitations on Annual Benefits.
3.05 Limitation on Annual Benefit. A Participant's Annual Benefit payable at any time
within a Limitation Year may not exceed the limitations of this Section 3.05, even if the benefit
formula under the Plan would produce a greater Annual Benefit.
(A) Commencement between ages 62 and 65. A Participant's Annual Benefit payable at an age
not less that 62 nor greater than 65, may not exceed the lesser of $90,000 (or such larger dollar
amount as the Commissioner of Internal Revenue may prescribe) or 100% of the Participant's
average Compensation for his high 3 consecutive Years of Service.
(B) Commencement prior to age 62. If a Participant's Annual Benefit commences prior to his
attaining age 62, the Retirement Committee will adjust the $90,000 (or the larger adjusted dollar
3.1
~
amount) limitation of this Section 3.05 to the Actuarial Equivalent of an Annual Benefit equal to
such dollar limitation commencing at age 62. The Actuarial Equivalent under the immediately
preceding sentence may not be less than $75,000 in the event a Participant's Annual Benefit
commences at or after age 55. In the event a Participant's Annual Benefit commences prior to age
55, the Actuarial Equivalent will equal the greater of (1) the Actuarial Equivalent of a $75,000
Annual Benefit commencing at age 55 or (2) the Actuarial Equivalent of a $90,000 (or larger
adjusted dollar amount) Annual Benefit commencing at age 62. To determine the Actuarial
Equivalent under this paragraph, the Retirement Committee will use an interest rate assumption
equal to the greater of 5% per annum or the rate specified in Section 1.12 and the Applicable
Mortality Table.
(C) Commencement after age 65. If a Participant's Annual Benefit commences after his attaining
age 65, the Retirement Committee will adjust the $90,000 (or larger adjusted dollar amount)
limitation of this Section 3.05 to the Actuarial Equivalent of an Annual Benefit equal to such dollar
limitation commencing at age 65. To determine the Actuarial Equivalent under this paragraph, the
Retirement Committee will use an interest rate assumption equal to the lesser of 5% per annum or
the rate specified in Section 1.12 and the Applicable Mortality Table.
(D) [Reserved].
(E) Adjustment for Years ofServicelY ears of Participation Less Than 10. The $90,000 (or such
larger adjusted dollar amount) limitation described in this Section 3.05 applies to a Participant who
has completed at least 1 0 Years of Participation in the Plan. If a Participant has less than 10 Years
of Participation in the Plan at the time his benefits commence, the Retirement Committee will
multiply his dollar limitation by a fraction, the numerator of which is the number of Years of
Participation (including fractional years) in the Plan and t~e denominator of which is 10. The
reductions described in this paragraph will not reduce a Participant's maximum dollar limitation to
less than one-tenth of the maximum dollar limitation determined without regard to the reductions.
(F) Alternate Forms of Payment. If the Trustee pays the Participant's benefit in a fonn other than
an Annual Benefit, the benefit paid may not exceed the Actuarial Equivalent of the maximum
Annual Benefit payable as a straight life annuity. To determine the Actuarial Equivalent under this
paragraph, the Retirement Committee will use an interest rate assumption equal to the greater of 5%
per annum or the rate specified in Section 1.12 and the Applicable Mortality Table.
(G) Adjustments to Dollar Limitation. Any adjustment to the dollar limitation of this Section
3.05 does not take effect until the first day of the calendar year for which the Commissioner of
Internal Revenue publishes the adjustment. The new limitation will apply to the Limitation Year
ending with or within the calendar year for which the Commissioner of Internal Revenue makes the
adjustment.
(H) Application of Limitations. A Participant's Accrued Benefit payable at any time may not
exceed the applicable limitation under this Section 3.05. The Retirement Committee will apply the
limitations ofthis Section 3.05 (as reduced, if applicable, by Section 3.07) to the calculation ofthe
Participant's normal retirement pension prior to determining the Participant's Accrued Benefit.
3.2
3.06 Definitions - Article III. The definitions in this Section 3.06 apply to the limitation
provisions of Part 2 of Article III. For purposes of Article III, the following terms mean:
(A) General Definitions.
(1) Annual Benefit. The Participant's retirement benefit (including any portion of the
Participant's retirement benefit payable to an alternate payee under a qualified domestic
relations order satisfying the requirements of Code ~414(p)) attributable to Employer
contributions payable in the form of a straight life annuity or a qualified joint and survivor
annuity, with no ancillary benefits (other than the survivor annuity).
(2) Compensation. Total Compensation, as determined under Section 1.1 O(A).
(3) Limitation Year. The Plan Year. If the Employer amends the Limitation Year to a
different 12 consecutive month period, the new Limitation Year must begin on a date within
the Limitation Year for which the Employer makes the amendment, creating a short
Limitation Year.
(4) Annual Addition. Annual Additions are the following amounts allocated on behalf of
a Participant for a Limitation Year, under a defined contribution plan maintained by the
Employer: (i) all Employer contributions; (ii) all forfeitures; and (iii) all Employee
contributions. Except to the extent provided in Treasury regulations, Annual Additions
include excess contributions described in Code ~401(k), excess aggregate contributions
described in Code s401(m), irrespective of whether the plan distributes or forfeits such
excess amounts. Excess deferrals under Code S402(g) are not Annual Additions unless
distributed after the correction period described in Code ~402(g). Amounts allocated after
March 31, 1984, to an individual medical account (as defined in Code S415(1)(2)) included
as part of a defined benefit plan maintained by the Employer also are Annual Additions.
Furthermore, Alillual Additions include contributions paid or accrued after December 31,
1985, for taxable years ending after December 31, 1985, attributable to post-retirement
medical benefits allocated to the separate account of a key employee (as defined in Code
~419A(d)(3)) under a welfare benefit fund (Code s419(e)) maintained by the Employer. For
a Limitation Year, the Annual Additions allocated on behalf of any Participant, to all defined
contribution plans maintained by the Employer, may not exceed the Maximum Permissible
Amount. The "Maximum Permissible Amount" is the lesser of (I) $30,000 (or, if greater, the
$30,000 amount as adjusted under Code S415(d), or (II) 25% of the Participant's
Compensation for the Limitation Year. If there is a short Limitation Year because of a
change in Limitation Year, the Retirement Committee will multiply the $30,000 limitation
(or larger limitation) on Annual Additions by the following fraction:
Number of months in the short Limitation Year
12
3.3
(5) Applicable Mortality Table. The Applicable Mortality Table means the mortality
table specified in Code ~ 4l7(e)(3) and set forth in Revenue Ruling 95-6 (or any applicable
subsequent pronouncement issued by Internal Revenue Service.
(6) Year of Participation. A Year of Participation is a Year of Accrual Service, as
determined under Section 5.02, but only if the Plan is in existence for such Year of
Participation and the Participant is a Participant in the Plan at least one day in that Year of
Participation. If the Participant receives credit for only a partial Year of Participation under
Section 1.11, he will receive credit for only a partial year for purposes of the limitations of
this Article III. For any other defined benefit plan taken into account, A Year of Participation
is each accrual computation period for which: (a) the Participant receives credit for at least
the number of hours of service (or period of service, if the plan uses elapsed time) necessary
to accrue a benefit for that accrual computation period; and (b) the eligibility conditions of
the plan include the Participant as a participant in that plan on at least one day of that accrual
computation period. If the Employee satisfies the conditions described in clauses (a) and (b),
he will receive credit for a Year of Participation (or a partial Year of Participation, if
applicable) equal to the amount of benefit accrual service (computed to fractional parts ofa
year) credited under that plan for the accrual computation period. A Participant receives
credit for a Year of Participation under another defined benefit plan only if the plan was
established no later than the last day of the accrual ,computation period to which the Year of
Participation relates. The Participant will not receive credit for more than one Year of
Participation under this paragraph (6) with respect to the same 12-month period.
(7) Employer. The Employer that adopts this Plan and any employers aggregated with
the Employer pursuant to Code SS414(b), 414( c), 414(m) or 414(0). Solely for purposes of
applying the limitations of this Article III, the Retirement Committee will determine the
aggregated employers by modifying Code SS414(b) and (c) in accordance with Code
S415(h).
(8) Defined Benefit Plan. A retirement plan which does not provide for individual
accounts for Employer contributions. The Retirement Committee must treat as a single plan
all defined benefit plans maintained by the Employer, whether or not terminated.
(9) Defined Contribution Plan. A retirement plan which provides for an individual
account for each participant and for benefits based solely ort the amount contributed to the
participant's account, and any income, expenses, gains and losses, and any forfeitures of
accounts of other participants which the plan may allocate to such participant's account. The
Retirement Committee must treat as a single plan all defined contribution plans maintained
by the Employer, whether or not terminated. For purposes of the limitations of this Article
III, the Retirement Committee will treat employee contributions made to a defined benefit
plan (including this Plan) maintained by the Employer as a separate defined contribution
plan. The Retirement Committee also will treat as a defined contribution plan an individual
medical account (as defined in Code S415(1)(2)) included as part ofa defined benefit plan
maintained by the Employer and, for taxable years ending after December 31, 1985, a welfare
benefit fund under Code S4l9( e) maintained by the Employer to the extent there are post-
retirement medical benefits allocated to the separate account of a key employee (as defined in
Code ~419A(d)(3)).
3.4
(B) Definitions Reiating to Defined Benefit and Defined Contribution Pian Limitation.
(1) Defined Benefit Plan Fraction. The defined benefit plan faction is the Participant's
Projected Annual Benefit divided by the Overall DB limitation.
(a) The "Projected Annual Benefit" means the annual retirement benefit (adjusted to an
actuarially equivalent straight life annuity ifthe plan expresses such benefit in a form other
than a straight life annuity or qualified joint and survivor annuity) of the Participant under the
terms of the defined benefit plan assuming he continues employment until his normal
retirement age (or current age, iflater) as stated in the defined benefit plan, his compensation
continues at the same rate as in effect in the Limitation Year under consideration until the
date of his normal retirement age and all other relevant factors used to determine benefits
under the defined benefit plan remain constant as of the current Limitation Year for all future
Limitation Years.
(b) The "Overall DB Limitation" is the lesser of (i) 125% of the dollar limitation in effect
under Code ~415(b)(1)(A) for the Limitation Year, or (ii) 140% of the Participant's average
Compensation for his high 3 consecutive Years of Service. The Overall DB Limitation
assumes the Participant has at least 10 Years of Service or the Retirement Committee will
have at least 10 Years of Service at Normal Retirement Age. To determine whether the
Participant will have at least 10 Years of Service, the Retirement Committee may indude the
year in which the Participant reaches Normal Retirement Age, but only if it reasonable to
anticipate he will receive credit for a Year of Service in that year. If a Participant fails to
satisfY this 10 Years of Service requirement, the Retirement Committee will reduce the
denominator of the Participant's Overall DB Limitation in the same manner as described
under Section 3.05(E) with respect to reductions for less than 10 Years of Service. If the
Participant's Current Accrued Benefit (as described in Section 3.05) exceeds the applicable
dollar limitation in effect under Code ~415(b)(1 )(A), the Participant's Overall DB Limitation
may not be less than 125% of that Current Accrued Benefit.
(2) Defined Contribution Plan Fraction. The defined contribution plan fraction is the
Participant's Aggregate Annual Additions divided by the Overall DC Limitation.
(a) The "Aggregate Annual Additions" equal the sum, as of the dose of the Limitation
Year, of the Annual Additions to the Participant's Account under the defined contribution
plan(s).
(b) The "Overall DC Limitation" is the sum of the lesser of the following amounts
determined for the Limitation Year and for each prior Year of Service with the Employer: (i)
125% of the dollar limitation in effect under Code ~415(c)(1)(A) for the Limitation Year
(determined without regard to the special dollar limitations for employee stock ownership
plans), or (ii) 35% of the Participant's Compensation for the Limitation Year.
* * * * * * * * * * * * * * *
3.5
ARTICLE IV - PARTICIPANT CONTRIBUTIONS
4.01 Required Participant Contributions. The Plan did not permit nor require Participant
Contributions prior to October 1, 2000. Effective October I, 2000, each Participant is required to
contribute 3% of Compensation to the Plan, which contribution shall be considered the Required
Participant Contribution. The required participant contribution shall be deducted from each
Participant's Compensation whenever such Compensation is paid, and remitted to the Trustee.
Required participant contributions shall be considered an Employer "pick-up" contribution and shall
be designated as employer contributions pursuant to Section 414(h) of the Internal Revenue Code,
contingent upon the contributions being excluded from the Participant's gross income for federal
income tax purposes. For all other purposes of this Plan, such contributions shall be considered
Participant contributions.
4.02 Direct Transfers of Eligible Rollover Distributions.
. (A) General. This section applies to distributions made on or after October I, 2002.
Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's
election under this section, a distributee may elect, at the time and in the manner prescribed by the
board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement
plan specified by the distribute in a direct rollover.
(B) Definitions.
(1) "Eligible rollover distribution" is any distribution of all or any portion of the balance
to the credit of the distributee, except that an eligible rollover distribution does not include:
any distribution that is one of a series of substantially equal periodic payments (not less
frequently than annually) made for the life (or life expectancy) of the distribute or the joint
lives (or joint life expectancies) of the distribute and the distributee's designated Beneficiary,
or for a specified period often years or more; any distribution to the extent such distribution
is required under section 40 I (a)(9) of the Code; and the portion of any distribution that is not
includible in gross income. Any portion of any distribution which would be includible in
gross income will be an eligible rollover distribution if the distribution is made to an
individual retirement account described in section 408(a), to an individual retirement annuity
described in section 408(b) or to a qualified defined contribution plan described in section
401(a) or 403(a) that agrees to separately account for amounts so transferred, including
separately accounting for the portion of such distribution which is not so includible.
(2) "Eligible retirement plan" is an individual retirement account described in section
408( a) of the Code, an individual retirement annuity described in section 408(b) of the Code,
an annuity plan described in section 403(a) ofthe Code, an eligible deferred compensation
plan described in section 457(b) of the Code which is maintained by an eligible employer
described in section 457(e)(1)(A) of the Code and which agrees to separately account for
amounts transferred into such plan from this Plan, an annuity contract described in section
403(b) ofthe Code, or a qualified trust described in section 401 (a) ofthe Code, that accepts
4.1
the distributee's eligible rollover distribution. This definition shall also apply in the case of
an eligible rollover distribution to the surviving spouse.
(3) "Distributee" includes an employee or former employee. In addition, the employee's
or former employee's surviving spouse is a distributee with regard to the interest of the
spouse.
(4) "Direct rollover" is a payment by the Plan to the eligible retirement plan specified by
the distributee.
(C) RolIovers or Transfers into the Fund. On or after the effective date of Resolution No. 2003-
44, the fund will accept member rollover cash contributions and/or direct cash rollovers of
distributions for the purchase of permissive service credit under the Plan, as follows:
(I) Direct Rollovers or Member Rollover Contributions from Other Plans. The Plan will
accept either a direct rollover of an eligible rollover distribution or a member contribution of
an eligible rollover distribution from a qualified plan described in section 403 (a) of the Code,
from an annuity contract described in section 403(b) ofthe Code, or from an eligible plan
under section 457(b) of the Code, which is maintained by a state, political subdivision of a
state, or any agency or instrumentality of a state or political subdivision of a state.
(2) Member Rollover Contributions from 401 (a) Plans and lRAs. The Plan will accept a
member rollover contribution of the portion of a distribution from qualified plan described in
section 401 (a) ofthe Code, or from an individual retirement account or annuity described in
section 408( a) or 408(b) ofthe Code, that is eligible to be rolled over and would otherwise be
includible in the member's gross income.
4.03 Participant Account Balance Transferred from Money Purchase Pension Plan. A
Participant's account balance transferred from the Money Purchase Pension Plan and Trust for
Employees of the City of Winter Springs pursuant to Resolution No. 2003-44, shall become an
integral part of this Trust Fund; provided that such account balance, plus interest at a rate equal to the
interest rate on 30-year Treasury securities as published in the Internal Revenue Bulletin determined
as of the calendar month preceding the first day of the Plan year, and effective October 1, 2003, a
rate equal to the U.S. Treasury Department long-term average rate published on the last day of the
calendar month preceding the first day of the Plan year, or such other rate that may be approved by
the U.S. Treasury Department to replace the 30-year Treasury bond rate as a benchmark for
calculating lump sum payouts from defined benefit plans, shall be part of the Accrued Benefit
payable to a Participant upon normal retirement, except as reduced in accordance with Section 8.05.
* * * * * * * * * * * * * * *
4.2
ARTICLE V - NORMAL RETIREMENT BENEFIT
5.01 Normal Retirement AgelNormal Retirement Date.
(A) Normal Retirement Age. An Employee attains Normal Retirement Age on the date he attains
age 65.
(B) Normal Retirement Date. A Participant's Normal Retirement Date is the first day of the
month following the Participant's attainment of Normal Retirement Age. Each Participant who
retires on or after attaining the Normal Retirement Date receives a normal retirement pension.
5.02 Amount of Normal Retirement Pension/Accrued Benefit. The Annual Benefit
limitations of Article III apply to the determination of a Participant's normal retirement pension and
Accrued Benefit in the manner prescribed in Section 3.05(H).
(A) Normal Retirement Pension.
(1) Benefit Formula. A Participant's normal retirement pension equals 2% of the
Participant's Average Compensation multiplied by his Years of Accrual Service for service
prior to October 1,2000, and 3% of the Participant's Average Compensation multiplied by
his Years of Accrual Service for service on and after October 1,2000. Such pension will be
adjusted for any distribution in accordance with Section 8.05. The maximum number of
Years of Accrual Service taken into account in the normal retirement pension is 30, counting
forward from the date of initial participation to include any purchased past service.
(2) Average Compensation. Average Compensation is the average of the Participant's
Plan Compensation for the Averaging Period in the Participant's Compensation History
which results in the highest Average Compensation. A Participant's Compensation History is
the Participant's entire period of employment with the Employer. The Averaging Period is 3
consecutive Compensation periods (or the entire period of employment, if shorter). A
Compensation period is the 12-month period ending on the last day of the Plan Year.
(B) Accrued Benefit. Subject to the Annual Benefit limitations of Article III, a Participant's
Accrued Benefit is the normal retirement pension accrued by the Participant under the accrual
formula provided in this paragraph (B).
(1) Method of Accrual. As of any date, a Participant's Accrued Benefit is his normal
retirement pension calculated as of the determination date, based on the Years of Accrual
Service credited as of such date.
(2) Year of Accrual Service. Years of Accrual Service are Years of Service as
determined under Section 8.06, including Years of Service completed prior to his
participation in the Plan. Any Employee who completed Years of Service prior to the
adoption of Resolution No. 2003-44 but did not make contributions to this Trust Fund or to
the Money Purchase Pension Plan shall be credited with Years of Accrual Service upon
5.1
payment of the Required Participant Contributions due under this Plan and the required
participant contributions due under the Money Purchase Pension Plan for such service.
Years of Accrual Service also include "Years of Qualified Service". Years of Qualified
Service means any or all years of service performed by the Participant as an employee of the
Government of the United States, any State or political subdivision thereof or any agency or
instrumentality of any of the foregoing, other than the Employer, but only if all of the
following conditions are satisfied:
(a) the Participant makes a voluntary contribution to the Plan, in an amount
necessary to fund the benefit attributable to such Years of Qualified Service (as
determined by the actuary for the Plan, utilizing the actuarial definitions used for plan
funding purposes) and which does not exceed the amount necessary to fund the
benefit attributable to such Years of Quali fied Service:
(b) the Pa11icipant makes the voluntary contribution described in paragraph (a)
above, in one lump sum payment to the Plan prior to receiving credit for such Years
of Qualified Service:
(c) the Participant's Accrued Benefit is either 100% Nonforfeitable at the time he
makes the voluntary contribution described in paragraph (a) above or will become
100% Nonforfeitable immediately after receiving credit for such Years of Qualified
Service: and
(d) the crediting of such Years of Qualified Service must not cause the
Participant to receive a retirement benefit for the same Years of Qualified Service
under more than one retirement plan.
5.03 Normal Form of Benefit. The Retirement Committee will compute a Participant's
normal retirement pension in the form of a straight life annuity. The Trustee will pay the
Participant's normal retirement pension in accordance with Article X.
5.04 Late Retirement.
(A) Actuarial Adjustment for Delayed Commencement/Accrual of Benefits After Normal
Retirement Date. A benefit commencing after Normal Retirement Date is the Actuarial Equivalent
of the Participant's Accrued Benefit payable as of the later of Normal Retirement Date or the last day
of the prior Plan Year. A Participant continues to accrue benefits after his Normal Retirement Date
if the Participant's Accrued Benefit would increase because of additional Service or Compensation.
A Participant's Accrued Benefit as of the end of each Plan Year following his Normal Retirement
Date is the greater of: (1) the normal retirement pension determined under the Plan, taking into
account Service and Compensation credited after Normal Retirement Date; or (2) the Accrued
Benefit, determined as of the later of Normal Retirement Date or the end of the prior Plan Year,
actuarially adjusted for late retirement.
* * * * * * * * * * * * * * *
5.2
ARTICLE VI - EARLY RETIREMENT PENSION
6.01 Eligibility for Early Retirement Pension. A Participant who has received credit for at
least I 0 Years of Service (as defined in Section 8.06) and has attained age 55 may elect an early
retirement pension. A Participant who separates from service after satisfying the service requirement
but not the age requirement may elect to receive an early retirement pension upon satisfying the age
requirement. In addition, a Participant who has completed 25 Years of Service (as defined in Section
8.06) may elect an early retirement pension. A Participant's early retirement pension is his
Nonforfeitable Accrued Benefit payable at Normal Retirement Date without actuarial reduction for
early commencement but only ifbenefits commence on or after the Participant attains age 55. If an
eligible Participant elects to commence his early retirement pension prior to attaining age 55, such
Participant's early retirement pension is the Actuarial Equivalent of his Nonforfeitable Accrued
Benefit payable at age 55.
6.02 Payment of Early Retirement Pension.
(A) If the present value ofthe Participant's early retirement pension does not exceed $3,500, the
Trustee will automatically pay the early retirement pension in lump sum, as soon as administratively
practicable after the Participant's Separation from Service or, iflater, after the Participant satisfies the
eligibility requirements for ~m early retirement pension.
(B) Ifthe present value of the Participant's early retirement pension exceeds $3,500, the Trustee
will pay the early retirement pension in the form and as of the date elected by the Participant. A
participant may elect to commence his early retirement pension as of the first day of any month
during the period he is eligible for the early retirement pension and after he has separated from
Service. If the Participant fails to designate a distribution date, then the Trustee will commence
payment of the early retirement pension in accordance with Article X.
* * * * * * * * * * * * * * *
6.1
ARTICLE VII - DISABILITY PENSION
7.0] Disability Pension. The Plan does not provide a disability pension. Disability
benefits are provided under the Employer's long term disability program.
* * * * * * * * * * * * * * *
7.1
ARTICLE VIII - DEFERRED VESTED PENSION - DEATH BENEFIT
8.01 Deferred Vested Pension. A Participant who, prior to his Nonnal Retirement Date,
tenninates employment for any reason other than death, or eligibility for an early retirement pension,
will receive a deferred vested pension (assuming the Accrued Benefit of such Participant is not
entirely forfeitable).
8.02 Amount of Deferred Vested Pension. The Participant's deferred vested pension is the
Actuarial Equivalent of his Nonforfeitable Accrued Benefit payable at Normal Retirement Date.
8.03 Payment of Deferred Vested Pension.
(A) If the present value ofthe Participant's deferred vested pension does not exceed $3,500, the
Trustee will automatically pay the deferred vested pension in lump sum, as soon as administratively
practicable following the Participant's Separation from Service. In no event may the distribution
occur later than the 60th day following the close of the Plan Year in which the Participant attains
Normal Retirement Age.
(B) If the present value of the Participant's deferred vested pension exceeds $3,500, the Trustee
will pay the deferred vested pension in the form elected by the Participant. A Participant may elect
to commence his deferred vested pension after the Participant's Normal Retirement Date. If the
Participant fails to elect a distribution date, then the Trustee will commence payment of the deferred
vested pension in accordance with Article X.
8.04 Pre-Retirement Death Benefit. If a Participant dies prior to commencement of
a normal retirement pension, deferred vested pension or early retirement pension, his Beneficiary
will receive a death benefit equal to the present value of the Participant's Nonforfeitable Accrued
Benefit. The Trustee will make payment, or commence payment, of the deceased Participant's death
benefit in accordance with Articles IX and X.
8.05 Vesting Schedule.
(A) 100% Vesting Upon Certain Events. A Participant's Accrued Benefit is 100% Nonforfeitable
upon and after his attaining Normal Retirement Age (if employed on or after that date). A
Participant's Accrued Benefit is 100% Nonforfeitable if the Participant's separation from Service is a
result of death, disability or eligibility for an early retirement pension.
(B) 100% Vesting of Required Participant Contributions. Each Participant is immediately 100%
vested with respect to his Required Participant Contributions. A Participant is entitled to receive a
return of his Required Participant Contributions, contributed while a participant under the money
purchase plan prior to October 1, 2000, upon termination of employment, together with simple
interest at a rate equal to the interest rate on 30-year Treasury securities as published in the Internal
Revenue Bulletin determined as of the calendar month preceding the first day of the Plan year, and
effective October I, 2003, a rate equal to the U.S. Treasury Department long-term average rate
8.1
published on the last day of the calendar month preceding the first day of the Plan year, or such other
rate that may be approved by the U.S. Treasury Department to replace the 30-year Treasury bond rate
as a benchmark for calculating lump sum payouts from defined benefit plans, in lieu of any other
benefit under the Plan. The amount received as a distribution by the Participant shall be used to
reduce the accrued benefit, if any, at his normal retirement date. Required Participant contributions
contributed on and after October 1, 2000 are 100% vested and shall be included in the deferred
vested benefit payable to the Participant upon normal retirement date.
(C) Vesting Schedule. Subject to Section 8.05(A) and Section 8.05(B), a Participant's
Nonforfeitable percentage in his Accrued Benefit equals the percentage in the following schedule:
Years of Service
Nonforfeitable
Percentage
Less than 3 ......................................................... None
3 .........................................................................20%
4 . .. ... . .. ..... .. . ....... .. .... ... ...... .. .... ............. . . .. ...... ..... 40%
5 ... .. . ..... .. .. .. . ...... . . ............... ... . .. . ... ..... .... .. ........... 600/0
6 ......................................................................... 800/0
7 or more ............................................................100%
(D) Amendment to Vesting Schedule. Though the Employer reserves the right to amend the
vesting schedule at any time, the Retirement Committee will not apply the amended vesting schedule
to reduce the Nonforfeitable percentage of any Participant's Accrued Benefit derived from Employer
contributions (detennined as of the later ofthe date the Employer adopts the amendment, or the date
the amendment becomes effective) to a percentage less than the Nonforfeitable percentage computed
under the Plan without regard to the amendment. An amended vesting schedule will apply to a
Participant only if the Participant receives credit for at least one Hour of Service after the new
schedule becomes effective.
If the Employer makes a permissible amendment to the vesting schedule, each Participant
having at least 3 Years of Service with the Employer may elect to have the percentage of his
Nonforfeitable Accrued Benefit computed under the Plan without regard to the amendment. The
Participant must file his election with the Retirement Committee within 60 days of the latest of(1)
the Employer's adoption of the amendment; (2) the effective date of the amendment; or (3) his
receipt of a copy of the amendment. The Retirement Committee, as soon as practicable, must
forward a true copy of any amendment to the vesting schedule to each affected Participant, together
with an explanation ofthe effect of the amendment, the appropriate fonn upon which the Participant
may make an election to remain under the vesting schedule provided under the Plan prior to the
amendment and notice of the time within which the Participant must make an election to remain
under the prior vesting schedule. The vesting schedule election does not apply to a Participant if the
amended vesting schedule provides for vesting at least as rapid at all times as the vesting schedule in
effect prior to the amendment.
(E) Forfeiture for Cause. The Plan does not permit a forfeiture for cause.
8.2
8.06 Year of Service - Vesting. For purposes of vesting under Section 8.05, Year of
Service means any Plan Year during which an Employee completes not less than 1,000 Hours of
Service. A Year of Service includes any Year of Service earned prior to the Effective Date of the
Plan, except as provided in Section 8.08. .
8.07 Break in Service - Vesting. For purposes of this Article VIII, a Participant incurs a
"Break in Service" if during any Plan Year he does not complete more than 500 Hours of Service
with the Employer.
8.08 Included Years of Service - Vesting. For purposes of determining "Years of Service"
under Section 8.06, the Plan takes into account all Years of Qualified Service credited to a
Participant pursuant to Section 5.02(B) and all Years of Service an Employee completes with the
Employer except:
(A) Any Year of Service completed before a Break in Service, unless the Employee completes a
Year of Service after the Break in Service. This Break in Service rule will not operate to recredit any
Year of Service disregarded under clause (B).
(B) Any Year of Service completed before a Break in Service ifthe number ofthe Participant's
consecutive Breaks in Service equals of exceeds the greater of 5 or the aggregate number of the
Years of Service prior to the Break. This Break in Service rule applies only ifthe Participant is 0%
vested in his Accrued Benefit derived from Employer contributions at the time he has a Break in
Service. Furthermore, the aggregate number of Years of Service before a Break in Service does not
include any Years of Service not required to be taken into account under this exception by reason of
any prior Break in Service. If the Retirement Committee Retirement Committee disregards the
Participant's Years of Service under this exception, the Plan forfeits his pre-Break in Service
Accrued Benefit.
(C) Any Year of Service before the Plan Year in which the Participant attained the age of 18.
8.09 Disregard of Accrued Benefit.
(A) Cash-Out Distribution. If a partially-vested Participant receives a cash-out payment of his
entire Nonforfeitable Accrued Benefit, the Retirement Committee will disregard the Participant's
Accrued Benefit determined as of the date of the cash-out distribution. A partially-vested Participant
who is re-employed by the Employer after receiving a cash-out distribution has the right to repay the
Trustee the Employer derived portion of the cash-out distribution he received, provided his
repayment right has not expired. The Participant's repayment must include interest at the rate
determined under Code S411(c)(2)(C) (or under a successor to that Code section), calculated from
the date of the cash-out distribution. A Participant's right to make repayment expires on the earlier
of: (1) the date 5 years after the Participant's first re-employment date with the Employer following
the cash-out distribution; or (2) the last day of the first Break in Service Period ending after the cash-
out distribution. A Break in Service Period is a period of 5 consecutive Plan Years in which the
Participant incurs a Break in Service.
8.3
(B) Restoration of Accrued Benefit. If, prior to the expiration of the repayment period, a
re-employed Participant makes repayment in accordance with the terms of this Section 8.09, the
Retirement Committee will restore the Participant's Accrued Benefit disregarded under this Section
8.09.
(C) 0% Vested Participant. A 0% vested Participant is a Participant whose Accrued Benefit is
entirely forfeitable at the time of his Separation from Service. Under the deemed cash-out rule, the
Retirement Committee will treat the 0% vested Participant as having received a cash-out distribution
on the date of the Participant's Separation from Service. For purposes of applying the restoration
provisions of this Section 8.09, the Retirement Committee will treat the 0% vested Participant as
repaying his cash-out "distribution" (plus the required interest) on the first date of his re-employment
with the Employer.
* . * . * * * * * * * * * * * *
8.4
ARTICLE IX - PRERETIREMENT SURVIVOR ANNUITY
9.01 Preretirement Survivor Annuity - Eligibility. If a mamed Participant dies prior to his
annuity starting date, the Retirement Committee will direct the Trustee to distribute to the
Participant's surviving spouse a preretirement survivor annuity, unless the Participant has a valid
waiver election (as described in Section 9.02) in effect, or unless the Participant and his spouse were
not mamed throughout the one year period ending on the date of his death.
(A) Preretirement Survivor Annuity - Defined. A preretirement survivor annuity is a straight life
annuity, payable no less frequently than annually, for the life of the surviving spouse.
(B) Present Value Not Greater Than $3,500. If the present value of the preretirement survivor
annuity is not greater than $3,500, the Trustee will automatically make the distribution in a lump
sum, in lieu of the preretirement survivor annuity. The distribution must occur on or before the
annuity starting date.
. (C) Surviving Spouse Elections. If the present value of the preretirement survivor annuity
exceeds $3,500, the Participant's surviving spouse may elect to have the Trustee commence payment
of the preretirement survivor annuity as of the first day of any month following the Participant's
death, but not later than the applicable mandatory distribution period described in Article X. A
surviving spouse also may elect any form of payment described in Article X, in lieu of the
preretirement survivor annuity (other than a joint and survivor annuity). In the absence of an election
by the surviving spouse, the Retirement Committee will direct the Trustee to distribute the
preretirement survivor annuity as soon as administratively practicable following the close of the Plan
Year in which the latest of the following events occurs: (I) the Participant's death; (2) the date the
Retirement Committee receives notification of or otherwise confirms the Participant's death; or (3)
the date the Participant would have attained Normal Retirement Age.
(D) Special Rules. If the Participant's surviving spouse dies prior to the commencement of the
preretirement survivor annuity, the Plan will not pay the preretirement survivor annuity and the
Retirement Committee will determirie the Participant's death benefit pursuant to Section 8.04.
9.02 Waiver Election - Preretirement Survivor Annuity.
(A) Explanation of Waiver. The Retirement Committee must provide a written explanation of
the preretirement survivor annuity to each manied Participant, within the following period which
ends last: (1) the period beginning on the first day of the Plan Year in which the Participant attains
age 32 and ending on the last day ofthe Plan Year in which the Participant attains age 34; or (2) a
reasonable period after an Employee becomes a Participant. A reasonable period described in clause
(2) is the period beginning one year before and ending one year after the Employee becomes a
Participant. If the Participant separates from Service before attaining age 35, clauses (1) and (2) do
not apply and the Retirement Committee must provide the written explanation within the period
beginning one year before and ending one year after the separation from Service. The written
explanation must describe, in a manner consistent with Treasury regulations, the terms and
conditions of the preretirement survivor annuity comparable to the explanation ofthe qualified joint
9.1
and survivor annuity required under Article X. The Plan does not limit the number of times the
Participant may revoke a waiver of the preretirement survivor annuity or make a new waiver during
the election period.
(B) Waiver Requirements. A Participant's waiver election ofthe preretirement survivor annuity
is not valid unless (1) the Participant makes the waiver election no earlier than the first day of the
Plan Year in which he attains age 35 and (2) the Participant's spouse (to whom the preretirement
survivor annuity is payable) satisfies the consent requirements described in Article X, except the
spouse need not consent to the form of benefit payable to the designated Beneficiary. The spouse's
consent to the waiver of the preretirement survivor annuity is irrevocable, unless the Participant
revokes the waiver election. Irrespective of the time of election requirement described in clause (l),
if the Participant separates from Service prior to the first day of the Plan Year in which he attains age
35, the Retirement Committee will accept a waiver election as respects the Participant's Accrued
Benefit attributable to his Service prior to his separation from Service. Furthermore, if a Participant
who has not separated from Service makes a valid waiver election, except for the timing requirement
of clause (l), the Retirement Committee will accept that election as valid, but only until the first day
of the Plan Year in which the Participant attains age 35. A waiver election described in this
paragraph is not valid unless made after the Participant has received the written explanation
described in this Section 9.02.
9.03 Reduction of Pension Benefits. The Trustee will not reduce a Participant's pension
benefits as a result of the preretirement survivor annuity coverage required under Section 9.01. The
Employer alone bears the cost of providing the preretirement survivor annuity.
* * * * * * * * * * * * * * *
9.2
ARTICLE X - PAYMENT OF ACCRUED BENEFIT _
OPTIONAL FORMS OF PAYMENT
10.0 I Form of Benefit. Subject to the requirements of Section 10.02, the Retirement
Committee will direct the Trustee to pay a Participant his Nonforfeitable Accrued Benefit in a form
permitted under Section 10.05. Annuity payments will continue until the last scheduled payment
coincident with or immediately preceding the date of the Participant's death or, if applicable, the date
of his survivor's death.
(A) Consent. A Participant must consent, in writing, to any distribution described in this Article
X if the present value of the Participant's Nonforfeitable Accrued Benefit exceeds $3,500, and the
distribution commences prior to the Participant's attaining Normal Retirement Age. Furthermore, the
Participant's spouse also must consent, in writing, to any distribution for which Section 10.02
requires the spouse's consent. For purposes of the consent requirements under this Article X, if the
present value of the Participant's Nonforfeitable Accrued Benefit, at the time of any distribution,
exceeds $3,500, the Retirement Committee will treat that present value as exceeding $3,500 for
purposes of all subsequent Plan distributions to the Participant. .
(B) Annuity starting date/distribution date. The term "annuity starting date" means: (1) the first
day of the first period for which the Plan pays an amount as an annuity; or (2) for a distribution in
any other form, the date of the distribution; A distribution date is the date as of which the Plan
requires distribution or as of the date which the Participant (or Beneficiary) may elect to commence
distribution.
(C) Direct Rollover of Eligible Rollover Distribution. For distributions made after December 31,
1992, a Participant may elect, at the time and in the manner prescribed by the Retirement Committee,
to have any portion of his eligible rollover distribution paid directly to an eligible retirement plan
specified by the Participant in a direct rollover designation. For purposes of this Section 10.01 (C), a
. Participant includes a Participant's surviving spouse and the Participant's spouse or former spouse
who is an alternate payee under a qualified domestic relations order.
The following definitions apply to this Section 10.01 (C):
(1) Eligible rollover distribution. An eligible rolJover distribution is any distribution of
all or any portion of the balance to the credit of the Participant, except an eligible rollover
distribution does not include: any distribution which is one of a series of substantially equal periodic
payments (not less frequently than annually) made for the life (orlife expectancy) of the Participant
or the joint lives (or joint life expectancies) of the Participant and the Participant's designated
beneficiary, or for a specified period of ten years or more; any distribution to the extent required
under Code ~40 I (a)(9); and the portion of any distribution which is not includible in gross income
(determined without regard to the exclusion of net unrealized appreciation with respect to employer
securi ti es ).
10.1
(2) Eligible retirement plan. An eligible retirement plan is an individual retirement
account described in Code 9408(a), an individual retirement annuity described in Code ~40 I (b), an
annuity plan described in Code 9403(a), or a qualified trust described in Code s401(a), which
accepts the Participant's eligible rollover distribution. However, in the case of an eligible rollover
distribution to the surviving spouse, an eligible retirement plan is an individual retirement account or
individual retirement annuity.
(3) Direct rollover. A direct rollover is a payment by the Plan to the eligible retirement
plan specified by the distributee.
10.02 Qualified Joint and Survivor Annuity.
(A) Payment of Annuity Form. The Retirement Committee must direct the Trustee to distribute a
married or unmarried Participant's Nonforfeitable Accrued Benefit in the form of a qualified joint
and survivor annuity, unless the Participant makes a valid waiver election (described in Section
10.04) prior to the annuity starting date. If, as ofthe annuity starting date, the Participant is married,
a qualified joint and survivor annuity is an immediate annuity payable for the life of the Participant
and a survivor annuity payable for the remaining life of the Participant's surviving spouse which is
50% of the amount of the. annuity payable during the life of the Participant. If, as of the annuity
starting date, the Participant is not married, a qualified joint and survivor annuity is an immediate life
annuity for the Participant. The qualified joint and survivor annuity will be the Actuarial Equivalent
of the Participant's Nonforfeitable Accrued Benefit and will provide monthly payments. The
Participant may elect to have annuity payments less frequently than monthly, but not less frequently
than annually.
(B) Present Value Not Greater Than $3,500. If the present value of the Participant's Accrued
Benefit is not greater than $3,500, the Trustee will automatically pay the Participant's pension in a
lump sum, in lieu of a qualified joint and survivor annuity. The distribution must occur on or before
the annuity starting date. Thc consent requirements of this Article X do not apply to a Participant
subject to this paragraph.
10.03 Commencement of Benefits. The Retirement Committee must direct the Trustee to
commence distribution of benefits in accordance with this Section 10.03, subject to the mandatory
distribution requirements of Section 10.06.
(A) Distribution to Participant Who Separates from Service Before Normal Retirement Date. The
Retirement Committee will direct the Trustee to commence distribution of the Participant's
Nonforfeitable Accrued Benefit in accordance with Article VI, VII or VIII, whichever applies.
(B) Distribution to Participant Who Separates from Service After Normal Retirement Date. The
Retirement Committee will direct the Trustee to commence distribution to the Participant:
(1) Present Value of Normal Retirement Pension Not Exceeding $3,500. In lump sum, as
soon as administratively practicable following the Participant's separation from Service, but
10.2
not later than the 60th day following the close ofthe Plan Year in which that separation from
Service occurs.
(2) Present Value of Normal Retirement Pension Exceeds $3,500. In the form and at the
time elected by the Participant, as permitted under this Article X. The Participant may elect
to commence distribution as soon as administratively practicable following separation from
Service or as of the first day of any subsequent month.
(C) Failure of Participant To Make an Election. Where the Participant has the right to elect the
form and timing of his pension, but has failed to make an election, the Retirement Committee will
direct the Trustee to commence distribution of the Participant's pension, in the form prescribed by
Section 10.02, as soon as administratively practicable following the later of: (I) the Participant's
attainment of Normal Retirement Age; or (2) the Participant's separation from Service. If, pursuant
to the Plan, the latest distribution date available to the Participant occurs earlier than the mandatory
distribution date described.in this Section 1O.03(C), the Retirement Committee will satisfy this
distribution requirement by purchasing, as soon as administratively practicable after the latest
applicable distribution date, a deferred Nontransferable Annuity which will commence the
Participant's pension at the mandatory distribution date.
(D) Notice to Participant. At least 30 days before the Participant's annuity starting date, the
Retirement Committee must provide a benefit notice to a Participant who is eligible to make a
distribution election under the Plan. The benefit notice must explain the optional forms of benefit in
the Plan, including the material features and relative values of those options, and the Participant's
right to defer distribution until he attains Normal Retirement Age.
(E) Death ofthe Participant. If the Participant had commenced distribution prior to his death, the
Retirement Committee will direct the Trustee to make distribution to the Participant's Beneficiary in
accordance with the distribution method in effect at the time of death. If the deceased Participant
had not commenced distribution, the Retirement Committee will direct the Trustee to distribute the
Participant's death benefit in accordance with paragraph (1) or paragraph (2), whichever applies,
subject to the requirements of Article IX.
(1) Present Value of Death Benefit Does Not Exceed $3,500. In lump sum, as soon as
administratively practicable following the date on which the Retirement Committee receives
notification of or otherwise confirms the Participant's death.
(2) Present Value of Death Benefit Exceeds $3,500. In the form and at the time elected
by the Participant or, if applicable by the Beneficiary, as permitted under this Article X.
Unless otherwise elected by the Participant and to the extent permitted under Section 10.06, a
Beneficiary may elect to commence distribution of the Participant's death benefit as of the
first day of any month following the date the Retirement Committee receives notification of
or otherwise confirms the Participant's death. In addition to the other forms of distribution
available under this Article X, and to the extent permitted under Section 10.06, a Beneficiary
may elect to receive the Participant's death benefit in monthly, quarterly or annual
10.3
installments over a 5 year period, unless the Participant elected otherwise. In the absence of
an election, the Retirement Committee will direct the Trustee to distribute the Participant's
death benefit in five annual installment payments commencing as soon as administratively
practicable following the end of the Plan Year that the Retirement Committee receives
notification of or otherwise confirms the Participant's death.
10.04 Waiver Election - Qualified Joint and Survivor Annuity.
(A) Explanation of Waiver. At least 30 days before the Participant's annuity starting date, the
Retirement Committee must provide the Participant a written explanation of the terms and conditions
of the qualified joint and survivor annuity, the Participant's right to make, and the effect of, an
election to waive the joint and survivor form of benefit, the rights of the Participant's spouse
regarding the waiver election and the Participant's right to make, and the effect of, a revocation of a
waiver election. The Plan does not limit the number oftimes the Participant may revoke a waiver of
the qualified joint and survivor annuity or make a new waiver during the election period.
(B) Waiver Requirements. A married Participant's waiver election is not valid unless (1) the
Participant's spouse (to whom the survivor annuity is payable under the qualified joint and survivor
annuity), after the Participant has received the written explanation described in this Section, has
consented in writing to the waiver election, the spouse's consent acknowledges the effect of the
election, and a notary public or the Plan Administrator (or his representative) witnesses the spouse's
consent, (2) the spouse consents. to the alternate form of payment designated by the Participant or to
any change in that designated form of payment, and (3) unless the spouse is the Participant's sole
primary Beneficiary, the spouse consents to the Participant's Beneficiary designation or to any
change in the Participant's Beneficiary designation. The spouse's consent to a waiver of the qualified
joint and survivor annuity is irrevocable unless the Participant revokes the waiver election. The
spouse may execute a blanket consent to any form of payment designation or to any Beneficiary
designation made by the Participant, if the spouse acknowledges the right to limit that consent to a
specific designation but, in writing, waives that right.
The Retirement Committee may accept as valid a waiver election which does not satisfy the
spousal consent requirements if the Retirement Committee establishes the Participant does not have
a spouse, the Retirement Committee is not able to locate the Participant's spouse, the Participant is
legally separated or has been abandoned (within the meaning of State law) and the Participant has a
court order to that effect, or other circumstances exist under which the Secretary of the Treasury will
excuse the consent requirement. If the Participant's spouse is legally incompetent to give consent,
the spouse's legal guardian (even if the guardian is the Participant) may give consent.
10.05 Optional Forms of Distribution. The Retirement Committee will direct the Trustee to
pay the Participant's Nonforfeitable Accrued Benefit, as elected by the Participant or, if applicable,
by the Beneficiary, under one of the optional forms of distribution permitted under this Section
10.05, subject to the annuity distribution requirements of Section 10.02. The Beneficiary's election,
except as required by Article IX, is subject to any restrictions designated in writing by the Participant
and not revoked as of his date of death.
10.4
(A) Actuarial Equivalent Optional Forms. Any form of payment under this Section} 0.05(A)
must satisfy the mandatory distribution requirements of Section } 0.06 and must be the Actuarial
Equivalent of the Participant's Nonforfeitable Accrued Benefit.
The optional forms of distribution are:
(1) Installments. Payment in monthly, quarterly or annual installments over the life
expectancy ofthe Participant, or the joint life and last survivor expectancy of the Participant
and his designated Beneficiary.
(2) Life Annuity. A straight life annuity, payable no less frequently than annually, with
payment of the Participant's Accrued Benefit ending on the Participant's death.
(3) Life Annuity with Term Certain. A life annuity, payable no less frequently than
annually, with a term certain guaranteed. The term certain cannot exceed the Participant's
life expectancy, or the joint life and last survivor expectancy of the Participant and his
designated Beneficiary. If a Participant dies before the Trustee has made the guaranteed
number of payments, the Trustee will continue the balance of the payments to the
Participant's designated Beneficiary.
(4) Joint and Survivor Annuity. A joint life annuity payable for the life of the
Participant, with a survivor annuity payable for the remaining life of a designated Beneficiary
which is a specified percentage (either 75% or 100%) of the annuity payable during the
Participant's life.
10.06 Mandatory Distributions.
(A) Required Beginning Date. If any distribution commencement date described under the Plan,
either by Plan provision or by Participant election (or nonelection), is later than -the Participant's
Required Beginning Date, the Retirement Committee instead must direct the Trustee to make
distribution to the Participant on the Participant's Required Beginning Date. A Participant's Required
Beginning Date is the April} following the close of the calendar year in which the Participant attains
age 70Y2 or, if later, April 1 following the close of the calendar year in which the Participant
separates from Service. A mandatory distribution at the Participant's Required Beginning Date will
be in the form of distribution required under Section 10.02 unless the Participant, pursuant to the
provisions of this Article X, makes a valid election to receive an alternative form of payment.
(B) Minimum Distribution Requirements for Participants. The Retirement Committee may not
direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit, nor may the
Participant elect to have the Trustee distribute his Nonforfeitable Accrued Benefit, under a method of
payment which, as of the Required Beginning Date, does not satisfy the minimum distribution
requirements under Code ~401(a)(9) and the applicable Treasury regulations.
10.5
(1) Minimum distribution for annuity distribution. An annuity distribution made to the
Participant to satisfy the minimum distribution requirements must meet all of the following
requirements:
(a) The periodic payment intervals under the annuity may not be longer than one
year.
(b) The distribution period must not exceed the life (or joint lives) of the
Participant and his designated Beneficiary (as determined under Article XIV, subject
to the requirements of the Code 9401 (a)(9) regulations), or a period certain not longer
than the life expectancy (or joint life expectancy) or the Participant and his
designated Beneficiary.
(c) The annuity does not recalculate life expectancy.
(d) The Participant or Beneficiary may not lengthen the period certain, if
applicable, even if the period certain is shorter than the maximum period permitted
under Code 9401 (a)(9).
(e) The payments are nonincreasing or increase only under the following
circumstances: (i) with any percentage increase in a specified and generally
recognized cost-of-living index; (ii) to take into account the reduction to the amount
of the participant's payments to provide a survivor benefit, but only upon the death of
the Beneficiary on whose life the annuity determines the survivor distribution period
and if the payments continue over the life of the Participant; (iii) to provide cash
refunds of Employee contributions upon the Participant's death; or (iv) because of an
increase in benefits under the Plan.
(t) If the annuity is a life annuity (or a life annuity with a period certain not
exceeding 20 years) the minimum distribution required by the Participant's Required
Beginning Date is one payment interval. Subsequent minimum distributions are the
payment intervals determined under the annuity, even if the second payment interval
occurs in the calendar year following the year in which the Required Beginning Date
occurs.
(g) If the annuity provides a period certain without a life contingency, or if a life
annuity with a period certain exceeding 20 years, the minimum distribution for each
calendar year subject to this Section 10.06, is the annual amount, determined by
totaling the periodic payments for a calendar year. The minimum distribution due by
the Participant's Required Beginning Date is the annual amount for the calendar year
preceding that Required Beginning Date. The minimum distribution for the calendar
year which includes the Required Beginning Date and for all subsequent calendar
years is the annual amount for that calendar year and the annuity must pay that
minimum distribution no later than December 31 of that calendar year.
10.6
(2) Minimum Distribution Incidental Death Benefit ("MDIB"). Ifthe Participant's spouse
is not his designated Beneficiary, an annuity must satisfy the MDIB requirements of this
paragraph. If the annuity provides a period certain without a life contingency, the period
certain in effect as of the first distribution calendar year may not exceed the applicable period
determined under the maximum period certain table set forth in Treas. Reg. S 1.401 (a)(9)-2.
Ifthe annuity with a life contingency includes a period certain, the period certain at any time
on or after the Participant's Required Beginning Date also may not exceed the maximum
period certain determined under the table described in the immediately preceding sentence.
If the annuity is a joint and survivor annuity payable for the joint lives of the Participant and
a nonspouse Beneficiary, the survivor percentage in effect at any time on or after the
Participant's Required Beginning Date may not exceed the percentage determined under the
applicable percentage table set forth in Treas. Reg. S 1 .40 1 (a)(9)-2. A joint and survivor
annuity under which the survivor percentage does not exceed 52% always satisfies this
paragraph. A life annuity payable to the Participant, without any period certain, is not subject
to the MDIBrequirements of this paragraph. .
(3) Additional Accruals. Benefits accruing. to the Participant after his Required
Beginning Date constitute a separate component of an annuity distribution, beginning with
the first payment interval ending in the calendar year immediately following the calendar
year in which such amount accrues. The annuity starting date and form of distribution
commenced by the Required Beginning Date applies to the distribution of these additional
accruals, unless the Participant elects otherwise pursuant to his benefit options under the
Plan, and that election otherwise complies with these minimum distribution requirements.
An additional accrual includes any portion of the Participant's Accrued Benefit which
becomes Nonforfeitable during the applicable calendar year.
(4) Nonannuity Distributions. If the Participant elects an installment distribution directly
from the Trust, under which the method of payment is in the form ofan individual account
distribution, the distribution method must satisfY the minimum distribution requirements
which apply to individual accounts, including the MOlB requirements which apply to
individual accounts, as determined under Code ~40l (a)(9) and the applicable regulations. A
lump sum distribution made on or before a Participant's Required Beginning Date of his
entire Nonforfeitable Accrued Benefit under the Plan satisfies the minimum distribution
requirements. Furthermore, a lump sum payment of additional accruals, as described in the
immediately preceding paragraph, no later than the end of the first payment interval ending in
the calendar year immediately following the calendar year in which such amount accrues,
satisfies the minimum distribution requirements.
(C) Minimum Distribution Requirement for Beneficiaries. The method of distribution to the
Participant's Beneficiary must satisfy Code ~40l(a)(9) and the applicable Treasury regulations.
(I) . Death After the Required Beginning Date. If the Participant's death occurs after his
Required Beginning Date or, if earlier, the date the Participant commences an irrevocable
annuity, the method of payment to the Beneficiary must provide for completion of payment
10.7
over a period which does not exceed the payment period which had commenced for the
Participant.
(2) Death Before the Required Beginning Date. If the Participant's death occurs prior to
his Required Beginning Date, and the Participant has not commenced an irrevocable annuity,
the method of payment to the Beneficiary must provide for completion of payment over a
period not exceeding:
(a) 5 years after the date ofthe Participant's death (with payments completed by
December 31 of the calendar year in which occurs the 5th anniversary of the
Participant's date of death); or
(b) if the Beneficiary is a designated Beneficiary, over the designated
Beneficiary's life or life expectancy.
The Retirement Committee will not direct payment over a period described in clause (b)
unless the Trustee will commence payment to the designated Beneficiary no later than the
December 31 following the close of the calendar year in which the Participant's death occurred or, if
later, and the designated Beneficiary is the Participant's surviving spouse, the December 31 of the
calendar year in which the Participant would have attained age 70Y2. The Retirement Committee
must use the unisex life expectancy multiples under Treas. Reg. S 1.72-9 for purposes of applying this
paragraph. An annuity distribution to the designated Beneficiary, whether directly from the Trust or
in the form ofa Nontransferable Annuity Contract, satisfies clause (b) if the annuity satisfies the
minimum distribution requirements of Section 10.06(B), but applying paragraphs (f) and (g) of
Section I 0.06(B)(I) as follows: (i) the distribution calendar years applicable to the designated
Beneficiary are the calendar year in which benefits must commence under clause (b) of this Section
1 0.06(C)(2) and all subsequent calendar years; and (ii) the first payment interval under paragraph (f)
is due by the December 31 described in this Section 10.06(C)(2). A lump sum distribution to the
Beneficiary made no later than the datc dcscribcd in clause (a) of this Section 10.06(C)(2) satisfies
these minimum distribution requirements.
In the case of a nonannuity distribution to a designated Beneficiary, the Plan satisfies the
requirement of this Section 10.06(C) if the distribution method satisfies the minimum distribution
requirements applicable to individual accounts, as determined under Code s40l(a)(9) and the
applicable regulations, and the first minimum distribution occurs no later than the December 31
described in clause (2)(b) of this Section 10.06(C). The Retirement Committee will apply the post-
death minimum distribution rules by treating any amount paid to the Participant's child, which
becomes payable to the Participant's surviving spouse upon the child's attaining the age of majority,
as paid to the Participant's surviving spouse.
(D) Special Rules. The Retirement Committee, only upon the Participant's written request or, in
the case of a distribution described in Section 10.06(C), only upon the written request of the
Participant's spouse, will recalculate the applicable life expectancy period for purposes of calculating
the minimum distribution applicable to a distribution calendar year following the first distribution
10.8
calendar year. The Participant must make a recalculation eJection not later than his Required
Beginning Date. A surviving spouse must make a recalculation election no later than the December
31 date described in Section ] 0.06(C)(2). A recalculation election applicable to a joint life
expectancy payment, where the survivor is a nonspouse Beneficiary, may not take into account any
adjustment to any life expectancy other than the Participant's life expectancy, as prescribed by the
applicable regulations under Code 9401 (a)(9). In the absence of a recalculation election, the Plan
does not permit recalculation of the applicable life expectancy factor.
10.07 Distributions Under Domestic Relations Orders. Nothing contained in this Plan will
prevent the Trustee, in accordance with the direction ofthe Retirement Committee, from complying
with the provisions of a qualified domestic relations order (as defined in Code S414(p )). The
Retirement Committee may adopt any written procedures relating to a qualified domestic relations
order which the Retirement Committee deems necessary for proper administration of the Plan. The
Plan does not permit distribution to an alternate payee under a qualified domestic relations order
until the Participant attains his earliest retirement age (as defined under Code S4l4(p)) under the
Plan. Nothing in this Section 10.07 permits a Participant a right to receive distribution at a time
otherwise not permitted under the Plan nor does it permit the alternate payee to receive a form of
payment not permitted under the Plan.
For purposes of applying Articles IX and X, the Retirement Committee will treat a former
spouse as the Participant's spouse or surviving spouse to the extent provided under a qualified
domestic relations order. The survivor annuity requirements of Article IX and the joint and survivor
annuity requirements of Article X apply separately to the portion of the Participant's Nonforfeitable
Accrued Benefit subject to the qualified domestic relations order and to the portion of the
Participant's Nonforfeitable Accrued Benefit not subject to that order.
The Retirement Committee must establish reasonable procedures to determine the qualified
status of a domestic relations order. Upon receiving a domestic relations order, the Retirement
Committee promptly will notify the Participant and any alternate payee named in the order, in
writing, of the receipt of the order and the Plan's procedures for determining the qualified status of
the order. Within a reasonable period of time after receiving the domestic relations order, the
Retirement Committee must determine the qualified status of the order and must notify the
Participant and each alternate payee, in writing, of its determination. The Retirement Committee
must provide notice under this paragraph by mailing to the individual's address specified in the
domestic relations order, or in a manner consistent with applicable law.
If any portion ofthe Participant's Nonforfeitable Accrued Benefit is payable during the period
the Retirement Committee is making its determination of the qualified status of the domestic
relations order, the Retirement Committee must make a separate accounting of the amounts payable.
Ifthe Retirement Committee determines the order is a qualified domestic relations order within 18
months of the date amounts first are payable following receipt of the order, the Retirement
Committee will direct the Trustee to distribute the payable amounts in accordance with the order. If
the Retirement Committee does not make its determination of the qualified status of the. order within
the l8-month determination period, the Retirement Committee will direct the Trustee to distribute
10.9
the payable amounts in the manner the Plan would distribute if the order did not exist and will apply
the order prospectively if the Retirement Committee later determines the order is a qualified
domestic relations order.
The Trustee will make any payments or distributions required under this Section 10.07 by
separate benefit checks or other separate distribution to the alternate payee.
* * * * * * * * * * * * * * *
10.10
ARTICLE XI - MISCELLANEOUS PROVISIONS AFFECTING
THE PAYMENT OF BENEFITS
11.01 General. In general, the Trustee will make payment of any pension directly to the
Participant entitled to the payment. However, the Retirement Committee may instruct the Trustee to
purchase a Nontransferable Annuity contract from an insurance company. The Nontransferable
Annuity contract must provide pension and other benefits in an amount not less than the pension and
other benefits a Participant would receive under this Plan and otherwise must comply with the
requirements of this Plan. In the event the Trustee purchases a Nontransferable Annuity contract for
the benefit of a Participant, the Trustee either may assign the contract to the Participant or hold the
contract for the benefit of the Participant pursuant to the instructions of the Retirement Committee.
The Trustee also may purchase a Nontransferable Annuity contract for the benefit of a designated
Beneficiary, surviving spouse or alternate payee under a qualified domestic relations order (as
defined in Code ~414(P)) entitled to distribution of all or a portion of the Participant's Nonforfeitable
Accrued Benefit.
11.02 Nonduplication of Benefits. In the event the Trustee distributes any part or all of a
Participant's Accrued Benefit to him and the Participant later resumes active employment with the
Employer, the Trustee will compute the Participant's Accrued Benefit by taking into account all of
the Participant's Years of Accrual Service. However, the Trustee will offset the Participant's Accrued
Benefit so computed by the Participant's Accrued Benefit attributable to any distribution the Trustee
has made to the Participant (other than a cash-out distribution described in Article VIII). If the
distribution was a cash-out distribution, as described in Article VIII, the Trustee will offset the
Participant's Accrued Benefit by the Accrued Benefit disregarded under Section 8.09.
11.03 [Reserved].
11.04 No Disregard of Service. For purposes of computing Years of Service under Article
VIII, the Plan does not disregard Years of Service with respect to which a Participant has received a
distribution of his Accrued Benetit.
11.05 Merger/Direct Transfers. The Trustee will not consent to, or be a party to, any merger
or consolidation with another plan, or to a transfer of assets or liabilities to another plan, unless
immediately after the merger, consolidation or transfer, the surviving Plan provides each Participant
a benefit equal to or greater than the benefit each Participant would have received had the Plan
terminated immediately before the merger or consolidation or transfer. The Trustee possesses the
specific authority to enter into merger agreements or direct transfer of assets agreements with the
trustees of other retirement plans described in Code ~40 I (a), and to accept the direct transfer of plan
assets, or to transfer plan assets, as a party to any such agreement. Ifthe Trustee accepts a transfer of
assets from other retirement plans described in Code ~40 I (a) (other than the Money Purchase Plan)
on behalf of a Participant, the Trustee shall utilize such assets to provide additional Accrued Benefits
for such Participant. The Trustee possesses the specific authority to accept a transfer of assets of all
or any portion of a Participant's account in the Money Purchase Plan.
ILl
The Trustee may accept a direct transfer of plan assets on behalf of an Employee prior to the
date the Employee satisfies the Plan's eligibility conditions. If the Trustee accepts such a direct
transfer of plan assets, the Retirement Committee and Trustee will treat the Employee as a
Participant for all purposes ofthe Plan except the Employee will not accrue benefits until he actually
becomes a Participant in the Plan. Ifthe Employee terminates employment with the Employer prior
to becoming a Participant, the Trustee will distribute his transferred assets to him as if they were
Employer-derived Accrued Benefits.
* * * * * * * * * * * * * * *
11.2
ARTICLE XII - OTHER PROVISIONS AFFECTING BENEFITS
12.01 Assignment or Alienation. Subject to Code S414(p) (relating to qualified domestic
relations orders), neither a Participant nor a Beneficiary may anticipate assign or alienate (either at
law or in equity) any benefit provided under the Plan, and the Trustee will not recognize any such
anticipation, assignment or alienation. Furthermore, a benefit under the Plan is not subject to
attachment, garnishment, levy, execution or other legal or equitable process.
12.02 [Reserved]
12.03 [Reserved]
12.04 Distribution Upon Termination of Trust. If the Employer terminates the Plan, the
Trustee will determine the value ofthe Trust Fund as of the business day next following the date of
such termination.
(A) Allocation of Assets. Upon termination of-the Plan, the Retirement Committee shall direct
the Trustee to allocate the assets of the Plan in a nondiscriminatory manner and in accordance with
all applicable regulations. Any residual assets remaining after satisfaction of all benefit liabilities
shall be distributed in accordance with Section 12.05.
12.05 Overfunding. If the Employer has overfunded the Plan at the time it terminates the
Plan, the Trustee must return the amount by which the Employer has overfunded the Plan to the
Employer, except to the extent the Plan allocates surplus assets to the Participants pursuant to written
procedures (including any necessary Plan amendments) adopted by the Employer incident to the
Plan's termination. The Employer must state by written request to the Trustee the amount of the
overfunding it wishes the Trustee to return to it after satisfying all liabilities under the terminated
Plan. .
* * * * * * * * * * * * * * *
12.1
ARTICLE XIII - EMPLOYER ADMINISTRATIVE PROVISIONS
13.01 Information to Committee. The Employer must supply current information to the
Retirement Committee as to the name, date of birth, date of employment, annual compensation,
leaves of absence, Years of Service and date oftermination of employment of each Employee who is,
or who will be eligible to become, a Participant under the Plan, together with any other information
which the Retirement Committee considers necessary. The Employer's records as to the current
information the Employer furnishes to the Retirement Committee are conclusive as to all persons.
13.02 No Liability. The Employer assumes no obligation or responsibility to any of its
Employees, Participants or Beneficiaries for any act of, or failure to act, on the part of its Retirement
Committee (unless the Employer is the Retirement Committee), the Trustee or the Plan
Administrator (unless the Employer is the Plan Administrator).
13.03 Indemnity of Plan Administrator and Committee. To the extent permitted under
applicable law, the Employer indemnifies and saves harmless the Plan Administrator, the members
of the Retirement Committee, and the Trustee, and each ofthem, from and against any and all loss
resulting from liability to which the Plan Administrator, the Retirement Committee, or the members
of the Retirement Committee and the Trustee may be subjected by reason of any act or conduct
(except willful misconduct or gross negligence) in their official capacities in the administration of
this Trust or Plan or both, including all expenses reasonably incurred in their defense, in case the
Employer fails to provide such defense.
* * * * * * * * * * * * * * *
13.1
ARTICLE XIV - PARTICIPANT ADMINISTRA TTVE PROVISIONS
14.01 Beneficiary Designation. Any Participant may from time to time designate, in
writing, any person or persons, contingently or successively; to whom the Trustee will pay any
applicable death benefits under the Plan and the Participant may designate the form and method of
payment. The Retirement Committee will prescribe the form for the written designation of
Beneficiary and, upon the Participant's filing the form with the Retirement Committee, the form
effectively revokes all designations filed prior to that date by the same Participant. In the absence of
spousal consent (as required by Articles IX and X) to the Participant's Beneficiary designation, any
waiver of the qualified joint and survivor annuity or of the preretirement survivor annuity is not
valid.
14.02 No Beneficiary Designation/Death of Beneficiary. If a Participant fails to name a
Beneficiary in accordance with Section 14.01, or if the Beneficiary named by'a Participant
predeceases him, then the Trustee will pay the death benefit in accordance with Article X in the
following order of priority to:
(a) The Participant's surviving spouse;
(b) The Participant's surviving children, including adopted children, in equal shares;
(c) The Participant's surviving parents, in equal shares; or
(d) The legal representative of the Participant's estate.
If the Beneficiary does not predecease the Participant, but dies prior to distribution of his
share of the Participant's entire death benefit, the Trustee will pay the remaining death benefit to the
Beneficiary's estate unless the Participant's Beneficiary designation provides otherwise. The
Retirement Committee will direct the Trustee as to the method and to whom the Trustee will make
payment under this Section 14.02.
14.03 Personal Data to Committee. Each Participant and each Beneficiary of a deceased
Participant must furnish to the Retirement Committee such evidence, data or information as the
Retirement Committee considers necessary or desirable for the purpose of administering the Plan.
The provisions of this Plan are effective for the benefit of each Participant upon the condition
precedent that each Participant will furnish promptly full, true and complete evidence, data and
information when requested by the Retirement Committee, provided the Retirement Committee
advises each Participant ofthe effect of his failure to comply with its request.
14.04 Address for Notification. Each Participant and each Beneficiary of a deceased
Participant must file with the Retirement Committee from time to time, in writing, his post office
address and any change of post office address. Any communication, statement or notice addressed to
a Participant, or Beneficiary, at his last post office address filed with the Retirement Committee, or
as shown on the records of the Employer, binds the Participant, or Beneficiary, for all purposes of
this Plan.
14.1
14.05 Notice of Change in Terms. The Plan Administrator, within the time prescribed by
applicable law, must furnish all Participants and Beneficiaries a summary plan description and all
other information required by applicable law.
14.06 Litigation Against the Trust. A court of competent jurisdiction may authorize any
appropriate equitable relief to enforce any provisions of applicable law or the terms of the Plan. A
fiduciary may receive reimbursement of expenses properly and actually incurred in the performance
of his duties with the Plan.
14.07 Information Available. Any Participant in the Plan or any Beneficiary may examine
copies of the plan description, this Plan and Trust, or any other instrument under which the Plan was
established or is operated. The Plan Administrator will maintain all of the items listed in this Section
14.07 in his office, or in such other place or pl~ces as he may designate from time to time, for
examination during reasonable business hours. Upon the written request of a Participant or
Beneficiary the Plan Administrator must furnish him with a copy of any item listed in this Section
14.07. The Plan Administrator may make a reasonable charge to the requesting person for the copy
so furnished.
14.08 Appeal Procedure for Denial of Benefits. A Participant or a Beneficiary ("Claimant")
may file with the Retirement Committee a written claim for benefits, if the Participant or Beneficiary
determines the distribution procedures of the Plan have not provided him his proper Nonforfeitable
Accrued Benefit. The Retirement Committee must render a decision on the claim within 60 days of
the Claimant's written claim for benefits.
(A) Notice of Denial. The Plan Administrator must provide adequate notice in writing to any
Participant or to any Beneficiary ("Claimant") whose claim for benefits under the Plan the
Retirement Committee has denied. The Plan Administrator's notice of denial of benefits must
identify the name of each member of the Retirement Committee and the name and address of the
Retirement Committee member to whom thc claimant may forward his appeal. The Plan
Administrator's notice to the Claimant must also set forth:
(1) The specific reason for the denial;
(2) Specific references to pertinent Plan provisions on which the Retirement Committee
based its denial;
(3) A description of any additional material and information needed for the Claimant to
perfect his claim and an explanation of why the material or information is needed; and
(4) That any appeal the Claimant wishes to make of the adverse determination must be in
writing to the Retirement Committee within 75 days after receipt of the Plan Administrator's
notice of denial of benefits. The Plan Administrator's notice must further advise the
Claimant that his failure to appeal the action to the Retirement Committee in writing within
14.2
the 75-day period will render the Retirement Committee's determination final, binding and
conclusive.
(B) Appeal. If the Claimant should appeal to the Retirement Committee, he, or his duly
authorized representative, may submit, in writing, whatever issues and comments he, or his duly
authorized representative, feels are pertinent. The Claimant, or his duly authorized representative,
may review pertinent Plan documents. The Retirement Committee will re-examine all facts related
to the appeal and make a final determination as to whether the denial of benefits is justified under the
circumstances. The Retirement Committee must advise the Claimant of its decision within 60 days
ofthe Claimant's written request for review, unless special circumstances (such as a hearing) would
make the rendering of a decision within the 60-day limit unfeasible, but in no event may the
Retirement Committee render a decision respecting a denial for a claim for benefits later than 120
days after its receipt of a request for review.
* * * * * * * * * * * * * * *
14.3
ARTICLE XV - RETIREMENT COMMITTEE - DUTIES WITH RESPECT TO
P ARTICIP ANTS' ACCRUED BENEFITS
15.01 Members' Compensation, Expenses. The Employer must appoint an Retirement
Committee to administer the Plan, the members of which mayor may not be Participants in the Plan,
or which may be the Plan Administrator acting alone. In the absence of an Retirement Committee
appointment, the Plan Administrator assumes the powers, duties and responsibilities of the
Retirement Committee. The members of the Retirement Committee will serve without
compensation for services as such, but the Employer will pay all expenses of the Retirement
Committee, except to the extent the Trust properly pays the expenses, pursuant to Article XVI.
15.02 Term. Each member ofthe Retirement Committee serves until the appointment of his
successor.
15.03 Powers. In case of a vacancy in the membership of the Retirement Committee, the
remaining members ofthe Retirement Committee may exercise any and all of the powers, authority,
duties and discretion conferred upon the Retirement Committee pending the filling of the vacancy.
15.04 General.
(A) Powers and duties. The Retirement Committee has the tollowing powers and duties:
(1) To select a Secretary, who need not be a member of the Retirement Committee;
(2) To determine the rights of eligibility of an Employee to participate in the Plan, the
value of a Participant's Accrued Benefit and the Nonforfeitable percentage of each
Participant's Accrued Benefit;
(3) To adopt rules of procedure and regulations necessary for the proper and efficient
administration Of the Plan provided the rules are not inconsistent with the terms of this
Agreement;
(4) To construe and enforce the terms of the Plan and the rules and regulations it adopts
including interpretation ofthe Plan documents and documents related to the Plan's operation
and the discretion to make factual determinations necessary to the proper administration of
the Plan;
(5) To direct the Trustee as respects the crediting and distribution of the Trust;
(6) To review and render decisions respecting a claim for (or denial of a claim for) a
benefit under the Plan;
(7) To furnish the Employer with information which the Employer may require for tax or
other purposes;
15.1
(8) To engage the service of agents whom it may deem advisable to assist it with the
perfomlance of its duties;
(9) To engage the services of an Investment Manager or Managers, each of whom will
have full power and authority to manage, acquire or dispose (or direct the Trustee with
respect to acquisition or disposition) of any Plan asset under its control;
(10) To establish and maintain a funding standard account and to make credits and charges
to the account to the extent required by and in accordance with the provisions of the
applicable law.
The Retirement Committee will exercise all of its powers, duties and discretion under the
Plan in a uniform and nondiscriminatory manner.
15.05 Funding Policy. The Retirement Committee will review, not less often than annually,
all pertinent Employee information and Plan data in order to establish the funding policy ofthe Plan
and to determine the appropriate methods of carrying out the Plan's objectives. The Retirement
Committee must communicate periodically, as it deems appropriate, to the Trustee and to any Plan
Investment Manager the Plan's short-term and long-term financial needs so investment policy can be
coordinated with Plan financial requirements.
15.06 Manner of Action. The decision of a majority of the members appointed and
qualified controls.
15.07 Authorized Representative. The Retirement Committee may authorize anyone of
its members, or its Secretary, to sign on its behalf any notices, directions, applications, certificates,
consents, approvals, waivers, letters or other documents. The Retirement Committee must evidence
this authority by an instrument signed by all members and filed with the Trustee.
15.08 Interested Member. No member of the Retirement Committee may decide or
determine any matter concerning the distribution, nature or method of settlement of his own benefits
under the Plan, except in exercising an election available to that member in his capacity as a
Participant, unless the Plan Administrator is acting alone in the capacity of the Retirement
Committee.
15.09 Participant Records. The Retirement Committee will keep such records and will
prepare such reports concerning Participants' Accrued Benefits as applicable law and the Code
require. Upon a Participant's written request, the Retirement Committee will furnish, or will direct
the Plan Administrator to furnish, the Participant such information.
15.10 Unclaimed Accrued Benefit - Procedure. The Plan does not require either the Trustee
or the Retirement Committee to search for, or ascertain the whereabouts of, any Participant or
Beneficiary. At the time the Participant's or Beneficiary's benefit becomes distributable under the
Plan, the Retirement Committee, by certified or registered mail addressed to his last known address
of record with the Retirement Committee or the Employer, must notifY any Participant, or
Beneficiary, that he is entitled to a distribution under this Plan. The notice must quote the provisions
15.2
of this Section 15.10 and otherwise must comply with the notice requirements of Article X. If the
Participant, or Beneficiary, fails to claim his distributive share or make his whereabouts known in
writing to the Retirement Committee within 6 months from the date of mailing of the notice, the
Retirement Committee will treat the Participant's or Beneficiary's unclaimed payable Accrued
Benefit as forfeited. The Employer will use the amounts representing the forfeited Accrued Benefit
to reduce its contribution for future Plan Years.
If a Participant or Beneficiary who has incurred a forfeiture of his Accrued Benefit under this
Section 15.10 makes a claim, at any time, for his forfeited Accrued Benefit, the Retirement
Committee must restore the Participant's or Beneficiary's forfeited Accrued Benefit. The Retirement
Committee must direct the Trustee to distribute the Participant's or Beneficiary's restored Accrued
Benefit as soon as administratively practicable following restoration of the forfeited Accrued Benefit,
subject to the consent requirements of Article X.
.~ * * * * * * * * * * * * * *
15.3
ARTICLE XVI - TRUSTEE, POWERS AND DUTIES
] 6.01 Acceptance. The Trustee accepts the Trust created under the Plan and agrees to
perform the obligations imposed.
16.02 Receipt of Contributions. The Trustee is accountable to the Employer for the funds
contributed to it by the Employer, but does not have any duty to see that the contributions received
comply with the provisions ofthe Plan. The Trustee is not obliged to collect any contributions from
the Employer, nor is obliged to see that funds deposited with it are deposited according to the
provisions of the Plan.
16.03 Investment Powers.
(A) Trustee Powers. The Trustee has full discretion and authority with regard to the investment
of the Trust Fund, except with respect to a Plan asset under the control or direction of a properly
appointed Investment Manager. The Trustee must coordinate its investment policy with Plan
financial needs as communicated to it by the Retirement Committee.
(1) Investment Powers. The Trustee is authorized and empowered, but not by way of
limitation, with the following powers, rights and duties:
(a) To invest any part or all of the Trust Fund in any common or preferred stocks,
open-end or closed-end mutual funds (including mutual funds for which the Trustee
or its affiliate serves as an investment advisor, sponsor, distributor, custodian,
transfer agent, administrator, registrar in any other capacity), put and call options
traded on a national exchange, United States retirement plan bonds, corporate bonds,
debentures, convertible debentures, commercial paper, U.S. Treasury bills, U.S.
Treasury notes and other direct or indirect obligations of the United States
Government or its agencies, improved or unimproved real estate situated in the
United States, limited partnerships, insurance contracts of any type, mortgages, notes
or other property of any kind, real or personal, to buy or sell options on common
stock on a nationally recognized exchange with or without holding the underlying
common stock, to buy and sell commodities, commodity options and contracts for the
future delivery of commodities, and to make any other investments the Trustee deems
appropriate, as a prudent man would do under like circumstances with due regard for
the purposes of this Plan. Any investment made or retained by the Trustee in good
faith is proper but must be of a kind constituting a diversification considered by law
suitable for trust investments.
(b) To retain in cash so much of the Trust Fund as it may deem advisable to
satisfy liquidity needs of the Plan and to deposit any cash held in the Trust Fund in a
bank account at reasonable interest.
16.1-
(c) ro invest, ifthe Trustee is a bank or similar financial institution supervised by
the United States or by a State, in any type of deposit of the Trustee (or of a bank
related to the Trustee within the meaning of Code g414(b)) at a reasonable rate of
interest or in a common trust fund, as described in Code S584, or collective
investment fund, the provisions of which govern the investment of such assets and
which the Plan incorporates by this reference which the Trustee (or its affiliate, as
defined in Code S 1504) maintains exclusively for the collective investment of money
contributed by the bank (or the affiliate) in its capacity as trustee and which conforms
to the rules of the Comptroller of the Currency.
(d) To manage, sell, contract to sell, grant options to purchase, convey, exchange,
transfer, abandon, improve, repair, insure, lease for any term even though
commencing in the future or extending beyond the term of the Trust, and otherwise
deal with all property, real or personal, in such manner, for such considerations and
on such terms and conditions as the Trustee decides.
(e) To credit and distribute the Trust as directed by the Retirement Committee.
The Trustee is not obliged to inquire as to whether any payee or distributee is entitled
to any payment or whether the distribution is proper or within the terms ofthe Plan,
or as to the manner of making any payment or distribution. The Trustee is
accountable only to the Retirement Committee for any payment or distribution made
by it in good faith on the order or direction of the Retirement Committee.
(f) To borrow money, to assume indebtedness, extend mortgages and encumber
by mortgage or pledge.
(g) To compromise, contest, arbitrate or abandon claims and demands, in its
discretion.
(h) To have with respect to the Trust all of the rights of an individual owner,
including the power to give proxies, to participate in any voting trusts, mergers,
consolidations or liquidations, and to exercise or sell stock subscriptions or
conversion rights.
(i) To lease for oil, gas and other mineral purposes and to create mineral
severances by grant or reservation; to pool or unitize interests in oil, gas and other
minerals; and to enter into operating agreements and to execute division and transfer
orders.
(j) To hold any securities or other property in the name of the Trustee or its
nominee, with depositories or agent depositories or in another form as it may deem
best, with or without disclosing the trust relationship.
16.2
(k) To perform any and all other acts in its judgment necessary or appropriate for
the proper and advantageous management, investment and distribution of the Trust.
(1) To retain any funds or property subject to any dispute without liability for the
payment of interest, and to decline to make payment or delivery of the funds or
property until final adjudication is made by a court of competent jurisdiction.
(m) To file all tax returns required of the Trustee.
(n) To furnish to the Employer, the Plan Administrator and the Retirement
Committee an annual statement of account showing the condition of the Trust Fund
and all investments, receipts, disbursements and other transactions effected by the
Trustee during the Plan Year covered by the statement and also stating the assets of
the Trust held at the end of the Plan Year, which accounts are conclusive on all
. .. persons, including the Employer, the Plan Administrator and the Retirement
Committee, except as to any act or transaction concerning which the Employer, the
Plan Administrator or the Retirement Committee files with the Trustee written
exceptions or objections within 90 days after the receipt of the accounts or for which
applicable law authorizes a longer period within which to object.
(0) To begin, maintain or defend any litigation necessary in connection with the
administration of the Plan, except that the Trustee is not obliged or required to do so
unless indemnified to its satisfaction.
(B) Participant Loans. This Plan does not permit loans to Participants or to Beneficiaries.
16.04 Records and Statements. The records of the Trustee pertaining to the Plan must be
open to the inspection ofthe Plan Administrator, the Retirement Committee and the Employer at all
reasonable times and may be audited from time to time by any person or persons as the Employer,
Plan Administrator or Retirement Committee may specify in writing. The Trustee must furnish the
Plan Administrator or Retirement Committee with whatever information relating to the Trust Fund
the Plan Administrator or Retirement Committee considers necessary.
16.05 Fees and Expenses From Fund. The Trustee will receive reasonable annual
compensation as may be agreed upon from time to time between the Employer and the Trustee. No
person who is receiving full pay from the Employer may receive compensation for services as
Trustee. The Trustee will pay from the Trust Fund all fees and expenses reasonably incurred by the
Plan, to the extent such fees and expenses are for the ordinary and necessary administration and
operation of the Plan, unless the Employer pays the fees and expenses. Any fee or expense paid,
directly or indirectly, by the Employer is not an Employer contribution to the Plan, provided the fee
or expense r:elates to the ordinary and necessary administration ofthe Fund.
16.06 Parties to Litigation. Except as otherwise provided by applicable law, no Participant,
or Beneficiary is a necessary party or is required to receive notice of process in any court proceeding
16.3
involving the Plan, the Trust Fund or any fiduciary of the Plan. Any final judgment entered in any
proceeding will be conclusive upon the Employer, the Plan Administrator, the Retirement
Committee, the Trustee, Participants and Beneficiaries.
16.07 Professional Agents. The Trustee may employ and pay from the Trust Fund
reasonable compensation to agents, attorneys, accountants and other persons to advise the Trustee as
in its opinion may be necessary. The Trustee may delegate to any agent, attorney, accountant or
other person selected by it any non-Trustee power or duty vested in it by the Plan, and the Trustee
may act or refrain from acting on the advice or opinion of any agent, attorney, accountant or other
person so selected.
16.08 Distribution Directions. The Trustee may make distribution under the Plan in cash or
property, or partly in each, at its fair market value as determined by the Trustee. For purposes of a
distribution to a Participant or to a Participant's designated Beneficiary or surviving spouse,
"property" includes a Nontransferable Annuity Contract, provided the contract satisfies the
requirements of this Plan. If no one claims a payment or distribution made from the Trust, the
Trustee must promptly notify the Retirement Committee and then dispose of the payment in
accordance with the subsequent direction of the Retirement Committee.
16.09 Third PartylMultiple Trustees. No person dealing with the Trustee is obligated to see
to the proper application of any money paid or property delivered to the Trustee, or to inquire
whether the Trustee has acted pursuant to any of the terms ofthe Plan. Each person dealing with the
Trustee may act upon any notice, request or representation in writing by the Trustee, or by the
Trustee's duly authorized agent, and is not liable to any person in so acting. The certificate of the
Trustee that it is acting in accordance with the Plan will be conclusive in favor of any person relying
on the certificate. Ifmore than two persons act as Trustee, a decision of the majority of such persons
controls with respect to any decision regarding the administration or investment ofthe Trust Fund or
any portion of the Trust Fund with respect to which such persons act as Trustee. However, the
signatur~ of only one Trustee is necessary to effect any transaction on behalf of the Trust.
16.10 Resignation. The Trustee may resign its position at any time by giving 30 days
written notice in advance to the Employer and to the Retirement Committee. Ifthe Employer fails to
appoint a successor Trustee within 60 days of its receipt of the Trustee's written notice of resignation,
the Trustee will treat the Employer as having appointed itself as Trustee and as having filed its
acceptance of appointment with the former Trustee.
16.11 Removal. The Employer, by giving 30 days written notice in advance to the Trustee,
may remove any Trustee. In the event ofthe resignation or removal of a Trustee, the Employer must
appoint a successor Trustee if it intends to continue the Plan. If two or more persons hold the
position of Trustee, in the event ofthe removal of one such person, during any period the selection of
a replacement is pending, or during any period such person is unable to serve for any reason, the
remaining person or persons will act as the Trustee.
16.4
16.12 Interim Duties and Successor Trustee. Each successor Trustee succeeds to the title to
the Trust vested in his predecessor by accepting in writing his appointment as successor Trustee and
by filing the acceptance with the fonner Trustee and the Retirement Committee without the signing
or filing of any further statement. The resigning or removed Trustee, upon receipt of acceptance in
writing ofthe Trust by the successor Trustee, must execute all documents and do all acts necessary to
vest the title of record in any successor Trustee. Each successor Trustee has and enjoys all of the
powers, both discretionary and ministerial, conferred under this Agreement upon his predecessor. A
successor Trustee is not personally liable for any act or failure to act of any predecessor Trustee,
except as required under applicable law. With the approval of the Employer and the Retirement
Committee, a successor Trustee, with respect to the Plan, may accept the account rendered and the
property delivered to it by a predecessor Trustee without incurring any liability or responsibility for
so doing.
16.13 Valuation of Trust. The Trustee must value the Trust Fund as of each Accounting
Date to determine the fair market value ofthe assets in the Trust. The Trustee also must value the
Trust Fund on such other dates as directed in writing by the Retirement Committee.
16.14 Limitation on Liability - If Investment Manager or Independent Fiduciary Appointed.
The Trustee is not liable for the acts or omissions of any Investment Manager the Retirement
Committee may appoint, nor is the Trustee under any obligation to invest or otherwise manage any
asset of the Plan which is subject to the management of a properly appointed Investment Manager.
In addition, any Investment Manager appointed by the Retirement Committee shall have the sole
responsibility for voting proxies for those assets of the Plan that it manages. The Retirement
Committee, the Trustee and any properly appointed Investment Manager may execute a letter
agreement as a part of this Plan delineating the duties, responsibilities and liabilities of the
Investment Manager with respect to any part of the Trust Fund under the control of the Investment
Manager.
16.15 Investment in Group Trust Fund I Combined Trust. At the Employer's discretion, the
Trustee, for collective investment purposes, may combine into one trust fund the Trust created under
this Plan with the Trust created under any other qualified retirement plan the Employer maintains.
However, the Trustee must maintain separate records of account for the assets of each Trust in order
to reflect properly each Participant's Accrued Benefit under the plan(s) in which he is a Participant.
* * * * * * * * * * * * * * *
16.5
ARTICLE XVII - INVESTMENT IN INSURANCE OR ANNUITY CONTRACTS
17.01 Purchase of Life Insurance and Annuity Contracts. The Plan does not provide
incidental life insurance benefits for Participants.
* * * * * * * * * * * * * * *
17.1
ARTICLE XVIIl - MISCELLANEOUS
18.01 Evidence. Anyone required to give evidence under the terms of the Plan may do so
by certificate, affidavit, document or other information which the person to act in reliance may
consider pertinent, reliable and genuine, and to have been signed, made or presented by the proper
party or parties. Both the Retirement Committee and the Trustee are fully protected in acting and
relying upon any evidence described under the immediately preceding sentence.
18.02 No Responsibility for Employer Action. Neither the Trustee nor the Retirement
Committee has any obligation or responsibility with respect to any action required by the Plan to be
taken by the Employer, any Participant or eligible Employee, or for the failure of any of the above
persons to act or make any payment or contribution, or to otherwise provide any benefit
contemplated under this Plan. Furthermore, the Plan does not require the Trustee or the Retirement
Committee to collect any contribution required under the Plan, or to determine the correctness of the
amount of any Employer contribution. Neither the Trustee nor the Retirement Committee need
inquire into or be responsible for any action or failure to act on the part of the others, or on the part
of any other person who has any responsibility regarding the management, administration or
operation of the Plan, whether by the express terms of the Plan or by a separate agreement authorized
by the Plan or by the provisions of applicable law.
18.03 Fiduciaries Not Insurers. The Trustee, the Retirement Committee, the Plan
Administrator and the Employer do not guarantee, to any extent, the Trust Fund from loss or
depreciation. . The Employer does not guarantee the payment of any money which may be or
becomes due to any person from the Trust Fund. The liability of the Retirement Committee and the
Trustee to make any payment from the Trust Fund at any time and all times is limited to the then
available assets of the Trust.
18.04 Waiver of Notice. Any person entitled to notice under the Plan may waive the notice,
unless applicable law specifically or impliedly prohibits such a waiver.
18.05 Successors. The Plan is binding upon all persons entitled to benefits under the Plan,
their respective heirs and legal representatives, upon the Employer, its successors and assigns, and
upon the Trustee, the Retirement Committee, the Plan Administrator and their successors.
18.06 Word Usage. Words used in the masculine also apply to the feminine where
applicable, and wherever the context of the Employer's Plan dictates, the plural includes the singular
and the singular includes the plural.
18.07 State Law. Florida law will determine all questions arising with respect to the
provisions of this Agreement.
18.08 Employment Not Guaranteed. Nothing contained in this Plan, or with respect to the
establishment of the Trust, or any modification or amendment to the Plan or Trust, or in the creation
of any Account, or the payment of any benefit, gives any Employee, Employee-Participant or any
18.1
Beneficiary any right to continue employment, any legal or equitable right against the Employer, or
Employee of the Employer, or against the Trustee, or its agents or employees, or against the Plan
Administrator, except as expressly provided by the Plan, the Trust, by a separate agreement or by
applicable law.
* * * * * * * * * * * * * * *
18.2
ARTICLE XIX - EXCLUSIVE BENEFIT, AMENDMENT, TERMINATION
.19.01 Exclusive Benefit. Except as provided under Article III and Article XII, the Employer
has no beneficial interest in any asset of the Trust and no part of any asset in the Trust may ever
revert to or be repaid to an Employer, either directly or indirectly; nor prior to the satisfaction of all
liabilities with respect to the Participants and their Beneficiaries under the Plan, may any part of the
corpus or income of the Trust Fund, or any asset ofthe Trust, be (at any time) used for, or diverted
to, purposes other than the exclusive benefit of the Participants or their Beneficiaries. However, if
the Commissioner oflnternal Revenue, upon the Employer's request for initial approval of this Plan,
determines that the Trust created under the Plan is not a qualified trust exempt from Federal income
tax, then (and only then) the Trustee, upon written notice from the Employer, will return the
Employer's contributions (and increment attributable to the contributions) to the Employer. The
Trustee must make the return of the Employer contribution under this Section 19.01 within one year
of a final disposition of the Employer's request for initial approval of the Plan. The Employer's Plan
and Trust will terminate upon the Trustee's return of the Employer's contributions.
19.02 Amendment By Employer.
(A) Amendment of Plan. The Employer has the right at any time and from time to time:
(I) To amend this Agreement in any manner it deems necessary or advisable in order to
qualify (or maintain qualification of) this Plan and the Trust created under it under the
provisions of the Code ~401(a); and
(2) To amend this Agreement in any other manner.
No amendment may authorize or permit any of the Trust Fund (other than the part which is
required to pay administration expenses) to be used for or diverted to purposes other than for the
exclusive benefit of the Participants or their Beneficiaries or estates. No amendment may cause or
permit any portion of the Trust Fund to revert to or become the property of the Employer. The
Employer also may not make any amendment which affects the rights, duties or responsibilities of
the Trustee, the Plan Administrator or the Retirement Committee without the written consent of the
affected Trustee, the Plan Administrator or the affected member of the Retirement Committee. The
Employer must make all amendments in writing. Each amendment must state the date to which it is
either retroactively or prospectively effective.
19.03 Discontinuance. The Employer has the right, at any time, to suspend or discontinue
its contributions under the Plan, and to terminate, at any time, this Plan and the Trust created under
this Agreement. The Plan will terminate upon the first to occur of the following:
(a) The date terminated by action of the Employer; or
(b) The dissolution or merger of the Employer, unless the successor makes provision to
continue the Plan, in which event the successor must substitute itself as the Employer under
19.1
this Plan. Any termination of the Plan resulting from this paragraph (b) is not effective until
compliance with any applicable notice requirements.
19.04 Full Vesting on Termination. Upon either full or partial termination of the Plan, an
affected Participant's right to his Accrued Benefit is 100% Nonforfeitable, irrespective of the
Nonforfeitable percentage which otherwise would apply under Article VIII.
19.05 Termination.
(A) Procedure. Upon termination of the Plan, in order to liquidate the Trust, the Retirement
Committee shall either direct the Trustee to:
(a) distribute the present value of the Nonforfeitable Accrued Benefit of each Participant
in one lump sum; or
(b) distribute the Nonforfeitable Accrued Benefit of the Participants by purchasing a
deferred annuity contract for each Participant; or
(c) directly transfer the present value of the Nonforfeitable Accrued Benefit of each
Participant to another retirement plan described in Code 940 I (a); or
(d) utilize any combination of the methods referenced in clauses (a), (b) or (c) above, as
determined in the sole discretion of the Retirement Committee.
The Retirement Committee, shall by resolution, specify the method ofIiquidating the Trust
upon termination of the Plan. The Trust wiII continue until the Trustee in accordance with the
direction of the Retirement Committee has distributed all of the benefits under the Plan.
(B) Freezing PlanlMergers or Transfers. A resolution or amendment to freeze all future benefit
accrual but otherwise to continue maintenance of this Plan, is not a termination for purposes of this
Section 19.05. Furthermore, a merger or direct transfer described in Section 11.05 of the Plan is not
a termination for purposes of the special distribution provisions described in Section 19.05(A).
19.2
ARTICLE A
APPENDIX TO PLAN AND TRUST AGREEMENT
USERRA Model Amendment
Notwithstanding any provision ofthis Plan to the contrary, contributions; benefits and service
credit with respect to qualified military service wilI be provided in accordance with Code 9414(u).
19.3
IN WITNESS WHEREOF, the Employer and the Trustee have executed this Plan and Trust,
as modified herein, in Winter Springs, Florida this 10th day of November
200:3.
EMPLOYER:
CITY OF WINTER SPRINGS
) /fuA
By:
Print Andrea Lorenzo~Luaces
Print John F. Bush
Its Mayor
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TRUSTEE:
BOARD OF TRUSTEES OF THE
C~GS
By:
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Print
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Its
19.4