HomeMy WebLinkAboutWinter Springs, City of Money Purchase Pension Plan and Trust for Employees
~ONEY PURCHASE PENSION
PLAN AND TRUST
FOR
EMPLOYEES OF THE.
CITY OF WINTER SPRINGS
Prepared by :
Richard E. Burke, Esq.
David L. Schick, Esq.
J. Scott Sims, Esq.
Gray, Harris & Robinson, P.A.
201 E. Pine Street, Suite 1200
Post Office Box 3068
Orlando, Florida 32802-3068
(407) 843-8880 Fax (407) 244-5690
TABLE OF CONTENTS
ARTICLE I - DEFINITIONS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.01 "Plan" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.02 "Employer" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.03 "Trustee" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.04 "Plan Administrator" . . . ... . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . ; . . . 1.1
1.05 "Retirement Committee" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 1.1
1.06 "Employee" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.07 [Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1.08 "Participant" ................................................. 1.1
1.09 "Beneficiary" . . . . . . . . . . . . . . . . . . . . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . 1.2
1.10 "Compensation" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
1.11 "Account" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
'1.12 "Accrued Benefit" ............................................. 1.3
1.13 "Nonforfeitable" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.14 "Plan Year" . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.15 "Effective Date" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
, .16 "Plan Entry Date" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.17 "Accounting Date" . . .. . ~ . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . 1.3
1.18 "Trust" . . . . . . .-'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.19 "Trust Fund" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.20 "Nontransferable Annuity" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.21 [Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3
1.22 "Code" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .'. 1.3
1.23 "Service" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
1.24 "Hour of Service" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 .
1.25 "Disability" . . . . . '. . . . . . . . . . . . . . . . . . . . . . . . . . .'. . .. . . . . . . . . . . . . . . 1.5
1.26 "Required Participant Contributions" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '. . . 1.5
ARTICLE II - EMPLOYEE PARTICIPANTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
2.01 Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
2.02 Service and Year of Service - Participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
2.03 Break in Service - Participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
2.04 Participation upon Re-employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1
ARTICLE III - EMPLOYER CONTRIBUTIONS AND FORFEITURES . . . . . . . . . . . . 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 Contribution Allocation . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1
3.05 Forfeiture Allocation ........................................... 3.1
3.06 Accrual of Benefit . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. 1
3.07 Limitations on Allocations to Participants' Accounts. .. . . . . . . . . . . . . . . . . . . . 3.2
3.08 Definitions - Article III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3
WSMP.PLN\OO7 1
ARTICLE IV - P ARTICIP ANT CONTRI;BUTIONS ............................ 4.1
4.01 Required Participant Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1
4.02 Participant Voluntary Contributions ................................. 4.1
4.03 Participant Rollover Contributions .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1
4.04 Participant Contribution - Forfeitability ...... . .. ... . . ... .. . . . ....... '.' 4.2
4.05 Participant Rollover Contribution - WithdrawalIDistribution ................. 4.2
4.06 Participant Rollover Contribution - Accrued Benefit. . . .. . . . . . . . . . . . . . . . . . 4.2
ARTICLE V - TERMINATION OF SERVICE - PARTICIPANT VESTING. . . . . . . . . 5.1
5.01 Normal RetirementAge ......................................... 5.1
5.02 Participant Disability orDeath . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1
5.03 Vesting Schedule.. . . . . . . . . . : . . . . . . . . . . . . . . . . . . . .... . . . "., . .'. . . . . . . 5.1
5.04 Cash-Out Distributions to Partially-Vested Participants/ Restoration of Forfeited
Accrued Benefit. . .' : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2
5.05 Segregated Account for Repaid Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3
5.06 Year of Service - Vesting " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3
5.07 Break In Service - Vesting ............................. '. . . . . . . . . . 5.3
5.08 Included Years of Service - Vesting. . . . . . . . . . . . . .. . . .. . .'. . . . . . . . . . . . 5.3
5.09 Forfeiture Occurs . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4
ARTICLE VI - TIME AND METHOD OF PAYMENT OF BENEFITS.. . . . . . , . . . . 6.1
6.01 Time of Payme!lt of Accrued Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1
6.02 . Method of Payment of Accrued Benefit .............................. 6.2
6.03 Benefit Payment Elections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4
6.04 Annuity Distributions to Participants and Surviving Spouses . . . . . . . . . . . . . . . . 6.5
6.05 'Waiver Election - Qualified Joint and Survivor Annuity,. . . . . . . . " . . . . . . . . . . 6,6
6.06 Waiver Election - Preretirement Survivor Annuity. . . . . . . . . . . . . . . . . . . . . . . 6.7
6.07 Distributions under Domestic Relations Orders . . . . . . . . . . . . . . . . . . . . . . . . . 6.7
6.08 Distributions Not Exceeding $5,000 - Taxpayer Relief Act" of 1997 ........... 6.8
ARTICLE vn - EMPLOYER ADMINISTRATIVE PROVISIONS .................7.1
7.01 Information to Retirement Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1
, ,
7.02 No Liability .................................... .'. . . . . . . . . . . . . 7.1
7.03 Indemnity of Certain Fiduciaries ................................... 7.]
7.04 [ReserVed] . . " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . . . . . . 7.1
7.05 Amendment to Vesting Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 7.1
~. . .
ARTICLE VIII - PARTICIPANT ADMINiSTRATIVE PROVISIONS. . . . . . . . . . . . . . . 8.1
8.01 Beneficiary Designation .: ... . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . 8.1
8.02 ' No Beneficiary Desigmition/Death of Beneficiary. . . . . . . .. . . . . . . . . . . . . . . . 8.1
8.03 ' Personal Data to Retirement Committee .....................,........ 8.1
8.04 Address for Notification : : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1
8.05 Assignment or Alienation ................. . . . . . . . . . . . . . . . . . . . . . . . 8.1
8.06 Notice of Change in Terms . '," ,,-'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2
8.07 Litigation against the Trust ...". .'. . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . 8.2
8.08 Information Available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . : . . . . . 8.2
8.09 Appeal Procedure for Denial of Benefits .. . . . . . . . . " . . .. . . . . . . . : . . . . . . . 8.2
WSMP,PLN\OO7 11
ARTICLE IX - RETIREMENT COMMITTEE - DUTIES WITH RESPECT TO
PARTICIPANTS' ACCOUNTS. . . .. . . . . . . . . . . . .. . . . . .. . . . . . .. . . . . . . .. . 9.1
9.01 Members' Compensation, Expenses ................................. 9.1
9.02 Term ...................................................... 9.1
9.03 Powers . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1
9.04 General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1
9.05 Funding Policy ............................................... 9.2
9.06 Manner of Action . .'. . . .'. . . . . . . . . . . . . . . . . ',' . . . . . . . . . . . . . . . . . . . . 9.2
9.07 Authorized Representative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2
9.08 Interested Member. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2
9.09 Individual Accounts . . . . . . . . . . . . . . . . . . . . ; . . . . . . . . . . . . . . . . . . . . . . . 9.2
9.10 Value of Participant's Accrued Benefit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2
9.11 Allocation and Distribution of Net Income Gain or Loss. . . . . . . . . . . . . . . . . . . 9.2
9.12 Individual Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3
9.13 Account Charged. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 9.3
9.14 Unclaimed Account Procedure. . . . . . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . 9.3
ARTICLE X - CUSTODIAN I TRUSTEE, POWERS AND DUTIES. . . . . . . . . . . . . . . 10.1
10.01 Acceptance ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1
10.02 Receipt of Contributions . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1
10:03 Investment Powers . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . : . . 10.1
10.04 Records and Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3
10.05 Fees and Expenses from Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3
10.06 . Parties to Litigation ........................................... 10.3
10.07 Professio'nal Agents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3
10.08 Distribution of Cash or Property .......;.......................... 10.3
10.09 Distribution Directions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3
10.10 Third PartylMultiple Trustees .................................... 10.3
10.11 Resignation . . . '.' . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1004
10.12 Removal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4
10.13 Interim Duties and Successor Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1004
10.14 Valuation of Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . lOA
10.15 Limitation on Liability - If Investment Manager, Ancillary Trustee10r Independent
Fiduciary Appointed .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1004
10.16 Investment in Group Trust Fund .................................. 10.5
ARTICLE XI - PROVISIONS RELATING TO INSURANCE AND INSURANCE
COMPANY . . . . . . . . '.' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1
11.01 Insurance Benefit . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1
ARTICLE XII - MISCELLANEOUS . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . .. 12.1
12.01 Evidence. . . . . . . . . . '.' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1
12.02 No Responsibility for Employer Action . . . . . . . . . . . . . . . .' . . . . . . . . . . . . . 12.1
12.03 Fiduciaries not Insurers. . . . . . . . . . . . . . .. . . . . . . . . . . . .~ . . . . . . . . . . . .. 12.1
12.04 Waiver of Notice . .. . . .'. .. . . . . . . .' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1
12.05 Successors . . . . . . . . .' . . . . . . . . . . . . . '. . . . . . . . . . . . . . . . : . . . . . . . . . . 12.1
12.06 Word Usage ................................................. 12.1
12.07 State Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1
12.08 Employment Not Guaranteed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1
WSMP.PLN\OO7 III
ARTICLE xm - EXCLUSIVE BENEFIT, AMENDMENT, TERMINATION. . . . . . . . 13.1
13.01 Exclusive Benefit . . . . . . . . . . . . . . . . . . . " . . . . . . . . . . . . . . . . . . . . . . . . 13.1
13.02 Amendment by Employer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1
13.03 Discontinuance .............................................. 13.1
13.04 Full Vesting on Tennination .....................................13.1
13.05 MergerlDirect Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1
13.06 Tennination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2
Article A - Appendix to Plan and Trust Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3
Article B - Appendix to Plan and Trust Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4
Execution Page. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.5
.
WSMP.PLN\OO7 lV
M;oney Purchase Pension 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 of the City of Winter Springs, as Trustee.
WIlNESSETH:
The City of Winter Springs continues, within this Trust Agreement, a Plan for the administration
and distribution of contributions made by the Employer for the purpose of providing retirement benefits
for eligible Employees. This Plan is an amended plan, in restated form, the original plan being established
on October ], ] 984. The provisions of this Plan, as amended, apply solely to an Employee whose
employment with the Employer termina.tes on or after October], ] 997. If an Employee's employment
with the Employer terminates prior to October ], ]997, that Employee is entitled to benefits under the
Plan as the Plan existed on the date of the Employee's termination of employment.
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 and continued by the Employer in the form
of this Agreement, designated as the Money Purchase Pension Plan and Trust for Employees of the City
of Winter Springs.
1.02' "Employer" means the City of Winter Springs.
1.03 "Trustee" means the Board of Trustees of the 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.
1.07 [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.
WSMP.PLN\OO7 1.1
1.09 "Beneficiary" is a person designated by a Participant 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 ful.1y 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" means the Participant's wages, salaries, and other amounts received for
personal services actually rendered in the course of employment with the Employer (including, but not
limited to commissions, overtime pay and bonuses). Compensation also includes elective contributions
made by the Employer on the Employee's behalf. "Elective contributions" are amounts excludible from
the Employee's gross income under Code 99125, 402(a)(8), 402(h) or 403(b) and contributed by the
Employer, at the Employee's election, to a Code 9401(k) arrangement, a Simplified Employee Pension,
cafeteria plan or tax-sheltered annuity. Elective contributions also include: (1) Compensation deferred
under a Code 9457 plan maintained by the Employer; and (2) Employee contributions "picked up" by the
Employer and, pursuant to Code 9414(h)(2), treated as Employer contributions. The term "Compensation"
does not include:
(a) Employer contributions (other than elective 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.
. (b) 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 of the
Employee), or contributions made by an Employer (whether or not under a salary reduction
agreement) 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), other than "elective
contributions" .
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) Limitations on Compensation.
(1) Compensation dollar limitation, For any Plan Year beginning after December 31,1995,
the Retirement Committee must take' into account no more Compensation than the Compensation
Limitation prescribed by Code g401(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 9401(a)(17). 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) of less than 12 months, the Compensation Limitation is a prorated dollar amount,
determined by multiplying the Compensation qmitation by a fraction equal to the number of months in
the short period divided by 12.
WSMP.PLN\OO7 1.2
(2) Application of compensation limitation to certain family members. The Compensation
limitation applies to the combined Compensation of any Highly Compensated Employee (as defined in
Code S414(q)) and of any family member aggregated with such Employee (pursuant to Code S414(q)(6))
who is either (i) such Employee's spouse; or (ii) such Employee's lineal descendant under the age of 19.
If, for a Plan Year, the combined Compensation of the Employee and such family members who are
Participants entitled to an allocation for that Plan Year exceeds the Compensation limitation,
"Compensation" for each such Participant, for purposes of the contribution and allocation' provisions of
Article III, means his Adjusted Compensation. Adjusted Compensation is the amount which bears the
same ratio to the Compensation limitation as the affected. Participant's Compensation (without regard to
the Compensation limitation) bears to the combined Compensation of all the affected Participants in the
family unit. The provisions of this paragraph (A)(2) of this Section 1.10 shall not apply to Plan Years
beginning on or after October 1, 1997.
.1.11 "Account" means the separate account(s) which the Retirement Committee or the Trustee
maintains for a Participant under the Plan.
1.12 "Accrued Benefit" means the amount standing in a Participant's Account(s) as of any
date derived from Employer contributions, Required Participant Contributions,. Participant rollover
contributions and direct transfers from other qualified retirement plans to the Participant's Account.
1.13 "Nonforfeitable" means a Participant's or Beneficiary's unconditional claim, legally
enforceable against the Plan, to the Participant's Accrued Benefit.
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 as restated is October 1, 1989.
1.16 "Plan Entry Date" means the date(s) prescribed by Section 2.01.
1.17 "Accounting Date" is the last 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 Employer's Plan,
other than incidental benefit insurance contrac~s.
1.20 "Nontransferable Annuity" means an annuity which by its terins provides that it may
not be sold, assigned, discounted, pledged as collateral for a loan or security for the perfonnance of an
obligation or for any purpose to any person other than the insurance company. If the Plan 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.
WSMP.PLN\OO7 1.3
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 unifonn, nondiscriminatory pol~cy applicable to all Employees. "Separationfrom Service" means the
Employee no longer has an employment relationship with the Employer maintaining this Plan.
1.24 "Hour of Service" means:
(a) Each Hour of Service for which the Employer, either directly or i~directly, pays an
Employee, or for which the Employee is entitled to payment, for the perfonnance of duties. The
Retirement Committee credits Hour~of Service under this paragraph (a) to the Employee for the
computation period in which the Employee perfonns the duties, irrespective of when paid;
(b) 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 (b) 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
(c) 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. tenninated), for, reasons other than for the perfonnance of duties
during a computation period, such as leave of absence, vacation, holiday, sick leave, illness,
incapacity (including disabil~ty), layoff, jury duty or military duty. The Retirement Committee
will credit no more than 501 Hours of Service under this paragraph (c) to an Employee on
account of any single continuous period during which the Employee does not perfonn any duties
'(whether or not such period occurs during a single computation period).
(d) Each Hour of Service the Employee is on an unpaid leave of absence authorized by the
, Employer under a unifonn, 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 R~tirement Committee will
resolve any ambiguity with respect tq the crediting of rill Hour of Service in favor of the Employee.
(A) 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 detennination 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.
(B) Maternity/paternity' leave.. SoIeIyforpurposes of deterni:ining 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 of the 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
WSMP.PLN\OO7 1.4
Hours of Service the Employee would receive if he were paid during the absence period or, if the
Retirement Committee cannot detennine the number of Hours of Service the Employee would receive,
on the basis of 8 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 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 pennitting such
Participant to be eligible for benefits under the Employer's long tenn disability program.
1.26 "Required Participant Contributions" means the contributions made by the Participant
in accordance with Section 4.01.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 . . 1.5
ARTICLE II - EMPLOYEE P ARTICIP ANTS
2.01 Eligi bility. With respect to Employees employed by the Employer on or after June 1,
1997, each such 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.
With respect to Employees employed by the Employer prior to June 1, 1997, each such Employee
who completes one Year of Service shall become a Participant in the Plan on the earlier of:
(i) the first day of the Plan Year following satisfaction of the one Year of Service
requirement; or
(ii) the first day of the 6th month following satisfaction of the one Year of Service
requirement.
2.02 Service and Year of Service - Participation. For purposes of an Employee's
participation in thePlan under Section 2.01, the Plan takes into account all of his Service and Years of
Service with the Employer. "Year of Service" means an eligibility computation period during which the
Employee completes not less than 1,000 Hours of Service. The initial eligibility computation period is
the first 12 consecutive month period measured from the Employment Commencement Date. The Plan
measures the subsequent periods by reference. to the Plan Year, beginning with the Plan Year which
includes the first anniversary of the Employee's Employment Commencement Date. "Employment
Commencement Date" means the date on which the Employee first perfonns an Hour of Service for the
Employer.
2.03 Break in Service - Participation. For purposes of participation in the Plan, the Plan does
not apply any Break in Service rule.
2,04 Participation upon Re-employment. A Participant whose employment
with the Employer tenninateswill 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
re-employment. 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.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 2.1
ARTICLE ill - EMPLOYER CONTRIBUTIONS AND FORFEITURES
Part 1. Amount of Emplover Contributions and Plan Allocations: Sections 3.01 throu!!h 3.06
3.01 Amount, For each Plan Year, the Employer will contribute to the Trust in an amount
equal to 4% of each Participant's Compensation for the Plan Year. The Employer will detennine its
contribution by taking into account only the Participant's Compensation taken into account under Section
3.06. The Employer contribution on behalf of a Participant may not . exceed the Participant's annual
additions limitation described in Part 2 of Article III, even if the contribution fonnula otherwise would
require a larger contribution. The Employer intends the Plan to be a money purchase pension plan for all
purposes of the Code.
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 of fact. 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. 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, detennines the amount
of any contributions to be made by it to the Trust under the tenns of the Plan.
3.03 Time of Payment of Contribution. The Employer shall pay to the Trustee its
contribution to the Plan for each Plan Year in quarterly installments or in installments equally divided
among pay periods whichever the City commission shall designate at the beginning of each fiscal year.
If the City commission fails to make such designation, the contributions shall be made in installments
equally divided among pay periods. The Plan shall be considered to be fully funded if all required
contributions are paid within ninety days of the date such payments were due.
3.04 Contribution Allocation. . The Retirement Committee will allocate and credit the
Employer contribution to the Employer Contributions Account of each Participant, in accordance with the
contribution fonnula under Section 3.01, ~s of the valuation date (as defined in Section 9.11) coincident
with. or next following the date such amounts are contributed to the Trust.
3.05 Forfeiture Allocation. The amount of a Participant's Accrued Benefit forfeited under
the Plan is a Participant forfeiture. Subject to. any restoration allocation required under Sections 5.04 or
9.14, the Retirement Committee will allocate a Participant forfeiture in accordance with Section 3.04, to
reduce the Employer contribution for the Plan Year in which the forfeiture occurs. The Retirement
Committee will continue to hold the undistributed, non-vested portion of a tenninated Participant's
Accrued Benefit in his Account solely for his benefit until a forfeiture occurs at the time specified in
Section 5.09.
3,06 Accrual of Benefit. The Retirement Committee will detennine the accrual of-benefit
(Employer contributions under Section 3.0 I) on the basis of the Plan Year.
WSMP.PLN\OO7 3.1
(A) Compensation Taken Into Account. In allocating an Employer contribution to a Participant's
Account under Section 3.01, the Retirement Committee will take into account only the Compensation
determined for the portion of the Plan Year in which the Employee actually is a Participant.
Part 2. Limitations On Allocations: Sections 3.07 and 3.08
3.07 Limitations on Allocations to Participants' Accounts. The amount of Annual Additions
which the Retirement Committee may allocate under this Plan on a Participant's behalf for a Limitation
Year may not exceed the Maximum Permissible Amount. If the amount the Employer otherwise would
contribute to the Participant's Account would cause the Annual Additions for the Limitation Year to
exceed the Maximum Permissible Amount, the Employer will reduce the amount of its contribution so
the Annual Additions for the Limitation Year will equal the' Maximum Permissible Amount.
(A) Estimation of Compensation. Prior to the determination of the Participant's actual Compensation
for a Limitation Year, the Retirement Committee may determine the Maximum Permissible Amount on
the basis of the Participanfs estimated annual Compensation for such Limitation Year. The Retirement
Committee must make this determination on areasonable and uniform basis for all Participants similarly
situated. The Retirement Committee must reduce any Employer contributions (including any allocation
of forfeitures) based on estimated annual Compensation by any Excess Amounts carried over from prior
years. As soon as is administratively feasible_after the end of the Limitation Year, the Retirement
Committee will determine the Maximum Permissible Amount for such Limitation Year on the basis of
the Participant's actual Compensation for such Limitation Year.
'(B) Disposition of Excess Amount. If, pursuant to Section 3.07(A), or because of the allocation of
. forfeitures, there is an Excess Amount with respect to a Participant for a Limitation Year, the Retirement
Committee will dispose of such Excess Amount as follows:
(a) The Retirement Committee will hold the Excess Amount unallocated in a suspense
account. The Retirement Committee will apply the suspense account to reduce Employer
Contributions for all remaining Participants in the next Limitation Year, and in each succeeding
Limitation Year if necessary. The Employer may not contribute to the Plan for any Limitation
Year in which the Plan is unable to allocate fully a suspense account maintained pursuant to this
paragraph (a).
(b) The Retirement Committee will not distribute any Excess Amount(s) to Participants or to
former Participants.
(C) Defined Benefit Plan Limitation., If the Participant presently participates, or has ever participated
under a defined benefit plan maintained by the Employer, then the sum of the defined benefit plan fraction
and the defmed contribution plan fraction for the Participant for that Limitation Year must not exceed 1.0.
To the extent necessary to satisfy this limitation, the Employer will reduce the Participant's projected
annual benefit under the defined benefit plan under which the Participant participates.
WSMP.I'LN\OO7 3.2
3.08 Definitions - Article III. For purposes of Article III, the following tenns mean:
(a) "Annual Addition" - The sum of the following amounts allocated on behalf of a
Participant for a Limitation Year, of (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 9401(k), excess aggregate contributions
described in Code 9401(m) and excess deferrals described in Code S402(g), irrespective of
whether the plan distributes or forfeits such excess amounts. Annual Additions also include
Excess Amounts reapplied to reduce Employer contributions under. Section 3.07. Amounts
allocated after March 31, 1984, to an individual medical account (as defined in Code 9415(1)(2))
included as part of a defined benefit plan maintained by the Employer are Annual Additions.
Furthennore, Annual 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 9419A(d)(3)) under a
welfare benefit fund (as defined in Code 9419(e)) maintained by the Employer, but only for
purposes of the dollar limitation applicable to the Maximum Pennissible Amount.
(b) "Compensation" - For purposes of applying the limitations of Part 2 of this Article III,
"Compensation" means Compensation as defined in Section 1.10, except Compensation does not
include elective contributions and any exclusion from Compensation (other than the exclusion of
elective contributions and the exclusions described in paragraphs (a) and (b) of Section 1.1 0) does
not apply. Notwithstanding the preceding sentence, with respect to Plan Years beginning on. and
after October 1, 1998, Compensation includes elective contributions.
(c) "Maximum Pennissible Amount" -The lesser of (i) $30,000 (or, if greater, one-fourth of
the defined benefit dollar limitation under Code S415(b)(1 )(A)), 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 (or adjusted) limitation
by the following fraction: ,
Number of months in the short Limitation Year
12
(d) "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 Part 2 of this Article III, the Retirement Committee will detennine aggregated
employers by modifying Code ~4l4(b) and (c) in accordance with Code S415(h).
(e) "Excess Amount" - The excess of the Participant's Annual Additions for the Limitation
Year overthe Maximum Pennissible.Amount.
(f) "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.
WSMP.PLN\OO7 3.3
(g) "Defined contribution plan" - A retirement plan which provides for an individual account
for each participant and for benefits based solely on 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 all defined contribution plans (whether or not terminated) maintained by the Employer
as a single plan. Solely for purposes of the limitations of Part 2 of this Article III; the Retirement
Committee will treat employee contributions made to a defined benefit 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 g4 I 5(1)(2)) included
as part of a defined benefit plan maintained by the Employer and, for taxable years ending after
December 31, 1985, a welfare benefit fund under Code g419(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 g419A(d)(3)).
(h) "Defined benefit plan" - A retirement plan which does not provide for individual accounts
for Employer contributions. The Retirement Committee must treat all defined benefit plans
(whether or not terminated) maintained by the Employer as a single plan.
(i) "Defined benefit plan fraction" -
Proiected annual benefit of the Participant under the defined benefit plan( s)
The lesser of (i) 125% of the dollar limitation in effect under
Code g 415(b)(1)(A) for the Limitation Year, or (ii) 140%
of the Participant's average Compensation for his
high three (3) consecutive Years of Service
To determine the denominator of this fraction, the Retirement Committee will make any
adjustment required under Code g415(b) and will determine a Year of Service as a Plan Year in
which the Employee completed at least 1,000 Hours of Service. The "projected annual benefit"
is the annual retirement benefit (adjusted to an actuarially equivalent st~aight life annuity if the
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 on the assumptions
he continues employment until his normal retirement age (or current age, if later) 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
. _~sed to determine - benefits under the d.efined benefit plan remain constant as of the current
Limitation Year for all future Limitation Years.
U) "Defined contribution plan fraction" -
The sum, as of the close of the Limitation Year, of the Annual Additions.
to the Participant's Account under the defined contribution plan(s)
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 underCodeg415(c)(1)(A) for the Limitation Year
(determined without re.gard to the special dollar limitations
for employee stock ownership plans), or (ii) 35% of the
Participant's CQmperisation for the Limitation Year
WSMP.PLN\OO7 3.4
For purposes of determining the defined contribution plan fraction, the Retirement
Committee will not recompute Annual Additions in Limitation Years beginning prior to January 1,
1987, to treat all Employee contributions as Annual Additions. If the Plan satisfied Code 9415 for
Limitation Years beginning prior to January 1, 1987, the Retirement Committee will redetermine
the defined contribution plan fraction and the defined benefit plan fraction as of the end of the
1986 Limitation Year, in accordance with this Section 3.19. If the sum of the redetermined
fractions exceeds 1.0, the Retirement Committee will subtract permanently from the numerator
of the defined contribution plan fraction an amount equal to the product of (1) the excess of the
sum of the fractions over 1.0, times (2) the denominator of the defined contribution plan fraction.
In making the adjustment, the Retirement Committee must disregard any accrued benefit under
the defined benefit plan which is in excess of the Current Accrued Benefit. This Plan continues
any transitional rules applicable to the determination of the defined contribution plan fraction
under the Employer's Plan as of the end of the 1986 Limitation Year.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 3.5
ARTICLE IV - P ARTICIP ANT CONTRIBUTIONS
4.01 Req uired Participant Contributions. Effective October I, 1997, each Participant is
required to contribute two percent (2%) of Compensation to the Plan, which contribution shall be
considered his Required Participant Contribution. With respect to the Plan Year beginning October 1,
1996, the Required Participant Contribution was one percent (1%) of Compensation. Prior to October I,
1996, Participant Contributions were not required.
No Participant shall have the right to discontinue or vary the rate of the Required Participant
Contributions. No Participant shall have the option of receiving the Required Participant Contributions
directly rather than having such amounts paid into the Plan.
The Employer shall remit Required Participant Contributions to the Trustee on a payroll basis.
The Retirement Committee must maintain a separate account in the name of each Participant to reflect the
Participant's Accrued Benefit under the Plan derived from his Required Participant Contributions. A
Participant's Accrued Benefit derived from his Required Participant Contributions as of any applicable
date is the balance of his Participant Required Contributions Account. The Retirement Committee shall
allocate Required Participant Contributions to each Participants Required Participant Contributions Account
as of the valuation date (as defined in Section 9.11) coincident with or next following the date such
amounts are contributed to the Trust.
Required Participant Contributions shall be considered an Employer "pick-up" contribution under
Code S414(h)(2). Such contributions are intended to satisfy the requirements of Code S414(h)(2) and shall
be treated as Employer contributions which reduce a Participant's taxable Compensation.
.4.02 Participant Voluntary Contributions. The Plan does not permit Participant voluntary
contributions.
4.03 Participant Rollover Contributions. Any Participant, with the Employer's written
consent and after filing with the Trustee the form prescribed by the Retirement Committee, may contribute
cash or other property to the Trust other than as a voluntary contribution if the contribution is a "rollover
contribution" which the Code permits an employee to transfer either directly or indirectly from one
qualified plan to another qualified plan. Before accepting a rollover contribution, the Trustee may require
an Employee to furnish satisfactory evidence that the proposed transfer is in fact a "rollover contribution"
which the Code permits an employee to make to a qualified plan. A rollover contribution is not an Annual
Addition under Part 2 of Article III.
Unless directed by the Retirement Committee to invest the rollover contributions in a segregated
investment Account, the Trustee will invest the rollover contribution as part of the Trust Fund. Except as
othelWise provided herein, the Trustee will hold, administer and distribute a rollover contribution in the
same manner as any Employer contribution made to the Trust.
An eligible Employee, prior to satisfying the Plan's eligibility conditions, may make a rollover
contribution to the Trust to the same extent and in the same manner as a Participant. If an Employee
makes a rollover contribution to the Trust prior to satisfying the Plan's eligibility conditions, the
Retirement Committee and Trustee must treat the Employee as a Participant for all purposes of the Plan
except the Employee is not a Participant for purposes of sharing in Employer contributions under the Plan
or for the purposes of making Required Participant Contributions until he actually becomes a Participant
WSMP.PLN\OO7 4.1
in the Plan. If the Employee has a Separation 'from Service prior to becoming a Participant, the Trustee
will distribute his rollover contribution Account to him as if it were an Employer contribution Account.
4.04 Participant Contribution - Forfeitability, A Participant's Accrued Benefit is, at all
times, 100% Nonforfeitable to the extent the value of his Accrued Benefit 'is derived from his Participant
contributions described in this Article IV.
4.05 Participant Rollover Contribution - WithdrawalJDistribution. A Participant,
by giving prior written notice tp the Trustee, ,may withdraw all or any part of the value of his Accrued
Benefit derived from his Participant rollover contributions described in Section 4.03. A distribution of
~articipant rollover contributions must comply with the joint and survivor requirements described in
Article VI. A Participant may not exercise his right to withdraw the value of his Accrued Benefit derived
from his Participant rollover contributions more than once during any Plan Year. The Trustee, in
accordance with the direction of the Retirement Committee, will distribute a Participant's unwithdrawn
Accrued Benefit ~ttributable to his Participant rollover contributions in accordance with the provisions of
Article VI applicable to the distribution of the Participant's Nonforfeitable Accrued Benefit.
4.06 . . The Retirement Committee
Participant Rollover Contribution - Accrued Benefit. must maintain a separate Account in the name of each Participant to reflect the Participant's Accrued
Benefit under the Plan derived from his Participant rollover contributions. A Participant's Accrued Benefit
derived from his Participant rollover contributions as of any applicable date is the balance of his separate
Participant rollover contribution Account(s).
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 4.2
ARTICLE V - TERMINATION OF SERVICE - PARTICIPANT VESTING
5.01 Normal Retirement Age. A Participant's Normal Retirement Age is 65 years of age.
A Participant's Accrued Benefit derived from Employer contributions is 100% Nonforfeitable upon and
after his attaining Normal Retirement Age (if employed by the Employer on or after that date).
5.02 Participant Disability or Death. If a Participant's employment with the Employer
terminates as a result of death or disability, the Participant's Accrued Benefit derived from Employer
contributions will be 100% Nonforfeitable.
5.03 Vesting Schedule,
(A) Required Participant Contribu'tions Account and Participant Rollover Contributions
Account. A Participant's Accrued Benefit derived from his Required Participant Contributions and his
Participant rollover contributions is, at all times 100% Nonforfeitable.
(B) Employer Contributions Account. Except as provided in Sections 5.01 and 5.02, for each Year
of Service, a Participant's Nonforfeitable percentage of his Employer Contributions Account equals the
percentage in the following vesting schedule:
Years of Service Percent of Nonforfeitable
With the Emplover Accrued Benefit
Less than 3 . . . . . . . . . . . . . . . . . . . . . . . . 0%
3 ....... '.' . . . . . . . . . . . . . . . . . . . . 20%
4 ............................. 40%
5 ............................. 60%
6 ............................. 80%
7 or more .. ~ . . . . . . . . . . . . . . . . . . . . 100%
The vesting schedule set forth in the preceding paragraph is effective for Plan Years beginning
on and after October 1, 1997. With respect to Plan Years beginning prior to October 1, 1997, the
following vesting schedule applied:
Years of Service Percent of Nonforfeitable
With the Emplover Accrued Benefit
Less than 4 . . . . . . . . . . . . . . . . . . . . . . . . 0%
4 ............................. 40%
5 ............................. 50%
6 ............................. 60%
7 ............................. 70%
8 ............................. 80%
9 ............................. 90%
10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100%
WSMP.PLN\OO7 5.1
5.04 Cash-Out Distributions to Partially-Vested Participants/ Restoration of Forfeited
Accrued Benefit. If, pursuant to Article VI, a partially-vested Participant receives a cash-out distribution
before he incurs a Forfeiture Break in Service (as defined in Section 5.08), the cash-out distribution will
result in an immediate. forfeiture of the nonvested portion of the Participant's Accrued Benefit derived
from Employer contributions. See Section 5.09. A partially-vested Participant is a Participant whose
Nonforfeitable Percentage determined under Se~tion 5.03 is less than 100%. A cash-out distribution is a
distribution of the entire present .value of the Participant's Nonforfeitable Accrued Benefit.
(A) Restoration and Conditions upon Restoration. A partially-vested Participant who is re-employed
by the Employer after receiving a cash-out distribution of the Nonforfeitable percentage of his Accrued
Benefit may repay the Trustee the amount of the cash-out distribution attributable to Employer
contributions, unless the Participant no longer has a right to restoration by reason of the conditions of this
Section 5.04(A). If a partially-vested Participant makes the cash-out distribution repayment, the Retirement
Committee, subject to the conditions of this Section 5.04(A), must restore his Accrued Benefit attributable
to Employer contributions to the same dollar amount as the dollar amount of his Accrued Benefit on the
Accounting Date, or other valuation date, immediately preceding the date of the cash-out distribution,
unadjusted for any gains or losses occurring subsequent to that Accounting Date, or other valuation date.
The Retirement Committee will not restore a re-employed Participant's Accrued Benefit under this
paragraph if:
(1) 5 years have elapsed since the Participant's first re-employment date. with the Employer
following the cash-out distribution; or.
(2) The Participant incurred a Forfeiture Break in Service (as defined in Section 5.08). This
condition also applies if the Participant makes repayment within the Plan Year in which he incurs
the Forfeiture Break in Service and that Forfeiture Break in Service would result in a complete
forfeiture of the amount the Retirement Committee otherwise would restore.
(B) Time and Method of Restoration. If neither of the two conditions preventing restoration of the
Participant's Accrued Benefit applies, the -Retirement Committee will restore the Participant's Accrued
Benefit as of the Plan Year Accounting Date coincident with or immediately following the repayment. To
restore the Participant's Accrued Benefit, the Retirement Committee, to the extent necessary, will allocate
to the Participant's Account:
(1) First, the amount, if any, of Participant forfeitures the Retirement Committee would otherwise
allocate urider Section 3.05; and
(2) Second, the amount, if any, of the Trust Fund net income or gain for the Plan Year.
To the extent the amounts described in clauses (1) and (2) are insufficient to enable the Retirement
Committee to make the required restoration, the Employer must contribute, without regard to any
requirement or condition of Section 3.01, the additional amount necessary to enable the Retirement
Committee to make the required restoration. If, for a particular Plan Year,. the Retirement Committee must
restore the Accrued Benefit of more than one re-employed Participant, then the Retirement Committee will
make the restoration allocations to each such Participant's Account in the same proportion that a
Participant's restored amount for the Plan Year bears to the restored amount for the Plan Year of all
re-employed Participants. The Retirement. Committee will not take into account any allocation under this
Section 5.04 in applying the limitation on allocations under Part 2 of Article III.
WSMP.PLN\OO7 5.2
(C) 0% Vested Participant, The deemed cash-out rule applies to a 0% vested Participant. A 0%
vested Participant is a Participant whose'Accrued Benefit derived from Employer 'contributions is entirely
forfeitable at the time of his Separation from Service. Under the deemed cash-out rule, the Retirement
Committee will treat the 0% v'ested Participant as having received a cash-out distribution on the date of
the Participant's Separation from Service or, if the Participant's Account is entitled to an allocation of
Employer contributions for the Plan Year in which he separates from Service, on the last day of that Plan
Year. For purposes of applying the restoration provisions of this Section 5.04, the Retirement Committee
will treat the 0% vested Participant as .repaying his cash-out "distribution" on the first date of his re-
employment with the Employer.
. 5.05 Segregated Account for Repaid Amount. Until the Retirem~nt Committee restores the
Participant's Accrued Benefit, as described in Section 5.04, the Trustee will invest the cash-out amount
the P~icipant has repaid in a segregated Account maintained solely for that Participant. The Trustee must
invest the amount in the Participant's segregated Account in Federally insured interest bearing savings
account(s) or time deposit(s) (or a combination of both), or in other fixed income investments. Until
. commingled with the balance of the Trust Fund on the date the Retirement Committee restores the
Participant's Accrued Benefit, the Participant's segregated Account remains a part of the Trust, but it alone
shares in any income it earns and it alone bears any expense or loss it incurs. Unless the repayment
qualifies as a rollover contribution, the Retirement Committee will direct the Trustee to repay to the
Participant as soon as is administratively practicable the full amount of the Participant's segregated
. Account if the Retirement Committee determines either of the conditions of Section 5.04(A) prevents
restoration as of the applicable Accounting Date, notwithstanding the Participant's repayment.
5,06 Year of Service - Vesting. For purposes of vesting under Section 5.03, Year of Service
. . means any Plan Year during which an Emplpyee completes not less than 1,000 Hours of Service with the
EmployeL
5.07 Break In Service - Vesting. For pUrpOses of this Article V, a Participant incurs a "Break
in Service" if during any Plan Year he d<?es not complete more than 500 Hours of Service with the
Employer.
5.08 Included Years of Service - Vesting,
(A) Included Years of Service. For purposes of determining "Years of Service" under Section 5.06,
the Plan takes into account alI Years of Service an Employee completes with the Employer, except:
. . .
(1) Any Year of Service before the Plan Year in which the Participant attained the
age of 18.
-(2) In the case of any Employee who. has it Break in Service, any Year of Service
before the Break until the Employee has completed a Year of Service after his return.
(3). Any Year of Service' before a Break in Service if the number of consecutive
Breaks in Service equals or exceeds the greater of 5 or the aggregate number of the Years
of Service prior to the Break. This exception applies only if the Participant is 0% vested
in his Employer Contributions. Account 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.
WSMP.PLN\OO7 5.3
(B) Forfeiture Break in Service, For the sole purpose of determining a Participant's Nonforfeitable
percentage of his Accrued Benefit derived from Employer contributions which accrued for his benefit prior
to a Forfeiture Break in Service, the Plan disregards any Year of Service after the Participant first incurs
a Forfeiture Break in Service. The Participant incurs a Forfeiture Break in Service ~hen he incurs 5
. consecutive Breaks in Service.
5.09 Forfeiture Occurs. A Participant's forfeiture, if any, of his Accrued Benefit derived from
Employer contributions occurs under the Plan on the earlier of:
(a) The last day of the Plan Year in which the Participant first incurs a Forfeiture Break in
Service; or
(b) The date the Participant receives a cash-out distribution.
The Retirement Committee determines the percentage of a Participant's Accrued Benefit forfeiture,
if any, under this Section 5.09 solely by reference to the vesting schedule of Section 5.03. A Participant
will not forfeit any portion of his Accrued Benefit for any other reason or cause except as expressly
provided by this Section 5.09 or as provided under Section 9.14.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 5.4
ARTICLE VI - TIME AND METHOD OF PAYMENT OF BENEFITS
6.01 Time of Payment of Accrued Benefit. Unless, pursuant to Section 6.03, the Participant
or the Beneficiary elects in writing to a different time or method of payment, the Retirement Committee
will direct the Trustee to commence distribution of a Participant's Nonforfeitable Accrued Benefit in
accordance with this Section 6.01. A Participant must consent, in writing, to any distribution required
under this Section 6.01 if the present value of the Participant's Nonforfeitable Accrued Benefit, at the time
of the distribution to the Participant, exceeds $3,500 and the Participant has not attained the later of
Normal Retirement Age or age 62. Furthermore, the Participant's spouse also must consent, in writing,
to any distribution, for which Section 6.04 requires the spouse's consent. For all purposes of this Article
VI, the term "annuity starting date" means the first day of the first period for which the Plan pays an
amount as an annuity or in any other form. A distribution date under this Article VI, unless otherwise
specified within the Plan, is the first day of each calendar quarter, or as soon as administratively
practicable thereafter. For purposes of the consent requirements under this Article VI, if the present value
of the Participant's Nonforfeitable Accrued Benefit, at the time of any distribution, exceeds $3,500, the
Retirement Committee must treat that present value as exceeding $3,500 for purposes of all subsequent
Plan distributions to the Participant.
(A) Separation from Service Fora Reason Other Than Death.
(1) Participant's N~nforfeitable Accrued Benefit Not Exceeding $3,500. If the
Participant's Separation from Service is for any reason other than death, the Retirement Committee will
direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in a lump sum as soon
as administratively practicable following the Participant's Separation from Service, but in no event later
than the 60th day following the close of the Plan Year in which the Participant attains Normal Retirement
Age.
(2) Participant's Nonforfeitable Accrued Benefit Exceeds $3,500. If the Participant's
Separation from Service is for any reason other than death, the Retirement Committee will direct the
Trustee to commence distribution of the Participant's Nonforfeitable Accrued Benefit in a form and at the
time elected by the Participant, pursuant to Section 6.03. In the absence of an election by the Participant,
the Retirement Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued
Benefit in a lump sum (or, if applicable, the normal annuity fonn of distribution required under Section
6.04), on the 60th day following the close of the Plan Year in which the latest of the following events
occurs: (a) the Participant attains Normal Retirement Age; (b) the Participant attains age 62; or (c) the
Participant's Separation from Service.
(3) Disability. If the Participant's Separation from Service is because of his disability, the
Retirement Committee will direct the Trustee to pay the Participant's Nonforfeitable Accrued Benefit in
lump sum, at the same time as any other Separation from Service, subject to the notice and consent
requirements of this Article VI and to the applicable mandatory commencement dates described in
Paragraph (l) or in Paragraph (2).
(B) Required Beginning Date. If any distribution commencement date described under Paragraph (A)
of this Section 6.01, 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 on the Participant's Required Beginning Date. With respect to Plan Years beginning on or
after October 1, 1997, a Participant's Required Beginning Date is April 1 following the close of the
WSMP.PLN\OO7 6.1
calendar year in which the Participant separates from Service or, if later, April 1 following the close of
the calendar year in which the Participant attains age 70Y2. With respect to Plan Years beginning prior
to October 1, 1997, a Participant's Required Beginning Date is the April 1 following the close of the
calendar year in which the Participant attains age 70Y2. However, if the Participant, prior to incurring' a
Separation from Service, attained age 70Y2 by January 1, 1988, the Required Beginning Date is the April
1 following the close of the calendar year in, which the Participant separates from Service. Furthermore,
if a Participant attained age 70Y2 during 1988 and did not incur a Separation from Service prior to January
1, 1989, his Required Beginning Date is April 1, 1990. A mandatory distribution at the Participant's
Required Beginning Date will be in lump sum (or, if applicable, the normal annuity form of distribution
required under Section 6.04) unless the Participant, pursuant to the provisions of this Article VI, makes
a valid election to receive an alternative form of payment.
(C) Death of the Participant. The Retirement Committee will direct the Trustee, in accordance with
this Section 6.01(C), to distribute to the Participant's Beneficiary the Participant's Nonforfeitable Accrued
Benefit remaining in the Trust at the time of the Participant's death.
(1) Deceased Participant's Nonforfeitable Accrued Benefit Does Not Exceed $3,500, The
Retirement Committee, subject to the requirements of Section 6.04, must direct the Trustee to distribute
the deceased Participant's Nonforfeitable Accrued Benefit in a single cash sum, as soon as administratively
practicable following the Participant's death or, if later, the date on which the Retirement Committee
receives notification of or otherwise confirms the Participant's death.
(2) Deceased Participant's Nonforfeitable Accrued Benefit Exceeds $3,500. The
Retirement Committee will direct the Trustee to distribute the deceased Participant's Nonforfeitable
Accrued Benefit at the time and in the form elected by the Participant or, if applicable by the Beneficiary,
as permitted under this Article VI. In the absence of an election, subject to the requirements of Section
6.04, the Retirement Committee will direct the Trustee to distribute the Participant's undistributed
. Nonforfeitable Accrued Benefit in a lump sum on the first distribution date following the close of the Plan
Year .in which the Participant's death occurs or, if later, the first distribution date following the date the
Retirement Committee receives notification of or otherwise confirms the Participant's death.
If the death benefit is payable in full to the Participant's surviving spouse, the surviving spouse,
in addition to the distribution options provided in this Section 6.0 i (C), may elect distribution at any time
or in any form (other th~n a joint and survivor annuity) this Article VI would permit for a Participant.
6.02 Method of Payment of Accrued Benefit. Subject to the annuity distribution
requirements, if any, prescribed by Section 6.04, - and any restrictions prescribed by Section 6.03, a
Participant or Beneficiary may elect distribution under the following methods: (a) by payment in a lump
sum; (b) by payment in monthly, quart~rly or annual installments over a fixed reasonable period of time,
not exceeding the life expectancy of the Participant or the joint life and last survivor expectancy of the
Participant and his Beneficiary; or (c) by payment of a joint and 100% survivor annuity.
The distribution options permitted under this Section 6.02 are available only if the present value
of the ParticipanfNonforfeitable Accrued Benefit, at the time of the distribution to the Participant, exceeds
$3,500. To facilitate installment payments under this Article VI, the Retirement Committee may direct
the Trustee to segregate all or any part of the Participant's Accrued Benefit in a separate Account. The
Trustee will invest the Participant's segregated Account in Federally insured interest bearing savings
account(s) or time deposit(s) (or a combination of both), or in other fixed income investments. A
segregated Account remains a part of the Trust, . but it alone shares in any income it earns, and it alone
WSMP.PLN\OO7 6.2
bears any expense or loss it incurs. A Participant or Beneficiary may elect to receive an installment
distribution in the form of a Nontransferable Annuity Contract. Under an installment distribution, the
Participant or Beneficiary, at any time, may elect to accelerate the payment of all, or any portion, of the
Participant's unpaid Nonforfeitable Accrued Benefit, subject to the requirements of Section 6.04.
(A) 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. The minimum distribution for a calendar year equals
the Participant's Nonforfeitable Accrued Benefit as of the latest valuation date preceding the beginning
of the calendar year divided by the Participant's life expectancy or, if applicable, the joint and last
survivor expectancy of the Participant and his designated Beneficiary (as determined under Article VIII,
subject to the requirements of the Code ~401(a)(9) regulations). The Retirement Committee will increase
the Participant's Nonforfeitable Accrued Benefit, as determined on the relevant valuation date, for
contributions or f9rfeitures allocated after the valuation date and by December 31 of the valuation calendar
year, and will decrease the valuation by distributions made after the valuation date and by December 31
of the valuation calendar year. For purposes of this valuation; the Retirement Committee will treat any
portion of the minimum distribution for the first distribution calendar year made after the close of that
year as a distribution occurring in that first distribution calendar year. In computing a minimum
distribution, the Retirement Committee must use the unisex life expectancy multiples under Treas. Reg.
~ 1. 72-9. The Retirement Committee, only upon the Participant's written request, will compute the
minimum distribution for a calendar year subsequent to the first calendar year for which the Plan requires
a minimum distribution by redetermining the applicable life expectancy. However, the Retirement
Committee may not redetermine the joint life and last survivor expectancy of the Participant and a
nonspouse designated Beneficiary in a manner which takes into account any adjustment to a life
expectancy other than the Participant's life expectancy.
If the Participant's spouse is not his designated Beneficiary, a method of payment to .the
Participant (whether by Participant election or by Retirement Committee direction) may not provide more
than incidental benefits to the Beneficiary. For Plan Years beginning after December 31, 1988, the Plan
must satisfy the Minimum Distribution Incidental Benefit ("MDIB") requirement in the Treasury
regulations issued under Code ~401(a)(9) for distributions made on or after the Participant's Required
Beginning Date and before the Participant's death. To satisfy the MDIB requirement, the Retirement
Committee will compute the minimum distribution required by this Section 6.02(A) by substituting the
applicable MOIB divisor for the applicable life expectancy factor, if the MDIB divisor is a lesser number.
Following the Participant's death, the Retirement Committee will compute the minimum distribution
required. by this Section 6.02(A) solely on the basis of the applicable life expectancy factor and will
disregard the MDIB factor. For Plan Years beginning prior to January 1, 1989, the Plan satisfies the
incidental benefits requirement if the distributions to the Participant satisfied the MDIB requirement or
if the present value of the retirement benefits payable solely to the Participant is greater than 50% of the
present value of the total benefits payable to the Participant and his Beneficiaries. The Retirement
Committee must determine whether benefits to the Beneficiary are incidental as of the date the Trustee
is to commence payment of the retirement benefits to the Participant, or as of any date the Trustee.
redetermines the payment period to the Participant.
WSMP.PLN\OO7 6.3
The minimum distribution for the first distribution calendar year is due by the Participant's
Required Beginning Date. The minimum distribution for each subsequent distribution calendar year,
including the calendar year in which the Participant's Required Beginning Date occurs, is due by
December 31 of that year. If the Participant receives distribution in the form of a Nontransferable Annuity
Contract, the distribution satisfies this Section 6.02(A) if the contract complies with the requirements of
Code ~401(a)(9) and the applicable Treasury regulations.
(B) Minimum Distribution Requirements for Beneficiaries. The method of distribution to the
Participant's Beneficiary must satisfY Code ~40l(a)(9) and the applicable Treasury regulations. If the
Participant's death occurs after his Required Beginning Date or, if earlier, the date the Participant
commences an irrevocable annuity pursuant to Section 6.04, the method of payment to the Beneficiary
must provide for completion of payment over a period which does not exceed the payment period which
had commenced for the Participant. If the Participant's death occurs prior to his Required Beginning
Date, and the Participant .had not commenced an irrevocable annuity pursuant to .Section 6.04, the method
of payment to the Beneficiary, subject to Section 6.04, must provide for completion of payment to the
Beneficiary over a period not exceeding: (i) 5 years after the date of the Participant's death; or (ii) if the
Beneficiary is a designated Beneficiary, the designated Beneficiary's life expectancy. The Retirement
Committee may not direct payment of the Participant's Nonforfeitable Accrued Benefit over a period
described in clause (ii) 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, December 31 of the
calendar year in which the Participant would have attained age 70~. If the Trustee will make distribution
in accordance with clause (ii), the minimum distribution for a calendar year equals the Participant's
Nonforfeitable Accrued Benefit as of the latest valuation date preceding the beginning of the calendar year
divided by the designated Beneficiary's life expectancy. The Retirement Committee must use the unisex
life expectancy multiples under Treas. Reg. S 1. 72-9 for purposes of applying this paragraph~ The
Retirement Committee, only upon the written request of the Participant or of the Participant's surviving
spouse, will recalculate the life expectancy of the Participant's surviving spouse not more frequently than
annually, but may not recalculate the life expectancy of a nonspouse designated Beneficiary after the
Trustee commences payment to the designated Beneficiary. The Retirement Committee will apply this
paragraph 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. Upon the Beneficiary's written request, the Retirement Committee must direct the
Trustee to accelerate payment of all, or any portion, of the Participant's unpaid Accrued Benefit, as soon
as administratively practicable following the effective date of that request.
6.03 Benefit Payment Elections. Not later than 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 an election under this Section 6.03. 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 the later of Normal Retirement Age or age 62.
If a Participant or Beneficiary makes an election prescriped by this Section 6.03, the Retirement.
Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in
accordance with that election. Any election under this Section 6.03 is subject to the requirements of
Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section
6.03 by filing his election with the Retirement Committee at any time before the Trustee otherwise would
commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.
WSMP.PLN\OO7 6.4
(A) Participant Elections After Separation from Service. If the present value of a Participant's
Nonforfeitable Accrued Benefit exceeds $3,500, he may elect to have the Trustee commence distribution
as of any distribution date following. his Separation from Service. The Participant may reconsider an
election at any time prior to the annuity starting date and elect to commence distribution as of any other
distribution date, but not earlier than the date described in the first sentence of this Paragraph (A).
Following his attainment of Normal Retirement Age, a Participant who has separated from Service may
elect distribution as of any distribution date, irrespective of the restrictions otherwise applicable under this
Section 6.03(A). If the Participant is partially-vested in his Accrued Benefit, an election under this
Paragraph (A) to distribute prior to the Participant's incurring a Forfeiture Break in Service (as defined
in Section 5.08), must be in the form of a cash-out distribution (as defined in Article V). A Participant
may not receive a cash-out distribution if, prior to the time the Trustee actually makes the cash-out
distribution, the Participant returns to employment with the Employer.
(B) Participant Elections Prior to Separation from Service. During his employment with the
Employer, the Participant does not have any right to commence distribution of his Nonforfeitable Accrued
Benefit for any reason, unless required by'Section 6.0 I (B).
(C) Death Benefit Elections. If the present value of the deceas~d Participant's Nonforfeitable
Accrued Benefit exceeds $3,500, the Participant's Beneficiary may elect to have the Trustee distribute the
Participant's Nonforfeitable Accrued Benefit in a form and within a period permitted under Section 6.02.
The Beneficiary's election is subject to any restrictions designated in writing by the Participant and not
revoked as of his date of death.
6.04 . Annuity Distributions .to Participants and Surviving Spouses.
(A) . Joint and Survivor AnnuitY. The Retirement Committee must direct the Trustee to distribute a
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 6.05) prior to the annuity starting date.
If, .as of the annuity starting date, the Participant is married, a qualified joint and survivor annuity is an
immediate annuity which is purchasable with .the Participant's Nonforfeitable Accrued Benefit and which
.. provides a life annuity for the Participant .and a survivor annuity payable for the remaining life of the
Participant's surviving spouse equal to 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 which is purchasable with the Participant's
Nonforfeitable Accrued Benefit. On or before the annuity starting date, the Retirement Committee, without
Participant or spousal consent, must direct the Trustee to pay the Participant's Nonforfeitable Accrued
Benefit in a lump sum, in lieu of a qti-alified joint aild survivor annuity, i~ accordance with Section 6.01,
if the Participant's Nonforfeitable Accrued Benefit is not greater than $3,500.
(B) Preretirement Survivor Annuity.. If a married Participant dies prior to his annuity starting date,
the Retirement Committee will direct the Trustee to distribute the Participarit's Nonforfeitable Accrued
Benefit to the Participant's survivip.g spouse in the form of a preretirement survivor annuity, unless the
Participant has a valid waiver election (as described in Section 6.06) in effect, or unless the Participant
and his spouse were not married throughout the one year period ending on the date of his death. A
preretirement survivor annuity is an annuity which is purchasable with 100% of the Participant's
Nonforfeitable Accrued Benefit and which is payable for the life of the Participant's surviving spouse.
If the present value of the preretirement survivor annuity does not exceed $3,500, the Retirement
Committee, on or before the annuity starting date, must direct the Trustee ta make a lump sum distribution
ta the Participant's surviving spouse, in lieu of a preretirement survivor annuity.
WSMP.PLN\OO7 6.5
(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 at any time following the date of the Participant's .death, but not later than
the mandatory distribution periods described in Section 6.02, and may elect any of the fonns of payment
described in Section 6.02, in lieu of the preretirement survivor annuity. In the absence of an election by
the surviving spouse, the Retirement Committee must direct the Trustee to distribute the preretirement
survivor annuity on the first distribution date following the close of the Plan Year in which the latest of
the following events occurs: (i) the Participant's death; (ii) the date the Retirement Committee receives
notification of or otherwise confinns the Participant's death; (iii) the date the Participant would have
attained Nonnal Retirement Age; or (iv) the date the Participant would have attained age 62.
(D) Special Rules. If the Participant has in effect a valid waiver election regarding the qualified joint
and survivor annuity or the preretirement survivor annuity, the Retirement Committee must direct the
Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with Sections 6.01,
6.02 and 6.03. For purposes of applying this Article VI, the Retirement Committee treats a fonner spouse
as the Participant's spouse or surviving spouse to the extent provided under a qualified domestic relations
order described in Section 6.07. The provisions of this Section 6.04, and of Sections 6.05 and 6.06, 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.
6.05 Waiver Election - Qualified Joint and Survivor Annuity. Not later than 30 days before
the Participant's annuity starting date, the Retirement Committee must provide the Participant a written
explanation of the tenns and conditions of the qualified joint and survivor annuity, the Participant's right
to make, and the effect of, an election to waiv~ the joint and survivor fonn 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 of times the Participant may revoke
a waiver of the qualified joint and survivor annuity or make a new waiver during the election period.
A married Participant's waiver election is not valid unless (a) 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 6.05, 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, (b) the spouse consents to the
alternate fonn of payment designated by the Participant or to any change in that designated fonn of
payment, and (c) 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 fonn of payment
designation or to any Beneficiary designation made by the Participant, if the spouse acknowledges the
right to limit that consent to a specificc designation but, in writing, waives that right. The consent
requirements of this Section 6.05 apply to a former spouse of the Participant, to the extent required under
a qualified domestic relations order described in Section 6.07.
The Retirement Committee will 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
WSMP.PLN\OO7 6.6
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.
6.06 Waiver Election - Preretirement Survivor Annuity. The Retirement Committee must
provide a written explanation of the preretirement survivor annuity to each married Participant, 'within the
following period which ends last: (I) the period beginning on the first day of the Plan Year in which the
Participant attains age 32 and ending on the last day of the 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 ending one year after the Employee becomes a Participant. If the Participant
separates from Service before attaining age 35, clauses (I) 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 of the qualified joint and survivor annuity required under Section 6.05. 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.
A Participant's waiver election of the preretirement survivor annuity is not valid unless (a) the
Participant makes the waiver election no earlier than the first day of the Plan Year in which he attains age
35 and (b) the Participant's spouse (to whom the preretirement survivor annuity is payable) satisfies the
consent requirements described in Section 6.05, 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 (a), 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 (a), 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 6.06.
6.07 Distributions under Domestic Relations Orders. Nothing contained
in this Plan prevents the Trustee, in accordance with the direction of the Retirement Committee, from
complying with the provisions of a Qualified Domestic Relations Order (as defined in Code S414(p)).
This Plan specifically permits distribution to an alternate payee under a qualified domestic relations order
at any time, irrespective of whether the Participant has attained his earliest retirement age (as defined
under Code 9414(p)) under the Plan. A distribution to an alternate payee prior to the Participant's
attainment of earliest retirement age is available only if: (1) the order specifies distribution at that time
or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and
(2) if the present value of the alternate payee's benefits under the Plan exceeds $3,500, and the order
requires, the alternate payee consents to any distribution occurring prior to the Participant's attainment of
earliest retirement age. Nothing in this Section 6.07 gives 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 otherwise permitted under the Plan.
The Retirement Committee must establish reasonable procedures to detennine 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
WSMP.PLN\OO7 6.7
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
Department of Labor regulations.
If any portion of the 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. If the Retirement
Committee determines the order is a qualified domestic relations order within 18 months of the date
amounts frrst 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 18-month determination period, the
Retirement Committee will direct the Trustee to distribute 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.
To the extent it is not inconsistent with the provisions of the qualified domestic relations order,
the Retirement Committee may direct the Trustee to invest any partitioned amount in a segregated
subaccount or separate account and to invest the account in Federally insured, interest-bearing savings
account(s) or time deposit(s) (or a combination of both), or in other fixed income investments. A
segregated subaccount remains a part of the Trust, but it alone shares in any income it earns, and it alone
bears any expense or loss it incurs. The Trustee will make any payments or distributions required under
this Section 6.07 by separate benefit checks or other separate distribution to the alternate payee(s).
'6.08 Distributions Not Exceeding $5,000 - Taxpayer Relief Act of 1997. This Article VI
makes numerous references to distributions at a time when a Participant's (or a deceased Participant's)
Nonforfeitable Accrued Benefit (or the present value thereof) or the present value of an alternate payee's
benefit under the Plan either exceeds or does not exceed $3,500. Effective October 1, 1997 and thereafter,
"$5,000" shall be substituted for "$3,500" with respect to each such reference in this Article VI.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 6.8
ARTICLE VII - EMPLOYER ADMINISTRATIVE PROVISIONS
7.01 Information to Retirement Committee, The Employer must supply current infonnation
to the Retirement Committee as to the name, date of birth, date of employment, annual compensation,
leaves of absence, Years of Service and date. of tennination of employment of each Employee who is, or
who will be eligible to become, a Participant under the Plan, together with any other infonnation which
the Retirement Committee considers necessary. The Employer's records as to the current infonnation the
Employer fumish.es to the Retirement Committee are conclusive as to all persons.
7.02 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).
7,03 Indemnity of Certain Fiduciaries, To the extent pennitted under applicable law, the
Employer indemnifies and saves hannless the Plan Administrator, the members of the Retirement
Committee and the Trustee, and each of them, 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.
7.04. [Reserved]
7.05 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 of the 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 pennissible 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. For Plan Years beginning
prior to January 1, 1989, the election described in the preceding sentence applies only to Participants
having at least 5 Years of Service with the Employer. The Participant must file his election with the
Retirement Committee within 60 days of the latest of (a) the Employer's adoption of the amendment; (b)
the effective date of the amendment; or (c) 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 of the effect of the amendment, the appropriate
form 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 election described in this Section 7.05 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.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 7.1
ARTICLE VIn - PARTICIPANT ADMINISTRATIVE PROVISIONS
8.01 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 his Nonforfeitable
Accrued Benefit in the event of his death 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 Article VI) to the Participant's Beneficiary designation, any waiver of the joint and survivor
annuity or of the preretirement survivor annuity is not valid.
8.02 No Beneficiary Designation/Death of Beneficiary. If a Participant fails to name a
Beneficiary in accordance with Section 8.01, or if the Beneficiary named by a Participant predeceases him,
then the Trustee will pay the Participant's Nonforfeitable Accrued Benefit in accordance with Section 6.02
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 Participant's estate.
If the Beneficiary does not predecease the. Participant, but dies prior to distribution of the
Participant's entire Nonforfeitable Accrued Benefit, the Trustee will pay the remaining Nonforfeitable
Accrued 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 8.02.
8.03 Personal Data to Retirement Committee. Each Participant and each Beneficiary of a
deceased Participant must furnish t? 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 of
the effect of his failure to comply with its request.
8.04 Address for Notification. Each Participant and each Beneficiary of a deceased Participant
must file with the Retirement Committ{le 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.
8.05 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
WSMP.PLN\OO7 8.1
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.
8.06 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.
8,07 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.
8.08 Information Available. Any Participant in the Plan or any Beneficiary may examine
copies of the summary 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
8.08 in his office, or in such other place or places 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 ahcopy of any item listed in this Section 8.08. The Plan
Administrator may make a reasonable charge to the requesting person for the copy so furnished.
,8.09 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 Committeemust render a decision on the claim within 60 days of the
Claimant's'written claim for benefits. The, Plan Administrator must provide adequate notice in writing
.to the Claimant whose claim for benefits under the Plan the Retirement Committee has denied. The Plan
Administrator's notice to the Claimant must set forth:
(a) The specific reason. for the denial;
(b) Specific references to pertinent Plan provisions on which the Retirement Committee based
its denial;
(c) A description of any additional material and information needed for the Claimant to
perfect his claim and an expla~ation of why the material or information is needed; and
. .
. (d) That any appeal the Claimant wi~hes 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 ~ithin the 75-day period
will render the Retirement Committee's determination final, binding and conclusive.
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 fac.ts 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 of the Claimant's written
WSMP.PLN\OO7 8.2
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.
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 the
Claimant may forward his appeal.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 8.3
ARTICLE IX - RETIREMENT COMMITTEE -
DUTIES WITH RESPECT TO PARTICIPANTS' ACCOUNTS
9.01 Members' Compensation, Expenses. The Employer must appoint a 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 a 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 for such expenses, pursuant to Article X.
9.02 Term. Each member of the Retirement Committee serves until the appointment of his
successor.
9.03 Powers, In case of a vacancy in the membership of the Retirement Committee, the
remaining members of the 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.
9.04 General. the Retirement Committee has the following powers and duties:
(a) To select a Secretary, who need not be a member of the Retirement Committee;
(b) To determine the rights of eligibility of all Employee to participate in the Plan, the value
of a Participant's Accrued Benefit and the Nonforfeitable percentage of each Participant's Accrued
Benefit;
(c) 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;
(d) To construe and enforce the terms of the Plan and the rules and regulations it adopts,
including interpretation of the Plan documents and documents related to the Plan's operation;
(e) To direct the Trustee as respects the crediting and distribution of the Trust;
(f) To review and render decisions respecting a claim for (or denial of a claim for) a benefit
under the Plan;
(g) To furnish the Employer with information which the Employer may require for tax or
other purposes;
(h) To engage the servi_ce of agents whom it may deem advisable to assist it with the
performance of its duties;
(i) 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;
. WSMP.PLN\OO7 9.1
(j) 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 applicable law.
The Retirement Committee must exercise all of its powers, duties and discretion under the Plan
in a uniform and nondiscriminatory manner.
9.05 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 of the 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.
9,06 Manner of Action, The decision of a majority of the members appointed and qualified
controls.
9.07 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.
9.08 . 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.
9.09 Individual Accounts. The Retirement Committee will maintain, or direct the Trustee to
maintain, a separate Account or multiple Accounts, in the name of each Participant to reflect the
Participant's Accrued Benefit under the Plan. If a Participant re-enters the Plan subsequent to his having
a Forfeiture Break in Service, the Retirement Committee, or the Trustee, must maintain a separate Account
for the Participant's pre-Forfeiture Break in Service Accrued Benefit and a separate Account for his post-
Forfeiture Break in Service Accrued Benefit, unless the Participant's entire Accrued Benefit under the Plan
is 100% Nonforfeitable.
The Retirement Committee will inake its allocations, or request the Trustee to make its allocations,
to the Accounts of the Participants in accordance with the provisions of Section 9.11. The Retirement
Committee may direct the Trustee to maintain a temporary segregated investment Account in the name
of a Participant to prevent a distortion of income, gain or loss allocations under Section 9.11. The
Retirement Committee must maintain.records of its activities.
9.10 Value of Participant's Accrued Benefit. The value of each Participant's Accrued
Benefit consists of that proportion of the net worth (at fair market value) of the Employer's Trust Fund
which the net credit balance in his Account bears to the total net credit balance in the Accounts of all
Participants. For purposes of a distribution under the Plan, the value of a Participant's Accrued Benefit
is its value as of the valuation date immediately preceding the date of the distribution.
. 9.11 Allocation and Distribution of Net Income Gain or Loss. A "valuation date" under this
Plan is each Accounting Date and each December 31, March 31 and June 30. As of each valuation date
the Retirement Committee must adjust Accounts to reflect net income, gain or loss since the last valuation
WSMP.PLN\OO7 9.2
date. The valuation period is the period beginning the day after the last valuation date and ending on the
. current valuation date.
(A) Trust Fund Accounts. The allocation provisions of this paragraph apply to all Participant
Accounts other than segregated investment Accounts. The Retirement Committee first will adjust the
Participant Accounts, as those Accounts stood at the beginning of the current valuation period, by reducing
the Accounts for any forfeitures arising under Section 5.09 or under Section 9.14, and for amounts
charged during the valuation period to the Accounts in accordance with Section 9.13 (relating to
distributions). The Retirement Committee will then further adjust the Participant Accounts by treating
50% of the Employer contributions and Required Participant Contributions allocated during the valuation
period as part of the Participant's relevant Account at the beginning of the current valuation period. The
Retirement Committee then, subject to the restoration allocation requirements of Section 5.04 or of Section
9.14, will allocate the net income, gain odoss pro rata to the adjusted Participant Accounts. The allocable
net income, gain or loss is the net income (or net loss), including the increase or decrease in the fair
market value of assets, since the last valuation date.
(B) Segregated investment Accounts. A segregated investment Account receives all income it earns
and bears all expense or loss it incurs. The Retirement Committee will adopt uniform and
nondiscriminatory procedures for determining income or loss of a segregated investment Account in a
manner which reasonably reflects investment directions relating to pooled investments and investment
directions occurring during a valuation period; As of the valuation date, the Retirement Committee must
reduce a segregated Account for any forfeiture arising under Section 5.09 after the Retirement Committee
has made all other allocations, changes or adjustments to the Account for the Plan Year.
(C) Additional rules. An Excess Amount or suspense account described in Part 2 of Article III does
not share in the allocation of net income, gain or loss described in this Section 9.11. This Section 9.11
applies solely to the allocation of net income, gain or loss of the Trust. The Retirement Committee will
allocate the Employer contributions and Participant forfeitures, if any, in accordance with Article III.
9.12 Individual Statement. As soon as practicable after each valuation date, the Plan
Administrator will deliver to each Participant (and to each Beneficiary) a statement reflecting the condition
of his Accrued Benefit in the Trust as of that date. No Participant, except a member of the Retirement
Committee, has the right to inspect the records reflecting the Account of any other Participant.
9.13 Account Charged. The Retirement Committee will charge a Participant's Account for
all distributions made from that Account to. the Participant, to his Beneficiary or to an alternate payee.
The Retirement Committee also will charge a Participant's Account for any administrative expenses
incurred by the Plan directly related to that Account.
9.14 Unclaimed Account Procedure. The Plan does not require either the Trustee or the
Retirement Committee to search for, or to ascertain the whereabouts of, any Participant or Beneficiary.
At the time the Participant's or Beneficiary's benefit becomes distributable under Article VI, 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 of this Section 9.14 and otherwise
must comply with the notice requirements of Article VI. 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 and will reallocate the unclaimed payable
WSMP.PLN\OO7 9.3
Accrued Benefit in accordance with Section 3.05. A forfeiture under this paragraph will occur at the end
of the notice period or, if later, the earliest date applicable Treasury regulations would permit the
forfeiture. Pending forfeiture, the Retirement Committee, following the expiration of the notice period,
may direct the Trustee to segregate the Nonforfeitable Accrued Benefit in a segregated Account and to
invest that segregated Account in Federally insured interest bearing savings accounts or time deposits (or
in a combination of both), or in other fixed income investments.
If a Participant or Beneficiary who has incurred a forfeiture of his Accrued Benefit under the
provisions of the first paragraph of this Section 9.14 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 to the same dollar amount as the dollar amount of the Accrued Benefit forfeited, unadjusted for
any gains or losses occurring subsequent to the date of the forfeiture. The Retirement Committee will
make the restoration during the Plan Year in which the Participant or Beneficiary makes the claim, first
from the amount, if any, of Participant forfeitures the Retirement Committee otherwise would allocate for
the Plan Year, then from the amount, if any, of the Trust Fund net income or gain for the Plan Year and
then from the amount, or additional amount, the Employer contributes to enable the Retirement Committee
to make the required restoration. The Retirement Committee must direct the Trustee to distribute the
Participant's or Beneficiary's restored Accrued Benefit to him not later than 60 days after the close of the
Plan Year in which the Retirement Committee restores the forfeited Accrued Benefit. The forfeiture
provisions of this Section 9.14 apply solely to the Participant's or to the Beneficiary's Accrued Benefit
derived from Employer contributions.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 9.4
ARTICLE X - CUSTODIAN I TRUSTEE, POWERS AND DUTIES
10.01 Acceptance. The Trustee accepts the Trust created under the Plan and agrees to perform --
the obligations imposed.
10.02 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 of the 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 !o the provisions of
the Plan.
10.03 Investment Powers.
(A) Trustee Powers. The Trust~e 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. 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, put and c~ll 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 agenS;ies" 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 withQut 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 ~ash held in the Trust Fund in a bank account at reasonable
interest. " .
(c) To invest, if the J:rusteeis a bankor 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 ~414(b)) at iireasonable rate of interest or in a common trust fund,
as described in Code s584, or in a collective investment fund, the provisions - of which govern the
investment. of such assets and whi~h the Plan ilicorporates by this reference, which the Trustee
(or its affiliate, as defined in Code - ~1504) maintains exclusively for the coilective 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.
WSMP,PLN\OO7 10.1
(d) To manage, sell, contract to sell, grant options to purchase, convey, exchange, transfer,
abandon, improve, repair, insure, lease for any tenn even though commencing in the future or
extending beyond the tenn of the Trust, and otherwise deal with all property, real or personal, in
such manner, for such considerations and on such tenns 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 tenns of the 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.
(t) 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 fonn as it may deem best, with or without
disclosing the trust relationship.
(k) To perfonn any and all other acts in its judgment necessary or appropriate for the proper
and advantageous management, investment and distribution of the Trust.
(I) 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 ef(ected 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.
WSMP,PLN\OO7 10.2
(0) To begin, maintai'n 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. The Plan does not permit loans to Participants or to Beneficiaries.
10.04 Records and Statements. The records of the Trustee pertaining to the Plan must be open
to the inspection of the Plan Administrator, Retirement Committee and the Employer at all reasonable
times and may be audited from tirrie 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..
10.05 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 such 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 relates to the ordinary and
necessary administration of the Fund.
10.06 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
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.
10.07 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.
10.08 Distribution of Cash or Property, 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.
10.09 Distribution Directions. 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.
. .
10.10 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 of the 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
WSMP.PLN\007 10.3
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.
If more 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 of the Trust Fund or of any portion of the Trust
Fund with respect to which such persons act as Trustee. However, the signature of only one Trustee is
necessary to effect any transaction on behalf of the Trust.
10.11 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. If the 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 fonner Trustee.
10.12 Removal. The.Employer, l>Y giving 30 days' written notice in advance to the Trustee,
may remove any Trustee. In the event of the 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 of the 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.
10.13 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 of the
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 persomilly 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.
10.14 Valuation of Trust. The Trustee must value the Trust Fund as of each Accounting Date
and as of each December 31, March 31 and June 30 to determine the fair market value of each
Participant's Accrued Benefit in the )'rust. The Trustee also must value the Trust Fund on such other
valuation dates as directed in writing by the Retirement Committee.
10.15 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 Retir~ment Committee, the Trustee and
any properly appointed Investment Manager may execute a letter agreement as a part of this Plan
delineating the duties, responsibilities .~nd liabilities of the Investment Manager with respect to any part
of the Trust Fund under the control of- the Investment Manager. .
WSMP.PLN\OO7 10.4
10.16 . Investment in Group Trust Fund. 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.
* * * * * * * * * * * * * * *
WSMP.PLNlOO7 10.5
ARTICLE XI - PROVISIONS RELATING TO
INSURANCE AND INSURANCE COMPANY
11.01 Insurance Benefit. The Plan does not provide Incidental Life Insurance Benefits for
Participants.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 11.1
ARTICLE XII - MISCELLANEOUS
12.01 Evidence. Anyone required to give evidence under the tenns of the Plan may do so by
certificate, affidavit, document or other infonnation 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.
The Retirement Committee and the Trustee ate fully protected in acting and relying upon any evidence
described under the immediately preceding sentence.
12.02 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. Furthennore, the Plan does not req~ire the Trustee or the Retirement Committee to collect any
contribution required under the. Plan, or to detennine 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
tenns of the Plan or by a separate agreement authorized by the Plan or by the provisions of applicable
law.
12.03 Fiduciaries not Insurers, The Trustee, the Retirement Committee, the
Plan Administrator and the Employer in no way guarantee 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 anytime and all times is limited to the' then available assets of the Trust.
12.04 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.
12.05 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.
12.06 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.
. .
12.07 State Law. Florida law will detennine all questions arising with respect to the provisions
of this Agreement.
12.08 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 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.
* * * * * * * * * * * * * * *
WSMP.PLN\OO7 12.1
ARTICLE XITI - EXCLUSIVE BENEFIT, AMENDMENT, TERMINATION
13.01 Exclusive Benefit. Except as provided under Article III, 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 of the Trust, be (at any time) used for, or diverted to, purposes other than the exclusive
benefit of the Participants or their Beneficiaries.
13.02 Amendment by Employer. The Employer has the right at any time and from time to
time:
(a) 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 prqvisions
of Code s401(a); and
(b) 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 a 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.
13.03 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;
(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 this
Plan. Any termination of the Plan -resulting from this paragraph (b) is not effective until
compliance with any applicablenptice requirements.
13,04 Full Vesting on Termi~ation, 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 V.
13.05 MergerlDirect Transfer. The -Trustee may 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
WSMP.PLN\OO7 U.l
to enter into merger agreements or direct transfer of assets agreements with the trustees of other retirement
plans described in Code 9401 (a) and to accept the direct transfer of plan assets, or to transfer plan assets,
as a party to any such agreement.
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 must treat the Employee as a Participant for all purposes
of the Plan except the Employee is not a Participant for purposes of sharing in Employer contributions
under the Plan or for the purposes of making Required Participant Contributions until he actually becomes
a Participant in the Plan.
(A) Distribution restrictions under Code ~401(k). If the Plan receives a direct transfer (by merger
or otherwise) of elective contributions (or amounts treated as elective contributions) under a Plan with a
Code 9401(k) arrangement, the distribution restrictions of Code 99401(k)(2) and (10) continue to apply
to those transferred elective contributions.
13.06 Termination, Upon termin~tion of the Plan, the Retirement Committee will direct the
Trustee to distribute Plan assets to the Participants and Beneficiaries. Alternatively, the Retirement
Committee may direct the Trustee to directly transfer Plan assets and liabilities (and Participant Accounts)
to another retirement plan described in Code 9401(a). The Trust will continue until the Trustee in
accordance with the direction of the Retirement Committee has distributed all of the benefits under the
Plan (or directly transferred Participant Accounts to another retirement plan described in Code 9401(a)).
On each valuation date, the Retirement Committee will credit any part of a Participant's Accrued Benefit
retained in the Trust with its proportionate share of the Trust's income, expenses, gains and losses, both
realized and unrealized. Upon termination, the amount, if any, in a suspense account under Article III
will revert to the Employer, subject to the conditions of the Treasury regulations permitting such a
reversIOn. 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 13.06.
Upon termination of the Plan, in order to liquidate the Trust, the Retirement Committee shall
either direct the Trustee to:
(a) distribute 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 with his Nonforfeitable Accrued Benefit; or
(c) directly transfer the Nonforfeitable Accrued Benefit of each Participant to another
retirement plan described in Code 9401(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, shaH by resolution, specify the method of liquidating the Trust upon
termination of the Plan.
WSMP.PLN\OO7 13.2
ARTICLE A
APPENDIX TO PLAN AND TRUST AGREEMENT
This Article is necessary to ~omply with the Unemployment Compensation Amendments Act of
1992 and is an integral part of the plan and trust agreement.
A-t. APPLICATIONS, This Article applies to distributions made on or after January 1, 1993.
Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's
election under this Article, a distributee may elect, at the time and in the manner prescribed by the Plan
- Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement
plan specified by the distributee in a direct rollover.
A-2. DEFINITIONS.
(a) "Eligible rollover distribution." An 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) ofthe distributee or the joint lives (or joint
expectancies) of the distrIbutee and the distributee's designated beneficiary, or for a specified period of
ten years or more; any distribution to the extent such distribution is required under Code g40 1 (a)(9); and
the portion of any distribution that is not includible in gross income (determined without regard to the
exclusion of net unrealized appreciation with respect to employer securities).
(b) "Eligible retirement plan." An eligible retirement plan is an individual retirement account
desCribed in Code g408(a), an individual retirement annuity described in Code g408(b), an annuity plan
described in Code g403(a), or a qualified trust described in Code g401(a), that accepts the distributee'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.
(c) "Distributee." A distributee includes an Employee or former- Employee. In addition, the
Employee's or former Employee's surviving spouse and the Employee's or former Employee's spouse or
former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code
g414(p), are distributees with regard to the interest of the spouse or former spouse.
(d) "Direct rollover." A direct rollover is a payment by the Plan to the eligible retirement plan
specified by the distributee.
WSMP.PLNlOO7 13.3
ARTICLE B
APPENDIX TO PLAN AND TRUST AGREEMENT
USERRA Model Amendment
This amendment is effective as of December 12, 1994.
Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service
credit with respect to qualified military service will be provided in accordance with Code g414(u).
WSMP.PLN\OO7 13.4
r_<.~
IN WITNESS WHEREOF, the Employer and the Trustee have executed this Plan and Trust in
Winter Springs, Florida this ;'3 (2-1') day of ~ , 1998.
~ E_L~~
::V FWIN SP IN S
Print _fA\).\ P. ~KA
~jr~. ~.I~ Its~Ol<.
Print MPrR&O ftf,rkp I;1ttJ5;
TRUSTEE:
BOARD OF TRUSTEES OF THE
~.A~~' ~..{~ CITY OF WINTER S~
By~-dG
Print IttJ4RbO P'#Dft1J1JS Pri lffil"1~
J--"~ ~~ Its ~~-AJJ
Print~~ ~~-~0c-)
WSMP.PLN\OO7 13.5