EXHIBIT 10.12.2 State Bank of Long Island 401(k) Retirement Plan and Trust, as
amended, Adoption Agreement, as amended

 

--------------------------------------------------------------------------------

 

STATE BANK OF LONG ISLAND 401(K) RETIREMENT PLAN AND TRUST

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

ADOPTION AGREEMENT #005
NONSTANDARDIZED 401(k) PLAN
[Related Employers only]

          The undersigned Employer, by executing this Adoption Agreement,
establishes a retirement plan and trust (collectively “Plan”) under the
Prudential Retirement Prototype Plan (basic plan document #03). The Employer,
subject to the Employer’s Adoption Agreement elections, adopts fully the
Prototype Plan and Trust provisions. This Adoption Agreement, the basic plan
document and any attached Appendices or agreements permitted or referenced
therein, constitute the Employer’s entire plan and trust document. All
“Election” references within this Adoption Agreement are Adoption Agreement
Elections. All “Article” or “Section” references are basic plan document
references. Numbers in parentheses which follow election numbers are basic plan
document references. Where an Adoption Agreement election calls for the Employer
to supply text, the Employer (without altering the content of any existing
printed text) may lengthen any space or line, or create additional tiers. When
Employer-supplied text uses terms substantially similar to existed printed
options, all clarifications and caveats applicable to the printed options apply
to the Employer-supplied text unless the context requires otherwise. The
Employer makes the following elections granted under the corresponding
provisions of the basic plan document.

ARTICLE I
DEFINITIONS

 

 

 

 

 

1.

EMPLOYER (1.23).

 

 

 

Name: State Bank of Long Island

 

 

 

Address: 2 Jericho Plaza, Wing C, Jericho, New York 11753

 

 

 

Phone number: (516) 465-2260

 

 

 

E-mail (optional): __________________________________

 

 

 

Employer’s Taxable Year: ____________________________

 

 

 

EIN: 11-2124927

 

 

2.

PLAN (1.40).

 

 

 

Name: State Bank of Long Island 401(k) Retirement Plan and Trust

 

 

 

Plan number: 002 (3-digit number for Form 5500 reporting)

 

 

 

 

Trust EIN (optional): __________________________________

 

 

3.       PLAN/LIMITATION YEAR (1.42/1.33). Plan Year and Limitation Year mean
the 12 consecutive month period (except for a short Plan/Limitation Year) ending
every (Complete (a) and (b)):

 

 

[Note: Complete any applicable blanks under Election 3 with a specific date,
e.g., “June 30” OR “the last day of February” OR “the first Tuesday in January.”
In the case of a Short Plan Year or a Short Limitation Year, include the year,
e.g., “May 1, 2008.”]

 

(a)

Plan Year (Choose one of (1) or (2) and choose (3) if applicable):

 

 

 

(1)

[X]

December 31.

 

 

 

 

 

(2)

[  ]

Fiscal Plan Year: ending: ____________.

 

 

 

 

(3)

[  ]

Short Plan Year: commencing: ____________ and ending: ____________.

 

 

 

(b)

Limitation Year (Choose one of (1) or (2) and choose (3) if applicable):

 

 

 

(1)

[X]

Generally same as Plan Year. The Limitation Year is the same as the Plan Year
except where the Plan Year is a short year in which event the Limitation Year is
always a 12 month period, unless the short Plan Year (and short Limitation Year)
result from a Plan amendment.

 

 

 

 

 

(2)

[  ]

Different Limitation Year: ending: ____________.

 

 

 

 

 

(3)

[  ]

Short Limitation Year: commencing: ____________ and ending: ____________.

 

 

 

 

4.       EFFECTIVE DATE (1.19). The Employer’s adoption of the Plan is a (Choose
one of (a), (b), or (c). Choose (d) if applicable):

 

 

(a)

[  ]

New Plan. The Plan’s Effective Date is: ____________.

 

 

 

(b)

[X]

Restated Plan. The Plan’s restated Effective Date is: January 1, 2002. The
Plan’s original Effective Date was: June 1, 1987.

 

 

 

[Note: See Section 1.51 for the definition of Restated Plan. If this Plan is an
EGTRRA restatement: (i) the EGTRRA restatement Effective Date must be the later
of the beginning of the 2002 Plan Year or the Plan’s original Effective Date;
and (ii) if specific Plan provisions, as reflected in this Adoption Agreement,
do not date back to the EGTRRA restatement Effective Date, indicate as such in
Appendix A.]

© 2008 Prudential

1

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

(c)

[  ]

Restatement of surviving and merging plans. The Plan restates two (or more)
plans (Complete (1) and (2). Choose (3) as applicable):

 

 

 

 

(1)

This (surviving) Plan. The Plan’s restated Effective Date is: _____________. The
Plan’s original Effective Date was: _____________.

 

 

 

[Note: If this Plan is an EGTRRA restatement: (i) the EGTRRA restatement
Effective Date must be the later of the beginning of the 2002 Plan Year or the
Plan’s original Effective Date; and (ii) if specific Plan provisions, as
reflected in this Adoption Agreement, do not date back to the EGTRRA restatement
Effective Date, indicate as such in Appendix A.]

 

 

(2)

Merging plan. The ______________________ Plan was or will be merged into this
surviving Plan as of: _____________. The merging plan’s restated Effective Date
is: _____________. The merging plan’s original Effective Date was:
_____________.

 

 

 

 

[See the Note under Election 4(c)(1) if this document is the merging plan’s
EGTRRA restatement.]

 

 

 

(3)

[  ]

Additional merging plans. The following additional plans were or will be merged
into this surviving Plan (Complete a. and b. as applicable):

 

 

 

 

 

 

 

 

Name of merging plan

Merger date

Restated
Effective Date

Original
Effective Date

 

 

 

 

 

 

 

a.

______________________

___________

___________

___________

 

 

 

 

 

 

 

b.

______________________

___________

___________

___________

 

 

 

(d)

[  ]

Special Effective Date for Elective Deferral provisions:
___________________________________________

 

 

 

5.       TRUSTEE (1.65). The Trustee executing this Adoption Agreement is
(Choose one of (a), (b), (c), (d), or (e). Choose (f) if applicable):

 

 

(a)

[  ]

A discretionary Trustee. See Section 8.02(A).

 

 

 

(b)

[  ]

A nondiscretionary (directed) Trustee or Custodian. See Section 8.02(B).

 

 

 

(c)

[  ]

A Trustee under the Prudential Trust Company Trust Agreement, a separate trust
agreement the Trustee has executed and that the IRS has approved for use with
this Plan. Under this Election 5(c): (i) the Trustee is not executing the
Adoption Agreement; and (ii) Article VIII of the basic plan document and any
other basic plan document provisions which affect the Trustee do not apply,
except as indicated otherwise in the separate trust agreement. See Section
8.11(C).

 

 

 

(d)

[X]

A Trustee under the Prudential Bank & Trust Company, FSB Trust Agreement, a
separate trust agreement the Trustee has executed and that the IRS has approved
for use with this Plan. Under this Election 5(d): (i) the Trustee is not
executing the Adoption Agreement; and (ii) Article VIII of the basic plan
document and any other basic plan document provisions which affect the Trustee
do not apply, except as indicated otherwise in the separate trust agreement. See
Section 8.11(C).

 

 

 

(e)

[  ]

A Trustee under the Pre-Approved Trust Agreement, a separate trust agreement the
Trustee has executed and that the IRS has approved for use with this Plan. Under
this Election 5(e): (i) the Trustee is not executing the Adoption Agreement; and
(ii) Article VIII of the basic plan document and any other basic plan document
provisions which affect the Trustee do not apply, except as indicated otherwise
in the separate trust agreement. See Section 8.11(C).

 

 

 

(f)

[  ]

Permitted Trust amendments apply. Under Section 8.11 the Employer in Appendix C
has made certain permitted amendments to the Trust. Such amendments do not
constitute a separate trust under Election 5(c), 5(d), or 5(e).

 

 

 

6.       CONTRIBUTION TYPES (1.12). The Employer and/or Participants, in
accordance with the Plan terms, make the following Contribution Types to the
Plan/Trust (Choose one or more of (a) through (h) as applicable. Choose (i) if
applicable):

 

 

(a)

[X]

Pre-Tax Deferrals. See Section 3.02 and Elections 20-23.

 

 

 

(b)

[  ]

Roth Deferrals. See Section 3.02(E) and Elections 20, 21, and 23. [Note: The
Employer may not limit Elective Deferrals to Roth Deferrals only.]

 

 

 

(c)

[  ]

Matching. See Sections 1.34 and 3.03 and Elections 24-26. [Note: The Employer
may make an Operational QMAC without electing 6(c). See Section 3.03(C)(2).]

 

 

 

(d)

[  ]

Nonelective. See Sections 1.37 and 3.04 and Elections 27-29. [Note: The Employer
may make an Operational QNEC without electing 6(d). See Section 3.04(C)(2).]

 

 

 

(e)

[X]

Safe Harbor/Additional Matching. The Plan is (or pursuant to a delayed election,
may be) a safe harbor 401(k) Plan. The Employer will make (or under a delayed
election, may make) Safe Harbor Contributions as it elects in Election 30. The
Employer may or may not make Additional Matching Contributions as it elects in
Election 30. See Election 26 as to matching Catch-Up Deferrals. See Section
3.05.

 

 

 

(f)

[  ]

Employee (after-tax). See Section 3.09 and Election 35.

 

 

 

(g)

[  ]

SIMPLE 401(k). The Plan is a SIMPLE 401(k) Plan. See Section 3.10. The Employer
operationally will elect for each Plan Year to make a SIMPLE Matching
Contribution or a SIMPLE Nonelective Contribution as described in Section
3.10(E). The

© 2008 Prudential

2

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

Employer must notify Participants of the Employer’s SIMPLE contribution election
and of the Participants’ deferral election rights and limitations within a
reasonable period of time before the 60th day prior to the beginning of the Plan
Year. [Note: The Employer electing 6(g) may not elect any other Contribution
Types except under Elections 6(a), 6(b), and 6(h).]

 

 

 

(h)

[  ]

Designated IRA. See Section 3.12 and Election 36.

 

 

 

(i)

[  ]

None (frozen plan). The Plan is/was frozen effective as of:
____________________. See Sections 3.01(J) and 11.04.

 

 

 

[Note: Elections 20 through 30 and Elections 35 through 37 do not apply to any
Plan Year in which the Plan is frozen.]

 

7.

DISABILITY (1.15). Disability means (Choose one of (a) or (b)):

 

 

(a)

[X]

Basic Plan. Disability as defined in Section 1.15(A).

 

 

 

(b)

[  ]

Describe:
__________________________________________________________________________________

 

 

 

[Note: The Employer may elect an alternative definition of Disability for
purposes of Plan distributions. However, the use of an alternative definition
may result in loss of favorable tax treatment of the Disability distribution.]

 

8.       EXCLUDED EMPLOYEES (1.21(D)). The following Employees are not Eligible
Employees but are Excluded Employees (Choose one of (a) or (b)):

 

 

[Note: Regardless of the Employer’s elections under Election 8: (i) Employees of
any Related Employers (excluding the Signatory Employer) are Excluded Employees
unless the Related Employer becomes a Participating Employer; and (ii)
Reclassified Employees and Leased Employees are Excluded Employees unless the
Employer in Appendix B elects otherwise. See Sections 1.21(B), 1.21(D)(3), and
1.23(D).]

 

(a)

[  ]

No Excluded Employees. All Employees are Eligible Employees as to all
Contribution Types.

 

 

 

(b)

[X]

Exclusions. The following Employees are Excluded Employees (either as to all
Contribution Types or to the designated Contribution Type) (Choose one or more
of (1) through (7) as applicable):

 

 

 

[Note: For this Election 8, unless described otherwise in Election 8(b)(7),
Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals, Employee
Contributions and Safe Harbor Contributions. Matching includes all Matching
Contributions except Safe Harbor Matching Contributions. Nonelective includes
all Nonelective Contributions except Safe Harbor Nonelective Contributions.]

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
All
Contributions

 

(2)
Elective
Deferrals

(3)

Matching

(4)

Nonelective

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

No exclusions. No exclusions as to the
designated Contribution Type.

N/A
(See Election
8(a))

 

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(2)

[X]

Collective Bargaining (union) Employees.
As described in Code §410(b)(3)(A).
See Section 1.21(D)(1).

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Non-Resident Aliens. As described in Code
§410(b)(3)(C). See Section 1.21(D)(2).

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(4)

[  ]

HCEs. See Section 1.21(E). See Election 30(e)
as to exclusion of some or all HCEs
from Safe Harbor Contributions.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(5)

[  ]

Hourly paid Employees.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(6)

[  ]

Part-Time/Temporary/Seasonal Employees.
See Section 1.21(D)(4). A Part-Time, Temporary
or Seasonal Employee is an Employee
whose regularly scheduled Service is less than
_____ (specify a maximum of 1,000)
Hours of Service in the relevant Eligibility
Computation Period.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

[Note: If the Employer under Election 8(b)(6) elects to treat Part-Time,
Temporary and Seasonal Employees as Excluded Employees and any such an Employee
actually completes at least 1,000 Hours of Service during the relevant
Eligibility Computation Period, the Employee becomes an Eligible Employee. See
Section 1.21(D)(4).]

 

 

 

 

 

 

 

 

 

 

(7)

[  ]

Describe exclusion category and/or Contribution Type:
______________________________________
(e.g., Exclude Division B Employees OR Exclude salaried Employees from
Discretionary Matching Contributions.)

© 2008 Prudential

3

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

[Note: Any exclusion under Election 8(b)(7), except as to
Part-Time/Temporary/Seasonal Employees, may not be based on age or Service or
level of Compensation. See Election 14 for eligibility conditions based on age
or Service.]

9.       COMPENSATION (1.11(B)). The following base Compensation (as adjusted
under Elections 10 and 11) applies in allocating Employer Contributions (or the
designated Contribution Type) (Choose one or more of (a) through (d) as
applicable):

[Note: For this Election 9 all definitions include Elective Deferrals unless
excluded under Election 11. See Section 1.11(D). Unless described otherwise in
Election 9(d), Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals and
Employee Contributions, Matching includes all Matching Contributions and
Nonelective includes all Nonelective Contributions. In applying any Plan
definition which references Section 1.11 Compensation, where the Employer in
this Election 9 elects more than one Compensation definition for allocation
purposes, the Plan Administrator will use W-2 Wages for such other Plan
definitions if the Employer has elected W-2 Wages for any Contribution Type or
Participant group under Election 9. If the Employer has not elected W-2 Wages,
the Plan Administrator for such other Plan definitions will use 415
Compensation.]

 

 

 

 

 

 

 

 

 

 

 

(1)
All
Contributions

 

(2)
Elective
Deferrals

(3)

Matching

(4)

Nonelective

 

 

 

 

 

 

 

 

(a)

[X]

W-2 Wages (plus Elective Deferrals).
See Section 1.11(B)(1).

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(b)

[  ]

Code §3401 Federal Income Tax
Withholding Wages (plus Elective
Deferrals). See Section 1.11(B)(2).

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(c)

[  ]

415 Compensation (simplified).
See Section 1.11(B)(3).
[Note: The Employer may elect an alternative
“general 415 Compensation” definition by
electing 9(c) and by electing the alternative
definition in Appendix B. See Section 1.11(B)(4).]

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(d)

[  ]

Describe Compensation by Contribution Type or by Participant group:
_____________________________

[Note: Under Election 9(d), the Employer may: (i) elect Compensation from the
elections available under Elections 9(a), (b), or (c), or a combination thereof
as to a Participant group (e.g., W-2 Wages for Matching Contributions for
Division A Employees and 415 Compensation in all other cases); and/or (ii)
define the Contribution Type column headings in a manner which differs from the
“all-inclusive” description in the Note immediately preceding Election 9(a)
(e.g., Compensation for Safe Harbor Matching Contributions means W-2 Wages and
for Additional Matching Contributions means 415 Compensation).]

10.     PRE-ENTRY/POST-SEVERANCE COMPENSATION (1.11(H)/(I)). Compensation under
Election 9 (Complete (a). Choose (b). if applicable):

[Note: The Plan does not take into account Post-Severance Compensation unless
the Employer elects otherwise in Appendix B or except as otherwise specified in
a Plan amendment. For this Election 10, unless described otherwise in Election
10(b), Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals and
Employee Contributions, Matching includes all Matching Contributions and
Nonelective includes all Nonelective Contributions.]

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
All
Contributions

 

(2)
Elective
Deferrals

(3)

Matching

(4)

Nonelective

 

 

 

 

 

 

 

 

 

(a)

[X]

Pre-Entry Compensation. Includes (Choose
(1) and (2) as applicable):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

Plan Year. Compensation for the entire
Plan Year which includes the Participant’s
Entry Date.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(2)

[X]

Participating Compensation. Only Participating
Compensation. See Section 1.11(H)(1).

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

[Note: Under a Participating Compensation election, in applying any Adoption
Agreement elected contribution limit or formula, the Plan Administrator will
count only the Participant’s Participating Compensation. See Section 1.11(H)(1)
as to plan disaggregation.]

 

 

 

 

 

 

 

 

 

(b)

[  ]

Describe Pre-Entry Compensation by Contribution Type or by Participant group:
____________________

 

 

 

 

 

 

 

 

 

[Note: Under Election 10(b), the Employer may: (i) elect Compensation from the
elections available under Election 10(a) or a combination thereof as to a
Participant group (e.g., Participating Compensation for all Contribution Types
as to Division A Employees, Plan Year Compensation for all Contribution Types to
Division B Employees); and/or (ii) define the Contribution Type column headings
in a manner which differs from the “all-inclusive” description in the Note
immediately preceding Election 10(a) (e.g., Compensation for Nonelective
Contributions is Participating Compensation and for Safe Harbor Nonelective
Contributions is Plan Year Compensation).]

© 2008 Prudential

4

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

11.     EXCLUDED COMPENSATION (1.11(G)). Apply the following Compensation
exclusions to Elections 9 and 10 (Choose one of (a) or (b)):

 

 

 

(a)

[X]

No exclusions. Compensation as to all Contribution Types means Compensation as
elected in Elections 9 and 10.

 

 

 

(b)

[  ]

Exclusions. Exclude the following (Choose one or more of (1) through (9) as
applicable):

[Note: In a safe harbor 401(k) plan, allocations qualifying for the ADP or ACP
test safe harbors must be based on a non-discriminatory definition of
Compensation. If the Plan applies permitted disparity, allocations also must be
based on a non-discriminatory definition of Compensation if the Plan is to avoid
more complex testing. Elections 11(b)(4) through (b)(9) may cause allocation
Compensation to fail to be non-discriminatory. In a non-safe harbor 401(k) plan,
Elections 11(b)(4) through (b)(9) which result in Compensation failing to be
non-discriminatory may result in more complex nondiscrimination testing. For
this Election 11, unless described otherwise in Election 11(b)(9), Elective
Deferrals includes Pre-Tax Deferrals, Roth Deferrals and Employee Contributions,
Matching includes all Matching Contributions and Nonelective includes all
Nonelective Contributions.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
All
Contributions

 

(2)
Elective
Deferrals

(3)

Matching

(4)

Nonelective

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

No exclusions-limited. No
exclusions as to the designated
Contribution Type(s).

N/A
(See
Election 11(a))

 

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

(2)

[  ]

Elective Deferrals. See Section 1.20.

N/A

 

N/A

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Fringe benefits. As described in Treas.
Reg. §1.414(s)-1(c)(3).

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

(4)

[  ]

Compensation exceeding $ ______.
Apply this election to (Choose one of a. or b.):

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

a.

[  ]

All Participants. [Note: If the Employer
elects Safe Harbor Contributions under
Election 6(e), the Employer may not
elect 11(b)(4)a. to limit the Safe Harbor
Contribution allocation to the NHCEs.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

HCE Participants only.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

[  ]

Bonus.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(6)

[  ]

Commission.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(7)

[  ]

Overtime.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(8)

[  ]

Related Employers. See Section 1.23(C).
(If there are Related Employers, choose one or
both of a. and b. as applicable):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

[  ]

Non-Participating. Compensation paid to
Employees by a Related Employer that is
not a Participating Employer.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

Participating. As to the Employees of any
Participating Employer, Compensation paid
by any other Participating Employer to its
Employees. See Election 28(g)(2)a.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

(9)

[  ]

Describe Compensation exclusion(s):
_____________________________________________________

 

 

 

 

 

 

 

 

 

 

[Note: Under Election 11(b)(9), the Employer may: (i) describe Compensation from
the elections available under Elections 11(b)(1) through (8), or a combination
thereof as to a Participant group (e.g., No exclusions as to Division A
Employees and exclude bonus as to Division B Employees); (ii) define the
Contribution Type column headings in a manner which differs from the
“all-inclusive” description in the Note immediately preceding Election 11(b)(1)
(e.g., Elective Deferrals means §125 cafeteria deferrals only OR No exclusions
as to Safe Harbor Contributions and exclude bonus as to Nonelective
Contributions); and/or (iii) describe another exclusion (e.g., Exclude shift
differential pay).]

© 2008 Prudential

5

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

12.     HOURS OF SERVICE (1.31). The Plan credits Hours of Service for the
following purposes (and to the Employees described in Elections 12(d) or (e)) as
follows (Choose one or more of (a) through (e) as applicable):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
All
Purposes

 

(2)

Eligibility

(3)

Vesting

(4)
Allocation
Conditions

 

 

 

 

 

 

 

 

 

 

(a)

[X]

Actual Method. See Section 1.31(A)(1).

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(b)

[  ]

Equivalency Method: _____________ (e.g., daily,
weekly, etc.). See Section 1.31(A)(2).

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(c)

[  ]

Elapsed Time Method. See Section 1.31(A)(3).

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(d)

[  ]

Actual (hourly) and Equivalency (salaried).
Actual Method for hourly paid Employees
and Equivalency Method: _____________
(e.g., daily, weekly, etc.) for salaried Employees.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(e)

[  ]

Describe method:
___________________________________________________________________________

 

 

 

[Note: Under Election 12(e), the Employer may describe Hours of Service from the
elections available under Elections 12(a) through (d), or a combination thereof
as to a Participant group and/or Contribution Type (e.g., For all purposes,
Actual Method applies to office workers and Equivalency Method applies to truck
drivers).]

13.       ELECTIVE SERVICE CREDITING (1.56(C)). The Plan must credit Related
Employer Service under Section 1.23(C) and also must credit certain Predecessor
Employer/Predecessor Plan Service under Section 1.56(B). The Plan also elects
under Section 1.56(C) to credit as Service the following Predecessor Employer
service (Choose one of (a) or (b)):

 

 

 

(a)

[  ]

Not applicable. No elective Predecessor Employer Service crediting applies.

 

 

 

(b)

[X]

Applies. The Plan credits the specified service with the following designated
Predecessor Employers as Service for the Employer for the purposes indicated
(Choose (1) and (2) as applicable. Complete (3). Choose (4) if applicable):

 

 

 

[Note: Any elective Service crediting under this Election 13 must be
nondiscriminatory.]

 

 

 

 

(1)

[  ]

All purposes. Credit Service for all purposes with Predecessor Employer(s):
____________________________
(insert as many names as needed).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Eligibility

 

(2)

Vesting

 

(3)
Contribution
Allocation

 

 

 

 

 

 

 

 

 

 

 

(2)

[X]

Designated purposes. Credit Service with the following Predecessor Employer(s)
for the designated purpose(s):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

Employer: Acquired Employees from Anchor Savings, Dime of Williamsburg, North
Side Savings and Atlantic Banks, Studebaker-Worthington Leasing Corp.

[X]

 

[X]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

b.

Employer: ______________________________

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

c.

Employer: ______________________________

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

(3)

Time period. Under Elections 13(b)(1) or (2), the Plan credits (Choose one or
more of a., b., and c. as applicable):

 

 

 

 

 

 

 

 

 

 

 

 

a.

[X]

All. All Service under Election(s) 13(b) (2)(a) , regardless of when rendered.

 

 

 

 

 

 

 

b.

[  ]

Service after. All Service under Election(s) 13(b) _____, which is or was
rendered after: ________ (specify date).

 

 

 

 

 

 

 

c.

[  ]

Service before. All Service under Election(s) 13(b) _____, which is or was
rendered before: ________ (specify date).

 

 

 

 

 

 

(4)

[  ]

Describe elective Predecessor Employer Service crediting:
___________________________________.

[Note: Under Election 13(b)(4), the Employer may describe service crediting from
the elections available under Elections 13(b)(1) through (3), or a combination
thereof as to a Participant group and/or Contribution Type (e.g., For all
purposes credit service with X only on/after 1/1/05 OR Credit all service for
all purposes with entities the Employer acquires after 12/31/04 OR Service
crediting for X Company applies only for purposes of Nonelective Contributions
and not for Matching Contributions).]

© 2008 Prudential

6

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

ARTICLE II
ELIGIBILITY REQUIREMENTS

 

 

 

14.     ELIGIBILITY (2.01). To become a Participant in the Plan, an Eligible
Employee must satisfy (Choose one of (a) or (b)):

 

 

[Note: If the Employer under a safe harbor plan elects “early” eligibility for
Elective Deferrals (e.g., less than one Year of Service and age 21), but does
not elect early eligibility for any Safe Harbor Contributions, also see Election
30(f).]

 

 

(a)

[  ]

No conditions. No eligibility conditions as to all Contribution Types. Entry is
on the Employment Commencement Date (if that date is also an Entry Date), or if
later, upon the next following Plan Entry Date.

 

 

 

[Note: No eligibility conditions apply to Prevailing Wage Contributions unless
the Prevailing Wage Contract provides otherwise. See Section 2.01(D).]

 

 

 

(b)

[X]

Conditions. The following eligibility conditions (either as to all Contribution
Types or as to the designated Contribution Type) (Choose one or more of (1)
through (8) as applicable):

 

 

 

[Note: For this Election 14, unless described otherwise in Election 14(b)(8)),
or the context otherwise requires, Elective Deferrals includes Pre-Tax
Deferrals, Roth Elective Deferrals and Employee Contributions, Matching includes
all Matching Contributions (except Safe Harbor Matching Contributions under
Section 3.05(E)(3) and Operational QMACs under Section 3.03(C)(2)) and
Nonelective includes all Nonelective Contributions (except Safe Harbor
Nonelective Contributions under Section 3.05(E)(2) and Operational QNECs under
Section 3.04(C)(2)). Safe Harbor includes Safe Harbor Nonelective and Safe
Harbor Matching Contributions. If the Employer elects more than one Year of
Service as to Additional Matching, the Plan will not satisfy the ACP test safe
harbor. See Section 3.05(F)(3).]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

(2)

(3)

(4)

(5)

 

 

 

 

 

All
Contributions

Elective
Deferrals

Matching

Nonelective

Safe
Harbor

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

None. Entry on the Employment Commencement Date (if that date is also an Entry
Date) or if later, upon the next following Plan Entry Date.

N/A
(See Election
14(a))

[  ]

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(2)

[X]

Age 21 (not to exceed age 21).

[X]

OR

[  ]

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

One Year of Service. See Election 16(a).

[  ]

OR

[  ]

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

(4)

[  ]

Two Years of Service (without an intervening Break in Service). 100% vesting is
required. [Note: Two Years of Service does not apply to Elective Deferrals, Safe
Harbor Contributions or SIMPLE Contributions.]

N/A

 

N/A

[  ]

[  ]

N/A

 

 

 

 

 

 

 

 

 

 

 

(5)

[X]

three (3) month(s) (not exceeding 12 months for Elective Deferrals, Safe Harbor
Contributions and SIMPLE Contributions and not exceeding 24 months for other
contributions). If more than 12 months, 100% vesting is required. Service need
not be continuous (no minimum Hours of Service required, and is mere passage of
time).

[X]

OR

[  ]

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

(6)

[  ]

_____ month(s) with at least _____ Hours of Service in each month (not exceeding
12 months for Elective Deferrals, Safe Harbor Contributions and SIMPLE
Contributions and not exceeding 24 months for other contributions). If more than
12 months, 100% vesting is required. If the Employee does not complete the
designated Hours of Service each month during the specified monthly time period,
the Employee is subject to the one Year of Service (or two Years of Service if
elect more than 12 months) requirement with 1,000 Hours of Service per Year of
Service. The months during which the Employee completes the specified Hours of
Service (Choose one of a. or b.):

[  ]

OR

[  ]

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

a.

[  ]

Consecutive. Must be consecutive.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

Not consecutive. Need not be consecutive.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7)

[  ]

_____ Hours of Service within the _____ time period following the Employee’s
Employment

[  ]

OR

[  ]

[  ]

[  ]

[  ]

© 2008 Prudential

7

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commencement Date (not exceeding 12 months for Elective Deferrals, Safe Harbor
Contributions and SIMPLE Contributions and not exceeding 24 months for other
contributions). If more than 12 months, 100% vesting is required. If the
Employee does not complete the designated Hours of Service during the specified
time period (if any), the Employee is subject to the one Year of Service (or two
Years of Service if elect more than 12 months) requirement with 1,000 Hours of
Service per Year of Service.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: The Employer may complete the second blank in Election 14(b)(7) with
“N/A” if the Employer wishes to impose an Hour of Service requirement without
specifying a time period within which an Employee must complete the required
Hours of Service.]

 

 

 

 

 

 

 

 

 

 

 

 

(8)

[X]

Describe eligibility conditions: However, any employee classified as a
“temporary employee” is required to complete 1,000 Hours of Service during a 12
consecutive month period beginning on the employee’s date of hire. Subsequent 12
month periods are based on the Plan Year for all contributions.

 

 

 

 

 

 

 

 

 

 

 

[Note: The Employer may use Election 14(b)(8) to describe different eligibility
conditions as to different Contribution Types or Employee groups (e.g., As to
all Contribution Types, no eligibility requirements for Division A Employees and
one Year of Service as to Division B Employees). The Employer also may elect
different ages for different Contribution Types and/or to specify different
months or Hours of Service requirements under Elections 14(b)(5), (b)(6), or
(b)(7) as to different Contribution Types. Any election must satisfy Code
§410(a).]

 

 

 

 

 

 

 

 

 

 

 

15.     SPECIAL ELIGIBILITY EFFECTIVE DATE (DUAL ELIGIBILITY) (2.01(E)). The
eligibility conditions of Election 14 (Choose (a) or choose (b) and (c) as
applicable):

 

 

 

 

 

 

 

 

 

 

 

(a)

[X]

No exceptions. Apply to all Employees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Elections 15(b) or (c) may trigger a coverage failure under Code
§410(b).]

 

 

 

 

 

 

 

 

 

 

 

(b)

[  ]

Waiver of eligibility conditions for certain Employees. For all Contribution
Types, apply solely to an Eligible Employee employed or reemployed by the
Employer after _________ (specify date). If the Eligible Employee was employed
or reemployed by the Employer by the specified date, the Employee will become a
Participant on the latest of: (i) the Effective Date; (ii) the restated
Effective Date; (iii) the Employee’s Employment Commencement Date or
Re-Employment Commencement Date; or (iv) on the date the Employee attains age
_____ (not exceeding age 21).

 

 

 

 

 

 

 

 

 

 

 

[Note: If the Employer does not wish to impose an age condition under clause
(iv) as part of the requirements for the eligibility conditions waiver, leave
the age blank.]

 

 

 

 

 

 

 

 

 

 

 

(c)

[  ]

Describe special eligibility Effective Date(s):
________________________________________________

 

 

 

 

 

 

 

 

 

 

 

[Note: Under Election 15(c), the Employer may describe special eligibility
Effective Dates as to a Participant group and/or Contribution Type (e.g.,
Eligibility conditions apply only as to Nonelective Contributions and solely as
to the Eligible Employees of Division B who were hired or reemployed by the
Employer after January 1, 2007).]

 

 

 

 

 

 

 

 

 

 

 

16.     YEAR OF SERVICE - ELIGIBILITY (2.02(A)). (Choose (a), (b), and (c) as
applicable):

 

 

 

 

 

 

 

 

 

 

 

[Note: If the Employer under Election 14 elects a one or two Year(s) of Service
condition (including any requirement which defaults to such conditions under
Elections 14(b)(6), (7), and (8)) or elects to apply a Year of Service for
eligibility under any other Adoption Agreement election, the Employer should
complete Election 16. The Employer should not complete Election 16 if it elects
the Elapsed Time Method for eligibility.]

 

 

 

 

 

 

 

 

 

 

 

(a)

[X]

Year of Service. An Employee must complete 1,000 Hour(s) of Service during the
relevant Eligibility Computation Period to receive credit for one Year of
Service under Article II. [Note: The number may not exceed 1,000. If left blank,
the requirement is 1,000 Hours of Service. Under Elections 14(b)(6) and (b)(7)
and under Election 14(b)(8) if it incorporates Elections 14(b)(6) or (7), the
number is 1,000 and the Employer should not supply any other number in the
blank.]

 

 

 

 

 

 

 

 

 

 

 

(b)

[X]

Subsequent Eligibility Computation Periods. After the Initial Eligibility
Computation Period described in Section 2.02(C)(2), the Plan measures Subsequent
Eligibility Computation Periods as (Choose one of (1), (2), or (3)):

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[X]

Plan Year. The Plan Year, beginning with the Plan Year which includes the first
anniversary of the Employee’s Employment Commencement Date.

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[  ]

Anniversary Year. The Anniversary Year, beginning with the Employee’s second
Anniversary Year.

 

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Split. The Plan Year as described in Election 16(b)(1) as to: ______________
(describe Contribution Type(s)) and the Anniversary Year as described in
Election 16(b)(2) as to: ______________ (describe Contribution Type(s)).

 

 

 

 

 

 

 

 

 

 

 

[Note: To maximize delayed entry under a two Years of Service condition for
Nonelective Contributions or Matching Contributions, the Employer should elect
to remain on the Anniversary Year for such contributions.]

 

 

 

 

 

 

 

 

 

 

 

(c)

[  ]

Describe: ___________________________________________________ (e.g., Anniversary
Year as to Division A and Plan Year as to Division B.)

© 2008 Prudential

8

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

17.     ENTRY DATE (2.02(D)). Entry Date means the Effective Date and (Choose
one or more of (a) through (f) as applicable):

[Note: For this Election 17, unless described otherwise in Election 17(f),
Elective Deferrals includes Pre-Tax Deferrals, Roth Elective Deferrals and
Employee Contributions, Matching includes all Matching Contributions (except
Operational QMACs under Section 3.03(C)(2)) and Nonelective includes all
Nonelective Contributions (except Operational QNECs under Section 3.04(C)(2)).
Entry as to Prevailing Wage Contributions is on the Employment Commencement Date
unless the Prevailing Wage Contract provides otherwise. See Section 2.02(D).]

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(2)

(3)

(4)

 

 

 

All
Contributions

 

Elective
Deferrals

Matching

Nonelective

 

 

 

 

 

 

 

 

(a)

[  ]

Semi-annual. The first day of the first month and of the seventh month of the
Plan Year.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(b)

[  ]

First day of Plan Year

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(c)

[  ]

First day of each Plan Year quarter

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(d)

[X]

The first day of each month

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(e)

[  ]

Immediate. Upon Employment Commencement Date or if later, upon satisfaction of
eligibility conditions.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(f)

[  ]

Describe Entry Date(s):
_________________________________________________________________

[Note: Under Election 17(f), the Employer may describe Entry Dates from the
elections available under Elections 17(a) through (e), or a combination thereof
as to a Participant group and/or Contribution Type or may elect additional Entry
Dates (e.g., As to Matching Contributions excluding Additional Matching,
immediate as to Division A Employees and semi-annual as to Division B Employees
OR the earlier of the Plan’s semi-annual Entry Dates or the entry dates under
the Employer’s medical plan).]

18.     PROSPECTIVE/RETROACTIVE ENTRY DATE (2.02(D)). An Employee after
satisfying the eligibility conditions in Election 14 will become a Participant
(unless an Excluded Employee under Election 8) on the Entry Date (if employed on
that date) (Choose one or more of (a) through (f) as applicable):

[Note: Unless otherwise excluded under Election 8, an Employee who remains
employed by the Employer on the relevant date must become a Participant by the
earlier of: (i) the first day of the Plan Year beginning after the date the
Employee completes the age and service requirements of Code §410(a); or (ii) 6
months after the date the Employee completes those requirements. For this
Election 18, unless described otherwise in Election 18(f), Elective Deferrals
includes Pre-Tax Deferrals, Roth Deferrals and Employee Contributions, Matching
includes all Matching Contributions (except Operational QMACs under Section
3.03(C)(2)) and Nonelective includes all Nonelective Contributions, (except
Operational QNECs under Section 3.04(C)(2)).]

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(2)

(3)

(4)

 

 

 

All
Contributions

 

Elective
Deferrals

Matching

Nonelective

 

 

 

 

 

 

 

 

(a)

[X]

Immediately following or coincident with the date the Employee completes the
eligibility conditions.

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(b)

[  ]

Immediately following the date the Employee completes the eligibility
conditions.

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

(c)

[  ]

Immediately preceding or coincident with the date the Employee completes the
eligibility conditions.

N/A

 

N/A

[  ]

[  ]

 

 

 

 

 

 

 

 

(d)

[  ]

Immediately preceding the date the Employee completes the eligibility
conditions.

N/A

 

N/A

[  ]

[  ]

 

 

 

 

 

 

 

 

(e)

[  ]

Nearest the date the Employee completes the eligibility conditions.

N/A

 

N/A

[  ]

[  ]

 

 

 

 

 

 

 

 

(f)

[  ]

Describe retroactive/prospective entry relative to Entry Date:
__________________________________

[Note: Under Election 18(f), the Employer may describe the timing of entry
relative to an Entry Date from the elections available under Elections 18(a)
through (e), or a combination thereof as to a Participant group and/or
Contribution Type (e.g., As to Matching Contributions excluding Additional
Matching nearest as to Division A Employees and immediately following as to
Division B Employees).]

19.     BREAK IN SERVICE – PARTICIPATION (2.03). The one year hold-out rule
described in Section 2.03(C) (Choose one of (a), (b), or (c)):

 

 

 

(a)

[X]

Does not apply.

 

 

 

(b)

[  ]

Applies. Applies to the Plan and to all Participants.

© 2008 Prudential

9

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

(c)

[  ]

Limited application. Applies to the Plan, but only to a Participant who has
incurred a Severance from Employment.

[Note: The Plan does not apply the rule of parity under Code §410(a)(5)(D)
unless the Employer in Appendix B specifies otherwise. See Section 2.03(D).]

ARTICLE III
PLAN CONTRIBUTIONS AND FORFEITURES

20.     ELECTIVE DEFERRAL LIMITATIONS (3.02(A)). The following limitations apply
to Elective Deferrals under Elections 6(a) and 6(b), which are in addition to
those limitations imposed under the basic plan document (Choose (a) or choose
(b) and (c) as applicable):

 

 

 

(a)

[  ]

None. No additional Plan imposed limits.

[Note: The Employer under Election 20 may not impose a lower deferral limit
applicable only to Catch-Up Eligible Participants and the Employer’s elections
must be nondiscriminatory. The elected limits apply to Pre-Tax Deferrals and to
Roth Deferrals unless described otherwise. Under a safe harbor plan: (i) NHCEs
must be able to defer enough to receive the maximum Safe Harbor Matching and
Additional Matching Contribution under the plan and must be permitted to defer
any lesser amount; and (ii) the Employer may limit Elective Deferrals to a whole
percentage of Compensation or to a whole dollar amount. See Section 1.54(C) as
to administrative limitations on Elective Deferrals.]

 

 

 

 

(b)

[X]

Additional Plan limit(s). (Choose (1) and (2) as applicable. Complete (3) if (1)
or (2) is chosen):

 

 

 

 

 

(1)

[X]

Maximum deferral amount. A Participant’s Elective Deferrals may not exceed: 35%
(specify dollar amount or percentage of Compensation).

 

 

 

 

 

(2)

[X]

Minimum deferral amount. A Participant’s Elective Deferrals may not be less
than: 1% (specify dollar amount or percentage of Compensation).

 

 

 

 

 

(3)

Application of limitations. The Election 20(b)(1) and (2) limitations apply
based on Elective Deferral Compensation described in Elections 9 – 11. If the
Employer elects Plan Year/Participation Compensation under column (1) and in
Election 10 elects Participating Compensation, in the Plan Years commencing
after an Employee becomes a Participant, apply the elected minimum or maximum
limitations to the Plan Year. Apply the elected limitation based on such
Compensation during the designated time period and only to HCEs as elected
below. (Choose a. or choose b. and c. as applicable. Under each of a., b. or c.
choose one of (1) or (2). Choose (3) if applicable):

 

 

 

 

 

 

 

 

 

(1)

(2)

(3)

 

 

 

Plan Year/Participating
Compensation

Payroll period

HCEs only

 

 

 

 

 

 

a.

[  ]

Both. Both limits under Elections 20(b)(1) and (2).

[  ]

[  ]

[  ]

 

 

 

 

 

 

b.

[X]

Maximum limit. The maximum amount limit under Election 20(b)(1).

[X]

[  ]

[  ]

 

 

 

 

 

 

c.

[X]

Minimum limit. The minimum amount limit under Election 20(b)(2).

[  ]

[X]

[  ]

 

 

 

(c)

[  ]

Describe Elective Deferral limitation(s):
____________________________________________________

[Note: Under Election 20(c), the Employer: (i) may describe limitations on
Elective Deferrals from the elections available under Elections 20(a) and (b) or
a combination thereof as to a Participant group (e.g., No limit applies to
Division A Employees. Division B Employees may not defer in excess of 10% of
Plan Year Compensation); (ii) may elect a different time period to which the
limitations apply; and/or (iii) may apply a different limitation to Pre-Tax
Deferrals and to Roth Deferrals.]

21.     AUTOMATIC DEFERRAL (3.02(B)). The Automatic Deferral provisions of
Section 3.02(B) (Choose one of (a) or (b)):

 

 

 

 

(a)

[  ]

Do not apply.

 

 

 

 

 

(b)

[X]

Apply. The Automatic Deferral Effective Date is: January 1, 2008 (specify date).
(Complete (1), (2), and (3). Choose (4) as applicable):

 

 

 

 

 

 

(1)

Automatic Deferral Amount. The Employer, as to each Participant affected, will
withhold as the Automatic Deferral Amount, 3 % from the Participant’s
Compensation each payroll period unless the Participant makes a Contrary
Election.

 

 

 

 

 

 

(2)

Participants affected. The Automatic Deferral applies to (Choose one of a., b.,
c., or d.):

 

 

 

 

 

 

 

a.

[  ]

All Participants. All Participants, regardless of any prior Salary Reduction
Agreement, unless and until they make a Contrary Election after the Automatic
Deferral Effective Date.

 

 

 

 

 

 

 

b.

[  ]

Election of at least Automatic Deferral amount. All Participants, except those
who have in effect a Salary Reduction Agreement on the Automatic Deferral
Effective Date provided that the Elective Deferral amount under the Agreement is
at least equal to the Automatic Deferral Amount.

© 2008 Prudential

10

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

c.

[X]

No existing Salary Reduction Agreement. All Participants, except those who have
in effect a Salary Reduction Agreement on the Automatic Deferral Effective Date
regardless of the Elective Deferral amount under the Agreement.

 

 

 

 

 

 

 

d.

[  ]

New Participants. Each Employee whose Entry Date is on or following the
Automatic Deferral Effective Date.

 

 

 

 

 

 

(3)

Scheduled increases. The Automatic Deferral Amount will or will not increase (as
a percentage of Compensation) in Plan Years following the Plan Year containing
the Automatic Deferral Effective Date (or, if later, the Plan Year in which the
Automatic Deferral first applies to a Participant) as follows (Choose one of a.,
b., or c.):

 

 

 

 

 

 

 

a.

[  ]

No scheduled increase. The Automatic Deferral Amount applies in all Plan Years.

 

 

 

 

 

 

 

b.

[  ]

Scheduled increase. The Automatic Deferral Amount will increase as follows:

 

 

 

Plan Year of application to a Participant

 

Automatic Deferral Amount

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

1

 

3%

2

 

3%

3

 

4%

4

 

5%

5 and thereafter

 

6%

 

 

 

 

 

 

 

c.

[  ]

Other scheduled increase. The Automatic Deferral Amount will increase as
follows:

 

 

 

Plan Year of application to a Participant

 

Automatic Deferral Amount

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

_____

 

_____%

_____

 

_____%

_____

 

_____%

_____

 

_____%

_____

 

_____%

_____

 

_____%

_____

 

_____%

 

 

 

 

 

 

(4)

[X] Describe Automatic Deferral: This initial percentage will increase by 1% (up
to a maximum of 10%) each Plan Year beginning after the Plan Year following the
Plan Year in which the first contributions are made pursuant to a default
election. The escalation date is the first of January for Participants
automatically enrolled before this date in the calendar year, apply the
scheduled increase starting in the current calendar year.

[Note: Under Election 21(b)(4), the Employer may describe Automatic Deferral
provisions from the elections available under Election 21 and/or a combination
thereof as to a Participant group (e.g., Automatic Deferrals do not apply to
Division A Employees. All Division B Employee/Participants are subject to an
Automatic Deferral Amount equal to 3% of Compensation effective as of January 1,
2008).]

22.     CODA (3.02(C)). The CODA provisions of Section 3.02(C) (Choose one of
(a) or (b)):

 

 

 

 

 

(a)

[X]

Do not apply.

 

 

 

 

 

(b)

[  ]

Apply. For each Plan Year for which the Employer makes a designated CODA
contribution under Section 3.02(C), a Participant may elect to receive directly
in cash not more than the following portion (or, if less, the Elective Deferral
Limit) of his/her proportionate share of that CODA contribution (Choose one of
(1) or (2)):

 

 

 

 

 

(1)

[  ]

All or any portion.

 

 

 

 

 

(2)

[  ]

_____%

23.     CATCH-UP DEFERRALS (3.02(D)). A Catch-Up Eligible Participant (Choose
one of (a) or (b)):

 

 

 

(a)

[X]

Permitted. May make Catch-Up Deferrals to the Plan.

 

 

 

(b)

[  ]

Not Permitted. May not make Catch-Up Deferrals to the Plan.

24.     MATCHING CONTRIBUTIONS (EXCLUDING SAFE HARBOR MATCH AND ADDITIONAL MATCH
UNDER SECTION 3.05) (3.03(A)). The Employer Matching Contributions under
Election 6(c) are subject to the following additional elections regarding type
(discretionary/fixed), rate/amount, limitations and time period (collectively,
such elections are “the matching formula”) and the allocation of Matching
Contributions is subject to Section 3.06 except as otherwise provided (Choose
one or more of (a) through (g) as applicable; then, for the elected match,
complete (1), (2), and/or (3) as applicable. If the Employer completes (2) or
(3), also complete one of (4), (5), or (6)):

[Note: If the Employer wishes to make any Matching Contributions that satisfy
the ADP or ACP safe harbor, the Employer should make these Elections under
Election 30, and not under this Election 24.]

© 2008 Prudential

11

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Match
Rate/Amt
[$/% of Elective
Deferrals]

 

(2)
Limit on
Deferrals
Matched
[$/% of
Compensation]

 

(3)

Limit on
Match Amount
[$/% of
Compensation]

 

(4)

Apply
limit(s) per
Plan Year
[“true-up”]

 

(5)
Apply
limit(s) per
payroll
period [no
“true-up”]

 

(6)
Apply
limit(s) per
designated
time period
[no “true-up”]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

[   ]

Discretionary – see Section 1.34(B) (The Employer may, but is not required to
complete (a)(1)-(6). See the “Note” following Election 24.)

 

_____

 

_____

 

_____

 

[   ]

 

[   ]

 

[   ] ____

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

[   ]

Fixed – uniform rate/amount

 

_____

 

_____

 

_____

 

[   ]

 

[   ]

 

[   ] ____

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

[   ]

Fixed – tiered

 

Elective
Deferral %

Matching
Rate

 

_____

 

_____

 

[   ]

 

[   ]

 

[   ] ____

 

 

 

 

______%

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

______%

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

______%

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

______%

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d)

[   ]

Fixed – Years of Service

 

Years
of Service

Matching
Rate

 

_____

 

_____

 

[   ]

 

[   ]

 

[   ] ____

 

 

 

 

______  

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

______  

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

______  

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

______  

_____%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

“Years of Service” under this Election 24(d) means (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

Eligibility. Years of Service for eligibility in Election 16.

 

 

 

 

 

 

 

b.

[   ]

Vesting. Years of Service for vesting in Elections 42 and 43.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

[   ]

Fixed – multiple formulas

 

Formula 1:

________

 

_____

 

_____

 

[   ]

 

[   ]

 

[   ] ____

 

 

 

 

Formula 2:

________

 

_____

 

_____

 

[   ]

 

[   ]

 

[   ] ____

 

 

 

 

Formula 3:

________

 

_____

 

_____

 

[   ]

 

[   ]

 

[   ] ____

 

 

 

 

 

(f)

[   ]

Related and Participating Employers. If any Related and Participating Employers
contribute Matching Contributions to the Plan, the following apply (Complete (1)
and (2)):

 

 

 

 

 

 

(1)

Matching formula. The matching formula for the Participating Employer(s) (Choose
one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

All the same. Is (are) the same as for the Signatory Employer under this
Election 24.

 

 

 

 

 

 

 

b.

[   ]

At least one different. Is (are) as follows:
______________________________________.

 

 

 

 

 

 

(2)

Allocation sharing. The Plan Administrator will allocate the Matching
Contributions made by the Signatory Employer and by any Participating Employer
(Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

Employer by Employer. Only to the Participants directly employed by the
contributing Employer.

 

 

 

 

 

 

 

b.

[   ]

Across Employer lines. To all Participants regardless of which Employer directly
employs them and regardless of whether their direct Employer made Matching
Contributions for the Plan Year.

[Note: The Employer should not elect 24(f) unless there are Related Employers
which are also Participating Employers. See Section 1.23(D).]

© 2008 Prudential

12

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

(g)

[   ]

Describe: ___________________________________________________________ (e.g., A
Discretionary Matching Contribution applies to Division A Participants. A Fixed
Matching Contribution equal to 50% of Elective Deferrals not exceeding 6% of
Plan Year Compensation applies to Division B Participants.)

[Note: See Section 1.34(A) as to Fixed Matching Contributions. A Participant’s
Elective Deferral percentage is equal to the Participant’s Elective Deferrals
divided by his/her Compensation. The matching rate/amount is the specified
rate/amount of match for the corresponding Elective Deferral amount/percentage.
Any Matching Contributions apply to Pre-Tax Deferrals and to Roth Deferrals
unless described otherwise in Election 24(g). Matching Contributions for
nondiscrimination testing purposes are subject to the targeting limitations. See
Section 4.10(D). The Employer under Election 24(a) in its discretion may
determine the amount of a Discretionary Matching Contribution and the matching
contribution formula. Alternatively, the Employer in Election 24(a) may specify
the Discretionary Matching Contribution formula.]

 

 

 

 

 

25. QMAC (PLAN-DESIGNATED) (3.03(C)(1)). The following provisions apply
regarding Plan-Designated QMACs (Choose one of (a) or (b)):

 

 

[Note: Regardless of its elections under this Election 25, the Employer under
Section 3.03(C)(2) may elect for any Plan Year where the Plan is using Current
Year Testing to make Operational QMACs which the Plan Administrator will
allocate only to NHCEs for purposes of correction of an ADP or ACP test
failure.]

 

 

 

 

 

(a)

[   ]

Not applicable. There are no Plan-Designated QMACs.

 

 

 

(b)

[   ]

Applies. There are Plan-Designated QMACs to which the following provisions apply
(Complete (1) and (2)):

 

 

 

 

 

 

(1)

Matching Contributions affected. The following Matching Contributions (as
allocated to the designated allocation group under Election 25(b)(2)) are
Plan-Designated QMACs (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

All. All Matching Contributions.

 

 

 

 

 

 

 

b.

[   ]

Designated. Only the following Matching Contributions under Election 24:
__________________.

 

 

 

 

 

 

(2)

Allocation Group. Subject to Section 3.06, allocate the Plan-Designated QMAC
(Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

NHCEs only. Only to NHCEs who make Elective Deferrals subject to the
Plan-Designated QMAC.

 

 

 

 

 

 

 

b.

[   ]

All Participants. To all Participants who make Elective Deferrals subject to the
Plan-Designated QMAC.

 

 

 

 

 

The Plan Administrator will allocate all other Matching Contributions as Regular
Matching Contributions under Section 3.03(B), except as provided in Sections
3.03(C)(2) or 3.05.

 

[Note: See Section 4.10(D) as to targeting limitations applicable to QMAC
nondiscrimination testing.]

 

 

 

 

 

26. MATCHING CATCH-UP DEFERRALS (3.03(D)). If a Participant makes a Catch-Up
Deferral, the Employer (Choose one of (a) or (b)):

 

 

 

 

 

(a)

[X]

Match. Will apply to the Catch-Up Deferral (Choose one of (1) or (2)):

 

 

 

 

 

 

(1)

[X]

All. All Matching Contributions.

 

 

 

 

 

(2)

[   ]

Designated. The following Matching Contributions in Election 24:
______________________________.

 

 

 

 

 

(b)

[   ]

No Match. Will not match any Catch-Up Deferrals.

 

 

 

[Note: Election 26 does not apply to a safe harbor 401(k) plan unless the
Employer will apply the ACP test. See Elections 37(a)(2)b. and 37(a)(2)c.(ii).
In this case, Election 26 applies only to Additional Matching, if any. A safe
harbor 401(k) Plan will apply the Basic Match or Enhanced Match to Catch-Up
Deferrals. If the Employer elects to apply the ACP test safe harbor under
Election 37(a)(2)a. or 37(a)(2)c.(i), Election 26 does not apply and the Plan
also will apply any Additional Match to Catch-Up Deferrals.]

 

27. NONELECTIVE CONTRIBUTIONS (TYPE/AMOUNT) INCLUDING PREVAILING WAGE
CONTRIBUTIONS (3.04(A)). The Employer Nonelective Contributions under Election
6(d) are subject to the following additional elections as to type and amount
(Choose one or more of (a) through (e) as applicable):

 

 

 

 

 

(a)

[   ]

Discretionary. An amount the Employer in its sole discretion may determine.

 

 

 

(b)

[   ]

Fixed. (Choose one or more of (1), (2), and (3) as applicable):

 

 

 

 

 

 

(1)

[   ]

Uniform %. _____% of each Participant’s Compensation, per _____________ (e.g.,
Plan Year, month).

 

 

 

 

 

(2)

[   ]

Fixed dollar amount. $_____, per ____________ (e.g., Plan Year, month, HOS, per
Participant per month).

 

 

 

 

 

(3)

[   ]

Describe: ______________________________________________________ (specify time
period, e.g., per Plan Year quarter. If not specified, the time period is the
Plan Year).

 

 

 

 

[Note: The Employer under Election 27(b)(3) may specify any Fixed Nonelective
Contribution formula not described under Elections 27(b)(1) or (2) (e.g., For
each Plan Year, 2% of net profits exceeding $50,000) and/or the Employer may
describe different Fixed Nonelective Contributions as applicable to different
Participant groups (e.g., A Fixed Nonelective Contribution equal to 5% of Plan
Year

© 2008 Prudential

13

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

Compensation applies to Division A Participants and a Fixed Nonelective
Contribution equal to $500 per Participant each Plan Year applies to Division B
Participants).]

 

 

 

 

 

(c)

[   ]

Prevailing Wage Contribution. The Prevailing Wage Contribution amount(s)
specified for the Plan Year or other applicable period in the Employer’s
Prevailing Wage Contract(s). The Employer will make a Prevailing Wage
Contribution only to Participants covered by the Contract and only as to
Compensation paid under the Contract. If the Participant accrues an allocation
of Employer Contributions (including forfeitures) under the Plan or any other
Employer plan in addition to the Prevailing Wage Contribution, the Plan
Administrator will (Choose one of (1) or (2)):

 

 

 

 

 

 

(1)

[   ]

No offset. Not reduce the Participant’s Employer Contribution allocation by the
amount of the Prevailing Wage Contribution.

 

 

 

 

 

 

(2)

[   ]

Offset. Reduce the Participant’s Employer Contribution allocation by the amount
of the Prevailing Wage Contribution.

 

 

 

 

(d)

[   ]

Related and Participating Employers. If any Related and Participating Employers
contribute Nonelective Contributions to the Plan, the contribution formula(s)
(Choose one of (1) or (2)):

 

 

 

 

 

 

(1)

[   ]

All the same. Is (are) the same as for the Signatory Employer under this
Election 27.

 

 

 

 

 

(2)

[   ]

At least one different. Is (are) as follows: _________________________.

 

 

 

 

[Note: The Employer should not elect 27(d) unless there are Related Employers
which are also Participating Employers. See Section 1.23(D). The Employer
electing 27(d) also must complete Election 28(g) as to the allocation methods
which apply to the Participating Employers.]

 

 

 

 

 

(e)

[   ]

Describe:
_________________________________________________________________________________

 

 

 

 

 

[Note: Under Election 27(e), the Employer may describe the amount and type of
Nonelective Contributions from the elections available under Election 27 and/or
a combination thereof as to a Participant group (e.g., A Discretionary
Nonelective Contribution applies to Division A Employees. A Fixed Nonelective
Contribution equal to 5% of Plan Year Compensation applies to Division B
Employees).]

 

28. NONELECTIVE CONTRIBUTION ALLOCATION (3.04(B)). The Plan Administrator,
subject to Section 3.06, will allocate to each Participant any Nonelective
Contribution (excluding QNECs) under the following contribution allocation
formula (Choose one or more of (a) through (h) as applicable):

 

 

 

 

 

(a)

[   ]

Pro rata. As a uniform percentage of Participant Compensation.

 

 

 

(b)

[   ]

Permitted disparity. In accordance with the permitted disparity allocation
provisions of Section 3.04(B)(2), under which the following permitted disparity
formula and definition of “Excess Compensation” apply (Complete (1) and (2)):

 

 

 

 

(1)

Formula (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

Two-tiered.

 

 

 

 

 

 

 

b.

[   ]

Four-tiered.

 

 

 

 

 

 

(2)

Excess Compensation. For purposes of Section 3.04(B)(2), “Excess Compensation”
means Compensation in excess of (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

Percentage amount. ______% (not exceeding 100%) of the taxable wage base in
effect on the first day of the Plan Year, rounded to the next highest $______
(not exceeding the taxable wage base).

 

 

 

 

 

 

 

b.

[   ]

Dollar amount. The following amount: $_____ (not exceeding the taxable wage base
in effect on the first day of the Plan Year).

 

 

 

 

 

(c)

[   ]

Incorporation of contribution formula. The Plan Administrator will allocate any
Fixed Nonelective Contribution under Elections 27(b), 27(d) or 27(e), or any
Prevailing Wage Contribution under Election 27(c), in accordance with the
contribution formula the Employer adopts under those Elections.

 

 

 

(d)

[   ]

Classifications of Participants. In accordance with the classifications
allocation provisions of Section 3.04(B)(3). The classifications are (Choose one
of (1), (2), or (3)):

 

 

 

[Note: Typically, the Employer would elect 28(d) where it intends to satisfy
nondiscrimination requirements using “cross-testing” under Treas. Reg.
§1.401(a)(4)-8. However, choosing this election does not necessarily require
application of cross-testing and the Plan may be able to satisfy
nondiscrimination as to its classification-based allocations by testing
allocation rates.]

 

 

 

 

 

 

(1)

[   ]

Each in own classification. Each Participant constitutes a separate
classification.

 

 

 

 

 

 

(2)

[   ]

NHCEs/HCEs. Nonhighly Compensated Employee/Participants and Highly Compensated
Employee/Participants.

 

 

 

 

 

 

(3)

[   ]

Describe the classifications:
__________________________________________________________

© 2008 Prudential

14

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

[Note: Any classifications under Election 28(d) must result in a definitely
determinable allocation under Treas. Reg. §1.401-1(b)(1)(ii) and must constitute
a reasonable classification within the meaning of Treas. Reg. §1.410(b)-4(b).
The number of allocation rates is subject to the limitations in Section
3.04(B)(3)(b). Standard interest and mortality assumptions under Treas. Reg.
§1.401(a)(4)-12 apply. In the case of a self-employed Participant, the
requirements of Treas. Reg. §1.401(k)-1(a)(6) apply and the allocation method
should not result in a cash or deferred election for the self-employed
Participant. The Employer by the due date of its tax return (including
extensions) must advise the Plan Administrator or Trustee in writing as to the
allocation rate applicable to each Participant under Election 28(d)(1) or
applicable to each classification under Elections 28(d)(2) or (3) for the
allocation Plan Year. Under Election 28(d)(1), the Employer may decide from year
to year the classification (allocation rate) applicable to each Participant,
without the need to amend the Plan to change the classification.]

 

 

 

 

 

(e)

[   ]

Age-based. In accordance with the age-based allocation provisions of Section
3.04(B)(5). The Plan Administrator will use the Actuarial Factors based on the
following assumptions (Complete both (1) and (2)):

 

 

 

 

 

 

(1)

Interest rate. (Choose one of a., b., or c.):

 

 

 

 

 

 

 

a.

[   ]

7.5%          b.     [   ]     8.0%          c.     [   ]     8.5%

 

 

 

 

 

 

(2)

Mortality table. (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

UP-1984. See Appendix D.

 

 

 

 

 

 

 

b.

[   ]

Alternative: __________________ (Specify 1983 GAM, 1983 IAM, 1971 GAM or 1971
IAM and attach applicable tables using such mortality table and the specified
interest rate as replacement Appendix D.)

 

 

 

 

 

(f)

[   ]

Uniform points. In accordance with the uniform points allocation provisions of
Section 3.04(B)(6). Under the uniform points allocation formula, a Participant
receives (Choose one or both of (1) and (2). Choose (3) if applicable):

 

 

 

 

 

 

(1)

[   ]

Years of Service. ____________ point(s) for each Year of Service. The maximum
number of Years of Service counted for points is _________.

 

 

 

 

 

 

 

“Year of Service” under this Election 28(f) means (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

Eligibility. Years of Service for eligibility in Election 16.

 

 

 

 

 

 

 

b.

[   ]

Vesting. Years of Service for vesting in Elections 42 and 43.

 

 

 

 

 

 

 

[Note: A Year of Service must satisfy Treas. Reg. §1.401(a)(4)-11(d)(3) for the
uniform points allocation to qualify as a safe harbor allocation under Treas.
Reg. §1.401(a)(4)-2(b)(3).]

 

 

 

 

 

 

(2)

[   ]

Age. ____________ point(s) for each year of age attained during the Plan Year.

 

 

 

 

 

 

(3)

[   ]

Compensation. ____________ point(s) for each $______ (not to exceed $200)
increment of Plan Year Compensation.

 

 

 

 

 

(g)

[   ]

Related and Participating Employers. If any Related and Participating Employers
contribute Nonelective Contributions to the Plan, the Plan Administrator will
allocate the Nonelective Contributions made by the Participating Employer(s)
under Election 27(d) (Complete (1) and (2)):

 

 

 

 

 

 

(1)

Allocation Method. (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

All the same. Using the same allocation method as applies to the Signatory
Employer under this Election 28.

 

 

 

 

 

 

 

b.

[   ]

At least one different. Under the following allocation method(s):
__________________________.

 

 

 

 

 

 

(2)

Allocation sharing. The Plan Administrator will allocate the Nonelective
Contributions made by the Signatory Employer and by any Participating Employer
(Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

Employer by Employer. Only to the Participants directly employed by the
contributing Employer.

 

 

 

 

 

 

 

b.

[   ]

Across Employer lines. To all Participants regardless of which Employer directly
employs them and regardless of whether their direct Employer made Nonelective
Contributions for the Plan Year.

 

 

 

 

 

[Note: The Employer should not elect 28(g) unless there are Related Employers
which are also Participating Employers. See Section 1.23(D) and Election 27(d).
If the Employer elects 28(g)(2)a., the Employer should also elect 11(b)(8)b., to
disregard the Compensation paid by “Y” Participating Employer in determining the
allocation of the “X” Participating Employer contribution to a Participant (and
vice versa) who receives Compensation from both X and Y. If the Employer elects
28(g)(2)b., the Employer should not elect 11(b)(8)b. Election 28(g)(2)a. does
not apply to Safe Harbor Nonelective Contributions.]

 

 

 

 

 

(h)

[   ]

Describe:
________________________________________________________________________________
(e.g., Pro rata as to Division A Participants and Permitted Disparity
(two-tiered at 100% of the SSTWB) as to Division B Participants.)

© 2008 Prudential

15

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

29. QNEC (PLAN-DESIGNATED) (3.04(C)(1)). The following provisions apply
regarding Plan-Designated QNECs (Choose one of (a) or (b)):

 

[Note: Regardless of its elections under this Election 29, the Employer under
Section 3.04(C)(2) may elect for any Plan Year where the Plan is using Current
Year Testing to make Operational QNECs which the Plan Administrator will
allocate only to NHCEs for purposes of correction of an ADP or ACP test
failure.]

 

 

 

 

 

(a)

[   ]

Not applicable. There are no Plan-Designated QNECs.

 

 

 

 

 

(b)

[   ]

Applies. There are Plan-Designated QNECs to which the following provisions apply
(Complete (1), (2), and (3)):

 

 

 

 

 

 

(1)

Nonelective Contributions affected. The following Nonelective Contributions (as
allocated to the designated allocation group under Election 29(b)(2)) are
Plan-Designated QNECs (Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

All. All Nonelective Contributions.

 

 

 

 

 

 

 

b.

[   ]

Designated. Only the following Nonelective Contributions under Election 27:
________________.

 

 

 

 

 

 

(2)

Allocation Group. Subject to Section 3.06, allocate the Plan-Designated QNEC
(Choose one of a. or b.):

 

 

 

 

 

 

 

a.

[   ]

NHCEs only. Only to NHCEs under the method elected in Election 29(b)(3).

 

 

 

 

 

 

 

b.

[   ]

All Participants. To all Participants under the method elected in Election
29(b)(3).

 

 

 

 

 

 

(3)

Allocation Method. The Plan Administrator will allocate a Plan-Designated QNEC
using the following method (Choose one of a., b., c., or d.):

 

 

 

 

 

 

 

a.

[   ]

Pro rata.

 

 

 

 

 

 

 

b.

[   ]

Flat dollar.

 

 

 

 

 

 

 

c.

[   ]

Reverse. See Section 3.04(C)(3).

 

 

 

 

 

 

 

d.

[   ]

Describe:
________________________________________________________________________

 

 

 

 

 

[Note: Any allocation method the Employer elects under Election 29(b)(3)d. must
be definitely determinable. See Section 4.10(D) as to targeting limitations
applicable to QNEC nondiscrimination testing.]

 

30. SAFE HARBOR 401(k) PLAN (SAFE HARBOR CONTRIBUTIONS/ADDITIONAL MATCHING
CONTRIBUTIONS) (3.05). The Employer under Election 6(e) will (or in the case of
the Safe Harbor Nonelective Contribution may) contribute the following Safe
Harbor Contributions described in Section 3.05(E) and will or may contribute
Additional Matching Contributions described in Section 3.05(F) (Choose one of
(a), (b), (c), or (d) when and as applicable. Complete (e) and (h). Choose (f),
(g), and (i) as applicable):

 

 

 

 

 

(a)

[   ]

Safe Harbor Nonelective Contribution. The Safe Harbor Nonelective Contribution
equals _______% of a Participant’s Compensation [Note: The amount in the blank
must be at least 3%. The Safe Harbor Nonelective Contribution applies toward
(offsets) most other Employer Nonelective Contributions. See Section
3.05(E)(11).]

 

 

 

(b)

[   ]

Safe Harbor Nonelective Contribution/delayed year-by-year election (maybe and
supplemental notices). In connection with the Employer’s provision of the maybe
notice under Section 3.05(I)(1), the Employer elects into safe harbor status by
giving the supplemental notice and by making this Election 30(b) to provide for
a Safe Harbor Nonelective Contribution equal to ______% (specify amount at least
equal to 3%) of a Participant’s Compensation. This Election 30(b) and safe
harbor status applies for the Plan Year ending: ________________ (specify Plan
Year end), which is the Plan Year to which the Employer’s maybe and supplemental
notices apply.

 

 

 

[Note: If the Employer makes a delayed election into safe harbor status under
Section 3.05(I)(1), the Employer must amend the Plan to provide for a Safe
Harbor Nonelective Contribution equal to at least 3% of each Participant’s
Compensation. The Employer may make this amendment by substitute Adoption
Agreement page (electing Election 30(b)) or by another form of amendment under
Section 11.02(B). An Employer using the maybe notice should not elect a Safe
Harbor Nonelective Contribution under Election 30(a) unless the Employer intends
to continue safe harbor status under this election in the subsequent Plan Year.
By making its amendment into safe harbor status under Election 30(b), the
Employer avoids the need to further amend the Plan if the Employer is not
certain that it will apply the safe harbor in the subsequent Plan Year. By
contrast, an Employer which gave the maybe notice and has decided to make the
Safe Harbor Nonelective Contribution for that year and for future years should
use Election 30(a). The Employer only elects 30(a) and should not elect 30(b) if
prior to the Plan Year the Employer unequivocally decides to elect safe harbor
status for the Plan Year and provides a safe harbor notice consistent with this
election rather than giving the maybe notice. If the Employer gives the maybe
notice and the Employer will or may make Matching Contributions, the Employer
should elect Additional Matching under Election 30(h)(and should not elect
Matching Contributions under Election 24) if it wishes to avoid ACP testing.]

© 2008 Prudential

16

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

(c)

[  ]

Basic Matching Contribution. A Matching Contribution equal to 100% of each
Participant’s Elective Deferrals not exceeding 3% of the Participant’s
Compensation, plus 50% of each Participant’s Elective Deferrals in excess of 3%
but not in excess of 5% of the Participant’s Compensation. See Sections 1.34(E)
and 3.05(E)(4). (Complete (1)):

 

 

 

 

 

(1)

Time period. For purposes of this Election 30(c), “Compensation” and “Elective
Deferrals” mean Compensation and Elective Deferrals for:
________________________. [Note: The Employer must complete the blank line with
the applicable time period for computing the Basic Match, such as “each payroll
period,” “each calendar month,” “each Plan Year quarter” or “the Plan Year.”]

 

 

 

 

(d)

[  ]

Enhanced Matching Contribution. See Sections 1.34(F) and 3.05(E)(5). (Choose one
of (1) or (2) and complete (3) for any election):

 

 

 

 

 

(1)

[  ]

Uniform percentage. A Matching Contribution equal to _______% of each
Participant’s Elective Deferrals but not as to Elective Deferrals exceeding
_______% of the Participant’s Compensation.

 

 

 

 

 

(2)

[  ]

Tiered formula. A Matching Contribution equal to the specified matching rate for
the corresponding level of each Participant’s Elective Deferral percentage. A
Participant’s Elective Deferral percentage is equal to the Participant’s
Elective Deferrals divided by his/her Compensation.

 

 

 

Elective Deferral Percentage

 

Matching Rate

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

_______%

 

_______%

_______%

 

_______%

_______%

 

_______%

 

 

 

 

 

(3)

Time period. For purposes of this Election 30(d), “Compensation” and “Elective
Deferrals” mean Compensation and Elective Deferrals for:
________________________. [Note: The Employer must complete the blank line with
the applicable time period for computing the Enhanced Match, such as “each
payroll period,” “each calendar month,” “each Plan Year quarter” or “the Plan
Year.”]

 

 

 

 

[Note: The matching rate may not increase as the Elective Deferral percentage
increases and the Enhanced Matching formula otherwise must satisfy the
requirements of Code §§401(k)(12)(B)(ii) and (iii). If the Employer elects to
satisfy the ACP safe harbor under Election 37(a)(2)a., the Employer also must
limit Elective Deferrals taken into account for the Enhanced Matching
Contribution to a maximum of 6% of Plan Year Compensation.]

 

 

 

 

(e)

Participants who will receive Safe Harbor Contributions. The allocation of Safe
Harbor Contributions (Choose one of (1), (2), or (3)):

 

 

 

 

 

(1)

[  ]

Applies to all Participants. Applies to all Participants except as may be
limited under Election 30(f).

 

 

 

 

 

(2)

[  ]

NHCEs only. Is limited to NHCE Participants only and may be limited further
under Election 30(f). No HCE will receive a Safe Harbor Contribution allocation.

 

 

 

 

 

(3)

[  ]

NHCEs and designated HCEs. Is limited to NHCE Participants and to the following
HCE Participants and may be limited further under Election 30(f):
______________________________________________.

 

 

 

 

[Note: Any HCE allocation group the Employer describes under Election 30(e)(3)
must be definitely determinable. (e.g., Division “A” HCEs OR HCEs who own more
than 5% of the Employer without regard to attribution rules).]

 

 

 

 

(f)

[  ]

Early Elective Deferrals/delay of Safe Harbor Contribution. The Employer may
elect this Election 30(f) only if the Employer in Election 14 elects eligibility
requirements for Elective Deferrals of less than age 21 and one Year of Service
but elects age 21 and one Year of Service for Safe Harbor Matching or for Safe
Harbor Nonelective Contributions. The Employer under this Election 30(f) limits
the allocation of any Safe Harbor Contribution under Election 30 for a Plan Year
to those Participants: (i) who have attained age 21; (ii) who have completed one
Year of Service; and (iii) who the Plan Administrator in applying the OEE rule
described in Section 4.06(C), treats as benefiting in the disaggregated plan
covering the Includible Employees. Those Participants in the Plan Year whom the
Plan Administrator treats as Otherwise Excludable Employees will not receive any
Safe Harbor Contribution allocation and the Plan Administrator will apply the
ADP (and, as applicable the ACP) test(s) to the disaggregated plan benefiting
the Otherwise Excludable Employees. If the Employer in Election 10(a)(2) has
elected “Participating Compensation” for allocating Elective Deferrals,
Nonelective Contributions or Matching Contributions (as relevant to the
allocation under this Election 30 based on the Contribution Type), the Plan
Administrator, in allocating the Safe Harbor Contribution for the Plan Year in
which the Participant crosses over to the Includible Employees group, will count
Compensation and Elective Deferrals only on and following the Cross-Over Date.
See Section 3.05(D).

 

 

 

 

(g)

[  ]

Another plan. The Employer will make the Safe Harbor Contribution to the
following plan: _______________.

 

 

 

 

(h)

Additional Matching Contributions. See Sections 1.34(G) and 3.05(F). (Choose one
of (1) or (2)):

 

 

 

 

 

(1)

[X]

No Additional Matching Contributions. The Employer will not make any Additional
Matching Contributions to its safe harbor Plan.

© 2008 Prudential

17

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

(2)

[  ]

Additional Matching Contributions. The Employer will or may make the following
Additional Matching Contributions to its safe harbor Plan. (Choose a. and b. as
applicable):

 

 

 

 

 

 

a.

[  ]

Fixed Additional Matching Contribution. The following Fixed Additional Matching
Contribution (Choose (i) and (ii) as applicable and complete (iii) for any
election):

 

 

 

 

 

 

 

(i)

[  ]

Uniform percentage. A Matching Contribution equal to _______% of each
Participant’s Elective Deferrals but not as to Elective Deferrals exceeding
_______% of the Participant’s Compensation.

 

 

 

 

 

 

 

(ii)

[  ]

Tiered formula. A Matching Contribution equal to the specified matching rate for
the corresponding level of each Participant’s Elective Deferral percentage. A
Participant’s Elective Deferral percentage is equal to the Participant’s
Elective Deferrals divided by his/her Compensation.

 

 

 

Elective Deferral Percentage

 

Matching Rate

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

_______%

 

_______%

_______%

 

_______%

_______%

 

_______%

 

 

 

 

 

 

 

(iii)

Time period. For purposes of this Election 30(h)(2)a., “Compensation” and
“Elective Deferrals” mean Compensation and Elective Deferrals for:
____________________. [Note: The Employer must complete the blank line with the
applicable time period for computing the Additional Match, e.g., “each payroll
period,” “each calendar month,” “each Plan Year quarter” OR “the Plan Year.” If
the Employer elects a match under both (i) and (ii) and will apply a different
time period to each match, the Employer may indicate as such in the blank line.]

 

 

 

 

 

 

 

b.

[  ]

Discretionary Additional Matching Contribution. The Employer may make a
Discretionary Additional Matching Contribution. If the Employer makes a
Discretionary Matching Contribution, the Discretionary Matching Contribution
will not apply as to Elective Deferrals exceeding _____% of the Participant’s
Compensation (complete the blank if applicable or leave blank).

 

 

 

 

 

[Note: If the Employer elects to satisfy the ACP safe harbor under Election
37(a)(2)a. or 37(a)(2)c.(i), then as to any and all Matching Contributions,
including Fixed Additional Matching Contributions and Discretionary Additional
Matching Contributions: (i) the matching rate may not increase as the Elective
Deferral percentage increases; (ii) no HCE may be entitled to a greater rate of
match than any NHCE; (iii) the Employer must limit Elective Deferrals taken into
account for the Additional Matching Contributions to a maximum of 6% of Plan
Year Compensation; (iv) the Plan must apply all Matching Contributions to
Catch-Up Deferrals; and (v) in the case of a Discretionary Additional Matching
Contribution, the contribution amount may not exceed 4% of the Participant’s
Plan Year Compensation.]

 

 

 

 

 

(i)

[  ]

Multiple Safe Harbor Contributions in disaggregated Plan. The Employer elects to
make different Safe Harbor Contributions and/or Additional Matching
Contributions to disaggregated parts of its Plan under Treas. Reg.
§1.401(k)-1(b)(4) as follows:
____________________________________________________________ (Specify
contributions for disaggregated plans, e.g., as to Collectively Bargained
Employees a 3% Nonelective Safe Harbor Contribution applies and as to
non-Collectively Bargained Employees, the Basic Matching Contribution applies).

 

 

 

 

 

31. ALLOCATION CONDITIONS (3.06(B)/(C)). The Plan does not apply any allocation
conditions to: (i) Elective Deferrals; (ii) Safe Harbor Contributions; (iii)
commencing as of the Final 401(k) Regulations Effective Date, Additional
Matching Contributions which will satisfy the ACP test safe harbor; (iv)
Employee Contributions; (v) Rollover Contributions; (vi) Designated IRA
Contributions; (vii) SIMPLE Contributions; or (viii) Prevailing Wage
Contributions, except as may be required by the Prevailing Wage Contract. To
receive an allocation of Matching Contributions, Nonelective Contributions or
Participant forfeitures, a Participant must satisfy the following allocation
condition(s) (Choose one of (a) or (b). Choose (c) if applicable):

 

 

 

 

 

(a)

[X]

No conditions. No allocation conditions apply to Matching Contributions, to
Nonelective Contributions or to forfeitures.

 

 

 

 

 

(b)

[  ]

Conditions. The following allocation conditions apply to the designated
Contribution Type and/or forfeitures (Choose one or more of (1) through (7) as
applicable):

 

 

 

 

 

[Note: For this Election 31, except as the Employer describes otherwise in
Election 31(b)(7) or as provided in Sections 3.03(C)(2) and 3.04(C)(2) regarding
Operational QMACs and Operational QNECs, Matching includes all Matching
Contributions and Nonelective includes all Nonelective Contributions to which
allocation conditions may apply. The Employer under Election 31(b)(7) may not
impose an Hour of Service condition exceeding 1,000 Hours of Service in a Plan
Year.]

© 2008 Prudential

18

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

 

(2)

 

(3)

 

(4)

 

 

 

 

 

 

Matching,
Nonelective
and Forfeitures

 

 

 

Matching

 

Nonelective

 

Forfeitures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

None.

 

N/A

 

 

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

(See Election
31(a))

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[  ]

501 HOS/terminees (91 consecutive days if Elapsed Time). See Section
3.06(B)(1)(b).

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Last day of the Plan Year.

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

[  ]

Last day of the Election 31(c) time period.

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

[  ]

1,000 HOS in the Plan Year (182 consecutive days in Plan Year if Elapsed Time).

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6)

[  ]

_____(specify) HOS within the Election 31(c) time period, (but not exceeding
1,000 HOS in a Plan Year).

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7)

[  ]

Describe conditions:
__________________________________________________________________

 

 

 

(e.g., Last day of the Plan Year as to Nonelective Contributions for
Participating Employer “A” Participants. No allocation conditions for
Participating Employer “B” Participants).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

[  ]

Time period. Under Section 3.06(C), apply Elections 31(b)(4), (b)(6) or (b)(7)
to the specified contributions/forfeitures based on each (Choose one of (1)
through (5)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

Plan Year

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[  ]

Plan Year quarter

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Calendar month

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

[  ]

Payroll period

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

[  ]

Describe time period:
__________________________________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: If the Employer elects 31(b)(4) or (b)(6), the Employer must choose (c).
If the Employer elects 31(b)(7), choose (c) if applicable.]

32. ALLOCATION CONDITIONS – APPLICATION/WAIVER/SUSPENSION (3.06(D)/(F)). Under
Section 3.06(D), in the event of Severance from Employment as described below,
apply or do not apply Election 31(b) allocation conditions to the specified
contributions/forfeitures as follows (If the Employer elects 31(b), the Employer
must complete Election 32. Choose one of (a) or (b). Complete (c)):

[Note: For this Election 32, except as the Employer describes otherwise in
Election 31(b)(7) or as provided in Sections 3.03(C)(2) and 3.04(C)(2) regarding
Operational QMACs and Operational QNECs, Matching includes all Matching
Contributions and Nonelective includes all Nonelective Contributions to which
allocation conditions may apply.]

 

 

 

 

(a)

[  ]

Total waiver or application. If a Participant incurs a Severance from Employment
on account of or following death, Disability, attainment of Normal Retirement
Age, or attainment of Early Retirement Age as specified (Choose one of (1) or
(2)):

 

 

 

 

 

(1)

[  ]

Do not apply. Do not apply elected allocation conditions to Matching
Contributions, to Nonelective Contributions or to forfeitures.

 

 

 

 

 

(2)

[  ]

Apply. Apply elected allocation conditions to Matching Contributions, to
Nonelective Contributions and to forfeitures.

© 2008 Prudential

19

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

 

(2)

 

(3)

 

(4)

 

 

 

 

 

 

Matching,
Nonelective
and Forfeitures

 

 

 

Matching

 

Nonelective

 

Forfeitures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

[  ]

Application/waiver as to Contribution Types events. If a Participant incurs a
Severance from Employment, apply allocation conditions except such conditions
are waived if Severance is on account of or following death, Disability,
attainment of Normal Retirement Age, or attainment of Early Retirement Age as
specified, and as applied to the specified Contribution Types/forfeitures
(Choose (1), (2), (3) and (4) as applicable):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

Death

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[  ]

Disability

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Normal Retirement Age

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

[  ]

Early Retirement Age

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

Suspension. The suspension of allocation conditions of Section 3.06(F) (Choose
one of (1) or (2)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

Applies. Applies as follows (Choose one of a., b., or c.):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

[  ]

Both. Applies both to Nonelective Contributions and to Matching Contributions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

Nonelective. Applies only to Nonelective Contributions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

[  ]

Match. Applies only to Matching Contributions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[  ]

Does not apply.

33. FORFEITURE ALLOCATION METHOD (3.07). The Plan Administrator will allocate a
Participant forfeiture attributable to all Contribution Types or attributable to
all Nonelective Contributions or to all Matching Contributions as follows
(Choose one or more of (a) through (g) as applicable. Choose (e) only in
conjunction with at least one other election):

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Even if the Employer elects immediate vesting, the Employer should
complete Election 33. See Section 7.07.]

 

(1)

 

 

 

(2)

 

(3)

 

 

All
Forfeitures

 

 

 

Nonelective
Forfeitures

 

Matching
Forfeitures

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

[  ]

Additional Nonelective. Allocate as additional Discretionary Nonelective
Contribution.

 

[  ]

 

OR

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

[  ]

Additional Match. Allocate as additional Discretionary Matching Contribution.

 

[  ]

 

OR

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

[X]

Reduce Nonelective. Apply to Nonelective Contribution.

 

[X]

 

OR

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

(d)

[X]

Reduce Match. Apply to Matching Contribution.

 

[X]

 

OR

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

(e)

[X]

Plan expenses. Pay reasonable Plan expenses first (See Section 7.04(C)), then
allocate in the manner described above.

 

[X]

 

OR

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

(f)

[  ]

Safe harbor/top-heavy exempt. Apply all forfeitures to Safe Harbor Contributions
and Plan expenses in accordance with Section 3.07(A)(4).

 

 

 

 

 

 

 

 

 

 

 

 

(g)

[  ]

Describe:
__________________________________________________________________________________

 

 

(e.g., Forfeitures attributable to transferred balances from Plan X are
allocated only to former Plan X participants.)

34. FORFEITURE ALLOCATION TIMING (3.07(B)). See Sections 3.07, 5.07 and 7.07 as
to when a forfeiture occurs. Once a forfeiture occurs, this Election 34
determines the timing of the forfeiture allocation. The Plan Administrator will
allocate a Participant’s forfeiture (Choose one or both of (a) and (b) as
applicable):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

 

(2)

 

(3)

 

 

 

All
Forfeitures

 

 

 

Nonelective
Forfeitures

 

Matching
Forfeitures

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

[X]

Same Plan Year. In the same Plan Year in which the designated forfeiture occurs.

 

[X]

 

OR

 

[  ]

 

[  ]

 

© 2008 Prudential

20

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

(b)

[  ]

Next Plan Year. In the Plan Year following the Plan Year in which the designated
forfeiture occurs.

 

[  ]

 

OR

 

[  ]

 

[  ]

 

[Note: The elected forfeiture allocation timing applies irrespective of when the
Employer makes its contribution(s), if any, for a Plan Year. Even if the
Employer elects immediate vesting, the Employer should complete Election 34. See
Sections 3.07 and 7.07.]

35. EMPLOYEE (AFTER-TAX) CONTRIBUTIONS (3.09). The following additional
elections apply to Employee Contributions under Election 6(f). (Complete (a) and
(b)):

 

 

 

 

(a)

Limitations. The Plan permits Employee Contributions subject to the following
limitations, if any, in addition to those already imposed under the Plan (Choose
one of (1) or (2)):

 

 

 

 

 

(1)

[  ]

None. No additional limitations.

 

 

 

 

 

(2)

[  ]

Additional limitations. The following additional limitations:
_____________________________________.

 

 

 

 

 

[Note: Any designated limitation(s) must be the same for all Participants and
must be definitely determinable.]

 

 

 

 

(b)

Matching Contributions. (Choose one of (1) or (2)):

 

 

 

 

 

(1)

[  ]

None. The Employer will not make any Matching Contributions based on Employee
Contributions.

 

 

 

 

 

(2)

[  ]

Applies. For each Plan Year, the Employer’s Matching Contribution made as to
Employee Contributions is:
_______________________________________________________________________________________
.

36. DESIGNATED IRA CONTRIBUTIONS (3.12). Under Election 6(h), a Participant may
make Designated IRA Contributions effective for Plan Years beginning after
________________ (date specified must be no earlier than December 31, 2002).
(Complete (a) and (b)):

 

 

 

 

(a)

Type of IRA contribution. A Participant’s Designated IRA Contributions will be
(Choose one of (1), (2), or (3)):

 

 

 

 

 

(1)

[  ]

Traditional.

 

 

 

 

 

(2)

[  ]

Roth.

 

 

 

 

 

(3)

[  ]

Traditional/Roth. As the Participant elects at the time of contribution.

 

 

 

 

(b)

Type of Account. A Participant’s Designated IRA Contributions will be held in
the following form of Account(s) (Choose one of (1), (2), or (3)):

 

 

 

 

 

(1)

[  ]

IRA.

 

 

 

 

 

(2)

[  ]

Individual Retirement Annuity.

 

 

 

 

 

(3)

[  ]

IRA/Individual Retirement Annuity. As the Participant elects at the time of
contribution.

ARTICLE IV
LIMITATIONS AND TESTING

[Note: The Employer, in the “Effective as of execution” column under Election
37, must elect those testing elections which are: (i) in effect as of date of
the Employer’s execution of this Adoption Agreement; and (ii) if the Adoption
Agreement restates the Plan, also are retroactive to the later of the Plan’s
original Effective Date or EGTRRA restated Effective Date, except as indicated
in Appendix A. If the Employer wishes to change any testing election after it
executes this Adoption Agreement, the Employer must elect the changes in the
“Changes post-execution” column under Election 37, and the Employer must specify
the Plan Year Effective Date(s) of any changed election. The Employer may
complete the Effective Date blanks specifying the changed election applies to a
single Plan Year (e.g., “2011 only”), or a range of Plan Years (e.g.,
“2011-2015”) or may specify the change as becoming effective in a specified Plan
Year (e.g., “commencing 2010”). If the Employer specifies a single Plan Year
only or specifies a range of Plan Years, the Plan becomes subject to the
election in the “Effective as of execution” column in the Plan Years commencing
after the specified Year(s), unless the Employer subsequently changes the
election. If the Employer specifies the change as commencing in a Plan Year, the
election applies in the specified Plan Year and in all following Plan Years
unless the Employer subsequently changes the election.]

37. ANNUAL TESTING ELECTIONS (4.06(B)). The Employer makes the following Plan
specific annual testing elections under Section 4.06(B). (Complete (a) and (b)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(2)

 

 

 

 

 

 

Effective as of execution
(and retroactively
if restatement)

 

Changes post-execution
(specify Plan Year
Effective Date(s))

 

 

 

 

 

 

 

 

 

(a)

Nondiscrimination testing. (Choose one or more of (1), (2), or (3)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

Traditional 401(k) Plan/ADP/ACP test. The following testing method(s) apply
(Choose a. and b. as applicable):

 

 

 

 

 

 

© 2008 Prudential

21

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

[Note: The Plan may “split test” for Plan Years commencing in 2005.]

 

 

 

 

 

 

 

 

 

 

 

a.

[  ]

Current Year Testing. See Section 4.11(E). Current Year Testing applies to the
ADP/ACP tests as elected below (Choose one or both of (i) and (ii)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(i)

[  ]

ADP test.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(ii)

[  ]

ACP test.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

[Note: The Employer may leave (ii) blank if the Plan does not permit Matching
Contributions or Employee Contributions and the Plan Administrator will not
recharacterize Elective Deferrals as Employee Contributions for testing.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

Prior Year Testing. See Section 4.11(I). Prior Year Testing applies to the
ADP/ACP tests as elected below. See Sections 4.10(B)(4)(f)(iv) and
4.10(C)(5)(e)(iv) as to the first Plan Year. (Choose one or both of (i) and
(ii)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(i)

[  ]

ADP test.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(ii)

[  ]

ACP test.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

[Note: The Employer may leave (ii) blank if the Plan does not permit Matching
Contributions or Employee Contributions and the Plan Administrator will not
recharacterize Elective Deferrals as Employee Contributions for testing.]

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[X]

Safe Harbor Plan/No testing or ACP test only. (Choose one of a., b., or c.):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

[X]

No testing.

 

[  ]

 

[X]

Effective Date(s):
January 1, 2008     

 

 

 

 

 

ADP test safe harbor applies and if applicable, ACP test safe harbor applies.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

ACP test only.

 

 

 

 

 

 

 

 

 

 

ADP test safe harbor applies, but Plan will perform ACP test as follows (Choose
one of (i) or (ii)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(i)

[  ]

Current Year Testing.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(ii)

[  ]

Prior Year Testing.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

[Note: The Employer may elect Prior Year Testing under Election 37(a)(2)b.(ii)
only for Plan Years after the Final 401(k) Regulations Effective Date.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

[  ]

Possible delayed election.
(maybe notice/supplemental notice)

 

[  ]

 

[  ]

Effective Date(s):
________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Employer under Section 3.05(I)(1) may treat the Plan as a Traditional 401(k)
Plan or may make a delayed election to treat the Plan as a Safe Harbor 401(k)
Plan. If the Employer gives the maybe and supplemental notices and amends the
Plan to provide for the Safe Harbor Nonelective Contribution, the Plan is an ADP
test safe harbor plan for the Plan Year to which the maybe and supplemental
notices and the amendment apply. If the Employer does not give the supplemental
notice, the Plan is a Traditional 401(k) Plan, subject to ADP Current Year
Testing and, if applicable, to ACP Current Year Testing. If the Employer gives
the supplemental notice and amends the Plan to provide for the Safe Harbor
Nonelective Contribution, and the Employer has elected Additional Matching
Contributions under Election 30(h) (Choose one of (i) or (ii)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(i)

[  ]

No testing. ADP and ACP test safe harbors apply. The Employer’s elections under
30(h) as to Additional Matching Contributions satisfy the ACP safe harbor
requirements and the Employer elects to apply the Election 30(h) stated ACP test
safe harbor conditions (see the Note following Election 30(h)) as to all
Additional Matching Contributions.

 

 

 

 

 

 

 

 

 

(ii)

[  ]

ACP test only. ADP safe harbor applies, but the Plan will perform the ACP test
as to all Additional Matching Contributions using Current Year Testing.

© 2008 Prudential

22

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Even if the Employer does not elect 37(a)(2)c., the Employer still may
make a delayed election into safe harbor status under Section 3.05(I)(1) using
the maybe and supplemental notices and by amending the plan to provide for the
Safe Harbor Nonelective Contribution. However, in this case, the Employer also
must amend the Plan to make its testing elections under this Election 37
consistent with its delayed election into safe harbor status. The Employer then
may elect any election under 37(a)(2), including 37(a)(2)c. An Employer’s
election of 37(a)(2)c. permits the Plan to remain in perpetual possible delayed
safe harbor election status, while minimizing the number of Plan amendments
required to do so.]

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

SIMPLE 401(k) Plan/No testing.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

 

 

 

 

 

 

 

 

 

 

 

(b)

HCE determination. (Complete both (1) and (2)):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Top-paid group election. (Choose one of a. or b.):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

[X]

Does not apply.

 

[X]

 

[  ]

Effective Date(s):
________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

Applies.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

Calendar year data election (fiscal year Plan only).
(Choose one of a. or b.):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

[X]

Does not apply.

 

[  ]

 

[X]

Effective Date(s):
January 1, 2008     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

Applies.

 

[  ]

 

[  ]

Effective Date(s):
________________

 

ARTICLE V
VESTING REQUIREMENTS

 

 

 

 

38. NORMAL RETIREMENT AGE (5.01). A Participant attains Normal Retirement Age
under the Plan on the following date (Choose one of (a) or (b)):

 

 

 

 

(a)

[X]

Specific age. The date the Participant attains age   65  . [Note: The age may
not exceed age 65.]

 

 

 

 

(b)

[  ]

Age/participation. The later of the date the Participant attains age _____ or
the _______ anniversary of the first day of the Plan Year in which the
Participant commenced participation in the Plan. [Note: The age may not exceed
age 65 and the anniversary may not exceed the 5th.]

 

 

 

 

39. EARLY RETIREMENT AGE (5.01). (Choose one of (a) or (b)):

 

 

 

 

(a)

[X]

Not applicable. The Plan does not provide for an Early Retirement Age.

 

 

 

 

(b)

[  ]

Early Retirement Age. Early Retirement Age is the later of: (i) the date a
Participant attains age ______; (ii) the date a Participant reaches his/her
_______ anniversary of the first day of the Plan Year in which the Participant
commenced participation in the Plan; or (iii) the date a Participant completes
_______ Years of Service.

 

 

 

 

[Note: The Employer should leave blank any of clauses (i), (ii), and (iii) which
are not applicable.]

 

 

 

 

“Years of Service” under this Election 39 means (Choose one of (1) or (2) as
applicable):

 

 

 

 

 

(1)

[  ]

Eligibility. Years of Service for eligibility in Election 16.

 

 

 

 

 

(2)

[  ]

Vesting. Years of Service for vesting in Elections 42 and 43.

 

 

 

 

[Note: Election of an Early Retirement Age does not affect the time at which a
Participant may receive a Plan distribution. However, a Participant becomes 100%
vested at Early Retirement Age.]

 

 

 

 

40. ACCELERATION ON DEATH OR DISABILITY (5.02). Under Section 5.02, if a
Participant incurs a Severance from Employment as a result of death or
Disability (Choose one of (a), (b), or (c)):

 

 

 

 

(a)

[X]

Applies. Apply 100% vesting.

 

 

 

 

(b)

[  ]

Not applicable. Do not apply 100% vesting. The Participant’s vesting is in
accordance with the applicable Plan vesting schedule.

 

 

 

 

(c)

[  ]

Limited application. Apply 100% vesting, but only if a Participant incurs a
Severance from Employment as a result of (Choose one of (1) or (2)):

 

 

 

 

 

(1)

[  ]

Death.

 

 

 

 

 

(2)

[  ]

Disability.

© 2008 Prudential

23

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

41.     VESTING SCHEDULE (5.03). A Participant has a 100% Vested interest at all
times in his/her Accounts attributable to: (i) Elective Deferrals; (ii) Employee
Contributions; (iii) QNECs; (iv) QMACs; (v) Safe Harbor Contributions; (vi)
SIMPLE Contributions; (vii) Rollover Contributions; (viii) Prevailing Wage
Contributions unless the Prevailing Wage Contract provides otherwise; (ix) DECs;
and (x) Designated IRA Contributions. The following vesting schedule applies to
Regular Matching Contributions, to Additional Matching Contributions
(irrespective of ACP testing status) and to Nonelective Contributions (other
than Prevailing Wage Contributions) (Choose (a) or choose one or both of (b) and
(d) as applicable. Choose (c) if elect a non-top-heavy schedule under (b) or
(d)):

 

 

 

(a)

[  ]

Immediate vesting. 100% Vested at all times in all Accounts.

[Note: Unless all Contribution Types are 100% Vested, the Employer should not
elect 41(a). If the Employer elects immediate vesting under 41(a), the Employer
should not complete the balance of Election 41 or Elections 42 and 43 (except as
noted therein). The Employer must elect 41(a) if the eligibility Service
condition under Election 14 as to all Contribution Types (except Elective
Deferrals and Safe Harbor Contributions) exceeds one Year of Service or more
than 12 months. The Employer must elect 41(b)(1) as to any Contribution Type
where the eligibility service condition exceeds one Year of Service or more than
12 months. The Employer should elect 41(b) if any Contribution Type is subject
to a vesting schedule.]

 

 

 

(b)

[X]

Vesting schedules: Apply the following vesting schedules (Choose one or more of
(1) through (7) as applicable):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(2)

(3)

(4)

 

 

 

 

All
Contributions

 

Nonelective

Regular
Matching

Additional
Matching (See
Section 3.05(F))

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

Immediate vesting

N/A

 

[  ]

[  ]

[  ]

 

 

 

 

(See Election 41(a))

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[  ]

Top-heavy: 6-year graded

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Top-heavy: 3-year cliff

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

 

(4)

[  ]

Modified top-heavy:

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

Years of Service

Vested %

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

Less than 1

a. ______

 

 

 

 

 

 

 

 

1

b. ______

 

 

 

 

 

 

 

 

2

c. ______

 

 

 

 

 

 

 

 

3

d. ______

 

 

 

 

 

 

 

 

4

e. ______

 

 

 

 

 

 

 

 

5

f. ______

 

 

 

 

 

 

 

 

6 or more

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

[  ]

Non-top-heavy: 7-year graded

N/A

 

[  ]

N/A

N/A

 

 

 

 

 

 

 

 

 

 

(6)

[  ]

Non-top-heavy: 5-year cliff

N/A

 

[  ]

N/A

N/A

 

 

 

 

 

 

 

 

 

 

(7)

[  ]

Modified non-top-heavy:

N/A

 

[  ]

N/A

N/A

 

 

 

Years of Service

Vested %

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

Less than 1

a. ______

 

 

 

 

 

 

 

 

1

b. ______

 

 

 

 

 

 

 

 

2

c. ______

 

 

 

 

 

 

 

 

3

d. ______

 

 

 

 

 

 

 

 

4

e. ______

 

 

 

 

 

 

 

 

5

f. ______

 

 

 

 

 

 

 

 

6

g. ______

 

 

 

 

 

 

 

 

7 or more

100%

 

 

 

 

 

[Note: If the Employer does not elect 41(a), the Employer under 41(b) must elect
immediate vesting or must elect a top-heavy or modified top-heavy vesting
schedule. The modified top-heavy schedule of Election 41(b)(4) must satisfy Code
§416. A top-heavy schedule must apply to Regular Matching Contributions and to
Additional Matching Contributions. See Section 5.03(A)(1). The Employer as to
Nonelective Contributions only may elect one of Elections 41(b)(5), (6), or (7)
in addition to electing a top-heavy schedule. The Employer must complete
Election 41(c) if it elects any non-top-heavy schedule. If the Employer does not
elect a non-top-heavy schedule, the elected top-heavy schedule(s) applies to all
Plan Years. If the Employer elects 41(b)(7), the modified non-top-heavy schedule
must satisfy Code §411(a)(2). If the Employer elects Additional Matching under
Election 30(h), the Employer should elect vesting under the Additional Matching
column in this Election 41(b). That election applies to the Additional Matching
even if the Employer has given the maybe notice but does not give the
supplemental notice for any Plan Year and as to such Plan Years, the Plan is not
a safe harbor plan and the Matching Contributions are not Additional Matching
Contributions. If the Plan’s Effective Date is after December 31, 2006, do not
complete Elections 41(b)(5), (b)(6), or (b)(7).]

© 2008 Prudential

24

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

(c)

[  ]

Nonelective Contributions: application of top-heavy schedule (Choose one of (1)
or (2)):

 

 

 

 

 

(1)

[  ]

Apply in all Plan Years once top-heavy. Apply the top-heavy vesting schedule
under Election 41(b) for the first Plan Year in which the Plan is top-heavy and
then in all subsequent Plan Years.

 

 

 

 

 

(2)

[  ]

Apply only in top-heavy Plan Years. Apply the non-top-heavy schedule under
Election 41(b) in all Plan Years in which the Plan is not a top-heavy plan.

 

 

 

 

(d)

[  ]

Special vesting provisions:
__________________________________________________________________.

[Note: The Employer under Election 41(d) may describe special vesting provisions
from the elections available under Election 41 and/or a combination thereof as
to a: (i) Participant group (e.g., Full vesting applies to Division A Employees
OR to Employees hired on/before “x” date. 6-year graded vesting applies to
Division B Employees OR to Employees hired after “x” date.); and/or (ii)
Contribution Type (e.g., Full vesting applies as to Discretionary Nonelective
Contributions. 6-year graded vesting applies to Fixed Nonelective
Contributions). Any special vesting provision must satisfy Code §411(a) and must
be nondiscriminatory.]

 

 

42.     YEAR OF SERVICE - VESTING (5.05). (Complete both (a) and (b)):

[Note: If the Employer elects the Elapsed Time Method for vesting the Employer
should not complete this Election 42. If the Employer elects immediate vesting,
the Employer should not complete Election 42 or Election 43 unless it elects to
apply a Year of Service for vesting under any other Adoption Agreement
election.]

 

 

 

 

(a)

Year of Service. An Employee must complete at least 1,000 Hours of Service
during a Vesting Computation Period to receive credit for a Year of Service
under Article V. [Note: The number may not exceed 1,000. If left blank, the
requirement is 1,000.]

 

 

(b)

Vesting Computation Period. The Plan measures a Year of Service based on the
following 12-consecutive month period (Choose one of (1) or (2)):

 

 

 

(1)

[X]

Plan Year.

 

 

 

 

 

(2)

[  ]

Anniversary Year.

 

 

43.     EXCLUDED YEARS OF SERVICE - VESTING (5.05(C)). The Plan excludes the
following Years of Service for purposes of vesting (Choose (a) or choose one or
more of (b) through (e) as applicable):

 

 

(a)

[X]

None. None other than as specified in Section 5.05(C)(1).

 

 

 

(b)

[  ]

Age 18. Any Year of Service before the Vesting Computation Period during which
the Participant attained the age of 18.

 

 

 

(c)

[  ]

Prior to Plan establishment. Any Year of Service during the period the Employer
did not maintain this Plan or a predecessor plan.

 

 

 

(d)

[  ]

Rule of Parity. Any Year of Service excluded under the rule of parity. See Plan
Section 5.06(C).

 

 

 

(e)

[  ]

Additional exclusions. The following Years of Service:
___________________________________________.

[Note: The Employer under Election 43(e) may describe vesting service exclusions
provisions available under Election 43 and/or a combination thereof as to a: (i)
Participant group (e.g., No exclusions apply to Division A Employees OR to
Employees hired on/before “x” date. The age 18 exclusion applies to Division B
Employees OR to Employees hired after “x” date.); or (ii) Contribution Type
(e.g., No exclusions apply as to Discretionary Nonelective Contributions. The
age 18 exclusion applies to Fixed Nonelective Contributions). Any exclusion
specified under Election 43(e) must comply with Code §411(a)(4). Any exclusion
must be nondiscriminatory.]

ARTICLE VI
DISTRIBUTION OF ACCOUNT BALANCE

44.     MANDATORY DISTRIBUTION (6.01(A)(1)/6.08(D)). The Plan provides or does
not provide for Mandatory Distribution of a Participant’s Vested Account Balance
following Severance from Employment, as follows (Choose one of (a) or (b)):

 

 

 

 

 

(a)

[  ]

No Mandatory Distribution. The Plan will not make a Mandatory Distribution
following Severance from Employment.

 

 

 

(b)

[X]

Mandatory Distribution. The Plan will make a Mandatory Distribution following
Severance from Employment. (Complete (1) and (2). Choose (3) unless the Employer
elects to limit Mandatory Distributions to $1,000 including Rollover
Contributions under Elections 44(b)(1)b. and 44(b)(2)b.):

 

 

 

 

(1)

Amount limit. As to a Participant who incurs a Severance from Employment and who
will receive distribution before attaining the later of age 62 or Normal
Retirement Age, the Mandatory Distribution maximum amount is equal to (Choose
one of a., b., or c.):

 

 

 

 

 

a.

[X]

$5,000.

 

 

 

 

 

 

b.

[  ]

$1,000.

 

 

 

 

 

 

c.

[  ]

Specify amount: $ ______ (may not exceed $5,000).

© 2008 Prudential

25

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

(2)

Application of Rollovers to amount limit. In determining whether a Participant’s
Vested Account Balance exceeds the Mandatory Distribution dollar limit in
Election 44(b)(1), the Plan (Choose one of a. or b.):

 

 

 

 

 

a.

[X]

Disregards Rollover Contribution Account.

 

 

 

 

 

b.

[  ]

Includes Rollover Contribution Account.

 

 

 

 

(3)

[X]

Amount of Mandatory Distribution subject to Automatic Rollover. A Mandatory
Distribution to a Participant before attaining the later of age 62 or Normal
Retirement Age is subject to Automatic Rollover under Section 6.08(D) (Choose
one of a. or b.):

 

 

 

 

a.

[X]

Only if exceeds $1,000. Only if the amount of the Mandatory Distribution exceeds
$1,000, which for this purpose must include any Rollover Contributions Account.

 

 

 

 

 

b.

[  ]

Specify lesser amount. Only if the amount of the Mandatory Distribution is at
least: $ ______ (specify $1,000 or less).

45.     SEVERANCE DISTRIBUTION TIMING (6.01). Subject to the timing limitations
of Section 6.01(A)(1) in the case of a Mandatory Distribution, or in the case of
any Distribution Requiring Consent under Section 6.01(A)(2), for which consent
is received, the Plan Administrator will instruct the Trustee to distribute a
Participant’s Vested Account Balance as soon as is administratively practical
following the time specified below (Choose one or more of (a) through (k) as
applicable):

[Note: If a Participant dies after Severance from Employment but before
receiving distribution of all of his/her Account, the elections under this
Election 45 no longer apply. See Section 6.01(B) and Election 49.]

 

 

 

 

 

 

 

 

 

(1)
Mandatory
Distribution

(2)
Distribution
Requiring Consent

 

 

 

 

 

 

 

 

 

 

(a)

[X]

Immediate. Immediately following Severance from Employment.

[X]

[X]

 

 

 

 

 

(b)

[  ]

Next Valuation Date. After the next Valuation Date following Severance from
Employment.

[  ]

[  ]

 

 

 

 

 

(c)

[  ]

Plan Year. In the _____ Plan Year following Severance from Employment (e.g.,
next or fifth).

[  ]

[  ]

 

 

 

 

 

(d)

[  ]

Plan Year quarter. In the ______ Plan Year quarter following Severance from
Employment (e.g., next or fifth).

[  ]

[  ]

 

 

 

 

 

(e)

[  ]

Contribution Type Accounts. ___________ as to the Participant’s ___________
Account(s) and ___________ as to the Participant’s ___________ Account(s) (e.g.,
As soon as is practical following Severance from Employment as to the
Participant’s Elective Deferral Account and as soon as is practical in the next
Plan Year following Severance from Employment as to the Participant’s
Nonelective and Matching Accounts).

[  ]

[  ]

 

 

 

 

 

(f)

[  ]

Vesting controlled timing. If the Participant’s total Vested Account Balance
exceeds $______, distribute __________ (specify timing) and if the Participant’s
total Vested Account Balance does not exceed $ _____, distribute __________
(specify timing).

[  ]

[  ]

 

 

 

 

 

(g)

[  ]

Distribute at Normal Retirement Age. As to a Mandatory Distribution, distribute
not later than 60 days after the beginning of the Plan Year following the Plan
Year in which the previously severed Participant attains the earlier of Normal
Retirement Age or age 65. [Note: An election under column (2) only will have
effect if the Plan’s NRA is less than age 62.]

[  ]

[  ]

 

 

 

 

 

(h)

[  ]

Acceleration. Notwithstanding any later specified distribution date in Election
45, a Participant may elect an earlier distribution following Severance from
Employment (Choose (1) and (2) as applicable):

[  ]

[  ]

 

 

 

 

 

 

(1)

[  ]

Disability. If Severance from Employment is on account of Disability or if the
Participant incurs a Disability following Severance from Employment.

 

 

 

 

 

 

 

 

 

(2)

[  ]

Hardship. If the Participant incurs a hardship under Section 6.07 following
Severance from Employment.

 

 

© 2008 Prudential

26

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

(i)

[  ]

Required distribution at Normal Retirement Age. A severed Participant may not
elect to delay distribution beyond the later of age 62 or Normal Retirement Age.

N/A

[  ]

 

 

 

 

 

 

(j)

[  ]

No buy-back/vesting controlled timing. Distribute as soon as is practical
following Severance from Employment if the Participant is fully Vested.
Distribute as soon as is practical following a Forfeiture Break in Service if
the Participant is not fully Vested.

[  ]

[  ]

 

 

 

 

 

 

(k)

[  ]

Describe Severance from Employment distribution timing:
_______________________________________

[Note: The Employer under Election 45(k) may describe Severance from Employment
distribution timing provisions from the elections available under Election 45
and/or a combination thereof as to any: (i) Participant group (e.g., Immediate
distribution after Severance of Employment applies to Division A Employees OR to
Employees hired on/before “x” date. Distribution after the next Valuation Date
following Severance from Employment applies to Division B Employees OR to
Employees hired after “x” date.); (ii) Contribution Type (e.g., As to Division A
Employees, immediate distribution after Severance of Employment applies as to
Elective Deferral Accounts and distribution after the next Valuation Date
following Severance from Employment applies to Nonelective Contribution
Accounts); and/or (iii) merged plan account now held in the Plan (e.g., The
accounts from the X plan merged into this Plan continue to be distributable in
accordance with the X plan terms [supply terms] and not in accordance with the
terms of this Plan). An Employer’s election under Election 45(k) must: (i) be
objectively determinable; (ii) not be subject to Employer discretion; (iii)
comply with Code §401(a)(14) timing requirements; (iv) be nondiscriminatory and
(v) preserve Protected Benefits as required.]

46.     IN-SERVICE DISTRIBUTIONS/EVENTS (6.01(C)). A Participant may elect an
In-Service Distribution of the designated Contribution Type Accounts based on
any of the following events in accordance with Section 6.01(C) (Choose one of
(a) or (b)):

[Note: If the Employer elects any In-Service Distribution option, a Participant
may elect to receive as many In-Service Distributions per Plan Year (with a
minimum of one per Plan Year) as the Plan Administrator’s In-Service
Distribution form or policy may permit. If the form or policy is silent, the
number of In-Service Distributions is not limited. Prevailing Wage Contributions
are treated as Nonelective Contributions unless the Prevailing Wage Contract
provides otherwise. See Section 6.01(C)(4)(d) if the Employer elects to use
Prevailing Wage Contributions to offset other contributions.]

 

 

 

(a)

[  ]

None. The Plan does not permit any In-Service Distributions except as to any of
the following (if applicable): (i) RMDs under Section 6.02; (ii) Protected
Benefits; and (iii) under Section 6.01(C)(4) as to Employee Contributions,
Rollover Contributions, DECs, Transfers, and Designated IRA Contributions.

 

 

 

(b)

[X]

Permitted. In-Service Distributions are permitted as follows from the designated
Contribution Type Accounts (Choose one or more of (1) through (9)):

[Note: Unless the Employer elects otherwise in Election 46(b)(9), Elective
Deferrals under Election 46(b) includes Pre-Tax and Roth Deferrals and Matching
Contributions includes Additional Matching Contributions, irrespective of the
Plan’s ACP testing status.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(2)

 

(3)

 

(4)

 

(5)

 

(6)

 

(7)

 

 

 

All

 

Elective

 

Safe Harbor

 

 

 

 

 

Matching

 

Nonelective/

 

 

 

Contributions

 

Deferrals

 

Contributions

 

QNECs

 

QMACs

 

Contrib.

 

SIMPLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

None. Except for Election 46(a) exceptions.

N/A
(See Election 46(a))

 

[  ]

 

[  ]

 

[  ]

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

[X]

Age 59 1/2 (must be at least 59 1/2).

[X]

OR

[  ]

 

[  ]

 

[  ]

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

[  ]

Age _____ (may be less than 59 1/2).

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

[X]

Hardship (safe harbor). See Section 6.07(A).

N/A

 

[X]

 

N/A

 

N/A

 

N/A

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

[  ]

Hardship (non- safe harbor). See Section 6.07(B).

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6)

[  ]

Disability.

[  ]

OR

[  ]

 

[  ]

 

[  ]

 

[  ]

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7)

[  ]

_____ year contributions. (specify minimum of two years) See Section
6.01(C)(4)(a)(i).

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

[  ]

 

[  ]

© 2008 Prudential

27

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8)

[  ]

_____ months of participation. (specify minimum of 60 months) See Section
6.01(C)(4)(a)(ii).

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

[  ]

 

[  ]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9)

[  ]

Describe:
___________________________________________________________________________

[Note: The Employer under Election 46(b)(9) may describe In-Service Distribution
provisions from the elections available under Election 46 and/or a combination
thereof as to any: (i) Participant group (e.g., Division A Employee Accounts are
distributable at age 59 1/2 OR Accounts of Employees hired on/before “x” date
are distributable at age 59 1/2). No In-Service Distributions apply to Division
B Employees OR to Employees hired after “x” date.); (ii) Contribution Type
(e.g., Discretionary Nonelective Contribution Accounts are distributable on
Disability. Fixed Nonelective Contribution Accounts are distributable on
Disability or Hardship (non-safe harbor)); and/or (iii) merged plan account now
held in the Plan (e.g., The accounts from the X plan merged into this Plan
continue to be distributable in accordance with the X plan terms [supply terms]
and not in accordance with the terms of this Plan). An Employer’s election under
Election 46(b)(9) must: (i) be objectively determinable; (ii) not be subject to
Employer discretion; (iii) preserve Protected Benefits as required; (iv) be
nondiscriminatory; and (v) not permit an “early” distribution of any Restricted
401(k) Accounts or Restricted Pension Accounts. See Section 6.01(C)(4).]

In-Service Distribution of other Accounts. See Section 6.01(C)(4) as to
In-Service Distribution of Employee Contributions, Rollover Contributions, DECs,
Transfers, and Designated IRA Contributions.

47.     IN-SERVICE DISTRIBUTIONS/ADDITIONAL CONDITIONS (6.01(C)). The following
additional conditions apply to In-Service Distributions under Election 46(b)
(Choose one of (a) or (b)):

[Note: The Employer should complete Election 47 if the Employer elects any
In-Service Distributions under Election 46(b).]

 

 

 

 

 

(a)

[  ]

Additional conditions. (Complete (1). Choose (2) and (3) as applicable):

 

 

 

 

(1)

Vesting. A Participant may receive an In-Service Distribution under Election
46(b) based on vesting in the distributing Account as follows (Choose one of a.,
b., or c.):

 

 

 

 

 

 

 

a.

[  ]

100% vesting required. A Participant may not receive any In-Service Distribution
unless the Participant is 100% Vested in the distributing Account.

 

 

 

 

 

 

 

b.

[  ]

100% vesting required except hardship. A Participant may not receive any
In-Service Distribution unless the Participant is 100% Vested in the
distributing Account, unless the distribution is based on hardship.

 

 

 

 

 

 

 

c.

[  ]

Not required. A Participant may receive an In-Service Distribution even from a
partially-Vested Account, but the amount distributed may not exceed the Vested
amount in the distributing partially-Vested Account.

 

 

 

 

 

(2)

[  ]

Minimum amount. A Participant may not receive an In-Service Distribution in an
amount which is less than: $ ______ (specify amount not exceeding $1,000).

 

 

 

 

 

(3)

[  ]

Describe other conditions:
_____________________________________________________________

[Note: An Employer’s election under Election 47(a)(3) must: (i) be objectively
determinable; (ii) not be subject to Employer discretion; (iii) preserve
Protected Benefits as required; (iv) be nondiscriminatory; and (v) not permit an
“early” distribution of any Restricted 401(k) Accounts or Restricted Pension
Accounts. See Section 6.01(C)(4).]

 

 

 

(b)

[X]

No other conditions. A Participant may elect to receive an In-Service
Distribution upon any Election 46(b) event without further condition, provided
that the amount distributed may not exceed the Vested amount in the distributing
Account.

48.     POST-SEVERANCE AND LIFETIME RMD DISTRIBUTION METHODS (6.03). A
Participant whose Vested Account Balance exceeds $5,000 (or any lesser amount
elected in Appendix B, Election 54(g)(7)): (i) who has incurred a Severance from
Employment and will receive a distribution; or (ii) who remains employed but who
must receive lifetime RMDs, may elect distribution under one of the following
method(s) of distribution described in Section 6.03 and subject to any Section
6.03 limitations. (Choose one or more of (a) through (f) as applicable):

[Note: If a Participant dies after Severance from Employment but before
receiving distribution of all of his/her Account, the elections under this
Election 48 no longer apply. See Section 6.01(B) and Election 49.]

 

 

 

(a)

[X]

Lump-Sum. See Section 6.03(A)(3).

 

 

 

(b)

[  ]

Installments only if Participant subject to lifetime RMDs. A Participant who is
required to receive lifetime RMDs may receive installments payable in monthly,
quarterly or annual installments equal to or exceeding the annual RMD amount.
See Sections 6.02(A) and 6.03(A)(4)(a).

 

 

 

(c)

[X]

Installments. See Section 6.03(A)(4).

 

 

 

(d)

[  ]

Alternative Annuity: ___________________________________________. See Section
6.03(A)(5).

© 2008 Prudential

28

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

[Note: Under a Plan which is subject to the joint and survivor annuity
distribution requirements of Section 6.04 (Election 50(b)), the Employer may
elect under 48(d) to offer one or more additional annuities (Alternative
Annuity) to the Plan’s QJSA or QPSA. If the Employer elects under Election 50(a)
to exempt Exempt Participants from the joint and survivor annuity requirements,
the Employer should not elect to provide an Alternative Annuity under 48(d).]

 

 

 

(e)

[X]

Ad-Hoc distributions. See Section 6.03(A)(6).

[Note: If an Employer elects to permit Ad-Hoc distributions: (i) the option must
be available to all Participants; and (ii) the option is a Protected Benefit.]

 

 

 

(f)

[  ]

Describe distribution method(s):
_____________________________________________________________

[Note: The Employer under Election 48(f) may describe Severance from Employment
distribution methods from the elections available under Election 48 and/or a
combination thereof as to any: (i) Participant group (e.g., Division A Employee
Accounts are distributable in a Lump-Sum OR Accounts of Employees hired after
“x” date are distributable in a Lump-Sum. Division B Employee Accounts are
distributable in a Lump-Sum or in Installments OR Accounts of Employees hired
on/before “x” date are distributable in a Lump-Sum or in Installments.); (ii)
Contribution Type (e.g., Discretionary Nonelective Contribution Accounts are
distributable in a Lump-Sum. Fixed Nonelective Contribution Accounts are
distributable in a Lump-Sum or in Installments); and/or (iii) merged plan
account now held in the Plan (e.g., The accounts from the X plan merged into
this Plan continue to be distributable in accordance with the X plan terms
[supply terms] and not in accordance with the terms of this Plan). An Employer’s
election under Election 48(f) must: (i) be objectively determinable; (ii) not be
subject to Employer, Plan Administrator or Trustee discretion; (iii) be
nondiscriminatory; and (iv) preserve Protected Benefits as required.]

49.     BENEFICIARY DISTRIBUTION ELECTIONS (6.01(B)/6.02(B)/6.03). Subject to
the Participant’s elections under Section 6.01(B)(1) as to the timing and method
of distribution of the Participant’s Account to the Participant’s Beneficiary
(which Participant elections must be consistent with the Plan and this Election
49), in the case of a Participant’s death, the Beneficiary will receive
distribution of the Participant’s Account (or of the Beneficiary’s share
thereof) as follows (Complete (a), (b), and (c)):

[Note: For purposes of this Election 49, unless otherwise noted, a “Beneficiary”
includes, but is not limited to a “Designated Beneficiary” under Section
6.02(E)(1).]

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Spouse Beneficiary

(2)
Other Beneficiary

 

 

 

 

 

(a)

Timing. The Plan will distribute to the Beneficiary as soon as is practical at
(or not later than) the following time or date (Choose one of (1) through (4).
Choose (5) if applicable):

 

 

 

 

 

 

 

 

 

 

 

(1)

[  ]

Immediate. Immediately following the Participant’s death.

 

[  ]

[  ]

 

 

 

 

 

 

 

 

(2)

[  ]

Next Calendar Year. In the calendar year which next follows the calendar year of
the Participant’s death, but not later than December 31 of such following
calendar year.

 

[  ]

[  ]

 

 

 

 

 

 

 

 

(3)

[X]

As Beneficiary elects. At such time as the Beneficiary may elect, provided that
distribution pursuant to such election (or in the absence of any Beneficiary
election) must commence no later than the Section 6.02 required date.

 

[X]

[X]

 

 

 

 

 

 

 

 

(4)

[  ]

Describe: __________________________________________

 

[  ]

[  ]

[Note: The Employer under Election 49(a)(4) may describe an alternative
distribution timing or afford the Beneficiary an election which is narrower than
that permitted under election 49(a)(3). However, any election under Election
49(a)(4) must require distribution to commence no later than the Section 6.02
required date.]

 

 

 

 

 

 

 

 

(5)

[X]

Death before DCD; spousal election to delay. If the Participant dies before
his/her Distribution Commencement Date and the Participant’s sole Designated
Beneficiary is his/her spouse, the spouse may elect to delay distribution until
the end of the calendar year in which the Participant would have attained age 70
1/2, if that date is later than the date upon which distribution would be
required to commence to a non-spouse Beneficiary.

 

[X]

N/A

 

 

 

 

 

 

 

(b)

Method. The Plan will distribute to the Beneficiary under the following
distribution method(s). If more than one method is elected, the Beneficiary may
choose the method of distribution. (Choose one or more of (1) through (4) but do
not elect (4) only):

 

 

 

 

 

 

 

 

 

 

 

(1)

[X]

Lump-Sum. See Section 6.03(A)(3).

 

[X]

[X]

 

 

© 2008 Prudential

29

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

(2)

[X]

Installments sufficient to satisfy RMD.
See Section 6.03(A)(4)(a). An Installment in each Distribution Calendar Year
must at least equal the RMD amount.

 

[X]

[X]

 

 

 

 

 

 

 

 

(3)

[X]

Ad-Hoc sufficient to satisfy RMD. See Section 6.03(A)(6). The Beneficiary must
elect an Ad-Hoc distribution for each Distribution Calendar Year at least equal
to the RMD amount.

 

[X]

[X]

[Note: If an Employer elects to permit Ad-Hoc distributions: (i) the option must
be available to all Beneficiaries; and (ii) the option is a Protected Benefit.]

 

 

 

 

 

 

 

 

(4)

[  ]

QPSA. See Section 6.04(B).

 

[  ]

N/A

[Note: If the Employer elects 50(b), the Employer should elect 49(b)(4). If the
Employer elects 50(a), the Employer should not elect 49(b)(4). A surviving
spouse may elect to waive the QPSA in favor of another method.]

 

 

 

 

 

 

 

(c)

Death before the DCD. If a Participant dies before the Distribution Commencement
Date, the distribution to the Beneficiary will be made in accordance with the
following rule(s) (Choose one of (1), (2), or (3)):

 

 

 

 

 

 

 

 

 

 

 

(1)

[X]

Beneficiary election. See Section 6.02(B)(1)(e). This election applies only if
the Beneficiary is a Designated Beneficiary under Treas. Reg. §1.401(a)(9)-4. If
not, the 5-year rule applies. In the absence of the Designated Beneficiary’s
election, the Life Expectancy rule applies. The Employer in Appendix B may elect
to change the default (no Designated Beneficiary election) to the 5-year rule.

 

[X]

[X]

 

 

 

 

 

 

 

 

(2)

[  ]

Life Expectancy rule. See Section 6.02(B)(1)(d). This election applies only if
the Beneficiary is a Designated Beneficiary under Treas. Reg. §1.401(a)(9)-4. If
not, the 5-year rule applies.

 

[  ]

[  ]

 

 

 

 

 

 

 

 

(3)

[  ]

5-year rule. See Section 6.02(B)(1)(c). This election applies regardless of
whether the Beneficiary is a Designated Beneficiary under Treas. Reg.
§1.401(a)(9)-4.

 

[  ]

[  ]

50. JOINT AND SURVIVOR ANNUITY REQUIREMENTS (6.04). The joint and survivor
annuity distribution requirements of Section 6.04 (Choose one of (a) or (b)):

 

 

 

 

 

 

 

 

(a)

[X]

Profit sharing exception. Do not apply to an Exempt Participant, as described in
Section 6.04(G)(1), but apply to any other Participants (or to a portion of
their Account as described in Section 6.04(G)) (Complete (1)):

 

 

 

 

 

 

 

 

(1)

One-year marriage rule. Under Section 7.05(A)(3) relating to an Exempt
Participant’s Beneficiary designation under the profit sharing exception (Choose
one of a. or b.):

 

 

 

 

 

 

 

 

 

a.

[  ]

Applies. The one-year marriage rule applies.

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[X]

Does not apply. The one-year marriage rule does not apply.

 

 

 

 

 

 

 

 

 

 

(b)

[  ]

Joint and survivor annuity applicable. Section 6.04 applies to all Participants
(Complete (1)):

 

 

 

 

 

 

 

 

(1)

One-year marriage rule. Under Section 6.04(B) relating to the QPSA (Choose one
of a. or b.):

 

 

 

 

 

 

 

 

 

 

a.

[  ]

Applies. The one-year marriage rule applies.

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

[  ]

Does not apply. The one-year marriage rule does not apply.

 

 

 

 

 

© 2008 Prudential

30

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

ARTICLE VII
ADMINISTRATIVE PROVISIONS

51.     ALLOCATION OF EARNINGS (7.04(B)). For each Contribution Type provided
under the Plan, the Plan allocates Earnings using the following method (Choose
one or more of (a) through (f) as applicable):

[Note: Elective Deferrals/Employee Contributions also includes Rollover
Contributions, Transfers, DECs and Designated IRA Contributions, Matching
Contributions includes all Matching Contributions and Nonelective Contributions
includes all Nonelective Contributions unless described otherwise in Election
51(f).]

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(2)

(3)

(4)

 

 

 

 

All
Contributions

 

Elective Deferrals/
Employee
Contributions

Matching
Contributions

Nonelective
Contributions

 

 

 

 

 

 

 

 

 

(a)

[X]

Daily. See Section 7.04(B)(4)(a).

 

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(b)

[  ]

Balance forward.
See Section 7.04(B)(4)(b).

 

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(c)

[  ]

Balance forward with adjustment.
See Section 7.04(B)(4)(c). Allocate pursuant to the balance forward method,
except treat as part of the relevant Account at the beginning of the Valuation
Period _____% of the contributions made during the following Valuation Period:
____________________.

 

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(d)

[  ]

Weighted average. See Section 7.04(B)(4)(d). If not a monthly weighting period,
the weighting period is: __________.

 

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(e)

[  ]

Participant-Directed Account. See Section 7.04(B)(4)(e).

 

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(f)

[  ]

Describe Earnings allocation method:
_______________________________________________________

[Note: The Employer under Election 51(f) may describe Earnings allocation
methods from the elections available under Election 51 and/or a combination
thereof as to any: (i) Participant group (e.g., Daily applies to Division A
Employees OR to Employees hired after “x” date. Balance forward applies to
Division B Employees OR to Employees hired on/before “x” date.); (ii)
Contribution Type (e.g., Daily applies as to Discretionary Nonelective
Contribution Accounts. Participant-Directed Account applies to Fixed Nonelective
Contribution Accounts); (iii) investment type, investment vendor or Account type
(e.g., Balance forward applies to investments placed with vendor A and
Participant-Directed Account applies to investments placed with vendor B OR
Daily applies to Participant-Directed Accounts and balance forward applies to
pooled Accounts); and/or (iv) merged plan account now held in the Plan (e.g.,
The accounts from the X plan merged into this Plan continue to be subject to
Earnings allocation in accordance with the X plan terms [supply terms] and not
in accordance with the terms of this Plan). An Employer’s election under
Election 51(f) must: (i) be objectively determinable; (ii) not be subject to
Employer discretion; and (iii) be nondiscriminatory.]

ARTICLE VIII
TRUSTEE AND CUSTODIAN, POWERS AND DUTIES

52.     VALUATION OF TRUST (8.02(C)(4)). In addition to the last day of the Plan
Year, the Trustee (or Named Fiduciary as applicable) must value the Trust Fund
on the following Valuation Date(s) (Choose one or more of (a) through (d) as
applicable):

[Note: Elective Deferrals/Employee Contributions also include Rollover
Contributions, Transfers, DECs and Designated IRA Contributions, Matching
Contributions includes all Matching Contributions and Nonelective Contributions
includes all Nonelective Contributions unless described otherwise in Election
52(d).]

© 2008 Prudential

31

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(2)

(3)

(4)

 

 

 

 

All
Contributions

 

Elective Deferrals/
Employee
Contributions

Matching
Contributions

Nonelective
Contributions

 

 

 

 

 

 

 

 

 

(a)

[  ]

No additional Valuation Dates.

 

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(b)

[X]

Daily Valuation Dates. Each business day of the Plan Year on which Plan assets
for which there is an established market are valued and the Trustee is
conducting business.

 

[X]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(c)

[  ]

Last day of a specified period. The last day of each _______ of the Plan Year.

 

[  ]

OR

[  ]

[  ]

[  ]

 

 

 

 

 

 

 

 

 

(d)

[  ]

Specified Valuation Dates:
__________________________________________________________________.

[Note: The Employer under Election 52(d) may describe Valuation Dates from the
elections available under Election 52 and/or a combination thereof as to any:
(i) Participant group (e.g., No additional Valuation Dates apply to Division A
Employees OR to Employees hired after “x” date. Daily Valuation Dates apply to
Division B Employees OR to Employees hired on/before “x” date.); (ii)
Contribution Type (e.g., No additional Valuation Dates apply as to Discretionary
Nonelective Contribution Accounts. The last day of each Plan Year quarter
applies to Fixed Nonelective Contribution Accounts); (iii) investment type,
investment vendor or Account type (e.g., No additional Valuation Dates apply to
investments placed with vendor A and Daily Valuation Dates apply to investments
placed with vendor B OR Daily Valuation Dates apply to Participant-Directed
Accounts and no additional Valuation Dates apply to pooled Accounts); and/or
(iv) merged plan account now held in the Plan (e.g., The accounts from the X
plan merged into this Plan continue to be subject to Trust valuation in
accordance with the X plan terms [supply terms] and not in accordance with the
terms of this Plan). An Employer’s election under Election 52(d) must: (i) be
objectively determinable; (ii) not be subject to Employer discretion; and (iii)
be nondiscriminatory.]

© 2008 Prudential

32

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

EXECUTION PAGE

The Employer, by executing this Adoption Agreement, hereby agrees to the
provisions of this Plan and Trust.

 

 

 

Employer: State Bank of Long Island

 

 

 

Date: ___________________________________________________

 

 

 

Signed: _________________________________________________

 

 

 

________________________________________________________

 

[print name/title]

The Trustee, by executing this Adoption Agreement, hereby accepts its position
and agrees to all of the obligations, responsibilities and duties imposed upon
the Trustee under the Prototype Plan and Trust. If the Employer under Election
5(c), 5(d), or 5(e) will use a separate Trust, the Trustee need not execute this
Adoption Agreement.

 

 

 

Nondiscretionary Trustee(s): Prudential Bank & Trust Company, FSB

 

 

 

Date: ___________________________________________________

 

 

 

Signed: _________________________________________________

 

 

 

________________________________________________________

 

[print name/title]

 

 

 

Nondiscretionary Trustee(s): _________________________________

 

 

 

Date: ____________________________________________________

 

 

 

Signed: __________________________________________________

 

 

 

_________________________________________________________

 

[print name/title]

 

 

 

Prototype Plan Sponsor: The Prudential Insurance Company of America (PICA)

 

 

 

Date: ____________________________________________________

 

 

 

Signed: __________________________________________________

 

 

 

_________________________________________________________

 

[print name/title]

 

 

Use of Adoption Agreement. Failure to complete properly the elections in this
Adoption Agreement may result in disqualification of the Employer's Plan. The
Employer only may use this Adoption Agreement only in conjunction with the basic
plan document referenced by its document number on Adoption Agreement page one.

Execution for Page Substitution Amendment Only. If this paragraph is completed,
this Execution Page documents an amendment to Adoption Agreement Election(s)
____ effective ____________ , by substitute Adoption Agreement page number(s) .
The Employer should retain all Adoption Agreement Execution Pages and amended
pages. [Note: The Effective Date may be retroactive or may be prospective as
permitted under Applicable Law.]

Prototype Plan Sponsor. The Prototype Plan Sponsor identified on the first page
of the basic plan document will notify all adopting Employers of any amendment
to this Prototype Plan or of any abandonment or discontinuance by the Prototype
Plan Sponsor of its maintenance of this Prototype Plan. For inquiries regarding
the adoption of the Prototype Plan, the Prototype Plan Sponsor's intended
meaning of any Plan provisions or the effect of the Opinion Letter issued to the
Prototype Plan Sponsor, please contact the Prototype Plan Sponsor at the
following address and telephone number: 751 Broad Street, Newark, NJ 07102-3777
1-800-848-4015.

Reliance on Sponsor Opinion Letter. The Prototype Plan Sponsor has obtained from
the IRS an Opinion Letter specifying the form of this Adoption Agreement and the
basic plan document satisfy, as of the date of the Opinion Letter, Code §401. An
adopting Employer may rely on the Prototype Sponsor's IRS Opinion Letter only to
the extent provided in Rev. Proc. 2005-16. The Employer may not rely on the
Opinion Letter in certain other circumstances or with respect to certain
qualification requirements, which are specified in the Opinion Letter and in
Rev. Proc. 2005-16, Sections 19.02 and 19.03. In order to have reliance in such
circumstances or with respect to such qualification requirements, the Employer
must apply for a determination letter to Employee Plans Determinations of the
IRS.

© 2008 Prudential

33

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

APPENDIX A
EGTRRA RESTATED PLANS - SPECIAL EFFECTIVE DATES
[Covering period from restated Effective Date in Election 4(b) until Employer
executes EGTRRA restatement]

53.  SPECIAL EFFECTIVE DATES (1.19). The Employer elects or does not elect
Appendix A special Effective Date(s) as follows.
(Choose (a) or one or more of (b) through (r) as applicable):

[Note: If the Employer elects 53(a), do not complete the balance of this
Election 53.]

 

 

 

(a)

[  ]

Not applicable. The Employer does not elect any Appendix A special Effective
Dates.

[Note: The Employer should use this Appendix A where it is restating its Plan
for EGTRRA with a retroactive Effective Date, but where one or more Adoption
Agreement elections under the restated Plan became effective after the Plan's
general restatement Effective Date under Election 4(b). For periods prior to the
below-specified special Effective Date(s), the Plan terms in effect prior to its
restatement under this Adoption Agreement control for purposes of the designated
provisions. Any special Effective Date the Employer elects must comply with
Applicable Law.]

 

 

 

(b)

[  ]

Contribution Types (1.12). The Contribution Types under Election(s) 6 ____ are
effective: _________.
[Note: The Plan may not permit Roth Deferrals before January 1, 2006.]

 

 

 

(c)

[  ]

Excluded Employees (1.21(D)). The Excluded Employee provisions under Election(s)
8 ____ are effective: __________.

 

 

 

(d)

[  ]

Compensation (1.11). The Compensation definition under Election(s) _____
(specify 9-11 as applicable) are effective: _________.

 

 

 

(e)

[  ]

Eligibility (2.01-2.03). The eligibility provisions under Election(s)_____
(specify 14-19 as applicable) are effective: __________.

 

 

 

(f)

[  ]

Elective Deferrals (3.02(A)-(C)). The Elective Deferral provisions under
Election(s) ____ (specify 20-22 as applicable) are effective: ____________.

 

 

 

(g)

[  ]

Catch-Up Deferrals (3.02(D)). The Catch-Up Deferral provisions under Election 23
_____ are effective: ___________.

 

 

 

(h)

[  ]

Matching Contributions (3.03). The Matching Contribution provisions under
Election(s) _____ (specify 24-26 as applicable) are effective: _____________.

 

 

 

(i)

[  ]

Nonelective Contributions (3.04). The Nonelective Contribution provisions under
Election(s) ____ (specify 27-29 as applicable) are effective: ______________.

 

 

 

(j)

[  ]

401(k) safe harbor (3.05). The 401(k) safe harbor provisions under Election(s)
30 _____ are effective: ____________.

 

 

 

(k)

[  ]

Allocation conditions (3.06). The allocation conditions under Election(s) _____
(specify 31-32 as applicable) are effective: __________.

 

 

 

(l)

[X]

Forfeitures (3.07). The forfeiture allocation provisions under Election(s)
33(c), (d), and (e) (specify 33-34 as applicable) are effective: September 1,
2009 .

 

 

 

(m)

[  ]

Employee Contributions (3.09). The Employee Contribution provisions under
Election(s) 35 _____ are effective: ___________.

 

 

 

(n)

[X]

Testing elections (4.06(B)). The testing elections under Election(s) 37 (a)
under the “Effective as of execution (and retroactively if restatement)” column
are effective: January 1, 2008 .

 

 

 

(o)

[  ]

Vesting (5.03). The vesting provisions under Election(s) ______ (specify 38-43
as applicable) are effective: __________.

 

 

 

(p)

[  ]

Distributions (6.01 and 6.03). The distribution elections under Election(s)
______ (specify 44-50 as applicable) are effective: _____________.

 

 

 

(q)

[  ]

Earnings/Trust valuation (7.04(B)/8.02(C)(4)). The Earnings allocation and Trust
valuation provisions under Election(s) ______ (specify 51-52 as applicable) are
effective: _______________.

 

 

 

(r)

[  ]

Special Effective Date(s) for other elections (specify elections and dates): If
this Plan is retroactively effective on the Effective Date, the provisions of
this Plan generally control, however, if the provisions of this Plan are
different from the provisions of the Employer's prior plan, and after the
retroactive Effective Date of this Plan, the Employer operated in compliance
with the provisions of the prior plan, the provisions of such prior plan are
incorporated into this Plan for purposes of determining whether the Employer
operated the Plan in compliance with its terms, provided operation in compliance
with the terms of the prior plan do not violate any qualification requirements
under the Code, regulations or other IRS guidance.

 

 

 

 

 

Qualified Automatic Contribution Arrangement and Eligible Automatic Contribution
Arrangement became effective on January 1, 2008.

© 2008 Prudential

1

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

Section 2.3(c) – Prior to January 1, 2010, the safe harbor matching contribution
will be based on Elective Deferrals and Compensation during each payroll period.
Effective January 1, 2010, the safe harbor matching contribution will be based
on the entire Plan Year.

Section 2.3(e) of the Amendment for EACA and/or QACA Provisions – Prior to
September 1, 2009, the QACA Safe Harbor Contribution was a 100% immediate
vesting schedule. Effective September 1, 2009, the vesting schedule became 100%
after 1 Year of Service.

© 2008 Prudential

2

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

APPENDIX B
BASIC PLAN DOCUMENT OVERRIDE ELECTIONS

54.     BASIC PLAN OVERRIDES. The Employer elects or does not elect to override
various basic plan provisions as follows (Choose (a) or choose one or more of
(b) through (i) as applicable):

[Note: If the Employer elects 54(a), do not complete the balance of this
Election 54.]

 

 

 

(a)

[  ]

Not applicable. The Employer does not elect to override any basic plan
provisions.

[Note: The Employer at the time of restating its Plan with this Adoption
Agreement may make an election on Appendix A (Election 53(r)) to specify a
special Effective Date for any override provision the Employer elects in this
Election 54. If the Employer, after it has executed this Adoption Agreement,
later amends its Plan to change any election on this Appendix B, the Employer
should document the Effective Date of the Appendix B amendment on the Execution
Page or otherwise in the amendment.]

 

 

 

 

 

(b)

[X]

Definition (Article I) overrides. (Choose one or more of (1) through (9) as
applicable):

 

 

 

 

(1)

[  ]

W-2 Compensation exclusion of paid/reimbursed moving expenses (1.11(B)(1)). W-2
Compensation excludes amounts paid or reimbursed by the Employer for moving
expenses incurred by an Employee, but only to the extent that, at the time of
payment, it is reasonable to believe that the Employee may deduct these amounts
under Code §217.

 

 

 

 

 

(2)

[  ]

Alternative (general) 415 Compensation (1.11(B)(4)). The Employer elects to
apply the alternative (general) 415 definition of Compensation in lieu of
simplified 415 Compensation. As to amounts received from an unfunded
nonqualified deferred compensation plan which is includible in gross income in
the taxable year of receipt (Choose one of a. or b.):

 

 

 

 

 

 

a.

[  ]

Include. Include the nonqualified deferred compensation.

 

 

 

 

 

 

 

b.

[  ]

Do not include. Do not include the nonqualified deferred compensation.

 

 

 

 

 

 

(3)

[X]

Inclusion of Deemed 125 Compensation (1.11(C)). Compensation under Section 1.11
includes Deemed 125 Compensation.

 

 

 

 

 

(4)

[  ]

Inclusion of Post-Severance Compensation (1.11(I) and 4.05(C)(1)). The Plan
includes Post-Severance Compensation within the meaning of Prop. Treas. Reg.
§1.415(c)-2(e) as described in Sections 1.11(I) and 4.05(C)(1) as follows
(Choose one or both of a. and b.):

 

 

 

 

 

 

a.

[  ]

Include for 415 testing. Include for 415 testing and for other testing which
uses 415 Compensation. This provision applies effective as of _______________
(specify a date which is no earlier than January 1, 2005).

 

 

 

 

 

 

 

b.

[  ]

Include for allocations. Include for allocations as follows (specify affected
Contribution Type(s) and any adjustments to Post-Severance Compensation used for
allocation): _____________________________.
This provision applies effective as of ______________ (specify a date which is
no earlier than January 1, 2002).

 

 

 

 

 

 

(5)

[  ]

Inclusion of Deemed Disability Compensation (1.11(K)). Include Deemed Disability
Compensation. (Choose one of a. or b.):

 

 

 

 

 

 

a.

[  ]

NHCEs only. Apply only to disabled NHCEs.

 

 

 

 

 

 

 

b.

[  ]

All Participants. Apply to all disabled Participants. The Employer will make
Employer Contributions for such disabled Participants for:
______________________________ (specify a fixed or determinable period).

 

 

 

 

 

 

(6)

[  ]

Early application of final 401(k) regulations (1.28). The Employer (consistent
with the Plan Administrator’s operation of the Plan) elects to apply the final
401(k) regulations before the beginning of the 2006 Plan Year. The Employer
elects to apply the regulations effective as of: ____________________________
(specify Plan Year ending after December 29, 2004, e.g., Plan Year ending
December 31, 2004 OR Plan Year beginning January 1, 2005).

 

 

 

 

 

(7)

[X]

Leased Employees (1.21(B)). The Employer for purposes of the following
Contribution Types, does not exclude Leased Employees: All Contributions
(specify Contribution Types).

 

 

 

 

 

(8)

[  ]

Offset if contributions to leasing organization plan (1.21(B)(2)). The Employer
will reduce allocations to this Plan for any Leased Employee to the extent that
the leasing organization contributes to or provides benefits under a leasing
organization plan to or for the Leased Employee and which are attributable to
the Leased Employee’s services for the Employer. The amount of the offset is as
follows: ___________________________.

[Note: The election of an offset under this Election 54(b)(8) requires that the
Employer aggregate its plan with the leasing organization’s plan for coverage
and nondiscrimination testing.]

 

 

 

 

 

(9)

[  ]

Reclassified Employees (1.21(D)(3)). The Employer for purposes of the following
Contribution Types, does not exclude Reclassified Employees (or the following
categories of Reclassified Employees): __________________________ (specify
Contribution Types and/or categories of Reclassified Employees).

© 2008 Prudential

1

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

(c)

[  ]

Rule of parity – participation (Article II) override (2.03(D)). For purposes of
Plan participation, the Plan applies the “rule of parity” under Code
§410(a)(5)(D).

 

 

 

 

(d)

[  ]

Contribution/allocation (Article III) overrides. (Choose one or more of (1)
through (7) as applicable):

 

 

 

 

(1)

[  ]

Treatment of Automatic Deferrals as Roth Deferrals (3.02(B)(7)). The Employer
elects to treat Automatic Deferrals as Roth Deferrals in lieu of treating
Automatic Deferrals as Pre-Tax Deferrals.

 

 

 

 

 

(2)

[  ]

Application of Safe Harbor Contributions to other allocations (3.05(E)(11)). Any
Safe Harbor Nonelective Contributions allocated to a Participant’s account will
not be applied toward (offset) any allocation to the Participant of a non-Safe
Harbor Nonelective Contribution.

 

 

 

 

 

(3)

[  ]

Short Plan Year or allocation period (3.06(B)(1)(c)). The Plan Administrator
(Choose one of a. or b.):

 

 

 

 

 

 

a.

[  ]

No pro-ration. Will not pro-rate Hours of Service in any short allocation
period.

 

 

 

 

 

 

 

b.

[  ]

Pro-ration based on months. Will pro-rate any Hour of Service requirement based
on the number of months in the short allocation period.

 

 

 

 

 

 

(4)

[  ]

Limited waiver of allocation conditions for re-hired Participants (3.06(G)). The
allocation conditions the Employer has elected in the Adoption Agreement do not
apply to re-hired Participants in the Plan Year they resume participation, as
described in Section 3.06(G).

 

 

 

 

 

(5)

[  ]

Associated Match forfeiture timing (3.07(A)(1)(c)). Forfeiture of associated
matching contributions occurs in the Testing Year.

 

 

 

 

 

(6)

[  ]

Safe Harbor top-heavy exempt fail-safe (3.07(A)(4)). In lieu of ordering
forfeitures as (a), (b), (c), and (d) under Section 3.07(A)(4), the Employer
establishes the following forfeiture ordering rules (Specify the ordering rules,
for example, (d), (a), (b), and (c)): _____________.

 

 

 

 

 

(7)

[  ]

Suspension (3.06(F)(3)). The Plan Administrator in applying Section 3.06(F) will
(Choose one or more of a., b., and c. as applicable):

 

 

 

 

 

 

a.

[  ]

Re-order tiers. Apply the suspension tiers in Section 3.06(F)(2) in the
following order: _____________________ (specify order).

 

 

 

 

 

 

 

b.

[  ]

Hours of Service tie-breaker. Apply the greatest Hours of Service as the
tie-breaker within a suspension tier in lieu of applying the lowest
Compensation.

 

 

 

 

 

 

 

c.

[  ]

Additional/other tiers. Apply the following additional or other tiers:
__________________ (specify suspension tiers and ordering).

 

 

 

 

 

(e)

[  ]

Testing (Article IV) overrides. (Choose one or both of (1) and (2) as
applicable):

 

 

 

 

(1)

[  ]

Early application of Gap Period income to Excess Deferrals (4.11(C)(1)). The
Plan Administrator will distribute Gap Period income allocated on Excess
Deferrals as to Excess Deferrals occurring in the ________ Taxable Year and in
later Taxable Years (Specify a Taxable Year before 2008).

 

 

 

 

 

(2)

[  ]

Early application of Gap Period income to Excess Contributions/Aggregates
(4.11(C)(2)). The Plan Administrator will distribute Gap Period income allocated
on Excess Contributions and Excess Aggregate Contributions occurring in the
________ Plan Year and in later Plan Years (Specify a Plan Year before the Final
401(k) Regulations Effective Date).

 

 

 

 

(f)

[  ]

Vesting (Article V) overrides. (Choose one or more of (1) through (6) as
applicable):

 

 

 

 

(1)

[  ]

Application of top-heavy vesting to Matching (5.03(A)(1)). The Employer makes
the following elections regarding the application of top-heavy vesting to its
Regular Matching and Additional Matching Contributions (Choose one or both of a.
and b.):

 

 

 

 

 

 

a.

[  ]

Post-EGTRRA Matching only. Apply top-heavy vesting only to such post-2001 Plan
Year Matching Contributions.

 

 

 

 

 

 

 

b.

[  ]

Waiver of Hour of Service requirement. Apply top-heavy vesting as under the
basic plan or as modified by Election 54(f)(1)a. to all Participants even if
they did not have an Hour of Service in any post-2001 Plan Year.

 

 

 

 

 

 

(2)

[  ]

Alternative “grossed-up” vesting formula (5.03(C)(2)). The Employer elects the
alternative vesting formula described in Section 5.03(C)(2).

 

 

 

 

 

(3)

[  ]

a. Source of Cash-Out forfeiture restoration (5.04(B)(5)). To restore a
Participant’s Account Balance as described in Section 5.04(B)(5), the Plan
Administrator, to the extent necessary, will allocate from the following
source(s) and in the following order (Specify, in order, one or more of the
following: Forfeitures, Earnings, and/or Employer Contribution):
____________________________________.

© 2008 Prudential

2

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

[  ]

b. Forfeiture Restoration and Conditions for Restoration (5.04(B). The Plan
Administrator will restore a re-employed Participant’s Account Balance under
this Section 5.04(B) without requiring repayment by the Participant of the
entire amount of the Cash-Out Distribution to the Trust.

 

 

 

 

 

(4)

[  ]

Deemed Cash-Out of 0% Vested Participant (5.04(C)). The deemed cash-out rule of
Section 5.04(C) does not apply to the Plan.

 

 

 

 

 

(5)

[  ]

Accounting for Cash-Out repayment; Contribution Type (5.04(D)(2)). In lieu of
the accounting described in Section 5.04(D)(2), the Plan Administrator will
account for a Participant’s Account Balance attributable to a Cash-Out
repayment: (Choose one of a. or b.):

 

 

 

 

 

 

a.

[  ]

Nonelective rule. Under the nonelective rule.

 

 

 

 

 

 

 

b.

[  ]

Rollover rule. Under the rollover rule.

 

 

 

 

 

 

(6)

[  ]

One-year hold-out rule – vesting (5.06(D)). The one-year hold-out Break in
Service rule under Code §411(a)(6)(B) applies.

 

 

 

 

(g)

[  ]

Distribution (Article VI) overrides. (Choose one or more of (1) through (7) as
applicable):

 

 

 

 

 

(1)

[  ]

Election of 5-year rule (6.02(B)(1)(e)). Under Section 6.02(B)(1)(e) relating to
death before the RBD, if a Designated Beneficiary does not make a timely
election, the 5-year rule applies in lieu of the Life Expectancy rule.

 

 

 

 

 

(2)

[  ]

2002 only special Effective Date for Section 6.02 (6.02(D)(4)). For the 2002 DCY
only, the Plan Administrator will apply the RMD rules in effect under (Choose
one of a. or b.):

 

 

 

 

 

 

a.

[  ]

1987 proposed regulations. The 1987 proposed Treasury regulations under Code
§401(a)(9).

 

 

 

 

 

 

 

b.

[  ]

2001 proposed regulations. The 2001 proposed Treasury regulations under Code
§401(a)(9).

 

 

 

 

 

 

(3)

[  ]

RBD definition (6.02(E)(7)(c)). In lieu of the RBD definition in Section
6.02(E)(7)(a) and (b), the Plan Administrator (Choose one of a. or b.):

 

 

 

 

 

 

a.

[  ]

SBJPA definition indefinitely. Indefinitely will apply the pre-SBJPA RBD
definition.

 

 

 

 

 

 

 

b.

[  ]

SBJPA definition to specified date. Will apply the pre-SBJPA definition until
(the stated date may not be earlier than January 1, 1997), and thereafter will
apply the RBD definition in Section 6.02(E)(7)(a) and (b).

 

 

 

 

 

 

(4)

[  ]

Modification of QJSA (6.04(A)(3)). The Survivor Annuity percentage will be
________ %. (Specify a percentage between 50% and 100%.)

 

 

 

 

 

(5)

[  ]

Modification of QPSA (6.04(B)(2)). The QPSA percentage will be ________ %.
(Specify a percentage between 50% and 100%.)

 

 

 

 

 

(6)

[  ]

Restriction on hardship source; grandfathering (6.07(E)). The hardship
distribution limit includes grandfathered amounts.

 

 

 

 

 

(7)

[  ]

Replacement of $5,000 amount (6.09). All Plan references (except in Sections
3.02(D), 3.10 and 3.12(C)(2)) to “$5,000” will be $______. (Specify an amount
less than $5,000.)

 

 

 

 

(h)

[  ]

Administrative, Trust and insurance overrides (Articles VII, VIII and IX).
(Choose one or more of (1) through (9) as applicable):

 

 

 

 

(1)

[  ]

Contributions prior to accrual or precise determination (7.04(B)(5)(b)). The
Plan Administrator will allocate Earnings described in Section 7.04(B)(5)(b) as
follows (Choose one of a., b., or c.):

 

 

 

 

 

 

a.

[  ]

Treat as contribution. Treat the Earnings as an Employer Matching or Nonelective
Contribution and allocate accordingly.

 

 

 

 

 

 

 

b.

[  ]

Balance forward. Allocate the Earnings using the balance forward method
described in Section 7.04(B)(4)(b).

 

 

 

 

 

 

 

c.

[  ]

Weighted average. Allocate the Earnings on Matching Contributions using the
weighted average method in a manner similar to the method described in Section
7.04(B)(4)(d).

 

 

 

 

 

 

(2)

[  ]

Automatic revocation of spousal designation (7.05(A)(1)). The automatic
revocation of a spousal Beneficiary designation in the case of divorce or legal
separation does not apply.

 

 

 

 

 

(3)

[  ]

Limitation on frequency of Beneficiary designation changes (7.05(A)(4)). Except
in the case of a Participant incurring a major life event, a period of at least
must elapse between Beneficiary designation changes. (Specify a period of time,
e.g., 90 days OR 12 months.)

 

 

 

 

 

(4)

[  ]

Definition of “spouse” (7.05(A)(5)). The following definition of “spouse”
applies: __________________________. (Specify a definition consistent with
Applicable Law.)

© 2008 Prudential

3

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

(5)

[  ]

Administration of default provision; default Beneficiaries (7.05(C)). The
following list of default Beneficiaries will apply:
____________________________________________. (Specify, in order, one or more
Beneficiaries who will receive the interest of a deceased Participant.)

 

 

 

 

 

(6)

[  ]

Subsequent restoration of forfeiture-sources and ordering (7.07(A)(3)).
Restoration of forfeitures will come from the following sources, in the
following order ____________________________________________. (Specify, in
order, one or more of the following: Forfeitures, Employer Contribution, Trust
Fund Earnings.)

 

 

 

 

 

(7)

[  ]

State law (7.10(H)). The law of the following state will apply:
____________________________________________. (Specify one of the 50 states or
the District of Columbia, or other appropriate legal jurisdiction, such as a
territory of the United States or an Indian tribal government.)

 

 

 

 

 

(8)

[  ]

Employer securities/real property in Profit Sharing Plans/401(k) Plans
(8.02(A)(13)(a)). The Plan limit on investment in qualifying Employer
securities/real property is ________ %. (Specify a percentage which is less than
100%.)

 

 

 

 

 

(9)

[  ]

Provisions relating to insurance and insurance company (9.08). The following
provisions apply: ________________________ (Specify such language as necessary
to accommodate life insurance Contracts the Plan holds.)

[Note: The provisions in this Election 54(h)(9) may override provisions in
Article IX of the Plan, but must be consistent with all other provisions of the
Plan and Applicable Law.]

 

 

 

(i)

[  ]

Code Sections 415/416 (Article XI) override (11.02(A)(1)). Because of the
required aggregation of multiple plans, to satisfy Code §§415 and/or 416, the
following overriding provisions apply: ______________________________________.
(Specify such language as necessary to satisfy §§415 and 416.)

© 2008 Prudential

4

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

APPENDIX C
LIST OF GROUP TRUST FUNDS/PERMISSIBLE TRUST AMENDMENTS

55. [  ] INVESTMENT IN GROUP TRUST FUND (8.09). The nondiscretionary Trustee, as
directed or the discretionary Trustee acting without direction (and in addition
to the discretionary Trustee’s authority to invest in its own funds under
Section 8.02(A)(3)), may invest in any of the following group trust funds:
_____________________________________. (Specify the names of one or more group
trust funds in which the Plan can invest).

[Note: A discretionary or nondiscretionary Trustee also may invest in any group
trust fund authorized by an independent Named Fiduciary.]

56.   [  ] PERMISSIBLE TRUST AMENDMENTS (8.11). The Employer makes the following
amendments to the Trust as permitted under Rev. Proc. 2005-16, Section 5.09
(Choose one or more of (a) through (c) as applicable): [Note: Any amendment
under this Election 56 must not: (i) conflict with any Plan provision unrelated
to the Trust or Trustee; or (ii) cause the Plan to violate Code §401(a). The
amendment may override, add to, delete or otherwise modify the Trust provisions.
Do not use this Election 56 to substitute another pre-approved trust for the
Trust. See Election 5(c), 5(d), and 5(e) as to a substitute trust.]

 

 

 

 

 

 

 

(a)

[  ]

Investments. The Employer amends the Trust provisions relating to Trust
investments as follows:

 

 

 

 

______________________________________________________________________________.

 

 

 

 

 

 

 

(b)

[  ]

Duties. The Employer amends the Trust provisions relating to Trustee (or
Custodian) duties as follows:

 

 

 

 

______________________________________________________________________________.

 

 

 

 

 

 

 

(c)

[  ]

Other administrative provisions. The Employer amends the other administrative
provisions of the Trust as follows:

 

 

 

 

______________________________________________________________________________.

© 2008 Prudential

1

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

APPENDIX D
TABLE I: ACTUARIAL FACTORS
UP-1984
Without Setback

 

 

 

 

 

 

 

 

 

 

 

 

Number of years
from attained age
at the end of Plan Year until
Normal Retirement Age

 

7.50%

 

8.00%

 

8.50%

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

 

0

 

 

 

8.458

 

 

8.196

 

 

7.949

 

1

 

 

 

7.868

 

 

7.589

 

 

7.326

 

2

 

 

 

7.319

 

 

7.027

 

 

6.752

 

3

 

 

 

6.808

 

 

6.506

 

 

6.223

 

4

 

 

 

6.333

 

 

6.024

 

 

5.736

 

5

 

 

 

5.891

 

 

5.578

 

 

5.286

 

6

 

 

 

5.480

 

 

5.165

 

 

4.872

 

7

 

 

 

5.098

 

 

4.782

 

 

4.491

 

8

 

 

 

4.742

 

 

4.428

 

 

4.139

 

9

 

 

 

4.412

 

 

4.100

 

 

3.815

 

10

 

 

 

4.104

 

 

3.796

 

 

3.516

 

11

 

 

 

3.817

 

 

3.515

 

 

3.240

 

12

 

 

 

3.551

 

 

3.255

 

 

2.986

 

13

 

 

 

3.303

 

 

3.014

 

 

2.752

 

14

 

 

 

3.073

 

 

2.790

 

 

2.537

 

15

 

 

 

2.859

 

 

2.584

 

 

2.338

 

16

 

 

 

2.659

 

 

2.392

 

 

2.155

 

17

 

 

 

2.474

 

 

2.215

 

 

1.986

 

18

 

 

 

2.301

 

 

2.051

 

 

1.831

 

19

 

 

 

2.140

 

 

1.899

 

 

1.687

 

20

 

 

 

1.991

 

 

1.758

 

 

1.555

 

21

 

 

 

1.852

 

 

1.628

 

 

1.433

 

22

 

 

 

1.723

 

 

1.508

 

 

1.321

 

23

 

 

 

1.603

 

 

1.396

 

 

1.217

 

24

 

 

 

1.491

 

 

1.293

 

 

1.122

 

25

 

 

 

1.387

 

 

1.197

 

 

1.034

 

26

 

 

 

1.290

 

 

1.108

 

 

0.953

 

27

 

 

 

1.200

 

 

1.026

 

 

0.878

 

28

 

 

 

1.116

 

 

0.950

 

 

0.810

 

29

 

 

 

1.039

 

 

0.880

 

 

0.746

 

30

 

 

 

0.966

 

 

0.814

 

 

0.688

 

31

 

 

 

0.899

 

 

0.754

 

 

0.634

 

32

 

 

 

0.836

 

 

0.698

 

 

0.584

 

33

 

 

 

0.778

 

 

0.647

 

 

0.538

 

34

 

 

 

0.723

 

 

0.599

 

 

0.496

 

35

 

 

 

0.673

 

 

0.554

 

 

0.457

 

36

 

 

 

0.626

 

 

0.513

 

 

0.422

 

37

 

 

 

0.582

 

 

0.475

 

 

0.389

 

38

 

 

 

0.542

 

 

0.440

 

 

0.358

 

39

 

 

 

0.504

 

 

0.407

 

 

0.330

 

40

 

 

 

0.469

 

 

0.377

 

 

0.304

 

41

 

 

 

0.436

 

 

0.349

 

 

0.280

 

42

 

 

 

0.406

 

 

0.323

 

 

0.258

 

43

 

 

 

0.377

 

 

0.299

 

 

0.238

 

44

 

 

 

0.351

 

 

0.277

 

 

0.219

 

45

 

 

 

0.327

 

 

0.257

 

 

0.202

 

Note: A Participant’s Actuarial Factor under Table I is the factor corresponding
to the number of years until the Participant reaches his/her Normal Retirement
Age under the Plan. A Participant’s age as of the end of the current Plan Year
is his/her age on his/her last birthday. For any Plan Year beginning on or after
the Participant’s attainment of Normal Retirement Age, the factor for “zero”
years applies.

© 2008 Prudential

1

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

APPENDIX D
TABLE II: ADJUSTMENT TO ACTUARIAL FACTORS FOR NORMAL RETIREMENT AGE
OTHER THAN 65
UP-1984
Without Setback

 

 

 

 

 

 

 

 

 

 

 

Normal Retirement
Age

 

7.50%

 

8.00%

 

8.50%

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

 

55

 

 

1.2242

 

 

1.2147

 

 

1.2058

 

56

 

 

1.2043

 

 

1.1959

 

 

1.1879

 

57

 

 

1.1838

 

 

1.1764

 

 

1.1694

 

58

 

 

1.1627

 

 

1.1563

 

 

1.1503

 

59

 

 

1.1411

 

 

1.1357

 

 

1.1305

 

60

 

 

1.1188

 

 

1.1144

 

 

1.1101

 

61

 

 

1.0960

 

 

1.0925

 

 

1.0891

 

62

 

 

1.0726

 

 

1.0700

 

 

1.0676

 

63

 

 

1.0488

 

 

1.0471

 

 

1.0455

 

64

 

 

1.0246

 

 

1.0237

 

 

1.0229

 

65

 

 

1.0000

 

 

1.0000

 

 

1.0000

 

66

 

 

0.9752

 

 

0.9760

 

 

0.9767

 

67

 

 

0.9502

 

 

0.9518

 

 

0.9533

 

68

 

 

0.9251

 

 

0.9274

 

 

0.9296

 

69

 

 

0.8998

 

 

0.9027

 

 

0.9055

 

70

 

 

0.8740

 

 

0.8776

 

 

0.8810

 

71

 

 

0.8478

 

 

0.8520

 

 

0.8561

 

72

 

 

0.8214

 

 

0.8261

 

 

0.8307

 

73

 

 

0.7946

 

 

0.7999

 

 

0.8049

 

74

 

 

0.7678

 

 

0.7735

 

 

0.7790

 

75

 

 

0.7409

 

 

0.7470

 

 

0.7529

 

76

 

 

0.7140

 

 

0.7205

 

 

0.7268

 

77

 

 

0.6874

 

 

0.6942

 

 

0.7008

 

78

 

 

0.6611

 

 

0.6682

 

 

0.6751

 

79

 

 

0.6349

 

 

0.6423

 

 

0.6494

 

80

 

 

0.6090

 

 

0.6165

 

 

0.6238

 

Note: Use Table II only if the Normal Retirement Age for any Participant is not
65. If a Participant’s Normal Retirement Age is not 65, adjust Table I by
multiplying all factors applicable to that Participant in Table I by the
appropriate Table II factor.

© 2008 Prudential

2

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

AMENDMENT FOR THE FINAL 415 REGULATIONS

ARTICLE I
PREAMBLE

 

 

1.1

Effective date of Amendment. This Amendment is effective for limitation years
and plan years beginning on or after July 1, 2007, except as otherwise provided
herein.

 

 

1.2

Superseding of inconsistent provisions. This Amendment supersedes the provisions
of the Plan to the extent those provisions are inconsistent with the provisions
of this Amendment.

 

 

1.3

Employer’s election. The Employer adopts all Articles of this Amendment, except
those Articles that the Employer specifically elects not to adopt.

 

 

1.4

Construction. Except as otherwise provided in this Amendment, any reference to
“Section” in this Amendment refers only to sections within this Amendment, and
is not a reference to the Plan. The Article and Section numbering in this
Amendment is solely for purposes of this Amendment, and does not relate to any
Plan article, section or other numbering designations.

 

 

1.5

Effect of restatement of Plan. If the Employer restates the Plan, then this
Amendment shall remain in effect after such restatement unless the provisions in
this Amendment are restated or otherwise become obsolete (e.g., if the Plan is
restated onto a plan document which incorporates the final Code §415 Regulation
provisions).

 

 

1.6

Adoption by prototype sponsor. Except as otherwise provided herein, pursuant to
the provisions of the Plan and Section 5.01 of Revenue Procedure 2005-16, the
sponsor hereby adopts this Amendment on behalf of all adopting employers.

ARTICLE II
EMPLOYER ELECTIONS

The Employer only needs to complete the questions in Section 2.2 in order to
override the default provisions set forth below. If the Plan will use all of the
default provisions, then these questions should be skipped and the Employer does
not need to execute this amendment.

 

 

 

2.1

Default Provisions. Unless the Employer elects otherwise in Section 2.2, the
following defaults will apply:

 

 

 

a.

The provisions of the Plan setting forth the definition of compensation for
purposes of Code §415 (hereinafter referred to as “415 Compensation”), as well
as compensation for purposes of determining highly compensated employees
pursuant to Code §414(q) and for top-heavy purposes under Code §416 (including
the determination of key employees), shall be modified by (1) including payments
for unused sick, vacation or other leave and payments from nonqualified unfunded
deferred compensation plans (Amendment Section 3.2(b)), (2) excluding salary
continuation payments for participants on military service (Amendment Section
3.2(c)), and (3) excluding salary continuation payments for disabled
participants (Amendment Section 3.2(d)).

 

 

 

 

b.

The “first few weeks rule” does not apply for purposes of 415 Compensation
(Amendment Section 3.3).

 

 

 

 

c.

The provision of the Plan setting forth the definition of compensation for
allocation purposes (hereinafter referred to as “Plan Compensation”) shall be
modified to provide for the same adjustments to Plan Compensation (for all
contribution types) that are made to 415 Compensation pursuant to this
Amendment.

 

 

 

2.2

In lieu of default provisions. In lieu of the default provisions above, the
following apply: (select all that apply; if no selections are made, then the
defaults apply)

 

 

 

 

 

 

 

415 Compensation. (select all that apply):

 

a.

[  ]

Exclude leave cashouts and deferred compensation (Section 3.2(b))

 

b.

[  ]

Include military continuation payments (Section 3.2(c))

 

c.

[  ]

Include disability continuation payments (Section 3.2(d)):

 

 

 

1.

[  ]

For Nonhighly Compensated Employees only

 

 

 

2.

[  ]

For all participants and the salary continuation will continue for the following
fixed or determinable period: __________________________

 

d.

[  ]

Apply the administrative delay (“first few weeks”) rule (Section 3.3)

© 2008 Prudential

1

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

Plan Compensation. (select all that apply):

 

 

 

NOTE: Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals and Employee
Contributions, Matching includes all Matching Contributions and Nonelective
includes all Nonelective Contributions. For all Plans other than 401(k) plans,
only use column 1. or column 4. in the table below.

 

 

 

NOTE: Under the GUST PPD document, the plan excludes all post-severance
compensation unless the Employer had elected otherwise in its adoption
agreement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All

 

Elective
Deferrals

Matching

Nonelective

 

 

 

 

 

 

 

 

 

e.

[  ]

Default provisions apply

 

1. N/A

OR

2. [  ]

3. [  ]

4. [  ]

 

 

 

 

 

 

 

 

 

 

f.

[  ]

No change from existing Plan provisions

 

1. [  ]

OR

2. [  ]

3. [  ]

4. [  ]

 

 

 

 

 

 

 

 

 

 

g.

[  ]

Exclude all post-severance compensation

 

1. [  ]

OR

2. [  ]

3. [  ]

4. [  ]

 

 

 

 

 

 

 

 

 

 

h.

[  ]

Exclude post-severance regular pay

 

1. [  ]

OR

2. [  ]

3. [  ]

4. [  ]

 

 

 

 

 

 

 

 

 

 

i.

[  ]

Exclude leave cashouts and deferred compensation

 

1. [  ]

OR

2. [  ]

3. [  ]

4. [  ]

 

 

 

 

 

 

 

 

 

 

j.

[  ]

Include post-severance military continuation payments

 

1. [  ]

OR

2. [  ]

3. [  ]

4. [  ]

 

 

 

 

 

 

 

 

 

 

k.

[  ]

Include post-severance disability continuation payments:

 

1. [  ]

OR

2. [  ]

3. [  ]

4. [  ]

 

a.

[  ]

For Nonhighly Compensated Employees only

 

 

 

 

 

 

 

b.

[  ]

For all participants and the salary continuation will continue for the following
fixed or determinable period: _____________

 

 

 

 

 

 

 

 

 

l.

[  ]

Other ___________________________________ (describe)

Plan Compensation Special Effective Date. The definition of Plan Compensation is
modified as set forth herein effective as of the same date as the 415
Compensation change is effective unless otherwise specified:

m. __________________________________________ (enter the effective date)

ARTICLE III
FINAL SECTION 415 REGULATIONS

 

 

 

 

3.1

Effective date. The provisions of this Article III shall apply to limitation
years beginning on and after July 1, 2007.

 

 

3.2

415 Compensation paid after severance from employment. 415 Compensation shall be
adjusted, as set forth herein and as otherwise elected in Article II, for the
following types of compensation paid after a Participant’s severance from
employment with the Employer maintaining the Plan (or any other entity that is
treated as the Employer pursuant to Code §414(b), (c), (m) or (o)). However,
amounts described in subsections (a) and (b) below may only be included in 415
Compensation to the extent such amounts are paid by the later of 2 1/2 months
after severance from employment or by the end of the limitation year that
includes the date of such severance from employment. Any other payment of
compensation paid after severance of employment that is not described in the
following types of compensation is not considered 415 Compensation within the
meaning of Code §415(c)(3), even if payment is made within the time period
specified above.

 

 

 

(a)

Regular pay. 415 Compensation shall include regular pay after severance of
employment if:

 

 

 

 

 

(1)

The payment is regular compensation for services during the participant’s
regular working hours, or compensation for services outside the participant’s
regular working hours (such as overtime or shift differential), commissions,
bonuses, or other similar payments; and

 

 

 

 

 

 

(2)

The payment would have been paid to the participant prior to a severance from
employment if the participant had continued in employment with the Employer.

© 2008 Prudential

2

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

(b)

Leave cashouts and deferred compensation. Leave cashouts shall be included in
415 Compensation, unless otherwise elected in Section 2.2 of this Amendment, if
those amounts would have been included in the definition of 415 Compensation if
they were paid prior to the participant’s severance from employment, and the
amounts are payment for unused accrued bona fide sick, vacation, or other leave,
but only if the participant would have been able to use the leave if employment
had continued. In addition, deferred compensation shall be included in 415
Compensation, unless otherwise elected in Section 2.2 of this Amendment, if the
compensation would have been included in the definition of 415 Compensation if
it had been paid prior to the participant’s severance from employment, and the
compensation is received pursuant to a nonqualified unfunded deferred
compensation plan, but only if the payment would have been paid at the same time
if the participant had continued in employment with the Employer and only to the
extent that the payment is includible in the participant’s gross income.

 

 

 

 

(c)

Salary continuation payments for military service participants. 415 Compensation
does not include, unless otherwise elected in Section 2.2 of this Amendment,
payments to an individual who does not currently perform services for the
Employer by reason of qualified military service (as that term is used in Code
§414(u)(1)) to the extent those payments do not exceed the amounts the
individual would have received if the individual had continued to perform
services for the Employer rather than entering qualified military service.

 

 

 

 

(d)

Salary continuation payments for disabled Participants. Unless otherwise elected
in Section 2.2 of this Amendment, 415 Compensation does not include compensation
paid to a participant who is permanently and totally disabled (as defined in
Code §22(e)(3)). If elected, this provision shall apply to either just
non-highly compensated participants or to all participants for the period
specified in Section 2.2 of this Amendment.

 

 

 

3.3

Administrative delay (“the first few weeks”) rule. 415 Compensation for a
limitation year shall not include, unless otherwise elected in Section 2.2 of
this Amendment, amounts earned but not paid during the limitation year solely
because of the timing of pay periods and pay dates. However, if elected in
Section 2.2 of this Amendment, 415 Compensation for a limitation year shall
include amounts earned but not paid during the limitation year solely because of
the timing of pay periods and pay dates, provided the amounts are paid during
the first few weeks of the next limitation year, the amounts are included on a
uniform and consistent basis with respect to all similarly situated
participants, and no compensation is included in more than one limitation year.

 

 

3.4

Inclusion of certain nonqualified deferred compensation amounts. If the Plan’s
definition of Compensation for purposes of Code §415 is the definition in
Regulation Section 1.415(c)-2(b) (Regulation Section 1.415-2(d)(2) under the
Regulations in effect for limitation years beginning prior to July 1, 2007) and
the simplified compensation definition of Regulation 1.415(c)-2(d)(2)
(Regulation Section 1.415-2(d)(10) under the Regulations in effect for
limitation years prior to July 1, 2007) is not used, then 415 Compensation shall
include amounts that are includible in the gross income of a Participant under
the rules of Code §409A or Code §457(f)(1)(A) or because the amounts are
constructively received by the Participant. [Note if the Plan’s definition of
Compensation is W-2 wages or wages for withholding purposes, then these amounts
are already included in Compensation.]

 

 

3.5

Definition of annual additions. The Plan’s definition of “annual additions” is
modified as follows:

 

 

 

(a)

Restorative payments. Annual additions for purposes of Code §415 shall not
include restorative payments. A restorative payment is a payment made to restore
losses to a Plan resulting from actions by a fiduciary for which there is
reasonable risk of liability for breach of a fiduciary duty under ERISA or under
other applicable federal or state law, where participants who are similarly
situated are treated similarly with respect to the payments. Generally, payments
are restorative payments only if the payments are made in order to restore some
or all of the plan’s losses due to an action (or a failure to act) that creates
a reasonable risk of liability for such a breach of fiduciary duty (other than a
breach of fiduciary duty arising from failure to remit contributions to the
Plan). This includes payments to a plan made pursuant to a Department of Labor
order, the Department of Labor’s Voluntary Fiduciary Correction Program, or a
court-approved settlement, to restore losses to a qualified defined contribution
plan on account of the breach of fiduciary duty (other than a breach of
fiduciary duty arising from failure to remit contributions to the Plan).
Payments made to the Plan to make up for losses due merely to market
fluctuations and other payments that are not made on account of a reasonable
risk of liability for breach of a fiduciary duty under ERISA are not restorative
payments and generally constitute contributions that are considered annual
additions.

 

 

 

 

(b)

Other Amounts. Annual additions for purposes of Code §415 shall not include: (1)
The direct transfer of a benefit or employee contributions from a qualified plan
to this Plan; (2) Rollover contributions (as described in Code §§401(a)(31),
402(c)(1), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16)); (3) Repayments of
loans made to a participant from the Plan; and (4) Repayments of amounts
described in Code §411(a)(7)(B) (in accordance with Code §411(a)(7)(C)) and Code
§411(a)(3)(D) or repayment of contributions to a governmental plan (as defined
in Code §414(d)) as described in Code §415(k)(3), as well as Employer
restorations of benefits that are required pursuant to such repayments.

 

 

 

 

(c)

Date of tax-exempt Employer contributions. Notwithstanding anything in the Plan
to the contrary, in the case of an Employer that is exempt from Federal income
tax (including a governmental employer), Employer contributions are treated as
credited to a participant’s account for a particular limitation year only if the
contributions are actually made to the plan no later than the 15th day of the
tenth calendar month following the end of the calendar year or fiscal year (as
applicable, depending on the basis on which the employer keeps its books) with
or within which the particular limitation year ends.

© 2008 Prudential

3

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

3.6

Change of limitation year. The limitation year may only be changed by a Plan
amendment. Furthermore, if the Plan is terminated effective as of a date other
than the last day of the Plan’s limitation year, then the Plan is treated as if
the Plan had been amended to change its limitation year.

 

 

3.7

Excess Annual Additions. Notwithstanding any provision of the Plan to the
contrary, if the annual additions (within the meaning of Code §415) are exceeded
for any participant, then the Plan may only correct such excess in accordance
with the Employee Plans Compliance Resolution System (EPCRS) as set forth in
Revenue Procedure 2006-27 or any superseding guidance, including, but not
limited to, the preamble of the final §415 regulations.

 

 

3.8

Aggregation and Disaggregation of Plans.

 

 

 

(a)

For purposes of applying the limitations of Code §415, all defined contribution
plans (without regard to whether a plan has been terminated) ever maintained by
the Employer (or a “predecessor employer”) under which the participant receives
annual additions are treated as one defined contribution plan. The “Employer”
means the Employer that adopts this Plan and all members of a controlled group
or an affiliated service group that includes the Employer (within the meaning of
Code §§414(b), (c), (m) or (o)), except that for purposes of this Section, the
determination shall be made by applying Code §415(h), and shall take into
account tax-exempt organizations under Regulation Section 1.414(c)-5, as
modified by Regulation Section 1.415(a)-1(f)(1). For purposes of this Section:

 

 

 

 

 

(1)

A former Employer is a “predecessor employer” with respect to a participant in a
plan maintained by an Employer if the Employer maintains a plan under which the
participant had accrued a benefit while performing services for the former
Employer, but only if that benefit is provided under the plan maintained by the
Employer. For this purpose, the formerly affiliated plan rules in Regulation
Section 1.415(f)-1(b)(2) apply as if the Employer and predecessor Employer
constituted a single employer under the rules described in Regulation Section
1.415(a)-1(f)(1) and (2) immediately prior to the cessation of affiliation (and
as if they constituted two, unrelated employers under the rules described in
Regulation Section 1.415(a)-1(f)(1) and (2) immediately after the cessation of
affiliation) and cessation of affiliation was the event that gives rise to the
predecessor employer relationship, such as a transfer of benefits or plan
sponsorship.

 

 

 

 

 

 

(2)

With respect to an Employer of a participant, a former entity that antedates the
Employer is a “predecessor employer” with respect to the participant if, under
the facts and circumstances, the Employer constitutes a continuation of all or a
portion of the trade or business of the former entity.

 

 

 

 

 

(b)

Break-up of an affiliate employer or an affiliated service group. For purposes
of aggregating plans for Code §415, a “formerly affiliated plan” of an employer
is taken into account for purposes of applying the Code §415 limitations to the
employer, but the formerly affiliated plan is treated as if it had terminated
immediately prior to the “cessation of affiliation.” For purposes of this
paragraph, a “formerly affiliated plan” of an employer is a plan that,
immediately prior to the cessation of affiliation, was actually maintained by
one or more of the entities that constitute the employer (as determined under
the employer affiliation rules described in Regulation Section 1.415(a)-1(f)(1)
and (2)), and immediately after the cessation of affiliation, is not actually
maintained by any of the entities that constitute the employer (as determined
under the employer affiliation rules described in Regulation Section
1.415(a)-1(f)(1) and (2)). For purposes of this paragraph, a “cessation of
affiliation” means the event that causes an entity to no longer be aggregated
with one or more other entities as a single employer under the employer
affiliation rules described in Regulation Section 1.415(a)-1(f)(1) and (2) (such
as the sale of a subsidiary outside a controlled group), or that causes a plan
to not actually be maintained by any of the entities that constitute the
employer under the employer affiliation rules of Regulation Section
1.415(a)-1(f)(1) and (2) (such as a transfer of plan sponsorship outside of a
controlled group).

 

 

 

 

(c)

Midyear Aggregation. Two or more defined contribution plans that are not
required to be aggregated pursuant to Code §415(f) and the Regulations
thereunder as of the first day of a limitation year do not fail to satisfy the
requirements of Code §415 with respect to a participant for the limitation year
merely because they are aggregated later in that limitation year, provided that
no annual additions are credited to the participant’s account after the date on
which the plans are required to be aggregated.

ARTICLE IV
PLAN COMPENSATION

 

 

4.1

Compensation limit. Notwithstanding Amendment Section 4.2 or any election in
Amendment Section 2.2, if the Plan is a 401(k) plan, then participants may not
make elective deferrals with respect to amounts that are not 415 Compensation.
However, for this purpose, 415 Compensation is not limited to the annual
compensation limit of Code §401(a)(17).

 

 

4.2

Compensation paid after severance from employment. Compensation for purposes of
allocations (hereinafter referred to as Plan Compensation) shall be adjusted,
unless otherwise elected in Amendment Section 2.2, in the same manner as 415
Compensation pursuant to Article III of this Amendment if those amounts would
have been included in Compensation if they were paid prior to the Participant’s
severance from employment, except in applying Article III, the term “limitation
year” shall be replaced with the term “plan year” and the term “415
Compensation” shall be replaced with the term “Plan Compensation.”

© 2008 Prudential

4

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

4.3

Option to apply Plan Compensation provisions early. The provisions of this
Article shall apply for Plan Years beginning on and after July 1, 2007, unless
another effective date is specified in Section 2.2 of this Amendment.

Except with respect to any election made by the employer in Section 2.2, this
amendment is hereby adopted by the prototype sponsor on behalf of all adopting
employers on:

__________________________________________________________ (signature and date)

Sponsor Name: The Prudential Insurance Company of America (PICA)

NOTE: The Employer only needs to execute this Amendment if an election has been
made in Section 2.2 of this Amendment.

This amendment has been executed this _________________ day of
______________________________, ________.

Name of Plan: State Bank of Long Island 401(k) Retirement Plan and Trust

Name of Employer: State Bank of Long Island

 

 

 

By:

 

 

 

--------------------------------------------------------------------------------

 

 

          EMPLOYER

 

© 2008 Prudential

5

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

PRUDENTIAL ADOPTION AGREEMENT
ADMINISTRATIVE CHECKLIST
September 9, 2010

This Administrative Checklist (“AC”) is not part of the Adoption Agreement or
Plan but is for the use of the Plan Administrator in administering the Plan.

The AC reflects the Plan policies and operation as of the date set forth above
and may also reflect Plan policies and operation pre-dating the specified date.

 

 

 

 

AC1. PARTICIPANT DISTRIBUTION NOTIFICATION PERIOD (PPA Amendment). For any
distribution notice issued in Plan Years beginning after December 31, 2006, any
reference to the 180-day maximum notice period prior to distribution in applying
the notice requirements of Code §§402(f) (the rollover notice), 411(a)(11)
(Participant’s consent to distribution), and 417 (notice under the joint and
survivor annuity rules) will continue to be enforced administratively as a 90
day maximum notice period unless a different maximum notice period is specified
below. (Choose (a) if a different maximum notice period will be applied
administratively.):

 

(a)

[  ]

The Plan will administratively enforce a maximum notice period of __________
days (maximum notice period cannot exceed 180 days.)

 

 

 

 

AC2. PLAN LOANS (7.06). The Plan permits or does not permit Participant Loans as
follows (Choose one of (a) or (b)):

 

(a)

[  ]

Does not permit.

 

(b)

[X]

Permitted pursuant to the Loan Policy. See SFC Election 72 to complete Loan
Policy.

 

 

 

 

AC3. HARDSHIP DISTRIBUTION SUSPENSION PERIOD (6.07(A)(2)). A Participant who
receives a safe harbor hardship distribution may not make Elective Deferrals or
Employee Contributions to the Plan during the 6-month period following the date
of the hardship distribution, unless the Plan Administrator elects in (b) below
to require a longer period. (Choose one of (a) or (b)):

 

(a)

[X]

The Plan will apply the 6-month suspension period as described in Section
6.07(A)(2) of the Plan.

 

(b)

[  ]

The Plan will modify the suspension period as described in Section 6.07(A)(2) of
the Plan. A Participant who receives a safe harbor hardship distribution may not
make Elective Deferrals or Employee Contributions to the Plan during the ______
-month (enter a number of months, not to exceed 12) period following the date of
the Hardship Distribution.

 

 

 

 

AC4. SPOUSAL CONSENT FOR DISTRIBUTIONS (7.02(C)(2)). The following serves as the
Plan’s administrative policy with regard to the requirement of spousal consent
for distributions that are not otherwise subject to the Qualified Joint and
Survivor Annuity requirements. (Choose one of (a) through (c) as applicable):

 

(a)

[  ]

Not Applicable. Plan is subject to the Qualified Joint and Survivor Annuity
requirements outlined in the Plan thus all distributions exceeding the threshold
identified in the Plan are subject to spousal consent.

 

(b)

[X]

Participants will not be required to obtain spousal consent for all
distributions made from the Plan (unless the Participant chooses an annuity form
of payment, which will require a distribution, and any subsequent distributions,
exceeding the threshold identified in the Plan to be subject to spousal
consent).

 

(c)

[  ]

Participants will be required to obtain spousal consent for all distributions
made from the Plan exceeding the threshold identified in the Plan.

 

 

 

 

 

 

 

AC5. PARTICIPANT DIRECTION OF INVESTMENT (7.03(B)). The Plan permits Participant
direction of investment or does not permit Participant direction of investment
as to some or all Accounts as follows (Choose one of (a) or (b)):

 

(a)

[  ]

Does not permit. The Plan does not permit Participant direction of investment of
any Account.

 

(b)

[X]

Permitted as follows. The Plan permits Participant direction of investment.
(Complete (1) through (4)):

 

 

 

(1)

Accounts affected. (Choose a. or choose one or more of b. through f.):

 

 

 

 

a.

[  ]

All Accounts.

 

 

 

 

b.

[X]

Elective Deferral Accounts (Pre-tax and Roth) and Employee Contributions.

 

 

 

 

c.

[X]

All Nonelective Contribution Accounts.

 

 

 

 

d.

[  ]

All Matching Contribution Accounts.

 

 

 

 

e.

[X]

All Rollover Contribution and Transfer Accounts.

 

 

 

 

f.

[  ]

Specify Accounts: ______________________________________________________

 

 

 

(2)

Restrictions on Participant direction (Choose one of a. or b.):

 

 

 

 

a.

[  ]

None. Provided the investment does not result in a prohibited transaction, give
rise to UBTI, create administrative problems or violate the Plan terms or
Applicable Law.

 

 

 

 

b.

[X]

Restrictions: Effective January 1, 2010, Employer Matching Contributions are
made in the form of Company Stock.

 

 

 

(3)

ERISA §404(c). (Choose one of a. or b.):

 

 

 

 

a.

[X]

Applies.

 

 

 

 

b.

[  ]

Does not apply.

 

 

 

(4)

QDIA (Qualified Default Investment Alternative). (Choose one of a. or b.):

 

 

 

 

a.

[X]

Applies. See SFC Election 110 for details.

 

 

 

 

b.

[  ]

Does not apply.

© 2010 Prudential

1

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

AC6. SALARY REDUCTION AGREEMENT ELECTIONS (1.54(C)). The Plan permits Salary
Reduction Elections in the following form(s) (Choose (a) through (e) as
applicable).

 

(a)

[  ]

No restriction on method of a Participant’s salary reduction election

 

(b)

[  ]

In whole percentage increments

 

(c)

[  ]

In whole dollar increments

 

(d)

[  ]

In percentage increments except that catch-up salary reductions may be made in
whole percentage increments or whole dollar increments

 

(e)

[X]

Other: (i) with respect to salary reductions, the election must be made in whole
percentages and (ii) with respect to catchup contributions, the election must be
made in whole dollar increments.

 

 

 

 

With respect to timing of Salary Reduction Election changes the Plan permits
salary reduction election changes as indicated below (Choose (a) through (e) as
applicable).

 

(a)

[X]

Permitted at any time and will be effective as soon as administratively feasible

 

(b)

[  ]

Permitted only on the first day of each calendar month

 

(c)

[  ]

Permitted only on the first day of each calendar quarter

 

(d)

[  ]

Permitted only once every (choose one of 30/60/90) days

 

(e)

[  ]

Other:
________________________________________________________________________________

 

 

 

 

 

 

With respect to a Participant’s Salary Reduction Election for bonus payments,
the following applies (Choose (a) or (b) as applicable).

 

(a)

[X]

A separate participant election is not permitted for bonuses. The same Salary
Reduction Agreement election will apply to all Elective Deferral Compensation.

 

(b)

[  ]

A separate participant election will be __________ (permitted/required) for
bonuses. Participants may make a separate election on the Salary Reduction
Agreement form provided by the Employer which will apply only to bonus payments.
If permitted is elected, the participant’s regular election will apply unless a
separate election is made. If you select required, there will be no deferral
from bonuses unless the participant makes a separate election for bonuses.

 

 

 

 

 

 

AC7. ROLLOVER CONTRIBUTIONS (3.08). The Plan permits or does not permit Rollover
Contributions as follows (Choose one of (a) or (b)):

 

(a)

[  ]

Does not permit.

 

(b)

[X]

Permits. Subject to approval by the Plan Administrator and as further described
below (Complete (1) and (2)):

 

 

 

(1)

Who may roll over. (Choose one of a. or b.):

 

 

 

 

a.

[  ]

Participants only.

 

 

 

 

b.

[X]

Eligible Employees or Participants.

 

 

 

(2)

Sources/Types. The Plan will accept a Rollover Contribution (Choose one of a. or
b.):

 

 

 

 

a.

[  ]

All. From any Eligible Retirement Plan and as to all Contribution Types eligible
to be rolled into this Plan.

 

 

 

 

b.

[X]

Limited. Only from the following types of Eligible Retirement Plans and/or as to
the following Contribution Types: 401(a) excluding After-Tax and Roth, 403(a),
403(b) Excluding After-Tax and Roth, 408(a), 408(b) and 457(b).

 

 

 

 

 

 

AC8. PLAN EXPENSES (7.04(C)). The Employer will pay or the Plan will be charged
with non-settlor Plan expenses as follows (Choose one of (a) or (b)):

 

(a)

[  ]

Employer pays all expenses except those intrinsic to Trust assets which the Plan
will pay (e.g., brokerage commissions).

 

(b)

[X]

Plan pays some or all non-settlor expenses. See SFC Election 126 for details.

 

 

 

 

 

 

AC9. RELATED AND PARTICIPATING EMPLOYERS (1.23(C)/(D)). There are or are not
Related Employers and Participating Employers as follows (Complete (a) through
(c)):

 

(a)

Related Employers. (Choose one of (1) or (2)):

 

 

(1)

[X]

None.

 

 

 

(2)

[  ]

Name(s) of Related Employers: ____________________________

 

(b)

Participating (Related) Employers. (Choose one of (1) or (2)):

 

 

(1)

[X]

None.

 

 

(2)

[  ]

Name(s) of Participating Employers: _______________________ See SFC Election 73
for details.

 

(c)

Former Participating Employers. (Choose one of (1) or (2)):

 

 

(1)

[X]

None.

 

 

(2)

[  ]

Applies.

 

 

 

Name(s)

 

Date of cessation

_______________________

 

______________

_______________________

 

______________

AC10. TOP-HEAVY MINIMUM-MULTIPLE PLANS (10.03). If the Employer maintains
another plan, this Plan provides that the Plan Administrator operationally will
determine in which plan the Employer will satisfy the Top-Heavy Minimum
Contribution (or benefit) requirement as to Non-Key Employees who participate in
such plans and who are entitled to a Top-Heavy Minimum Contribution (or
benefit). This Election documents the Plan Administrator’s operational election.
(Choose (a) or choose one of (b) or (c)):

 

 

 

 

 

(a)

[  ]

Does not apply.

© 2010 Prudential

2

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

 

 

 

 

 

 

 

(b)

[X]

If only another Defined Contribution Plan. Make the Top-Heavy Minimum Allocation
(Choose one of (1) or (2)):

 

 

(1)

[X]

To this Plan.

 

 

(2)

[  ]

To another Defined Contribution Plan: _______________________________________
(plan name)

 

(c)

[  ]

If one or more Defined Benefit Plans. Make the Top-Heavy Minimum Allocation or
provide the top-heavy minimum benefit (Choose one of (1), (2), or (3)):

 

 

(1)

[  ]

To this Plan. Increase the Top-Heavy Minimum Allocation to 5%.

 

 

(2)

[  ]

To another Defined Contribution Plan. Increase the Top-Heavy Minimum Allocation
to 5% and provide under the: ____________________________________________ (name
of other Defined Contribution Plan).

 

 

(3)

[  ]

To a Defined Benefit Plan. Provide the 2% top-heavy minimum benefit under the:
(name of Defined Benefit Plan) and applying the following interest rate and
mortality assumptions: _________________.

 

 

 

 

AC11. SELF-EMPLOYED PARTICIPANTS (1.21(A)). One or more self-employed
Participants with Earned Income benefits in the Plan as follows (Choose one of
(a) or (b)):

 

(a)

[X]

None.

 

(b)

[  ]

Applies.

 

 

 

 

AC12. PROTECTED BENEFITS (11.02(C)). The following Protected Benefits no longer
apply to all Participants or do not apply to designated amounts/Participants as
indicated, having been eliminated by a Plan amendment (Choose (a), or one or
both of (b) – (c) as applicable):

 

(a)

[X]

Does not apply. No Protected Benefits have been eliminated.

 

(b)

[  ]

Applies. Protected Benefits have been eliminated as follows (Choose one or more
of rows (1) through (4) as applicable. Choose one of columns (1), (2), or (3),
and complete column (4)):

 

 

 

 

 

 

 

 

 

 

 

(1)
All
Participants/
Accounts

(2)
Post-E.D.
Contribution
Accounts only

(3)
Post-E.D.
Participants
only

 

(4)
Effective
Date
(E.D.)

(1)

[  ]

QJSA/QPSA distributions

[  ]

[  ]

[  ]

 

________

(2)

[  ]

Installment distributions

[  ]

[  ]

[  ]

 

________

(3)

[  ]

In-kind distributions

[  ]

[  ]

[  ]

 

________

(4)

[  ]

Specify: ___________________________________________________________________

 

 

 

 

 

 

 

(c)

[  ]

Applies. List any Protected Benefits that are provided under this Plan but that
are not specifically provided for under the Adoption Agreement (complete (1),
(2) and (3), select one of (4) or (5), and complete (a) through (j) as
applicable):

 

 

 

(1)

[  ]

Effective Date: ________________________

 

 

 

(2)

[  ]

Name of Predecessor Plan: ______________________________________________________

 

 

 

(3)

[  ]

Name of Merged Plan: __________________________________________________________

 

 

 

This addendum is with respect to (choose one of (4) or (5)):

 

 

 

(4)

[  ]

Participants as of the Effective Date indicated above

 

 

 

(5)

[  ]

Participant accounts accrued as of the Effective Date above

 

 

 

 

AC13. LIFE INSURANCE (9.01). The Trust invests or does not invest in life
insurance Contracts as follows (Choose one of (a) or (b)):

 

(a)

[X]

Does not apply.

 

(b)

[  ]

Applies. Subject to the limitations and other provisions in Article IX and/or
Appendix B.

 

 

 

 

AC14. DISTRIBUTION OF CASH OR PROPERTY (8.04). The Plan provides for
distribution in the form of (Choose one of (a) or (b)):

 

(a)

[X]

Cash only. Except where property distribution is required or permitted under
Section 8.04.

 

(b)

[  ]

Cash or property. At the distributee’s election and consistent with any Plan
Administrator policy under Section 8.04.

 

AC15. EMPLOYER SECURITIES/EMPLOYER REAL PROPERTY (8.02(A)(13)). The Trust
invests or does not invest in qualifying Employer securities and/or qualifying
Employer real property as follows (Choose one of (a) or (b)):

 

(a)

[  ]

Does not apply.

 

(b)

[X]

Applies. Such investments are subject to the limitations of Section 8.02(A)(13)
and/or Appendix B.

 

 

 

 

CLIENT ACKNOWLEDGEMENT

By adopting this administrative checklist, serving as an administrative policy,
we direct Prudential to make any adjustments that may be necessary to its
record-keeping system. The Plan Sponsor understands their responsibility to
notify participants of this administrative policy and the administrative
procedures herein.

© 2010 Prudential

3

--------------------------------------------------------------------------------

Nonstandardized 401(k) Plan

I confirm that I am authorized by the Employer to adopt the rules of procedure
and policies enclosed herein. As the Plan Administrator, I consider these rules
of procedure and policies reasonable or necessary for the proper and efficient
administration of the Plan. Therefore, upon my signature below, I hereby adopt
this Administrative Checklist as an administrative policy to the Plan.

 

 

 

 

 

Plan Administrator:

 

 

Date:

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

 

 

 

 

 

Plan Name: State Bank of Long Island 401(k) Retirement Plan and Trust

Plan Number: 002

© 2010 Prudential

4

--------------------------------------------------------------------------------