Exhibit 10-90

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SunTrust Bank
NONSTANDARDIZED 401(K) PLAN

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By executing this 401(k) plan Adoption Agreement (the “Agreement”) under the
SunTrust Bank Prototype Plan, the Employer agrees to establish or continue a
401(k) plan for its Employees. The 401(k) plan adopted by the Employer consists
of the Basic Plan Document #02 (the “BPD”) and the elections made under this
Agreement (collectively referred to as the “Plan”). A Related Employer may
jointly co-sponsor the Plan by signing a Co-Sponsor Adoption Page, which is
attached to this Agreement. (See Section 22.164 of the BPD for the definition of
a Related Employer.) This Plan is effective as of the Effective Date identified
on the Signature Page of this Agreement.

 

 

 

1.

 

Employer Information

 

 

 

a.

Name and address of Employer executing the Signature Page of this Agreement:
Bluegreen Corporation 4960 Conference Way North, Suite 100 Boca Raton, Florida
33431

 

 

 

 

b.

Employer Identification Number (EIN) for the Employer: 03-0300793

 

 

 

 

c.

Business entity of Employer (optional):

 

 

 

 

 

 

 

 

 

 

x

(1)

C-Corporation

o

(2)

S-Corporation

 

 

o

(3)

Limited Liability Corporation

o

(4)

Sole Proprietorship

 

 

o

(5)

Partnership

o

(6)

Limited Liability Partnership

 

 

o

(7)

Government

o

(8)

Other ____________

 

 

 

 

 

 

 

 

 

d.

Last day of Employer’s taxable year (optional): December 31

 

 

 

 

 

 

 

 

 

e.

Does the Employer have any Related Employers (as defined in Section 22.164 of
the BPD)?

 

 

 

 

 

 

 

 

 

 

x

(1)

Yes

o

(2)

No

 

 

 

 

 

 

 

 

 

f.

If e. is yes, list the Related Employers (optional):

 

 

 

 

 

 

 

 

 

 

Bluegreen Southwest One, L.P.; BXG Realty Tenn., Inc.; Resort Title Agency, Inc.

 

 

 

 

 

 

 

 

 

 

Bluegreen Carolina Lands, LLC; Jordan Lake Preserve Corp.; Bluegreen Southwest
Land, Inc.; Catawba Falls, LLC., Bluegreen Vacations Unlimited, Ltd., Bluegreen
Communities of Texas, L.P.

 

 

 

 

 

 

 

 

 

 

[Note: This Plan will cover Employees of a Related Employer only if such Related
Employer executes a Co-Sponsor Adoption Page. Failure to cover the Employees of
a Related Employer may result in a violation of the minimum coverage rules under
Code §410(b). See Section 1.3 of the BPD.]

 

 

 

 

 

 

 

 

2.

 

Plan Information

 

 

 

 

 

 

 

 

 

a.

Name of Plan: Bluegreen Corporation Retirement Savings Plan

 

 

 

 

 

 

 

 

 

b.

Plan number (as identified on the Form 5500 series filing for the Plan): 001

 

 

 

 

 

 

 

 

 

c.

Trust identification number (optional):
___________________________________________

 

 

 

 

 

 

 

 

 

d.

Plan Year: [Check (1) or (2). Selection (3) may be selected in addition to (1)
or (2) to identify a Short Plan Year.]

 

 

 

 

 

 

 

 

 

 

x

(1)

The calendar year.

 

 

o

(2)

The 12-consecutive month period ending _______.

 

 

o

(3)

The Plan has a Short Plan Year beginning _____ and ending _______.

 

 

 

 

 

 

 

 

3.

 

Types of Contributions

 

 

 

 

 

 

 

 

 

 

The following types of contributions are authorized under this Plan. The
selections made below should correspond with the selections made under Parts 4A,
4B, 4C, 4D and 4E of this Agreement.

 

 

 

 

 

 

 

 

 

 

x

a.

Section 401(k) Deferrals (see Part 4A).

 

 

 

 

 

 

 

x

b.

Employer Matching Contributions (see Part 4B).

 

 

 

 

 

 

 

x

c.

Employer Nonelective Contributions (see Part 4C).

 

 

 

 

 

 

 

o

d.

Employee After-Tax Contributions (see Part 4D).

 

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© 2001 SunTrust Bank

 

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o

e.

Safe Harbor Matching Contributions (see Part 4E, #27).

 

 

 

 

 

 

 

o

f.

Safe Harbor Nonelective Contributions (see Part 4E, #28).

 

 

 

 

 

 

 

o

g.

None. This Plan is a frozen Plan effective ___ (see Section 2.1(d) of the BPD).

 

Part 1 - Eligibility Conditions

 

(See Article 1 of the BPD)

 

 

4.

Excluded Employees. [Check a. or any combination of b. - f.  for those
contributions the Employer elects to make under Part 4 of this Agreement. See
Section 1.2 of the BPD for rules regarding the determination of Excluded
Employees for Employee After-Tax Contributions, QNECs, QMACs and Safe Harbor
Contributions.]

 

 

 

 

 

 

 

 

 

 

 

(1)
§401(k)
Deferrals

 

(2)
Employer
Match

 

(3)
Employer
Nonelective

 

 

 

 

a.

o

 

o

 

o

 

No excluded categories of Employees.

 

 

 

 

 

 

 

 

 

 

b.

x

 

x

 

x

 

Union Employees (see Section 22.202 of the BPD).

 

 

 

 

 

 

 

 

 

 

c.

o

 

o

 

o

 

Nonresident Alien Employees (see Section 22.124 of the BPD).

 

 

 

 

 

 

 

 

 

 

d.

x

 

x

 

x

 

Leased Employees (see Section 1.2(b) of the BPD).

 

 

 

 

 

 

 

 

 

 

e.

o

 

o

 

o

 

Highly Compensated Employees (see Section 22.99 of the BPD).

 

 

 

 

 

 

 

 

 

 

f.

o

 

o

 

o

 

(Describe Excluded Employees): ____________________

 

 

 

 

 

 

 

 

 

5.

Minimum age and service conditions for becoming an Eligible Participant. [Check
a. or check b. and/or any one of c. - e.  for those contributions the Employer
elects to make under Part 4 of this Agreement. Selection f. may be checked
instead of or in addition to any selections under b. - e. See Section 1.4 of the
BPD for the application of the minimum age and service conditions for purposes
of Employee After - Tax Contributions, QNECs, QMACs and Safe Harbor
Contributions. See Part 7 of this Agreement for special service crediting
rules.]

 

 

 

 

 

 

 

 

 

 

 

(1)
§401(k)
Deferrals

 

(2)
Employer
Match

 

(3)
Employer
Nonelective

 

 

 

 

 

 

 

 

 

 

 

 

a.

o

 

o

 

o

 

None (conditions are met on Employment Commencement Date).

 

 

 

 

 

 

 

 

 

 

b.

x

 

x

 

x

 

Age 21 (cannot exceed age 21).

 

 

 

 

 

 

 

 

 

 

c.

x

 

x

 

x

 

One Year of Service.

 

 

 

 

 

 

 

 

 

 

d.

o

 

o

 

o

 

___ consecutive months (not more than 12) during which the Employee completes at
least ___ Hours of Service (cannot exceed 1,000). If an Employee does not
satisfy this requirement in the first designated period of months following
his/her Employment Commencement Date, such Employee will be deemed to satisfy
this condition upon completing a Year of Service (as defined in Section 1.4(b)
of the BPD).

 

 

 

 

 

 

 

 

 

 

e.

N/A

 

o

 

o

 

Two Years of Service. [Full and immediate vesting must be selected under Part 6
of this Agreement.]

 

 

 

 

 

 

 

 

 

 

f.

o

 

o

 

o

 

(Describe eligibility conditions): ____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Any conditions provided under f. must be described in a manner that
precludes Employer discretion and must satisfy the nondiscrimination
requirements of §1.401(a)(4) of the regulations, and may not cause the Plan to
violate the provisions of Code §410(a).]

 

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© 2001 SunTrust Bank

 

2

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o 6.

Dual eligibility. Any Employee (other than an Excluded Employee) who is employed
on the date designated under a. or b. below, as applicable, is deemed to be an
Eligible Participant as of the later of the date identified under this #6 or the
Effective Date of this Plan, without regard to any Entry Date selected under
Part 2. See Section 1.4(d)(2) of the BPD. [Note: If this #6 is checked, also
check a. or b. If this #6 is not checked, the provisions of Section 1.4(d)(1) of
the BPD apply.]

 

 

 

 

 

o

a.

The Effective Date of this Plan.

 

 

 

 

 

o

b.

(Identify date) ___________________________________________________________

 

 

 

 

 

[Note: Any date specified under b. may not cause the Plan to violate the
provisions of Code §410(a). See Section 1.4 of the BPD.]

 

Part 2 - Commencement of Participation

 

(See Section 1.5 of the BPD)

 

 

 

 

 

 

 

 

 

7.

Entry Date upon which participation begins after completing minimum age and
service conditions under Part 1, #5 above. [ Check one of a. - e. for those
contributions the Employer elects to make under Part 4 of this Agreement. See
Section 1.5 of the BPD for determining the Entry Date applicable to Employee
After-Tax Contributions, QNECs, QMACs and Safe Harbor Contributions.]

 

 

 

 

 

 

 

 

 

 

 

(1)
§401(k)
Deferrals

 

(2)
Employer
Match

 

(3)
Employer
Nonelective

 

 

 

 

 

 

 

 

 

 

 

 

a.

o

 

o

 

o

 

The next following Entry Date (as defined in #8 below).

 

 

 

 

 

 

 

 

 

 

b.

x

 

x

 

x

 

The Entry Date (as defined in #8 below) coinciding with or next following the
completion of the age and service conditions.

 

 

 

 

 

 

 

 

 

 

c.

N/A

 

o

 

o

 

The nearest Entry Date (as defined in #8 below).

 

 

 

 

 

 

 

 

 

 

d.

N/A

 

o

 

o

 

The preceding Entry Date (as defined in #8 below).

 

 

 

 

 

 

 

 

 

 

e.

o

 

o

 

o

 

The date the age and service conditions are satisfied. [Also check #8.e. below
for the same type of contribution(s) checked here.]

 

 

 

 

 

 

 

 

 

8.

Definition of Entry Date. [Check one of a. - e. for those contributions the
Employer elects to make under Part 4 of this Agreement. Selection f. may be
checked instead of or in addition to a. - e. See Section 1.5 of the BPD for
determining the Entry Date applicable to Employee After-Tax Contributions,
QNECs, QMACs and Safe Harbor Contributions.]

 

 

 

 

 

 

 

 

 

 

 

(1)
§401(k)
Deferrals

 

(2)
Employer
Match

 

(3)
Employer
Nonelective

 

 

 

 

 

 

 

 

 

 

 

 

a.

o

 

o

 

o

 

The first day of the Plan Year and the first day of 7th month of the Plan Year.

 

 

 

 

 

 

 

 

 

 

b.

x

 

x

 

x

 

The first day of each quarter of the Plan Year.

 

 

 

 

 

 

 

 

 

 

c.

o

 

o

 

o

 

The first day of each month of the Plan Year.

 

 

 

 

 

 

 

 

 

 

d.

o

 

o

 

o

 

The first day of the Plan Year. [If #7.a. or #7.b. above is checked for the same
type of contribution as checked here, see the restrictions in Section 1.5(b) of
the BPD.]

 

 

 

 

 

 

 

 

 

 

e.

o

 

o

 

o

 

The date the conditions in Part 1, #5. above are satisfied. [This e. should be
checked for a particular type of contribution only if #7.e. above is also
checked for that type of contribution.]

 

 

 

 

 

 

 

 

 

 

f.

o

 

o

 

o

 

(Describe Entry Date) ___________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Any Entry Date designated in f. must comply with the requirements of Code
§410(a)(4) and must satisfy the nondiscrimination requirements under
§1.401(a)(4) of the regulations. See Section 1.5(a) of the BPD.]

 

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© 2001 SunTrust Bank

 

3

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Part 3 - Compensation Definitions

(See Sections 22.102 and 22.197 of the BPD)

 

 

 

 

9.

Definition of Total Compensation:

 

 

 

o

a.

W-2 Wages.

 

 

 

 

 

o

b.

Withholding Wages.

 

 

 

 

 

x

c.

Code §415 Safe Harbor Compensation.

 

 

 

 

 

[Note: Each of the above definitions is increased for Elective Deferrals (as
defined in Section 22.61 of the BPD), for pre-tax contributions to a cafeteria
plan or a Code §457 plan, and for qualified transportation fringes under Code
§132(f)(4). See Section 22.197 of the BPD.]

 

 

10.

Definition of Included Compensation for allocation of contributions or
forfeitures: [Check a. or b. for those contributions the Employer elects under
Part 4 of this Agreement. If b. is selected for a particular contribution, also
check any combination of c. through j. for that type of contribution. See
Section 22.102 of the BPD for determining Included Compensation for Employee
After-Tax Contributions, QNECs, QMACs and Safe Harbor Contributions.]

 

 

 

 

 

 

 

 

(1)
§401(k)
Deferrals

(2)
Employer
Match

(3)
Employer
Nonelective

 

 

 

 

 

 

 

 

a.

x

x

x

Total Compensation, as defined in #9 above.

 

 

 

 

 

 

 

b.

o

o

o

Total Compensation, as defined in #9 above, with the following exclusions:

 

 

 

 

 

 

 

c.

N/A

o

o

Elective Deferrals, pre-tax contributions to a cafeteria plan or a Code §457
plan, and qualified transportation fringes under Code §132(f)(4) are excluded.
See Section 22.102 of the BPD.

 

 

 

 

 

 

 

d.

o

o

o

Fringe benefits, expense reimbursements, deferred compensation, and welfare
benefits are excluded.

 

 

 

 

 

 

 

e.

o

o

o

Compensation above $______ is excluded.

 

 

 

 

 

 

 

f.

o

o

o

Bonuses are excluded.

 

 

 

 

 

 

 

g.

o

o

o

Commissions are excluded.

 

 

 

 

 

 

 

h.

o

o

o

Overtime is excluded.

 

 

 

 

 

 

 

i.

o

o

o

Amounts paid for services performed for a Related Employer that does not execute
the Co-Sponsor Adoption Page under this Agreement are excluded.

 

 

 

 

 

 

 

j.

o

o

o

(Describe modifications to Included Compensation):

 

 

 

 

 

 

 

[Note: Unless otherwise provided under j., any exclusions selected under f.
through j. above do not apply to Nonhighly Compensated Employees in determining
allocations under the Permitted Disparity Method under Part 4C, #21.b. of this
Agreement or for purposes of applying the Safe Harbor 401(k) Plan provisions
under Part 4E of this Agreement.]

 

 

 

 

o 11.

Special rules.

 

 

 

 

 

o

a.

Highly Compensated Employees only. For all purposes under the Plan, the
modifications to Included Compensation elected in #10.f. through #10.j. above
will apply only to Highly Compensated Employees.

 

 

 

 

 

o

b.

Measurement period (see the operating rules under Section 2.2(c)(3) of the BPD).
Instead of the Plan Year, Included Compensation is determined on the basis of
the period elected under (1) or (2) below.

 

 

 

 

 

o

(1)

The calendar year ending in the Plan Year.

 

 

 

 

 

o

(2)

The 12-month period ending on ______ which ends during the Plan Year.

 

 

 

 

 

[Note: If this selection b. is checked, Included Compensation will be determined
on the basis of the period designated in (1) or (2) for all contribution types.
If this selection b. is not checked, Included Compensation is based on the Plan
Year. See Part 4 for the ability to use partial year Included Compensation.]

 

 

 

[Practitioner Tip: If #11.b is checked, it is recommended that the Limitation
Year for purposes of applying the Annual Additions Limitation under Code §415
correspond to the period used to determine Included Compensation. This
modification to the Limitation Year may be made in Part 13, #69.a. of this
Agreement.]

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© 2001 SunTrust Bank

 

4

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Part 4A - Section 401(k) Deferrals

(See Section 2.3(a) of the BPD)

 

 

x

Check this selection and complete the applicable sections of this Part 4A to
allow for Section 401(k) Deferrals under the Plan.

 

 

x 12.

Section 401(k) Deferral limit. 18% of Included Compensation.[If this #12 is not
checked, the Code §402(g) deferral limit described in Section 17.1 of the BPD
and the Annual Additions Limitation under Article 7 of the BPD still apply.]

 

 

 

 

 

 

 

x

a.

Applicable period. The limitation selected under #12 applies with respect to
Included Compensation earned during:

 

 

 

 

 

 

 

 

 

x

(1)

the Plan Year.

 

 

 

 

 

 

 

 

 

o

(2)

the portion of the Plan Year in which the Employee is an Eligible Participant.

 

 

 

 

 

 

 

 

 

o

(3)

each separate payroll period during which the Employee is an Eligible
Participant.

 

 

 

 

 

 

 

[Note: If Part 3, #11.b. is checked, any period selected under this a. will be
determined as if the Plan Year were the period designated under Part 3, #11.b.
See Section 2.2(c)(3) of the BPD.]

 

 

 

 

 

o

b.

Limit applicable only to Highly Compensated Employees. [If this b. is not
checked, any limitation selected under #12 applies to all Eligible
Participants.]

 

 

 

 

 

 

 

 

 

o

(1)

The limitation selected under #12 applies only to Highly Compensated Employees.

 

 

 

 

 

 

 

 

 

o

(2)

The limitation selected under #12 applies only to Nonhighly Compensated
Employees. Highly Compensated Employees may defer up to ___% of Included
Compensation (as determined under a. above). [The percentage inserted in this
(2) for Highly Compensated Employees must be lower than the percentage inserted
in #12 for Nonhighly Compensated Employees.]

 

 

 

 

 

 

x 13.

Minimum deferral rate: [If this #13 is not checked, no minimum deferral rate
applies to Section 401(k) Deferrals under the Plan.]

 

 

 

 

 

 

 

x

a.

1 % of Included Compensation for a payroll period.

 

 

 

 

 

o

b.

$___ for a payroll period.

 

 

 

 

o 14.

Automatic deferral election. (See Section 2.3(a)(2) of the BPD.) An Eligible
Participant will automatically defer ___% of Included Compensation for each
payroll period, unless the Eligible Participant makes a contrary Salary
Reduction Agreement election on or after ___. This automatic deferral election
will apply to:

 

 

 

 

 

o

a.

all Eligible Participants.

 

 

 

 

 

o

b.

only those Employees who become Eligible Participants on or after the following
date:

 

 

 

 

 

 

 

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

 

 

 

 

o 15.

Effective Date. If this Plan is being adopted as a new 401(k) plan or to add a
401(k) feature to an existing plan, Eligible Participants may begin making
Section 401(k) Deferrals as of:___

 

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© 2001 SunTrust Bank

 

5

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Part 4B - Employer Matching Contributions

(See Sections 2.3(b) and (c) of the BPD)

 

 

x

Check this selection and complete this Part 4B to allow for Employer Matching
Contributions. Each formula allows for Employer Matching Contributions to be
allocated to Section 401(k) Deferrals and/or Employee After-Tax Contributions
(referred to as “applicable contributions”). If a matching formula applies to
both types of contributions, such contributions are aggregated to determine the
Employer Matching Contribution allocated under the formula. If any formula
applies to Employee After-Tax Contributions, Part 4D must be completed. [Note:
Do not check this selection if the only Employer Matching Contributions
authorized under the Plan are Safe Harbor Matching Contributions. Instead,
complete the applicable elections under Part 4E of this Agreement. If a
“regular” Employer Matching Contribution will be made in addition to a Safe
Harbor Matching Contribution, complete this Part 4B for the “regular” Employer
Matching Contribution and Part 4E for the Safe Harbor Matching Contribution. To
avoid ACP Testing with respect to any “regular” Employer Matching Contributions,
such contributions may not be based on applicable contributions in excess of 6%
of Included Compensation and any discretionary “regular” Employer Matching
Contributions may not exceed 4% of Included Compensation.]

 

 

16.

Employer Matching Contribution formula(s): [See the operating rules under #17
below.]

 

 

 

 

 

 

 

 

 

(1)
§401(k)
Deferrals

(2)
Employee
After-Tax

 

 

 

 

 

 

 

 

 

a.

x

o

Fixed matching contribution. 100 % of each Eligible Participant’s applicable
contributions. The Employer Matching Contribution does not apply to applicable
contributions that exceed:

 

 

 

 

 

 

 

 

 

x

(a)

3 % of Included Compensation.

 

 

 

 

 

 

 

 

 

 

 

x

(b)

$ 1500.

 

 

 

 

 

 

 

 

 

 

 

[Note: If neither (a) nor (b) is checked, all applicable contributions are
eligible for the Employer Matching Contribution under this formula.]

 

 

 

 

 

 

 

 

b.

o

o

Discretionary matching contribution. A uniform percentage, as determined by the
Employer, of each Eligible Participant’s applicable contributions.

 

 

 

 

 

 

 

 

 

 

 

o

(a)

The Employer Matching Contribution allocated to any Eligible Participant may not
exceed ___% of Included Compensation.

 

 

 

 

 

 

 

 

 

 

 

o

(b)

The Employer Matching Contribution will apply only to a Participant’s applicable
contributions that do not exceed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

1.

___% of Included Compensation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

2.

$___.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

3.

a dollar amount or percentage of Included Compensation that is uniformly
determined by the Employer for all Eligible Participants.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: If none of the selections 1. - 3. is checked, all applicable
contributions are eligible for the Employer Matching Contribution under this
formula.]

 

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© 2001 SunTrust Bank

 

6

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c.

o

o

Tiered matching contribution. A uniform percentage of each tier of each Eligible
Participant’s applicable contributions, determined as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tiers of contributions

 

Matching percentage

 

 

 

 

 

 

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

 

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

 

 

 

 

 

 

(indicate $ or %)

 

 

 

 

 

 

 

 

(a) First   ___________

 

   (b)   ___________

 

 

 

 

 

 

(c) Next   ___________

 

   (d)   ___________

 

 

 

 

 

 

(e) Next   ___________

 

   (f)   ___________

 

 

 

 

 

 

(g) Next   ___________

 

   (h)   ___________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Fill in only percentages or dollar amounts, but not both. If percentages
are used, each tier represents the amount of the Participant’s applicable
contributions that equals the specified percentage of the Participant’s Included
Compensation.]

 

 

 

 

 

 

d.

o

o

Discretionary tiered matching contribution. The Employer will determine a
matching percentage for each tier of each Eligible Participant’s applicable
contributions. Tiers are determined in increments of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tiers of contributions

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

(indicate $ or %)

 

 

 

 

 

 

 

 

(a) First   ___________

 

 

 

 

 

 

 

 

(b) Next   ___________

 

 

 

 

 

 

 

 

(c) Next   ___________

 

 

 

 

 

 

 

 

(d) Next   ___________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Fill in only percentages or dollar amounts, but not both. If percentages
are used, each tier represents the amount of the Participant’s applicable
contributions that equals the specified percentage of the Participant’s Included
Compensation.]

 

 

 

 

 

 

 

 

 

 

e.

o

o

Year of Service matching contribution. A uniform percentage of each Eligible
Participant’s applicable contributions based on Years of Service with the
Employer, determined as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years of Service

 

Matching Percentage

 

 

 

 

 

 

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

 

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

 

 

 

 

 

 

(a)   ___________

 

(b)   ___________%

 

 

 

 

 

 

(c)   ___________

 

(d)   ___________%

 

 

 

 

 

 

(e)   ___________

 

(f)   ___________%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

1.

In applying the Year of Service matching contribution formula, a Year of Service
is: [If not checked, a Year of Service is 1,000 Hours of Service during the Plan
Year.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

a.

as defined for purposes of eligibility under Part 7.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

b.

as defined for purposes of vesting under Part 7.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

2.

Special limits on Employer Matching Contributions under the Year of Service
formula:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

a.

The Employer Matching Contribution allocated to any Eligible Participant may not
exceed ___% of Included Compensation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

b.

The Employer Matching Contribution will apply only to a Participant’s applicable
contributions that do not exceed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

___% of Included Compensation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

$___.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

© 2001 SunTrust Bank

 

 

 

 

 

 

 

 

 

 

7

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f.

o

 

o

Net Profits. Any Employer Matching Contributions made in accordance with the
elections under this #16 are limited to Net Profits. [If this f. is checked,
also select (a) or (b) below.]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

Default definition of Net Profits. For purposes of this selection f., Net
Profits is defined in accordance with Section 2.2(a)(2) of the BPD.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Modified definition of Net Profits. For purposes of this selection f., Net
Profits is defined as follows: _____

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Any definition of Net Profits under this (b) must be described in a
manner that precludes Employer discretion and must satisfy the nondiscrimination
requirements of §1.401(a)(4) of the regulations and must apply uniformly to all
Participants.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17.

Operating rules for applying the matching contribution formulas:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.

Applicable contributions taken into account: (See Section 2.3(b)(3) of the BPD.)
The matching contribution formula(s) elected in #16. above (and any limitations
on the amount of a Participant’s applicable contributions considered under such
formula(s)) are applied separately for each:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x

(1)

Plan Year.

 

 

 

o

(2)

Plan Year quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

calendar month.

 

o

(4)

payroll period.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: If Part 3, #11.b. is checked, the period selected under this a. (to the
extent such period refers to the Plan Year) will be determined as if the Plan
Year were the period designated under Part 3, #11.b. See Section 2.2(c)(3) of
the BPD.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

Special rule for partial period of participation. If an Employee is an Eligible
Participant for only part of the period designated in a. above, Included
Compensation is taken into account for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

the entire period, including the portion of the period during which the Employee
is not an Eligible Participant.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x

(2)

the portion of the period in which the Employee is an Eligible Participant.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

the portion of the period during which the Employee’s election to make the
applicable contributions is in effect.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o 18.

Qualified Matching Contributions (QMACs): [Note: Regardless of any elections
under this #18, the Employer may make a QMAC to the Plan to correct a failed ADP
or ACP Test, as authorized under Sections 17.2(d)(2) and 17.3(d)(2) of the BPD.
Any QMAC allocated to correct the ADP or ACP Test which is not specifically
authorized under this #18 will be allocated to all Eligible Participants who are
Nonhighly Compensated Employees as a uniform percentage of Section 401(k)
Deferrals made during the Plan Year. See Section 2.3(c) of the BPD.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

a.

All Employer Matching Contributions are designated as QMACs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

b.

Only Employer Matching Contributions described in selection(s) ___ under #16
above are designated as QMACs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

c.

In addition to any Employer Matching Contribution provided under #16 above, the
Employer may make a discretionary QMAC that is allocated equally as a percentage
of Section 401(k) Deferrals made during the Plan Year. The Employer may allocate
QMACs only on Section 401(k) Deferrals that do not exceed a specific dollar
amount or a percentage of Included Compensation that is uniformly determined by
the Employer. QMACs will be allocated to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Eligible Participants who are Nonhighly Compensated Employees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

all Eligible Participants.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19.

Allocation conditions. An Eligible Participant must satisfy the following
allocation conditions for an Employer Matching Contribution: [Check a. or b. or
any combination of c. - f. Selection e. may not be checked if b. or d. is
checked. Selection g. and/or h. may be checked in addition to b. - f.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

a.

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

b.

Safe harbor allocation condition. An Employee must be employed by the Employer
on the last day of the Plan Year OR must have more than ___ (not more than 500)
Hours of Service for the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x

c.

Last day of employment condition. An Employee must be employed with the Employer
on the last day of the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

© 2001 SunTrust Bank

 

 

 

 

8

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

d.

Hours of Service condition. An Employee must be credited with at least ___ Hours
of Service (may not exceed 1,000) during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

e.

Elapsed Time Method. (See Section 2.6(d) of the BPD.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Safe harbor allocation condition. An Employee must be employed by the Employer
on the last day of the Plan Year OR must have more than ___ (not more than 91)
consecutive days of employment with the Employer during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Service condition. An Employee must have more than ___ (not more than 182)
consecutive days of employment with the Employer during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

f.

Distribution restriction. An Employee must not have taken a distribution of the
applicable contributions eligible for an Employer Matching Contribution prior to
the end of the period for which the Employer Matching Contribution is being made
(as defined in #17.a. above). See Section 2.6(c) of the BPD.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

g.

Application to a specified period. In applying the allocation condition(s)
designated under b. through e. above, the allocation condition(s) will be based
on the period designated under #17.a. above. In applying an Hours of Service
condition under d. above, the following method will be used: [This g. should be
checked only if a period other than the Plan Year is selected under #17.a.
above. Selection (1) or (2) must be selected only if d. above is also checked.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Fractional method (see Section 2.6(e)(2)(i) of the BPD).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Period-by-period method (see Section 2.6(e)(2)(ii) of the BPD).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Practitioner Note: If this g. is not checked, any allocation condition(s)
selected under b. through e. above will apply with respect to the Plan Year,
regardless of the period selected under #17.a. above. See Section 2.6(e) of the
BPD for procedural rules for applying allocation conditions for a period other
than the Plan Year.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

h.

The above allocation condition(s) will not apply if:

 

 

 

 

 

 

 

 

 

o

(1)

the Participant dies during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

the Participant is Disabled.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

the Participant, by the end of the Plan Year, has reached:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

Normal Retirement Age.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Early Retirement Age.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part 4C - Employer Nonelective Contributions

 

(See Sections 2.3(d) and (e) of the BPD)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x

Check this selection and complete this Part 4C to allow for Employer Nonelective
Contributions. [Note: Do not check this selection if the only Employer
Nonelective Contributions authorized under the Plan are Safe Harbor Nonelective
Contributions. Instead, complete the applicable elections under Part 4E of this
Agreement.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x 20.

Employer Nonelective Contribution (other than QNECs):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x

a.

Discretionary. Discretionary with the Employer.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

b.

Fixed uniform percentage. ___% of each Eligible Participant’s Included
Compensation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

c.

Uniform dollar amount.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

A uniform discretionary dollar amount for each Eligible Participant.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

$___ for each Eligible Participant.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

d.

Davis-Bacon Contribution Formula. (See Section 2.2(a)(1) of the BPD for rules
regarding the application of the Davis-Bacon Contribution Formula.) The Employer
will make a contribution for each Eligible Participant’s Davis-Bacon Act Service
based on the hourly contribution rate for the Participant’s employment
classification, as designated under Schedule A of this Agreement. The
contributions under this formula will be allocated under the Pro Rata Allocation
Formula under #21.a. below, but based on the amounts designated in Schedule A as
attached to this Agreement. [If this d. is selected, #21.a. below also must be
selected.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

© 2001 SunTrust Bank

 

9

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

 

 

 

 

 

 

 

 

 

 

 

o

(1)

The contributions under the Davis-Bacon Contribution Formula will offset the
following contributions under the Plan: [Check (a) and/or (b). If this (1) is
not checked, contributions under the Davis Bacon Contribution Formula will not
offset any other Employer Contributions under the Plan.]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

Employer Nonelective Contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Employer Matching Contributions

 

 

 

 

 

 

 

 

 

 

 

o

(2)

The default provisions under Section 2.2(a)(1) are modified as follows: ____

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Any modification to the default provisions under (2) must satisfy the
nondiscrimination requirements under §1.401(a)(4) of the regulations. Any
modification under (2) will not allow the offset of any contributions to any
other Plan.]

 

 

 

 

 

 

 

 

 

o

e.

Net Profits. Check this e. if the contribution selected above is limited to Net
Profits. [If this e. is checked, also select (1) or (2) below.]

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Default definition of Net Profits. For purposes of this subsection e., Net
Profits is defined in accordance with Section 2.2(a)(2) of the BPD.

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Modified definition of Net Profits. For purposes of this subsection e., Net
Profits is defined as follows: _______________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: Any definition of Net Profits under this (2) must be described in a
manner that precludes Employer discretion, must satisfy the nondiscrimination
requirements of §1.401(a)(4) of the regulations, and must apply uniformly to all
Participants.]

 

 

 

 

 

 

 

 

x 21.

Allocation formula for Employer Nonelective Contributions (other than QNECs):
(See Section 2.3(d) of the BPD.)

 

 

 

 

 

 

 

 

 

x

a.

Pro Rata Allocation Method. The allocation for each Eligible Participant is a
uniform percentage of Included Compensation (or a uniform dollar amount if
#20.c. is selected above).

 

 

 

 

 

 

 

 

 

o

b.

Permitted Disparity Method. The allocation for each Eligible Participant is
determined under the following formula: [Selection #20.a. above must also be
checked.]

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Two-Step Formula.

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Four-Step Formula.

 

 

 

 

 

 

 

 

 

o

c.

Uniform points allocation. The allocation for each Eligible Participant is
determined based on the Eligible Participant’s points. Each Eligible
Participant’s allocation shall bear the same relationship to the Employer
Contribution as his/her total points bears to all points awarded. An Eligible
Participant will receive: [Check (1) and/or (2). Selection (3) may be checked in
addition to (1) and (2). Selection #20.a. above also must be checked.]

 

 

 

 

 

 

 

 

 

 

 

o

(1)

_____ points for each _____ year(s) of age (attained as of the end of the Plan
Year).

 

 

 

 

 

 

 

 

 

 

 

o

(2)

_____ points for each _____ Year(s) of Service, determined as follows: [Check
(a) or (b). Selection (c) may be checked in addition to (a) or (b).]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

In the same manner as determined for eligibility.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

In the same manner as determined for vesting.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(c)

Points will not be provided with respect to Years of Service in excess of
________.

 

 

 

 

 

 

 

 

 

 

 

o

(3)

_____ points for each $___ (not to exceed $200) of Included Compensation.

 

 

 

 

 

 

 

 

 

o

d.

Allocation based on service. The Employer Nonelective Contribution will be
allocated to each Eligible Participant as: [Check (1) or (2). Also check (a),
(b), and/or (c). Selection (3) may be checked in addition to (1) or (2).]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

a uniform dollar amount       o    (2) a uniform percentage of Included
                                                          Compensation
for the following periods of service:

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

Each Hour of Service.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Each week of employment.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(c)

(Describe period) ________________________

 

 

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

© 2001 SunTrust Bank

 

 

 

 

10

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

The contribution is subject to the following minimum and/or maximum benefit
limitations:___________

 

 

 

 

 

 

 

 

 

 

 

[Practitioner Note: If #20.b. or #20.c. is checked, the selection in (1) or (2)
must conform to the selection made in #20.b. or #20.c. Thus, if #20.b. is
checked along with this subsection d., the allocation must be a uniform
percentage of Included Compensation under (2). If #20.c. is checked along with
this subsection d. the allocation must be a uniform dollar amount under (1).]

 

 

 

 

 

 

 

 

 

o

e.

Top-heavy minimum contribution. In applying the Top-Heavy Plan requirements
under Article 16 of the BPD, the top-heavy minimum contribution will be
allocated to all Eligible Participants, in accordance with Section 16.2(a) of
the BPD. [Note: If this e. is not checked, any top-heavy minimum contribution
will be allocated only to Non-Key Employees, in accordance with Section 16.2(a)
of the BPD.]

 

 

 

 

 

 

 

 

x 22.

Qualified Nonelective Contribution (QNEC). The Employer may make a discretionary
QNEC that is allocated under the following method. [Note: Regardless of any
elections under this #22, the Employer may make a QNEC to the Plan to correct a
failed ADP or ACP Test, as authorized under Sections 17.2(d)(2) and 17.3(d)(2)
of the BPD. Any QNEC allocated to correct the ADP or ACP Test which is not
specifically authorized under this #22 will be allocated as a uniform percentage
of Included Compensation to all Eligible Participants who are Nonhighly
Compensated Employees. See Section 2.3(e) of the BPD.]

 

 

 

 

 

 

 

 

 

x

a.

Pro Rata Allocation Method. (See Section 2.3(e)(1) of the BPD.) The QNEC will be
allocated as a uniform percentage of Included Compensation to:

 

 

 

 

 

 

 

 

 

 

 

x

(1)

all Eligible Participants who are Nonhighly Compensated Employees.

 

 

 

 

 

 

 

 

 

 

 

o

(2)

all Eligible Participants.

 

 

 

 

 

 

 

 

 

o

b.

Bottom-up QNEC method. The QNEC will be allocated to Eligible Participants who
are Nonhighly Compensated Employees in reverse order of Included Compensation.
(See Section 2.3(e)(2) of the BPD.)

 

 

 

 

 

 

 

 

 

o

c.

Application of allocation conditions. If this c. is checked, QNECs will be
allocated only to Eligible Participants who have satisfied the allocation
conditions under #24 below. [If this c. is not checked, QNECs will be allocated
without regard to the allocation conditions under #24 below.]

 

 

 

 

 

 

 

 

23.

Operating rules for determining amount of Employer Nonelective Contributions.

 

 

 

 

a.

 

Special rules regarding Included Compensation.

 

 

 

 

 

 

(1)

Applicable period for determining Included Compensation. In determining the
amount of Employer Nonelective Contributions to be allocated to an Eligible
Participant under this Part 4C, Included Compensation is determined separately
for each: [If #21.b. above is checked, the Plan Year must be selected under (a)
below.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x

(a)

Plan Year.

o

(b)

Plan Year quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(c)

calendar month.

o

(d)

payroll period.

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: If Part 3, #11.b. is checked, the period selected under this (1) (to the
extent such period refers to the Plan Year) will be determined as if the Plan
Year were the period designated under Part 3, #11.b. See Section 2.2(c)(3) of
the BPD.]

 

 

 

 

 

 

 

 

 

x

 

(2)

Special rule for partial period of participation. If an Employee is an Eligible
Participant for only part of the period designated under (1) above, Included
Compensation is taken into account for the entire period, including the portion
of the period during which the Employee is not an Eligible Participant. [If this
selection (2) is not checked, Included Compensation is taken into account only
for the portion of the period during which the Employee is an Eligible
Participant.]

 

 

 

 

 

 

 

 

 

o

b.

Special rules for applying the Permitted Disparity Method. [Complete this b.
only if #21.b. above is also checked.]

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Application of Four-Step Formula for Top-Heavy Plans. If this (1) is checked,
the Four-Step Formula applies instead of the Two-Step Formula for any Plan Year
in which the Plan is a Top Heavy Plan. [This (1) may only be checked if
#21.b.(1) above is also checked.]

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Excess Compensation under the Permitted Disparity Method is the amount of
Included Compensation that exceeds: [If this selection (2) is not checked,
Excess Compensation under the Permitted Disparity Method is the amount of
Included Compensation that exceeds the Taxable Wage Base.]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

____ % (may not exceed 100%) of the Taxable Wage Base.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o 1.

The amount determined under (a) is not rounded.

 

 

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

© 2001 SunTrust Bank

 

 

 

 

11

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

2.

The amount determined under (a) is rounded (but not above the Taxable Wage Base)
to the next higher:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

a.

$1.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

b.

$100.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

c.

$1,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

______________________________ (may not exceed the Taxable Wage Base).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: The maximum integration percentage of 5.7% must be reduced to (i) 5.4% if
Excess Compensation is based on an amount that is greater than 80% but less than
100% of the Taxable Wage Base or (ii) 4.3% if Excess Compensation is based on an
amount that is greater than 20% but less than or equal to 80% of the Taxable
Wage Base. See Section 2.2(b)(2) of the BPD.]

 

 

 

 

 

 

 

 

 

 

 

 

24.

Allocation conditions. An Eligible Participant must satisfy the following
allocation conditions for an Employer Nonelective Contribution: [Check a. or b.
or any combination of c. - e. Selection e. may not be checked if b. or d. is
checked. Selection f. and/or g. may be checked in addition to b. - e.]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

a.

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

b.

Safe harbor allocation condition. An Employee must be employed by the Employer
on the last day of the Plan Year OR must have more than _____ (not more than
500) Hours of Service for the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

x

c.

Last day of employment condition. An Employee must be employed with the Employer
on the last day of the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

d.

Hours of Service condition. An Employee must be credited with at least ____
Hours of Service (may not exceed 1,000) during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

e.

Elapsed Time Method. (See Section 2.6(d) of the BPD.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Safe harbor allocation condition. An Employee must be employed by the Employer
on the last day of the Plan Year OR must have more than ____ (not more than 91)
consecutive days of employment with the Employer during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Service condition. An Employee must have more than ____ (not more than 182)
consecutive days of employment with the Employer during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

f.

Application to a specified period. In applying the allocation condition(s)
designated under b. through e. above, the allocation condition(s) will be based
on the period designated under #23.a.(1) above. In applying an Hours of Service
condition under d. above, the following method will be used: [This f. should be
checked only if a period other than the Plan Year is selected under #23.a.(1)
above. Selection (1) or (2) must be selected only if d. above is also checked.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Fractional method (see Section 2.6(e)(2)(i) of the BPD).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Period-by-period method (see Section 2.6(e)(2)(ii) of the BPD).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[ Practitioner Note: If this f. is not checked, any allocation condition(s)
selected under b. through e. above will apply with respect to the Plan Year,
regardless of the period selected under #23.a.(1) above. See Section 2.6(e) of
the BPD for procedural rules for applying allocation conditions for a period
other than the Plan Year.]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

g.

The above allocation condition(s) will not apply if:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

the Participant dies during the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

the Participant is Disabled.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

the Participant, by the end of the Plan Year, has reached:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

Normal Retirement Age.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Early Retirement Age.

 

 

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

© 2001 SunTrust Bank

 

 

 

 

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Part 4D - Employee After-Tax Contributions

(See Section 3.1 of the BPD)

 

 

 

 

o

Check this selection to allow for Employee After-Tax Contributions. If Employee
After-Tax Contributions will not be permitted under the Plan, do not check this
selection and skip the remainder of this Part 4D. [Note: The eligibility
conditions for making Employee After-Tax Contributions are listed in Part 1 of
this Agreement under “§401(k) Deferrals.”]

 

 

o 25.

Maximum. ___% of Included Compensation for:

 

 

 

 

 

o

a.

the entire Plan Year.

 

 

 

 

 

o

b.

the portion of the Plan Year during which the Employee is an Eligible
Participant.

 

 

 

 

 

o

c.

each separate payroll period during which the Employee is an Eligible
Participant.

 

 

 

 

 

[Note: If this #25 is not checked, the only limit on Employee After-Tax
Contributions is the Annual Additions Limitation under Article 7 of the BPD. If
Part 3, #11.b. is checked, any period selected under this #25 will be determined
as if the Plan Year were the period designated under Part 3, #11.b. See Section
2.2(c)(3) of the BPD.]

 

 

 

 

o 26.

Minimum. For any payroll period, no less than:

 

 

 

 

 

o

a.

__ % of Included Compensation.

 

 

 

 

 

o

b.

$__.

 

Part 4E - Safe Harbor 401(k) Plan Election

(See Section 17.6 of the BPD)

 

 

 

 

 

 

 

 

 

 

 

o

Check this selection and complete this Part 4E if the Plan is designed to be a
Safe Harbor 401(k) Plan.

 

 

o 27.

Safe Harbor Matching Contribution: The Employer will make an Employer Matching
Contribution with respect to an Eligible Participant’s Section 401(k) Deferrals
and/or Employee After-Tax Contributions (“applicable contributions”) under the
following formula: [Complete selection a. or b. In addition, complete selection
c. Selection d. may be checked in addition to a. or b. and c.]

 

 

 

o

a.

Basic formula: 100% of applicable contributions up to the first 3% of Included
Compensation, plus 50% of applicable contributions up to the next 2% of Included
Compensation.

 

 

 

 

 

o

b.

Enhanced formula:

 

 

 

 

 

 

 

 

 

o

(1)

__% (not less than 100%) of applicable contributions up to __% of Included
Compensation (not less than 4% and not more than 6%).

 

 

 

 

 

 

 

 

 

o

(2)

The sum of: [The contributions under this (2) must not be less than the
contributions that would be calculated under a. at each level of applicable
contributions.]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

__% of applicable contributions up to the first (b) __% of Included
Compensation, plus

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(c)

__% of applicable contributions up to the next (d) __% of Included Compensation.

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: The percentage in (c) may not be greater than the percentage in (a). In
addition, the sum of the percentages in (b) and (d) may not exceed 6%.]

 

 

 

 

 

 

 

 

 

 

c.

Applicable contributions taken into account: (See Section 17.6(a)(l)(i) of the
BPD.) The Safe Harbor Matching Contribution formula elected in a. or b. above
(and any limitations on the amount of a Participant’s applicable contributions
considered under such formula(s)) are applied separately for each:

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Plan Year.

o

(2)

Plan Year quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

calendar month.

o

(4)

payroll period.

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: If Part 3, #11.b. is checked, any period selected under this #25 will be
determined as if the Plan Year were the period designated under Part 3, #11.b.
See Section 2.2(c)(3) of the BPD.]

 

 

 

 

 

 

 

 

 

o

d.

Definition of applicable contributions. Check this d. if the Plan permits
Employee After-Tax Contributions but the Safe Harbor Matching Contribution
formula selected under a. or b. above does not apply to such Employee After-Tax
Contributions.

 

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

© 2001 SunTrust Bank

13

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

 

 

 

 

o 28.

Safe Harbor Nonelective Contribution: __% (no less than 3%) of Included
Compensation.

 

 

 

o

a.

Check this selection if the Employer will make this Safe Harbor Nonelective
Contribution pursuant to a supplemental notice as described in Section
17.6(a)(l)(ii) of the BPD. If this a. is checked, the Safe Harbor Nonelective
Contribution will be required only for a Plan Year for which the appropriate
supplemental notice is provided. For any Plan Year in which the supplemental
notice is not provided, the Plan is not a Safe Harbor 401(k) Plan.

 

 

 

 

 

o

b.

Check this selection to provide the Employer with the discretion to increase the
above percentage to a higher percentage.

 

 

 

 

 

o

c.

Check this selection if the Safe Harbor Nonelective Contribution will be made
under another plan maintained by the Employer and identify the plan:

 

 

 

 

 

 

 

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

 

 

 

 

 

o

d.

Check this d. if the Safe Harbor Nonelective Contribution offsets the allocation
that would otherwise be made to the Participant under Part 4C, #21 above. If the
Permitted Disparity Method is elected under Part 4C, #21.b., this offset applies
only to the second step of the Two-Step Formula or the fourth step of the
Four-Step Formula, as applicable.

 

 

 

 

o 29.

Special rule for partial period of participation. If an Employee is an Eligible
Participant for only part of a Plan Year, Included Compensation is taken into
account for the entire Plan Year, including the portion of the Plan Year during
which the Employee is not an Eligible Participant. [If this #29 is not checked,
Included Compensation is taken into account only for the portion of the Plan
Year in which the Employee is an Eligible Participant.]

 

 

30.

Eligible Participant. For purposes of the Safe Harbor Contributions elected
above, “Eligible Participant” means: [Check a., b. or c. Selection d. may be
checked in addition to a., b. or c.]

 

 

 

o

a.

All Eligible Participants (as determined for Section 401(k) Deferrals).

 

 

 

 

 

o

b.

All Nonhighly Compensated Employees who are Eligible Participants (as determined
for Section 401(k) Deferrals).

 

 

 

 

 

o

c.

All Nonhighly Compensated Employees who are Eligible Participants (as determined
for Section 401(k) Deferrals) and all Highly Compensated Employees who are
Eligible Participants (as determined for Section 401(k) Deferrals) but who are
not Key Employees.

 

 

 

 

 

o

d.

Check this d. if the selection under a., b. or c., as applicable, applies only
to Employees who would be Eligible Participants for any portion of the Plan Year
if the eligibility conditions selected for Section 401(k) Deferrals in Part 1,
#5 of this Agreement were one Year of Service and age 21. (See Section
17.6(a)(l) of the BPD.)

 

Part 4F - Special 401(k) Plan Elections

(See Article 17 of the BPD)

 

 

 

 

31.

ADP/ACP testing method. In performing the ADP and ACP tests, the Employer will
use the following method: (See Sections 17.2 and 17.3 of the BPD for an
explanation of the ADP/ACP testing methods.)

 

 

 

 

 

o

a.

Prior Year Testing Method.

 

 

 

 

 

x

b.

Current Year Testing Method.

 

 

 

 

 

[Practitioner Note: If this Plan is intended to be a Safe-Harbor 401(k) Plan
under Part 4E above, the Current Year Testing Method must be elected under b.
See Section 17.6 of the BPD.]

 

 

o 32.

First Plan Year for Section 401(k) Deferrals. (See Section 17.2(b) of the BPD.)
Check this selection if this Agreement covers the first Plan Year that the Plan
permits Section 401(k) Deferrals. The ADP for the Nonhighly Compensated Employee
Group for such first Plan Year is determined under the following method:

 

 

 

o

a.

the Prior Year Testing Method, assuming a 3% deferral percentage for the
Nonhighly Compensated Employee Group.

 

 

 

 

 

o

b.

the Current Year Testing Method using the actual deferral percentages of the
Nonhighly Compensated Employee Group.

 

 

 

 

o 33.

First Plan Year for Employer Matching Contributions or Employee After-Tax
Contributions. (See Section 17.3(b) of the BPD.) Check this selection if this
Agreement covers the first Plan Year that the Plan includes either an Employer
Matching Contribution formula or permits Employee After-Tax Contributions. The
ACP for the Nonhighly Compensated Employee Group for such first Plan Year is
determined under the following method:

 

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

© 2001 SunTrust Bank

14

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

 

 

 

 

 

o

a.

the Prior Year Testing Method, assuming a 3% contribution percentage for the
Nonhighly Compensated Employee Group.

 

 

 

 

 

o

b.

the Current Year Testing Method using the actual contribution percentages of the
Nonhighly Compensated Employee Group.

 

Part 5 - Retirement Ages

(See Sections 22.57 and 22.126 of the BPD)

 

 

 

 

 

 

34.

Normal Retirement Age:

 

 

 

x

a.

Age 65 (not to exceed 65).

 

 

 

 

 

o

b.

The later of (1) age ___ (not to exceed 65) or (2) the ___ (not to exceed 5th)
anniversary of the date the Employee commenced participation in the Plan.

 

 

 

 

 

o

c.

_______ (may not be later than the maximum age permitted under b.)

 

 

 

 

35.

Early Retirement Age: [Check a. or check b. and/or c.]

 

 

 

 

 

x

a.

Not applicable.

 

 

 

 

 

o

b.

Age ___.

 

 

 

 

 

o

c.

Completion of ___Years of Service, determined as follows:

 

 

 

 

 

 

 

 

 

o

(1)

Same as for eligibility.

 

 

 

 

 

 

 

 

 

o

(2)

Same as for vesting.

 

Part 6 - Vesting Rules

(See Article 4 of the BPD)

 

 

v

Complete this Part 6 only if the Employer has elected to make Employer Matching
Contributions under Part 4B or Employer Nonelective Contributions under Part 4C.
Section 401(k) Deferrals, Employee After-Tax Contributions, QMACs, QNECs, Safe
Harbor Contributions, and Rollover Contributions are always 100% vested. (See
Section 4.2 of the BPD for the definitions of the various vesting schedules.)

 

 

36.

Normal vesting schedule: [Check one of a. -f. for those contributions the
Employer elects to make under Part 4 of this Agreement.]

 

 

 

 

 

 

 

 

(1)
Employer
Match

 

(2)
Employer
Nonelective

 

 

 

 

 

 

 

a.

 

o

 

o

Full and immediate vesting.

 

 

 

 

 

 

b.

 

o

 

o

7-year graded vesting schedule.

 

 

 

 

 

 

c.

 

o

 

o

6-year graded vesting schedule.

 

 

 

 

 

 

d.

 

o

 

o

5-year cliff vesting schedule.

 

 

 

 

 

 

e.

 

o

 

o

3-year cliff vesting schedule.

 

 

 

 

 

 

f.

 

x

 

x

Modified vesting schedule:

 

 

(1)

0 % after 1 Year of Service

(2)

25% after 2 Years of Service

(3)

50% after 3 Years of Service

(4)

75% after 4 Years of Service

(5)

100% after 5 Years of Service

(6)

___% after 6 Years of Service, and

(7)

100% after 7 Years of Service.

 

 

[Note: The percentages selected under the modified vesting schedule must not be
less than the percentages that would be required under the 7-year graded vesting
schedule, unless 100% vesting occurs after no more than 5 Years of Service.]

 

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

© 2001 SunTrust Bank

15

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

 

 

37.

Vesting schedule when Plan is top-heavy: [Check one of a. - d. for those
contributions the Employer elects to make under Part 4 of this Agreement.]

 

 

 

 

 

 

 

 

 

 

(1)
Employer
Match

 

(2)
Employer
Nonelective

 

 

 

 

 

 

 

 

a.

o

 

o

Full and immediate vesting.

 

 

 

 

 

 

 

b.

o

 

o

6-year graded vesting schedule.

 

 

 

 

 

 

 

c.

o

 

o

3-year cliff vesting schedule.

 

 

 

 

 

 

 

d.

x

 

x

Modified vesting schedule:

 

 

 

 

 

 

 

 

 

 

 

(1)

0

% after 1 Year of Service

 

 

 

 

 

(2)

25

% after 2 Years of Service

 

 

 

 

 

(3)

50

% after 3 Years of Service

 

 

 

 

 

(4)

75

% after 4 Years of Service

 

 

 

 

 

(5)

100

% after 5 Years of Service, and

 

 

 

 

 

(6)

100

% after 6 Years of Service.

 

 

 

 

 

 

 

 

 

 

 

 

[Note: The percentages selected under the modified vesting schedule must not be
less than the percentages that would be required under the 6-year graded vesting
schedule, unless 100% vesting occurs after no more than 3 Years of Service.]

 

 

 

 

o 38.

Service excluded under the above vesting schedule(s):

 

 

 

 

o

a.

Service before the original Effective Date of this Plan. (See Section 4.5(b)(l)
of the BPD for rules that require service under a Predecessor Plan to be
counted.)

 

 

 

 

 

o

b.

Years of Service completed before the Employee’s ____ birthday (cannot exceed
the 18th birthday).

 

 

 

 

x 39.

Special 100% vesting. An Employee’s vesting percentage increases to 100% if,
while employed with the Employer, the Employee:

 

 

 

 

 

x

a.

dies.

 

 

 

 

 

x

b.

becomes Disabled (as defined in Section 22.53 of the BPD).

 

 

 

 

 

o

c.

reaches Early Retirement Age (as defined in Part 5, #35 above).

 

 

 

 

o 40.

Special vesting provisions:
_____________________________________________________

 

 

 

 

 

[Note: Any special vesting provision designated in #40 must satisfy the
requirements of Code §411 (a) and must satisfy the nondiscrimination
requirements under §1.401(a)(4) of the regulations.]

Part 7 - Special Service Crediting Rules

(See Article 6 of the BPD)

If no minimum service requirement applies under Part 1, #5 of this Agreement and
all contributions are 100% vested under Part 6, skip this Part 7.

 

 

 

v

Year of Service - Eligibility. 1,000 Hours of Service during an Eligibility
Computation Period. Hours of Service are calculated using the Actual Hours
Crediting Method. [To modify, complete #41 below.]

 

 

v

Eligibility Computation Period. If one Year of Service is required for
eligibility, the Shift-to-Plan-Year Method is used. If two Years of Service are
required for eligibility, the Anniversary Year Method is used. [To modify,
complete #42 below.]

 

 

v

Year of Service - Vesting. 1,000 Hours of Service during a Vesting Computation
Period. Hours of Service are calculated using the Actual Hours Crediting Method.
[To modify, complete #43 below.]

 

 

v

Vesting Computation Period. The Plan Year. [To modify, complete #44 below.]

 

 

v

Break in Service Rules. The Rule of Parity Break in Service rule applies for
both eligibility and vesting but the one-year holdout Break in Service rule is
NOT used for eligibility or vesting. [To modify, complete #45 below.]

 

 

 

 

o 41.

Alternative definition of Year of Service for eligibility.

 

 

o 

a.

A Year of Service is __ Hours of Service (may not exceed 1,000) during an
Eligibility Computation Period.

 

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

© 2001 SunTrust Bank

16

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

 

 

 

 

 

 

 

o

b.

Use the Equivalency Method (as defined in Section 6.5(a) of the BPD) to count
Hours of Service. If this b. is checked, each Employee will be credited with 190
Hours of Service for each calendar month for which the Employee completes at
least one Hour of Service, unless a different Equivalency Method is selected
under #46 below. The Equivalency Method applies to:

 

 

 

 

 

 

 

 

 

o

(1)

All Employees.

 

 

 

 

 

 

 

 

 

o

(2)

Employees who are not paid on an hourly basis. For hourly Employees, the Actual
Hours Method will be used.

 

 

 

 

 

 

 

o

c.

Use the Elapsed Time Method instead of counting Hours of Service. (See Section
6.5(b) of the BPD.)

 

 

 

 

 

 

o 42.

Alternative method for determining Eligibility Computation Periods. (See Section
1.4(c) of the BPD.)

 

 

 

 

 

 

 

o

a.

One Year of Service eligibility. Eligibility Computation Periods are determined
using the Anniversary Year Method instead of the Shift-to-Plan-Year Method.

 

 

 

 

 

 

 

o

b.

Two Years of Service eligibility. Eligibility Computation Periods are determined
using the Shift-to-Plan-Year Method instead of the Anniversary Year Method.

 

 

 

 

 

 

o 43.

Alternative definition of Year of Service for vesting.

 

 

 

 

 

 

 

o

a.

A Year of Service is ___ Hours of Service (may not exceed 1,000) during a
Vesting Computation Period.

 

 

 

 

 

 

 

o

b.

Use the Equivalency Method (as defined in Section 6.5(a) of the BPD) to count
Hours of Service. If this b. is checked, each Employee will be credited with 190
Hours of Service for each calendar month for which the Employee completes at
least one Hour of Service, unless a different Equivalency Method is selected
under #46 below. The Equivalency Method applies to:

 

 

 

 

 

 

 

 

 

o

(1)

All Employees.

 

 

 

 

 

 

 

 

o

(2)

Employees who are not paid on an hourly basis. For hourly Employees, the Actual
Hours Method will be used.

 

 

 

 

 

 

o

c.

Use the Elapsed Time Method instead of counting Hours of Service. (See Section
6.5(b) of the BPD.)

 

 

 

 

 

o 44.

Alternative method for determining Vesting Computation Periods. Instead of Plan
Years, use:

 

 

 

 

 

 

o

a.

Anniversary Years. (See Section 4.4 of the BPD.)

 

 

o

b.

(Describe Vesting Computation Period): ____________________________________

 

 

 

 

 

 

 

 

[Practitioner Note: Any Vesting Computation Period described in b. must be a
12-consecutive month period and must apply uniformly to all Participants.]

 

 

 

 

 

 

 

o 45.

Break in Service rules.

 

 

 

 

 

 

o

a.

The Rule of Parity Break in Service rule does not apply for purposes of
determining eligibility or vesting under the Plan. [If this selection a. is not
checked, the Rule of Parity Break in Service Rule applies for purposes of
eligibility and vesting. (See Sections 1.6 and 4.6 of the BPD.)]

 

 

 

 

 

 

o

b.

One-year holdout Break in Service rule.

 

 

 

 

 

 

 

 

o

(1)

Applies to determine eligibility for: [Check one or both.]

 

 

 

 

 

 

 

 

 

 

o

(a)

Employer Contributions (other than Section 401(k) Deferrals).

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Section 401(k) Deferrals. (See Section 1.6(c) of the BPD.)

 

 

 

 

 

 

 

 

 

 

o

(2)

Applies to determine vesting. (See Section 4.6(a) of the BPD.)

 

 

 

 

 

o 46.

Special rules for applying Equivalency Method. [This #46 may only be checked if
#41.b. and/or #43.b. is checked above.]

 

 

 

 

 

 

o

a.

Alternative method. Instead of applying the Equivalency Method on the basis of
months worked, the following method will apply. (See Section 6.5(a) of the BPD.)

 

 

 

 

 

 

 

 

 

o

(1)

Daily method. Each Employee will be credited with 10 Hours of Service for each
day worked.

 

 

 

 

 

 

 

 

 

o

(2)

Weekly method. Each Employee will be credited with 45 Hours of Service for each
week worked.

 

 

 

 

 

 

 

 

 

o

(3)

Semi-monthly method. Each Employee will be credited with 95 Hours of Service for
each semi-monthly payroll period worked.

 

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o

b.

Application of special rules. The alternative method elected in a. applies for
purposes of: [Check (1) and/or (2).]

 

 

 

 

 

 

 

 

 

 

o

(1)

Eligibility. [Check this (I) only if #4l.b. is checked above.]

 

 

 

 

 

 

 

 

 

 

o

(2)

Vesting. [Check this (2) only if #43.b. is checked above.]

Part 8 - Allocation of Forfeitures

(See Article 5 of the BPD)

 

 

o

Check this selection if ALL contributions under the Plan are 100% vested and
skip this Part 8. (See Section 5.5 of the BPD for the default forfeiture rules
if no forfeiture allocation method is selected under this Part 8.)

 

 

47.

Timing of forfeiture allocations:

 

 

 

 

 

 

 

 

 

 

(1)
Employer
Match

 

(2)
Employer
Nonelective

 

 

 

 

 

 

 

 

a.

x

 

x

In the same Plan Year in which the forfeitures occur.

 

 

 

 

 

 

 

b.

o

 

o

In the Plan Year following the Plan Year in which the forfeitures occur.

 

 

 

 

 

 

48.

Method of allocating forfeitures: (See the operating rules in Section 5.5 of the
BPD.)

 

 

 

 

 

 

 

 

(1)
Employer
Match

 

(2)
Employer
Nonelective

 

 

 

 

 

 

 

 

a.

o

 

x

Reallocate as additional Employer Nonelective Contributions using the allocation
method specified in Part 4C, #21 of this Agreement. If no allocation method is
specified, use the Pro Rata Allocation Method under Part 4C, #21.a, of this
Agreement.

 

 

 

 

 

 

 

b.

x

 

o

Reallocate as additional Employer Matching Contributions using the discretionary
allocation method in Part 4B, #16.b. of this Agreement.

 

 

 

 

 

 

 

c.

o

 

o

Reduce the: [Check one or both.]

 

 

 

 

 

 

 

 

 

 

 

o

(a)

Employer Matching Contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Employer Nonelective Contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

the Employer would otherwise make for the Plan Year in which the forfeitures are
allocated. [Note: If both (a) and (b) are checked, the Employer may adjust its
contribution deposits in any manner, provided the total Employer Matching
Contributions and Employer Nonelective Contributions (as applicable) properly
take into account the forfeitures used to reduce such contributions for that
Plan Year.]

 

 

o 49.

Payment of Plan expenses. Forfeitures are first used to pay Plan expenses for
the Plan Year in which the forfeitures are to be allocated. (See Section 5.5(c)
of the BPD.) Any remaining forfeitures are allocated as provided in #48 above.

 

 

x 50.

Modification of cash-out rules. The Cash-Out Distribution rules are modified in
accordance with Sections 5.3(a)(l)(i)(C) and 5.3(a)(l)(ii)(C) of the BPD to
allow for an immediate forfeiture, regardless of any additional allocations
during the Plan Year.

Part 9 - Distributions After Termination of Employment

(See Section 8.3 of the BPD)

 

 

 

 

•

The elections in this Part 9 are subject to the operating rules in Articles 8
and 9 of the BPD.

 

 

51.

Vested account balances in excess of $5,000. Distribution is first available as
soon as administratively feasible following:

 

 

 

 

 

x

a.

the Participant’s employment termination date.

 

 

 

 

 

o

b.

the end of the Plan Year that contains the Participant’s employment termination
date.

 

 

 

 

 

o

c.

the first Valuation Date following the Participant’s termination of employment.

 

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© 2001 SunTrust Bank

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o

d.

the Participant’s Normal Retirement Age (or Early Retirement Age, if applicable)
or, if
      later, the Participant’s employment termination date.

 

 

 

 

 

o

e.

(Describe distribution event) _____________________________________________

 

 

 

 

 

 

 

[Practitioner Note: Any distribution event described in e. will apply uniformly
to all Participants under the Plan.]

 

 

 

 

52.

Vested account balances of $5,000 or less. Distribution will be made in a lump
sum as soon as administratively feasible following:

 

 

 

 

 

x

a.

the Participant’s employment termination date.

 

 

 

 

 

o

b.

the end of the Plan Year that contains the Participant’s employment termination
date.

 

 

 

 

 

o

c.

the first Valuation Date following the Participant’s termination of employment.

 

 

 

 

 

o

d.

(Describe distribution event): _____________________________________________

 

 

 

 

 

 

 

[Practitioner Note: Any distribution event described in d. will apply uniformly
to all Participants under the Plan.]

 

 

 

 

o 53.

Disabled Participant. A Disabled Participant (as defined in Section 22.53 of the
BPD) may request a distribution (if earlier than otherwise permitted under #51
or #52 (as applicable)) as soon as administratively feasible following:

 

 

 

o

a.

the date the Participant becomes Disabled.

 

 

 

 

 

o

b.

the end of the Plan Year in which the Participant becomes Disabled.

 

 

 

 

 

o

c.

(Describe distribution event): _____________________________________________

 

 

 

 

 

 

 

[Practitioner Note: Any distribution event described in c. will apply uniformly
to all Participants under the Plan.]

 

 

 

 

o 54.

Hardship withdrawals following termination of employment. A terminated
Participant may request a Hardship withdrawal (as defined in Section 8.6 of the
BPD) before the date selected in #51 or #52 above, as applicable.

 

 

 

 

o 55.

Special operating rules.

 

 

 

 

 

o

a.

Modification of Participant’s consent requirement. A Participant must consent to
a distribution from the Plan, even if the Participant’s vested Account Balance
does not exceed $5,000. See Section 8.3(b) of the BPD. [Note: If this a. is not
checked, the involuntary distribution rules under Section 8.3(b) of the BPD
apply.]

 

 

 

 

 

 

 

 

 

o

b.

Distribution upon attainment of Normal Retirement Age (or age 62, if later). A
distribution from the Plan will be made without a Participant’s consent if such
Participant has terminated employment and has attained Normal Retirement Age (or
age 62, if later). See Section 8.7 of the BPD.

 

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© 2001 SunTrust Bank

 

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Part 10 - In-Service Distributions

(See Section 8.5 of the BPD)

 

 

v

The elections in this Part 10 are subject to the operating rules in Articles 8
and 9 of the BPD.

 

 

56.

Permitted in-service distribution events: [Elections under the §401(k) Deferrals
column also apply to any QNECs, QMACs, and Safe Harbor Contributions unless
otherwise specified in 57d. below.]

 

 

 

 

 

 

 

 

 

(1)
§401(k)
Deferrals

(2)
Employer
Match

(3)
Employer
Nonelective

 

 

 

 

 

 

 

 

 

 

a.

o

o

o

 

In-service distributions are not available.

 

 

 

 

 

 

 

 

b.

x

x

x

 

After age 59 1/2. [If earlier than age 59 1/2 age is deemed to be age 59 1/2 for
Section 401(k) Deferrals if the selection is checked under that column.]

 

 

 

 

 

 

 

 

c.

x

o

o

 

A safe harbor Hardship described in Section 8.6(a) of the BPD. [Note: Not
applicable to QNECs, QMACs and Safe Harbor Contributions.]

 

 

 

 

 

 

 

 

d.

N/A

o

o

 

A Hardship described in Section 8.6(b) of the BPD.

 

 

 

 

 

 

 

 

e.

N/A

o

o

 

After the Participant has participated in the Plan for at least ___ years
(cannot be less than 5 years).

 

 

 

 

 

 

 

 

f.

N/A

o

o

 

At any time with respect to the portion of the vested Account Balance derived
from contributions accumulated in the Plan for at least 2 years.

 

 

 

 

 

 

 

 

g.

o

o

o

 

Upon a Participant becoming Disabled (as defined in Section 22.53).

 

 

 

 

 

 

 

 

h.

x

x

x

 

Attainment of Normal Retirement Age. [If earlier than age 59 1/2, age is deemed
to be 59 1/2 for Section 401(k) Deferrals if the selection is checked under that
column.]

 

 

 

 

 

 

 

 

i.

N/A

o

o

 

Attainment of Early Retirement Age.

 

 

 

 

57.

Limitations that apply to in-service distributions:

 

 

 

o

a.

Available only if the Account which is subject to withdrawal is 100% vested.
(See

 

Section 4.8 of the BPD for special vesting rules if not checked.)

 

 

 

 

 

o

b.

No more than ___ in-service distribution(s) in a Plan Year.

 

 

 

 

 

o

c.

The minimum amount of any in-service distribution will be $___ (may not exceed
$1,000).

 

 

 

 

 

x

d.

(Describe limitations on in-service distributions) Participants must be 100%
vested in order to request a distribution of their Account Balance upon
attainment of age 59 1/2 (or upon Normal Retirement Age). Notwithstanding the
foregoing, upon attainment of age 59 1/2, a Participant may request a
distribution from that portion of his account existing on February 1, 2000, to
the extent such amounts were vested as of said date.

 

 

 

[Practitioner Note: Any limitations described in d. will apply uniformly to all
Participants under the Plan.]

 

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© 2001 SunTrust Bank

 

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Part 11 - Distribution Options

(See Section 8.1 of the BPD)

 

 

 

 

58.

Optional forms of payment available upon termination of employment:

 

 

 

 

 

x

a.

Lump sum distribution of entire vested Account Balance.

 

 

 

 

 

x

b.

Single sum distribution of a portion of vested Account Balance.

 

 

 

 

 

o

c.

Installments for a specified term.

 

 

 

 

 

o

d.

Installments for required minimum distributions only.

 

 

 

 

 

o

e.

Annuity payments (see Section 8.1 of the BPD).

 

 

 

 

 

o

f.

(Describe optional forms or limitations on available forms)
_____________________

 

 

 

 

 

[Practitioner Note: Unless specified otherwise in f., a Participant may receive
a distribution in any combination of the forms of payment selected in a. -f. Any
optional forms or limitations described in f. will apply uniformly to all
Participants under the Plan.]

 

 

 

 

 

 

 

 

59.

Application of the Qualified Joint and Survivor Annuity (QJSA) and Qualified
Preretirement Survivor Annuity (QPSA) provisions: (See Article 9 of the BPD.)

 

 

 

 

 

 

 

 

 

x

a.

Do not apply. [Note: The QJSA and QPSA provisions automatically apply to any
assets of the Plan that were received as a transfer from another plan that was
subject to the QJSA and QPSA rules. If this a. is checked, the QJSA and QPSA
rules generally will apply only with respect to transferred assets or if
distribution is made in the form of life annuity. See Section 9.1(b) of the
BPD.]

 

 

 

 

 

 

 

 

 

o

b.

Apply, with the following modifications: [Check this b. to have all assets under
the Plan be subject to the QJSA and QPSA requirements. See Section 9.1 (a) of
the BPD.]

 

 

 

 

 

 

 

 

 

 

 

o

(1)

No modifications.

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Modified QJSA benefit. Instead of a 50% survivor benefit, the normal form of the
QJSA provides the following survivor benefit to the spouse:

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

100%.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

75%.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(c)

66 2/3%.

 

 

 

 

 

 

 

 

 

 

 

o

(3)

Modified QPSA benefit. Instead of a 50% QPSA benefit, the QPSA benefit is 100%
of the Participant’s vested Account Balance.

 

 

 

 

 

 

 

 

 

o

c.

One-year marriage rule. The one-year marriage rule under Sections 8.4(c)(4) and
9.3 of the BPD applies. Under this rule, a Participant’s spouse will not be
treated as a surviving spouse unless the Participant and spouse were married for
at least one year at the time of the Participant’s death.

 

Part 12 - Administrative Elections

 

 

 

 

 

 

v

Use this Part 12 to identify administrative elections authorized by the BPD.
These elections may be changed without reexecuting this Agreement by
substituting a replacement of this page with new elections. To the extent this
Part 12 is not completed, the default provisions in the BPD apply.

 

 

 

 

 

 

60.

Are Participant loans permitted? (See Article 14 of the BPD.)

 

 

 

 

 

 

 

o

a.

No

 

 

 

 

 

 

 

x

b.

Yes

 

 

 

 

 

 

 

 

 

o

(1)

Use the default loan procedures under Article 14 of the BPD.

 

 

 

 

 

 

 

 

 

x

(2)

Use a separate written loan policy to modify the default loan procedures under
Article 14 of the BPD.

 

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© 2001 SunTrust Bank

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61.

Are Participants permitted to direct investments? (See Section 13.5(c) of the
BPD.)

 

 

 

 

 

 

 

 

 

o

a.

No

 

 

 

 

 

 

 

 

 

x

b.

Yes

 

 

 

 

 

 

 

 

 

 

 

x

(1)

Specify Accounts: All Accounts

 

 

 

 

 

 

 

 

 

 

 

x

(2)

Check this selection if the Plan is intended to comply with ERISA §404(c). (See
Section 13.5(c)(2) of the BPD.)

 

 

 

 

 

 

 

 

62.

Is any portion of the Plan daily valued? (See Section 13.2(b) of the BPD.)

 

 

 

 

 

 

 

 

 

o

a.

No

 

 

 

 

 

 

 

 

 

x

b.

Yes. Specify Accounts and/or investment options: All Accounts

 

 

 

 

 

 

 

 

63.

Is any portion of the Plan valued periodically (other than daily)? (See Section
13.2(a) of the BPD.)

 

 

 

 

 

 

 

 

 

x

a.

No

 

 

 

 

 

 

 

 

 

o

b.

Yes

 

 

 

 

 

 

 

 

 

 

 

o

(1)

Specify Accounts and/or investment options:___________________

 

 

 

 

 

 

 

 

 

 

 

o

(2)

Specify valuation date(s):___________________________________

 

 

 

 

 

 

 

 

 

 

 

o

(3)

The following special allocation rules apply: [If this Ms (3) is not checked,
the Balance Forward Method under Section 13.4(a) of the BPD applies.]

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(a)

Weighted average method. (See Section 13.4(a)(2)(i) of the BPD.)

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(b)

Adjusted percentage method, taking into account__________% of contributions made
during the valuation period. (See Section 13.4(a)(2)(ii) of the BPD.)

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(c)

(Describe allocation rules)_____________

 

 

 

 

 

 

 

 

 

 

 

 

 

[Practitioner Note: Any allocation rules described in (c) must be in accordance
with a definite predetermined formula that is not based on compensation, that
satisfies the nondiscrimination requirements of §1.401(a) (4) of the
regulations, and that is applied uniformly to all Participants.]

 

 

 

 

 

 

 

 

 

64.

Does the Plan accept Rollover Contributions? (See Section 3.2 of the BPD.)

 

 

 

 

 

 

 

 

 

 

o

a.

No

 

x

b.

Yes

 

 

 

 

 

 

 

 

 

 

65.

Are life insurance investments permitted? (See Article 15 of the BPD.)

 

 

 

 

 

 

 

 

 

 

x

a.

No

 

o

b.

Yes

 

 

 

 

 

 

 

 

 

 

66.

Do the default QDRO procedures under Section 11.5 of the BPD apply?

 

 

 

 

 

 

 

 

 

 

o

a.

No

 

x

b.

Yes

 

 

 

 

 

 

 

 

 

 

67.

Do the default claims procedures under Section 11.6 of the BPD apply?

 

 

 

 

 

 

 

 

 

 

o

a.

No

 

x

b.

Yes

 

 

Part 13 - Miscellaneous Elections

 

 

 

 

v

The following elections override certain default provisions under the BPD and
provide special rules for administering the Plan. Complete the following
elections to the extent they apply to the Plan.

 

 

 

 

o 68.

Determination of Highly Compensated Employees.

 

 

 

 

 

o

a.

The Top-Paid Group Test applies. [If this selection a. is not checked, the
Top-Paid Group Test will not apply. See Section 22.99 (b) (4) of the BPD.]

 

 

 

 

 

o

b.

The Calendar Year Election applies. [This selection b. may only be chosen if the
Plan Year is not the calendar year. See Section 22.9 9 (b) (5) of the BPD.]

 

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© 2001 SunTrust Bank

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o 69.

Special elections for applying the Annual Additions Limitation under Code §415.

 

 

 

 

 

 

 

o

 

a.

 

The Limitation Year is the 12-month period ending____. [If this selection a. is
not checked, the Limitation Year is the same as the Plan Year.]

 

 

 

 

 

 

 

o

 

b.

 

Total Compensation includes imputed compensation for a terminated Participant
who is permanently and totally Disabled. (See Section 7.4(g)(3) of the BPD.)

 

 

 

 

 

 

 

o

 

c.

 

Operating rules. Instead of the default provisions under Article 7 of the BPD,
the following rules apply: ____

 

 

 

 

 

 

o 70.

Election to use Old-Law Required Beginning Date. The Old-Law Required Beginning
Date (as defined in Section 10.3(a)(2) of the BPD) applies instead of the
Required Beginning Date rules under Section 10.3(a)(l) of the BPD.

 

 

x 71.

Service credited with Predecessor Employers: (See Section 6.7 of the BPD.)

 

 

 

 

 

 

 

x

 

a.

 

(Identify Predecessor Employers) Resort Development International Corp.; Resort
Title Insurance Corp.; RDI Resources, Inc.; Dellona Enterprise. Inc.; RDI Resort
Services Corporation; and Properties of the Southwest. L.P.     

 

 

 

 

 

 

 

x

 

b.

 

Service is credited with these Predecessor Employers for the following purposes:

 

 

 

 

 

 

 

 

 

 

 

x

(1)

The eligibility service requirements elected in Part 1 of this Agreement.

 

 

 

 

 

 

 

 

 

 

 

 

 

x

(2)

The vesting schedule(s) elected in Part 6 of this Agreement.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

The allocation requirements elected in Part 4 of this Agreement.

 

 

 

 

 

 

 

 

 

o

 

c.

 

The following service will not be recognized: _______________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

[Note: If the Employer is maintaining the Plan of a Predecessor Employer,
service with such Predecessor Employer must be counted for all purposes under
the Plan. This #71 may be completed with respect to such Predecessor Employer
indicating all service under selections (1), (2) and (3) will be credited. The
failure to complete this #71 where the Employer is maintaining the Plan of a
Predecessor Employer will not override the requirement that such predecessor
service be credited for all purposes under the Plan. (See Section 6.7 of the
BPD.) If the Employer is not maintaining the Plan of a Predecessor Employer,
service with such Predecessor Employer will be credited under this Plan only if
specifically elected under this #71. If the above crediting rules are to apply
differently to service with different Predecessor Employers, attach separately
completed elections for this item, using the same format as above but listing
only those Predecessor Employers to which the separate attachment relates.]

 

 

 

 

 

 

 

 

o 72.

Special rules where Employer maintains more than one plan.

 

 

 

 

 

 

 

 

 

o

 

a.

 

Top-heavy minimum contribution - Employer maintains this Plan and one or more
Defined Contribution Plans. If this Plan is a Top-Heavy Plan, the Employer will
provide any required top-heavy minimum contribution under: (See Section
16.2(a)(5)(i) of the BPD.)

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

This Plan.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

The following Defined Contribution Plan maintained by the Employer:
_______________________

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

Describe method for providing the top-heavy minimum contribution:
_______________________

 

 

 

 

 

 

 

 

 

o

 

b.

 

Top-heavy minimum benefit - Employer maintains this Plan and one or more Defined
Benefit Plans. If this Plan is a Top-Heavy Plan, the Employer will provide any
required top-heavy minimum contribution or benefit under: (See Section
16.2(a)(5)(ii) of the BPD.)

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

This Plan, but the minimum required contribution is increased from 3% to 5% of
Total Compensation for the Plan Year.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

The following Defined Benefit Plan maintained by the Employer:
_______________________

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(3)

Describe method for providing the top-heavy minimum contribution:
_____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

o

 

c.

 

Limitation on Annual Additions. This c. should be checked only if the Employer
maintains another Defined Contribution Plan in which any Participant is a
participant, and the Employer will not apply the rules set forth under Section
7.2 of the BPD. Instead, the Employer will limit Annual Additions in the
following manner:

 

 

 

 

 

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

 

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© 2001 SunTrust Bank

 

23

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x 73.

Special definition of Disabled. In applying the allocation conditions under
Parts 4B and 4C, the special vesting provisions under Part 6, and the
distribution provisions under Parts 9 and 10 of this Agreement, the following
definition of Disabled applies instead of the definition under Section 22.53 of
the BPD: Total inability to engage in any substantial gainful activity at the
individual’s customary level of compensation or competence and responsibility as
an Employee due to any medically determinable physical or mental impairment(s)
which may be expected to result in death or to last for a continuous period of
at least 12 months as determined by a qualified physician or other medical
practitioner selected by the Plan Admin, for this purpose in accordance w/
uniform or nondiscriminatory standards. [Note: Any definition included under
this #73 must satisfy the requirements of §1.401 (a) (4) of the regulations and
must be applied uniformly to all Participants.]

 

 

x 74.

Fail-Safe Coverage Provision. [This selection #74 must be checked to apply the
Fail-Safe Coverage Provision under Section 2.7 of the BPD.]

 

 

 

x

 

a.

 

The Fail-Safe Coverage Provision described in Section 2.7 of the BPD applies
without modification.

 

 

 

 

 

 

 

 

 

o

 

b.

 

The Fail-Safe Coverage Provisions described in Section 2.7 of the BPD applies
with the following modifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(1)

The special rule for Top-Heavy Plans under Section 2.7(a) of the BPD does not
apply.

 

 

 

 

 

 

 

 

 

 

 

 

 

o

(2)

The Fail-Safe Coverage Provision is based on Included Compensation as described
under Section 2.7(d) of the BPD.

 

 

 

 

 

 

 

 

o 75.

Election not to participate (see Section 1.10 of the BPD). An Employee may make
a one-time irrevocable election not to participate under the Plan upon inception
of the Plan or at any time prior to the time the Employee first becomes eligible
to participate under any plan maintained by the Employer. [Note: Use of this
provision could result in a violation of the minimum coverage rules under Code
§410(b).]

 

 

o 76.

Protected Benefits. If there are any Protected Benefits provided under this Plan
that are not specifically provided for under this Agreement, check this #76 and
attach an addendum to this Agreement describing the Protected Benefits.

 

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

© 2001 SunTrust Bank

24

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

 

 

 

 

 

 

Signature Page

 

 

 

 

 

By signing this page, the Employer agrees to adopt (or amend) the Plan which
consists of BPD #02 and the provisions elected in this Agreement. The Employer
agrees that the Prototype Sponsor has no responsibility or liability regarding
the suitability of the Plan for the Employer’s needs or the options elected
under this Agreement. It is recommended that the Employer consult with legal
counsel before executing this Agreement.

 

 

 

 

 

77.

Name and title of authorized representative(s):

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

 

 

 

 

 

 

 

 

 

78.

Effective Date of this Agreement:

 

 

 

 

 

 

 

 

 

o

 

a.

 

New Plan. Check this selection if this is a new Plan. Effective Date of the Plan
is: _________

 

 

 

 

 

 

 

 

 

x

 

b.

 

Restated Plan. Check this selection if this is a restatement of an existing
plan. Effective Date of the restatement is: January 1, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

Designate the plan(s) being amended by this restatement: Bluegreen Corporation
Retirement Savings Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

 

Designate the original Effective Date of this Plan (optional): March 31, 1992

 

 

 

 

 

 

 

 

 

o

 

c.

 

Amendment by page substitution. Check this selection if this is an amendment by
substitution of certain pages of this Adoption Agreement. [If this c. is
checked, complete the remainder of this Signature Page in the same manner as the
Signature Page being replaced.]

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

Identify the page(s) being replaced: _______________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

 

Effective Date(s) of such changes: _______________________________________

 

 

 

 

 

 

 

 

 

o

 

d.

 

Substitution of sponsor. Check this selection if a successor to the original
plan sponsor is continuing this Plan as a successor sponsor, and substitute page
1 to identify the successor as the Employer.

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

Effective Date of the amendment is: ______________________________________

o 79.

Check this #79 if any special Effective Dates apply under Appendix A of this
Agreement and complete the relevant sections of Appendix A.

 

 

80.

Prototype Sponsor information. The Prototype Sponsor will inform the Employer of
any amendments made to the Plan and will notify the Employer if it discontinues
or abandons the Plan. The Employer may direct inquiries regarding the Plan or
the effect of the Favorable IRS Letter to the Prototype Sponsor or its
authorized representative at the following location:

 

 

 

 

 

 

 

 

 

a.

 

Name of Prototype Sponsor (or authorized representative):

 

 

 

 

 

 

 

SunTrust Bank

 

 

 

 

 

b.

 

Address of Prototype Sponsor (or authorized representative):

 

 

 

 

 

 

 

8515 E. Orchard Rd. Greenwood Village, CO 80111

 

 

 

 

 

 

 

 

 

c.

 

Telephone number of Prototype Sponsor (or authorized representative):

 

 

 

 

 

 

 

1-800-211-8757

 

 

 

 

 

 

 

 

Important information about this Prototype Plan. A failure to properly complete
the elections in this Agreement or to operate the Plan in accordance with
applicable law may result in disqualification of the Plan. The Employer may rely
on the Favorable IRS Letter issued by the National Office of the Internal
Revenue Service to the Prototype Sponsor as evidence that the Plan is qualified
under §401 of the Code, to the extent provided in Announcement 2001-77. The
Employer may not rely on the Favorable IRS Letter in certain circumstances or
with respect to certain qualification requirements, which are specified in the
Favorable IRS Letter issued with respect to the Plan and in Announcement
2001-77. In order to obtain reliance in such circumstances or with respect to
such qualification requirements, the Employer must apply to the office of
Employee Plans Determinations of the Internal Revenue Service for a
determination letter. See Section 22.87 of the BPD.

 

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

© 2001 SunTrust Bank

 

25

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

 

Trustee Declaration

By signing this Trustee Declaration, the Trustee agrees to the duties,
responsibilities and liabilities imposed on the Trustee by the BPD #02 and this
Agreement.

 

 

 

 

 

 

81.

Name(s) of Trustee(s):

 

Signature(s) of Trustee(s):

 

Date:

 

 

 

 

 

 

 

SunTrust Bank

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

82.

Effective date of this Trustee Declaration: January 1, 2008

 

 

 

 

 

 

83.

The Trustee’s investment powers are:

 

 

 

 

 

o

a.

Discretionary Trustee. The Trustee has discretion to invest Plan assets. This
discretion is limited to the extent Participants are permitted to give
investment direction, or to the extent the Trustee is subject to direction from
the Plan Administrator, the Employer, an Investment Manager or other Named
Fiduciary.

 

 

 

 

 

x

b.

Directed Trustee only. The Trustee may only invest Plan assets as directed by
Participants or by the Plan Administrator, the Employer, an Investment Manager
or other Named Fiduciary.

 

 

 

 

 

o

c.

Separate trust agreement. The Trustee’s investment powers are determined under a
separate trust document which replaces (or is adopted in conjunction with) the
trust provisions under the BPD. [Note: The separate trust document is
incorporated as part of this Plan and must be attached hereto. The
responsibilities, rights and powers of the Trustee are those specified in the
separate trust agreement. If this c. is checked, the Trustee need not sign or
date this Trustee Declaration under #81 above.]

 

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

© 2001 SunTrust Bank

 

26

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

 

Co-Sponsor Adoption Page #1

 

 

 

 

 

x

 

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

 

 

 

84.

 

Name of Co-Sponsor: Bluegreen Southwest One, L.P.

 

 

 

 

 

85.

 

Employer Identification Number (EIN) of the Co-Sponsor: 65-0796380

 

 

 

 

 

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

 

 

86.

Name and title of authorized representative(s):

 

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

 

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

87.

 

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

 

 

 

(1)

Designate the plan(s) being amended by this restatement:
_________________________

 

 

 

 

 

 

 

 

(2)

Designate the original Effective Date of the Co-Sponsor’s Plan (optional):
___________

 

 

 

 

 

o

88.

Allocation of contributions. If this #88 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #88 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

 

 

o

89.

Describe any special Effective Dates:
_________________________________________________

 

 

 

 

 

 

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

© 2001 SunTrust Bank

 

27

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

 

Co-Sponsor Adoption Page #2

 

 

 

 

 

x

 

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

 

 

 

90.

 

Name of Co-Sponsor: BXG Realty Tennessee, Inc.

 

 

 

 

 

91.

 

Employer Identification Number (EIN) of the Co-Sponsor: 62-1697300

 

 

 

 

 

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

 

 

92.

Name and title of authorized representative(s):

 

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

 

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

 

 

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

 

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

 

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

 

 

 

 

 

93.

 

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

 

 

 

(1)

Designate the plan(s) being amended by this restatement: _______________________

 

 

 

 

 

 

 

 

(2)

Designate the original Effective Date of the Co-Sponsor’s Plan (optional):
_________

 

 

 

 

 

o

94.

Allocation of contributions. If this #94 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #94 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

 

 

o

95.

Describe any special Effective Dates:
_________________________________________________

 

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

© 2001 SunTrust Bank

 

28

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

 

Co-Sponsor Adoption Page #3

 

 

x

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

96.

Name of Co-Sponsor: Resort Title Agency, Inc.

 

 

97.

Employer Identification Number (EIN) of the Co-Sponsor: 59-2150721

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

 

 

98.

Name and title of authorized representative(s):

 

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

 

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

 

99.

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

(1)     Designate the plan(s) being amended by this restatement:
_________________________

 

 

 

 

 

(2)     Designate the original Effective Date of the Co-Sponsor’s Plan
(optional): ___________

 

 

 

o 100.

Allocation of contributions. If this #100 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #100 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

o 101.

Describe any special Effective Dates:
_________________________________________________

 

 

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

© 2001 SunTrust Bank

29

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

 

Co-Sponsor Adoption Page #4

 

 

x

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

102.

Name of Co-Sponsor: Bluegreen Carolina Lands, LLC

 

 

103.

Employer Identification Number (EIN) of the Co-Sponsor: 65-0941345

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

 

 

104.

Name and title of authorized representative(s):

 

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

 

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

 

105.

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the
        Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

        (1)     Designate the plan(s) being amended by this restatement:
_____________________

 

 

 

 

 

        (2)     Designate the original Effective Date of the Co-Sponsor’s Plan
(optional): _______

 

 

 

o 106.

Allocation of contributions. If this #106 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #106 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

o 107.

Describe any special Effective Dates:
_________________________________________________

 

 

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

© 2001 SunTrust Bank

30

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

 

Co-Sponsor Adoption Page #5

 

 

x

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

108.

Name of Co-Sponsor: Jordan Lake Preserve Corporation

 

 

109.

Employer Identification Number (EIN) of the Co-Sponsor: 65-1038536

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

 

 

110.

Name and title of authorized representative(s):

 

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

 

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

 

111.

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

(1)     Designate the plan(s) being amended by this restatement:
_________________________

 

 

 

 

 

(2)     Designate the original Effective Date of the Co-Sponsor’s Plan
(optional): ___________

 

 

 

o 112.

Allocation of contributions. If this #112 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #112 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

o 113.

Describe any special Effective Dates:
_________________________________________________

 

 

 

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

© 2001 SunTrust Bank

31

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

 

Co-Sponsor Adoption Page #6

 

 

 

 

 

 

 

 

x

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

 

 

 

 

114.

Name of Co-Sponsor: Bluegreen Southwest Land, Inc.

 

 

 

 

 

 

115.

Employer Identification Number (EIN) of the Co-Sponsor: 65-0910609

 

 

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

116.

Name and title of authorized representative(s):

Signature(s):

Date:

 

Vicki Falkins - Assistant VP of HR

-s- Vicki Falkins [d7469103.jpg]

5/13/08

 

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

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

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

 

 

 

 

 

 

 

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

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

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

 

 

 

 

 

 

 

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

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

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

 

 

 

 

 

 

117.

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

 

 

 

(1)

Designate the plan(s) being amended by this restatement: _______________________

 

 

 

 

 

 

 

 

(2)

Designate the original Effective Date of the Co-Sponsor’s Plan (optional):
_________

 

 

 

 

 

 

o 118.

Allocation of contributions. If this #118 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #118 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

 

 

 

o 119.

Describe any special Effective Dates: ______________________________________

 

 

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

© 2001 SunTrust Bank

 

 

 

 

32

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

 

Co-Sponsor Adoption Page #7

 

 

 

 

 

 

 

 

x

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

 

 

 

 

 

 

120.

Name of Co-Sponsor: Catawba Falls, LLC

 

 

 

 

 

 

 

 

121.

Employer Identification Number (EIN) of the Co-Sponsor: 03-0466014

 

 

 

 

 

 

 

 

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

122.

Name and title of authorized representative(s):

Signature(s):

Date:

 

Vicki Falkins - Assistant VP of HR

-s- Vicki Falkins [d7469103.jpg]

5/13/08

 

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

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

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

 

 

 

 

 

 

 

 

 

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

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

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

 

 

 

 

 

 

 

 

 

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

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

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

 

 

 

 

 

 

 

 

123.

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

 

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

 

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

 

 

 

 

 

(1)

Designate the plan(s) being amended by this restatement: _______________________

 

 

 

 

 

 

 

 

 

 

(2)

Designate the original Effective Date of the Co-Sponsor’s Plan (optional):
__________

 

 

 

 

 

 

 

 

o 124.

Allocation of contributions. If this #124 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #124 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

o 125.

Describe any special Effective Dates:
_______________________________________________

 

 

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

© 2001 SunTrust Bank

 

 

 

 

33

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

 

Co-Sponsor Adoption Page #8

 

 

x

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

126.

Name of Co-Sponsor: Bluegreen Vacations Unlimited, Ltd.

 

 

127.

Employer Identification Number (EIN) of the Co-Sponsor: 65-0433722

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

 

 

128.

Name and title of authorized representative(s):

 

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

 

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

 

129.

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

(1)     Designate the plan(s) being amended by this restatement:
______________________

 

 

 

 

 

(2)     Designate the original Effective Date of the Co-Sponsor’s Plan
(optional): _________

 

 

 

o 130.

Allocation of contributions. If this #130 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #130 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

o 131.

Describe any special Effective Dates:
______________________________________________

 

 

 

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

© 2001 SunTrust Bank

34

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

 

Co-Sponsor Adoption Page #9

 

 

x

Check this selection and complete the remainder of this page if a Related
Employer will execute this Plan as a Co-Sponsor. [Note: Only a Related Employer
(as defined in Section 22.164 of the BPD) that executes this Co-Sponsor Adoption
Page may adopt the Plan as a Co-Sponsor. See Article 21 of the BPD for rules
relating to the adoption of the Plan by a Co-Sponsor. If there is more than one
Co-Sponsor, each one should execute a separate Co-Sponsor Adoption Page. Any
reference to the “Employer” in this Agreement is also a reference to the
Co-Sponsor, unless otherwise noted.]

 

 

132.

Name of Co-Sponsor: Bluegreen Communities of Texas L.P.

 

 

133.

Employer Identification Number (EIN) for the Co-Sponsor: 20-3600096

By signing this page, the Co-Sponsor agrees to adopt (or to continue its
participation in) the Plan identified on page 1 of this Agreement. The Plan
consists of the BPD #02 and the provisions elected in this Agreement.

 

 

 

 

 

 

134.

Name and title of authorized representative(s):

 

Signature(s):

 

Date:

 

Vicki Falkins - Assistant VP of HR

 

-s- Vicki Falkins [d7469103.jpg]

 

5/13/08

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

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

 

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

 

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

 

 

 

135.

Effective date of this Co-Sponsor Adoption Page: January 1, 2008

 

 

 

 

o

a.     Check here if this is the initial adoption of a new Plan by the
Co-Sponsor.

 

 

 

 

o

b.     Check here if this is an amendment or restatement of an existing plan
maintained by the Co-Sponsor, which is merging into the Plan being adopted.

 

 

 

 

 

(1)     Designate the plan(s) being amended by this restatement:
______________________

 

 

 

 

 

(2)     Designate the original Effective Date of the Co-Sponsor’s Plan
(optional): _________

 

 

 

o 136.

Allocation of contributions. If this #136 is checked, contributions made by the
Related Employer signing this Co-Sponsor Adoption Page (and any forfeitures
relating to such contributions) will be allocated only to Participants actually
employed by the Related Employer making the contribution and Employees of the
Related Employer will not share in an allocation of contributions (or
forfeitures relating to such contributions) made by the Employer or any other
Related Employer. [Note: The selection of this #136 may require additional
testing of the Plan. See Section 21.3 of the BPD.]

 

 

 

o 137.

Describe any special Effective Dates:
______________________________________________

 

 

 

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

© 2001 SunTrust Bank

35

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

EGTRRA
AMENDMENT TO THE

BLUEGREEN CORPORATION RETIREMENT SAVINGS PLAN

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

EGTRRA - Employer

ARTICLE I
PREAMBLE

 

 

 

1.1

Adoption and effective date of amendment. This amendment of the plan is adopted
to reflect certain provisions of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (“EGTRRA”). This amendment is intended as good faith
compliance with the requirements of EGTRRA and is to be construed in accordance
with EGTRRA and guidance issued thereunder. Except as otherwise provided, this
amendment shall be effective as of the first day of the first plan year
beginning after December 31, 2001.

 

 

1.2

Supersession of inconsistent provisions. This amendment shall supersede the
provisions of the plan to the extent those provisions are inconsistent with the
provisions of this amendment.

 

 

ARTICLE II

ADOPTION AGREEMENT ELECTIONS

 

 

 

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

 

 

 

The questions in this Article II only need to be completed in order to override
the default provisions set forth below. If all of the default provisions will
apply, then these questions should be skipped.

 

 

 

Unless the employer elects otherwise in this Article II, the following defaults
apply:

 

 

 

1)

The vesting schedule for matching contributions will be a 6 year graded schedule
(if the plan currently has a graded schedule that does not satisfy EGTRRA) or a
3 year cliff schedule (if the plan currently has a cliff schedule that does not
satisfy EGTRRA), and such schedule will apply to all matching contributions
(even those made prior to 2002).

 

 

 

 

2)

Rollovers are automatically excluded in determining whether the $5,000 threshold
has been exceeded for automatic cash-outs (if the plan is not subject to the
qualified joint and survivor annuity rules and provides for automatic
cash-outs). This is applied to all participants regardless of when the
distributable event occurred.

 

 

 

 

3)

The suspension period after a hardship distribution is made will be 6 months and
this will only apply to hardship distributions made after 2001.

 

 

 

 

4)

Catch-up contributions will be allowed.

 

 

 

 

5)

For target benefit plans, the increased compensation limit of $200,000 will be
applied retroactively (i.e., to years prior to 2002).

 

 

 

 

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

 

 

2.1

Vesting Schedule for Matching Contributions

 

 

 

If there are matching contributions subject to a vesting schedule that does not
satisfy EGTRRA, then unless otherwise elected below, for participants who
complete an hour of service in a plan year beginning after December 31, 2001,
the following vesting schedule will apply to all matching contributions subject
to a vesting schedule:

 

 

 

If the plan has a graded vesting schedule (i.e., the vesting schedule includes a
vested percentage that is more than 0% and less than 100%) the following will
apply:

 

 

 

Years of vesting service

 

Nonforfeitable percentage

 

 

 

2

 

20%

3

 

40%

4

 

60%

5

 

80%

6

 

100%

 

 

 

 

 

If the plan does not have a graded vesting schedule, then matching contributions
will be nonforfeitable upon the completion of 3 years of vesting service.

 

 

 

 

 

In lieu of the above vesting schedule, the employer elects the following
schedule:

 

 

 

 

 

a.

o

3 year cliff (a participant’s accrued benefit derived from employer matching
contributions shall be nonforfeitable upon the participant’s completion of three
years of vesting service).

 

 

 

 

 

b.

o

6 year graded schedule (20% after 2 years of vesting service and an additional
20% for each year thereafter).

 

 

 

 

 

c.

o

Other (must be at least as liberal as a. or the b. above):

 

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

© 2002 SunTrust Bank

1

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

EGTRRA - Employer

 

 

 

Years of vesting service

 

Nonforfeitable percentage

 

 

 

_______

 

_______%

_______

 

_______%

_______

 

_______%

_______

 

_______%

_______

 

_______%

 

 

 

 

 

The vesting schedule set forth herein shall only apply to participants who
complete an hour of service in a plan year beginning after December 31, 2001,
and, unless the option below is elected, shall apply to all matching
contributions subject to a vesting schedule.

 

 

 

d.

o

The vesting schedule will only apply to matching contributions made in plan
years beginning after December 31, 2001 (the prior schedule will apply to
matching contributions made in prior plan years).

 

 

 

 

2.2

Exclusion of Rollovers in Application of Involuntary Cash-out Provisions (for
profit sharing and 401(k) plans only). If the plan is not subject to the
qualified joint and survivor annuity rules and includes involuntary cash-out
provisions, then unless one of the options below is elected, effective for
distributions made after December 31, 2001, rollover contributions will be
excluded in determining the value of the participant’s nonforfeitable account
balance for purposes of the plan’s involuntary cash-out rules.

 

 

 

a.

x

Rollover contributions will not be excluded.

 

 

 

 

 

b.

o

Rollover contributions will be excluded only with respect to distributions made
after _____. (Enter a date no earlier than December 31, 2001.)

 

 

 

 

 

c.

o

Rollover contributions will only be excluded with respect to participants who
separated from service after _____. (Enter a date. The date may be earlier than
December 31, 2001.)

 

 

 

 

2.3

Suspension period of hardship distributions. If the plan provides for hardship
distributions upon satisfaction of the safe harbor (deemed) standards as set
forth in Treas. Reg. Section 1.401(k)-l(d)(2)(iv), then, unless the option below
is elected, the suspension period following a hardship distribution shall only
apply to hardship distributions made after December 31, 2001.

 

 

 

 

x

With regard to hardship distributions made during 2001, a participant shall be
prohibited from making elective deferrals and employee contributions under this
and all other plans until the later of January 1, 2002, or 6 months after
receipt of the distribution.

 

 

 

 

2.4

Catch-up contributions (for 401(k) profit sharing plans only): The plan permits
catch-up contributions (Article VI) unless the option below is elected.

 

 

 

 

o

The plan does not permit catch-up contributions to be made.

 

 

 

 

2.5

For target benefit plans only: The increased compensation limit ($200,000 limit)
shall apply to years prior to 2002 unless the option below is elected.

 

 

 

 

o

The increased compensation limit will not apply to years prior to 2002.

 

 

 

 

ARTICLE III

VESTING OF MATCHING CONTRIBUTIONS

 

 

3.1

Applicability. This Article shall apply to participants who complete an Hour of
Service after December 31, 2001, with respect to accrued benefits derived from
employer matching contributions made in plan years beginning after December 31,
2001. Unless otherwise elected by the employer in Section 2.1 above, this
Article shall also apply to all such participants with respect to accrued
benefits derived from employer matching contributions made in plan years
beginning prior to January 1, 2002.

 

 

3.2

Vesting schedule. A participant’s accrued benefit derived from employer matching
contributions shall vest as provided in Section 2.1 of this amendment.

 

 

ARTICLE IV

INVOLUNTARY CASH-OUTS

 

 

4.1

Applicability and effective date. If the plan provides for involuntary cash-outs
of amounts less than $5,000, then unless otherwise elected in Section 2.2 of
this amendment, this Article shall apply for distributions made after December
31, 2001, and shall apply to all participants. However, regardless of the
preceding, this Article shall not apply if the plan is subject to the qualified
joint and survivor annuity requirements of Sections 401(a)(l1) and 417 of the
Code.

 

 

4.2

Rollovers disregarded in determining value of account balance for involuntary
distributions. For purposes of the Sections of the plan that provide for the
involuntary distribution of vested accrued benefits of $5,000 or less, the value
of a participant’s nonforfeitable account balance shall be determined without
regard to that portion of the account balance that is attributable to rollover
contributions (and earnings allocable thereto) within the meaning of Sections

 

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

© 2002 SunTrust Bank

2

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

EGTRRA - Employer

 

 

 

402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16) of the Code. If
the value of the participant’s nonforfeitable account balance as so determined
is $5,000 or less, then the plan shall immediately distribute the participant’s
entire nonforfeitable account balance.

 

 

ARTICLE V

HARDSHIP DISTRIBUTIONS

 

 

5.1

Applicability and effective date. If the plan provides for hardship
distributions upon satisfaction of the safe harbor (deemed) standards as set
forth in Treas. Reg. Section 1.401(k)-l(d)(2)(iv), then this Article shall apply
for calendar years beginning after 2001.

 

 

5.2

Suspension period following hardship distribution. A participant who receives a
distribution of elective deferrals after December 31, 2001, on account of
hardship shall be prohibited from making elective deferrals and employee
contributions under this and all other plans of the employer for 6 months after
receipt of the distribution. Furthermore, if elected by the employer in Section
2.3 of this amendment, a participant who receives a distribution of elective
deferrals in calendar year 2001 on account of hardship shall be prohibited from
making elective deferrals and employee contributions under this and all other
plans until the later of January 1, 2002, or 6 months after receipt of the
distribution.

ARTICLE VI
CATCH-UP CONTRIBUTIONS

Catch-up Contributions. Unless otherwise elected in Section 2.4 of this
amendment, all employees who are eligible to make elective deferrals under this
plan and who have attained age 50 before the close of the plan year shall be
eligible to make catch-up contributions in accordance with, and subject to the
limitations of, Section 414(v) of the Code. Such catch-up contributions shall
not be taken into account for purposes of the provisions of the plan
implementing the required limitations of Sections 402(g) and 415 of the Code.
The plan shall not be treated as failing to satisfy the provisions of the plan
implementing the requirements of Section 401(k)(3), 401(k)(l1), 401(k)(12),
410(b), or 416 of the Code, as applicable, by reason of the making of such
catch-up contributions.

ARTICLE VII
INCREASE IN COMPENSATION LIMIT

Increase in Compensation Limit. The annual compensation of each participant
taken into account in determining allocations for any plan year beginning after
December 31, 2001, shall not exceed $200,000, as adjusted for cost-of-living
increases in accordance with Section 401(a)(17)(B) of the Code. Annual
compensation means compensation during the plan year or such other consecutive
12-month period over which compensation is otherwise determined under the plan
(the determination period). If this is a target benefit plan, then except as
otherwise elected in Section 2.5 of this amendment, for purposes of determining
benefit accruals in a plan year beginning after December 31, 2001, compensation
for any prior determination period shall be limited to $200,000. The
cost-of-living adjustment in effect for a calendar year applies to annual
compensation for the determination period that begins with or within such
calendar year.

ARTICLE VIII
PLAN LOANS

Plan loans for owner-employees or shareholder-employees. If the plan permits
loans to be made to participants, then effective for plan loans made after
December 31, 2001, plan provisions prohibiting loans to any owner-employee or
shareholder-employee shall cease to apply.

ARTICLE IX
LIMITATIONS ON CONTRIBUTIONS (IRC SECTION 415 LIMITS)

 

 

9.1

Effective date. This Section shall be effective for limitation years beginning
after December 31, 2001.

 

 

9.2

Maximum annual addition. Except to the extent permitted under Article VI of this
amendment and Section 414(v) of the Code, if applicable, the annual addition
that may be contributed or allocated to a participant’s account under the plan
for any limitation year shall not exceed the lesser of:

 

 

 

a.     $40,000, as adjusted for increases in the cost-of-living under Section
415(d) of the Code, or

 

 

 

b.     100 percent of the participant’s compensation, within the meaning of
Section 415(c)(3) of the Code, for the limitation year.

 

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

© 2002 SunTrust Bank

3

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

EGTRRA - Employer

 

 

 

 

The compensation limit referred to in b. shall not apply to any contribution for
medical benefits after separation from service (within the meaning of Section
40l(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an
annual addition.

 

 

ARTICLE X
MODIFICATION OF TOP-HEAVY RULES

 

 

 

10.1

Effective date. This Article shall apply for purposes of determining whether the
plan is a top-heavy plan under Section 416(g) of the Code for plan years
beginning after December 31, 2001, and whether the plan satisfies the minimum
benefits requirements of Section 416(c) of the Code for such years. This Article
amends the top-heavy provisions of the plan.

 

 

 

10.2

Determination of top-heavy status.

 

 

 

10.2.1

Key employee. Key employee means any employee or former employee (including any
deceased employee) who at any time during the plan year that includes the
determination date was an officer of the employer having annual compensation
greater than $130,000 (as adjusted under Section 416(i)(l) of the Code for plan
years beginning after December 31, 2002), a 5-percent owner of the employer, or
a 1-percent owner of the employer having annual compensation of more than
$150,000. For this purpose, annual compensation means compensation within the
meaning of Section 415(c)(3) of the Code. The determination of who is a key
employee will be made in accordance with Section 416(i)(l) of the Code and the
applicable regulations and other guidance of general applicability issued
thereunder.

 

 

 

10.2.2

Determination of present values and amounts. This Section 10.2.2 shall apply for
purposes of determining the present values of accrued benefits and the amounts
of account balances of employees as of the determination date.

 

 

 

 

a.

Distributions during year ending on the determination date. The present values
of accrued benefits and the amounts of account balances of an employee as of the
determination date shall be increased by the distributions made with respect to
the employee under the plan and any plan aggregated with the plan under Section
416(g)(2) of the Code during the 1-year period ending on the determination date.
The preceding sentence shall also apply to distributions under a terminated plan
which, had it not been terminated, would have been aggregated with the plan
under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made
for a reason other than separation from service, death, or disability, this
provision shall be applied by substituting “5-year period” for “1-year period.”

 

 

 

 

b.

Employees not performing services during year ending on the determination date.
The accrued benefits and accounts of any individual who has not performed
services for the employer during the 1-year period ending on the determination
date shall not be taken into account.

 

 

 

10.3

Minimum benefits.

 

 

 

10.3.1

Matching contributions. Employer matching contributions shall be taken into
account for purposes of satisfying the minimum contribution requirements of
Section 416(c)(2) of the Code and the plan. The preceding sentence shall apply
with respect to matching contributions under the plan or, if the plan provides
that the minimum contribution requirement shall be met in another plan, such
other plan. Employer matching contributions that are used to satisfy the minimum
contribution requirements shall be treated as matching contributions for
purposes of the actual contribution percentage test and other requirements of
Section 401(m) of the Code.

 

 

 

10.3.2

Contributions under other plans. The employer may provide, in an addendum to
this amendment, that the minimum benefit requirement shall be met in another
plan (including another plan that consists solely of a cash or deferred
arrangement which meets the requirements of Section 401(k)(12) of the Code and
matching contributions with respect to which the requirements of Section
401(m)(l1) of the Code are met). The addendum should include the name of the
other plan, the minimum benefit that will be provided under such other plan, and
the employees who will receive the minimum benefit under such other plan.

 

 

 

ARTICLE XI
DIRECT ROLLOVERS

 

11.1

Effective date. This Article shall apply to distributions made after December
31, 2001.

 

 

 

11.2

Modification of definition of eligible retirement plan. For purposes of the
direct rollover provisions of the plan, an eligible retirement plan shall also
mean an annuity contract described in Section 403(b) of the Code and an eligible
plan under Section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state and which agrees to separately account for amounts
transferred into such plan from this plan. The definition of eligible retirement
plan shall also apply in the case of a

 

 

 

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

© 2002 SunTrust Bank

4

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

EGTRRA - Employer

 

 

 

 

distribution to a surviving spouse, or to a spouse or former spouse who is the
alternate payee under a qualified domestic relation order, as defined in Section
414(p) of the Code.

 

 

11.3

Modification of definition of eligible rollover distribution to exclude hardship
distributions. For purposes of the direct rollover provisions of the plan, any
amount that is distributed on account of hardship shall not be an eligible
rollover distribution and the distributee may not elect to have any portion of
such a distribution paid directly to an eligible retirement plan.

 

 

 

11.4

Modification of definition of eligible rollover distribution to include
after-tax employee contributions. For purposes of the direct rollover provisions
in the plan, a portion of a distribution shall not fail to be an eligible
rollover distribution merely because the portion consists of after-tax employee
contributions which are not includible in gross income. However, such portion
may be transferred only to an individual retirement account or annuity described
in Section 408(a) or (b) of the Code, or to a qualified defined contribution
plan described in Section 401(a) or 403(a) of the Code that agrees to separately
account for amounts so transferred, including separately accounting for the
portion of such distribution which is includible in gross income and the portion
of such distribution which is not so includible.

 

 

 

ARTICLE XII
ROLLOVERS FROM OTHER PLANS

 

Rollovers from other plans. The employer, operationally and on a
nondiscriminatory basis, may limit the source of rollover contributions that may
be accepted by this plan.

 

ARTICLE XIII
REPEAL OF MULTIPLE USE TEST

 

Repeal of Multiple Use Test. The multiple use test described in Treasury
Regulation Section 1.401(m)-2 and the plan shall not apply for plan years
beginning after December 31, 2001.

 

ARTICLE XIV
ELECTIVE DEFERRALS

 

14.1

Elective Deferrals - Contribution Limitation. No participant shall be permitted
to have elective deferrals made under this plan, or any other qualified plan
maintained by the employer during any taxable year, in excess of the dollar
limitation contained in Section 402(g) of the Code in effect for such taxable
year, except to the extent permitted under Article VI of this amendment and
Section 414(v) of the Code, if applicable.

 

 

 

14.2

Maximum Salary Reduction Contributions for SIMPLE plans. If this is a SIMPLE
401(k) plan, then except to the extent permitted under Article VI of this
amendment and Section 414(v) of the Code, if applicable, the maximum salary
reduction contribution that can be made to this plan is the amount determined
under Section 408(p)(2)(A)(ii) of the Code for the calendar year.

 

 

 

ARTICLE XV
SAFE HARBOR PLAN PROVISIONS

 

Modification of Top-Heavy Rules. The top-heavy requirements of Section 416 of
the Code and the plan shall not apply in any year beginning after December 31,
2001, in which the plan consists solely of a cash or deferred arrangement which
meets the requirements of Section 401(k)(12) of the Code and matching
contributions with respect to which the requirements of Section 401(m)(l1) of
the Code are met.

 

ARTICLE XVI
DISTRIBUTION UPON SEVERANCE OF EMPLOYMENT

 

16.1

Effective date. This Article shall apply for distributions and transactions made
after December 31, 2001, regardless of when the severance of employment
occurred.

 

 

 

16.2

New distributable event. A participant’s elective deferrals, qualified
nonelective contributions, qualified matching contributions, and earnings
attributable to these contributions shall be distributed on account of the
participant’s severance from employment. However, such a distribution shall be
subject to the other provisions of the plan regarding distributions, other than
provisions that require a separation from service before such amounts may be
distributed.

 

 

 

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

© 2002 SunTrust Bank

5

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

EGTRRA - Employer

This amendment has been executed this 13 day of May, 2008.

Name of Employer: Bluegreen Corporation

 

 

By:  -s- Vicki Falkins [d7469103.jpg]

 

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

 

EMPLOYER

 

 

Name of Plan: Bluegreen Corporation Retirement Savings Plan

 

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

© 2002 SunTrust Bank

6

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

POST-EGTRRA
AMENDMENT TO THE

BLUEGREEN CORPORATION RETIREMENT SAVINGS PLAN

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

POST-EGTRRA - Employer

ARTICLE I
PREAMBLE

 

 

1.1

Adoption and effective date of amendment. This amendment of the plan is adopted
to reflect certain provisions of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (“EGTRRA”), the Job Creation and Worker Assistance
Act of 2002, and other IRS guidance. This amendment is intended as good faith
compliance with the requirements of EGTRRA and is to be construed in accordance
with EGTRRA and guidance issued thereunder. Except as otherwise provided, this
amendment shall be effective as of the first day of the first plan year
beginning after December 31, 2001.

 

 

1.2

Supersession of inconsistent provisions. This amendment shall supersede the
provisions of the plan to the extent those provisions are inconsistent with the
provisions of this amendment.

ARTICLE II
ADOPTION AGREEMENT ELECTIONS

 

 

 

 

 

The questions in this Article II only need to be completed in order to override
the default provisions set forth below. If all of the default provisions will
apply, then these questions should be skipped.

 

 

 

 

 

Unless the employer elects otherwise in this Article II, the following defaults
apply:

 

 

 

 

 

1.

If catch-up contributions are permitted, then the catch-up contributions are
treated like any other elective deferrals for purposes of determining matching
contributions under the plan.

 

 

 

 

 

2.

For plans subject to the qualified joint and survivor annuity rules, rollovers
are automatically excluded in determining whether the $5,000 threshold has been
exceeded for automatic cash-outs (if the plan provides for automatic cash-outs).
This is applied to all participants regardless of when the distributable event
occurred.

 

 

 

 

 

3.

Amounts that are “deemed 125 compensation” are not included in the definition of
compensation.

 

 

 

 

2.1

Exclusion of Rollovers in Application of Involuntary Cash-out Provisions. If the
plan is subject to the joint and survivor annuity rules and includes involuntary
cash-out provisions, then unless one of the options below is elected, effective
for distributions made after December 31, 2001, rollover contributions will be
excluded in determining the value of a participant’s nonforfeitable account
balance for purposes of the plan’s involuntary cash-out rules.

 

 

 

 

 

a.

x

Rollover contributions will not be excluded.

 

 

 

 

 

b.

o

Rollover contributions will be excluded only with respect to distributions made
after _____. (Enter a date no earlier than December 31, 2001).

 

 

 

 

 

c.

o

Rollover contributions will only be excluded with respect to participants who
separated from service after _____. (Enter a date. The date may be earlier than
December 31, 2001.)

 

 

 

 

2.2

Catch-up contributions (for 401(k) profit sharing plans only): The plan permits
catch-up contributions effective for calendar years beginning after December 31,
2001, (Article V) unless otherwise elected below.

 

 

 

 

 

a.

o

The plan does not permit catch-up contributions to be made.

 

 

 

 

 

b.

o

Catch-up contributions are permitted effective as of: _____ (enter a date no
earlier than January 1, 2002).

 

 

 

 

 

And, catch-up contributions will be taken into account in applying any matching
contribution under the Plan unless otherwise elected below.

 

 

 

 

 

c.

o

Catch-up contributions will not be taken into account in applying any matching
contribution under the Plan.

 

 

 

 

2.3

Deemed 125 Compensation. Article VI of this amendment shall not apply unless
otherwise elected below.

 

 

 

 

 

 

o

Article VI of this amendment (Deemed 125 Compensation) shall apply effective as
of Plan Years and Limitation Years beginning on or after ____ (insert the later
of January 1, 1998, or the first day of the first plan year the Plan used this
definition).

ARTICLE III
INVOLUNTARY CASH-OUTS

 

 

3.1

Applicability and effective date. If the plan is subject to the qualified joint
and survivor annuity rules and provides for involuntary cash-outs of amounts
less than $5,000, then unless otherwise elected in Section 2.1 of this
amendment, this Article shall apply for distributions made after December 31,
2001, and shall apply to all participants.

 

 

3.2

Rollovers disregarded in determining value of account balance for involuntary
distributions. For purposes of the Sections of the plan that provide for the
involuntary distribution of vested accrued benefits of $5,000 or less, the value
of a participant’s nonforfeitable account balance shall be determined without
regard to that portion of the account

 

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POST-EGTRRA - Employer

 

 

 

balance that is attributable to rollover contributions (and earnings allocable
thereto) within the meaning of Sections 402(c), 403(a)(4), 403(b)(8),
408(d)(3)(A)(ii), and 457(e)(l6) of the Code. If the value of the participant’s
nonforfeitable account balance as so determined is $5,000 or less, then the plan
shall immediately distribute the participant’s entire nonforfeitable account
balance.

ARTICLE IV
HARDSHIP DISTRIBUTIONS

Reduction of Section 402(g) of the Code following hardship distribution. If the
plan provides for hardship distributions upon satisfaction of the safe harbor
(deemed) standards as set forth in Treas. Reg. Section l.40l(k)-l(d)(2)(iv),
then effective as of the date the elective deferral suspension period is reduced
from 12 months to 6 months pursuant to EGTRRA, there shall be no reduction in
the maximum amount of elective deferrals that a Participant may make pursuant to
Section 402(g) of the Code solely because of a hardship distribution made by
this plan or any other plan of the Employer.

ARTICLE V
CATCH-UP CONTRIBUTIONS

Catch-up Contributions. Unless otherwise elected in Section 2.2 of this
amendment, effective for calendar years beginning after December 31, 2001, all
employees who are eligible to make elective deferrals under this plan and who
have attained age 50 before the close of the calendar year shall be eligible to
make catch-up contributions in accordance with, and subject to the limitations
of, Section 4l4(v) of the Code. Such catch-up contributions shall not be taken
into account for purposes of the provisions of the plan implementing the
required limitations of Sections 402(g) and 415 of the Code. The plan shall not
be treated as failing to satisfy the provisions of the plan implementing the
requirements of Sections 40l(k)(3), 40l(k)(l1), 40l(k)(l2), 4l0(b), or 416 of
the Code, as applicable, by reason of the making of such catch-up contributions.

If elected in Section 2.2, catch-up contributions shall not be treated as
elective deferrals for purposes of applying any Employer matching contributions
under the plan.

ARTICLE VI
DEEMED 125 COMPENSATION

If elected, this Article shall apply as of the effective date specified in
Section 2.3 of this amendment. For purposes of any definition of compensation
under this Plan that includes a reference to amounts under Section 125 of the
Code, amounts under Section 125 of the Code include any amounts not available to
a Participant in cash in lieu of group health coverage because the Participant
is unable to certify that he or she has other health coverage. An amount will be
treated as an amount under Section 125 of the Code only if the Employer does not
request or collect information regarding the Participant’s other health coverage
as part of the enrollment process for the health plan.

This amendment has been executed this 13 day of May, 2008

Name of Plan: Bluegreen Corporation Retirement Savings Plan

Name of Employer: Bluegreen Corporation

 

 

 

By:

-s- Vicki Falkins [d7469103.jpg]

 

 

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

EMPLOYER

 

 

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© 2003 SunTrust Bank

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401(a)(9) MODEL
AMENDMENT TO THE

BLUEGREEN CORPORATION RETIREMENT SAVINGS PLAN

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

401(a)(9) - Sponsor

MINIMUM DISTRIBUTION REQUIREMENTS AMENDMENT

ARTICLE I
GENERAL RULES

 

 

1.1

Effective Date. Unless a later effective date is specified in Section 6.1 of
this Amendment, the provisions of this Amendment will apply for purposes of
determining required minimum distributions for calendar years beginning with the
2002 calendar year.

 

 

1.2

Coordination with Minimum Distribution Requirements Previously in Effect. If the
effective date of this Amendment is earlier than calendar years beginning with
the 2003 calendar year, required minimum distributions for 2002 under this
Amendment will be determined as follows. If the total amount of 2002 required
minimum distributions under the Plan made to the distributee prior to the
effective date of this Amendment equals or exceeds the required minimum
distributions determined under this Amendment, then no additional distributions
will be required to be made for 2002 on or after such date to the distributee.
If the total amount of 2002 required minimum distributions under the Plan made
to the distributee prior to the effective date of this Amendment is less than
the amount determined under this Amendment, then required minimum distributions
for 2002 on and after such date will be determined so that the total amount of
required minimum distributions for 2002 made to the distributee will be the
amount determined under this Amendment.

 

 

1.3

Precedence. The requirements of this Amendment will take precedence over any
inconsistent provisions of the Plan.

 

 

1.4

Requirements of Treasury Regulations Incorporated. All distributions required
under this Amendment will be determined and made in accordance with the Treasury
regulations under Section 401(a)(9) of the Internal Revenue Code.

 

 

1.5

TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this
Amendment, distributions may be made under a designation made before January 1,
1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal
Responsibility Act (TEFRA) and the provisions of the Plan that relate to Section
242(b)(2) of TEFRA.

 

 

1.6

Adoption by prototype sponsor. Except as otherwise provided herein, pursuant to
Section 5.01 of Revenue Procedure 2000-20, the sponsoring organization hereby
adopts this amendment on behalf of all adopting employers.

ARTICLE II
TIME AND MANNER OF DISTRIBUTION

 

 

2.1

Required Beginning Date. The Participant’s entire interest will be distributed,
or begin to be distributed, to the Participant no later than the Participant’s
required beginning date.

 

 

2.2

Death of Participant Before Distributions Begin. If the Participant dies before
distributions begin, the Participant’s entire interest will be distributed, or
begin to be distributed, no later than as follows:

 

 

 

(a)          If the Participant’s surviving spouse is the Participant’s sole
designated beneficiary, then, except as provided in Article VI, distributions to
the surviving spouse will begin by December 31 of the calendar year immediately
following the calendar year in which the Participant died, or by December 31 of
the calendar year in which the Participant would have attained age 70 1/2, if
later.

 

 

 

(b)          If the Participant’s surviving spouse is not the Participant’s sole
designated beneficiary, then, except as provided in Article VI, distributions to
the designated beneficiary will begin by December 31 of the calendar year
immediately following the calendar year in which the Participant died.

 

 

 

(c)          If there is no designated beneficiary as of September 30 of the
year following the year of the Participant’s death, the Participant’s entire
interest will be distributed by December 31 of the calendar year containing the
fifth anniversary of the Participant’s death.

 

 

 

(d)          If the Participant’s surviving spouse is the Participant’s sole
designated beneficiary and the surviving spouse dies after the Participant but
before distributions to the surviving spouse begin, this Section 2.2, other than
Section 2.2(a), will apply as if the surviving spouse were the Participant.

 

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401(a)(9) - Sponsor

 

 

 

For purposes of this Section 2.2 and Article IV, unless Section 2.2(d) applies,
distributions are considered to begin on the Participant’s required beginning
date. If Section 2.2(d) applies, distributions are considered to begin on the
date distributions are required to begin to the surviving spouse under Section
2.2(a). If distributions under an annuity purchased from an insurance company
irrevocably commence to the Participant before the Participant’s required
beginning date (or to the Participant’s surviving spouse before the date
distributions are required to begin to the surviving spouse under Section
2.2(a)), the date distributions are considered to begin is the date
distributions actually commence.

 

 

2.3

Forms of Distribution. Unless the Participant’s interest is distributed in the
form of an annuity purchased from an insurance company or in a single sum on or
before the required beginning date, as of the first distribution calendar year
distributions will be made in accordance with Articles III and IV of this
Amendment. If the Participant’s interest is distributed in the form of an
annuity purchased from an insurance company, distributions thereunder will be
made in accordance with the requirements of Section 401(a)(9) of the Code and
the Treasury regulations.

ARTICLE III
REQUIRED MINIMUM DISTRIBUTIONS DURING PARTICIPANT’S LIFETIME

 

 

3.1

Amount of Required Minimum Distribution For Each Distribution Calendar Year.
During the Participant’s lifetime, the minimum amount that will be distributed
for each distribution calendar year is the lesser of:

 

 

 

(a)          the quotient obtained by dividing the Participant’s account balance
by the distribution period in the Uniform Lifetime Table set forth in Section
1.401(a)(9)-9 of the Treasury regulations, using the Participant’s age as of the
Participant’s birthday in the distribution calendar year; or

 

 

 

(b)          if the Participant’s sole designated beneficiary for the
distribution calendar year is the Participant’s spouse, the quotient obtained by
dividing the Participant’s account balance by the number in the Joint and Last
Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations,
using the Participant’s and spouse’s attained ages as of the Participant’s and
spouse’s birthdays in the distribution calendar year.

 

 

3.2

Lifetime Required Minimum Distributions Continue Through Year of Participant’s
Death. Required minimum distributions will be determined under this Article 3
beginning with the first distribution calendar year and up to and including the
distribution calendar year that includes the Participant’s date of death.

ARTICLE IV
REQUIRED MINIMUM DISTRIBUTIONS AFTER PARTICIPANT’S DEATH

 

 

 

4.1

Death On or After Date Distributions Begin.

 

 

 

(a)          Participant Survived by Designated Beneficiary. If the Participant
dies on or after the date distributions begin and there is a designated
beneficiary, the minimum amount that will be distributed for each distribution
calendar year after the year of the Participant’s death is the quotient obtained
by dividing the Participant’s account balance by the longer of the remaining
life expectancy of the Participant or the remaining life expectancy of the
Participant’s designated beneficiary, determined as follows:

 

 

 

 

(1)          The Participant’s remaining life expectancy is calculated using the
age of the Participant in the year of death, reduced by one for each subsequent
year.

 

 

 

 

 

(2)          If the Participant’s surviving spouse is the Participant’s sole
designated beneficiary, the remaining life expectancy of the surviving spouse is
calculated for each distribution calendar year after the year of the
Participant’s death using the surviving spouse’s age as of the spouse’s birthday
in that year. For distribution calendar years after the year of the surviving
spouse’s death, the remaining life expectancy of the surviving spouse is
calculated using the age of the surviving spouse as of the spouse’s birthday in
the calendar year of the spouse’s death, reduced by one for each subsequent
calendar year.

 

 

 

 

 

(3)          If the Participant’s surviving spouse is not the Participant’s sole
designated beneficiary, the designated beneficiary’s remaining life expectancy
is calculated using the age of the beneficiary in the year following the year of
the Participant’s death, reduced by one for each subsequent year.

 

 

 

 

(b)          No Designated Beneficiary. If the Participant dies on or after the
date distributions begin and there is no designated beneficiary as of September
30 of the year after the year of the Participant’s death, the minimum amount
that will be distributed for each distribution calendar year after the year of
the Participant’s death is the quotient obtained by dividing the Participant’s
account balance by the Participant’s remaining life expectancy calculated using
the age of the Participant in the year of death, reduced by one for each
subsequent year.

 

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401(a)(9) - Sponsor

 

 

4.2

Death Before Date Distributions Begin.

 

 

 

(a)          Participant Survived by Designated Beneficiary. Except as provided
in Article VI, if the Participant dies before the date distributions begin and
there is a designated beneficiary, the minimum amount that will be distributed
for each distribution calendar year after the year of the Participant’s death is
the quotient obtained by dividing the Participant’s account balance by the
remaining life expectancy of the Participant’s designated beneficiary,
determined as provided in Section 4.1.

 

 

 

(b)          No Designated Beneficiary. If the Participant dies before the date
distributions begin and there is no designated beneficiary as of September 30 of
the year following the year of the Participant’s death, distribution of the
Participant’s entire interest will be completed by December 31 of the calendar
year containing the fifth anniversary of the Participant’s death.

 

 

 

(c)          Death of Surviving Spouse Before Distributions to Surviving Spouse
Are Required to Begin. If the Participant dies before the date distributions
begin, the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, and if the surviving spouse dies before distributions are required
to begin to the surviving spouse under Section 2.2(a), this Section 4.2 will
apply as if the surviving spouse were the Participant.

ARTICLE V
DEFINITIONS

 

 

5.1

Designated beneficiary. The individual who is designated as the Beneficiary
under the Plan and is the designated beneficiary under Section 401(a)(9) of the
Internal Revenue Code and Section 1.401(a)(9)-l, Q&A-4, of the Treasury
regulations.

 

 

5.2

Distribution calendar year. A calendar year for which a minimum distribution is
required. For distributions beginning before the Participant’s death, the first
distribution calendar year is the calendar year immediately preceding the
calendar year which contains the Participant’s required beginning date. For
distributions beginning after the Participant’s death, the first distribution
calendar year is the calendar year in which distributions are required to begin
under Section 2.2. The required minimum distribution for the Participant’s first
distribution calendar year will be made on or before the Participant’s required
beginning date. The required minimum distribution for other distribution
calendar years, including the required minimum distribution for the distribution
calendar year in which the Participant’s required beginning date occurs, will be
made on or before December 31 of that distribution calendar year.

 

 

5.3

Life expectancy. Life expectancy as computed by use of the Single Life Table in
Section 1.401(a)(9)-9 of the Treasury regulations.

 

 

5.4

Participant’s account balance. The account balance as of the last valuation date
in the calendar year immediately preceding the distribution calendar year
(valuation calendar year) increased by the amount of any contributions made and
allocated or forfeitures allocated to the account balance as of dates in the
valuation calendar year after the valuation date and decreased by distributions
made in the valuation calendar year after the valuation date. The account
balance for the valuation calendar year includes any amounts rolled over or
transferred to the Plan either in the valuation calendar year or in the
distribution calendar year if distributed or transferred in the valuation
calendar year.

 

 

5.5

Required beginning date. The date specified in the Plan when distributions under
Section 401(a)(9) of the Internal Revenue Code are required to begin.

ARTICLE VI
ADOPTION AGREEMENT ELECTIONS

 

 

 

The questions in this Article VI only need to be completed in order to override
the default provisions set forth below. If all of the default provisions will
apply, then these questions should be skipped.

 

 

 

Unless the employer elects otherwise in this Article VI, the following defaults
apply:

 

 

 

1)           The minimum distribution requirements are effective for
distribution calendar years beginning with the 2002 calendar year unless a later
date is specified in Section 6.1 of this Amendment.

 

 

 

2)           Participants or beneficiaries may elect on an individual basis
whether the 5-year rule or the life expectancy rule in the Plan applies to
distributions after the death of a Participant who has a designated beneficiary.

 

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© 2003 SunTrust Bank

 

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401(a)(9) - Sponsor

 

 

 

 

6.1

Effective Date of Plan Amendment for Section 401(a)(9) Final and Temporary
Treasury Regulations.

 

 

 

o

This Amendment applies for purposes of determining required minimum
distributions for distribution calendar years beginning with the 2003 calendar
year, as well as required minimum distributions for the 2002 distribution
calendar year that are made on or after ______ (leave blank if this Amendment
does not apply to any minimum distributions for the 2002 distribution calendar
year).

 

 

 

6.2

Election to not permit Participants or Beneficiaries to Elect 5-Year Rule.

 

 

 

Unless elected below, Participants or beneficiaries may elect on an individual
basis whether the 5-year rule or the life expectancy rule in Sections 2.2 and
4.2 of this Amendment applies to distributions after the death of a Participant
who has a designated beneficiary. The election must be made no later than the
earlier of September 30 of the calendar year in which distribution would be
required to begin under Section 2.2 of this Amendment, or by September 30 of the
calendar year which contains the fifth anniversary of the Participant’s (or, if
applicable, surviving spouse’s) death. If neither the Participant nor
beneficiary makes an election under this paragraph, distributions will be made
in accordance with Sections 2.2 and 4.2 of this Amendment and, if applicable,
the elections in Section 6.3 of this Amendment below.

 

 

 

 

o

The provision set forth above in this Section 6.2 shall not apply. Rather,
Sections 2.2 and 4.2 of this Amendment shall apply except as elected in Section
6.3 of this Amendment below.

 

 

 

 

6.3

Election to Apply 5-Year Rule to Distributions to Designated Beneficiaries.

 

 

 

 

o

If the Participant dies before distributions begin and there is a designated
beneficiary, distribution to the designated beneficiary is not required to begin
by the date specified in the Plan, but the Participant’s entire interest will be
distributed to the designated beneficiary by December 31 of the calendar year
containing the fifth anniversary of the Participant’s death. If the
Participant’s surviving spouse is the Participant’s sole designated beneficiary
and the surviving spouse dies after the Participant but before distributions to
either the Participant or the surviving spouse begin, this election will apply
as if the surviving spouse were the Participant.

 

 

 

 

 

If the above is elected, then this election will apply to:

 

 

 

 

 

o

All distributions.

 

 

 

 

 

 

o

The following distributions: ______.

 

 

 

 

6.4

Election to Allow Designated Beneficiary Receiving Distributions Under 5-Year
Rule to Elect Life Expectancy Distributions.

 

 

 

 

 

o

A designated beneficiary who is receiving payments under the 5-year rule may
make a new election to receive payments under the life expectancy rule until
December 31, 2003, provided that all amounts that would have been required to be
distributed under the life expectancy rule for all distribution calendar years
before 2004 are distributed by the earlier of December 31, 2003 or the end of
the 5-year period.

Except with respect to any election made by the employer in Article VI, this
amendment is hereby adopted by the prototype sponsoring organization on behalf
of all adopting employers on

[Sponsor’s signature and Adoption Date are on file with Sponsor]

NOTE: The employer only needs to execute this amendment if an election has been
made in Article VI of this amendment.

This amendment has been executed this 13 day of May, 2008.

Name of Plan: Bluegreen Corporation Retirement Savings Plan

Name of Employer: Bluegreen Corporation

 

 

 

By:

-s- Vicki Falkins [d7469103.jpg]

 

 

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

 

 

        EMPLOYER

 

 

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© 2003 SunTrust Bank

 

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Sponsor - lower cash-out threshold

MANDATORY DISTRIBUTION AMENDMENT
(Code Section 401(a)(31)(B))

ARTICLE I
APPLICATION OF AMENDMENT

 

 

1.1

Effective Date. Unless a later effective date is specified in Article III of
this Amendment, the provisions of this Amendment will apply with respect to
distributions made on or after March 28, 2005.

 

 

1.2

Precedence. This Amendment supersedes any inconsistent provision of the Plan.

 

 

1.3

Adoption by prototype sponsor. Except as otherwise provided herein, pursuant to
authority granted by Section 5.01 of Revenue Procedure 2000-20, the sponsoring
organization of the prototype hereby adopts this amendment on behalf of all
adopting employers.

ARTICLE II
DEFAULT PROVISION: LOWER MANDATORY CASH-OUT
THRESHOLD TO $1,000

Unless the Employer otherwise elects in Article III of this Amendment, the
provisions of the Plan for the mandatory distribution of amounts not exceeding
$5,000, are amended as follows:

The $5,000 threshold in such provisions is reduced to $1,000 and the value of
the Participant’s interest in the Plan for such purpose shall include any
rollover contributions (and earnings thereon) within the meaning of Code
Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16).

ARTICLE III
EMPLOYER’S ALTERNATIVE ELECTIONS

 

 

 

 

 

3.1

( )

Effective Date of Plan Amendment

 

 

 

 

 

This Amendment applies with respect to distributions made on or after ___ (may
be a date later than March 28, 2005, only if the terms of the Plan already
comply with Code Section 401(a)(31)(B)).

 

 

 

3.2

( )

Election to implement automatic IRA rollover rules

 

 

 

 

 

a.

( )

IRA rollover of amounts over $1,000. In lieu of the default provision in Article
II of this Amendment, the provisions of the Plan concerning mandatory
distributions of amounts not exceeding $5,000 are amended as follows:

 

 

 

 

 

 

 

 

 

In the event of a mandatory distribution greater than $1,000 that is made in
accordance with the provisions of the Plan providing for an automatic
distribution to a Participant without the Participant’s consent, if the
Participant does not elect to have such distribution paid directly to an
“eligible retirement plan” specified by the Participant in a direct rollover (in
accordance with the direct rollover provisions of the Plan) or to receive the
distribution directly, then the Administrator shall pay the distribution in a
direct rollover to an individual retirement plan designated by the
Administrator.

 

 

 

 

 

 

 

b.

( )

IRA rollover of amounts over and under $1,000. In lieu of the default provision
in Article II of this Amendment, the provisions of the Plan concerning mandatory
distributions of amounts not exceeding $5,000 are amended as follows:

 

 

 

 

 

 

 

 

 

In the event of a mandatory distribution that is made in accordance with the
provisions of the Plan providing for an automatic distribution to a Participant
without the Participant’s consent, if the Participant does not elect to have
such distribution paid directly to an “eligible retirement plan” specified by
the Participant in a direct rollover (in accordance with the direct rollover
provisions of the Plan) or to receive the distribution directly, then the
Administrator shall pay the distribution in a direct rollover to an individual
retirement plan designated by the Administrator.

 

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© 2005 SunTrust Bank

 

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Sponsor - lower cash-out threshold

 

 

 

 

 

3.3

( )

Election to modify mandatory distribution threshold (may not be elected if 3.2
above is elected)

 

 

 

 

 

 

 

In lieu of the default provision in Article II of this Amendment, the provisions
of the Plan that provide for the involuntary distribution of vested accrued
benefits of $5,000 or less, are modified as follows:

 

 

 

 

 

 

 

a.

( )

No mandatory distributions. Participant consent to the distribution shall now be
required before the distribution may be made.

 

 

 

 

 

 

 

b.

( )

Reduction of threshold to amount less than $1,000. The $5,000 dollar threshold
in such provisions is reduced to $____ (enter an amount less than $1,000) and
the value of the Participant’s interest in the Plan for such purpose shall
include any rollover contributions (and earnings thereon) within the meaning of
Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16).

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

[Sponsor’s signature and Adoption Date are on file with Sponsor]

NOTE: The employer only needs to execute this amendment if an election has been
made in Article III herein.

This amendment has been executed this 13 day of May, 2008.

 

 

Name of Plan:

Bluegreen Corporation Retirement Savings Plan

 

 

Name of Employer:

Bluegreen Corporation

 

 

 

By:

-s- Vicki Falkins [d7469103.jpg]

 

 

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EMPLOYER

 

 

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© 2005 SunTrust Bank

2

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Final 401(k) Amendment - Sponsor

FINAL 401(k)/401(m) REGULATIONS AMENDMENT

ARTICLE I
PREAMBLE

 

 

1.1

Adoption and effective date of amendment. The sponsor adopts this Amendment to
the Plan to reflect certain provisions of the Final Regulations under Code
Sections 401(k) and 401(m) that were published on December 29, 2004 (hereinafter
referred to as the “Final 401(k) Regulations”). The sponsor intends this
Amendment as good faith compliance with the requirements of these provisions.
This Amendment shall be effective with respect to Plan Years beginning after
December 31, 2005 unless the Employer otherwise elects in Section 2.1 below.

 

 

1.2

Supersession of inconsistent provisions. This Amendment shall supersede the
provisions of the Plan to the extent those provisions are inconsistent with the
provisions of this Amendment.

 

 

1.3

Application of provisions. Certain provisions of this Amendment relate to
elective deferrals of a 401 (k) plan; if the Plan to which this Amendment
relates is not a 401(k) plan, then those provisions of this Amendment do not
apply. Certain provisions of this Amendment relate to matching contributions
and/or after-tax employee contributions subject to Code Section 401(m); if the
Plan to which this Amendment relates is not subject to Code Section 401(m), then
those provisions of this Amendment do not apply.

 

 

1.4

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

 

 

 

 

2.1

Effective Date. This Amendment is effective, and the Plan shall implement the
provisions of the Final 401(k) Regulations, with respect to Plan Years beginning
after December 31, 2005 unless the Employer elects an earlier effective date in
either a or b:

 

 

 

 

 

a.

o

The Amendment is effective and the Final 401(k) Regulations apply to Plan Years
beginning after December 31, 2004 (2005 and subsequent Plan Years).

 

 

 

 

 

b.

o

The Amendment is effective and the Final 401(k) Regulations apply to Plan Years
ending after December 29, 2004 (2004 and subsequent Plan Years).

 

 

 

 

2.2

ACP Test Safe Harbor. Unless otherwise selected below, if this Plan uses the ADP
Test Safe Harbor provisions, then the provisions of Amendment Section 9.2(a)
apply and all matching contributions under the Plan will be applied without
regard to any allocation conditions except as provided in that Section.

 

 

 

 

 

a.

o

The provisions of Amendment Section 9.2(b) apply. The allocation conditions
applicable to matching contributions under the Plan continue to apply (if
selected, the Plan is not an ACP Test Safe Harbor Plan).

 

 

 

 

 

b.

o

The provisions of Amendment Section 9.2(c) apply. All matching contributions
under the Plan will be applied without regard to any allocation conditions as of
the effective date of this Amendment.

ARTICLE III
GENERAL RULES

 

 

3.1

Deferral elections. A cash or deferred arrangement (“CODA”) is an arrangement
under which eligible Employees may make elective deferral elections. Such
elections cannot relate to compensation that is currently available prior to the
adoption or effective date of the CODA. In addition, except for occasional, bona
fide administrative considerations, contributions made pursuant to such an
election cannot precede the earlier of (1) the performance of services relating
to the contribution and (2) when the compensation that is subject to the
election would be currently available to the Employee in the absence of an
election to defer.

 

 

3.2

Vesting provisions. Elective Contributions are always fully vested and
nonforfeitable. The Plan shall disregard Elective Contributions in applying the
vesting provisions of the Plan to other contributions or benefits under Code
Section 41l(a)(2). However, the Plan shall otherwise take a Participant’s
Elective Contributions into account in determining the Participant’s vested
benefits under the Plan. Thus, for example, the Plan shall take Elective
Contributions into account in determining whether a Participant has a
nonforfeitable right to contributions under the Plan for purposes of
forfeitures, and for applying provisions permitting the repayment of
distributions to have forfeited amounts restored, and the provisions of Code
Sections 410(a)(5)(D)(iii) and 411(a)(6)(D)(iii) permitting a plan to disregard
certain service completed prior to breaks-in-service (sometimes referred to as
“the rule of parity”).

 

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ARTICLE IV
HARDSHIP DISTRIBUTIONS

 

 

 

4.1

Applicability. The provisions of this Article IV apply if the Plan provides for
hardship distributions upon satisfaction of the deemed immediate and heavy
financial need standards set forth in Regulation Section 1.401(k)-l(d)(2)(iv)(A)
as in effect prior to the issuance of the Final 401(k) Regulations.

 

 

 

4.2

Hardship events. A distribution under the Plan is hereby deemed to be on account
of an immediate and heavy financial need of an Employee if the distribution is
for one of the following or any other item permitted under Regulation Section
1.401(k)-l(d)(3)(iii)(B):

 

 

 

 

(a)

Expenses for (or necessary to obtain) medical care that would be deductible
under Code Section 213(d) (determined without regard to whether the expenses
exceed 7.5% of adjusted gross income);

 

 

 

 

(b)

Costs directly related to the purchase of a principal residence for the Employee
(excluding mortgage payments);

 

 

 

 

(c)

Payment of tuition, related educational fees, and room and board expenses, for
up to the next twelve (12) months of post-secondary education for the Employee,
the Employee’s spouse, children, or dependents (as defined in Code Section 152,
and, for taxable years beginning on or after January 1, 2005, without regard to
Code Section 152(b)(1), (b)(2), and (d)(1)(B));

 

 

 

 

(d)

Payments necessary to prevent the eviction of the Employee from the Employee’s
principal residence or foreclosure on the mortgage on that residence;

 

 

 

 

(e)

Payments for burial or funeral expenses for the Employee’s deceased parent,
spouse, children or dependents (as defined in Code Section 152, and, for taxable
years beginning on or after January 1, 2005, without regard to Code Section
152(d)(l)(B)); or

 

 

 

 

(f)

Expenses for the repair of damage to the Employee’s principal residence that
would qualify for the casualty deduction under Code Section 165 (determined
without regard to whether the loss exceeds 10% of adjusted gross income).

 

 

 

4.3

Reduction of Code Section 402(g) limit following hardship distribution. If the
Plan provides for hardship distributions upon satisfaction of the safe harbor
standards set forth in Regulation Sections 1.401(k)-l(d)(3)(iii)(B) (deemed
immediate and heavy financial need) and 1.401(k)-l(d)(3)(iv)(E) (deemed
necessary to satisfy immediate need), then there shall be no reduction in the
maximum amount of elective deferrals that a Participant may make pursuant to
Code Section 402(g) solely because of a hardship distribution made by this Plan
or any other plan of the Employer.

ARTICLE V
ACTUAL DEFERRAL PERCENTAGE (ADP) TEST

 

 

 

5.1

Targeted contribution limit. Qualified Nonelective Contributions (as defined in
Regulation Section 1.401 (k)-6) cannot be taken into account in determining the
Actual Deferral Ratio (ADR) for a Plan Year for a Non-Highly Compensated
Employee (NHCE) to the extent such contributions exceed the product of that
NHCE’s Code Section 414(s) compensation and the greater of five percent (5%) or
two (2) times the Plan’s “representative contribution rate.” Any Qualified
Nonelective Contribution taken into account under an Actual Contribution
Percentage (ACP) test under Regulation Section 1.401 (m)-2(a)(6) (including the
determination of the representative contribution rate for purposes of Regulation
Section 1.401(m)-2(a)(6)(v)(B)), is not permitted to be taken into account for
purposes of this Section (including the determination of the “representative
contribution rate” under this Section). For purposes of this Section:

 

 

 

 

(a)

The Plan’s “representative contribution rate” is the lowest “applicable
contribution rate” of any eligible NHCE among a group of eligible NHCEs that
consists of half of all eligible NHCEs for the Plan Year (or, if greater, the
lowest “applicable contribution rate” of any eligible NHCE who is in the group
of all eligible NHCEs for the Plan Year and who is employed by the Employer on
the last day of the Plan Year), and

 

 

 

 

(b)

The “applicable contribution rate” for an eligible NHCE is the sum of the
Qualified Matching Contributions (as defined in Regulation Section 1.401(k)-6)
taken into account in determining the ADR for the eligible NHCE for the Plan
Year and the Qualified Nonelective Contributions made for the eligible NHCE for
the Plan Year, divided by the eligible NHCE’s Code Section 414(s) compensation
for the same period.

 

 

 

 

Notwithstanding the above, Qualified Nonelective Contributions that are made in
connection with an Employer’s obligation to pay prevailing wages under the
Davis-Bacon Act (46 Stat. 1494), Public Law 71-798, Service Contract Act of 1965
(79 Stat. 1965), Public Law 89-286, or similar legislation can be taken into
account for a Plan Year for an

 

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NHCE to the extent such contributions do not exceed 10 percent (10%) of that
NHCE’s Code Section 414(s) compensation.

 

 

 

 

 

 

Qualified Matching Contributions may only be used to calculate an ADR to the
extent that such Qualified Matching Contributions are matching contributions
that are not precluded from being taken into account under the ACP test for the
Plan Year under the rules of Regulation Section 1.401 (m)-2(a)(5)(ii) and as set
forth in Section 7.1.

 

 

 

 

5.2

 

Limitation on ONECs and OMACs. Qualified Nonelective Contributions and Qualified
Matching Contributions cannot be taken into account to determine an ADR to the
extent such contributions are taken into account for purposes of satisfying any
other ADP test, any ACP test, or the requirements of Regulation Section
1.401(k)-3, 1.401(m)-3, or 1.401 (k)-4. Thus, for example, matching
contributions that are made pursuant to Regulation Section 1.401 (k)-3(c) cannot
be taken into account under the ADP test. Similarly, if a plan switches from the
current year testing method to the prior year testing method pursuant to
Regulation Section 1.401 (k)-2(c), Qualified Nonelective Contributions that are
taken into account under the current year testing method for a year may not be
taken into account under the prior year testing method for the next year.

 

 

 

 

5.3

 

ADR of HCE if multiple plans. The Actual Deferral Ratio (ADR) of any Participant
who is a Highly Compensated Employee (HCE) for the Plan Year and who is eligible
to have Elective Contributions (as defined in Regulation Section 1.401(k)-6)
(and Qualified Nonelective Contributions and/or Qualified Matching
Contributions, if treated as Elective Contributions for purposes of the ADP
test) allocated to such Participant’s accounts under two (2) or more cash or
deferred arrangements described in Code Section 401(k), that are maintained by
the same Employer, shall be determined as if such Elective Contributions (and,
if applicable, such Qualified Nonelective Contributions and/or Qualified
Matching Contributions) were made under a single arrangement. If an HCE
participates in two or more cash or deferred arrangements of the Employer that
have different Plan Years, then all Elective Contributions made during the Plan
Year being tested under all such cash or deferred arrangements shall be
aggregated, without regard to the plan years of the other plans. However, for
Plan Years beginning before the effective date of this Amendment, if the plans
have different Plan Years, then all such cash or deferred arrangements ending
with or within the same calendar year shall be treated as a single cash or
deferred arrangement. Notwithstanding the foregoing, certain plans shall be
treated as separate if mandatorily disaggregated under the Regulations of Code
Section 401(k).

 

 

 

 

5.4

 

Plans using different testing methods for the ADP and ACP test. Except as
otherwise provided in this Section, the Plan may use the current year testing
method or prior year testing method for the ADP test for a Plan Year without
regard to whether the current year testing method or prior year testing method
is used for the ACP test for that Plan Year. However, if different testing
methods are used, then the Plan cannot use:

 

 

 

 

 

 

(a)

The recharacterization method of Regulation Section 1.401 (k)-2(b)(3) to correct
excess contributions for a Plan Year;

 

 

 

 

 

 

(b)

The rules of Regulation Section 1.401 (m)-2(a)(6)(ii) to take Elective
Contributions into account under the ACP test (rather than the ADP test); or

 

 

 

 

 

 

(c)

The rules of Regulation Section 1.401(k)-2(a)(6)(v) to take Qualified Matching
Contributions into account under the ADP test (rather than the ACP test).

ARTICLE VI
ADJUSTMENT TO ADP TEST

 

 

 

 

6.1

 

Distribution of Income attributable to Excess Contributions. Distributions of
Excess Contributions must be adjusted for income (gain or loss), including an
adjustment for income for the period between the end of the Plan Year and the
date of the distribution (the “gap period”). The Administrator has the
discretion to determine and allocate income using any of the methods set forth
below:

 

 

 

 

 

 

(a)

Reasonable method of allocating income. The Administrator may use any reasonable
method for computing the income allocable to Excess Contributions, provided that
the method does not violate Code Section 401(a)(4), is used consistently for all
Participants and for all corrective distributions under the Plan for the Plan
Year, and is used by the Plan for allocating income to Participant’s accounts. A
Plan will not fail to use a reasonable method for computing the income allocable
to Excess Contributions merely because the income allocable to Excess
Contributions is determined on a date that is no more than seven (7) days before
the distribution.

 

 

 

 

 

 

(b)

Alternative method of allocating income. The Administrator may allocate income
to Excess Contributions for the Plan Year by multiplying the income for the Plan
Year allocable to the Elective Contributions and other amounts taken into
account under the ADP test (including contributions made for the Plan Year), by
a fraction, the numerator of which is the Excess Contributions for the Employee
for the Plan Year, and the denominator of which is the sum of the:

 

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(1)

Account balance attributable to Elective Contributions and other amounts taken
into account under the ADP test as of the beginning of the Plan Year, and

 

 

 

 

 

 

(2)

Any additional amount of such contributions made for the Plan Year.

 

 

 

 

 

(c)

Safe harbor method of allocating gap period income. The Administrator may use
the safe harbor method in this paragraph to determine income on Excess
Contributions for the gap period. Under this safe harbor method, income on
Excess Contributions for the gap period is equal to ten percent (10%) of the
income allocable to Excess Contributions for the Plan Year that would be
determined under paragraph (b) above, multiplied by the number of calendar
months that have elapsed since the end of the Plan Year. For purposes of
calculating the number of calendar months that have elapsed under the safe
harbor method, a corrective distribution that is made on or before the fifteenth
(15th) day of a month is treated as made on the last day of the preceding month
and a distribution made after the fifteenth day of a month is treated as made on
the last day of the month.

 

 

 

 

 

(d)

Alternative method for allocating Plan Year and gap period income. The
Administrator may determine the income for the aggregate of the Plan Year and
the gap period, by applying the alternative method provided by paragraph (b)
above to this aggregate period. This is accomplished by (1) substituting the
income for the Plan Year and the gap period, for the income for the Plan Year,
and (2) substituting the amounts taken into account under the ADP test for the
Plan Year and the gap period, for the amounts taken into account under the ADP
test for the Plan Year in determining the fraction that is multiplied by that
income.

 

 

 

 

6.2

Corrective contributions. If a failed ADP test is to be corrected by making an
Employer contribution, then the provisions of the Plan for the corrective
contributions shall be applied by limiting the contribution made on behalf of
any NHCE pursuant to such provisions to an amount that does not exceed the
targeted contribution limits of Section 5.1 of this Amendment, or in the case of
a corrective contribution that is a Qualified Matching Contribution, the
targeted contribution limit of Section 7.1 of this Amendment.

ARTICLE VII
ACTUAL CONTRIBUTION PERCENTAGE (ACP) TEST

 

 

 

7.1

Targeted matching contribution limit. A matching contribution with respect to an
Elective Contribution for a Plan Year is not taken into account under the Actual
Contribution Percentage (ACP) test for an NHCE to the extent it exceeds the
greatest of:

 

 

 

 

(a)

five percent (5%) of the NHCE’s Code Section 414(s) compensation for the Plan
Year;

 

 

 

 

(b)

the NHCE’s Elective Contributions for the Plan Year; and

 

 

 

 

(c)

the product of two (2) times the Plan’s “representative matching rate” and the
NHCE’s Elective Contributions for the Plan Year.

 

 

 

 

For purposes of this Section, the Plan’s “representative matching rate” is the
lowest “matching rate” for any eligible NHCE among a group of NHCEs that
consists of half of all eligible NHCEs in the Plan for the Plan Year who make
Elective Contributions for the Plan Year (or, if greater, the lowest “matching
rate” for all eligible NHCEs in the Plan who are employed by the Employer on the
last day of the Plan Year and who make Elective Contributions for the Plan
Year).

 

 

 

 

For purposes of this Section, the “matching rate” for an Employee generally is
the matching contributions made for such Employee divided by the Employee’s
Elective Contributions for the Plan Year. If the matching rate is not the same
for all levels of Elective Contributions for an Employee, then the Employee’s
“matching rate” is determined assuming that an Employee’s Elective Contributions
are equal to six percent (6%) of Code Section 414(s) compensation.

 

 

 

 

If the Plan provides a match with respect to the sum of the Employee’s after-tax
Employee contributions and Elective Contributions, then for purposes of this
Section, that sum is substituted for the amount of the Employee’s Elective
Contributions in subsections (b) & (c) above and in determining the “matching
rate,” and Employees who make either after-tax Employee contributions or
Elective Contributions are taken into account in determining the Plan’s
“representative matching rate.” Similarly, if the Plan provides a match with
respect to the Employee’s after-tax Employee contributions, but not Elective
Contributions, then for purposes of this subsection, the Employee’s after-tax
Employee contributions are substituted for the amount of the Employee’s Elective
Contributions in subsections (b) & (c) above and in determining the “matching
rate,” and Employees who make after-tax Employee contributions are taken into
account in determining the Plan’s “representative matching rate.”

 

 

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7.2

Targeted ONEC limit. Qualified Nonelective Contributions (as defined in
Regulation Section 1.401(k)-6) cannot be taken into account under the Actual
Contribution Percentage (ACP) test for a Plan Year for an NHCE to the extent
such contributions exceed the product of that NHCE’s Code Section 414(s)
compensation and the greater of five percent (5%) or two (2) times the Plan’s
“representative contribution rate.” Any Qualified Nonelective Contribution taken
into account under an Actual Deferral Percentage (ADP) test under Regulation
Section 1.401 (k)-2(a)(6) (including the determination of the “representative
contribution rate” for purposes of Regulation Section 1.401(k)-2(a)(6)(iv)(B))
is not permitted to be taken into account for purposes of this Section
(including the determination of the “representative contribution rate” for
purposes of subsection (a) below). For purposes of this Section:

 

 

 

(a)

The Plan’s “representative contribution rate” is the lowest “applicable
contribution rate” of any eligible NHCE among a group of eligible NHCEs that
consists of half of all eligible NHCEs for the Plan Year (or, if greater, the
lowest “applicable contribution rate” of any eligible NHCE who is in the group
of all eligible NHCEs for the Plan Year and who is employed by the Employer on
the last day of the Plan Year), and

 

 

 

 

(b)

The “applicable contribution rate” for an eligible NHCE is the sum of the
matching contributions (as defined in Regulation Section 1.401(m)-l(a)(2)) taken
into account in determining the ACR for the eligible NHCE for the Plan Year and
the Qualified Nonelective Contributions made for that NHCE for the Plan Year,
divided by that NHCE’s Code Section 414(s) compensation for the Plan Year.

 

 

 

 

Notwithstanding the above, Qualified Nonelective Contributions that are made in
connection with an Employer’s obligation to pay prevailing wages under the
Davis-Bacon Act (46 Stat. 1494), Public Law 71-798, Service Contract Act of 1965
(79 Stat. 1965), Public Law 89-286, or similar legislation can be taken into
account for a Plan Year for an NHCE to the extent such contributions do not
exceed 10 percent (10%) of that NHCE’s Code Section 414(s) compensation.

 

 

7.3

ACR of HCE if multiple plans. The Actual Contribution Ratio (ACR) for any
Participant who is a Highly Compensated Employee (HCE) and who is eligible to
have matching contributions or after-tax Employee contributions allocated to his
or her account under two (2) or more plans described in Code Section 401(a), or
arrangements described in Code Section 401(k) that are maintained by the same
Employer, shall be determined as if the total of such contributions was made
under each plan and arrangement. If an HCE participates in two (2) or more such
plans or arrangements that have different plan years, then all matching
contributions and after-tax Employee contributions made during the Plan Year
being tested under all such plans and arrangements shall be aggregated, without
regard to the plan years of the other plans. For plan years beginning before the
effective date of this Amendment, all such plans and arrangements ending with or
within the same calendar year shall be treated as a single plan or arrangement.
Notwithstanding the foregoing, certain plans shall be treated as separate if
mandatorily disaggregated under the Regulations of Code Section 401 (m).

 

 

 

7.4

Plans using different testing methods for the ACP and ADP test. Except as
otherwise provided in this Section, the Plan may use the current year testing
method or prior year testing method for the ACP test for a Plan Year without
regard to whether the current year testing method or prior year testing method
is used for the ADP test for that Plan Year. However, if different testing
methods are used, then the Plan cannot use:

 

 

 

 

(a)

The recharacterization method of Regulation Section 1.401(k)-2(b)(3) to correct
excess contributions for a Plan Year;

 

 

 

 

(b)

The rules of Regulation Section 1.401(m)-2(a)(6)(ii) to take Elective
Contributions into account under the ACP test (rather than the ADP test); or

 

 

 

 

(c)

The rules of Regulation Section 1.401(k)-2(a)(6) to take Qualified Matching
Contributions into account under the ADP test (rather than the ACP test).

ARTICLE VIII
ADJUSTMENT TO ACP TEST

 

 

8.1

Distribution of Income attributable to Excess Aggregate Contributions.
Distributions of Excess Aggregate Contributions must be adjusted for income
(gain or loss), including an adjustment for income for the period between the
end of the Plan Year and the date of the distribution (the “gap period”). For
the purpose of this Section, “income” shall be determined and allocated in
accordance with the provisions of Section 6.1 of this Amendment, except that
such Section shall be applied by substituting “Excess Contributions” with
“Excess Aggregate Contributions” and by substituting amounts taken into account
under the ACP test for amounts taken into account under the ADP test.

 

 

8.2

Corrective contributions. If a failed ACP test is to be corrected by making an
Employer contribution, then the provisions of the Plan for the corrective
contributions shall be applied by limiting the contribution made on behalf of
any NHCE pursuant to such provisions to an amount that does not exceed the
targeted contribution limits of Sections 7.1 and 7.2 of this Amendment.

 

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ARTICLE IX
SAFE HARBOR PLAN PROVISIONS

 

 

 

9.1

Applicability. The provisions of this Article IX apply if the Plan uses the
alternative method of satisfying the Actual Deferral Percentage (ADP) test set
forth in Code Section 401(k)(12) (ADP Test Safe Harbor) and/or the Actual
Contribution Percentage (ACP) test set forth in Code Section 401(m)(11) (ACP
Test Safe Harbor).

 

 

9.2

Elimination of conditions on matching contributions. Unless otherwise provided
in Section 2.2 of this Amendment, the provisions of subsection (a) below shall
apply. However, if the Employer so elects in Section 2.2 of this Amendment, then
the provisions of subsection (b) or (c) below shall apply.

 

 

 

 

(a)

Default provision. If, prior to the date this Amendment has been executed, an
ADP Test Safe Harbor notice has been given for a Plan Year for which this
Amendment is effective (see Amendment Section 1.1) and such notice provides that
there are no allocation conditions imposed on any matching contributions under
the Plan, then (1) the Plan will be an ACP Test Safe Harbor plan, provided the
ACP Test Safe Harbor requirements are met and (2) the Plan will not impose any
allocation conditions on matching contributions. However, if, prior to the date
this Amendment has been executed, an ADP Test Safe Harbor notice has been given
for a Plan Year for which this Amendment is effective and such notice provides
that there are allocation conditions imposed on any matching contributions under
the Plan, then the provisions of this Amendment do not modify any such
allocation conditions or provisions for that Plan Year and the Plan must satisfy
the ACP Test for such Plan Year using the current year testing method. With
respect to any Plan Year beginning after the date this Amendment has been
executed, if the Plan uses the ADP Test Safe Harbor and provides for matching
contributions, then (1) the Plan will be an ACP Test Safe Harbor plan, provided
the ACP Test Safe Harbor requirements are met and (2) the Plan will not impose
any allocation conditions on matching contributions.

 

 

 

 

(b)

Retention of allocation conditions. If the Employer so elects in Section 2.2 of
this Amendment, then the Plan will retain any allocation conditions contained in
the Plan with regard to matching contributions for any Plan Year for which this
Amendment is effective. In that case, the Plan must satisfy the ACP Test for
each such Plan Year.

 

 

 

 

(c)

Elimination of allocation conditions. If the Employer so elects in Section 2.2
of this Amendment, then (1) the Plan will be an ACP Test Safe Harbor plan,
provided the ACP Test Safe Harbor requirements are met, and (2) the Plan will
not impose any allocation conditions on matching contributions.

 

 

9.3

Matching Catch-up contributions. If the Plan provides for ADP Test Safe Harbor
matching contributions or ACP Test Safe Harbor matching contributions, then
catch-up contributions (as defined in Code Section 414(v)) will be taken into
account in applying such matching contributions under the Plan.

 

 

 

9.4

Plan Year requirement. Except as provided in Regulation Sections 1.401(k)-3(e)
and 1.401(k)-3(f), and below, the Plan will fail to satisfy the requirements of
Code Section 401(k)(12) and this Section for a Plan Year unless such provisions
remain in effect for an entire twelve (12) month Plan Year.

 

 

9.5

Change of Plan Year. If a Plan has a short Plan Year as a result of changing its
Plan Year, then the Plan will not fail to satisfy the requirements of Section
9.4 of this Amendment merely because the Plan Year has less than twelve (12)
months, provided that:

 

 

 

 

(a)

The Plan satisfied the ADP Test Safe Harbor and/or ACP Test Safe Harbor
requirements for the immediately preceding Plan Year; and

 

 

 

 

(b)

The Plan satisfies the ADP Test Safe Harbor and/or ACP Test Safe Harbor
requirements (determined without regard to Regulation Section 1.401(k)-3(g)) for
the immediately following Plan Year (or for the immediately following twelve
(12) months if the immediately following Plan Year is less than twelve (12)
months).

 

 

 

9.6

Timing of matching contributions. If the ADP Test Safe Harbor contribution being
made to the Plan is a matching contribution (or any ACP Test Safe Harbor
matching contribution) that is made separately with respect to each payroll
period (or with respect to all payroll periods ending with or within each month
or quarter of a Plan Year) taken into account under the Plan for the Plan Year,
then safe harbor matching contributions with respect to any elective deferrals
and/or after-tax employee contributions made during a Plan Year quarter must be
contributed to the Plan by the last day of the immediately following Plan Year
quarter.

 

 

 

9.7

Exiting safe harbor matching. The Employer may amend the Plan during a Plan Year
to reduce or eliminate prospectively any or all matching contributions under the
Plan (including any ADP Test Safe Harbor matching contributions) provided: (a)
the Plan Administrator provides a supplemental notice to the Participants which
explains the consequences of the amendment, specifies the amendment’s effective
date, and informs Participants that they will have a reasonable opportunity to
modify their cash or deferred elections and, if applicable, after-tax Employee

 

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contribution elections; (b) Participants have a reasonable opportunity
(including a reasonable period after receipt of the supplemental notice) prior
to the effective date of the amendment to modify their cash or deferred
elections and, if applicable, after-tax Employee contribution elections; and (c)
the amendment is not effective earlier than the later of: (i) thirty (30) days
after the Plan Administrator gives supplemental notice; or (ii) the date the
Employer adopts the amendment. An Employer which amends its Plan to eliminate or
reduce any matching contribution under this Section, effective during the Plan
Year, must continue to apply all of the ADP Test Safe Harbor and/or ACP Test
Safe Harbor requirements of the Plan until the amendment becomes effective and
also must apply for the entire Plan Year, using current year testing, the ADP
test and the ACP test.

 

 

9.8

Plan termination. An Employer may terminate the Plan during a Plan Year in
accordance with Plan termination provisions of the Plan and this Section.

 

 

 

 

(a)

Acquisition/disposition or substantial business hardship. If the Employer
terminates the Plan resulting in a short Plan Year, and the termination is on
account of an acquisition or disposition transaction described in Code Section
410(b)(6)(C), or if the termination is on account of the Employer’s substantial
business hardship within the meaning of Code Section 412(d), then the Plan
remains an ADP Test Safe Harbor and/or ACP Test Safe Harbor Plan provided that
the Employer satisfies the ADP Test Safe Harbor and/or ACP Test Safe Harbor
provisions through the effective date of the Plan termination.

 

 

 

 

(b)

Other termination. If the Employer terminates the Plan for any reason other than
as described in Section 9.8(a) above, and the termination results in a short
Plan Year, the Employer must conduct the termination under the provisions of
Section 9.7 above, except that the Employer need not provide Participants with
the right to change their cash or deferred elections.

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

[Sponsor’s signature and Adoption Date are on file with Sponsor]

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

This amendment has been executed this 13 day of May 2008.

 

 

Name of Plan:

Bluegreen Corporation Retirement Savings Plan

 

 

Name of Employer:

Bluegreen Corporation

 

 

 

By:

-s- Vicki Falkins [d7469103.jpg]

 

 

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EMPLOYER

 

 

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© 2006 SunTrust Bank

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