ex4_8.htm


    EXHIBIT
4.8

    


     


    
      
         


      

      
         


        
          

        

      

      
         


      

    


    EXHIBIT
4.8

     

     

    SECOND
AMENDMENT TO

    IDAHO
POWER COMPANY EMPLOYEE SAVINGS PLAN

    


    The Idaho Power
Company Employee Savings Plan, amended and restated as of October 1, 2000, and
amended by the First Amendment thereto (the “Plan”), is further amended to
permit Roth (after–tax) deferral contributions and certain other changes,
effective April 1, 2006.

    


    1.         Section
6.1 is amended to read:

    


    “6.1 Vesting

     

    Participants shall
be fully vested in their Deferral Contribution, After Tax Contribution, Rollover
Contribution, and Roth Accounts.  A Participant shall have a 100%
vested and nonforfeitable interest in his or her Matching Contribution Account
upon completion of one year of service.  A year of service for this
purpose is a cumulative twelve month period commencing with the Participant’s
first date of employment.”

     

    
      2.          A
new section 6.2 is hereby added to read:

       

    

    “6.2 Forfeitures.

     

    Any balance in the
Matching Contribution Account of a Participant who terminates his or her
employment before being fully vested shall be forfeited, and shall be used to
reduce the Employer’s Matching Contributions under the Plan during the Plan Year
following the Plan Year in which the forfeiture arose.”

     

    3.         Section
7.8.2 is amended by adding the following new subparagraphs:

    


     

    “(f) Payments for
burial or funeral expenses for the Participant’s deceased parent, spouse,
children or dependents; or

     

    (g) expenses for
repair of damage to the Participant’s principal residence that would qualify for
the casualty deduction under Code §165 (without regard to the 10% of AGI
threshold).”

     

    4.         There
is hereby added a new Section 7.15 to read:

    


    “Installment
Distributions

     

    


    
      
        
           


        

        
           


          
            

          

        

        
           


        

      

    

    


    In
lieu of a lump sum distribution as provided in Section 7.3 and 7.4, and subject
to the limitations in Article 12, a Participant may elect to receive
distribution of his or her Account balance in monthly, quarterly, semi-annual or
annual installments.”

     

    5.         The
following provisions are added to permit Roth (after–tax) deferral
contributions:

    


     

    a.  Roth
Deferrals.  Effective April 1, 2006, the Employer elects to
permit Roth Deferrals, to be administered in accordance with this Second
Amendment.

     

    b.  Definition of Roth
Deferral.  A Roth Deferral is a Deferral Contribution, as
defined in Section 1.13 of the Plan, that a Participant must include as income
at the time of the deferral and which the Participant designates irrevocably in
a salary reduction agreement, at the time of the deferral election, as a Roth
Deferral.

     

    c.  Definition of “Pre-Tax
Deferral”.  A Pre-Tax Deferral is a Deferral Contribution that
is not a Roth Deferral.  A Participant does not include a Pre-Tax
Deferral in income in the taxable year of deferral.

     

    d.  Splitting of Deferral
Contributions.  A Participant may split his or her Deferral
Contributions between Roth Deferrals and Pre-Tax Deferrals.

     

    e.  Separate
Accounting.  The Administrator will establish a Roth Deferral
Account for each Participant who makes any Roth Deferrals.

     

    f.  Treatment of Roth
Deferrals.  The Administrator will treat Roth Deferrals as
Deferral Contributions for all purposes of the Plan.  The Employer
Matching Contribution on the Roth Deferral shall be credited to a Participant’s
Matching Contribution Account.

     

    g.  Corrective
Distributions.  Distributions of excess annual additions shall
be made first from a Participant’s After Tax Contributions, then from his or her
Roth Deferral, and then from Pre-Tax Deferrals.  Distributions of
excess deferral contributions shall be made first from a Participant’s Roth
Account and then from his or her Pre-Tax Deferrals.  Distributions of
excess aggregate contributions shall be made in accordance with Section 10.7 of
the Plan.

     

    


    
      
        
           


        

        
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    h.  Plan
Loans.  Loans to a Participant shall not be made from such
Participant’s Roth Accounts.  However, the balance in the Roth Account
shall be included in determining the maximum principal amount of a loan, and
shall be included with a Participant’s other Account balances as security for a
loan.

     

    i.  Roth
Rollovers.  The Plan does accept rollovers from a designated
Roth 401(k) from another qualified Plan.  The Plan does not accept
Roth IRA rollovers.

     

    j.  Distributions.  In
the event a Participant is to receive a distribution pursuant to Section 7 of
the Plan, the Participant may elect as to the order of distribution from his or
her Roth Account or from other Pre-Tax Deferral Accounts, or partly from each,
in accordance with a distribution request signed by the Participant on a form
furnished by the Plan Administrator, or electronically.

     

    k.  Operational
Compliance.  The Administrator will administer Roth Deferrals
in accordance with applicable regulations and other binding
authority.

     

     

    
      
        
          	 	IDAHO POWER COMPANY	 
	 	 	 	 
	 	 	 	 
	
                  Date:           
      3/31         
      , 2006

                	
                  By:
      

                	/s/ 
      Darrel T. Anderson	 
	 	 	Its: 
      SVP ADMIN SVCS &
      CFO 	 
	 	 	 	 
	 	 	 	 


        

      

    

     

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