Document:

EX-10.12.5

 

Exhibit 10.12.05

AMENDMENT TO

UNIONVILLE WATER COMPANY

MONEY PURCHASE PENSION PLAN

     THIS AMENDMENT made this 23rd day of February 2004, by and between
THE UNIONVILLE WATER COMPANY, a corporation organized under the laws of the
State of Connecticut and having its principal place of business in Unionville, Connecticut
(hereinafter called the “Employer”), for the purpose of amending the Unionville Water
Company Money Purchase Plan (the “Plan”),

W I T N E S S E T H:

     WHEREAS, by written Plan instrument dated December 30, 2003, the Employer
amended and restated the Plan by the execution of a Nonstandard Safe Harbor Adoption
Agreement to the Defined Contribution Basic Plan Document 01; and

     WHEREAS, by Adoption Agreement Amendment, also dated December 30, 2003, the
Employer amended the Plan for compliance with the Economic Growth and Tax Relief
Reconciliation Act of 2001 (“EGTRRA”); and

     WHEREAS, contributions ceased under the Plan effective December 31, 2003, and the
Plan has been terminated effective as of such date; and

     WHEREAS, the Plan was submitted for Internal Revenue Service approval on
January 23, 2004; and

     WHEREAS, the Employer wishes to further amend the Plan in the particulars set forth
below, in order to comply with the final regulations under Section 401(a)(9) of the Internal
Revenue Code of 1986, as amended (the “Code”);

     NOW, THEREFORE, the Plan is amended in the following respects:

 

 

     1. The following new unnumbered Section is added to the Plan:

     “Minimum Distribution Requirements.

          (a) General Rules.

               (1) Effective Date. The provisions of this Section will apply for purposes of
determining required minimum distributions for calendar years beginning with the 2003 calendar
year.

               (2) Precedence. The requirements of this Section will take precedence over any
inconsistent provisions of the Plan.

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

               (4) TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this
Section, 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.

          (b) Time and Manner of Distribution.

               (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) Death of the 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 otherwise provided in this Section, 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 otherwise provided in this Section, 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 (5th) anniversary of the
Participant’s death.

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                    (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 subparagraph (2), other than subparagraph (2)(A), will apply as if the surviving spouse
were the Participant.

     For purposes of this subparagraph (2) and paragraph (d), unless subparagraph (2)(D) applies,
distributions are considered to begin on the Participant’s required beginning date. If subparagraph
(2)(D) applies, distributions are considered to begin on the date distributions are required to
begin to the surviving spouse under subparagraph (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 subparagraph (2)(A)), the date
distributions are considered to begin is the date distributions actually commence.

               (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 paragraphs (c) and (d) of this Section. 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.

          (c) Required Minimum Distributions During Participant’s Lifetime.

               (1) Amount of Required Minimum Distributions 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.

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

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          (d) Required Minimum Distributions After Participant’s Death.

               (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:

                         (i) 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.

                         (ii) 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.

                         (iii) 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.

               (2) Death Before Date Distributions Begin.

                    (A) Participant Survived by Designated Beneficiary. Except as otherwise provided in
this Section, 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 subparagraph (d)(I).

                    (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.

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                    (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 the surviving spouse dies before
distributions are required to begin to the surviving spouse under subparagraph (b)(2)(A), this
subparagraph (d)(2) will apply as if the surviving spouse were the Participant.

               (e) Definitions.

               (1) Designated beneficiary. The individual who is designated as the beneficiary under
the applicable provisions of the Plan and is the designated beneficiary under Section 401 (a)(9) of
the Code and Section 1.401(a)(9)-I, Q&A-4, of the Treasury regulations.

               (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 subparagraph (b)(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.

               (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.

               (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) Required beginning date. The date specified in the applicable provisions of the
Plan relating to required beginning date.”

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     IN WITNESS THEREOF, the Employer hereby executes this Amendment on the day
year first above written.

THE UNIONVILLE WATER COMPANY

/s/ Maureen P. Westbrook

Its Vice President – Administration & Government Affairs

-6-EX-10.13.7

 

Exhibit 10.13.7

SEVENTH AMENDMENT TO

THE CONNECTICUT WATER COMPANY

EMPLOYEES’ RETIREMENT PLAN

(as amended and restated as of January 1, 1997, except as otherwise provided therein)

     1. The first sentence of Section 8.2 is amended to read as follows:

     “The monthly income of an Employee who becomes eligible for a monthly benefit in accordance
with Section 8.1 shall equal the Basic Retirement Income as determined in Section 4.2 based on his
Average Earnings and his Credited Service as of his Termination Date reduced by the Early
Retirement Percentage Factor from the applicable table in Section 5.2(b) applicable to the number
of complete years by which the commencement of payment of his Retirement Income precedes his
attainment of age 65, with a Percentage Factor of .72 if the Participant is covered under the table
in Section 5.2(b)(I) and the commencement of payment of his Retirement Income precedes his
attainment of age 65 by more than 9 complete years; and with a Percentage Factor of .40 if the
Participant is covered under the table in Section 5.2(b )(2) and the commencement of payment of his
Retirement Income precedes his attainment of age 65 by more than 9 complete years.”

     2. The following new Section 14.12 is added to the Plan, effective as of
January 1, 2004:

     “14.12 Transfers of Plan Participants. (a) The Plan provides benefits under three
separate benefit structures. One structure applies to Former Crystal Water Participants and is
described in Appendix C, as set forth in the First Amendment. Another structure relates to
Participants who are employees of Barnstable Water Company and is described in Appendix D, as set
forth in the Fourth Amendment. The third structure is the general structure applicable under the
Plan for all other Participants. The Plan document does not address what happens in the event a
Participant transfers from one group to another. The purpose of this Section 14.12 is to set forth
the rules which are intended to apply in such instances.

          (b) If a Former Crystal Water Company Participant transfers to the Company or a Participating
Company at the request of the Company or a Participating Company, he shall continue to participate
in the Plan based upon all of the Plan provisions applicable to Former Crystal Water Participants.
If any other Participant transfers to Barnstable Water Company at the request of the Company or a
Participating Company, he shall continue to participate in the Plan based upon all of the Plan
provisions applicable to Participants who are employed by the Company or Participating Company from
which he transferred. If a Participant who is employed by Barnstable Water Company transfers to the
Company or a Participating Company, whether or not at the request of the Company or a Participating
Company, however, he shall be covered under the provisions of paragraph (c) below.

 

 

          (c) In all other cases, if a Participant transfers from the Company or a Participating
Company to another Employer, or if a Participant ceases work for the Company or a Participating
Company and commences work for another Employer, and in either case a benefit formula applicable
with respect to the second Employer is different than the benefit formula applicable to the first
Employer, then except as otherwise provided in paragraph (d) below, no further benefits shall be
earned under the first formula when he ceases work for the first Employer, and the Participant
shall accrue benefits under the Plan formula applicable with respect to the second Employer from
the time he commences work for such second Employer based upon compensation and service with the
second Employer and the Plan provisions applicable to that Employer. Service with both Employers
shall count, however, for vesting purposes.

          (d) There are different methods of crediting service under the Plan for different Employers,
for both vesting purposes and for purposes of accruing benefits. Therefore, if the provisions of
paragraph (c) apply, then notwithstanding anything to the contrary set forth in such paragraph (c),
the following rules apply in computing Credited Service (or Benefit Service) and Vesting Service
for the calendar year in which work commences for the second Employer:

               (1) If the first Employer counts Hours of Service in determining Credited Service or Benefit
Service, and the second Employer does not, and if the Participant receives credit for any Hours of
Service from the first Employer for the calendar year in which the Participant commences employment
with the second Employer, then for that year he shall be deemed to have earned a full Year of
Credited Service or Benefit Service (as the case may be) under the provisions of the Plan
applicable to the first Employer, and no Credited Service or Benefit Service for that year under
the provisions of the Plan applicable to the second Employer. In such event, he shall also earn one
full year of Vesting Service under the Plan for that calendar year.

               (2) If the first Employer does not count Hours of Service in counting Credited Service or
Benefit Service and the second Employer does count Hours of Service, and if the Participant
receives credit for any period of service for the first Employer for the calendar year in which the
Participant commences employment with the second Employer, then for that year, he shall be deemed
to have earned a full year of Credited Service or Benefit Service under the provisions of the Plan
applicable to the first Employer and no Credited Service or Benefit Service for that year under the
provisions of the Plan applicable to the second Employer. In such event, he shall also earn one
full year of Vesting Service under the Plan for that year.

         
 (e) If both Employers count hours in determining Credited Service or Benefit Service, and if
the provisions of paragraph (c) apply, then for the year in which the Participant commences work
for the second Employer, a year of Credited Service or Benefit Service shall be earned under the
Plan provisions applicable to the first Employer (and not the second Employer) if it had been
earned immediately prior to the time he commences work for the second Employer; otherwise, it shall
be earned for that calendar year, if at all, under the Plan provisions applicable to the second
Employer.

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          (f) If a Participant transfers to an Affiliated Company that has not adopted the Plan, whether
voluntarily or at the request of the Company or an Affiliated Company, then he shall accrue no
further benefits under the Plan; and, in no event shall the provisions of this Section 14.12 be
construed so as to provide for benefit accruals for any period during which an individual was (or
is) employed by an Affiliated Company that has not adopted the Plan.”

     3. Except as hereinabove modified and amended, the Plan as amended shall remain in full force
and effect.

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CERTIFICATE

     The undersigned hereby certifies that The Connecticut Water Company Employees’ Retirement
Plan, as amended and restated effective as of January 1, 1997, except as otherwise provided
therein, was duly amended by the Board of Directors of The Connecticut Water
Company by a Seventh Amendment on May 12, 2004, and the Plan, as so amended, is in full force and
effect.

	 	 	 
	May 12, 2004

	 	 
	

	 	 
	

	 	Michele G. DiAcri
	

	 	Corporate Secretary

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