Individual Account Retirement Plan for Bargaining Unit Employees - Cameron International Corp.
PAGE
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I.
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DEFINITIONS AND CONSTRUCTION
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2
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II.
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MEMBERSHIP
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7
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III.
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CONTRIBUTIONS
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8
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IV.
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ALLOCATIONS AND ADJUSTMENTS TO ACCOUNTS
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11
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V.
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RETIREMENT BENEFITS
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12
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VI.
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DEATH BENEFITS
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13
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VII.
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DISABILITY BENEFITS
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14
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VIII.
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BENEFITS FOR OTHER TERMINATION OF EMPLOYMENT; VESTING
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15
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IX.
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TIME AND MANNER OF BENEFIT PAYMENT
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17
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X.
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PLAN ADMINISTRATION
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29
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XI.
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FUNDING AGENT; ADMINISTRATION OF PLAN ASSETS
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31
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XII.
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FIDUCIARY RESPONSIBILITIES
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34
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XIII.
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AMENDMENTS TO THE PLAN
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35
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XIV.
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PLAN TERMINATION; PLAN MERGER OR CONSOLIDATION
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36
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XV.
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VESTING SERVICE; HOUR OF SERVICE
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37
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XVI.
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MISCELLANEOUS
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39
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XVII.
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TAX DEFERRED SAVINGS CONTRIBUTIONS
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41
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TABLE OF CONTENTS
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PAGE
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I. DEFINITIONS AND CONSTRUCTION
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1.0 Definitions
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2
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(1) Account
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2
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(2) Account Balance
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2
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(3) Allocation Date
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2
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(4) Allocation Month
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2
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(5) Allocation Year
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2
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(6) Benefit Disbursement Date
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2
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(7) Code
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2
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(8) Company
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2
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(9) Company Contribution
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2
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(10) Company Stock
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2
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(11) Company Stock Fund
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2
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(12) Contribution Amount
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2
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(13) Contribution Hour
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3
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(14) Controlled Entity
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3
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(15) Effective Date
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3
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(16) Eligible Employee
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3
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(17) Eligible Retirement Plan
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3
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(18) Eligible Rollover Distribution
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3
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(19) Eligible Surviving Spouse
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4
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(20) Employee
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4
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(21) Employer
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4
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(22) ERISA
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4
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(23) Funding Agent
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4
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(24) Hour of Service
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4
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(25) Leased Worker
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4
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(26) Leave of Absence
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5
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(27) Member
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5
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(28) One-Year Break-In-Service
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5
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(29) Plan
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5
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(30) Plan Year
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5
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(31) Retirement Age
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5
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(32) Retirement Date
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6
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(33) Rollover Contributions
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6
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(34) Service
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6
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(35) Tax Deferred Savings Contributions
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6
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(36) Total and Permanent Disability
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6
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(37) Vested Interest
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6
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(38) Vesting Service
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6
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1.02
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Number and Gender
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6
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1.03
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Headings
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6
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II. MEMBERSHIP
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7
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2.01
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Initial Membership
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7
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2.02
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Membership Classification
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7
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2.03
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Reemployment Membership
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7
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III. CONTRIBUTIONS
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8
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3.01
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Plan Contributions
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8
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3.02
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Amount of Company Contributions
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8
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3.03
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Payment of Company Contributions
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8
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3.04
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Reinstatement Contributions
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8
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3.05
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Return of Company Contributions
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9
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3.06
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Rollover Contributions
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9
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IV. ALLOCATIONS AND ADJUSTMENTS TO ACCOUNTS
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11
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4.01
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Allocations of Contributions
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11
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4.02
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Valuation of Accounts
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11
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4.03
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Statutory Limitations on Certain Allocations
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11
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V. RETIREMENT BENEFITS
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12
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VI. DEATH BENEFITS
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13
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6.01
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Death Benefits
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13
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6.02
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Designation of Beneficiaries
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13
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6.03
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Beneficiary in Absence of a Designated Beneficiary
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13
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6.04
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Spousal Consent to Beneficiary Designation
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13
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VII. DISABILITY BENEFITS
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14
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7.01
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Amount of Disability Benefit
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14
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VIII. BENEFITS FOR OTHER TERMINATION OF EMPLOYMENT; VESTING
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15
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8.01
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Benefits for Other Termination of Employment
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15
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8.02
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Vested Interest
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15
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8.03
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Forfeitures
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15
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8.04
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Restoration of Forfeitures
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16
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IX. TIME AND MANNER OF BENEFIT PAYMENT
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17
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9.01
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Benefit Commencement
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17
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9.02
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Minimum Distribution Requirements
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19
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9.03
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Benefit Payment Forms
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22
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9.04
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Payment of Death Benefits
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25
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9.05
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Lump Sum Cash-Out
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27
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9.06
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Commercial Annuities
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28
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9.07
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Actuarial Equivalency
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28
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9.08
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Eligible Rollover Distributions
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28
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X. PLAN ADMINISTRATION
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29
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10.01
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Plan Administrator
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29
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10.02
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Authority of the Company
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29
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10.03
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Action by the Company
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29
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10.04
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Claims Review Procedure
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29
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10.05
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Qualified Domestic Relations Order
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30
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10.06
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Indemnification
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30
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XI. FUNDING AGENT; ADMINISTRATION OF PLAN ASSETS
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31
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11.01
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Funding Agent
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31
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11.02
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Company Stock Fund
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31
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11.03
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Administration of Plan Assets
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31
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11.04
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Authorization of Benefit Payments and Distributions
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32
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11.05
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Voting of Company Stock in the Company Stock Fund
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32
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XII. FIDUCIARY RESPONSIBILITIES
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34
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12.01
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General Allocation of Duties
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34
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12.02
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Fiduciary Liability
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34
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12.03
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Delegation and Allocation
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34
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XIII. AMENDMENTS TO THE PLAN
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35
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13.01
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Plan Amendments
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35
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13.02
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Limitations on Plan Amendment
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35
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13.03
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Election of Former Schedule
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35
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XIV. PLAN TERMINATION; PLAN MERGER OR CONSOLIDATION
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36
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14.01
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Right to Terminate or Discontinue
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36
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14.02
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Plan Termination or Discontinuance of Contributions
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36
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14.03
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Merger, Consolidation or Transfer of Assets
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36
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XV. VESTING SERVICE; HOUR OF SERVICE
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37
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15.01
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Vesting Service
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37
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15.02
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Hour of Service
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37
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XVI. MISCELLANEOUS
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39
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16.01
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Non-Guarantee of Employment
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39
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16.02
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Payments Solely from Plan Assets
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39
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16.03
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Facility of Payment
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39
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16.04
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Non-Alienation of Benefits
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39
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16.05
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Exclusive Benefit
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39
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16.06
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Transferred Employment
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39
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16.07
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Severability
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40
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16.08
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Applicable Law
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40
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16.09
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Internal Revenue Service Approval
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40
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16.01
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Uniformed Services Employment and Reemployment Rights Act Requirements
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40
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XVII. TAX DEFERRED SAVINGS CONTRIBUTIONS
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17.01
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Tax Deferred Savings Contribution Election
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41
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17.02
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Change of Tax Deferred Savings Contribution Election
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41
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17.03
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Limitation on Tax Deferred Savings Contributions
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41
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17.04
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Excess Tax Deferred Savings Contributions
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42
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17.05
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Investment and Administration of Tax Deferred Savings Contributions
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42
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17.06
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Vesting
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42
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17.07
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Distribution of Tax Deferred Savings Contributions
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42
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APPENDIX A Section 415 LIMITATIONS
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A-1
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APPENDIX B HISTORICAL COLLECTIVELY BARGAINED
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CONTRIBUTION RATES
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B-1
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(1)
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Account
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(2)
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Account Balance
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(3)
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Allocation Date
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(4)
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Allocation Month
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(5)
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Allocation Year
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(6)
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Benefit Disbursement Date
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(7)
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Code
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(8)
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Company
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(9)
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Company Contribution
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(10)
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Company Stock
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(11)
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Company Stock Fund
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(12)
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Contribution Amount
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(13)
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Contribution Hour
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(14)
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Controlled Entity
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(15)
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Effective Date
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(16)
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Eligible Employee
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(17)
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Eligible Retirement Plan
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(18)
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Eligible Rollover Distribution
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(19)
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Eligible Surviving Spouse
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(20)
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Employee
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(21)
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Employer
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(22)
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ERISA
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(23)
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Funding Agent
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(24)
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Hour of Service
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(25)
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Leased Worker
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(26)
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Leave of Absence
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(27)
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Member
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(28)
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One-Year Break-In-Service
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(29)
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Plan
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(30)
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Plan Year
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(31)
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Retirement Age
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(32)
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Retirement Date
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(33)
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Rollover Contributions
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(34)
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Service
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(35)
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Tax Deferred Savings Contributions
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(36)
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Total and Permanent Disability
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(37)
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Vested Interest
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(38)
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Vesting Service
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Effective Date of Contribution Rate
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Contribution Rate
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On and after July 30, 2007
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$1.20
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(i)
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the beneficiary named under a group term life insurance program sponsored by the Company,
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(ii)
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if there is no beneficiary under subparagraph (i) above, the beneficiary named under any other program sponsored by the Company which provides for a death benefit,
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(iii)
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if there is no beneficiary under subparagraph (i) or (ii) above, the children of the deceased Member, and
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(iv)
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if there is no beneficiary under subparagraph (i), (ii) or (iii) above, the executor or administrator of the deceased Member’s estate, as the case may be.
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Full Years of Vesting
Service
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Vested Interest
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Less than 3 years
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0%
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3 years
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33%
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4 years
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67%
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5 or more years
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100%
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(3)
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A period certain not extending beyond the life expectancy of the Member, or
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(4)
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A period certain not extending beyond the joint and last survivor expectancy of the Member and his Beneficiary.
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(1)
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The benefit payment form described in Section 9.03(c) (iii) above shall only be available if the present value of the total payments actuarially expected to be made to the Member shall be more than 50% of the present value of the total payments actuarially expected to be made to the Member and his Beneficiary.
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(2)
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Any payment under a benefit payment form described in this Section 9.03(c) must satisfy the distribution requirement described in Section 9.01(d).
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(3)
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The form of payment to the Member or to the Member and his Beneficiary must be payable over a period of time which does not exceed the longer of: (i) the life expectancy of the Member, or (ii) the joint and last survivor life expectancy of the Member and his Beneficiary.
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(4)
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Distributions due to the termination of the Plan will be made in accordance with the modes of distributions provided for in the Plan in Section 9.03(c)(i), (ii), (iii), (iv), (v) and (vi) above.
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(5)
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Annuity starting date is defined as (i) the first day of the first period for which an amount is payable as an annuity, or (ii) in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitle the Member to such benefit.
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(1)
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For the period prior to January 1, 1989, a Member shall be credited with Vesting Service in an amount equal to the service, if any, for vesting purposes with which he was credited prior to the restatement of the Plan.
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(2)
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For all periods from and after January 1, 1989, 1,000 or more Hours of Service during any Plan Year shall constitute one year of Vesting Service.
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CAMERON INTERNATIONAL CORPORATION
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By:
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/s/ Joseph H. Mongrain
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Name:
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Joseph H.Mongrain
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Title:
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Vice President, Human Resources
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Effective Date of Contribution Rate
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Contribution Rate
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On and after July 29, 1996 but before November 4, 1996
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$.65
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On and after November 4, 1996 but before July 27, 1998
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$.75
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On and after July 27, 1998 but before July 26, 1999
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$.80
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On and after July 26, 1999
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$.85
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On and after July 31, 2000 but before July 30, 2001
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$.90
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On and after July 30, 2001 but before July 29, 2002
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$.95
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On and after July 29, 2002 but before July 28, 2003
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$1.00
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On and after July 28, 2003 but before July 31, 2006
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$1.10
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On and after July 31, 2006 but before July 30, 2007
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$1.15
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