Retirement Savings Plan - Cameron International Corp.
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ARTICLE I DEFINITIONS AND CONSTRUCTION
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1.1
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Definitions
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1
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1.2
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Construction.
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1
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ARTICLE II ELIGIBILTIY TO PARTICIPATE
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11
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2.1
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Commencement of Participation.
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11
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2.2
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Changes in Employment Status.
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11
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2.3
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Election Form.
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13
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ARTICLE III CONTRIBUTIONS
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13
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3.1
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Basic Contributions.
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13
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3.2
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Matching Contributions.
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14
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3.3
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Rollover Contributions.
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14
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3.4
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Transferred Contributions.
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15
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3.5
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Company Retirement Contributions.
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15
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3.6
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Catch-Up Contributions.
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15
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3.7
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Profit Sharing Contributions.
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15
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3.8
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Retirement Contributions.
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16
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3.9
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Effect of Plan Termination or Withdrawal.
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17
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ARTICLE IV ADMINISTRATION OF CONTRIBUTIONS
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17
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4.1
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Limitations on Basic Contributions.
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17
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4.2
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Excess Elective Deferrals.
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17
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4.3
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Limitation on Matching Contributions.
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17
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4.4
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Delivery of Contributions.
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17
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4.5
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Allocation of Matching Contributions.
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18
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4.6
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Allocation of Company Retirement Contributions.
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18
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4.7
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Allocation of Profit Sharing Contributions.
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18
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4.8
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Allocation of Retirement Contributions.
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18
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4.9
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Crediting of Contributions.
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18
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4.1
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Changes in Reduction and Deduction Authorizations.
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18
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ARTICLE V DEPOSIT AND INVESTMENT OF CONTRIBUTIONS
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19
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5.1
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Deposit of Contributions.
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19
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5.2
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Investment of Accounts.
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19
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5.3
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Elimination of Funds.
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20
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ARTICLE VI ESTABLISHMENT OF FUNDS AND MEMBERS' ACCOUNTS
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20
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6.1
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Investment Responsibility.
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20
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6.2
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Establishment and Maintenance of Funds.
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20
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6.3
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Company Stock Fund.
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20
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6.4
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Income on Trust Funds.
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20
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6.5
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Separate Accounts.
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20
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6.6
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Voting of Company Stock in the Company Stock Fund.
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20
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ARTICLE VII VESTING
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21
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7.1
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Vesting in Basic, Supplemental, Matching, and Rollover/Transfer Accounts.
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21
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7.2
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Vesting in Company Retirement and Profit Sharing and Retirement Contributions.
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21
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7.3
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Forfeitures.
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22
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7.4
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Election of Former Vesting Schedule.
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24
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7.5
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Vesting Service.
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24
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7.6
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Transfers.
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25
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7.7
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Loss and Reinstatement of Years of Vesting Service.
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25
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7.8
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Prior Plan Vesting Rights.
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26
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7.9
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Finality of Determinations.
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26
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ARTICLE VIII WITHDRAWALS WHILE EMPLOYED
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26
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8.1
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Withdrawals Prior to Age 59½.
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26
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8.2
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Withdrawals After Age 59½.
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28
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8.3
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Form of Withdrawals.
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28
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8.4
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Withdrawals of Prior Plan Amounts.
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28
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ARTICLE IX LOANS
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28
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9.1
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Eligibility for Loan.
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28
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9.2
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Maximum Loan.
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29
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9.3
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Operation of Article.
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29
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ARTICLE X DISTRIBUTION ON RETIREMENT OR OTHER TERMINATION OF EMPLOYMENT
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29
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10.1
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Eligibility for Distribution.
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29
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10.2
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Distribution of Separate Accounts.
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29
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10.3
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Form of Distribution.
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32
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10.4
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Limitation on Commencement of Distribution.
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33
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10.5
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Restriction on Alienation.
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34
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10.6
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Payments to Incompetents or Minors.
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34
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10.7
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Commercial Annuities.
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34
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10.8
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Actuarial Equivalency.
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34
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10.9
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Eligible Rollover Distributions.
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34
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10.1
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Deferral of Payments.
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35
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10.11
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Lost or Missing Members or Beneficiaries.
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35
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10.12
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Minimum Distribution Requirements.
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35
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ARTICLE XI BENEFICIARIES AND DEATH BENEFITS
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38
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11.1
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Designation of Beneficiary.
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38
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11.2
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Beneficiary in the Absence of Designated Beneficiary.
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38
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11.3
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Spousal Consent to Beneficiary Designation.
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38
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11.4
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Death Benefits from Non-IAR Accounts.
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38
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11.5
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Death Benefits from IAR Accounts.
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39
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11.6
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Commencement of Death Benefits.
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40
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ARTICLE XII ADMINISTRATION
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40
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12.1
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Plan Administrator.
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40
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12.2
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Authority of the Company.
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40
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12.3
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Action of the Company.
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41
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12.4
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Claims Review Procedure.
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41
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12.5
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Qualified Domestic Relations Orders.
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41
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12.6
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Indemnification.
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41
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12.7
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Temporary Restrictions.
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42
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ARTICLE XIII AMENDMENT AND TERMINATION
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42
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13.1
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Amendment.
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42
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13.2
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Limitation of Amendment.
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42
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13.3
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Termination.
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42
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13.4
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Withdrawal of an Employer.
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43
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13.5
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Corporate Reorganization.
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43
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ARTICLE XIV ADOPTION BY SUBSIDIARIES: EXTENSION TO NEW BUSINESS OPERATIONS
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43
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ARTICLE XV MISCELLANEOUS PROVISIONS
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43
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15.1
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No Commitment as to Employment.
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43
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15.2
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Benefits.
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43
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15.3
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No Guarantees.
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43
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15.4
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Exclusive Benefit.
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44
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15.5
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Duty to Furnish Information.
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44
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15.6
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Merger, Consolidation, or Transfer of Plan Assets.
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44
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15.7
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Return of Contributions to Employers.
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44
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15.8
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Addenda.
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44
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15.9
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Validity of Agreement.
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44
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15.1
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Uniformed Services Employment and Reemployment Rights Act Requirements.
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44
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ARTICLE XVI SECTION 415 LIMITATIONS
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45
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16.1
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Application.
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45
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16.2
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Section 415 Definitions.
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45
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16.3
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Limitations and Corrections.
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46
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16.4
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Multiple Plans.
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47
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16.5
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Contribution Adjustments.
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47
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ARTICLE XVII TOP-HEAVY PLAN RULES
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47
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17.1
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Application.
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47
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17.2
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Top-Heavy Definitions.
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47
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17.3
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Top-Heavy Minimum Allocation Rules.
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50
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17.4
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Top-Heavy Compensation Limitation.
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51
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17.5
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Top-Heavy Vesting Provisions.
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51
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17.6
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Top-Heavy Plan/Benefit Limitations.
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51
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(A)
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The following shall be excluded:
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(i)
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Accrued or unused vacation pay which is paid following termination of employment;
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(ii)
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Reimbursements and other expense allowances (including but not limited to automobile expense allowances and foreign service premiums);
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(iii)
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Cash and noncash fringe benefits;
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(iv)
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Moving expense reimbursements;
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(v)
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Employer contributions to or payments from this or any other deferred compensation program, whether such program is qualified under Section 401(a) of the Code or nonqualified, other than Basic Contributions;
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(vi)
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Welfare benefits (including but not limited to severance benefits);
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(vii)
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Amounts realized from the receipt or exercise of a stock option that is not an incentive stock option within the meaning of Section 422 of the Code;
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(viii)
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Amounts realized at the time property described in Section 83 of the Code is freely transferable or no longer subject to a substantial risk of forfeiture;
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(ix)
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Amounts realized as a result of an election described in Section 83(b) of the Code;
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(x)
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Any amount realized as a result of a disqualifying disposition within the meaning of Section 421(a) of the Code; and
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(xi)
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Any other amounts that receive special tax benefits under the Code but are not hereinafter included.
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(B)
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Basic Contributions and any other elective contributions made on a Member’s behalf by the Employer that are not includable in income under Section 125, Section 402(e)(3), Section 402(h), or Section 403(b) of the Code and any amounts that are not includable in the gross income of a Member under a salary reduction agreement by reason of the application of Section 132(f) of the Code shall be included.
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(C)
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The Compensation of any Member taken into account for purposes of the Plan shall be limited to $200,000 for any Plan Year with such limitation to be:
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(i)
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Adjusted automatically to reflect any amendments to Section 401(a)(17) of the Code and any cost-of-living increases authorized by Section 401(a)(17) of the Code; and
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(ii)
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Prorated for a Plan Year of less than twelve months and to the extent otherwise required by applicable law.”
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Employment Classification
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Contribution Rate
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Labor Grade 82, 83, or 84
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$0.37
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Labor Grade 85
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$0.44
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Labor Grade 86, 87, or 88
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$0.48
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(a)
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is a fiver-percent owner of the Employer (within the meaning of section 416(i)(1)(A)(iii) of the Code) at any time during the Determination Year or the twelve-month period immediately preceding the Determination Year (the “Look-Back Year”); or
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(b)
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for the Look-Back Year, receives compensation (within the meaning of section 414(q)(4) of the Code; “compensation” for purposes of this Paragraph) in excess of $80,000 (with such amount to be adjusted automatically to reflect any cost-of-living adjustments authorized by section 414(q)(1) of the Code) during the Look-Back Year.
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(a)
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he has performed services for one or more Controlled Entities (or for any other “related persons” determined in accordance with Section 414(n)(6) of the Code) on a substantially full-time basis for a period of at least one year;
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(b)
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such services are of a type historically performed in the business field of the recipient, in the United States, by employees (or, from and after January 1, 1997, such services are performed under primary direction or control by the Employer or a Controlled Entity); and
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(c)
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he is not participating in a “safe harbor plan” of the Leasing Organization. (For this purpose, a “safe harbor plan” is a plan that satisfies the requirements of Section 414(n)(5) of the Code, which will generally be a money purchase pension plan with a non-integrated employer contribution rate of at least ten percent of compensation and which provides for immediate participation and full and immediate vesting).
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(a)
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a qualified plan described in Section 401(a) or 403(a) of the Code (excluding after-tax employee contributions);
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(b)
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an annuity contract described in Section 403(b) of the Code (excluding after-tax employee contributions);
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(c)
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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 (excluding after-tax employee contributions); or
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(d)
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an individual retirement account or annuity described in Section 408(a) or (b) of the Code (excluding after-tax employee contributions), provided that the entire balance in or value of, as applicable, such individual retirement account or annuity is attributable to an ‘eligible rollover distribution’ within the meaning of Section 402(f)(2)(a) of the Code from a plan or contract described in clause (a) or (b) above that was contributed to such account or annuity, or a contribution to such account or annuity as a rollover from a plan described in paragraph (c) above pursuant to Section 457(e)(16), as adjusted for income or losses attributable thereto.
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(a)
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Each Eligible Employee who was a Member, IAR Member, and/or Profit Sharing Member of the Plan on the day prior to the Effective Date shall remain a Member, IAR Member, and/or Profit Sharing Member of the Plan as of the Effective Date. Notwithstanding the foregoing, all Profit Sharing Members of the Plan on the day prior to the Effective Date (other than Profit Sharing Members who are Brookshire Union Employees) shall cease to be Profit Sharing Members and shall become Retirement Contributions Members on and effective as of the Effective Date.
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(b)
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Each Eligible Employee who is a Part Time Employee or Temporary Employee and whose Employment Commencement Date occurs on or after January 1, 2002 but prior to May 1, 2003 shall become a Member and, if applicable, an IAR Member and participate in the Plan on the first Entry Date coincident with or next following the later of the date on which such Employee completes one year of Participation Service or the date on which such Employee attains the age of 21; provided, however, that any Part Time Employee or Temporary Employee who has not become an IAR Member before May 1, 2003 shall not become an IAR Member on or after such date notwithstanding any satisfaction by such employee of such participation requirements; and provided further, however, that any such Employee shall become a Profit Sharing Member on the first Entry Date coincident with or next following the later of the date such Employee completes One Year of Participation Service or the date on which such Employee attains the age of 21, notwithstanding that such Employee’s Employment Commencement Date preceded May 1, 2003. An individual completes one year of Participation Service on the last day of the twelve-consecutive month period beginning with the individual’s Employment Commencement Date or beginning with anniversaries of such Employment Commencement Date during which such individual completes 1,000 Hours of Service.
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(c)
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Each Eligible Employee (other than a Part Time Employee or Temporary Employee) whose Employment Commencement Date occurs on or after January 1, 2008 shall become a Member and, as applicable, a Profit Sharing Member or a Retirement Contributions Member and participate in the Plan as of his Employment Commencement Date.
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(d)
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Each Eligible Employee who is a Part Time Employee or Temporary Employee and whose Employment Commencement Date occurs on or after May 1, 2003 shall become a Member and, as applicable, a Profit Sharing Member or a Retirement Contributions Member and participate in the Plan on the first Entry Date coincident with or next following the later of the date on which such Employee completes one year of Participation Service or the date on which such Employee attains the age of twenty-one.
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(e)
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Notwithstanding the foregoing,
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(i)
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A Temporary Employee or Part Time Employee who was a Member of the Plan prior to a termination of employment shall remain a Member and a Profit Sharing Member or Retirement Contributions Member, as applicable, upon his reemployment as an Eligible Employee; provided, however, that no such Employee who is reemployed on or after May 1, 2003 shall be an IAR Member upon his reemployment;
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(ii)
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A Temporary Employee or Part Time Employee who has completed one year of Participation Service and has attained the age of twenty-one but who has not become a Member, and Profit Sharing Member or Retirement Contributions Member, as applicable, because he was not an Eligible Employee shall become a Member and Profit Sharing Member or Retirement Contributions Member, as applicable, upon the later of (A) the date he becomes an Eligible Employee as a result of a change in his employment status or (B) the first Entry Date upon which he would have become a Member if he had been an Eligible Employee; provided, however, that no such Employee shall become (x) an IAR Member on or after May 1, 2003 or (y) except for a Brookshire Union Employee, a Profit Sharing Member on or after January 1, 2008;
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(iii)
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A Temporary Employee or Part Time Employee who was an Eligible Employee who had completed one year of Participation Service but who had not attained the age of twenty-one prior to a termination of his employment shall become a Member and a Profit Sharing Member or Retirement Contributions Member, as applicable, upon the later of (i) the date of his reemployment or (ii) the first Entry Date following his attainment of age twenty-one; provided, however, that no such Employee shall become (x) an IAR Member on or after May 1, 2003 or (y) except for a Brookshire Union Employee, a Profit Sharing Member on or after January 1, 2008; and
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(iv)
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A Temporary Employee or Part Time Employee who was an Eligible Employee and who had met the age and service requirements of this Section to become a Member and a Profit Sharing Member or Retirement Contributions Member, as applicable, but who terminated employment prior to the Entry Date upon which he would have become a Member and a Profit Sharing Member or Retirement Contributions Member, as applicable, shall become a Member and a Profit Sharing Member or Retirement Contributions Member, as applicable, upon the later of (i) the date of his reemployment or (ii) the Entry Date upon which he would have become a Member and a Profit Sharing Member or Retirement Contributions Member, as applicable, if he had not terminated employment; provided, however, that no such Employee shall become (x) an IAR Member on or after May 1, 2003 or (y) except for a Brookshire Union Employee, a Profit Sharing Member on or after January 1, 2008.
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(a)
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For Members Other Than Brookshire Union Employees. On behalf of each Member other than a Member who is a Brookshire Union Employee, such Member’s Employer shall cause to be paid to the Trustee as its Matching Contribution hereunder for each payroll period an amount which equals 100 percent of the Basic Contributions, including catch-up contributions made pursuant to Section 3.6, for such payroll period which are attributable to the first six percent of the Compensation of each such Member for such payroll period. In addition to the Matching Contributions made pursuant to the preceding sentence, for each Plan Year, on behalf of each Member who made Basic Contributions during such Plan Year (other than a Member who is a Brookshire Union Employee), such Member’s Employer shall cause to be paid to the Trustee, as additional Matching Contributions hereunder, an amount equal to the difference, if any, between (1) the amount that is equal to 100% of the Basic Contributions, including catch-up contributions made pursuant to Section 3.6, for such Plan Year which are attributable to the first six percent of the Compensation of such Member and (2) the Matching Contributions for such Member for such Plan Year that were made pursuant to the preceding sentence.
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(b)
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For Members Who Are Brookshire Union Employees. On behalf of each Member who is a Brookshire Union Employee, such Member’s Employer shall cause to be paid to the Trustee as its Matching Contribution hereunder for each payroll period an amount which equals the sum of (i) 100 percent of the Basic Contributions, including catch-up contributions made pursuant to Section 3.6, for such payroll period which are attributable to the first three percent of the Compensation of each such Member for such payroll period, and (ii) 50 percent of the Basic Contributions, including catch-up contributions made pursuant to Section 3.6, for such payroll period which are attributable to amounts in excess of three percent, but not in excess of six percent, of the Compensation of each such Member for such payroll period. In addition to the Matching Contributions made pursuant to the preceding sentence, for each Plan Year, on behalf of each Member who is a Brookshire Union Employee who made Basic Contributions during such Plan Year, such Member’s Employer shall cause to be paid to the Trustee, as additional Matching Contributions hereunder, an amount equal to the difference, if any, between (1) the amount that is equal to the sum of (A) 100% of the Basic Contributions, including catch-up contributions made pursuant to Section 3.6, for such Plan Year which are attributable to the first three percent of the Compensation of such Member and (B) 50 percent of the Basic Contributions, including catch-up contributions made pursuant to Section 3.6, for such Plan Year which are attributable to amounts in excess of three percent, but not in excess of six percent, of the Compensation of such Member, and (2) the Matching Contributions for such Member for such Plan Year that were made pursuant to the preceding sentence.
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(a)
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The amount of Basic Contributions made on behalf of a Member shall be credited to such Member’s Basic Account as of the date such contribution is received by the Trust and shall be invested in the Fund or Funds selected by the Member in accordance with the provisions of Section 5.2.
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(b)
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The amount of Matching Contributions allocated to a Member shall be credited to such Member’s Matching Account as of the date such contribution is received by the Trust and shall be invested in the Fund or Funds selected by the Member in accordance with the provisions of Section 5.2.
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(c)
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The amount of Company Retirement Contributions allocated to an IAR Member shall be credited to such Member’s IAR Account as of the date such contribution is received by the Trust and shall be invested in the Fund or Funds selected by the Member in accordance with the provisions of Section 5.2.
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(d)
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The amount of Profit Sharing Contributions allocated to a Profit Sharing Member shall be credited to such Member’s Profit Sharing Account as of the date such contribution is received by the Trust and shall be invested in the Fund or Funds selected by the Member in accordance with the provisions of Section 5.2.
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(d)
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The amount of Retirement Contributions allocated to a Retirement Contributions Member shall be credited to such Member’s Retirement Account as of the date such contribution is received by the Trust and shall be invested in the Fund or Funds selected by the Member in accordance with the provisions of Section 5.2.
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(a)
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Each Member shall designate, in accordance with the procedures established by the Company, the manner in the amounts allocated to his Separate Accounts shall be invested from among the Funds made available from time to time by the Company pursuant to Section 6.2. A Member may designate one of such Funds for all of the contributions to his Separate Accounts, or he may split the investment of the amounts allocated to such Accounts among such Funds in such increments as the Company may prescribe. If permitted under and in accordance with the procedures established by the Company from time to time, a Member may make designate that certain of his Separate Accounts be invested in different Funds than he has designated for the investment of his other Separate Accounts. If a Member fails to make a designation of 100% of the contributions to his Separate Accounts, such nondesignated contributions shall be invested in the Fund or Funds designated by the Company from time to time in a uniform and nondiscriminatory manner.
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(b)
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A Member may change his investment designation for future contributions to be allocated to his Separate Accounts. Any such change shall be made in accordance with the procedures established by the Company, and the frequency of such changes may be limited by the Company.
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(c)
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A Member or Inactive Member may convert his investment designation with respect to amounts already allocated to any of his Separate Accounts that are invested in one of the Funds; provided, however, that such conversion may be made only to one or more of those Funds made available by the Company pursuant to Section 6.2. Any such conversion shall be made in accordance with the procedures established by the Company, and the frequency of such conversions may be limited by the Company.
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(a)
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Prior to each annual or special meeting of the shareholders of the Company, the Company shall cause to be sent to each Member and Beneficiary who has Company Stock allocated to his Separate Accounts and invested in the Company Stock Fund under the Plan a copy of the proxy solicitation material therefor, together with a form requesting confidential voting instructions, with respect to the voting of such Company Stock as well as the voting of Company Stock for which the Trustee does not receive instructions. Each such Member and/or Beneficiary shall instruct the Trustee to vote the number of such uninstructed shares of Company Stock equal to the proportion that the number of shares of Company Stock allocated to his Separate Accounts and invested in the Company Stock Fund bears to the total number of shares of Company Stock in the Plan for which instructions are received. Upon receipt of such a Member’s or Beneficiary’s instructions, the Trustee shall then vote in person, or by proxy, such shares of Company Stock as so instructed.
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(b)
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The Company shall cause the Trustee to furnish to each Member and Beneficiary who has Company Stock allocated to his Separate Accounts and invested in the Company Stock Fund under the Plan notice of any tender or exchange offer for, or a request or invitation for tenders or exchanges of, Company Stock made to the Trustee. The Trustee shall request from each such Member and Beneficiary instructions as to the tendering or exchanging of Company Stock allocated to his Separate Accounts and invested in the Company Stock Fund and the tendering or exchanging of Company Stock for which the Trustee does not receive instructions. Each such Member shall instruct the Trustee with respect to the tendering or exchanging of Company Stock for which the Trustee does not receive instructions. Each such Member shall instruct the Trustee with respect to the tendering or exchanging of the number of such uninstructed shares of Company Stock equal to the proportion that the number of the shares of Company Stock allocated to his Separate Accounts and invested in the Company Stock Fund bears to the total number of shares of Company Stock in the Plan for which instructions are received. The Trustee shall provide Members and Beneficiaries with a reasonable period of time in which they may consider any such tender or exchange offer for, or request or invitation for tenders or exchanges of, Company Stock made to the Trustee. Within the time specified by the Trustee, the Trustee shall tender or exchange such Company Stock as to which the Trustee has received instructions to tender or exchange from Members and Beneficiaries.
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(c)
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Instructions received from Members and Beneficiaries by the Trustee regarding the voting, tendering, or exchanging of Company Stock shall be held in strictest confidence and shall not be divulged to any other person, including officers or employees of the Company, except as otherwise required by law, regulation or lawful process.
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(a)
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The unvested portion of such a Member’s IAR Account, Profit Sharing Account and/or Retirement Account (as applicable) shall be forfeited at the earliest of the following:
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(i)
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the date on which the Member’s entire vested interest in his IAR Account, Profit Sharing Account and/or Retirement Account (as applicable) is distributed in a single sum or is considered distributed under paragraph (c) below; or
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(ii)
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with respect to the unvested portion of the Member’s IAR Account, the end of the fifth consecutive Break in Service, or, with respect to the unvested portion of the Member’s Profit Sharing Account and/or Retirement Account (as applicable), the date such Member completes a Period of Severance of five consecutive years; or
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(iii)
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the date of the Member’s death.
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(b)
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Forfeitures from IAR Accounts shall be applied against the Employer’s next contribution obligation with respect to Company Retirement Contributions under the Plan. Forfeitures from Profit Sharing Accounts shall be applied against the Employer’s next contribution obligation (if any) with respect to Profit Sharing Contributions or, if none, against the Employer’s next contribution obligation with respect to Retirement Contributions under the Plan. Forfeitures from Retirement Accounts shall be applied against the Employer’s next contribution obligation with respect to Retirement Contributions under the Plan.
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(c)
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A zero vested balance of a Member or Inactive Member shall be treated as though it were distributed immediately when employment terminates.
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(d)
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If a Member or Inactive Member is reemployed prior to five consecutive Breaks in Service but after a forfeiture under paragraph (a) above because of an imputed or full distribution, the forfeited amount(s), unadjusted for interim gains or losses, shall be subject to restoration under paragraphs (f) and (g). No restoration shall occur, if reemployment occurs after five consecutive Breaks in Service (in the case of amounts forfeited from such Member’s IAR Account) or if reemployment occurs after the Member completes a Period of Severance of five consecutive years (in the case of amounts forfeited from such Member’s Profit Sharing Account and/or Retirement Account, as applicable). Further, no restoration shall occur if repayment does not occur under paragraph (g).
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(e)
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If a Member or Inactive Member who is not 100% vested in his IAR Account receives a distribution of the vested portion of his IAR Account prior to incurring five consecutive Breaks in Service with the exception of distributions under paragraph (a)(i), (a)(iii), or (c) above, the vested portion of his IAR Account at any time prior to five consecutive Breaks in Service shall not be less than an amount (X) determined in the following manner: X = P(AB + D) - D. For purposes hereof, P is the vested percentage applicable to such Account at the relevant time; AB is the balance of such Account at the relevant time; and D is the amount of distributions from such Account.
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(f)
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Amount(s) subject to restoration under paragraph (d) shall be credited to the Member’s IAR Account, Profit Sharing Account and/or Retirement Account (as applicable) upon reemployment and shall be made from the assets of a special contribution of the Company which shall not constitute an “annual addition” within the meaning of Section 415 of the Code.
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(g)
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A reemployed Member who is rehired under the conditions set forth in paragraph (d) may repay the full amount previously distributed from his partially vested IAR Account, Profit Sharing Account and/or Retirement Account (as applicable) as follows:
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(1)
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Repayment shall be made in a single sum.
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(2)
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Repayment may only be made while the Member remains employed and may not be made later than five years after reemployment.
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(3)
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Repayment cannot be made in whole or in part by rollover from another plan or individual retirement account.
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(a)
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Vesting Service Prior to the Effective Date. For the period preceding the Effective Date, an individual shall be credited with Vesting Service in an amount equal to all service credited to him for vesting purposes under the Plan as it existed on the day prior to the Effective Date.
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(b)
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Vesting Service on and after the Effective Date. Subject to the provisions of Sections 7.7 and 7.8, for each Plan Year beginning on or after the Effective Date, for purposes of determining an IAR Member’s Vested Interest in his IAR Account, an IAR Member shall be credited with a year of Vesting Service for each Plan Year on and after such date for which he is credited with at least 1,000 Hours of Service; provided, however, that if he is credited with less than 1,000 Hours of Service for any such Plan Year, he shall not be credited with a partial year of Vesting Service or such Plan Year. Subject to the provisions of Sections 7.7 and 7.8, for each Plan Year beginning on or after the Effective Date, for purposes of determining a Profit Sharing Member’s vested interest in his Profit Sharing Account and a Retirement Contributions Member’s vested interest in his Retirement Account, each such Member shall be credited with Vesting Service in an amount equal to his aggregate Periods of Service whether or not such Periods of Service are completed consecutively and regardless of when completed. Notwithstanding anything to the contrary in the preceding sentence, (1) if a Member terminates his Service (at a time other than during a leave of absence) and subsequently resumes his Service, if his Reemployment Date is within twelve months of his Severance Date, such Period of Severance shall be treated as a Period of Service for purposes of this Section, and (2) if a Member terminates his Service during a leave of absence and subsequently resumes his Service, if his Reemployment Date is within twelve months of the beginning of such leave of absence, such Period of Severance shall be treated as a Period of Service for purposes of the preceding sentence.
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(c)
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Vesting Service With Petreco Affiliates. For the period preceding March 20, 2004, each Eligible Employee who was employed by Petreco International, Inc. prior to such date shall be credited with years of Vesting Service for purposes of the Plan equal to the Periods of Service he would have been credited under the Plan as if Petreco International, Inc. and its affiliates and predecessors were Employers under the Plan during such period and as if the Plan counted Vesting Service based on Periods of Service (rather than Hours of Service) during such entire period.
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(a)
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Any person who transfers or re-transfers to employment with an Employer as an Eligible Employee directly from other employment (i) with the Employer in a capacity other than as an Employee or (ii) with a Controlled Entity, shall be credited with years of Vesting Service, for such other employment as if such other employment were employment with an Employer as an Eligible Employee for the entire period of employment.
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(b)
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Any person who transfers from employment with an Employer as an Eligible Employee directly to other employment (i) with an Employer in a capacity other than as an Eligible Employee or (ii) with a Controlled Entity, shall be deemed by such transfer not to lose his credited years of Vesting Service, and shall be deemed not to retire or otherwise terminate his employment until such time as he is no longer in the employment of a Controlled Entity, at which time he shall become entitled to benefits, if he is otherwise eligible therefor under the provisions of the Plan; provided, however, that up to such time he shall receive credit for years of Vesting Service for such other employment as if such other employment were employment with the Employer as an Eligible Employee.
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(a)
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he was eligible for a benefit from his IAR Account or he had an amount greater than zero credited to his Basic Account, his Matching Account, or his Supplemental Account at the time of his previous retirement or other termination of employment, or
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(b)
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he terminated his employment before satisfying the conditions of eligibility for a benefit from his IAR Account and with no amount then credited to his Basic Account, his Matching Account, or his Supplemental Account and the number of his consecutive one-year Breaks in Service is less than five or the aggregate number of his years of Vesting Service at the time of such prior termination of employment was greater than the number of his consecutive one-year Breaks in Service (the aggregate number of years of Vesting Service not to include any years of Vesting Service not required to be taken into account due to previous Breaks in Service); provided, however, that if he should return to employment with an Employer or a Controlled Entity in a capacity other than as an Eligible Employee, his period of employment shall be treated for purposes of the Plan in accordance with the provisions of Section 7.6(b).
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(a)
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he was eligible for a benefit from his Profit Sharing Account or Retirement Account, as applicable, or he had an amount greater than zero credited to his Basic Account, his Matching Account, or his Supplemental Accounts at the time of his previous retirement or other termination of employment, or
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(b)
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he terminated his employment before satisfying the conditions of eligibility for a benefit from his Profit Sharing Account or Retirement Account, as applicable, and with no amount then credited to his Basic Account, his Matching Account, or his Supplemental Account and he is reemployed by an Employer or a Controlled Entity before he incurs a Period of Severance that equals or exceeds the greater of five years or his aggregate Period of Service completed before such Period of Severance.
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(a)
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file a written request with the Company in the form and within the time period prescribed by the Company for a withdrawal of an amount credited to his Separate Accounts attributable to Basic, Rollover, Supplemental and Transferred Contributions. Such withdrawal shall be permitted only if (i) the reason for the withdrawal is to enable the Member to meet an immediate and heavy financial need which meets the requirements of Section 401(k) of the Code and regulations thereunder and which cannot be reasonably relieved from other sources, including but not limited to sources outside the Plan and all other accounts and available nontaxable loans under the Plan; provided, however, that a Member shall not be required to take actions that would have the effect of increasing the amount of the need or to take commercial loans that are not available on reasonable commercial terms, and (ii) would not exceed the lesser of the balance of such Separate Accounts or the amount required to meet the need for which the withdrawal is requested. The amount required to meet the immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution. If the Company approves such request, such withdrawal shall be made from a Member’s Separate Accounts in accordance with procedures established by the Company. A withdrawal shall be deemed to be made on account of an immediate and heavy financial need of a Member if the withdrawal is for:
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(1)
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Expenses for medical care described in Section 213(d) of the Code previously incurred by the Member, the Member’s spouse, or any dependents of the Member (as defined in Section 152 of the Code and, for taxable years beginning on or after January 1, 2005, determined without regard to Section 152(b)(1), (b)(2), or (d)(1)(B) of the Code) or necessary for those persons to obtain medical care described in Section 213(d) of the Code and not reimbursed or reimbursable by insurance, determined without regard to whether such expenses exceed 7.5% of adjusted gross income;
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(2)
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Costs directly related to the purchase of a principal residence of the Member (excluding mortgage payments);
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(3)
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Payment of tuition and related educational fees, and room and board expenses, for the next twelve months of post-secondary education for the Member or the Member’s spouse, children, or dependents (as defined in Section 152 of the Code and, for taxable years beginning on or after January 1, 2005, determined without regard to Section 152(b)(1), (b)(2), or (d)(1)(B) of the Code);
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(4)
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Payments necessary to prevent the eviction of the Member from his principal residence or foreclosure on the mortgage of the Member’s principal residence; or
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(5)
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Payments for burial or funeral expenses for the Member’s deceased parent, spouse, children or dependents (as defined in Section 152 of the Code and, for taxable years beginning on or after January 1, 2005, without regard to Section 152(d)(1)(B) of the Code);
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(6)
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Expenses for the repair of damage to the Member’s principal residence that would qualify for the casualty deduction under Section 165 of the Code (determined without regard to whether the loss exceed 10% of the Member’s adjusted gross income); or
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(7)
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Such other financial needs that the Commissioner of Internal Revenue may deem to be immediate and heavy financial needs through the publication of revenue rulings, notices, and other documents of general applicability.
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(b)
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file a written request with the Company in the form and within the time period prescribed by the Company for a withdrawal of an amount credited to his Supplemental Account.
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(a)
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A loan to a Member may not exceed 50% of the nonforfeitable balance of such Member’s Separate Accounts (excluding his IAR Account, Profit Sharing Account and/or Retirement Account).
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(b)
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Paragraph (a) above to the contrary notwithstanding, the amount of a loan made to a Member under this Article shall not exceed an amount equal to the difference between:
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(i)
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The lesser of $50,000 (reduced by the excess, if any, of (A) the highest outstanding balance of loans from the Plan during the one-year period ending on the day before the date on which the loan is made over (B) the outstanding balance of loans from the Plan on the date on which the loan is made) or one-half of the present value of the Member’s total nonforfeitable accrued benefit under all qualified plans of the Employer or a Controlled Entity; minus
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(ii)
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The total outstanding loan balance of the Member under all other loans from all qualified plans of the Employer or a Controlled Entity.
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(c)
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A Member may not pledge his IAR Account as security for a loan pursuant to this Article.
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Operation of Article.
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(a.1)
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Distributions of $1,000 or Less. If the value of the vested interest of a Member or Inactive Member in his Separate Accounts is $1,000 or less (or $5,000 or less in the case of a distribution after a Member’s death), distribution thereof shall be made to such a Member (or his Beneficiary, as applicable) as soon as practicable in a single sum payment.
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(a.2)
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Distributions of More than $1,000 But Not More Than $5,000. If the value of the vested interest of a Member or Inactive Member in his Separate Accounts is more than $1,000 but not more than $5,000, such Member may elect to receive distribution of such Accounts as soon as practicable in a single sum payment at any time prior to attainment of age 70½; provided, however, distribution after a Member’s death may be made without consent pursuant to Section 10.2(a.1) if the value of the vested interest in his Account(s) is $5,000 or less. Such election may be made without the consent of such Member’s spouse, if any. In the event of a distribution pursuant to this Section 10.2(a.2), if the Member 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 Section 10.9 or to receive the distribution directly in accordance with this Section 10.2(a.2), then the Plan Administrator will direct the Trustee to pay the distribution in a direct rollover to an individual retirement plan designated by the Plan Administrator.
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(b)
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Distributions of Over $5,000. If the value of the vested interest of a Member or Inactive Member in his Separate Accounts is in excess of $5,000 such Member may elect to receive distribution of his Separate Accounts in a single sum payment at any time prior to attainment of age 70½. Notwithstanding the foregoing, no such distribution may be made to a Member or Inactive Member prior to Retirement Age, unless such Member and, in the case of an IAR Member (or Member who was at any time an IAR Member), his spouse consent in writing to such distribution. In the event that the vested interest of an IAR Member in his IAR Account is in excess of $5,000, such IAR Member may elect to receive distribution of his IAR Account in a single sum payment at any time prior to attainment of age 70½; provided, however, that such IAR Member waives distribution of the standard form of benefit set forth below in paragraphs (1) and (2) of this Section 10.2(b) and if such Member is married, his spouse consents in writing to such election and waiver and such consent acknowledges the effect of such action and is witnessed by a notary public or a Plan representative, unless a Plan representative finds that such consent cannot be obtained because the spouse cannot be located or because of other circumstances set forth in Section 401(a)(11) of the Code and regulations issued thereunder. If the Separate Accounts of such a Member are not distributed pursuant to the foregoing provisions, such Separate Accounts shall be distributed with his IAR Account in the following manner:
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(1)
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Married IAR Members. The standard form of benefit payment of an IAR Account for any IAR Member who is married on the date his Plan interest is to be distributable to him under the provisions of Section 10.1 and the foregoing provisions of Section 10.2(b) shall be a 50 percent joint and survivor annuity. Such joint and survivor annuity shall be a commercial annuity which is payable for the life of the IAR Member with a survivor annuity for the life of the IAR Member’s surviving spouse equal to 50 percent of the amount of the annuity payable during the joint lives of the IAR Member and such IAR Member’s surviving spouse. The standard joint and survivor annuity shall be paid automatically as provided hereunder unless the IAR Member elects to receive his benefit payments in another form during the election period described in Section 10.2(b)(4)(iii); provided, however, that if distribution is to be made prior to Retirement Age, it shall be made only with the consent of the IAR Member and his spouse, if any; provided further that the IAR Member’s spouse consents in writing to such election and the time of benefit commencement thereof pursuant to the provisions of Section 10.2(b)(5). Any such election may be revoked and subsequent elections may be made, or revoked, at any time during such election period. If the IAR Member has elected not to receive the standard joint and survivor annuity as provided herein, such IAR Member’s benefit shall be paid in one of the benefit payment forms under Section 10.2(b)(3), as selected by such IAR Member.
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(2)
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Unmarried IAR Members. The standard form of benefit payment of an IAR Account for any IAR Member who is not married on the date his Plan interest is to be distributable to him under the provisions of Section 10.1 and the foregoing provisions of Section 10.2(b), shall be a single life annuity under Section 10.2(b)(3)(i), unless such IAR Member selects another benefit payment form provided in Section 10.2(b)(3); provided, however, that if distribution is to be made prior to Retirement Age, it shall be made only with the consent of the IAR Member.
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(3)
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Optional Forms. Subject to the provisions of paragraphs (a) and (b) of this Section 10.2(b), an IAR Member may elect to receive his Separate Account in one of the following forms:
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(i)
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A commercial annuity in the form of a single life annuity for the life of such IAR Member;
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(ii)
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A commercial annuity in the form of a single life cash refund annuity;
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(iii)
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A commercial annuity for a term certain of ten years and continuous for the life of the IAR Member if he survives such term certain;
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(iv)
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A commercial annuity payable for the life of such Member with a survivor annuity for the life of his Beneficiary which shall be equal to 50 percent, 75 percent, or 100 percent of the annuity payable during the joint lives of the IAR Member and such IAR Member’s Beneficiary;
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(v)
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A lump sum payment regardless of age; or
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(vi)
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A single life annuity commencing prior to the earliest age as of which such IAR Member will become eligible for an “old-age insurance benefit” under the federal Social Security Act, adjusted so that an increased amount will be paid prior to such age and a reduced amount thereafter; the purpose of this adjustment is to enable the IAR Member to receive, from this Plan and under the federal Social Security Act, an aggregate income in approximately a level amount for life. Moreover, in the event the IAR Member so elects, if such IAR Member dies before receiving payments aggregating the vested amount of his Separate Accounts at his benefit commencement date, the difference shall be paid in a single lump sum to his Beneficiary or if there is none, to the executor or administrator of his estate.
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(4)
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Notwithstanding the foregoing provisions of this Section 10.2(b), the following additional requirements must be satisfied in order for a benefit to be paid pursuant to Section 10.2(b)(3):
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(i)
|
The benefit payment form described in Section 10.2(b)(3) above shall only be available if the present value of the total payments actuarially expected to be made to the IAR Member shall be more than 50 percent of the present value of the total payments actuarially expected to be made to the IAR Member and his Beneficiary.
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(ii)
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The form of payment to the IAR Member or to the IAR Member and his Beneficiary must be payable over a period of time which does not exceed the longer of the life expectancy of the IAR Member, or the joint and last survivor life expectancy of the IAR Member and his Beneficiary.
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(iii)
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Subject to the provisions of Section 10.2(b)(5) with respect to any election described in Section 10.2(b)(3), the Company shall furnish certain information, pertinent to such election, to each IAR Member no less than thirty days (unless such thirty-day period is waived by an affirmative election in accordance with applicable Treasury regulations) and no more than ninety days before his Annuity Starting Date. The furnished information shall include an explanation of (1) the terms and conditions of the joint and survivor annuity, (2) the IAR Member’s right to waive the standard joint and survivor annuity and the effect of such election, (3) the rights of the IAR Member’s spouse, if any, (4) the right to revoke such election and the effect of such revocation, (5) a general description of the eligibility conditions and other material features of the alternative forms of benefit available pursuant to Section 10.2(b)(3), and (6) sufficient additional information to explain the relative values of such alternative forms of benefit. The period during which an IAR Member may make or revoke such election shall be the ninety day period ending on such IAR Member’s Annuity Starting Date provided that such Election may also be revoked at any time prior to the expiration of the seven-day period that begins the day after the information required to be furnished to the IAR Member.
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(5)
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In the event a benefit is subject to payment under the standard joint and survivor annuity form set forth in Section 10.2(b)(1) and such IAR Member elects another form of benefit payment which will not provide his spouse with a lifetime survivor annuity which is at least 50 percent of the amount of the annuity payable during the joint lives of the IAR Member and the spouse, such benefit shall be paid in such form only if such IAR Member’s spouse consents the form and time thereof in writing. Any spousal consent given pursuant to this provision shall acknowledge the effect of such form and time of payment and shall be witnessed by a Plan representative or a notary public, unless a Plan representative finds that such consent cannot be obtained because the spouse cannot be located or because of other circumstances set forth in Section 401(a)(11) of the Code and regulations issued thereunder.
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(c)
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Disregard of Rollover Contributions for Valuation of Involuntary Cash Outs in Certain Cases. For purposes of application of the $5,000 threshold of Sections 10.2(a.1), 10.2(a.2), 10.2(b), 11.5(f), and 12.5, the value of a Member’s vested interest in his Separate Accounts shall be determined without regard to that portion of such accounts which 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)(16) of the Code. If the value of a Member’s Separate Accounts as so determined is $5,000 or less, the Member’s entire nonforfeitable account balance (including amounts attributable to such Rollover Contributions) shall be distributable pursuant to an election under Section 10.2(a.2) or distributed pursuant to Section 10.2(a.1), 11.5(f) or 12.5, as applicable.
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(i)
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The date on which such Member attains age 65;
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(ii)
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The tenth anniversary of the date on which such Member commenced participation in the Plan; and
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(iii)
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The date on which such Member terminates service with the Controlled entities.
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(i)
|
The Mandatory Distribution Date of such a Member who attains age 70½ on or after January 1, 1988, but prior to January 1, 1999, shall be April 1, 1990, or the first day of April following the calendar year in which such Member attains age 70½, whichever is later.
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(ii)
|
The Mandatory Distribution Date of such a Member who attains age 70½ on or after January 1, 1999, shall be the first day of April of the calendar year following the later of (A) the calendar year in which such Member attains age 70½ or (B) the calendar year in which such Member terminates his employment with the Employer (provided, however, that Clause (B) of this sentence shall not apply in the case of a Member who is a “five-percent Owner” (as defined in section 416 of the Code) with respect to the Plan Year ending in the calendar year in which such Member attains age 70½).
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(iii)
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The Mandatory Distribution Date of such a Member who has attained age 70½ before January 1, 1988, shall be the first day of April of the calendar year following the calendar year in which the later of such Member’s termination of employment or attainment of age 70½ occurs.
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(iv)
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The Mandatory Distribution Date of a Member who dies before another Mandatory Distribution Date shall be (A) if payable to other than the Member’s spouse, the last day of the one-year period following the death of such Member or (B) if payable to the Member’s spouse, after the date upon which such Member would have attained age 70-1/2, unless such surviving spouse dies before payments commence, in which case the Mandatory Distribution Date may not be deferred beyond the last day of the one-year period following the death of such surviving spouse.
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(a)
|
The provisions of this Section 10.12 will take precedence over any inconsistent provisions of the Plan.
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(b)
|
All distributions required under this Section 10.12 will be determined and made in accordance with the Treasury regulations under Section 401(a)(9) of the Code.
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(c)
|
Notwithstanding the other provisions of this Section 10.12, 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.
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(d)
|
The Member’s entire interest will be distributed, or begin to be distributed, to the Member no later than the Member’s Required Beginning Date. If the Member dies before distributions begin, the Member’s entire interest will be distributed, or begin to be distributed, no later than as follows:
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(1)
|
If the Member’s surviving spouse is the Member’s sole Designated Beneficiary, then distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Member died, or by December 31 of the calendar year in which the Member would have attained age 70½, if later.
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(2)
|
If the Member’s surviving spouse is not the Member’s sole Designated Beneficiary, then distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died.
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(3)
|
If there is no Designated Beneficiary as of September 30 of the year following the year of the Member’s death, the Member’s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Member’s death.
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(4)
|
If the Member’s surviving spouse is the Member’s sole Designated Beneficiary and the surviving spouse dies after the Member but before distributions to the surviving spouse begin, this Paragraph (disregarding item (1) above), will apply as if the surviving spouse were the Member.
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(e)
|
During the Member’s lifetime, the minimum amount that will be distributed for each Distribution Calendar Year is the lesser of:
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|
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(1)
|
the quotient obtained by dividing the Member’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 Member’s age as of the Member’s birthday in the Distribution Calendar Year; or
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(2)
|
if the Member’s sole Designated Beneficiary for the Distribution Calendar Year is the Member’s spouse, the quotient obtained by dividing the Member’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 Member’s and spouse’s attained ages as of the Member’s and spouse’s birthdays in the Distribution Calendar Year.
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(f)
|
If the Member 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 Member’s death is the quotient obtained by dividing the Member’s Account Balance by the longer of the remaining Life Expectancy of the Member or the remaining Life Expectancy of the Member’s Designated Beneficiary, determined as follows:
|
|
|
(1)
|
The Member’s remaining Life Expectancy is calculated using the age of the Member in the year of death, reduced by one for each subsequent year.
|
|
|
(2)
|
If the Member’s surviving spouse is the Member’s sole Designated Beneficiary, the remaining Life Expectancy of the surviving spouse is calculated for each Distribution Calendar Year after the year of the Member’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 Member’s surviving spouse is not the Member’s sole Designated Beneficiary, the Designated Beneficiary’s remaining Life Expectancy is calculated using the age of the Designated Beneficiary in the year following the year of the Member’s death, reduced by one for each subsequent year.
|
|
|
(g)
|
If the Member 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 Member’s death is the quotient obtained by dividing the Member’s Account Balance by the remaining Life Expectancy of the Member’s Designated Beneficiary, determined as provided in item (1), (2) or (3) of Paragraph (f), whichever is applicable. If the Member dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of the Member’s death, distribution of the Member’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Member’s death. If the Member dies before the date distributions begin, the Member’s surviving spouse is the Member’s sole Designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under item (1) of Paragraph (d), this Paragraph (g) will apply as if the surviving spouse were the Member. Notwithstanding the foregoing, if the Member 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 Paragraph (d) above but the Member’s entire interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Member’s death. If the Member’s surviving spouse is the Member’s sole Designated Beneficiary and the surviving spouse dies after the Member but before distributions to either the Member or the surviving spouse begin, this Paragraph will apply as if the surviving spouse were the Member.
|
|
|
(h)
|
For purposes of this Section 10.12, the following terms and phrases shall have these respective meanings:
|
|
|
(1)
|
Designated Beneficiary: The individual who is designated as a Member’s beneficiary under Section 11.1 of the Plan and is a Designated Beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-1, 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 Member’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the Member’s Required Beginning Date. For distributions beginning after the Member’s death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under Paragraph (d). The required minimum distribution for the Member’s first Distribution Calendar Year will be made on or before the Member’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 Member’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)
|
Member’s Account Balance. The balance in a Member’s Accounts 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 Member’s Accounts 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. A Member’s 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)
|
Requiring Beginning Date. With respect to a Member or beneficiary, the date described in Section 10.4 of the Plan.
|
|
|
(a)
|
The interest in the IAR Account of any deceased IAR Member or Inactive Member whose surviving spouse is his Beneficiary shall be a survivor annuity. Such survivor annuity shall be a commercial annuity which is payable for the life of such surviving spouse.
|
|
|
(b)
|
Any Member or Inactive Member who would otherwise have his death benefit from his IAR Account paid in the form of a survivor annuity payable to his surviving spouse may elect not to have his benefit paid in such form by electing to receive such death benefit in a single sum or by designating a person other than his spouse as his Beneficiary. Any election may be revoked and subsequent elections may be made or revoked at any time prior to the death of the Member or Inactive Member.
|
|
|
(c)
|
Paragraph (b) above to the contrary notwithstanding, an election not to have the death benefit paid in the form of a survivor annuity payable to the surviving spouse may be made before the first day of the Plan Year in which a Member or Inactive Member attains the age of thirty-five only (A) after the Member or Inactive Member separated from service and only with respect to benefits accrued under the Plan before the date of such separation or (B) in the case of a Member who has not separated from service, if the Member has been furnished the information in Paragraph (c) below, with such election to become invalid upon the first day of the Plan Year in which the Member attains the age of thirty-five, whereupon a new election may be made by such Member.
|
|
|
(d)
|
The Company shall furnish certain information, pertinent to the Paragraph (b) election to each Member within the period beginning with the first day of the Plan Year in which he attains the age of thirty-two (but not earlier than the date such Member begins participation in the Plan) and ending with the later of (1) the last day of the Plan Year preceding the Plan Year in which the Member attains the age of thirty-five, or (2) a reasonable time after the Employee becomes a Member. If a Member separated from service before attaining the age of thirty-five, such information shall be furnished to such Member within the period beginning one year before the Member separates from service and ending one year after such separation. Such information shall also be furnished to a Member who has not attained the age of thrifty-five or terminated employment, within a reasonable time after written request by such Member. The furnished information shall include an explanation of (1) the terms and conditions of the survivor annuity, (2) the Member’s right to elect to waive the survivor annuity and the effect of such election, (3) the rights of the Member’s surviving spouse, (4) the right to revoke such election and the effect of such revocation, (5) a general description of the eligibility conditions and other material features of the alternative forms of benefit available pursuant to Paragraph (f) below, and (6) sufficient additional information to explain the relative value of such alternative forms of benefit.
|
|
|
(e)
|
For purposes of this Section 11.5 the IAR Account death benefit of a deceased Member or Inactive Member who is not survived by his spouse or who has elected not to have his IAR Account death benefit paid in the survivor annuity form set forth in Section 11.5(a) shall be paid to his Beneficiary in one of the following alternative forms to be selected by such Member or Inactive Member (or his Beneficiary if authorized by such Member or Inactive Member) or, in the absence of such selection, in a single sum payment; provided, however, that the period and the methods of payment of any such form shall be in compliance with the provisions of section 401(a)(9) of the Code and applicable Treasury regulations thereunder:
|
|
|
(i)
|
A single lump payment; or
|
|
|
(ii)
|
A commercial annuity in the form of a single life annuity.
|
|
|
(f)
|
Notwithstanding any other provisions of the Plan to the contrary, payment of a survivor annuity pursuant to this Section 11.5 shall not be made without the consent of the surviving spouse prior to the time the deceased Member or Inactive Member would have attained Retirement Age except that if the entire interest payable hereunder to a Beneficiary is $5,000 or less, such interest shall be paid in a single lump-sum payment form within a reasonable period of time after the death of the Member or Inactive Member.
|
|
|
(a)
|
allocate any of the powers, authorities, or responsibilities for the operation and administration of the Plan, which are retained by it or granted to it by this Article XII, to the Trustee; and
|
|
|
(b)
|
designate a person or persons other than itself to carry out any of such powers, authorities, or responsibilities;
|
|
|
(a)
|
As of the termination date, the Trustee shall value the Funds hereunder and the Company shall adjust all accounts accordingly. The termination date shall become a Valuation Date. In determining the net worth of the Funds hereunder, the Trustee shall include as a liability such amounts as in its judgment shall be necessary to pay all expenses in connection with the termination of the Trust and the liquidation and distribution of the Trust property, as well as other expenses, whether or not accrued, and shall include as an asset all accrued income.
|
|
|
(b)
|
The Trustee, upon instructions from the Company, shall then segregate and distribute an amount equal to the entire interest of each Member, Inactive Member, and Beneficiary in the Funds to or for the benefit of each Member, Inactive Member, or Beneficiary in accordance with the provisions of Sections 10.2 and 10.3.
|
|
|
(a)
|
“Annual Additions” of a Member for any Limitation Year shall mean the total of (A) the Basic Contributions, Matching Contributions, Company Retirement Contributions, Retirement Contributions and forfeitures, if any, allocated to such Member’s Separate Accounts for such year, (B) Member’s contributions, if any, (excluding any Rollover Contributions) for such year, and (C) amounts referred to in Sections 415(l)(1) and 419A(d)(2) of the Code. The Annual Additions of a Member for any Limitation Year shall not include Member catch-up contributions made pursuant to Section 3.6 and Section 414(v) of the Code.
|
|
|
(b)
|
“415 Compensation” shall mean the total of all amounts paid by the Employer to or for the benefit of a Member for services rendered or labor performed for the Employer which are required to be reported on the Member’s federal income tax withholding statement or statements (Form W-2 or its subsequent equivalent), subject to the following adjustments and limitations:
|
|
|
(1)
|
The following shall be included:
|
|
|
(A)
|
From and after December 31, 1998, elective deferrals (as defined in Section 402(g)(3) of the Code) from compensation to be paid by the Employer to the Member;
|
|
|
(B)
|
Any amount which is contributed or deferred by the Employer at the election of the Member and which is not includible in the gross income of the Member by reason of Section 125 or 457 of the Code; and
|
|
|
(C)
|
Any amounts that are not includable in the gross income of a Member under a salary reduction agreement by reason of the application of Section 132(f) of the Code.
|
|
|
(2)
|
The 415 Compensation of any Member taken into account for purposes of the Plan shall be limited to $200,000 for any Plan Year with such limitation to be:
|
|
|
(A)
|
Adjusted automatically to reflect any amendments to Section 401(a)(17) of the Code and any cost-of-living increases authorized by Section 401(a)(17) of the Code; and
|
|
|
(B)
|
Prorated for a Plan Year of less than twelve months and to the extent otherwise required by applicable law.
|
|
|
(c)
|
“Limitation Year” shall mean the calendar year.
|
|
|
(d)
|
“Maximum Annual Additions” of a Member for any Limitation Year shall mean the lesser of (a) $40,000 (with such amount to be adjusted automatically to reflect any cost-of-living adjustment authorized by Section 415(d) of the Code) or (B) 100% of such Member’s 415 Compensation during such Limitation Year, except that the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of Section 419A(f)(2) of the Code) after separation from service with the Employer or a Controlled Entity that is otherwise treated as an Annual Addition or to any amount otherwise treated as an Annual Addition under Section 415(l)(1) of the Code.
|
|
|
(a)
|
First, any such excess Annual Additions in the form of Basic Contributions on behalf of such Member that would not have been considered in determining the amount of Matching Contributions shall be distributed to such Member, adjusted for income or loss allocated thereto;
|
|
|
(b)
|
Next, any such excess Annual Additions in the form of Basic Contributions on behalf of such Member that would have been considered in determining the amount of Matching Contributions shall be distributed to such Member, adjusted for income or loss allocated thereto, and the Matching Contributions that would have been allocated to such Member’s Separate Account based upon such distributed Basic Contributions shall be treated as a forfeiture;
|
|
|
(c)
|
Next, any such excess Annual Additions in the form of Company Retirement Contributions, to the extent such amounts would otherwise have been allocated to such Member’s Separate Account, shall be treated as a forfeiture;
|
|
|
(d)
|
Next, any such excess Annual Additions in the form of Profit Sharing Contributions, to the extent such amounts would otherwise have been allocated to such Member’s Separate Account, shall be treated as a forfeiture; and
|
|
|
(e)
|
Finally, any such excess Annual Additions in the form of Retirement Contributions, to the extent such amounts would otherwise have been allocated to such Member’s Separate Account, shall be treated as a forfeiture.
|
|
|
(a)
|
The term “Compensation” shall mean 415 Compensation, as defined in Section 16.2(b).
|
|
|
(b)
|
The term “Determination Date” shall mean for any Plan Year subsequent to the first Plan Year, the last day of the preceding Plan Year and for the first Plan Year of the Plan, the last day of that Year.
|
|
|
(c)
|
The term “Employer” shall mean the Company and each Controlled Entity.
|
|
|
(d)
|
The term “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)(1) 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)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder.
|
|
|
(e)
|
The term “Permissive Aggregation Group” shall mean the Required Aggregation Group of plans plus any other plan or plans of the Employer which, when considered as a group with the Required Aggregation Group, would continue to satisfy the requirements of Section 401(a)(4) and 410 of the Code.
|
|
|
(f)
|
The term “Present Value” shall mean for purposes of computing present value calculations in determining the Top-Heavy Ratio, present value calculations based on the actuarial assumptions as stated in the applicable plan.
|
|
|
(g)
|
The term “Required Aggregation Group” shall mean (a) each tax qualified plan of the Employer in which at least one Key Employee participates or participated at any time during the determination period (regardless of whether the plan terminated), and (b) any other tax qualified plan of the Employer which enables a plan described in clause (a) to meet the requirements of Section 401(a)(4) or 410 of the Code.
|
|
|
(h)
|
The term “Super Top-Heavy Group” with respect to a particular Plan Year shall mean a Required or Permissive Aggregation Group that, as of the Determination Date, would qualify as a Top-Heavy Group under the definition in Paragraph (j) of this Article XVII with “90 percent” substituted for “60 percent” each place where “60 percent” appears in such definition.
|
|
|
(i)
|
The term “Super Top-Heavy Plan” with respect to a particular Plan Year shall mean a plan that, as of the Determination Date, would qualify as a Top-Heavy Plan under the definition in Paragraph (k) of this Article XVII with “90 percent” substituted for “60 percent” each place where “60 percent” appears in such definition. A plan is also a “Super Top-Heavy Plan” if it is part of a Super Top-Heavy Group.
|
|
|
(j)
|
The term “Top-Heavy Group” with respect to a particular Plan Year shall mean a Required or Permissive Aggregation Group if the sum, as of the Determination Date, of the present value of the cumulative accrued benefits for Key Employees under all defined benefit plans included in such group and the aggregate of the account balances of Key Employees under all defined contribution plans included in such group exceeds 60 percent of a similar sum determined for all employees covered by the plans included in such group.
|
|
|
(k)
|
The term “Top-Heavy Plan” for any Plan Year beginning after December 31, 1983, the Plan shall be a Top-Heavy Plan if any of the following conditions exist:
|
|
|
(i)
|
If the Top-Heavy Ratio for the Plan exceeds 60 percent and the Plan is not part of any Required Aggregation Group or Permissive Aggregation Group of plans.
|
|
|
(ii)
|
If the Plan is a part of a Required Aggregation Group of plans but not part of a Permissive Aggregation Group and the Top-Heavy Ratio for the group of plans exceeds 60 percent.
|
|
|
(iii)
|
If the Plan is a part of a Required Aggregation Group and part of a Permissive Aggregation Group of plans and the Top-Heavy Ratio for the Permissive Aggregation Group exceeds 60 percent.
|
|
|
(l)
|
The term “Top-Heavy Ratio” shall mean:
|
|
|
(i)
|
While the Employer maintains one or more defined contribution plans (including any simplified employee pension plan) and the Employer has not maintained any defined benefit plan which during the 5-year period ending on the Determination Date(s) has or has had accrued benefits, the Top-Heavy Ratio for the Plan alone or for the Required or Permissive Aggregation Group, as appropriate, is a fraction, the numerator of which is the sum of the account balances of all Key Employees as of the Determination Date(s) (including any part of any account balance distributed during a one-year period (or, in the case of a distribution made for a reason other than separation from service, death or disability, a five-year period) ending on the Determination Date(s)) and including 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, and the denominator of which is the sum of all account balances (including any part of any account balance distributed in the one-year period (or, in the case of a distribution made for a reason other than separation from service, death or disability, a five-year period) ending on the Determination Date(s)) and including 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, both computed in accordance with Section 416 of the Code. Both the numerator and denominator of the Top-Heavy Ratio are adjusted to reflect any contribution not actually made as of the Determination Date, but which is required to be taken into account on that date under Section 416 of the Code.
|
|
|
(ii)
|
While the Employer maintains one or more defined contribution plans (including any simplified employee pension plans) and the Employer maintains or has maintained one or more defined benefit plans which during the 5-year period ending on the Determination Date(s) has or has had any accrued benefits, the Top-Heavy Ratio for any Required or Permissive Aggregation Group as appropriate is a fraction, the numerator of which is the sum of account balances under the aggregated defined contribution plan or plans for all Key Employees, determined in accordance with Subparagraph (i) above, and the present value of accrued benefits under the aggregated defined benefit plan or plans for all Key Employees as of the Determination Date(s), and the denominator of which is the sum of the account balances under the aggregated defined contribution plan or plans for all participants, determined in accordance with Subparagraph (i) above, and the present value of accrued benefits under the defined benefit plan or plans for all participants as of the Determination Date(s), all determined in accordance with Section 416 of the Code. The accrued benefits under a defined benefit plan in both the numerator and denominator of the Top-Heavy Ratio are adjusted for any distribution of an accrued benefit made in the five-year period ending on the Determination Date.
|
|
|
(iii)
|
For purposes of subparagraphs (i) and (ii) above, the value of account balances and the present value of accrued benefits will be determined as of the most recent valuation date that falls within or ends with the 12-month period ending on the Determination Date, except as provided in Section 416 of the Code for the first and second plan years of a defined benefit plan. Notwithstanding the foregoing, the account balances and accrued benefits of individuals who have not performed services for the Employer or any Controlled Entity at any time during the one-year period ending on the applicable Determination Date shall not be considered. The calculation of the Top-Heavy Ratio, and the extent to which distributions, rollovers and transfers are taken into account will be made in accordance with Section 416 of the Code. Deductible employee contributions shall not be taken into account for purposes of computing the Top-Heavy Ratio. When aggregating plans the value of account balances and accrued benefits will be calculated with reference to the Determination Date that falls within the same calendar year.
|
|
|
(m)
|
The term “Valuation Date” shall mean for purposes of computing the Top-Heavy Ratio, the Determination Date.
|
|
|
(n)
|
The term “Non-Key Employee” shall mean any Employee who is not a Key Employee.
|
|
|
(a)
|
Except as otherwise provided in Paragraphs (b) and (c) below, the Employer contributions and forfeitures allocated on behalf of any Member who is not a Key Employee shall be the lesser of three percent of the non-Key Employee’s compensation or in the case where the Employer has no defined benefit plan which designates the Plan to satisfy Section 401 of the Code, the largest percentage of the first $150,000 of the Key Employee’s compensation, allocated on behalf of any Key Employee for the Plan Year. Basic Contributions cannot be used to satisfy the minimum Section 416 contributions for non-key employees. Further, in making the determination of the percentage at which contributions are made for the Key Employee with the highest percentage, Basic Contributions on behalf of Key Employees are taken into account. Matching Contributions shall be taken into account for purposes of satisfying the minimum contribution requirements of this Section 17.3(a) and Section 416(c)(2) of the Code. The preceding sentence shall apply with respect to Matching Contributions under the Plan or, if the Plan provides that the minimum contribution shall be met in another plan, such other plan. Matching Contributions that are used to satisfy the minimum contribution requirements of this Section 17.3(a) shall be treated as matching contributions for purposes of the actual contribution percentage test described in Section 4.3 and other requirements of Section 401(m) of the Code.
|
|
|
(b)
|
The provisions in Paragraph (a) shall not apply to any Member who is not actively employed as an Eligible Employee by the Employer on the last day of the Plan Year for which the minimum allocation is to be made.
|
|
|
(c)
|
The provisions in Paragraph (a) shall not apply to any Member to the extent the Member is covered under any other plan or plans of the Employer, and by the terms of such plan or plans it is provided that the minimum allocation or benefit requirements applicable to Top-Heavy Plans shall be met in such other plan or plans. If such other plan is, or if one of such other plans is, a defined benefit plan maintained by the Employer, and such plan is a Top-Heavy Plan, the minimum benefit requirements applicable to Top-Heavy Plans shall be met under such defined benefit plan as provided therein, to the extent such benefit can be provided under such plan or plans. If such other plan is, or if one of such other plans is, a defined contribution plan maintained by the Employer, and such plan is a Top-Heavy Plan, the minimum allocation requirements shall be met under such plan, except as may be otherwise provided in such other plan. The application and administration of the minimum allocation or benefit requirements for Top-Heavy Plans shall be satisfied in a manner so as to only satisfy the minimum allocation/benefit requirements as permissible and so as to avoid any duplication of minimum allocation/benefits for non-Key Employees, as provided under Section 416 of the Code. Specifically, if any Member in this Plan is a Member in the Cameron International Corporation Retirement Plan, the minimum contribution required under this Article XVII shall be satisfied by applying the rules of this Section 17.3 to such plan. Further, the top heavy requirements of Section 416 of the Code and this Article XVII of 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 requirement of Section 401(k)(12) of the Code and matching contributions with respect to which the requirements of Section 401(m)(11) of the Code are met.
|
|
Addendum
|
Page
|
|
Cameron Division Plant in Liberty, TX
|
AD-3
|
|
Cameron Division Plant in Patterson, LA
|
AD-4
|
|
Cooper Cameron Valves Plant in Ville Platte, LA
|
AD-5
|
|
Cooper Energy Services Division Plant in Houston, TX (Texcentric)
|
AD-6
|
|
Cameron Division Plant in Oklahoma City, OK (Demco)
|
AD-7
|
|
Wheeling Machine Products Division Facility in Pine Bluff, AR
|
AD-9
|
|
Cooper Cameron Valves Division Plant in Little Rock, AR
|
AD-10
|
|
Cooper Energy Services Division Plant at Ponca City, OK (Nickles)
|
AD-12
|
|
Certain Members Eligible for Additional Contributions
|
AD-13
|
|
Withdrawals of and Special Rights Pertaining to Prior Plan Amounts
|
AD-15
|
|
Location
|
Page
|
|
Houston, TX
|
|
|
Cooper Energy Services Division Plant in Houston, TX
(Texcentric)
|
AD-6
|
|
Liberty, TX
|
|
|
Cameron Division Plant in Liberty, TX
|
AD-3
|
|
Little Rock, AR
|
|
|
Cooper Cameron Valves Division Plant in Little Rock, AR
|
AD-10
|
|
Oklahoma City, OK
|
|
|
Cameron Division Plant in Oklahoma City, OK (Demco)
|
AD-7
|
|
Patterson, LA
|
|
|
Cameron Division Plant in Patterson, LA
|
AD-4
|
|
Pine Bluff, AR
|
|
|
Wheeling Machine Division Facility Company in Pine Bluff, AR
|
AD-9
|
|
Ponca City, OK
|
|
|
Cooper Energy Services Division Plant in Ponca City, OK (Nickles)
|
AD-12
|
|
Ville Platte, LA
|
|
|
Cooper Cameron Valves Plant in Ville Platte, LA
|
AD-5
|
|
Member
|
SSN
|
Monthly Additional
Company Retirement
Contribution
|
|
|
1. Crouch, Anthony J.
|
###-##-####
|
$72.31
|
|
|
2. Gant, Charles
|
###-##-####
|
72.97
|
|
|
3. Riley, Ronald
|
###-##-####
|
86.56
|
|
|
4. Trahen, Wilfred
|
###-##-####
|
71.61
|
|
Member
|
SSN
|
Monthly Additional
Company Retirement
Contribution
|
|
|
1. Lee, Willie A.
|
###-##-####
|
$130.00
|
|
|
2. Kor, Jack
|
###-##-####
|
$54.00
|
|
|
3. Shuck, Roger
|
###-##-####
|
$25.00
|
|
|
4. Cunningham, George
|
###-##-####
|
$75.00
|
|
(1)
|
Active members on October 1, 1989 in the Plan (formerly the Cooper Savings Plan), who became Members on April 1, 1995, who attained at least age 50 on December 31, 1989 and who elected retiree medical coverage.
|
|
Year of Birth
|
Monthly Additional
Credit Amount
|
|
|
1939
|
$60.00
|
|
|
1938
|
$60.00
|
|
|
1937
|
$65.00
|
|
|
1936
|
$65.00
|
|
|
1935
|
$70.00
|
|
|
1934 or earlier
|
$75.00
|
|
(2)
|
Active Members on October 1, 1989 in the Plan (formerly the Cooper Savings Plan), who became Members on April 1, 1995, who attained at least age 50 on December 31, 1989 and who did not elect retiree medical coverage.
|
|
Year of Birth
|
Monthly Additional
Credit Amount
|
|
|
1939
|
$105.00
|
|
|
1938
|
$110.00
|
|
|
1937
|
$115.00
|
|
|
1936
|
$120.00
|
|
|
1935
|
$125.00
|
|
|
1934 or earlier
|
$130.00
|
|
(3)
|
Active members on October 1, 1989 in the Plan (formerly the Cooper Savings Plan), who became Members on April 1, 1995, and who had not attained age 50 on December 31, 1989.
|
|
Year of Birth
|
Monthly Additional
Credit Amount
|
|
|
1964 or later
|
$10.00
|
|
|
1963
|
$11.00
|
|
|
1962
|
$13.00
|
|
|
1961
|
$15.00
|
|
|
1960
|
$17.00
|
|
|
1959
|
$19.00
|
|
|
1958
|
$21.00
|
|
|
1957
|
$23.00
|
|
|
1956
|
$25.00
|
|
|
1955
|
$27.00
|
|
|
1954
|
$29.00
|
|
|
1953
|
$31.00
|
|
|
1952
|
$34.00
|
|
|
1951
|
$37.00
|
|
|
1950
|
$40.00
|
|
|
1949
|
$44.00
|
|
|
1948
|
$48.00
|
|
|
1947
|
$52.00
|
|
|
1946
|
$54.00
|
|
|
1945
|
$60.00
|
|
|
1944
|
$65.00
|
|
|
1943
|
$70.00
|
|
|
1942
|
$75.00
|
|
|
1941
|
$80.00
|
|
|
1940
|
$90.00
|
|
YEARS OF SERVICE
|
NONFORFEITABLE PERCENTAGE
|
|
0-4
|
0%
|
|
5 or more
|
100%
|
|
|
A.
|
Active members in the Cooper Industries, Inc. Salaried Employees’ Retirement Plan (the “Prior Plan”) on October 1, 1989, who became Members of the Cooper Cameron Corporation Retirement Plan (the “Retirement Plan”) on January 1, 1995, who attained at least age 50 on December 31, 1989 and who elected retiree medical coverage
|
|
Year of Birth
|
Monthly Additional
Contribution Amount
|
|
1939
|
$60.00
|
|
1938
|
$60.00
|
|
1937
|
$65.00
|
|
1936
|
$65.00
|
|
1935
|
$70.00
|
|
1935 or earlier
|
$75.00
|
|
|
B.
|
Active members in the Prior Plan on October 1, 1989, who became Members of the Retirement Plan on January 1, 1995, who attained at least age 50 on December 31, 1989 and who did not elect retiree medical coverage
|
|
Year of Birth
|
Monthly Additional
Contribution Amount
|
|
1939
|
$105.00
|
|
1938
|
$110.00
|
|
1937
|
$115.00
|
|
1936
|
$120.00
|
|
1935
|
$125.00
|
|
1934 or earlier
|
$130.00
|
|
|
C.
|
Active members in the Prior Plan on October 1, 1989, who became members on January 1, 1995, and who had not attained age 50 on December 31, 1989
|
|
Year of Birth
|
Monthly Additional
Contribution Amount
|
|
1964 or later
|
$10.00
|
|
1963
|
$11.00
|
|
1962
|
$13.00
|
|
1961
|
$15.00
|
|
1960
|
$17.00
|
|
1959
|
$19.00
|
|
1958
|
$21.00
|
|
1957
|
$23.00
|
|
1956
|
$25.00
|
|
1955
|
$27.00
|
|
1954
|
$29.00
|
|
1953
|
$31.00
|
|
1952
|
$34.00
|
|
1951
|
$37.00
|
|
1950
|
$40.00
|
|
1949
|
$44.00
|
|
1948
|
$48.00
|
|
1947
|
$52.00
|
|
1946
|
$54.00
|
|
1945
|
$60.00
|
|
1944
|
$65.00
|
|
1943
|
$70.00
|
|
1942
|
$75.00
|
|
1941
|
$80.00
|
|
1940
|
$90.00
|