OWNERSHIP, SAVINGS AND INVESTMENT PLAN
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ARTICLE I Adoption of the Plan | 1 | |||||
1.1 | Establishment | 1 | ||||
1.2 | Trust | 2 | ||||
1.3 | Restatement Effective Date | 2 | ||||
1.4 | Adoption of Plan | 2 | ||||
1.5 | Withdrawal of Adopting Employer | 2 | ||||
1.6 | Supplements | 3 | ||||
ARTICLE II Definitions | 4 | |||||
2.1 | Account | 4 | ||||
2.2 | Acquisition Loan | 5 | ||||
2.3 | Adopting Employers | 5 | ||||
2.4 | Affiliate | 5 | ||||
2.5 | Allocation Date | 6 | ||||
2.6 | Authorized Leave of Absence | 6 | ||||
2.7 | Beneficiary | 6 | ||||
2.8 | Board of Directors | 6 | ||||
2.9 | Closing Date | 6 | ||||
2.10 | Code | 6 | ||||
2.11 | Common Stock | 7 | ||||
2.12 | Company | 7 | ||||
2.13 | Compensation | 7 | ||||
2.14 | Current Market Value | 9 | ||||
2.15 | Disability | 9 | ||||
2.16 | RESERVED | 9 | ||||
2.17 | Elective Deferral | 9 | ||||
2.18 | Eligible Employee | 10 | ||||
2.19 | Employee | 10 | ||||
2.20 | Employer | 11 | ||||
2.21 | Employment Commencement Date | 11 | ||||
2.22 | ERISA | 11 | ||||
2.23 | ESOP Accounts | 11 | ||||
2.24 | ESOP Committee | 11 | ||||
2.25 | ESOP Component | 12 | ||||
2.26 | ESOP Elective Deferral Account | 12 | ||||
2.27 | ESOP Matching Account | 12 | ||||
2.28 | ESOP Profit Sharing Account | 12 | ||||
2.29 | ESOP Rollover Account | 12 |
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2.30 | Fiduciary | 12 | ||||
2.31 | Financed Shares | 13 | ||||
2.32 | Fiscal Year | 13 | ||||
2.33 | Former IIT Research Institute Employee | 13 | ||||
2.34 | Highly Compensated Employee | 13 | ||||
2.35 | Hour of Service | 14 | ||||
2.36 | IIT Research Institute | 14 | ||||
2.37 | Leased Employee | 15 | ||||
2.38 | Matching Contributions | 15 | ||||
2.39 | Non ESOP Accounts | 15 | ||||
2.40 | Non ESOP Component | 15 | ||||
2.41 | Non ESOP Elective Deferral Account | 15 | ||||
2.42 | Non ESOP Matching Account | 16 | ||||
2.43 | Non ESOP Profit Sharing Account | 16 | ||||
2.44 | Non ESOP Rollover Account | 16 | ||||
2.45 | Normal Retirement Age | 16 | ||||
2.46 | Participant | 16 | ||||
2.47 | Pay Period | 16 | ||||
2.48 | Period of Participation | 17 | ||||
2.49 | Period of Service | 17 | ||||
2.50 | Period of Severance | 18 | ||||
2.51 | Plan | 18 | ||||
2.52 | Plan Year | 18 | ||||
2.53 | Profit Sharing Contributions | 18 | ||||
2.54 | Qualified Military Service | 19 | ||||
2.55 | Qualified Nonelective Contributions | 19 | ||||
2.56 | Qualified Nonelective Contribution Account | 19 | ||||
2.57 | Recordkeeper | 19 | ||||
2.58 | Reemployment Commencement Date | 20 | ||||
2.59 | Retirement | 20 | ||||
2.60 | Rollover Contributions | 20 | ||||
2.61 | Severance from Service | 20 | ||||
2.62 | Severance from Service Date | 20 | ||||
2.63 | Surviving Spouse | 21 | ||||
2.64 | Trade Day | 21 | ||||
2.65 | Trust | 22 | ||||
2.66 | Trustee | 22 | ||||
2.67 | Trust Fund | 22 | ||||
2.68 | United States-Based Payroll | 22 | ||||
2.69 | Valuation Date | 22 | ||||
ARTICLE III Eligibility | 23 | |||||
3.1 | Eligibility Requirements | 23 | ||||
3.2 | Procedure for Joining the Plan | 23 | ||||
3.3 | Transfer Between Adopting Employers to Position Covered by Plan | 24 | ||||
3.4 | Transfer to Position Not Covered by Plan | 24 | ||||
3.5 | Transfer to Position Covered by Plan | 24 |
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3.6 | Treatment of Qualified Military Service | 25 | ||||
ARTICLE IV Contributions | 26 | |||||
4.1 | Elective Deferrals | 26 | ||||
4.2 | Qualified Nonelective Contributions | 27 | ||||
4.3 | Profit Sharing Contributions | 28 | ||||
4.4 | Matching Contributions | 30 | ||||
4.5 | Rollover Contributions | 31 | ||||
4.6 | Direct Transfers | 32 | ||||
4.7 | Refund of Contributions to the Adopting Employers | 33 | ||||
4.8 | Payment | 34 | ||||
4.9 | Limits for Highly Compensated Employees | 34 | ||||
4.10 | Correction of Excess Contributions | 38 | ||||
4.11 | Correction of Excess Deferrals | 42 | ||||
4.12 | Correction of Excess Aggregate Contributions | 44 | ||||
ARTICLE V Investment of Accounts | 48 | |||||
5.1 | Election of Investment Funds | 48 | ||||
5.2 | Diversification | 53 | ||||
5.3 | Change in Investment Allocation of Future Deferrals | 55 | ||||
5.4 | Transfer of Account Balances Between Investment Funds | 55 | ||||
5.5 | Ownership Status of Funds | 55 | ||||
5.6 | Allocation of Earnings | 56 | ||||
5.7 | Acquisition Loans | 57 | ||||
5.8 | Acquisition Loan Payments | 58 | ||||
5.9 | Sales of Common Stock | 59 | ||||
5.10 | Allocations of Financed Shares | 59 | ||||
5.11 | Allocation of Dividends and Distributions on Common Stock | 61 | ||||
5.12 | Nonallocation | 62 | ||||
ARTICLE VI Voting and Tendering of Stock | 63 | |||||
6.1 | Voting of Common Stock | 63 | ||||
6.2 | Tendering of Common Stock | 64 | ||||
ARTICLE VII Vesting | 65 | |||||
7.1 | Elective Deferral, Rollover Contribution, Qualified Nonelective Contribution and Matching Contribution Accounts | |||||
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7.2 | Profit Sharing Contribution Accounts | 65 | ||||
7.3 | Forfeitures | 65 | ||||
7.4 | Break in Service Rules | 67 | ||||
ARTICLE VIII In-Service Withdrawals | 68 | |||||
8.1 | Elective Deferrals and Qualified Nonelective Contributions | 68 | ||||
8.2 | Rollover Contributions | 70 | ||||
8.3 | General Terms and Conditions | 70 | ||||
8.4 | Hurricane Katrina Distribution | 71 |
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ARTICLE IX Distribution of Benefits | 74 | |||||
9.1 | General | 74 | ||||
9.2 | Commencement of Benefits | 74 | ||||
9.3 | Form of Distribution | 77 | ||||
9.4 | Determination of Amount of Distribution | 77 | ||||
9.5 | Direct Rollovers | 78 | ||||
9.6 | Notice and Payment Elections | 80 | ||||
9.7 | Qualified Domestic Relations Orders | 81 | ||||
9.8 | Designation of Beneficiary | 85 | ||||
9.9 | Lost Participant or Beneficiary | 86 | ||||
9.10 | Payments to Incompetents | 87 | ||||
9.11 | Offsets | 87 | ||||
9.12 | Income Tax Withholding | 87 | ||||
9.13 | Common Stock Dividend Distributions | 87 | ||||
9.14 | Distributions | 87 | ||||
9.15 | Rights, Options and Restrictions on Common Stock | 89 | ||||
9.16 | Price Protection | 91 | ||||
ARTICLE X Loans | 93 | |||||
10.1 | Availability of Loans | 93 | ||||
10.2 | Written Loan Policy | 93 | ||||
10.3 | Maximum Amount of Loan | 93 | ||||
10.4 | Repayment Schedule | 94 | ||||
10.5 | Interest Rate | 94 | ||||
10.6 | Security for Loans | 95 | ||||
ARTICLE XI Contribution and Benefit Limitations | 96 | |||||
11.1 | Contribution Limits | 96 | ||||
11.2 | Annual Adjustments to Limits | 96 | ||||
11.3 | Excess Amounts | 96 | ||||
ARTICLE XII Top-Heavy Rules | 99 | |||||
12.1 | General | 99 | ||||
12.2 | Vesting | 99 | ||||
12.3 | Minimum Contribution | 99 | ||||
12.4 | Definitions | 100 | ||||
12.5 | Special Rules | 103 | ||||
ARTICLE XIII The Trust Fund | 105 | |||||
13.1 | Trust | 105 | ||||
13.2 | Investment of Accounts | 105 | ||||
13.3 | Expenses | 105 | ||||
ARTICLE XIV Administration of The Plan | 106 | |||||
14.1 | General Administration | 106 | ||||
14.2 | Responsibilities of the ESOP Committee | 106 | ||||
14.3 | Liability for Acts of Other Fiduciaries | 107 |
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14.4 | Employment by Fiduciaries | 108 | ||||
14.5 | Recordkeeping | 108 | ||||
14.6 | Claims Review Procedure | 108 | ||||
14.7 | Indemnification of Directors and Employees | 110 | ||||
14.8 | Immunity from Liability | 111 | ||||
ARTICLE XV Amendment Or Termination Of Plan | 112 | |||||
15.1 | Right to Amend or Terminate Plan | 112 | ||||
15.2 | Amendment to Vesting Schedule | 113 | ||||
15.3 | Maintenance of Plan | 113 | ||||
15.4 | Termination of Plan and Trust | 113 | ||||
15.5 | Distribution on Termination | 114 | ||||
ARTICLE XVI Additional Provisions | 116 | |||||
16.1 | Effect of Merger, Consolidation or Transfer | 116 | ||||
16.2 | No Assignment | 116 | ||||
16.3 | Limitation of Rights of Employees | 117 | ||||
16.4 | Construction | 117 | ||||
16.5 | Company Determinations | 117 | ||||
16.6 | Continued Qualification | 118 | ||||
16.7 | Governing Law | 118 | ||||
EXHIBIT A | 119 | |||||
Adopting Employers and Special Plan Provisions for Certain Adopting Employers | 119 | |||||
EXHIBIT B | 120 | |||||
Special Withdrawal and Distribution Provisions | 120 | |||||
EXHIBIT C | 130 | |||||
Designation of Current Year Method for ADP and ACP Testing | 130 | |||||
SUPPLEMENT NO. 1 | 131 | |||||
John J. McMullen Associates, Inc. 401(k) Retirement Plan and John J. McMullen Associates, Inc. Employee Stock Ownership Plan | 131 | |||||
SUPPLEMENT NO. 2 | 134 | |||||
BMH Associates, Inc. Profit Sharing 401(k) Plan | 134 | |||||
SUPPLEMENT NO. 3 | 136 | |||||
MA&D 401(k) Plan | 136 | |||||
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OWNERSHIP, SAVINGS AND INVESTMENT PLAN
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(a) | ESOP Account |
(1) | ESOP Elective Deferral Account | ||
(2) | ESOP Matching Account | ||
(3) | ESOP Rollover Account | ||
(4) | ESOP Profit Sharing Account | ||
(5) | ESOP Stock, Cash and Loan Accounts may be established as Subaccounts |
(b) | Non ESOP Account |
(1) | Elective Deferral Account | ||
(2) | Matching Account | ||
(3) | Rollover Account | ||
(4) | Profit Sharing Account | ||
(5) | Non ESOP Loan Account may be established as a Subaccount |
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(a) the date on which an Employee resigns, retires, is discharged, or dies; or
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(1)Period of Service | Vested Interest | |||
Less than 2 years | 0 | % | ||
with two (2) years | 25 | % | ||
with three (3) years | 50 | % | ||
with four (4) years | 75 | % | ||
with five (5) years | 100 | % |
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(1) | adoption of the amendment; | ||
(2) | effective date of the amendment; or | ||
(3) | issuance by the ESOP Committee of written notice of the amendment. |
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ATTEST: | ALION SCIENCE AND TECHNOLOGY CORPORATION | |||
/s/ Joshua Izenberg | ||||
By: | /s/ Bahman Atefi | |||
Title: | Chief Executive Officer |
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Name | Effective Date of Adoption | |||
Alion Science and Technology Corporation | December 19, 2001 | |||
Human Factors Applications, Inc. | December 20, 2002 | |||
Washington Consulting, Inc. | February 25, 2006 |
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1. | Such a Participant (or his Beneficiary) may elect a distribution from his HFA Accounts, at any time after his Severance from Service. | |
2. | Such a Participant who has attained at least age fifty-nine and one-half (591/2) may elect a withdrawal from his HFA Deferral Account and HFA Matching Account, at any time before his Severance from Service. | |
3. | Such a Participant may elect a withdrawal from his HFA Deferral Account before his Severance from Service, in the event of a hardship, in accordance with the rules for a hardship withdrawal of Elective Deferrals in Section 8.1 of the Plan. | |
4. | Such a Participant may elect a withdrawal from his HFA Rollover Account, at any time before his Severance from Service. |
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401(k) Profit Sharing Plan & Trust
1. | Such a Participant (or his Beneficiary) may elect a withdrawal from his Non-ESOP ITSC Elective Deferral Account after attainment of age fifty-nine and one-half (591/2). | |
2. | Such a Participant (or his Beneficiary) may elect a distribution from his ITSC Accounts, at any time after his Severance from Service. | |
3. | Such a Participant who has attained the later of (a) age sixty-five (65), and (b) the fifth (5th) anniversary of his employment commencement date with Innovative Technology Solutions Corporation, may elect a withdrawal from his ITSC Accounts (including his ITSC Money Purchase Pension Plan Account), at any time before his Severance from Service. |
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4. | Such a Participant may elect a withdrawal from his ITSC Elective Deferral Account (excluding earnings) before his Severance from Service, in the event of a hardship, in accordance with the rules for a hardship withdrawal of Elective Deferrals in Section 8.1 of the Plan. | |
5. | Such a Participant may elect a withdrawal from his ITSC Rollover Account, at any time before his Severance from Service. | |
6. | Regardless of 1. through 4. above, no portion of such a Participant’s ITSC Accounts may be used as security for a loan unless, at the time the security interest is entered into, the Participant’s spouse, if any, consents to the use of the Participant’s ITSC Accounts as security. Such consent must acknowledge the effect of the consent, be signed within the ninety (90) day period ending on the date on which the loan is to be so secured, and be witnessed by a Plan representative or notary public. Such consent shall thereafter be binding with respect to the consenting spouse or any subsequent spouse with respect to that loan. A new consent shall be required if the Participant’s ITSC Accounts are used as security for the renegotiation, extension, renewal or other revision of the loan. | |
Regardless, no spousal consent for a loan for which a Participant’s ITSC Accounts (other than his ITSC Money Purchase Pension Plan Account) is being used as security is required on or after April 1, 2004. |
7. | Regardless of 1. through 4. above, no in-service withdrawal may be made from such a Participant’s ITSC Accounts unless the Participant’s spouse, if any, consents to the withdrawal. Such consent must acknowledge the effect of the withdrawal, be signed within the ninety (90) day period ending on the date of the withdrawal, and be witnessed |
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by a Plan representative or notary public. In addition, an in-service withdrawal from such a Participant’s ITSC Accounts shall be made in a joint and 50% survivor annuity (if married) or a single life annuity (if unmarried), as described in 7. below, unless he elects a lump sum payment and his spouse consents to such payment in accordance with the rules in 7. below. | ||
Regardless, no spousal consent for a withdrawal from a Participant’s ITSC Accounts (other than his ITSC Money Purchase Pension Plan Account) is required on or after April 1, 2004. No in-service withdrawal from a Participant’s ITSC Accounts (other than his ITSC Money Purchase Pension Plan Account) on or after April 1, 2004 shall be available in the form of an annuity. |
8. | Such a Participant whose Accounts under this Plan exceed Five Thousand Dollars ($5,000), shall be paid his ITSC Accounts in a joint and 50% survivor annuity (if married) or a single life annuity (if unmarried), unless he elects installment payments from the Trust Fund (subject to his right to elect at any time to accelerate the installment payments or to elect a lump sum for the remainder of his ITSC Account), a combination of a lump sum and installment payments from the Trust Fund, a joint and 75% survivor annuity (if married), a joint and 100% survivor annuity (if married) or an optional form of payment available under this Plan. The amount payable monthly under the annuity forms described in the preceding sentence shall be the amount that can be purchased from an insurance company selected by the ESOP Committee, in its sole discretion, with the amount in his ITSC Accounts. The joint and 50% survivor annuity for a married |
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Participant shall be payable monthly to the Participant during the Participant’s lifetime after retirement with fifty percent (50%) of such benefit continued to the Participant’s spouse for the duration of the spouse’s lifetime after the death of the Participant. Any such election of the Participant must be made in writing not more than one hundred and eighty (180) days (ninety (90) days for distributions made on or before December 31, 2006) before benefit payments begin, consented to by his spouse and filed with the ESOP Committee. The election must designate a form of benefit payment, and a specific alternate Beneficiary (including any class of Beneficiaries or any contingent Beneficiaries), which may not be changed without spousal consent. The spouse’s consent must acknowledge the effect of the election. Consent of a prior spouse shall be invalid with respect to a current spouse. Before any payment is made, the Participant must have received from the ESOP Committee written notification that an election is available and a general description of the terms of the methods of payment. The Participant may request within sixty (60) days of the receipt of his notice of election an explanation in nontechnical language of the terms and conditions of the joint and 50% survivor annuity or other ESOP forms of payment and the effect of its selection. The ESOP Committee shall respond within thirty (30) days of the receipt of the Participant’s request for additional information. The Participant shall have at least one hundred and eighty (180) days (ninety (90) days for distributions made on or before December 31, 2006) after receiving the written explanation in which to make his selection. The Participant may change his election at any time before payments begin. However, if a married Participant elects the joint and 50% survivor annuity and then changes his election, he may change |
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his election only with the written consent of his spouse. Consent of the Participant’s spouse must be witnessed by a Plan representative or notary public. | ||
Notwithstanding anything in this Plan to the contrary, as permitted by Section 1.411(d)-4 Q&A 2(e) of the Income Tax Regulations, a distribution from such a Participant’s ITSC Accounts (other than his ITSC Money Purchase Pension Plan Account) with a benefit commencement date on or after April 1, 2004 shall no longer be available in the form of a joint and 50%, 75% or 100% survivor annuity (if married), a single life annuity (if unmarried), installment payments from the Trust Fund or a combination of a lump sum and installment payments from the Trust Fund. No spousal consent shall be required for such a distribution. A distribution from such a Participant’s ITSC Money Purchase Pension Plan Account with a benefit commencement date on or after April 1, 2004 shall no longer be available in the form of a joint and 75% survivor annuity (if married), installment payments from the Trust Fund or a combination of a lump sum and installment payments from the Trust Fund. |
9. | If such a Participant is married and dies before his benefit commencement date, and his Accounts under the Plan exceed Five Thousand Dollars ($5,000), one hundred percent (100%) of the Participant’s ITSC Accounts shall be paid to the Participant’s surviving spouse in the form of a single life annuity. The amount payable monthly under the preceding sentence shall be the amount that can be purchased from an insurance company selected by the ESOP Committee, in its sole discretion, with the amount in his ITSC Accounts. The annuity shall be payable monthly to the surviving spouse for the |
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surviving spouse’s lifetime. A Participant’s spouse may direct that payment under such annuity commence within a reasonable period after the Participant’s death. If the spouse does not so direct, payment under such annuity shall commence at the time the Participant would have attained his Normal Retirement Age. Such a Participant shall have the right, during the election period, to elect to have his death benefits paid to another Beneficiary or under an optional form of payment permitted under the Plan. Regardless of the preceding sentences, such a Participant (whether or not married) may elect at any time that his ITSC Accounts be paid in the form of installment payments from the Trust Fund (subject to his Beneficiary’s right to elect to accelerate the installment payments or to elect a lump sum for the remainder of his ITSC Accounts). Any such election of a Participant must be made in writing, consented to by his spouse, and filed with the ESOP Committee. Consent of the Participant’s spouse must be witnessed by a Plan representative or notary public. The election must designate a specific alternate beneficiary (including any contingent beneficiaries) that may not be changed without spousal consent. The spouse’s consent must acknowledge the effect of the election. Any consent by a spouse shall be effective only with respect to such spouse. The election period shall be the period which begins on the first day of the Plan Year in which the Participant attains age thirty-five (35) and ends on the date of the Participant’s death. If a Participant terminates employment with the Employer prior to the first day of the Plan Year in which he attains age thirty-five (35), with respect to his ITSC Accounts as of the date of termination, the election period shall begin on the date of separation. A Participant who will not yet attain age thirty-five (35) as of the end of any current Plan Year may make a special qualified election to designate another Beneficiary for the |
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period beginning on the date of such election and ending on the first day of the Plan Year in which he will attain age thirty-five (35). Such election shall not be valid unless the Participant receives a written explanation comparable to the explanation to be provided during the applicable period (as described below). The Participant’s spouse will automatically be reinstated as his Beneficiary as of the first day of the Plan Year in which he attains age thirty-five (35), subject to his right to elect to designate another Beneficiary. The ESOP Committee shall provide each Participant within the applicable period a written explanation of: (a) the terms and conditions of the surviving spouse benefit; (b) the Participant’s right to make, and the effect of, an election to designate another Beneficiary or an alternative form of distribution; (c) the rights of the Participant’s spouse; (d) the right to make, and the effect of a revocation of a previous election to designate another Beneficiary or an alternative form of distribution; and (e) the relative values of the various optional methods of payment under the Plan. For this purpose, the applicable period shall mean the period beginning with the first day of the Plan Year in which the Participant attains age thirty-two (32) and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age thirty-five (35). Regardless, if a Participant enters the Plan or first becomes subject to the requirements of this paragraph after the first day of the Plan Year in which the Participant attained age thirty-five (35), the applicable period shall continue for the one (1) year period after the date on which the Participant commenced participation in the Plan or first becomes subject to the requirements of this paragraph, if later. If a Participant separates from service before attaining age thirty-five (35), the applicable period shall begin one (1) year before the date the Participate separates from service and end one (1) year after |
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the Participant separated from service. The Participant and his spouse may change their election at any time before the Participant’s death. | ||
Notwithstanding anything in this Plan to the contrary, as permitted by Section 1.411(d)-4 Q&A 2(e) of the Income Tax Regulations, a death benefit distribution from such a Participant’s ITSC Accounts (other than his ITSC Money Purchase Pension Plan Account) with a benefit commencement date on or after April 1, 2004 shall no longer be available in the form of a single life annuity or installment payments from the Trust Fund. No spousal consent shall be required for such a distribution. A death benefit distribution from such a Participant’s ITSC Money Purchase Pension Plan Account with a benefit commencement date on or after April 1, 2004 shall no longer be available in the form of installment payments from the Trust Fund. |
10. | If a former Participant in the ITSC 401(k) Plan who had forfeited before January 1, 2004 his nonvested interest in his account(s) under that plan attributable to employer contributions subject to a vesting schedule under that plan, is rehired on or after January 1, 2004 by the Employer before the occurrence of five (5) consecutive Breaks in Service (as defined in Section 7.4), his nonvested interest that was forfeited before January 1, 2004 under the ITSC 401(k) Plan shall be recredited (without adjustment for earnings) as of the date of his reemployment to his ITSC Employer Contributions Account from a special Employer contribution to the Plan. Such a Participant shall be one hundred percent (100%) vested in his ITSC Employer Contributions Account. Further, a former Participant in the ITSC 401(k) Plan who is rehired on or after |
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January 1, 2004 by the Employer may not repay to the Plan any prior distributions from the ITSC 401(k) Plan. |
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Testing Plan * Plan Year(s)
other guidance.
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Associates, Inc.Employee Stock Ownership Plan
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(a) | the amount of his or her forfeitures under the JJMA 401(k) Plan and/or the JJMA ESOP shall be restored to his or her Account as of the last day of the Plan Year in which he or she is reemployed and shall be deducted from forfeitures which |
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otherwise would be allocable for such year or, to the extent such forfeitures are insufficient, shall require a supplemental contribution from the Employer; and |
(b) | such restored amounts will be fully vested upon restoration. |
(a) | A Former JJMA 401(k) Participant may elect a withdrawal from his JJMA 401(k) Payroll Deferral Account under the Non ESOP Component on or after attainment of age fifty-nine and one-half (59 1/2 ). | ||
(b) | A Former JJMA 401(k) Participant may elect a withdrawal from his JJMA 401(k) Payroll Deferral Account (excluding all earnings after December 31, 1988) under the Non ESOP Component in accordance with the rules for a hardship withdrawal of Elective Deferrals in Plan Section 8.1. | ||
(c) | A Former JJMA 401(k) Participant may withdraw all or a portion of his or her JJMA 401(k) Voluntary Contributions Account, JJMA 401(k) Qualified Voluntary Employee Contributions Account and JJMA 401(k) Plan Rollover Account under the Non ESOP Component at anytime. | ||
(d) | A Former JJMA 401(k) Participant may withdraw amounts credited prior to July 1, 1990 to his JJMA 401(k) Company Contributions Account under the Non ESOP Component by demonstrating financial need to the ESOP Committee. For this purpose only, financial need shall mean expenses arising as a result of an accident or illness of the Participant or his dependents, or the purchase, construction or repair of the Participant’s principal residence. This financial need withdrawal option is only available if the Participant has withdrawn all other amounts available to him under the Plan. |
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(a) | the amount of his or her forfeitures of account balances attributable to the MA&D Plan shall be restored to his or her Account as of the last day of the Plan Year in which he or she is reemployed and shall be deducted from forfeitures which otherwise would be allocable for such year or, to the extent such forfeitures are insufficient, shall require a supplemental contribution from the Employer; and | ||
(b) | such restored amounts will be fully vested upon restoration. |
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