FORM 11-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
(Mark One)
[X]ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended: December 31, 2000
OR
[]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
For the transition period from to
Commission file number 1- 3208
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
Zep Manufacturing Company Profit Sharing/401(k) Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the address of
the Principal executive office:
National Service Industries, Inc.
1420 Peachtree Street, NE
Atlanta, Georgia 30309
REQUIRED INFORMATION
The following documents are filed as part of this report:
1. Financial Statements
Plan financial statements prepared in accordance with the financial reporting
requirements of ERISA including the following:
Report of Independent Auditors
Report of Independent Public Accountants
Statements of Net Assets Available for Benefits as of December 31, 2000 and 1999
Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 2000
Notes to Financial Statements
2. Exhibits
The following exhibits are filed with this report:
Consent of Arthur Andersen LLP
Consent of Ernst & Young LLP
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized
Zep Manufacturing Company Profit Sharing/401(k)
Retirement Plan
Date: June 29, 2001 By: National Service Industries, Inc.
Plan Administrator
By: /s/JAMES S. BALLOUN
Name: James S. Balloun
Title: Chairman and Chief Executive Officer
Audited Financial Statements
National Service Industries
Selected 401(k) and Retirement Plans
At December 31, 2000 and 1999 and
for the year ended December 31, 2000
National Service Industries
Selected 401(k) and Retirement Plans
Audited Financial Statements
At December 31, 2000 and 1999 and for the year ended December 31, 2000
Contents
Report of Independent Auditors.................................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits................................2
Statements of Changes in Net Assets Available for Benefits.....................4
Notes to Financial Statements..................................................5
REPORT OF INDEPENDENT AUDITORS
To The Plan Administrator of
National Service Industries Selected 401(k)
and Retirement Plans
We have audited the accompanying statements of net assets available for benefits
of National Service Industries Retirement and 401(k) Plan, National Linen
Service Retirement and 401(k) Plan for Eligible Associates, National Linen
Service Retirement and 401(k) Plan for Eligible Management Associates, AECO
Employees' 401(k) Retirement and Savings Plan, Zep Manufacturing Company Profit
Sharing/401(k) Retirement Plan, Enforcer Products 401(k) Plan, Selig Chemical
Industries Retirement Plan, Lithonia Lighting Profit Sharing and Retirement Plan
for Salaried Employees, and Lithonia Lighting 401(k) Plan for Hourly Employees
(collectively, the "Plans") as of December 31, 2000 and the related statements
of changes in net assets available for benefits for the year then ended. These
financial statements are the responsibility of the Plans' management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plans at
December 31, 2000 and the changes in the net assets available for benefits of
the Plans for the year then ended in conformity with accounting principles
generally accepted in the United States.
/s/Ernst & Young LLP
June 25, 2001
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of
Zep Manufacturing Company Profit Sharing/401(k) Retirement Plan:
We have audited the accompanying statements of net assets available for benefits
of Zep Manufacturing Company Profit Sharing/401(k) Retirement Plan as of
December 31, 1999 and 1998 and the related statement of changes in net assets
available for benefits for the year ended December 31, 1999. These financial
statements are the responsibility of the Plan’s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1999 and 1998 and the changes in its net assets available for
benefits for the year ended December 31, 1999 in conformity with accounting
principles generally accepted in the United States.
/s/Arthur Andersen LLP
Atlanta, Georgia
June 8, 2000
National Service Industries Selected 401(k) and Retirement Plans
Statements of Net Assets Available for Benefits
December 31, 2000
Plan Interest
Percentage
Employer Participant Plan Interest in Net Assets in NSI DC
Plan Contributions Contributions NSI DC Trust Available for Trust
No. Plan Name Receivable Receivable (Notes 1,2 & 3) Benefits (Notes 1, 2 & 3)
- -------- -------------------------------------- -------------- -------------- ----------------- ------------- --------------
006 Selig Chemical Industries Retirement
Plan $ 182,205 $ - $ 13,315,039 $ 13,497,244 4.72%
007 Zep Manufacturing Company Profit
Sharing/401(k) Retirement Plan 2,233,732 69,816 142,289,301 144,592,849 50.46%
033 Lithonia Lighting Profit Sharing
and Retirement Plan for Salaried
Employees 2,428 8,114 95,723,683 95,734,225 33.95%
060 National Service Industries Retirement
and 401(k) Plan - - 2,533,786 2,533,786 0.90%
061 National Linen Service Retirement and
401(k) Plan for Eligible
Associates - 19,857 4,309,690 4,329,547 1.53%
062 National Linen Service Retirement and
401(k) Plan for Eligible
Management Associates 9,460 47,727 7,678,242 7,735,429 2.72%
064 AECO Employees' 401(k) Retirement and
Savings Plan - - 12,060,746 12,060,746 4.28%
067 Lithonia Lighting 401(k) Plan
for Hourly Employees - - 256,520 256,520 0.09%
068 Enforcer Products 401(k) Plan 1,036 6,031 3,804,322 3,811,389 1.35%
--------------- ---------- --------------- --------------- ---------
Total $2,428,861 $151,545 $281,971,329 $284,551,735 100.00%
=============== ========== =============== =============== =========
See accompanying notes. 2
National Service Industries Selected 401(k) and Retirement Plans
Statements of Net Assets Available for Benefits
December 31, 1999
Plan Interest
Percentage
Employer Participant Plan Interest in Net Assets in NSI DC
Plan Contributions Contributions NSI DC Trust Available for Trust
No. Plan Name Receivable Receivable (Notes 1, 2 & 3) Benefits (Notes 1, 2 & 3)
- -------- ------------------------------------- ------------- -------------- ---------------- --------------- --------------
006 Selig Chemical Industries Retirement
Plan $ 181,433 $ - $ 14,751,974 $ 14,933,407 4.95%
007 Zep Manufacturing Company Profit
Sharing/401(k) Retirement Plan 2,326,528 - 153,316,275 155,642,803 51.40%
033 Lithonia Lighting Profit Sharing
and Retirement Plan for Salaried
Employees 18,335 54,118 101,350,350 101,422,803 33.98%
060 National Service Industries Retirement
and 401(k) Plan - - 2,264,925 2,264,925 0.76%
061 National Linen Service Retirement
and 401(k) Plan for Eligible
Associates - 11,158 4,212,076 4,223,234 1.41%
062 National Linen Service Retirement
and 401(k) Plan for Eligible
Management Associates 184 131 7,259,014 7,259,329 2.43%
064 AECO Employees' 401(k) Retirement
and Savings Plan - - 11,230,480 11,230,480 3.76%
067 Lithonia Lighting 401(k) Plan
for Hourly Employees - 1,566 94,343 95,909 0.03%
068 Enforcer Products 401(k) Plan - - 3,813,784 3,813,784 1.28%
------------- --------- --------------- --------------- --------------
Total $2,526,480 $66,973 $298,293,221 $300,886,674 100.00%
============= ========= =============== =============== ==============
See accompanying notes. 3
National Service Industries Selected 401(k) and Retirement Plans
Statements of Changes in Net Assets Available for Benefits
For The Year Ended December 31, 2000
Net Assets Net Net Assets
Available for Investment Available for
Benefits at Plan Loss from NSI Benefits at
Plan December 31 Employer Participant Benefit Transfers, DC Trust December 31,
No. Plan Name 1999 Contributions Contributions Payments net (Notes 1, 2 & 3) 2000
- -------- ------------------------------- ------------- -------------- ------------- ---------- -------- --------------- ------------
006 Selig Chemical Industries
Retirement Plan $ 14,933,407 $ 182,205 $ 566,841 ($ 1,559,940) $ - ($ 625,269) $ 13,497,244
007 Zep Manufacturing Company Profit
Sharing/401(k) Retirement Plan 155,642,803 2,252,471 4,840,268 (12,278,763) - (5,863,930) 144,592,849
033 Lithonia Lighting Profit Sharing
and Retirement Plan for
Salaried Employees 101,422,803 2,442,838 5,198,629 (9,299,725) 4,122 (4,034,442) 95,734,225
060 National Service Industries
Retirement and 401(k) Plan 2,264,925 150,715 406,711 (185,752) (9,943) (92,870) 2,533,786
061 National Linen Service
Retirement and 401(k)
Plan for Eligible Associates 4,223,234 - 797,596 (399,181) (140,437) (151,665) 4,329,547
062 National Linen Service Retirement
and 401(k)Plan for Eligible
Management Associates 7,259,329 294,478 1,305,057 (935,232) 140,437 (328,640) 7,735,429
064 AECO Employees' 401(k) Retirement
and Savings Plan 11,230,480 435,913 2,291,974 (1,528,696) 9,943 (378,868) 12,060,746
067 Lithonia Lighting 401(k) Plan
for Hourly Employees 95,909 - 181,027 (9,583) - (10,833) 256,520
068 Enforcer Products 401(k) Plan 3,813,784 79,522 484,326 (417,148) - (149,095) 3,811,389
------------- ---------- ----------- ------------- -------- ------------ ------------
Total $300,886,674 $5,838,142 $16,072,429 ($26,614,020) $4,122 ($11,635,612) $284,551,735
============= ========== =========== ============= ======== ============ ============
See accompanying notes
4
National Service Industries Selected 401(k) and Retirement Plans
Notes to Financial Statements
December 31, 2000
1. Description of the Plans
General
The accompanying financial statements of those National Service Industries (the
"Company" or "NSI") 401(k) and Retirement Plans listed in the accompanying
financial statements (the "Plans") are commingled in the National Service
Industries, Inc. Defined Contribution Plans Master Trust (the "NSI DC Trust").
The Plans are subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (ERISA).
Refer to the respective summary plan description or plan agreement for
additional information about the Plans' funding, allocation, vesting, and
benefit provisions.
Eligibility
Each of the Plans is a defined contribution plan. The Plans cover substantially
all salaried, commissioned, union and nonunion hourly employees of the Company
with at least one year of service, as defined, and who have attained the
specified minimum age requirements.
Administration
The responsibility for administration of the Plans rests with the Plan's
retirement committee, which is appointed by the board of directors of NSI. All
administrative expenses of the Plans were paid by the Company during the year
ended December 31, 2000.
Plan Termination
Although the Company intends for the Plans to be permanent, the Plans provide
that the Company has the right to discontinue contributions or to terminate the
Plans at any time. In the event of the plan termination, each participant shall
be 100% vested in the balance of his/her account and his/her proportionate share
of any future adjustments or forfeitures.
Investment in NSI Common Stock
As of December 31, 2000 and 1999, approximately 5.0% and 3.7%, respectively, of
the NSI DC Trust's net assets were invested in the common stock of NSI, a party
in interest to the Plans.
5
1. Description of the Plans (continued)
Funding Policy
The basis for determining participant (pre-tax) and employer contributions is as follows:
Participant
Plan Name Contributions Employer Contributions
- ------------------------------------- --------------------- ------------------------------------------------
Selig Chemical Industries 2% to 15% of 5% of net profits allocated on up to $40,000
Retirement Plan compensation of compensation to participants making
elective deferrals
Zep Manufacturing Company Profit 1% to 15% of 5% of net profits plus an amount which
Sharing/401(k) Retirement Plan compensation represents the same percentage of total annual
compensation of all hourly paid Plan
participants as the 5% of net profits bears to
total annual compensation of salaried and
commissioned Plan participants. This amount
is multiplied by a fraction representing the
relationship between annual compensation of
all salaried, commissioned, and nonunion
hourly or union qualifying participants to the
annual compensation of all qualifying
participants. Contribution applies to up to
$40,000 of qualifying participant
compensation. Additional discretionary
contributions are permitted
Lithonia Lighting Profit Sharing 1% to 15% of 50% of participant contribution up to 6% of
and Retirement Plan for compensation compensation; Profit sharing contribution of
Salaried Employees 2% of net profits less the matching
contribution made if net profits exceed $6
million
National Service Industries 1% to 15% of 50% of participant contribution up to 6% of
Retirement and 401(k) Plan compensation compensation; additional discretionary profit
sharing permitted
National Linen Service Retirement 1% to 15% of Not applicable
and 401(k) Plan for Eligible compensation
Associates
National Linen Service Retirement 1% to 15% of 50% of participant contribution up to 4% of
and 401(k) Plan for Eligible compensation compensation; additional discretionary profit
Management Associates sharing contribution permitted
AECO Employees' 401(k) Retirement 1% to 15% of 50% of participant contribution up to 4% of
and Savings Plan compensation compensation
Lithonia Lighting 401(k) Plan for 1% to 15% of Not applicable
Hourly Employees compensation
Enforcer Products 401(k) Plan 1% to 15% of Discretionary match and profit sharing
compensation contribution
2. Significant Accounting Policies
Basis of Accounting
The accounts of the Plans are maintained by the trustee, AMVESCAP National Trust
Company, on the cash basis of accounting. The accompanying financial statements
have been prepared using the accrual method of accounting by application of
memorandum entries.
6
Investments
The investments in the NSI DC Trust are subject to certain administrative
guidelines and limitations as to the type and amount of securities held. Certain
fund assets are allocated to selected independent investment managers to invest
under these guidelines. Investments of the NSI DC Trust, except for the
guaranteed investment contracts ("GICs"), are stated at fair value, as
determined by the trustee from quoted market prices. Securities traded on a
national exchange are valued at the last reported sales price on the last
business day of the plan year; investments traded in the over-the-counter market
and listed securities for which no sale was reported on the last day of the plan
year are valued at the last reported bid price.
GICs are subject to credit risk based on the ability of the issuers to meet
interest or principal payments, or both, as they become due. Certain GICs
included in the NSI DC Trust are synthetic; that is, the NSI DC Trust owns
certain fixed income securities and the contract issuer provides a "wrapper"
that guarantees a fixed rate of return and provides benefit responsiveness. At
December 31, 2000 and 1999, the fair values of the underlying assets of the
synthetic GICs (as determined from quoted market prices) were $36,352,000 and
$38,326,000 respectively, and the values of the related wrapper contracts were
$(556,000) and $712,000.
GICs included in the NSI DC Trust are fully benefit-responsive and are therefore
carried at contract value (cost plus accrued interest) by the NSI DC Trust in
accordance with SOP 94-4, "Reporting of Investment Contracts held by Health and
Welfare Benefit plans and Defined-Contribution Pension Plans." At December 31,
2000 and 1999, contract value approximated fair value. At December 31, 2000 and
1999, the weighted average crediting interest rates, which are reset
periodically during the year, were 6.25% and 6.18%, respectively. For the years
ended December 31, 2000 and 1999, the annual yields on the GICs held by the NSI
DC Trust were 6.48% and 6.40%, respectively. For certain of the GICs held by the
NSI DC Trust, crediting interest rates may be changed if certain events occur,
such as early retirements and plant closings, but in no case are adjusted to a
rate less than 0%.
During June 1999, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 137, "Accounting for
Derivative Instruments and Hedging Activities - Deferral of the Effective Date
of FASB Statement No. 133". SFAS 137 defers the effective date of SFAS 133 to
years beginning after June 15, 2000. SFAS 133 will require the Plans to
recognize all derivatives at fair value on the Statement of Net Assets Available
for Benefits. Management of the Plans is evaluating SFAS 133 and, due to the
Plans' minimal use of derivatives, does not believe that the adoption of SFAS
133 will have a material impact on the financial statements.
7
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year
presentation. There was no impact on the Plans' net assets available for
benefits.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
3. NSI DC Trust
The NSI DC Trust is a collective investment of the assets of participating
employee benefit plans of the Company. Fund assets are allocated among
participating plans by assigning to each plan those transactions (primarily
contributions and benefit payments) which can be specifically identified and
allocating among all plans, in proportion to the fair value of the assets
assigned to each plan, income and expenses resulting from the collective
investment of the assets of the Fund.
The following table presents the fair value of net assets of the NSI DC Trust:
December 31
--------------------------------------------
2000 1999
-------------------- -------------------
Mutual Funds $142,891,385 $150,101,844
Common/collective trusts 50,678,595 61,734,231
Guaranteed investment contracts 25,441,721 23,360,507
NSI common stock 14,092,908 11,026,746
Loans receivable from participants 7,767,946 7,942,464
Cash equivalents 5,357,101 4,873,957
Accrued investment income 21,854 23,712
Adjustments for pending trades 109,351 219,969
Accrued expenses and other (26,727) (28,248)
Corporate debt instruments 8,932,327 7,837,797
U.S. Government securities 6,745,890 8,011,683
103-12 Investment entities 20,515,124 19,132,772
Other - 3,343,500
Synthetic guaranteed investment contract
wrappers (556,146) 712,287
-------------------- -------------------
Net Assets $281,971,329 $298,293,221
==================== ===================
8
3. NSI DC Trust (continued)
Investment results of the NSI DC Trust for the year ended December 31, 2000 are
as follows:
Interest income $ 4,412,830
Dividends on NSI common stock 595,417
Net depreciation in fair value of NSI common stock (815,719)
Net loss from common/collective trusts (1,167,483)
Net loss from mutual funds (14,660,657)
--------------------
Investment results ($11,635,612)
=====================
4. Income Tax Status
All of the Plans, except for Plan Nos. 067 and 068 (see below), have individually
received determination letters from the Internal Revenue Service (the "IRS")
stating that the Plans are qualified under Section 401(a) of the Internal
Revenue Code (the "Code") and, therefore, the related trust is exempt from
taxation. Once qualified, the Plans are required to operate in conformity with
the Code to maintain their qualification. The Plan Sponsor has indicated that it
will take the necessary steps, if any, to maintain the Plans' qualified status.
Plan Nos. 067 and 068, Lithonia Lighting 401(k) Plan for Hourly Employees and
Enforcer Products 401(k) Plan, respectively, have not received a determination
letter from the IRS stating that the Plans are qualified under Section 401(a) of
the Code. The Plan Sponsor has indicated that it will take the necessary steps,
if any, to maintain the Plans' qualified status.
5. Nonparticipant-Directed Fund Information
Certain Plans in the NSI DC Trust provide for nonparticipant-directed funds.
Such funds are invested in NSI common stock. The following represents the net
assets available for benefits of the nonparticipant-directed portion of the
Plans as of December 31, 2000 and 1999 and the changes in net assets available
for benefits for the year ended December 31, 2000:
9
5. Nonparticipant-Directed Fund Information (continued)
Plan No.
---------------------------------------------------------------
060 062 064 068
--------------- ----------- ------------ ----------
Net Assets, December 31, 1999 $ 306,761 $ 688,573 $ 886,704 $ 5,431
Employer contributions, net
of forfeitures 150,714 294,275 435,910 79,522
Net investment income 12,848 6,459 21,994 17,766
Plan transfers 185 (5,440) (3,104) -
Benefits paid to participants (14,764) (64,384) (78,390) (1,369)
--------------- ----------- ------------ ----------
Net increase 148,983 230,910 376,410 95,919
--------------- ----------- ------------ ----------
Net Assets, December 31, 2000 $ 455,744 $ 919,483 $ 1,263,114 $ 101,350
=============== =========== ============ ==========
6. Benefits Payable
The following plans had benefit payments that were approved for payment prior to
December 31, 2000, but were not paid until 2001:
Benefits Payable
Plan No. Plan Name
- ------------------ ---------------------------------------------------------------- --------------------
006 Selig Chemical Industries Retirement Plan $ 59,629
007 Zep Manufacturing Company Profit Sharing/401(k) Retirement Plan 6,177
033 Lithonia Lighting Profit Sharing and Retirement Plan for
Salaried Employees 342,600
061 National Linen Service Retirement and 401(k) Plan for Eligible
Associates 3,161
062 National Linen Service Retirement and 401(k) Plan for Eligible
Management Associates 32,503
064 AECO Employees' 401(k) Retirement and Savings Plan 16,633
10
7. Subsequent Events
Effective March 19, 2001, two additional defined contribution plans sponsored by
the Company began participating in the NSI DC Trust.
Plan amendments effective in Plan year 2001 are as follows:
Plan Effective
No. Plan Name Date Description of Amendment
- ----- ------------------------------------ ------------- ----------------------------------------------------------------------
006 Selig Chemical Industries Retirement 1/1/2001 - Ceases profit sharing contributions.
Plan - Changes matching contribution to 50% of participant's elective
deferrals up to 6% of participant's annual compensation.
- Changes matching contribution from participant directed to
non-participant directed (invested in the NSI Stock Fund).
Upon attaining the age of 55, participant may direct all or
a portion of the matching contribution account.
007 Zep Manufacturing Company Profit 1/1/2001 - Ceases profit sharing contributions for non-union employees.
Sharing/401(k) Retirement Plan - Changes matching contribution to 50% of participant's elective
deferrals up to 6% of participant's annual compensation.
- Changes matching contribution from participant directed to
non-participant directed (invested in the NSI Stock Fund). Upon
attaining the age of 55, participant may direct all or a
portion of the matching contribution account.
033 Lithonia Lighting Profit Sharing and 1/1/2001 - Amends employee eligibility requirements from six months of
Retirement Plan for Salaried service to an hour of service.
Employees - Provides that inactive participant account balances less than
$5,000 automatically be distributed.
3/1/2001 - Merges and transfers the assets and liabilities of Salaried
Portion of Metal Optics Division 401(k)Profit Sharing Plan and
Salaried Portion of Holophane Division Thrift and Retirement Plan.
11
7. Subsequent Events (continued)
Plan Effective
No. Plan Name Date Description of Amendment
- ----- ------------------------------------- ------------- -------------------------------------------------------------------
060 National Service Industries Retirement 1/1/2001 - Amends employee eligibility requirements from six months of
and 401(k) Plan service to an hour of service.
- Modifies matching contribution to allow participant to
direct all or a portion of the matching contribution account
(currently invested in the NSI Stock Fund) upon attaining the
age of 55.
2/1/2001 - Provides for automatic enrollment of any employee hired on
or after January 1, 2001 (unless an election to defer is
filed by the employee) at a deferral rate equal to 3% of the
employee's annual compensation.
062 National Linen Service Retirement and 1/1/2001 - Modifies matching contribution to allow participant to
401(k) Plan for Eligible direct all or a portion of the matching contribution account
Management Associates (currently invested in the NSI Stock Fund)upon attaining the
age of 55.
064 AECO Employees' 401(k) Retirement and 1/1/2001 - Amends employee eligibility requirements from one year of
Savings Plan service and attaining the age of 21 to three months of service
and attaining the age of 18.
- Modifies matching contribution to allow participant to
direct all or a portion of the matching contribution account
(currently invested in the NSI Stock Fund) upon attaining the
age of 55.
067 Lithonia Lighting 401(k) Plan for 1/1/2001 - Amends employee eligibility requirements from six months of
Hourly Employees service to an hour of service.
068 Enforcer Products 401(k) Plan 1/1/2001 - Amends employee eligibility requirements from one year of
service to an hour of service.
- Modifies matching contribution to allow participant to
direct all or a portion of the matching contribution account
(currently invested in the NSI Stock Fund) upon attaining the
age of 55.
12
