Exhibit (10.s)
FIRST AMENDMENT TO THE
MET-PRO CORPORATION SALARIED PENSION PLAN
This First Amendment to the Met-Pro Corporation Salaried Pension Plan
(the "Plan") is made by Met Pro Corporation (the "Company").
W I T N E S S E T H:
WHEREAS,the Company established the Plan for its eligible employees
effective as of September 1, 1968, and amended and restated as of September 1,
2000; and
WHEREAS, the Company reserved the right in Section 16.1 of the Plan to
amend the Plan at any time; and
WHEREAS, the Company now desires to amend the Plan to make certain
changes as required or permitted by the Economic Growth and Tax Relief
Reconciliation Act of 2001; to make certain required changes to the Plan's
claims procedures; to add Pristine Hydrochemical, Inc. as a participating
employer; and to revise the use of mortality tables for certain purposes under
the Plan.
NOW, THEREFORE, the Plan is hereby amended as set forth below.
Preamble
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1. Adoption and effective date of amendment. This amendment of the Met-Pro
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Corporation Salaried Pension Plan (the "Plan") is adopted to reflect
certain provisions of the Economic Growth and Tax Relief Reconciliation
Act of 2001 ("EGTRRA"), and to make certain other changes to the Plan.
This amendment is intended as good faith compliance with the
requirements of EGTRRA and is to be construed in accordance with EGTRRA
and guidance issued thereunder. Except as otherwise provided, this
amendment shall be effective as of the first day of the first plan year
beginning after December 31, 2001.
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2. Supersession of inconsistent provisions. This amendment shall supersede
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the provisions of the plan to the extent those provisions are
inconsistent with the provisions of this amendment.
Section 1. Limitations on Benefits
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1. Effective date. This section shall be effective for limitation years
ending after December 31, 2001.
2. Definitions.
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2.1 Defined benefit dollar limitation. The "defined benefit dollar
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limitation" is $160,000, as adjusted, effective January 1 of
each year, under section 415(d) of the Code in such manner as
the Secretary shall prescribe, and payable in the form of a
straight life annuity. A limitation as adjusted under section
415(d) will apply to limitation years ending with or within the
calendar year for which the adjustment applies.
2.2 Maximum permissible benefit. The "maximum permissible benefit"
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is the lesser of the defined benefit dollar limitation or the
defined benefit compensation limitation (both adjusted where
required, as provided in (a) and, if applicable, in (b) or (c)
below).
(a) If the Participant has fewer than 10 years of
participation in the Plan, the defined benefit dollar
limitation shall be multiplied by a fraction, (i) the
numerator of which is the number of years (or part
thereof) of participation in the Plan and (ii) the
denominator of which is 10. In the case of a Participant
who has fewer than 10 years of service with the
employer, the defined benefit compensation limitation
shall be multiplied by a fraction, (i) the numerator of
which is the number of years (or part thereof) of
service with the employer and (ii) the denominator of
which is 10.
(b) If the benefit of a Participant begins prior to age 62,
the defined benefit dollar limitation applicable to the
Participant at such earlier age is an annual benefit
payable in the form of a straight life annuity beginning
at the earlier age that is the actuarial equivalent of
the defined benefit dollar limitation applicable to the
Participant at age 62 (adjusted under (a) above, if
required). The defined benefit dollar limitation
applicable at an age prior to age 62 is determined as
the lesser of (i) the actuarial equivalent (at such age)
of the defined benefit dollar limitation computed using
the interest rate and mortality table specified in the
Plan for early retirement and (ii) the actuarial
equivalent (at such age) of the defined benefit dollar
limitation computed using a 5 percent interest rate and
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the applicable mortality table as defined in Appendix A
of the Plan. Any decrease in the defined benefit dollar
limitation determined in accordance with this paragraph
(b) shall not reflect a mortality decrement if benefits
are not forfeited upon the death of the Participant. If
any benefits are forfeited upon death, the full
mortality decrement is taken into account.
(c) If the benefit of a Participant begins after the
Participant attains age 65, the defined benefit dollar
limitation applicable to the Participant at the later
age is the annual benefit payable in the form of a
straight life annuity beginning at the later age that is
actuarially equivalent to the defined benefit dollar
limitation applicable to the Participant at age 65
(adjusted under (a) above, if required). The actuarial
equivalent of the defined benefit dollar limitation
applicable at an age after age 65 is determined as (i)
the lesser of the actuarial equivalent (at such age) of
the defined benefit dollar limitation computed the
interest rate and mortality table specified in the Plan
for late retirement and (ii) the actuarial equivalent
(at such age) of the defined benefit dollar limitation
computed using a 5 percent interest rate assumption and
the applicable mortality table as defined in Appendix A
of the Plan. For these purposes, mortality between age
65 and the age at which benefits commence shall be
ignored.
Section 2. Increase in Compensation Limit
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1. Increase in limit. The annual compensation of each Participant taken
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into account in determining benefit accruals in any Plan Year beginning
after December 31, 2001, shall not exceed $200,000. Annual compensation
means compensation during the Plan Year or such other consecutive
12-month period over which compensation is otherwise determined under
the Plan (the determination period). For purposes of determining benefit
accruals in a Plan Year beginning after December 31, 2001, the $200,000
limitation on compensation shall also apply for any prior determination
period.
2. Cost-of-living adjustment. The $200,000 limit on annual compensation in
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paragraph 1 shall be adjusted for cost-of-living increases in accordance
with section 401(a)(17)(B) of the Code. The cost-of-living adjustment in
effect for a calendar year applies to annual compensation for the
determination period that begins with or within such calendar year.
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Section 3. Modification of Top-Heavy Rules
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1. Effective date. This section shall apply for purposes of determining
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whether the Plan is a top-heavy Plan under section 416(g) of the Code
for Plan Years beginning after December 31, 2001, and whether the Plan
satisfies the minimum benefits requirements of section 416(c) of the
Code for such years. This section amends Article 17 of the Plan.
2. Determination of top-heavy status.
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2.1 Key employee. Key employee means any employee or former employee
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(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.
2.2 Determination of present values and amounts. This section 2.2
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shall apply for purposes of determining the present values of
accrued benefits and the amounts of account balances of
employees as of the determination date.
2.2.1 Distributions during year ending on the determination
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date. The present values of accrued benefits and the
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amounts of account balances of an employee as of the
determination date shall be increased by the
distributions made with respect to the employee under
the Plan and any plan aggregated with the Plan under
section 416(g)(2) of the Code during the 1-year period
ending on the determination date. The preceding sentence
shall also apply to 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. In the case of a distribution made for a
reason other than separation from service, death, or
disability, this provision shall be applied by
substituting "5-year period" for "1-year period."
2.2.2 Employees not performing services during year ending on
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the determination date. The accrued benefits and
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accounts of any individual who has not performed
services for the employer during the 1-year period
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ending on the determination date shall not be taken into
account.
3. Minimum benefits. For purposes of satisfying the minimum benefit
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requirements of section 416(c)(1) of the Code and the Plan, in
determining years of service with the employer, any service with the
employer shall be disregarded to the extent that such service occurs
during a Plan Year when the Plan benefits (within the meaning of section
410(b) of the Code) no key employee or former key employee.
Section 4. Direct Rollovers of Plan Distributions
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1. Effective date. This section shall apply to distributions made after
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December 31, 2001.
2. Modification of definition of eligible retirement plan. For purposes of
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the direct rollover provisions in section 8.9 of the Plan, an eligible
retirement plan shall also mean an annuity contract described in section
403(b) of the Code and 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
and which agrees to separately account for amounts transferred into such
plan from this Plan. The definition of eligible retirement plan shall
also apply in the case of a distribution to a surviving spouse, or to a
spouse or former spouse who is the alternate payee under a qualified
domestic relation order, as defined in section 414(p) of the Code.
Section 5. Definition of Pristine Hydrochemical, Inc.
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1. The following definition is inserted as section 1.40 of Article I
(definitions) of the Plan and the remainder of the Article is renumbered
accordingly:
"Pristine Hydrochemical" shall mean Pristine Hydrochemical, Inc. a
subsidiary of Met-Pro Corporation.
2. Section 1.53, definition of Subsidiary, is amended by adding "and
effective June 1, 2002, Pristine Hydrochemical" at the end of the
section.
Section 6. Credited Service
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1. Section 1.35 of the Plan is amended by adding the following sentence to
the end:
"Past Service Date" shall mean June 1, 2002 for Employees of Pristine
Hydrochemical."
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2. Section 3.5 of the Plan is amended effective June 1, 2002 by inserting
the following at the end thereof as subsection (j):
(j) Pristine Hydrochemical - All Past Service accumulated before
June 1, 2002 shall not be taken into account in determining the
amount of Credited Service.
Section 7. Claims Procedures
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Sections 13.1 through 13.3 of the Plan are deleted effective January 1, 2002 and
the following is inserted in Section 13.1. Section 13.4 shall be renumbered as
Section 13.2.
Timing of Notification of Benefit Determination
A claim for benefits shall be made in writing to the Administrator or Committee,
as applicable.
The Administrator (or Committee, if appointed) shall notify the claimant of an
adverse benefit determination within a reasonable period of time, but not later
than 90 days after receipt of the claim by the Plan, unless it determines that
special circumstances require an extension of time for processing the claim. If
the Administrator (or Committee, if applicable) determines that an extension of
time for processing is required, written notice of the extension shall be
furnished to the claimant within the initial 90-day period. In no event shall
such extension exceed a period of 90 days from the end of such initial period.
The extension notice shall indicate the special circumstances requiring an
extension of time and the date by which the Plan expects to render the benefit
determination.
Manner and Content of Benefit Determinations
The Administrator (or Committee, if applicable) shall provide a claimant with
written or electronic notification of any adverse benefit determination. Any
electronic notification shall comply with the standards imposed by 29 CFR
2520-104b-1(c)(1)(i), (iii) and (iv). The notification shall set forth, in a
manner calculated to be understood by the claimant:
(i) The specific reason or reasons for the adverse determination.
(ii) Reference to the specific Plan provisions on which the determination is
based.
(iii) A description of any additional material or information necessary for
the claimant to perfect the claim and an explanation of why such
material or information is necessary.
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(iv) A description of the Plan's review procedures and the time limits
applicable to such procedures, including a statement of the claimant's
right to bring a civil action under section 502(a) of the Act following
an adverse benefit determination on review.
Appeal of Adverse Benefit Determination
In order to provide a claimant with the opportunity for a full and fair review
of a claim and adverse benefit determination:
(i) A claimant has at least 60 days following receipt of a notification of
an adverse benefit determination within which to appeal the
determination.
(ii) A claimant may submit written comments, documents, records and other
information relating to the claim for benefits
(iii) A claimant shall be provided, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other
information relevant to the claimant's claim for benefits. A document,
record or other information shall be considered "relevant" to a
claimant's claim if such document, record or other information:
(A) was relied upon in making the benefit determination;
(B) was submitted, considered or generated in the course of making
the benefit determination, without regard to whether such
document or record was relied upon in making the benefit
determination; or
(C) demonstrates compliance with the administrative processes and
safeguards required by the Department of Labor's regulations in
making the benefit determination.
(iv) The review will take into account all comments, documents, records and
other information submitted by the claimant relating to the claim,
without regard to whether such information was submitted or considered
in the initial benefit determination.
Timing of Notification of Benefit Determination on Review
The Administrator (or Committee, as applicable) shall notify a claimant of the
Plan's benefit determination on review within a reasonable period of time, but
not later than 60 days after receipt of the claimant's request for review by the
Plan, unless it determines that special circumstances (such as the need to hold
a hearing) require an extension of time for processing the claim. If an
extension of time for processing is required, written notice of the extension
shall be furnished to the claimant prior to the termination of the initial
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60-day period. In no event shall such extension exceed a period of 60 days from
the end of the initial period. The extension notice shall indicate the special
circumstances requiring an extension of time and the date by which the Plan
expects to render the determination on review.
When the Committee is making the determination on review, if it holds regularly
scheduled meetings at least quarterly, the paragraph above shall not apply, and
the Committee shall instead make a benefit determination no later than the date
of the meeting of the Committee that immediately follows the Plan's receipt of a
request for review, unless the request for review is filed within 30 days
preceding the date of such meeting. In such case, a benefit determination may be
made by no later than the date of the second meeting following the Plan's
receipt of the request for review. If special circumstances require a further
extension of time for processing, a benefit determination shall be rendered not
later than the third meeting of the Committee following the Plan's receipt of
the request for review. If such an extension of time for review is required
because of special circumstances, the Committee shall provide the claimant with
written notice of the extension, describing the special circumstances and the
date as of which the benefit determination will be made, prior to the
commencement of the extension. The Committee shall notify the claimant of the
benefit determination as soon as possible, but not later than 5 days after the
benefit determination is made.
The period of time within which a benefit determination on review is required to
be made shall begin at the time an appeal is filed in accordance with the Plan
procedures, without regard to whether all the information necessary to make a
benefit determination on review accompanies the filing. In the event that a
period of time is extended due to a claimant's failure to submit information
necessary to decide a claim, the period for making the benefit determination on
review shall be tolled from the date on which the notification of the extension
is sent to the claimant until the date on which the claimant responds to the
request for additional information.
Manner and Content of Notification of Benefit Determination on Review
The Administrator (or Committee as applicable) shall provide a claimant with
written or electronic notification of a plan's benefit determination on review.
Any electronic notification shall comply with the standards imposed by 29 CFR
2520.104b-1(c)(1)(i) , (iii), and (iv). In the case of an adverse benefit
determination, the notification shall set forth, in a manner calculated to be
understood by the claimant:
(i) The specific reason or reasons for the adverse determination.
(ii) Reference to the specific Plan provisions on which the benefit
determination is based.
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(iii) A statement that the claimant is entitled to receive, upon request and
free of charge, reasonable access to, and copies of, all documents,
records, and other information relevant to the claimant's claim for
benefits.
(iv) A statement describing any voluntary appeal procedures offered by the
Plan and the claimant's right to obtain the information about such
procedures described in paragraph (c)(3)(iv) of this section, and a
statement of the claimant's right to bring an action under section
502(a) of ERISA.
In the case of an adverse benefit determination on review, the Administrator (or
Committee, as applicable) shall provide such access to, and copies of,
documents, records, and other information described above, as appropriate.
Failure to Follow Claims Procedures
In the case of the failure of the Plan to follow the claims procedures, the
claimant shall be deemed to have exhausted the administrative remedies under the
Plan and shall be entitled to pursue any available remedies under section 502(a)
of ERISA.
Section 8. Required Minimum Distributions
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Section 8.8(f) is added to the Plan as follows:
(f) Minimum Distribution Rules Effective January 1, 2003.
(i) Effective Date. The provisions of this Section 8.8(f)
will apply for purposes of determining required minimum
distributions for calendar years beginning with the 2003
calendar year.
(1) Precedence. The requirements of this article
will take precedence over any inconsistent
provisions of the plan.
(2) Requirements of Treasury Regulations
Incorporated. All distributions required under
this article will be determined and made in
accordance with the Treasury regulations under
section 401(a)(9) of the Internal Revenue Code.
(3) TEFRA Section 242(b)(2) Elections.
Notwithstanding the other provisions of this
article, other than section (f)(i)(2) above,
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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(ii) Timing and Manner of Distribution
(1) Required Beginning Date. The participant's
entire interest will be distributed, or begin to
be distributed, to the participant no later than
the participant's required beginning date.
(2) Death of Participant Before Distributions Begin.
If the participant dies before distributions
begin, the participant's entire interest will be
distributed, or begin to be distributed, no
later than as follows:
(A) If the participant's surviving spouse is
the participant's sole designated
beneficiary, then, except as provided in
the adoption agreement, distributions to
the surviving spouse will begin by
December 31 of the calendar year
immediately following the calendar year
in which the participant died, or by
December 31 of the calendar year in
which the participant would have
attained age 70 1/2, if later.
(B) If the participant's surviving spouse is
not the participant's sole designated
beneficiary, then, except as provided in
the adoption agreement, distributions to
the designated beneficiary will begin by
December 31 of the calendar year
immediately following the calendar year
in which the participant died.
(C) If there is no designated beneficiary as
of September 30 of the year following
the year of the participant's death, the
participant's entire interest will be
distributed by December 31 of the
calendar year containing the fifth
anniversary of the participant's death.
(D) If the participant's surviving spouse is
the participant's sole designated
beneficiary and the surviving spouse
dies after the participant but before
distributions to the surviving spouse
begin, this section (f)(ii)(2), other
than section (f)(ii)(2)(A), will apply
as if the surviving spouse were the
participant.
For purposes of this section (f)(ii)(2) and section (f)(v), distributions are
considered to begin on the participant's required beginning date (or, if section
(f)(ii)(2)(D) applies, the date distributions are required to begin to the
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surviving spouse under section (f)(ii)(2)(A)). If annuity payments irrevocably
commence to the participant before the participant's required beginning date (or
to the participant's surviving spouse before the date distributions are required
to begin to the surviving spouse under section (f)(ii)(2)(A), the date
distributions are considered to begin is the date distributions actually
commence.
(3) Form of Distribution. Unless the participant's interest
is distributed in the form of an annuity purchased from
an insurance company or in a single sum on or before the
required beginning date, as of the first distribution
calendar year distributions will be made in accordance
with subsections f(iii), (iv) and (v). If the
participant's interest is distributed in the form of an
annuity purchased from an insurance company,
distributions thereunder will be made in accordance with
the requirements of section 401(a)(9) of the Code and
the Treasury regulations. Any part of the participant's
interest which is in the form of an individual account
described in section 414(k) of the Code will be
distributed in a manner satisfying the requirements of
section 401(a)(9) of the Code and the Treasury
regulations that apply to individual accounts.
(iii) Determination of Amount to be Distributed Each Year.
(1) General Annuity Requirements. If the participant's
interest is paid in the form of annuity distributions
under the plan, payments under the annuity will satisfy
the following requirements:
(A) the annuity distributions will be paid in
periodic payments made at intervals not longer
than one year;
(B) the distribution period will be over a life (or
lives) or over a period certain not longer than
the period described in section (f)(iv) or
(f)(v);
(C) once payments have begun over a period certain,
the period certain will not be changed even if
the period certain is shorter than the maximum
permitted;
(D) payments will either be nonincreasing or
increase only as follows:
(i) by an annual percentage increase that
does not exceed the annual percentage
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increase in a cost-of-living index that
is based on prices of all items and
issued by the Bureau of Labor
Statistics;
(ii) to the extent of the reduction in the
amount of the participant's payments to
provide for a survivor benefit upon
death, but only if the beneficiary whose
life was being used to determine the
distribution period described in
subsection (f)(iv) dies or is no longer
the participant's beneficiary pursuant
to a qualified domestic relations order
within the meaning of section 414(p);
(iii) to provide cash refunds of employee
contributions upon the participant's
death; or
(iv) to pay increased benefits that result
from a plan amendment.
(2) Amount Required to be Distributed by Required Beginning
Date. The amount that must be distributed on or before
the participant's required beginning date (or, if the
participant dies before distributions begin, the date
distributions are required to begin under section
(f)(ii)(2)(A) or (B)) is the payment that is required
for one payment interval. The second payment need not be
made until the end of the next payment interval even if
that payment interval ends in the next calendar year.
Payment intervals are the periods for which payments are
received, e.g., bi-monthly, monthly, semi-annually, or
annually. All of the participant's benefit accruals as
of the last day of the first distribution calendar year
will be included in the calculation of the amount of the
annuity payments for payment intervals ending on or
after the participant's required beginning date.
(3) Additional Accruals After First Distribution Calendar
Year. Any additional benefits accruing to the
participant in a calendar year after the first
distribution calendar year will be distributed beginning
with the first payment interval ending in the calendar
year immediately following the calendar year in which
such amount accrues.
(iv) Requirements For Annuity Distributions That Commence During
Participant's Lifetime.
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(1) Joint Life Annuities Where the Beneficiary Is Not the
Participant's Spouse. If the participant's interest is
being distributed in the form of a joint and survivor
annuity for the joint lives of the participant and a
nonspouse beneficiary, annuity payments to be made on or
after the participant's required beginning date to the
designated beneficiary after the participant's death
must not at any time exceed the applicable percentage of
the annuity payment for such period that would have been
payable to the participant using the table set forth in
Q&A-2 of section 1.401(a)(9)-6T of the Treasury
regulations. If the form of distribution combines a
joint and survivor annuity for the joint lives of the
participant and a nonspouse beneficiary and a period
certain annuity, the requirement in the preceding
sentence will apply to annuity payments to be made to
the designated beneficiary after the expiration of the
period certain.
(2) Period Certain Annuities. Unless the participant's
spouse is the sole designated beneficiary and the form
of distribution is a period certain and no life annuity,
the period certain for an annuity distribution
commencing during the participant's lifetime may not
exceed the applicable distribution period for the
participant under the Uniform Lifetime Table set forth
in section 1.401(a)(9)-9 of the Treasury regulations for
the calendar year that contains the annuity starting
date. If the annuity starting date precedes the year in
which the participant reaches age 70, the applicable
distribution period for the participant is the
distribution period for age 70 under the Uniform
Lifetime Table set forth in section 1.401(a)(9)-9 of the
Treasury regulations plus the excess of 70 over the age
of the participant as of the participant's birthday in
the year that contains the annuity starting date. If the
participant's spouse is the participant's sole
designated beneficiary and the form of distribution is a
period certain and no life annuity, the period certain
may not exceed the longer of the participant's
applicable distribution period, as determined under this
section (f)(iv)(2), or the joint life and last survivor
expectancy of the participant and the participant's
spouse as determined under the Joint and Last Survivor
Table set forth in section 1.401(a)(9)-9 of the Treasury
regulations, using the participant's and spouse's
attained ages as of the participant's and spouse's
birthdays in the calendar year that contains the annuity
starting date.
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(v) Requirements For Minimum Distributions Where Participant Dies
Before Date Distributions Begin.
(1) Participant Survived by Designated Beneficiary. Except
as provided in the adoption agreement, if the
participant dies before the date distribution of his or
her interest begins and there is a designated
beneficiary, the participant's entire interest will be
distributed, beginning no later than the time described
in section (f)(ii)(2)(A) or (B), over the life of the
designated beneficiary or over a period certain not
exceeding:
(A) unless the annuity starting date is before the
first distribution calendar year, the life
expectancy of the designated beneficiary
determined using the beneficiary's age as of the
beneficiary's birthday in the calendar year
immediately following the calendar year of the
participant's death; or
(B) if the annuity starting date is before the first
distribution calendar year, the life expectancy
of the designated beneficiary determined using
the beneficiary's age as of the beneficiary's
birthday in the calendar year that contains the
annuity starting date.
(2) No Designated Beneficiary. If the participant dies
before the date distributions begin and there is no
designated beneficiary as of September 30 of the year
following the year of the participant's death,
distribution of the participant's entire interest will
be completed by December 31 of the calendar year
containing the fifth anniversary of the participant's
death.
(3) Death of Surviving Spouse Before Distributions to
Surviving Spouse Begin. If the participant dies before
the date distribution of his or her interest begins, the
participant's surviving spouse is the participant's sole
designated beneficiary, and the surviving spouse dies
before distributions to the surviving spouse begin, this
section (f)(v) will apply as if the surviving spouse
were the participant, except that the time by which
distributions must begin will be determined without
regard to section (f)(ii)(2)(A).
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(vi) Definitions.
(1) Designated beneficiary. The individual who is designated
as the beneficiary under section 15.1 of the plan and is
the designated beneficiary under section 401(a)(9) of
the Internal Revenue 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 participant's death, the first
distribution calendar year is the calendar year
immediately preceding the calendar year which contains
the participant's required beginning date. For
distributions beginning after the participant's death,
the first distribution calendar year is the calendar
year in which distributions are required to begin
pursuant to section (f)(ii)(2).
(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) Required beginning date. The date specified in section
8.3 of the plan.
Section 9. Mortality Tables
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1. Effective date. This section shall apply to distributions with annuity
starting dates on or after December 31, 2002.
2. Notwithstanding any other plan provisions to the contrary, the
applicable mortality table used for purposes of adjusting any benefit or
limitation under 415(b)(2)(B), (C), or (D) of the Internal Revenue Code
as set forth in Appendix A of the plan and the applicable mortality
table used for purposes of satisfying the requirements of 417(e) of the
Internal Revenue Code as set forth in Appendix A of the plan is the
table prescribed in Rev. Rul. 2001-62.
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IN ALL OTHER RESPECTS, this Plan is continued in full force and effect.
In order to maintain the terms of the Plan in a single document, this Amendment
may be incorporated into the most recent restatement of the Plan.
IN WITNESS WHEREOF, the Company has caused this First Amendment to be
executed by its duly authorized officer this 15th day of August, 2002.
ATTEST: Met Pro Corporation
By /s/ Gary J. Morgan By /s/ William L. Kacin
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Title: V/P Finance Title: Pesident and CEO
------------------------- ----------------------------
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