Exhibit 10.1
AMENDMENT TO GEHL COMPANY SAVINGS PLAN
The Gehl Savings Plan is amended in the following respects:
1. The last sentence of Section 3.02(a) is amended to read as follows:
The maximum Deposits rate shall be twenty-five percent (25%) (eight
percent (8%) for highly compensated highly employees as defined in
Section 3.10); either or both such rates may be amended by the
Administrator.
2. The last sentence of Section 3.02(b) is amended to read as follows:
Deposits may be suspended entirely at any time.
3. Article XII is amended by the addition of new Section 12.12 to read as
follows:
Section 12.12. Required Minimum Distribution Rules.
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(a) General. The provisions of this section will apply for
purposes of determining required minimum distributions for calendar
years beginning with 2003 and will take precedence over any
inconsistent provisions of the Plan. This Section shall not be
interpreted to provide any additional options to the recipient with
respect to the form or timing of payment beyond the other provisions
of the Plan, except as necessary to comply with the minimum
requirements. All Plan distributions will be determined and made in
accordance with the Treasury regulations under Code Section 401(a)(9).
Notwithstanding the other provisions of this Section, 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 Plan provisions that relate to
section 242(b)(2) of TEFRA.
(b) Designated Beneficiary. The designated beneficiary for
purposes of this Section is the individual who is the Beneficiary and
is the designated beneficiary under Code Section 401(a)(9) and Section
1.401(a)(9)-1, Q&A-4, of the Treasury regulations.
(c) Distribution Calendar Year. A distribution calendar year is 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 herein. The required minimum
distribution for the Participant's first distribution calendar year
will be made on or before the Participant'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 Participant's required
beginning date occurs, will be made on or before December 31 of that
distribution calendar year.
(d) Life Expectancy. Life expectancy means the value computed by
use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury
regulations.
(e) Participant's Account Balance. The Participant's account
balance is the account balance as of the last valuation date in the
calendar year immediately preceding the distribution calendar year
(the "valuation calendar
year") increased by the amount of any contributions made and allocated
or forfeitures allocated to the account balance 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. The 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.
(f) Required Beginning Date. The date described herein.
(g) Time and Manner of Distribution. 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.
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:
(i) If the Participant's surviving spouse is the
Participant'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 Participant died, or by
December 31 of the calendar year in which the
Participant would have attained age seventy and
one-half (70 1/2), if later.
(ii) If the Participant's surviving spouse is not the
Participant's sole designated beneficiary, then
distributions to each designated beneficiary will begin
by December 31 of the calendar year immediately
following the calendar year in which the Participant
died or the Participant's entire interest will be
distributed to the designated beneficiary by December
31 of the calendar year containing the fifth
anniversary of the Participant's death.
(iii) 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.
(iv) 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,
subparagraphs (ii) and (iii) will apply as if the
surviving spouse were the Participant.
Unless subparagraph (iv) applies, distributions are considered to
begin on the Participant's required beginning date. If subparagraph
(iv) applies, distributions are considered to begin on the date
distributions are required to begin to the surviving spouse under
subparagraph (i). If distributions under an annuity purchased from an
insurance company 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 subparagraph (i)), the date
distributions are considered to begin is the date distributions
actually commence.
(h) Forms 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 the rules regarding required minimum distributions
during the Participant's lifetime and after the Participant's death,
as applicable. 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 Code
Section 401(a)(9) and the Treasury regulations.
(i) Required Minimum Distributions During Participant's Lifetime.
During the Participant's lifetime, the minimum amount that will be
distributed for each distribution calendar year is the lesser of:
(i) the quotient obtained by dividing the Participant'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
Participant's age as of the Participant's birthday in
the distribution calendar year; or
(ii) if the Participant's sole designated beneficiary for
the distribution calendar year is the Participant's
spouse, the quotient obtained by dividing the
Participant'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
Participant's and spouse's attained ages as of the
Participant's and spouse's birthdays in the
distribution calendar year.
Required minimum distributions will be determined beginning with
the first distribution calendar year and up to and including the
distribution calendar year that includes the Participant's date of
death.
(j) Required Minimum Distributions After Participant's Death. If
the Participant 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
Participant's death is the quotient obtained by dividing the
Participant's account balance by the longer of the remaining life
expectancy of the Participant or the remaining life expectancy of the
Participant's designated beneficiary, determined as follows:
(i) The Participant's remaining life expectancy is
calculated using the age of the Participant in the year
of death, reduced by one for each subsequent year.
(ii) If the Participant's surviving spouse is the
Participant's sole designated beneficiary, the
remaining life expectancy of the surviving spouse is
calculated for each distribution calendar year after
the year of the Participant'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.
(iii) If the Participant's surviving spouse is not the
Participant's sole designated beneficiary, the
designated beneficiary's remaining life expectancy is
calculated using the age of the beneficiary in the year
following the year of the Participant's death, reduced
by one for each subsequent year.
If the Participant dies on or after the date distributions begin
and there is no designated beneficiary as of September 30 of the year
after the year of the Participant's death, the minimum amount that
will be distributed for each distribution calendar year after the year
of the Participant's death is the quotient obtained by dividing the
Participant's account balance by the Participant's remaining life
expectancy calculated using the age of the Participant in the year of
death, reduced by one for each subsequent year. If the Participant
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 Participant's death
is the quotient obtained by dividing the Participant's account balance
by the remaining life expectancy of the Participant's designated
beneficiary, determined as provided in subparagraph (i). 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. If the
Participant dies before the date distributions begin, the
Participant's surviving spouse is the Participant's sole designated
beneficiary, and the surviving spouse dies before distributions are
required to begin to the surviving spouse, this subsection will apply
as if the surviving spouse were the Participant.