Exhibit 4.1(a)
ADDENDUM TO
FARM BUREAU 401(k) SAVINGS PLAN
1. The following paragraph is added to Sections 1.26 and 1.30 ("Related
Group"/"Related Employer" and "Service with a Predecessor Employer") of the
Defined Contribution Prototype Plan and Trust:
The Farm Bureau 401(k) Savings Plan is a multiple employer plan adopted
by the following related groups of controlled corporations: Iowa Farm
Bureau Federation, Farm Bureau Mutual Insurance Company, FBL Financial
Group, Inc., Nebraska Farm Bureau Federation (including Farm Bureau
Insurance Company of Nebraska), Minnesota Farm Bureau Federation, South
Dakota Farm Bureau Federation, Utah Farm Bureau Federation, Arizona
Farm Bureau Federation, and New Mexico Farm & Livestock Bureau. The
term "Employer" includes the group members of each separate related
group and each related group shall stand alone for purposes of applying
the Coverage Test under Code ss.410(b) and any discrimination testing
under Code ss.401(a)(4), applying the limitations on allocations in
Article III, applying the top heavy rules and the minimum allocation
requirements of Article III, the definitions of Employee, Highly
Compensated Employee, Compensation and Leased Employee and for any
other purpose required by the applicable Code Section or by a Plan
provision. Only one Trust shall be created under this Plan, but the
assets of the Participants of each separate related group shall be
accounted for separately. Service with all Participating Companies
shall be counted for purposes of crediting House of Service, and
determining Years of Service and Breaks in Service under Articles II
and V.
2. With respect to the eligibility conditions contained in item 9 of
the Adoption Agreement, specifically subsection (a)(2) (two years of service),
the eligibility conditions for the non-elective contributions made by South
Dakota Farm Bureau Federation (classification III under paragraph 6 of this
Addendum) are the same as the eligibility conditions for matching contributions
(age 21 and one month of service).
3. Following are the fixed matching contribution formulas (expressed as
a percentage of elective deferrals) and the maximum elective deferrals taken
into account in making matching contributions (expressed as a percentage of
compensation) applicable to each controlled group of entities. These
designations apply to item 15(a) and 15(j) respectively in the Adoption
Agreement. These are effective January 1, 2002. Matching contribution formulas
and limits on elective deferrals eligible for matching contributions in effect
prior to that date are contained in the prior plan document, plus amendments
thereto:
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Maximum Eligible
Match Elective Deferrals
----- ------------------
Iowa Farm Bureau Federation )
Farm Bureau Mutual Insurance Company ) 100% First 2%
FBL Financial Group, Inc. ) 50% Next 2%
New Mexico Farm & Livestock Bureau )
Arizona Farm Bureau Federation ) 100% First 3%
Minnesota Farm Bureau Federation ) 50% Next 2%
South Dakota Farm Bureau Federation 50% 5%
4. With respect to the fixed matching contribution formula in item
15(a) of the Adoption Agreement, Employees of Farm Bureau Mutual Insurance
Company who are agency managers or assistant agency managers (and effective
October 1, 1998, who are office assistants) are not eligible for such Employer
matching contributions.
5. Each separate controlled group of entities shall determine the
discretionary matching percentage under item 15(b) of the Adoption Agreement for
Participants directly employed by a member of such separate controlled group.
6. With respect to the allocation of Employer non-elective
contributions under item 16(a) of the Adoption Agreement, the classifications of
eligible participants in subparagraph (a) shall apply to the contribution
allocation formulas set forth in subparagraph (b):
(a) Classification I - Agency Managers and Assistant Agency
Managers who are Employees of Farm Bureau Mutual Insurance
Company.
Classification II - Office Assistants who are employees of
Farm Bureau Mutual Insurance Company.
Classification III (effective January 1, 1999) - Employees of
South Dakota Farm Bureau Federation
(b) The following shall apply with respect to the amount of
Nonelective Employer Contributions and method of allocation of
such contribution with respect to each Classification of
Participants identified in (a) above:
(1) Classification I Participants - with respect to eligible
Participants in Classification I as defined in (a) above, the
contribution for Classification I Participants shall be
allocated as follows:
(i) The Employer contribution shall first be
allocated in the same proportion that the sum of base salary,
mutual overwrite commissions and first year life overwrite
commissions of such Participant for the Plan Year bears to the
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total of the sums of all such compensation of all eligible
Classification I Participants; provided, however, the amount
allocated to each such Participant shall not exceed 5% of the
sum of his base salary, mutual overwrite commissions and first
year life overwrite commissions.
(ii) The balance of the Employer contribution shall
be allocated in the same proportion that the sum of base
salary and mutual overwrite commissions of such Participant
for the Plan Year bears to the total of the sums of all such
compensation of all eligible Classification I Participants;
provided, however, that in no event shall the total allocation
to a Highly Compensated Employee's account under this
paragraph b(1) exceed an amount which, when expressed as a
percentage of Compensation for the portion of the Plan Year
for which the Participant is eligible, is equal to the
contribution allocated to Participants in Classification II
under paragraph b(2) below (expressed as a percentage of
eligible Compensation);
(iii) For purposes of the allocations above, only
base salary, mutual overwrite commissions and first year life
overwrite commissions earned after a Participant's Entry Date
shall be used in the allocation. A Participant does not have
to be employed on the last day of the Plan Year or have a
minimum number of Hours of Service to have nonelective
contributions allocated to his account.
(2) Classification II Participants - with respect to eligible
Participants in Classification II as defined in (a) above, the
contribution for Classification II Participants shall be
allocated as follows:
(i) The annual nonelective contribution shall be
allocated in the same ratio that each Participant's
Compensation for the Plan Year bears to the total Compensation
of all eligible Classification II Participants for the Plan
Year. A Participant does not have to be employed on the last
day of the Plan Year or have a minimum number of Hours of
Service to have nonelective contributions allocated to his
account.
(3) Classification III Participants (effective January 1,
1999) - with respect to eligible Participants in
Classification III as defined in (a) above, the contribution
for Classification III Participants shall be allocated as
follows:
(i) The annual nonelective contribution shall be
allocated in the same ratio that each Participant's
Compensation for the Plan Year bears to the total Compensation
of all Participants for the Plan Year. A Participant does not
have to be employed on the last day of the Plan Year or have a
minimum number of Hours of Service to have nonelective
contributions allocated to his account.
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7. Iowa Farm Bureau Federation, as Plan Sponsor, specifically
acknowledges that any group annuity contract issued to the Plan shall not be
part of the Plan assets held in trust by the Trustee.
8. In administering Subsection 10.03(B) of the Defined Contribution
Prototype Plan and Trust, the following additional provision shall apply:
Notwithstanding the authority of the Trustee to give proxies as
specified in Subsection 10.03(B)(g), each Participant and beneficiary
in the Plan who has a beneficial interest in the Employer Stock Fund
shall be entitled to direct the Trustee as to the manner in which the
Employer stock having voting rights which are allocated to such
Participant's or beneficiary's account shall be voted. The Trustee,
itself or by its nominee, shall vote said stock as follows: (i) the
Employer shall adopt reasonable measures to notify said Participants
and beneficiaries of the date and purpose of each meeting of
stockholders of the Employer at which holders of shares of stock shall
be entitled to vote, and to request instructions from such Participants
and beneficiaries to the Employer, its agent or the Trustee as to the
voting at such meeting of the number of shares of common stock
(including fractional shares) in the account of each such Participant
or beneficiary, whether or not vested; (ii) in each case the Trustee,
itself or by proxy, shall vote the shares of said stock (including
fractional shares) in the account of each such Participant or
beneficiary in accordance with the directions of the Participant or
beneficiary as communicated directly to the Trustee or to the Trustee
by the Employer or its agent; (iii) if prior to the time of such
meeting of stockholders (or a date prior thereto specified by the
Trustee), the Trustee shall not have received timely directions from a
Participant or beneficiary, or from the Employer as to the manner of
voting any shares of allocated stock in the account of such Participant
or beneficiary, the Trustee shall vote, itself or by proxy, all such
shares of common stock in all matters coming before the meeting, in the
same ratio, to the nearest whole vote, as the ratio in which the total
shares with respect to which timely directions were received were voted
in such matters.
9. Item 29 of the Adoption Agreement to the Plan is hereby amended by
adding the following thereto:
All accounts shall be invested as directed by Participants in such
investment alternatives as are selected by the Plan Administrator. If
an election has not been made by a Participant, then all accounts of
such Participant shall be invested in the Farm Bureau group annuity
investment option.
10. In administering Subsection 10.03(F) of the Defined Contribution
Prototype Plan and Trust, the following additional provisions shall apply:
If so directed, the Trustee is authorized to invest in Qualifying
Employer securities in amounts that may exceed 10% of the value of Plan
assets, up to 100% of the value of Plan assets, to be held in an
Employer Stock Fund. Such investment shall be at the direction of the
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Named Fiduciary, or if authorized by the Named Fiduciary, by an
Investment Manager or as directed by Participants or beneficiaries.
Notwithstanding such direction, in the event that a tender or exchange
offer is made for all or any portion of the Employer's common stock
held in the Fund, the Employer shall take such action as is practicable
to provide each Participant or beneficiary of the Plan having an
interest in such Fund with the same information that is distributed by
the Employer to the stockholders of the Employer owning the same class
of common stock for which such offer is made. Notwithstanding any other
provision of the Plan, in the event such an offer is made, each such
Participant or beneficiary shall have the right to direct the Trustee,
by timely notice, to tender or exchange all or any portion of the full
shares of such common stock credited to his account which are at such
time fully vested, and the Trustee shall so tender or exchange only
upon receipt of such direction. All property received in the form of
cash in exchange for such common stock so tendered shall, upon receipt,
be transferred out of the Employer Stock Fund and shall be invested by
the Trustee in accordance with the investment direction then on file
with the Trustee for investment of deferral contributions with respect
to each affected Participant. If such investment direction directs any
funds to be invested in the Employer Stock Fund, such amount shall
instead be invested in the Farm Bureau group annuity contract issued to
the Plan. All property received other than cash in exchange for such
common stock so tendered shall, upon receipt be held by the Trustee in
the Employer Stock Fund within the accounts of those Participants who
so tendered. Notwithstanding any other provision of this Plan, such
property other than cash may be held within such Fund and shall be
administered, invested, reinvested and distributed in accordance with
the applicable terms of this Plan.
11. All Regular and Qualifying Matching Contributions shall be invested
by the Trustee in FBL Financial Group, Inc. common stock. A Participant shall
have the same investment choices for that account as he does for his other
accounts in the Plan, and he may transfer out of the Employer Stock Fund with
respect to his matching account into other investment choices at any time.
12. The Defined Contribution Prototype Plan and Trust is amended by
adding the following language to Section 10.03(B)(c) of that document:
The Trustee is authorized to invest and reinvest all or any part of the
principal and income of the Trust through any common or collective
trust fund or pooled investment fund maintained by the Trustee for the
collective investment of funds held by it in a fiduciary capacity. The
provisions of the document governing any such common or collective
trust fund as it may be amended from time to time shall govern any
investment therein and are hereby made a part of this Defined
Contribution Prototype Plan and Trust.
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IOWA FARM BUREAU FEDERATION,
Plan Sponsor
By: /s/ Jerry C. Downin Date: January 25, 2002
Secretary/Treasurer
WELLS FARGO BANK MINNESOTA, N.A.,
Trustee
By: /s/ Mary Stoecker Date: January 28, 2002
Vice President
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