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Exhibit 10.13
AMENDMENT
The Connecticut Water Company Savings Plan is hereby amended
by adding the flowing new provisions:
"DIRECT ROLLOVER
(a) This Section applies to distributions made on or
after January 1, 1993. Notwithstanding any provision of the
plan to the contrary that would otherwise limit a
distributee's election under this Section, a distributee may
elect, at any time and in the manner prescribed by the plan
administrator, to have any portion of an eligible rollover
distribution paid directly to an eligible retirement plan
specified by the distributee in a direct rollover.
(b) Definitions.
(1) Eligible rollover distribution: An
eligible rollover distribution is any
distribution of all or any portion of the
balance to the credit of the distributee,
except that an eligible rollover distribution
does not include: any distribution that is
one of a series of substantially equal
periodic payments (not less frequently than
annually) made for the life (or life
expectancy) of the distributee or the joint
lives (or joint life expectancies) of the
distributee and the distributee's designated
beneficiary, or for a specified period of ten
years or more; any distribution to the extent
such distribution is required under section
401(a) (9) of the Code; and the portion of
any distribution that is not includible in
gross income (determined without regard to
the exclusion for net unrealized appreciation
with respect to employer securities).
(2) Eligible retirement plan: An eligible
retirement plan is an individual retirement
account described in section 408(a) of the
Code, an individual retirement annuity
described in section 408(b) of the Code, and
annuity plan described in section 403(a) of
the Code, or a qualified trust described in
section 401(a) of the Code, that accepts the
distributee's eligible rollover distribution.
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However, in the case of an eligible rollover
distribution to the surviving spouse, an
eligible retirement plan is an individual
retirement account or individual retirement
annuity.
(3) Distributee: A distributee includes an
employee or former employee. In addition,
the employee's or former employee's surviving
spouse and the employee's or former
employee's spouse or former spouse who is the
alternate payee under a qualified domestic
relations order, as defined in section 414(p)
of the Code, are distributees with regard to
the interest of the spouse or former spouse.
(4) Direct rollover: A direct rollover is a
payment by the plan to the eligible
retirement plan specified by the distributee.
COMPENSATION LIMITATION
In addition to other applicable limitations
set forth in the plan, and notwithstanding any other
provision of the plan to the contrary, for plan years
beginning on or after January 1, 1994, the annual
compensation of each employee taken into account
under the plan shall not exceed the OBRA '93 annual
compensation limit. The OBRA '93 annual compensation
limit is $150,000, as adjusted by the Commissioner
for increases in the cost of living in accordance
with Section 401(a) (17) (B) of the Internal Revenue
Code. The cost-of-living adjustment in effect for a
calendar year applies to any period, not exceeding 12
months, over which compensation is determined
(determination Period) beginning in such calendar
year. If a determination period consists of fewer
than 12 months, the OBRA '93 annual compensation
limit will be multiplied by a fraction, the numerator
of which is the number of months in the determination
period, and the denominator of which is 12.
For plan years beginning on or after January
1, 1994, any reference in this plan to the limitation
under Section 401(a) (17) of the Code shall mean the
OBRA '93 annual compensation limit set forth in this
provision."
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CERTIFICATE
The undersigned hereby certifies that the Amendment to The Connecticut
Water Company Savings Plan, effective as set forth in said Amendment, was duly
adopted by the Board of Directors of The Connecticut Water Company on November
16, 1994 and is in full force and effect.
11/23/94 /s/ Vincent F. Susco, Jr.
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Date
Corporate Secretary
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