EXHIBIT 10.4
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APEX SILVER MINES CORPORATION
401(K) PLAN
SUMMARY PLAN DESCRIPTION
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TABLE OF CONTENTS
INTRODUCTION TO YOUR PLAN
GENERAL INFORMATION ABOUT YOUR PLAN
ELIGIBILITY AND PARTICIPATION
YOUR CONTRIBUTIONS TO THE PLAN
YOUR EMPLOYER'S CONTRIBUTIONS TO THE PLAN
YOUR BENEFITS UNDER THE PLAN
SPECIAL DISTRIBUTION EVENTS
LOANS
TOP HEAVY RULES
ROLLOVERS AND TRANSFERS
PERIOD OF SEVERANCE RULES
QUALIFIED DOMESTIC RELATIONS ORDERS
PLAN AMENDMENT OR TERMINATION
SPECIAL TAX TREATMENT OF DISTRIBUTIONS
STATEMENT OF ERISA RIGHTS
PENSION BENEFIT GUARANTY CORPORATION
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INTRODUCTION TO YOUR PLAN
Your Employer has instituted this Plan to reward efforts made by Employees who
contribute to the overall success of the Company. The Plan is exclusively for
the benefit of Participants and their Beneficiaries. The purpose of the Plan is
to help you build financial security for your retirement and to help protect you
and your Beneficiaries in the event of your death or Disability.
This Plan is commonly known as a 401(k) plan. It offers you a built in savings
system through pre-tax payroll deductions. It also offers attractive tax
advantages, the freedom to choose investments according to your needs, the
flexibility to change your investments as your needs change, and a way to build
capital for a secure retirement.
Under the terms of this Plan, you may choose to defer a portion of your current
salary, which your Employer then contributes to the plan on a pre-tax basis.
Contributions are not subject to Federal income tax, and in most cases are also
exempt from state or local income taxes. Since your contributions are not
included in your compensation for Federal income tax purposes, your taxable
income is reduced.
The laws governing plans like this one contain many provisions that may affect
your retirement. You should contact your Plan Administrator with any questions
about the Plan before you make any decisions related to your retirement. For
specific tax advice, you should contact your tax advisor.
This Summary Plan Description (SPD) summarizes the key features of your Plan,
and your rights, obligations and benefits under the Plan. Some of the
statements made in this SPD are dependent upon this Plan being "qualified", or
approved by the Internal Revenue Service. Please contact your Plan
Administrator with any questions you may have after you have read this summary.
Every effort has been made to make this description as accurate as possible.
However, this booklet is not a Plan document. This SPD is not meant to
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interpret, extend, or change the provisions of the Plan in any way. The terms
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of the Plan are stated in and will be governed in every respect by the Plan
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document. Your right to any benefit depends on the actual facts and the terms
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and conditions of the Plan document, and no rights accrue by reason of any
statement in this summary. A copy of the Plan document is available at the
principal office of your Employer for inspection by you, your Beneficiaries, or
your legal representatives at any reasonable time.
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GENERAL INFORMATION ABOUT YOUR PLAN
There is certain general information you may need to know about the Plan. This
section summarizes that information for you:
EMPLOYER/PLAN SPONSOR PLAN TRUSTEE(S)
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Apex Silver Mines Corporation Gregory G. Marlier
1700 Lincoln Street Suite 3050 1700 Lincoln Street Suite 3050
Denver, CO 80203-4530 Denver, CO 80203-4530
(303) 839-5060
PLAN ADMINISTRATOR
EMPLOYER'S TAX I. D. NUMBER: ------------------
84-1363747
Apex Silver Mines Corporation
PLAN INFORMATION 1700 Lincoln Street Suite 3050
- ---------------- Denver, CO 80203-4530
(303) 839-5060
PLAN NAME: Apex Silver Mines
Corporation 401(k) Plan TAX YEAR: January 1st through
December 31st.
PLAN NUMBER: 001 PLAN YEAR: January 1st through
December 31st.
PLAN EFFECTIVE DATE: January 1, 1997
All Plan Records will be kept on the
basis of the Plan Year.
The Plan Administrator keeps the records for the Plan, and is responsible for
the interpretation and administration of the Plan. The Plan Administrator may
engage the services of a third party record keeper to perform the administrative
functions of the Plan, however, any questions you have about the Plan should be
directed, in writing, to the Plan Administrator. THE PLAN ADMINISTRATOR AND THE
TRUSTEES ARE DESIGNATED AS THE AGENTS FOR SERVICE OF LEGAL PROCESS.
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ELIGIBILITY AND PARTICIPATION
All Employees of the Employer are eligible to participate in this Plan.
If you were employed on or before 06/01/97, you will be a Participant as of that
date If you were employed after 06/01/97, you will be eligible to Participate
after you have attained age twenty-one (21) and completing one-half of a (1/2)
Year of Service.
Since the service requirement is less than one year, you are not required to
complete a specific number of Hours of Service during the service period.
Instead, your service will be measured by the length of time you are employed.
You will become eligible to participate in the Plan on your 6 month anniversary
of your Date of Hire. For example: If your Date of Hire is April 1st, you will
become eligible to participate in the Plan on October 1st.
You will become a Participant in the Plan on the Entry Date coincident with or
next following the date you meet the participation requirements.
The Entry Dates for this Plan are January 1, April 1, July 1, and October 1.
To begin payroll deductions, you must complete an Enrollment Form and submit it
to the Plan Administrator.
If you do not meet the eligibility requirements, you will not be eligible to
participate in this Plan.
YOUR CONTRIBUTIONS TO THE PLAN
Your Contributions to your Plan are based on your Compensation. Compensation
means the total salary or wages paid to you by your Employer during the Plan
Year, including bonuses, commissions and overtime. For purposes of your Salary
Deferral Contributions, you may defer only current Compensation. The total
Compensation that can be considered for contribution purposes for 1997 is
$160,000. This limit is adjusted periodically by the IRS.
SALARY DEFERRAL CONTRIBUTIONS
You may elect to defer any percentage of your current Compensation into the
Plan, subject to a maximum of 15% or $9,500, whichever is least. This
limitation is an aggregate limit that applies to all deferrals you make to this
Plan and to any other salary deferral plan, including tax sheltered annuity
contracts, simplified employee pension plans, or other 401(k) plans. The $9,500
limit for 1997 is subject to possible cost of living adjustments each year by
the IRS.
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You may increase or decrease your Salary Deferral Contribution Percentage at
quarterly intervals throughout the Plan Year. You may suspend your Salary
Deferral Contributions at any time upon written notice to your Plan
Administrator. Your instructions to cease Salary Deferrals will be implemented
as of the first payroll period following the date you notified your Plan
Administrator. To resume your Salary Deferral Contributions, you must provide
written notice to your Plan Administrator, and wait until the next quarterly
interval.
Investment of Contributions
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As a Participant in this Plan, you direct the investment of your Salary Deferral
Contributions, Employer Profit Sharing Contributions, and Employer Matching
Contributions. Your Plan provides a menu of investment options from which you
may select your investments. You may modify your investment elections, transfer
existing account balances, and obtain information regarding your investments on
a daily basis, through the Interactive Voice Response System.
You should be aware that your investment decisions will ultimately affect the
retirement benefits to which you will become entitled. Your Employer and the
Plan Trustee(s) cannot provide you with investment advice, nor are they
obligated to reimburse any participant for any investment loss that may occur as
a result of his or her investment decisions. There is no guarantee that any of
the investment options available in this Plan will retain their value or
appreciate.
YOUR EMPLOYER'S CONTRIBUTIONS TO THE PLAN
Your Employer's Contributions to your Plan are based on your Compensation.
Compensation means the total salary or wages paid to you by your Employer during
the Plan Year, including bonuses, commissions and overtime. For the first year
you participate in the Plan, only Compensation earned after your Entry Date will
be used to determine your share of your Employer's Contribution. The total
Compensation that can be considered for contribution purposes for 1997 is
$160,000. This limit is adjusted periodically by the IRS.
401(K) MATCHING CONTRIBUTIONS
Your Employer will make a contribution to the Plan, known as a 401(k) Matching
Contribution, on behalf of those Participants who have made Salary Deferral
Contributions. Only those Participants who have made Salary Deferral
Contributions will receive a 401(k) Matching Contribution. Your Employer's
401(k) Matching Contribution will be an amount to equal 50% of the first 6% of
your Compensation contributed as a Salary Deferral.
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PROFIT SHARING CONTRIBUTIONS
Your Employer may make a contribution to the Plan for you and other
Participants. The amount of this contribution, if any, will be determined by
your Employer.
Your share of your Employer's Profit Sharing Contribution will be allocated to
your account based on the ratio that your Compensation bears to the total
Compensation of all Participants eligible for a share of this Contribution.
Eligibility for Employer Profit Sharing Contributions
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To receive a share of your Employer's Profit Sharing Contribution, you must
complete 1,000 Hours of Service during the Plan Year, and be employed on the
last day of the Plan Year.
In addition, any Participant who died, retired or became Disabled during the
Plan Year will receive an Employer Profit Sharing Contribution, if any, for the
Plan Year.
BENEFITS UNDER YOUR PLAN
Benefits Upon Termination of Employment
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If you terminate Employment for reasons other than death, Disability or
retirement, you will be entitled to receive only that portion of your benefit in
which you are vested.
Vesting means that for each Year of Service you complete, you become entitled to
all or a portion of your Employer Contributions Account. For purposes of
determining your vested account balance, all of your Years of Service, beginning
on your date of hire, will be counted.
You will have completed a Year of Service for vesting purposes on each
anniversary of your Date of Hire with your Employer.
You will be vested according to the following schedule:
YEARS OF SERVICE VESTED PERCENTAGE
1 50%
2 100%
YOU ARE ALWAYS 100% VESTED IN YOUR SALARY DEFERRAL CONTRIBUTIONS.
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Forfeitures
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If you terminate service prior to being fully vested in your Employer
Contributions Account, you forfeit the amount in which you are not vested.
Forfeitures on Matching 401(k) Contributions will be used to reduce future
Employer Contributions to the Plan. Forfeitures on Profit Sharing Contributions
will be reallocated among remaining Participants.
If you terminate service prior to accruing any vested interest in your Employer
Contributions Account, your unvested account balance will be forfeited
immediately.
Retirement Benefits
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You will be 100% vested in your Employer Contributions Account upon attaining
your Normal Retirement Age, which is age sixty-five (65).
Your Retirement Date is the first day of the month following attainment of
Normal Retirement Age. Benefit payments will begin as soon as feasible after
your Retirement Date.
Disability Retirement Benefits
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You will be considered to be disabled if your injury or medical condition causes
you to be unable to perform your usual and customary duties for your Employer
for a continuous period of at least twelve months. If it is determined that you
are disabled, you will be treated as though you have retired. You will become
100% vested in your Employer Contributions Account, and benefit payments will
begin as soon as feasible after your Disability Retirement Date.
Death Benefits
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Your Employer Contributions Account becomes 100% vested upon your death. Your
Beneficiary will be entitled to receive the vested benefit.
If you are married at the time of your death, your spouse is your Beneficiary
unless:
. You elect otherwise in writing (with the consent of your spouse),
. Your spouse cannot be located,
. Your spouse has validly waived any right to the death benefit.
If you want to designate a Beneficiary other than your spouse, (an "alternate
Beneficiary") you must do so on a form provided by the Plan Administrator. You
may revoke or change this designation at any time by filing written notice with
the Plan Administrator, however, your spouse must consent, in writing, to any
alternate Beneficiary. Your spouse's consent must be witnessed by a Notary
Public or Plan official.
It is important that you notify the Plan Administrator of any change in your
marital status or change in your Beneficiary Designation.
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If death occurs before Retirement Benefits begin, your Beneficiary may choose to
defer payment, or to receive payment based on the following general guidelines:
. Payment may be made in the form of a life annuity for Participants who
transferred money from a prior plan where this option was available,
. Payment may be made in installments payable in cash or kind, or part in
cash and part in kind over a period not to exceed your lifetime, or the
joint lifetime of you and your spouse,
. The entire sum may be distributed no later than the last day of the year
of the fifth anniversary of your death,
. If your Beneficiary is your spouse, payment may be postponed until
December 31st of the calendar year in which you would have attained age
65.
If you fail to designate an alternate Beneficiary, or your alternate Beneficiary
does not survive you, the benefit payable from this Plan as a result of your
death will be payable to your Surviving Spouse, or if you have no Surviving
Spouse, the death benefit will be paid to your estate.
Forms of Benefit
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The normal form of benefit payable under this Plan is a lump sum. If the amount
payable to you is $3,500 or less, you will receive a lump sum distribution as
soon as feasible following the date you terminated employment, and no optional
form of benefit will be available to you. If the amount payable to you is
greater than $3,500, you (and your spouse, if applicable) must give written
consent before the distribution can be made.
A second form of benefit is installments payable in cash or kind, or part in
cash and part in kind over a period not to exceed your lifetime, or the joint
lifetime of you and your spouse.
A third possible form of benefit which may be available to certain Participants*
is annuity contracts payable as:
. A single life annuity.
. A joint and 50% survivor annuity with a contingent annuitant.
. A joint and 100% survivor annuity with a contingent annuitant.
. An annuity for the life of the Participant with 120 months certain.
*Annuities are only available to Participants who transferred money from a prior
plan where this option was available.
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SPECIAL DISTRIBUTION EVENTS
Although your Plan is designed as a way for you to build savings for the future,
it also allows you access to your accounts under certain circumstances:
In-Service Distributions: As an active Participant in the Plan, you may, upon
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attaining age 59 1/2, submit a written application to the Plan Administrator to
withdraw all or a portion of your vested account balance.
Hardship Withdrawals: As an active Participant in the Plan, you may submit a
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written application to the Plan Administrator for a hardship withdrawal, if you
are experiencing an immediate and heavy financial need.
Generally, to qualify as a reason for a hardship distribution, the request must
be made for one of the following reasons:
. to cover medical expenses incurred by you, your spouse or your
dependents;
. for the purchase of a principal residence (excluding mortgage payments);
. for the payment of post-secondary education tuition expenses;
. for the payment of amounts necessary to prevent eviction from or
foreclosure on your principal residence.
You will be eligible for a hardship withdrawal only after all other forms of
financial assistance have been explored and exhausted, including Plan loans.
If you take a hardship withdrawal, your Salary Deferral Contributions must be
suspended for a period of twelve months following the date of the withdrawal.
Tax Consequences of Taking Distributions While Still Actively Employed
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Any distribution of your account balance will reduce the value of benefits you
will receive at retirement. Distribution or withdrawal of your pre-tax
contributions or earnings on your pre-tax contributions may be subject to
ordinary income taxes or early distribution penalties. Please consult your tax
advisor prior to taking any distribution or withdrawal.
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LOANS
As an active Participant in the Plan, you may request a loan from the Plan. The
loan amount is available by calling the 800#. Once you request a loan, your
Employer is required to approve the loan. After approval, you will receive a
check with an attached promissory note. By endorsing the check, you agree to
the terms and repayment conditions in the Promissory note.
A loan allows you to borrow money from your account without incurring a
distribution penalty. You must repay the loan with interest on an after tax
basis, through payroll deduction. Loans are subject to certain requirements.
Among these are the following:
. Loans are available to all participants in the Plan on a uniform and
nondiscriminatory basis.
. Loans must bear a reasonable rate of interest. A reasonable rate of
interest is the prevailing commercial rate for loans of similar types.
. The loan must be adequately secured.
. Loans can be granted after approval from your Employer.
Loan Limitations
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You may borrow the lesser of 50% of your vested account balance or $50,000. The
amount available to you for borrowing will be reduced by the amount of your
highest outstanding loan balance during the previous one year period. The
available loan balance may be obtained by calling your 800#.
Loan Repayments
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Repayment of a loan is required within a five year period, except for the
purchase of a primary residence.
Tax Consequences of Plan Loans
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If you fail to make loan repayments when they are due, you may be considered to
have defaulted on the loan. Defaulting on a loan may be considered a
distribution to you from the Plan, resulting in taxable income to you and may
ultimately reduce your benefit from the Plan.
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YOUR PLAN'S TOP HEAVY RULES
A plan that primarily benefits "key employees" is called a "top-heavy" plan.
Key Employees are certain owners or officers of your Employer. Your Plan will
become top-heavy when more than 60% of the Plan's assets have been allocated to
key employees. Each year, the Plan Administrator is responsible for determining
whether your Plan is a top-heavy plan.
If your Plan becomes top heavy, non-key employees may be entitled to certain
top-heavy minimum benefits, and other special rules may apply. Among these top-
heavy rules are the following:
. Each non-key employee may receive a minimum contribution from the
Employer. The minimum contribution will be at least as much as the
lesser of:
. three percent (3%) of Compensation; or
. the largest percentage of Compensation contributed by the Employer
on behalf of key employees.
. If you are a Participant in more than one Plan maintained by your
Employer, you may not be entitled to minimum benefits in more than one
plan.
. The Vesting Schedule outlined earlier in this booklet will apply.
ROLLOVERS AND TRANSFERS
You may be able to rollover or transfer to this Plan a distribution you received
from your previous employer's plan, subject to the following:
. You must submit a written request to your Plan Administrator, who will
determine whether the rollover or transfer is acceptable;
. You may make such a contribution to this Plan prior to being eligible for
the Plan;
. Any amount rolled over or transferred to this Plan cannot include personal
IRA contributions;
. Prior to making a rollover or transfer, you should consult with your tax
advisor.
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PERIOD OF SEVERANCE RULES
Under the elapsed time method, your Period of Service runs from the date you
first perform an Hour of Service for your Employer until the severance from
service date. A Period of Severance begins on the earlier of:
. The date you quit, retire, are discharged, or die.
OR
. The first anniversary of the first date of a period in which you remain
absent from service with your Employer (with or without pay) for any reason
other than quitting, retirement, discharge, or death. These reasons include
vacation, holiday, sickness, disability, leave of absence, or layoff. A leave
of absence includes maternity or paternity leave.
For example, if you went on maternity leave on October 1, 1995, you would not be
considered to have severed service with your Employer if you returned to work
and performed an Hour of Service before October 1, 1996. If you did not return
to work on or before October 1, 1996, you would incur a Period of Severance.
Reemployment After a Period of Severance
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If you are reemployed after you incur a Period of Severance and you were vested
when you terminated employment, upon your reemployment, you will be immediately
eligible for the Plan, and you will be vested at the same percentage as when you
left.
If you are reemployed after you incur a Period of Severance and you were not
vested when you terminated employment, you will lose credit for service you
completed prior to your termination if your absence is longer than five years.
If you are reemployed after you incur a Period of Severance, and you received a
full or partial distribution, you may repay the amount distributed to you to the
Plan. If you make such a repayment, your account balance will be restored to
its original amount as though you had never left.
If you terminate service prior to becoming a Participant in the Plan, you will
be treated as a new employee upon your reemployment. To participate, you must
meet the Eligibility Requirements.
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QUALIFIED DOMESTIC RELATIONS ORDERS
As a general rule, your account balance, including your vested portion, may not
be assigned. This means that your accounts cannot be sold, used as collateral
for a loan, given away, or otherwise transferred. In addition, your creditors
may not attach, garnish or otherwise interfere with your account.
An exception to this general rule is a "Qualified Domestic Relations Order" or
QDRO. A QDRO is a domestic relations order that creates, recognizes, or assigns
to an alternate payee the right to receive all or a portion of your benefits in
the Plan. An "alternate payee" may be a spouse, former spouse, child or other
dependent.
If a QDRO in which you are involved is received by your Plan Administrator, all
or a portion of your benefits may be used to satisfy the obligation. Your Plan
Administrator will determine if the order is a QDRO based on uniform and
nondiscriminatory policies.
PLAN AMENDMENT OR TERMINATION
Your Employer reserves the right to amend the Plan at any time. However, no
amendment can deprive you of any vested benefits.
Although your Employer expects to continue this Plan permanently, it reserves
the right to terminate the Plan. If the Plan is terminated, you will be 100%
vested in your total account balance under the Plan.
In general, funds that have been paid to the Plan by your Employer may not,
under any circumstance, revert to your Employer.
SPECIAL TAX TREATMENT OF DISTRIBUTIONS
This section of your Summary Plan Description contains important information you
will need before you decide how to receive your benefits from the Plan upon
termination or retirement. You should consult your tax advisor prior to taking
any distribution from the Plan.
A payment from the Plan that is an "eligible rollover distribution" can be taken
in two ways. You can have all or a portion of your payment either: 1) Paid in a
"DIRECT ROLLOVER" or 2) PAID TO YOU. This choice will affect the tax you owe.
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An "eligible rollover distribution" is the taxable portion of a payment except a
payment that is part of a series of equal (or almost equal) payments that are
made at least once a year and will last for:
. your lifetime (or your life expectancy), or
. your lifetime and your beneficiary's lifetime (or life expectancies), or
. a period of ten years or more.
PLEASE NOTE: The portion of any payments made to you after you reach age 70 1/2
to meet your required minimum payments may not be rolled over.
If you choose a DIRECT ROLLOVER:
. Your payment will be made directly to your IRA, or if you choose, to your
new employer's retirement plan, provided it accepts rollovers.
. Your payment will not be taxed in the current year, and no income tax will
be withheld.
. Your payment will be taxed later when you take it out of the IRA or
employer plan.
If you choose to have your eligible rollover distribution PAID TO YOU:
. Your Plan Administrator is required to withhold 20% of the eligible
rollover distribution and send it to the IRS as income tax withholding to
be credited against your taxes.
. Your payment will be taxed in the current year unless you roll it over. You
may be able to use special tax rules that could reduce the tax you owe.
However, if you receive the payment before age 59 1/2, you may also have to
pay an additional 10% tax.
. After you have received the distribution, if you want to roll over 100% of
the payment to an IRA or to your new employer's plan, YOU MUST FIND OTHER
MONEY TO REPLACE THE MONEY THAT WAS WITHHELD. If you roll over only the 80%
that you received, you will be taxed on the 20% that was withheld and that
is not rolled over.
STATEMENT OF ERISA RIGHTS
Participant Rights
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As a Participant in the Plan, you are entitled to certain rights and protection
under the Employee Retirement Income Security Act of 1974 (ERISA). Your
Employer may not fire you or discriminate against you to prevent you from
obtaining a benefit from the Plan or exercising your rights under ERISA.
ERISA provides that all Plan Participants shall be entitled to:
. Examine, without charge, at your Plan Administrator's office, all Plan
documents, insurance contracts, if any, and copies of all documents filed
by your Plan with the U. S. Department of Labor, such as annual reports and
Plan descriptions.
. Obtain copies of all Plan documents and other Plan information upon written
request to your Plan Administrator. Your Plan Administrator may impose a
reasonable charge for the copies.
. Receive a summary of the Plan's annual financial report. Your Plan
Administrator is required by law to provide each Participant with a copy of
the Plan's Summary Annual Report.
. Obtain an annual statement telling you whether you have a right to receive
a benefit under the Plan, and if so, what your benefits would be if you
stop working for your Employer now. If you do not have a right to a benefit
under the Plan, the statement must tell you how many years you have to work
to get a benefit under the Plan. The Plan may require a written request
for this statement, but it must be provided free of charge.
. File suit in Federal court if any materials requested are not received
within 30 days of your request unless the materials were not sent because
of matters beyond the control of your Plan Administrator. The court may
require your Plan Administrator to pay you up to $100 per day for each
day's delay until the materials are received by you.
In addition to creating rights for Plan participants, ERISA imposes obligations
upon the persons who are responsible for the operation of the Plan. These
persons are referred to as "fiduciaries". Fiduciaries must act solely in the
interest of plan participants and must exercise prudence in the performance of
their plan duties. Fiduciaries who do not comply with ERISA may be removed and
required to make good any losses they have caused the Plan.
If Plan fiduciaries are misusing the Plan's assets, as a Participant in the
Plan, you have the right to file suit in a Federal court or to request
assistance from the U. S. Department of Labor. If you are successful in your
lawsuit, the court may require the other party to pay your legal costs,
including attorney's fees. If you are unsuccessful in your lawsuit, or the
court finds your action frivolous, the court may order you to pay these costs
and fees.
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Claims Procedures
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If your Employer denies your claim for benefits under the Plan, you must be
given written notice within 90 days after the claim was filed with your Employer
or its representatives (or 180 days if special circumstances exist). Any notice
of denial must include the following information:
. The specific reason or reasons for the denial;
. The specific plan provisions on which the denial is based;
. An explanation of what additional material or information is necessary
for you to correct your claim if it is incomplete, along with an
explanation of why that information is needed; and
. An explanation of the Plan's claims review procedure.
Following receipt of such denial, you or your authorized representatives may:
. Request a review of the denial by filing a written application for review
with your Employer within 60 days of receipt of the denial;
. Review documents pertinent to your claim at such reasonable time and
location as can be mutually agreed upon by all parties involved in the
dispute; and
. Submit issues and comments in writing to your Employer relating to its
review of your claim.
After consideration of your request for review, your Employer will make a
decision and provide you with written notice of the decision within 60 days of
receiving your request for review. The notice to you must include the specific
reasons for the decision and specific references to the provisions of the Plan
on which the decision is based. If your claim is denied or ignored in whole or
in part, you may file suit in Federal court.
If you have any questions about this statement or your rights under ERISA, you
should contact your Plan Administrator or the nearest district office of the U.
S. Department of Labor, specifically, the Labor-Management Service
Administration.
PENSION BENEFIT GUARANTY CORPORATION
The type of Plan your Employer has adopted is a defined contribution plan. As a
rule, the benefits provided by this Plan are not subject to or insured by the
Pension Benefit Guaranty Corporation (PBGC). Under Title IV of ERISA, the
insurance provisions of the PBGC do not apply to this Plan.
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