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EXHIBIT 5.2
INTERNAL REVENUE SERVICE
DETERMINATION LETTER
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INTERNAL REVENUE SERVICE DEPARTMENT OF TREASURY
District Director
P.O. Box 2508
CINCINNATI, OH 45201
Date: December 19, 1997 Employer Identification Number:
39-1839395
FIRST NATIONAL BANK IN MANITOWOC DLN:
402 N 8TH STREET 17007265352007
MANITOWOC, WI 54220 Person to Contact:
CINDY PERRY
Contact Telephone Number:
(513) 241-5199
Plan Name:
PROFIT SHARING 401K PLAN
Plan Number: 002
Dear Applicant:
We have made a favorable determination on your plan, identified above,
based on the information supplied. Please keep this letter in your permanent
records.
Continued qualification of the plan under its present form will depend
on its effect in operation. (See section 1.401-1(b)(3) of the Income Tax
Regulations.) We will review the status of the plan in operation periodically.
The enclosed document explains the significance of this favorable
determination letter, points out some events that may affect the qualified
status of your employee retirement plan, and provides information on the
reporting requirements for your plan. It also describes some events that
automatically nullify it. It is very important that you read the publication.
This letter relates only to the status of your plan under the Internal
Revenue Code. It is not a determination regarding the effect of other federal or
local statutes.
This determination letter is applicable for the amendment(s) adopted on
December 31, 1996.
This determination letter is also applicable for the amendment(s)
adopted on December 5, 1997.
This plan has been mandatorily disaggregated, permissively aggregated,
or restructured to satisfy the nondiscrimination requirements.
This plan satisfies the nondiscrimination in amount requirement of
section 1.401(a)(4)-1(b)(2) of the regulations on the basis of a design-based
safe harbor described in the regulations.
This plan satisfies the nondiscriminatory current availability
requirements of section 1.401(a)(4)-4(b) of the regulations with respect to
those benefits, rights and features that are currently available to all employee
in the plan's coverage group. For this purpose, the plan's coverage group
consists of those employees treated as currently benefiting for purposes of
demonstrating that the plan satisfies the minimum coverage requirements of
section 410(b) of the Code.
Except as otherwise specified this letter may not be relied upon
with respect to whether the plan satisfies
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the qualification requirements as amended by the Uruguay Round Agreements Act.
Pub. L. 103-465 and by the Small Business Job Protection Act of 1996 (SBJPA),
Pub. L. 104-108, other than the requirements of Code section 401(a)(26).
This letter considers the amendments required by the Tax Reform Act of
1986, except as otherwise specified in this letter.
If you have questions concerning this matter, please contact the person
whose name and telephone number are shown above.
Sincerely yours,
Acting District Director
Enclosures:
Publication 794
Reporting & Disclosure Guide for Employee Benefit Plans
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INTERNAL REVENUE SERVICE DEPARTMENT OF TREASURY
DISTRICT DIRECTOR
P O BOX A-3617 DPN20-6
CHICAGO, IL 60690
Date: March 12, 1993 Employer Identification Number:
39-6079818
EMJAY CORPORATION File Folder Number:
4600 NORTH PORT WASHINGTON ROAD 360056375
MILWAUKEE, WI 53212-0000 Person to Contact:
MS. G. LORBER
Contact Telephone Number:
(312) 886-4642
Plan Name:
STANDARDIZED PROFIT SHARING PLAN
Plan Number: 002
Letter Serial Number:
D7360195
Dear Applicant:
The amendment to the form of the plan identified above is acceptable
under sections 401(a) or 403(a) of the Internal Revenue Code. This letter
relates only to the amendment to the form of the plan. It is not a determination
on the acceptability of any other amendment or of the form of the plan as a
whole, or on the effect of other Federal or local statutes.
You must furnish a copy of this letter and the enclosed publication to
each employer who adopts this plan. You must also send a copy of this letter, a
copy of the approved form of the plan, and any approved amendments and related
documents to each key District Director of the Internal Revenue Service in whose
jurisdiction there are adopting employers.
The acceptability of the form of the plan is not a ruling or
determination on whether an employer's plan qualifies under Code section 401(a).
However, an employer who adopts this plan will be considered to have a plan
qualified under Code section 401(a) provided all the terms of the plan are
followed and the eligibility requirements and contribution or benefit provisions
are not more favorable for highly compensated employees than for other
employees.
Except as stated below, the key District Director will not issue a
determination letter for this plan.
This letter does not apply to the form of the plan for purposes of Code
section 401(a)(16) if: (1) an employer ever maintained another qualified plan
for one or more employees who are covered by the plan, other than a specified
paired plan within the meaning of section 4.12 of Rev. Proc. 89-13, 1989-1 C.B.
801; or (2) after December 31, 1985, the employer maintained a welfare benefit
fund described in Code section 419(e), which provides post retirement medical
benefits allocated to separate accounts for key employees as defined in Code
section 419(d)(3).
Please advise those adopting the plan to contact you if they have any
questions about the operation of the plan.
An employer that has adopted a standardized plan may not rely on this
letter with respect to: (1) whether any amendment or series of amendments is
nondiscriminatory in effect; or (2) whether the plan satisfies the
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effective availability requirement of Q & A - 2(a)(3) of section 401(a)-4 of the
regulations with respect to any benefit, right or feature; or (3) whether any
provision or amendment granting past service credit has the effect of
discriminating significantly in favor of highly compensated employees, except to
the extent the provision or amendment satisfies the safe harbor in 1.401(a)-5 of
the proposed regulations and is not part of a pattern of amendments that
discriminates in favor of highly compensated employees.
An employer that has adopted a standardized plan as an amendment to a
plan other than a standardized plan may not rely on this letter with respect to
whether a benefit, right or other feature that is prospectively eliminated
satisfies the current availability requirements of Reg. 1.401(a)-4 Q & A-2(a)
(2) (ii).
The employer may request a determination: (1) as to whether the plan,
considered with all related qualified plans and, if appropriate, welfare benefit
funds, satisfies the requirements of Code section 401(a)(16) as to limitations
on benefits and contributions in Code section 415; (2) regarding the
nondiscriminatory effect of grants of past service; and (3) with respect to
whether a prospectively eliminated benefit, right or feature satisfies the
current availability requirements.
If you have any questions on the IRS processing of this case, please
call the above telephone number. If you write, please provide your telephone
number and the most convenient time for us to call in case we need more
information. Whether you call or write, please refer to the Letter Serial Number
and File Folder Number shown in the heading of this letter.
You should keep this letter as a permanent record.
Sincerely yours,
District Director
Enclosure(s)
Publication 1488
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INTERNAL REVENUE SERVICE DEPARTMENT OF TREASURY
DISTRICT DIRECTOR
P O BOX A-3617 DPN20-6
CHICAGO, IL 60690
Date: March 12, 1993 Employer Identification Number:
39-6079818
EMJAY CORPORATION File Folder Number:
4600 NORTH PORT WASHINGTON ROAD 360056375
MILWAUKEE, WI 53212-0000 Person to Contact:
MS. G. LORBER
Contact Telephone Number:
(312) 886-4642
Plan Name:
STANDARDIZED 401 K PLAN
Plan Number: 006
Letter Serial Number:
D7360199
Dear Applicant:
The amendment to the form of the plan identified above is acceptable
under sections 401(a) or 403(a) of the Internal Revenue Code. This letter
relates only to the amendment to the form of the plan. It is not a determination
on the acceptability of any other amendment or of the form of the plan as a
whole, or on the effect of other Federal or local statutes.
You must furnish a copy of this letter and the enclosed publication to
each employer who adopts this plan. You must also send a copy of this letter, a
copy of the approved form of the plan, and any approved amendments and related
documents to each key District Director of the Internal Revenue Service in whose
jurisdiction there are adopting employers.
The acceptability of the form of the plan is not a ruling or
determination on whether an employer's plan qualifies under Code section 401(a).
However, an employer who adopts this plan will be considered to have a plan
qualified under Code section 401(a) provided all the terms of the plan are
followed and the eligibility requirements and contribution or benefit provisions
are not more favorable for highly compensated employees than for other
employees.
Except as stated below, the key District Director will not issue a
determination letter for this plan.
This letter does not apply to the form of the plan for purposes of Code
section 401(a)(16) if: (1) an employer ever maintained another qualified plan
for one or more employees who are covered by the plan, other than a specified
paired plan within the meaning of section 4.12 of Rev. Proc. 89-13, 1989-1 C.B.
801; or (2) after December 31, 1985, the employer maintained a welfare benefit
fund described in Code section 419(e), which provides post retirement medical
benefits allocated to separate accounts for key employees as defined in Code
section 419(d)(3).
Please advise those adopting the plan to contact you if they have any
questions about the operation of the plan.
An employer that has adopted a standardized plan may not rely on this
letter with respect to: (1) whether any amendment or series of amendments is
nondiscriminatory in effect; or (2) whether the plan satisfies the
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effective availability requirement of Q & A - 2(a)(3) of section 401(a)-4 of the
regulations with respect to any benefit, right or feature; or (3) whether any
provision or amendment granting past service credit has the effect of
discriminating significantly in favor of highly compensated employees, except to
the extent the provision or amendment satisfies the safe harbor in 1.401(a)-5 of
the proposed regulations and is not part of a pattern of amendments that
discriminates in favor of highly compensated employees.
An employer that has adopted a standardized plan as an amendment to a
plan other than a standardized plan may not rely on this letter with respect to
whether a benefit, right or other feature that is prospectively eliminated
satisfies the current availability requirements of Reg. 1.401(a)-4 Q & A-2(a)
(2) (ii).
The employer may request a determination: (1) as to whether the plan,
considered with all related qualified plans and, if appropriate, welfare benefit
funds, satisfies the requirements of Code section 401(a)(16) as to limitations
on benefits and contributions in Code section 415; (2) regarding the
nondiscriminatory effect of grants of past service; and (3) with respect to
whether a prospectively eliminated benefit, right or feature satisfies the
current availability requirements.
If you have any questions on the IRS processing of this case, please
call the above telephone number. If you write, please provide your telephone
number and the most convenient time for us to call in case we need more
information. Whether you call or write, please refer to the Letter Serial Number
and File Folder Number shown in the heading of this letter.
You should keep this letter as a permanent record.
Sincerely yours,
District Director
Enclosure(s)
Publication 1488