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Adoption Agreement

 

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Title:

Adoption Agreement

Entities:

Date:

2004

Size:

377KB total

Price:

$58

ID:

#1101444

 

 

► Compensation ► Adoption Agreements

 

 

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METALS USA, INC. 401(k) PLAN

BASIC PLAN DOCUMENT

AND

ADOPTION AGREEMENT
July 8, 2004


TABLE OF CONTENTS

ARTICLE I. DEFINITIONS.   8
  1.01.   Accounts   9
  1.02.   Adoption Agreement   9
  1.03.   Affiliate   9
  1.04.   Anniversary Date   9
  1.05.   Annual Additions   9
    (a)   In general   9
    (b)   Medical accounts   9
  1.06.   Authorized Absence   10
  1.07.   Annual Limitation   10
  1.08.   Beneficiary   10
  1.09.   Break-in-Service   10
    (a)   1,000 Hours of Service Method   10
    (b)   Elapsed Time Method   10
  1.09(A)   Catch-up Contributions   10
  1.10.   Code   10
  1.11.   Compensation   10
    (a)   In general   10
    (b)   415(c) Compensation   11
    (c)   414(q) Compensation   14
    (d)   414(s) Compensation   14
  1.12.   Disability   14
  1.13.   Discretionary Contributions   14
  1.14.   Early Retirement Age   14
  1.15.   Earned Income   14
  1.16.   Effective Date   14
  1.17.   Eligible Employee   15
  1.18.   Employee   15
  1.19.   Employer   15
  1.20.   Employer Account   15
  1.21.   Entry Date   15
  1.22.   ERISA   15
  1.23.   Family Member   15
  1.24.   Fiduciary   15
  1.25.   Five Percent Owner   15
  1.26.   Forfeiture   16
  1.27.   414(q) Compensation   16
  1.28.   414(s) Compensation   16
  1.29.   415(c) Compensation   16
  1.30.   Highly Compensated Employee   16
  1.31.   Highly Compensated Former Employee   17
  1.32.   Highly Compensated Participant   17
  1.33.   Hour of Service   17
    (a)   In general   17
    (b)   If no duties are performed   18
    (c)   Back pay   18
    (d)   Employment with Affiliates   18
    (e)   Special rules for determining a Break-in-Service   18
    (f)   Active military duty   18
    (g)   Equivalency methods   18
  1.34.   Investment Manager   19
  1.35.   Key Employee   19
  1.36.   Leased Employee   19
             

1

  1.37.   Limitation Year   20
  1.38.   Matching Contributions   20
  1.39.   Maximum Permissible Amount   20
  1.40.   Net Profits   20
  1.41.   Nondeductible Employee Account   20
  1.42.   Nondeductible Employee Contribution   20
  1.43.   Nonhighly Compensated Participant   20
  1.44.   Non-Key Employee   21
  1.45.   Normal Retirement Age   21
  1.46.   Owner-Employee   21
  1.47.   Participant   21
    (a)   Active Participant   21
    (b)   Inactive Participant   21
    (c)   Former Participant   21
  1.48.   Plan   21
  1.49.   Plan Year   21
  1.50.   Predecessor Employee Account   21
  1.51.   Predecessor Employer Account   21
  1.52.   Protected Benefit(s)   21
    (a)   Accrued benefit of any Participant   21
    (b)   Early retirement benefits   22
    (c)   Optional form of benefit   22
  1.53.   Qualified Domestic Relations Order   22
  1.54.   Qualified Nonelective Contributions   22
  1.55.   Qualified Matching Contributions   22
  1.56.   Rollover Account   22
  1.57.   Rollover Contribution   22
  1.58.   Salary Deferral Account   23
  1.59.   Salary Deferral Election   23
  1.60.   Self-employed Individual   23
  1.61.   Separation from Service   23
  1.62.   Service   23
  1.62(a)   Severance from Employment   23
  1.63.   Shareholder-employee   24
  1.64.   Spouse or Surviving Spouse   24
  1.65.   Top Paid Group   24
  1.66.   Total Balance   25
  1.67.   Trustee   25
  1.68.   Trust Fund   25
  1.69.   Valuation Date   25
  1.70.   Vested Balance   25
  1.71.   Year of Service   25
    (a)   1,000 Hours of Service Method   25
    (b)   Elapsed Time Method   25
ARTICLE II. ELIGIBILITY AND PARTICIPATION   26
  2.01.   Eligibility   26
  2.02.   Eligibility Computation Periods   26
  2.03.   Years of Service   26
  2.04.   Commencement and Termination of Participation   26
    (a)   Application for Participation   26
    (b)   Effective Date of Participation   26
    (c)   Determination of Eligibility   26
    (d)   Forms for Participation   27
    (e)   Reemployment   27
    (f)   Termination of Eligibility   27
    (g)   Inclusion of an Ineligible Employee   27
             

2

    (h)   Omission of an Eligible Employee   27
  2.05.   Acquisitions   28
    (a)   In general   28
    (b)   Entry Date   28
    (c)   Eligibility Requirements   28
  2.06.   Employees Excluded From Participation   28
ARTICLE III. CONTRIBUTIONS   28
  3.01.   Discretionary Contributions   28
    (a)   In general   28
    (b)   Contribution date   29
    (c)   Miscellaneous rules   29
  3.02.   Salary Deferral Election   29
  3.03.   Salary Deferral Agreement   29
    (a)   In general   29
    (b)   Governing rules   30
    (c)   Time of Payment of Salary Deferral Contributions   30
  3.04.   Salary Deferral Agreement Limitations   30
    (a)   Employer's right to amend the Salary Deferral Agreement   30
      (b)   Determining taxable income   30
  3.05.   Actual Deferral Percentage Test   31
    (a)   In general   31
    (b)   Definition of Actual Deferral Percentage   31
    (c)   Prior Year Testing or Current Year Testing Data   31
    (d)   Actual Deferral Percentage Test Safe Harbor Contributions   32
    (e)   Two or more cash or deferred plans   32
    (f)   Special rule for Highly Compensated Participants   33
  3.05A.   Correction of Excess Contributions   33
    (a)   Determining Excess Contributions   33
    (b)   Applying Excess Contributions to Highly Compensated Participants   33
    (c)   Date when Excess Contributions are to be distributed   34
    (d)   Income allocable to Excess Contributions   34
    (e)   Spousal consent not required   34
    (f)   Coordination with Excess Deferrals   34
  3.06.   Individual Limitation on Salary Deferral Contributions   34
    (a)   Elective Deferrals or Salary Deferrals   34
    (b)   Excess Deferrals or Excess Salary Deferrals   35
    (c)   Date when Excess Deferrals are to be distributed   35
    (d)   Designation of Excess Deferrals   35
    (e)   Income   35
    (f)   Lag period income   36
    (g)   Coordination with Excess Contributions   36
    (h)   Notification by Employee   36
  3.07.   Matching Contributions   36
  3.08.   Nondeductible Employee Contributions   36
    (a)   In general   36
    (b)   Recharacterization of Excess Contributions   36
  3.09.   Actual Contribution Percentage Test   37
    (a)   In general   37
    (b)   Nondiscrimination Safe Harbor   37
    (c)   Corrections of Excess Aggregate Contributions   38
    (d)   Distribution of Excess Aggregate Contributions   38
    (e)   Income allocable to Excess Aggregate Contributions   39
    (f)   Coordination with other corrections   39
  3.10.   Limitation of Multiple Use of Alternate Limit   39
    (a)   In general   39
    (b)   Aggregate Limit   39
             

3

  3.11.   Qualified Nonelective and Matching Contributions   40
    (a)   Allocation of Qualified Nonelective Contributions   40
    (b)   Actual Deferral Percentage Test   40
    (c)   Actual Contribution Percentage Test   40
    (d)   Restrictions   41
    (e)   Return of Excess Contributions   41
    (f)   Employer Election.   41
  3.12.   Rollover Contributions and Plan-to-Plan Transfers   41
    (a)   Rollovers   41
    (b)   Plan-to-Plan Transfers   41
    (c)   Rollover or Plan-to-Plan Transfer from Employer ESOP   41
  3.13.   Return of Contributions   42
  3.14.   Owner-Employee Provisions   42
  3.15.   Other Nondiscrimination Requirements   42
  3.16.   Qualified Military Service   42
  3.17.   Catch-up Contributions   42
ARTICLE IV. PARTICIPANT ACCOUNTS AND ALLOCATIONS   43
  4.01.   Establishment of Accounts   43
    (a)   Employer Matching Account   43
    (b)   Employer Discretionary Account   43
    (c)   Nondeductible Employee Account   43
    (d)   Unrelated Rollover Account   43
    (e)   Related Rollover Account   43
    (f)   Plan-to-Plan Transfer Account   43
    (g)   Salary Deferral Account   43
    (h)   Qualified Matching Contribution Account   43
    (i)   Qualified Nonelective Contribution Account   43
    (j)   Forfeiture Account   43
    (k)   Predecessor Employee Account   43
    (l)   Predecessor Employer Account   43
    (m)   Employer Account   43
    (n)   Rollover Account   43
  4.02.   Accounting Procedure for Allocations   44
    (a)   In general   44
    (b).   Securities   44
    (c)   Insurance Contracts   44
  4.03.   Allocation of Participant Contributions   44
    (a)   Nondeductible Employee Contributions   44
    (b)   Rollover Contributions   44
    (c)   Plan-to-Plan Transfers   44
  4.04.   Allocation of Net Income or Net Loss   44
  4.05.   Ascertainment of Net Income and Net Loss   45
  4.06.   Allocation of Employer Contributions and Forfeitures   45
    (a)   Discretionary Contributions: Allocation in Proportion to Compensation   45
    (b)   Discretionary Contributions: Integrated Allocation   45
    (c)   Discretionary Contributions: Allocation Based on Cross-Testing   46
    (d)   Salary Deferral Contributions   47
    (e)   Matching Contributions   47
    (f)   Forfeitures   47
    (g)   Additional Allocations   48
ARTICLE V. LIMITATIONS ON ALLOCATIONS   49
  5.01.   Participants Covered by this Plan Only   49
    (a)   In general   49
    (b)   Calculation of Maximum Permissible Amount   49
  5.02.   More than One Plan   49
    (a)   Two or more defined contribution plans   49
             

4

    (b)   Defined benefit plans   50
    (c)   Defined benefit plan fraction   50
    (d)   Defined contribution plan fraction   51
    (e)   Top-heavy rule   52
    (f)   Limiting Annual Additions   52
    (g)   Other limitations   52
    (h)   Rules shall comply with Code section 415   52
  5.03.   Adjustment for Excess Annual Additions   52
    (a)   Definition of Excess Amount   52
    (b)   Correction of Errors   52
    (c)   Definition of Annual Additions Suspense Account   53
    (d)   Plan may not distribute Excess Amounts   53
    (e)   Controlled group rules   53
ARTICLE VI. VESTING   54
  6.01.   Employer Account Vesting Schedule   54
  6.02.   Vesting Computation Method   54
    (a)   In general   54
    (b)   Change In Computation Period   54
  6.03.   Years of Service   54
  6.04.   Amendment of Vesting Schedule   54
    (a)   In general   54
    (b)   Election Period   55
  6.05.   Other Accounts Fully Vested   55
ARTICLE VII. BENEFITS AND DISTRIBUTIONS   55
  7.01.   Application of Provisions   55
  7.02.   Normal Retirement Benefits   55
  7.03.   Termination Benefit Prior to Normal Retirement   55
    (a)   General Rule   55
    (b)   Miscellaneous provisions   55
  7.04.   Disability Benefits   57
    (a)   In general   57
    (b)   Determination of Disability   57
  7.05.   Death Benefits   57
    (a)   Full Vesting   57
    (b)   Payable to Beneficiary   57
    (c)   Death after distribution of balance   57
    (d)   Death before distribution of balance   57
    (e)   Calculation of payments   58
    (f)   Payment to a child of the Participant   58
    (g)   Miscellaneous   58
  7.06.   Certification of Separation from Service   58
  7.07.   Commencement of Benefits   58
    (a)   In general   58
    (b)   Required minimum distributions   59
    (c)   Provisions take precedence   59
    (d)   Distribution commencement date   59
    (e)   Other rules   59
    (f)   Distributions Prior to 30 Day Period   60
  7.08.   Settlement Options   60
    (a)   In general   60
    (b)   Plan Administrator Options   61
    (c)   Frequency of payments   61
  7.09.   Transitional Rules   61
    (a)   In general   61
    (b)   Distribution upon death   61
    (c)   Method of distribution   61
             

5

    (d)   Method of distribution must satisfy Code section 401(a)(9)   61
  7.10.   Presumption of Mental Competency   62
  7.11.   Financial Hardship Withdrawals   62
    (a)   In general   62
    (b)   Deemed Financial Hardships   62
    (c)   Other Financial Hardships   62
    (d)   Other available resources   63
    (e)   Withdrawal deemed necessary to satisfy financial need   64
    (f)   Limitation on Amount Withdrawn   64
  7.12.   Attainment of Age 591/2   64
  7.13.   Other Withdrawals   64
    (a)(1)   Nondeductible Employee Account   64
    (a)(2)   Rollover Account   64
    (b)   Restrictions on Certain Contributions   64
    (c)   Matching and Discretionary Accounts   65
  7.14.   Denial of a Request for Benefits   65
    (a)   Content of a denial   65
    (b)   Review procedure   66
    (c)   Review procedure for disability claims   67
    (d)   Content of a denial upon review   67
  7.15.   Disputed Benefits   68
  7.16.   Disputed Claims   68
  7.17.   Qualified Domestic Relations Orders   68
    (a)   In general   68
    (b)   Withdrawal provisions   68
    (c)   Distribution provisions   69
    (d)   Beneficiary Designation   69
    (e)   Other restrictions   69
    (f)   Payment commencement date   69
    (g)   Alternate payee's death   69
    (h)   Miscellaneous   69
  7.18.   Designation of Beneficiary   70
    (a)   Spouse is Beneficiary