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Aberdeen Hourly Savings & Investment Plan [1999]

 

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Title:

Aberdeen Hourly Savings & Investment Plan [1999]

Entities:

Georgia Gulf Corp.; AFL-CIO; United Steelworkers of America

Date:

2001

Size:

Preview shows 71KB of 243KB total

Price:

$74

ID:

#210151

 

 

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ABERDEEN HOURLY SAVINGS & INVESTMENT PLAN

   



Effective November 12, 1999

ABERDEEN HOURLY SAVINGS & INVESTMENT PLAN

TABLE OF CONTENTS

 
  
  
   Page
PREAMBLE   1

ARTICLE I
DEFINITIONS
 
2
  1.1 Account   2
  1.2 ACP Contributions   2
  1.3 Actual Deferral Percentage   2
  1.4 ADP Contributions   2
  1.5 Allocation Date   2
  1.6 Allocation Participant   2
  1.7 Allocation Period   2
  1.8 Annual Additions   2
  1.9 Average Actual Deferral Percentage   2
  1.10 Average Contribution Percentage   2
  1.11 Beneficiary   2
  1.12 Benefit Commencement Date   2
  1.13 Board   2
  1.14 Code   2
  1.15 Company   2
  1.16 Compensation   3
  1.17 Contribution Percentage   3
  1.18 Controlled Group   3
  1.19 Defined Benefit Fraction   3
  1.20 Defined Contribution Dollar Limitation   3
  1.21 Defined Contribution Fraction   4
  1.22 Determination Date   4
  1.23 Disabled   4
  1.24 Discretionary Contributions   4
  1.25 Discretionary Contributions Account   4
  1.26 Earliest Retirement Age   4
  1.27 Effective Date   4
  1.28 Election Form   4
  1.29 Election Period   4
  1.30 Elective Contributions   4
  1.31 Elective Contributions Account   4
  1.32 Elective Deferrals   4
  1.33 Eligible Employee   5
  1.34 Eligible Highly Compensated Employee   5
  1.35 Employee   5
  1.36 Employer   5
  1.37 Employment Commencement Date   5
  1.38 ERISA   5
  1.39 Excess Amount   5
  1.40 Excess Deferrals   5
  1.41 Forfeitable Accounts   5
  1.42 Highest Average Compensation   5
  1.43 Highly Compensated Employee   5

i

  1.44 Highly Compensated Participant   6
  1.45 Hours of Service   6
  1.46 Investment Fund   8
  1.47 Investment Manager   8
  1.48 Key Employee   8
  1.49 Leased Employee   8
  1.50 Limitation Year   8
  1.51 Matching Contributions   9
  1.52 Matching Contributions Account   9
  1.53 Maximum Permissible Amount   9
  1.54 Nonforfeitable Accounts   9
  1.55 Normal Retirement Age   9
  1.56 Normal Retirement Date   9
  1.57 One-Year Break in Service (or Break in Service)   9
  1.58 Participant   9
  1.59 Permissive Aggregation Group   9
  1.60 Plan   9
  1.61 Plan Year   9
  1.62 Present Value   9
  1.63 Projected Annual Benefit   9
  1.64 Qualified Joint and Survivor Annuity   9
  1.65 Qualified Matching Contributions   9
  1.66 Qualified Matching Contributions Account   9
  1.67 Qualified Nonelective Contributions   9
  1.68 Qualified Nonelective Contributions Account   10
  1.69 Qualified Spousal Waiver   10
  1.70 Reemployment Commencement Date   10
  1.71 Required Aggregation Group   10
  1.72 Required Beginning Date   10
  1.73 Rollover Contributions   10
  1.74 Rollover Contributions Account   10
  1.75 Spouse   10
  1.76 Surviving Spouse   10
  1.77 Top-Heavy Plan   10
  1.78 Top-Heavy Ratio   10
  1.79 Trust   10
  1.80 Trust Agreement   10
  1.81 Trust Fund   10
  1.82 Trustee   10
  1.83 Valuation Date   11
  1.84 Vesting Computation Period   11
  1.85 Voluntary Contributions   11
  1.86 Voluntary Contributions Account   11
  1.87 Year of Vesting Service   11

ARTICLE II
ELIGIBILITY FOR PARTICIPATION
 
12
  2.1 Participation   12
  2.2 Participation for Former Employees   12
  2.3 Transfers to/from Eligible Class   12

ii


ARTICLE III
CONTRIBUTIONS AND ALLOCATIONS
 
12
  3.1 Employer Contributions   12
  3.2 Employee Contributions   14
  3.3 Time of Payment of Contributions   15
  3.4 Return of Contributions   15
  3.5 Provisions Regarding Elective Contributions   15
  3.6 Provisions Regarding Voluntary Contributions   18
  3.7 Limitation of Elective Deferrals   19
  3.8 Provisions Regarding Matching Contributions   20
  3.9 Limitation of Employee and Employer Matching Contributions   20
  3.10 Corrections Required by Discrimination Tests   21
  3.11 Multiple Use of Alternative Limitation   25
  3.12 Discretionary Cutbacks to Satisfy Discrimination Tests   26
  3.13 Payments to Trustee   26

ARTICLE IV
LIMITATION ON ALLOCATIONS
 
27
  4.1 General Rules   27
  4.2 Transitional Rules   28
  4.3 Applicable Definitions   28
  4.4 Adjustments for Top Heavy Plan   31

ARTICLE V
VESTING IN ACCOUNTS
 
32
  5.1 Vesting of Nonforfeitable Accounts   32
  5.2 Vesting of Forfeitable Accounts   32
  5.3 Forfeitures   33
  5.4 Vesting Upon Termination   33

ARTICLE VI
ACCOUNTS AND INVESTMENTS
 
33
  6.1 Separate Accounts   33
  6.2 Investment of Trust Fund   34
  6.3 Trustee's Reliance   36
  6.4 Voting Common Stock   36
  6.5 Tender Offer for Company Stock   36

ARTICLE VII
ALLOCATION OF EARNINGS AND LOSSES TO ACCOUNTS OF PARTICIPANTS
 
37
  7.1 Allocations of Trust Fund Earnings and Losses   37
  7.2 Transactions Between Valuation Dates   37
  7.3 Allocations Regarding Specific Investments   37

ARTICLE VIII
PAYMENT OF BENEFITS
 
37
  8.1 Time of Payment of Benefits   37
  8.2 Benefits Upon Death   39
  8.3 Form of Payment of Benefits   40
  8.4 Valuation of Accounts for Payments   41
  8.5 Forfeitures   41
  8.6 Code 401(a)(14) Requirement   42
  8.7 Code 411(a)(11) Consent Requirements   42
  8.8 Code 401(k)(2)(B) Restrictions   43
  8.9 Payments to Alternate Payees   43
  8.10 In-Service Withdrawals   44
  8.11 Loan of Account Balances to Participants   44

iii

  8.12 Code 401(a)(31) Requirement   47

ARTICLE IX
REQUIRED DISTRIBUTIONS
 
49
  9.1 In General   49
  9.2 Code Section 401(a)(9) to Apply   49

ARTICLE X
THE TRUST FUND AND THE TRUSTEE
 
49
  10.1 Existence of Trust   49
  10.2 Exclusive Benefit Rule   49
  10.3 Removal or Resignation of Trustee   49
  10.4 Powers of Trustee   50
  10.5 Integration of Trust Agreement   50
  10.6 Records and Accounts   50
  10.7 Annual Reports   50

ARTICLE XI
ADMINISTRATION
 
50
  11.1 Allocation of Responsibility   50
  11.2 Administrative Expenses   50
  11.3 Director's Powers and Duties   50
  11.4 Records and Reports   50
  11.5 Reporting and Disclosure   50
  11.6 Named Fiduciary   51
  11.7 Administrator   51
  11.8 Interpretation of the Plan and Findings of Facts   51
  11.9 Bonding, Insurance and Indemnity   51
  11.10 Investment Committee   52

ARTICLE XII
AMENDMENT, TERMINATION, MERGER, CONSOLIDATION AND ADOPTION
 
52
  12.1 Permanency of Plan   52
  12.2 Right to Amend Plan   52
  12.3 Right to Terminate Plan   53
  12.4 Termination of Participation in Plan by Employer other than Company   53
  12.5 Merger, Consolidation, or Transfer of Assets   54
  12.6 Adoption of Plan by Aggregated Code 414 Employers   54

ARTICLE XIII
GENERAL PROVISIONS
 
56
  13.1 Participant's Rights to Employment, Etc.   56
  13.2 No Guarantee of Interests   56
  13.3 Standard of Conduct   56
  13.4 Allocation of Duties   56
  13.5 Claims Procedure   56
  13.6 Nonalienation or Assignment; QDRO's   57
  13.7 Plan Continuance Voluntary   58
  13.8 Payments to Minors and Others   59
  13.9 Location of Payee; Unclaimed Benefits   59
  13.10 Governing Law   59
  13.11 Correction of Participants' Accounts   59
  13.12 Action of Employer and Director   59
  13.13 Employer Records   59
  13.14 Fiduciary Indemnification   59
  13.15 Gender and Number   60

iv

  13.16 Headings   60
  13.17 Liability Limited   60
  13.18 Prohibited Discrimination   60
  13.19 Legal References   60
  13.20 Electronic Means of Communication   60
  13.21 Military Service   60
  13.22 Plan Conversions   60

ARTICLE XIV
SPECIAL RULES APPLICABLE TO TOP HEAVY PLAN YEARS
 
61
  14.1 Top-Heavy Provisions   61
  14.2 Top-Heavy Special Definitions   62

v

ABERDEEN HOURLY SAVINGS & INVESTMENT PLAN

PREAMBLE

    This Aberdeen Hourly Savings & Investment Plan (the "Plan"), hereby established effective November 12, 1999, is intended to comply with the Tax Reform Act of 1986 and all subsequent applicable rulings and legislation through the date of execution hereof, including the Omnibus Budget Reconciliation Act of 1986, the Omnibus Budget Reconciliation Act of 1987, the Technical and Miscellaneous Revenue Act of 1988, the Omnibus Budget Reconciliation Act of 1989, the Omnibus Budget Reconciliation Act of 1990, the Unemployment Compensation Amendments of 1992, the Revenue Reconciliation Act of 1993, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, and the Internal Revenue Service Restructuring and Reform Act of 1998. This Plan, and the Trust which forms a part of the Plan, are intended to be and to remain qualified and exempt from taxation under Sections 401 and 501 of the Internal Revenue Code of 1986, and shall be interpreted and administered in such manner as shall be necessary to carry out this intention. The Plan is designed to qualify as a profit-sharing plan for purposes of Sections 401(a), 402, 412 and 417 of the Code.

1


ARTICLE I

DEFINITIONS

    The following words and phrases as used in this Plan shall have the meanings set forth in this Article unless a different meaning is clearly required by the context:

    1.1  Account  shall mean a separate account which is established and maintained for a Participant (or his Beneficiary) and to which contributions made under this Plan which are allocated to such Participant, if any, and earnings or losses thereon, if any, shall be credited.

    1.2  ACP Contributions.  See Section 3.9(b)(iii) of this Plan.

    1.3  Actual Deferral Percentage.  See Section 3.7(b)(ii) of this Plan.

    1.4  ADP Contributions.  See Section 3.7(b)(iii) of this Plan.

    1.5  Allocation Date  shall mean the last day of each calendar month.

    1.6  Allocation Participant  shall, for an Allocation Period, mean those Participants (a)(i) who have completed at least one (1) Hour of Service in such Allocation Period, and (ii) who are employed by the Employer as an Eligible Employee on the last day of such Allocation Period, or (b) whose employment with an Employer terminates during such Allocation Period by reason of the Participant's death or becoming Disabled, or whose employment with an Employer terminates during such Allocation Period after the Participant has attained age 55 and completed 10 Years of Vesting Service.

    1.7  Allocation Period  shall mean the period beginning on the day following an Allocation Date and ending on the immediately succeeding Allocation Date.

    1.8  Annual Additions.  See Section 4.3(a) of this Plan.

    1.9  Average Actual Deferral Percentage.  See Section 3.7(b)(i) of this Plan.

    1.10  Average Contribution Percentage.  See Section 3.9(b)(i) of this Plan.

    1.11  Beneficiary  shall mean any person or persons, including a trust for the benefit of individuals, last designated in writing by a Participant pursuant to the provisions and conditions of Section 8.2(c), who is or may become entitled to a benefit hereunder. If, at any time, no Beneficiary has been validly designated by the Participant, or the Beneficiary validly designated by the Participant is no longer living or no longer exists, whichever is applicable, then the Participant's Beneficiary shall be deemed to be the person or persons (per stirpes) in the first of the following classes of beneficiaries with one or more members of such class surviving or in existence as of the Participant's death, and in the absence thereof, the Participant's estate:

    1.12  Benefit Commencement Date  means, with respect to a payee, the first day on which all events have occurred which entitle the payee to such benefit, in accordance with Treas. Reg. 1.401(a)-20(Q&A-10)(b)(1) and Code 417(f)(2) and determined pursuant to the provisions of Article VIII herein.

    1.13  Board  means the Board of Directors of the Plan Sponsor.

    1.14  Code  shall mean the Internal Revenue Code of 1986, as the same may be amended from time to time.

    1.15  Company  shall mean Georgia Gulf Corporation, its successors and assigns, and any other corporation, partnership or sole proprietorship into which the Company may be merged or consolidated


 

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