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Document Preview Bargaining Unit 401(k) Plan |
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Title: |
Bargaining Unit 401(k) Plan |
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Entities: |
Ferro Corp.; AFL-CIO; United Automobile, Aerospace & Agricultural Implement Workers of America; United Steelworkers of America |
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Date: |
2002 |
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Size: |
Preview shows 17KB of 162KB total |
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Price: |
$59 |
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ID: |
#228426 |
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FERRO CORPORATION BARGAINING UNIT 401(k) PLAN
(JULY 1, 1999 RESTATEMENT)
{PAGE}
FERRO CORPORATION
BARGAINING UNIT 401(K) PLAN
(JULY 1, 1999 RESTATEMENT)
TABLE OF CONTENTS
SECTION PAGE
------- ----
ARTICLE I
DEFINITIONS
1.1 Definitions......................................................... 2
1.2 Construction........................................................ 8
ARTICLE II
ELIGIBILITY TO PARTICIPATE
2.1 Commencement of Participation....................................... 9
2.2 Changes in Employment Status....................................... 10
2.3 Election Form...................................................... 11
2.4 Reemployment of Former Participant................................. 11
ARTICLE III
CONTRIBUTIONS
3.1 Pre-Tax Contributions.............................................. 12
3.2 Employer Profit-Sharing Contributions.............................. 12
3.3 Rollover Contributions............................................. 13
3.4 Transferred Contributions.......................................... 14
3.5 Election to Change Pre-Tax Contribution Authorizations............. 14
3.6 Suspension of Pre-Tax Contributions ............................... 15
3.7 Effect of Plan Termination or Withdrawal .......................... 15
ARTICLE IV
ADMINISTRATION OF CONTRIBUTIONS
4.1 Excess Elective Deferrals.......................................... 16
4.2 Delivery of Contribution........................................... 16
4.3 Crediting of Contributions......................................... 16
4.4 Notification....................................................... 17
-i-
{PAGE}
SECTION PAGE
------- ----
ARTICLE V
MAINTENANCE OF FUNDS AND INVESTMENT OF CONTRIBUTIONS
5.1 Establishment and Maintenance of Funds............................. 18
5.2 Income on Funds.................................................... 18
5.3 Separate Accounts.................................................. 18
5.4 Investment Elections............................................... 18
5.5 Voting of Company Stock.............................................19
5.6 Investment Responsibility.......................................... 20
5.7 Account Balances................................................... 20
ARTICLE VI
WITHDRAWALS WHILE EMPLOYED AND LOANS
6.1 Withdrawals Generally.............................................. 22
6.2 Withdrawal of Rollover Contributions and Pre-Tax Contributions..... 22
6.3 Special hardship Withdrawals....................................... 22
6.4 Participant Loans.................................................. 24
ARTICLE VII
VESTING AND DISTRIBUTIONS
7.1 Vesting Service.................................................... 25
7.2 Vested Interest.................................................... 25
7.3 Forfeitures........................................................ 25
7.4 Election of Former Schedule........................................ 26
7.5 Transfers.......................................................... 27
7.6 Loss and Reinstatement of Years of Vesting Service................. 27
7.7 Methods of Payment of Distributable Benefits....................... 28
7.8 Timing of Payments of Distributable Benefits....................... 29
7.9 Management and Investment of Separate Accounts
After Termination of Employment.................................. 30
7.10 Benefits to Minors and Incompetents................................ 30
ARTICLE VIII
BENEFICIARIES
8.1 Designation of Beneficiary......................................... 32
8.2 Beneficiary in Absence of a Designated Beneficiary................. 32
8.3 Spousal Consent to Beneficiary Designation......................... 32
ARTICLE IX
ADMINISTRATION
9.1 Authority of the Company........................................... 34
9.2 Action of Company.................................................. 34
9.3 Claims Review Procedure............................................ 35
-ii-
{PAGE}
SECTION PAGE
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9.4 Indemnification.................................................... 36
9.5 Qualified Domestic Relations Orders................................ 36
9.6 Finality of Determination ......................................... 37
9.7 Administrative Expenses............................................ 37
ARTICLE X
AMENDMENT AND TERMINATION
10.1 Amendment.......................................................... 38
10.2 Limitation on Amendment............................................ 38
10.3 Termination........................................................ 38
10.4 Corporate Reorganization .......................................... 39
10.5 Merger, Consolidation or Transfer of Assets........................ 39
ARTICLE XI
ADOPTION AND WITHDRAWAL BY AFFILIATES
11.1 Adoption .......................................................... 40
11.2 Withdrawal of an Employer ......................................... 40
ARTICLE XII
MISCELLANEOUS PROVISIONS
12.1 No Commitment as to Employment..................................... 41
12.2 Benefits........................................................... 41
12.3 Spendthrift Clause................................................. 41
12.4 No Guarantees...................................................... 42
12.5 Precedent.......................................................... 42
12.6 Exclusive Benefit.................................................. 42
12.7 Duty to Furnish Information........................................ 42
12.8 Addenda............................................................ 43
12.9 Provisions with Respect to Uniformed Services Employment
and Reemployment Rights Act of 1994 ............................. 43
12.10 Internal Revenue Service Determination ............................ 43
12.11 Governing Law...................................................... 43
Appendix A - Nondiscrimination Rules....................................... A-1
Appendix B - Section 415 Limitations....................................... B-1
Appendix C - Covered Facilities and Classifications........................ C-1
-iii-
{PAGE}
FERRO CORPORATION
BARGAINING UNIT 401(K) PLAN
(JULY 1, 1999 RESTATEMENT)
WHEREAS, Ferro Corporation (hereinafter referred to as the
"Company") established the Brecksville Powder Coating Plant Retirement Plan,
effective as of January 1, 1995, for the benefit of certain of its hourly
employees; and
WHEREAS, effective as of January 1, 1998, the Company amended,
restated, and renamed the Brecksville Powder Coating Plant Retirement Plan in
the Prism Non-Standardized Prototype Plan document as the Ferro Corporation
Bargaining Unit 401(k) Plan (hereinafter referred to as the "Plan"); and
WHEREAS, the Plan has been amended subsequently on several
occasions; and
WHEREAS, the Company desires to amend and restate the Plan to
reflect certain operational and administrative changes as well as legislated tax
changes under the Retirement Protection Act of 1994, the Uniformed Service
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;
NOW, THEREFORE, unless specifically provided otherwise,
effective as of July 1, 1999, the Plan is hereby amended and restated in the
respect hereinafter set forth.
{PAGE}
ARTICLE I
DEFINITIONS
1.1 DEFINITIONS. The following words and phrases as used herein shall
have the meanings hereinafter set forth, unless a different meaning is plainly
required by the context:
(1) The term "AFFILIATE" shall mean any member of a controlled
group of corporations (as determined under Section 414(b) of the Code)
of which the Company is a member; any member of a group of trades or
businesses under common control (as determined under Section 414(c) of
the Code) with the Company; any member of an affiliated service group
(as determined under Section 414(m) of the Code) of which the Company
is a member; and any other entity which is required to be aggregated
with the Company pursuant to the provisions of Section 414(o) of the
Code.
(2) The term "AFFILIATED GROUP" shall mean the group of entities
which are Affiliates.
(3) The term "BENEFICIARY" shall mean any person designated by a
Participant to receive such benefits as may become payable under the
Plan after the death of such Participant pursuant to the provisions of
Article VIII.
(4) The term "CODE" shall mean the Internal Revenue Code of 1986,
as amended from time to time. Reference to a section of the Code shall
include such section and any comparable section or sections of any
future legislation that amends, supplements, or supersedes such
section.
(5) The term "COMPANY" shall mean Ferro Corporation, its
successors, and the surviving corporation resulting from any merger or
consolidation of Ferro Corporation with any other corporation or
corporations.
(6) The term "COMPANY STOCK" shall mean shares of common stock of
the Company.
(7) The term "COMPANY STOCK FUND" shall mean the Fund that is
primarily invested in Company Stock.
(8) The term "COMPENSATION" shall mean the compensation (within the
meaning of Section 415(c)(3) of the Code) which is paid to an Employee
by an Employer for services as an Employee while he is a Participant,
including any Pre-Tax Contributions contributed under the Plan with
respect to such Participant during such Plan Year and elective employer
contributions made on behalf of a Participant that are not includable
in gross income under Section 125 and Section 402(e)(3) of the Code;
excluding, however, any amounts received due to benefits selected under
the flexible benefit plan of the Company. Notwithstanding the
foregoing, in no event shall annual Compensation of a Participant taken
into account under the Plan for any Plan Year
-2-
{PAGE}
exceed the annual compensation limit of $150,000, as adjusted for
increases in the cost of living in accordance with the provisions of
Section 401(a)(17)(B) of the Code. The cost of living in effect for a
calendar year applies to any period, not exceeding 12 months, over
which Compensation is determined (a "determination period") beginning
in such calendar year. If a determination period consists of fewer than
12 months, such annual compensation limit shall 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.
(9) The term "CONTRIBUTION HOUR" shall mean each hour of employment
for which a Participant receives pay from an Employer while a
Participant, including overtime, holiday and vacation hours but
excluding any paid hours for any other absence or periods during which
no duties are performed for an Employer while a Participant; provided
however, that with respect to Participants at the Stryker, Ohio
facility, such term shall mean each hour a Participant works while a
Participant.
(10) The term "CONTRIBUTION RATE" shall mean the amount an Employer
contributes to the Plan as Employer Profit-Sharing Contributions with
respect to the Contribution Hours of Participants in accordance with
the provisions of Section 3.2.
(11) The term "ELIGIBLE EMPLOYEE" shall mean an Employee who is
employed at a facility and in an employment classification on and after
the effective date applicable thereto listed on Appendix D.
(12) The term "ELIGIBLE RETIREMENT PLAN" shall mean:
(a) any individual retirement account described in
Section 408(a) of the Code;
(b) any individual retirement annuity described in
Section 408(b) of the Code;
(c) any trust maintained pursuant to a plan described in
Section 414(i) of the Code that meets the
requirements of Section 401(a) of the Code; and
(d) any annuity plan described in Section 403(a) of the
Code.
In the case of an Eligible Rollover Distribution to a beneficiary who
is the surviving spouse of a Participant, an Eligible Retirement Plan
is only an individual retirement account or individual annuity
described in (a) or (b) above.
(13) The term "ELIGIBLE ROLLOVER DISTRIBUTION" shall mean all or
any portion of a Plan distribution to a Participant or a beneficiary
who is a deceased Participant's surviving spouse or an alternate payee
under a qualified domestic relations order who is a Participant's
spouse or former spouse; provided, however, that such distribution is
not (i) one of a series of substantially equal periodic payments made
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