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Title: |
Employee Savings Plan [1992] |
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2000 |
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BASF CORPORATION
EMPLOYEE SAVINGS PLAN
Effective January 1, 1992
September 28, 1992
{PAGE}
BASF CORPORATION EMPLOYEE SAVINGS PLAN
TABLE OF CONTENTS
INTRODUCTION i
ARTICLE I - DEFINITIONS
1.01 Accrued Benefit 1
1.02 Actual Deferral Percentage 1
1.03 Affiliate 2
1.04 After-Tax Contribution 2
1.05 Before-Tax Contribution 2
1.06 Beneficiary 3
1.07 Board of Directors 3
1.08 Committee 3
1.09 Compensation 3
1.10 Contributions 5
1.11 Contribution Percentage 6
1.12 Corporation 6
1.13 Disability 6
1.14 Early Retirement 6
1.15 Effective Date 6
1.16 Elective Deferrals 7
1.17 Employee 7
1.18 Employer 8
1.19 Employer Matching Contribution Account 8
1.20 Employer Matching Contributions 9
1.21 Excess Aggregate Contributions 9
1.22 Excess Contributions 9
1.23 Excess Deferrals 10
1.24 Employment Date 11
1.25 ERISA 11
1.26 Family Member 11
1.27 Fiduciary 11
1.28 Forfeiture 11
1.29 Former Participant 11
1.30 Hardship 11
1.31 Highly Compensated Employee 12
1.32 Hour of Service 16
1.33 Individual Account 16
ii
{PAGE}
1.34 Individual Retirement Account 16
1.35 Investment Fund 16
1.36 Investment Manager 16
1.37 IRC 17
1.38 Limitation Year 17
1.39 Non-Participating Contributions 17
1.40 Non-Participating Contribution Account 17
1.41 Normal Retirement Age 17
1.42 Over-The-Road Driver 17
1.43 Participant 17
1.44 Participant Loan Fund 18
1.45 Participating Contributions 18
1.46 Participating Contribution Account 18
1.47 Period of Employment 18
1.48 Period of Severance 20
1.49 Plan 20
1.50 Plan Year 20
1.51 Predecessor Plan 20
1.52 Predecessor Plan Account 21
1.53 Qualified Nonelective Contributions 21
1.54 Qualified Plan Rollover Contribution 21
1.55 Reemployment Date 21
1.56 Rollover Account 21
1.57 Rollover Contribution 21
1.58 Severance from Service Date 21
1.59 Special Stock Fund 22
1.60 Spouse 22
1.61 Trust 22
1.62 Trust Agreement 22
1.63 Trustee 22
1.64 Valuation Date 23
ARTICLE II - ELIGIBILITY AND PARTICIPATION
2.01 Eligibility 23
2.02 Participation 24
2.03 Beneficiary Designation 25
ARTICLE III - CONTRIBUTIONS
3.01 Participating Contributions 26
3.02 Employer Matching Contributions 27
3.03 Non-Participating Contributions 28
iii
{PAGE}
3.04 Maximum Deductible Contributions and 29
Statutory Limitation on Contributions
3.05 Election 38
3.06 Predecessor Plan Accounts 38
3.07 Rollover Contributions 38
ARTICLE IV - INVESTMENT OPTIONS AND FUNDS
4.01 Investment Options 40
4.02 Direction of Investments 41
4.03 Investment Fund Transfers 42
ARTICLE V - ALLOCATION TO INDIVIDUAL ACCOUNTS
5.01 Individual Accounts 43
5.02 Allocation of Contributions 43
5.03 Allocation of Adjustment 44
5.04 Equitable Allocations 44
5.05 Maximum Additions 44
ARTICLE VI - DISTRIBUTIONS AND VESTING
6.01 Vesting of Participant's Accounts 46
6.02 Vesting of Employer Matching Account 46
6.03 Retirement 47
6.04 Disability 47
6.05 Death Before Retirement or Termination 48
of Employment
6.06 Severance from Service 48
6.07 Method of Payment 49
6.08 Benefits to Minors and Incompetents 54
6.09 Payment of Benefits 55
ARTICLE VII - WITHDRAWALS
7.01 Withdrawals Generally 62
7.02 Order of Withdrawals 62
7.03 Withdrawal Because of Hardship 64
7.04 Projected Interest on Withdrawals 65
7.05 IRC Section 72 65
7.06 Qualified Domestic Relations Orders 65
iv
{PAGE}
ARTICLE VIII - FUNDING
8.01 Contributions 66
8.02 Trustee 67
ARTICLE IX - FIDUCIARIES
9.01 General 67
9.02 Corporation 68
9.03 Trustee 68
9.04 Committee 68
9.05 Missing Persons 70
9.06 Indemnification of Fiduciaries 70
ARTICLE X - AMENDMENT AND TERMINATION OF PLAN
10.01 Amendment of the Plan 71
10.02 Termination of the Plan 71
10.03 Allocation of Assets 72
10.04 Application of Assets 72
10.05 Merger, Consolidation and Transfers of 73
Assets or Liabilities
ARTICLE XI - PROVISIONS RELATING TO EMPLOYERS INCLUDED IN PLAN
11.01 Method of Participation 74
11.02 Withdrawal 74
ARTICLE XII - TOP HEAVY PROVISIONS
12.01 Definitions 75
12.02 Top Heavy Plan 78
ARTICLE XIII - MISCELLANEOUS
13.01 Governing Law 80
13.02 Construction 81
13.03 Administration Expenses 81
13.04 Participant's Rights; Acquittance 81
13.05 Spendthrift Clause 81
13.06 Return of Contributions 82
13.07 Counterparts 82
v
{PAGE}
ARTICLE XIV - LOANS
14.01 Loans to Participants 82
ARTICLE XV - ADOPTION OF THE PLAN 86
ARTICLE XVI - SPECIAL PROVISIONS WITH RESPECT TO EMPLOYEES OF
DETROIT MILFORD AVENUE LABORATORY
16.01 Detroit Plan 86
ARTICLE XVII - SPECIAL PROVISIONS WITH RESPECT TO EMPLOYEES OF
CERTAIN PREDECESSOR PLANS
17.01 BSM Plan 88
17.02 Knoll Plan 88
17.03 FDO Plan 89
17.04 Polysar Plan 90
17.05 Wintershall Plan 90
17.06 Information Systems Plan 91
17.07 Olin Plan 92
17.08 Mobil Plan 93
vi
{PAGE}
INTRODUCTION
Effective January 1, 1992, BASF Corporation hereby amends and restates the BASF
Corporation Employee Savings Plan, effective January 1, 1987 (the "Plan"). The
provisions of certain sections of the Plan shall become effective as of the
dates specified in such sections.
The purpose of this Plan, which shall be qualified as a profit sharing plan
under applicable governmental rules, is to provide additional incentive and
retirement security for eligible employees of participating Employers.
It is intended that this Plan, together with the Trust Agreement, meet all the
requirements of the Employee Retirement Income Security Act of 1974 and the Plan
shall be interpreted to comply with the terms of the Act and all formal
regulations and rulings issued under such Act and amendments thereto. It is
further intended that the Plan shall be qualified under Sections 401(a), 401(k)
and 401(m) of the Internal Revenue Code, and that the trust established for the
Plan shall be a qualified trust and exempt from taxation under Section 501(a) of
such Code.
i
{PAGE}
ARTICLE I
DEFINITIONS
As used herein, unless otherwise required by the context, the following words
and phrases shall have the meanings indicated:
1.01 Accrued Benefit, as used in regard to a Participant's or Former
Participant's Individual Account or stipulated portion thereof, means,
as of any date, the account balance as of the most recent Valuation
Date plus Contributions made to the Trust since such Valuation Date on
behalf of such Participant reduced by any withdrawals and
distributions.
1.02 Actual Deferral Percentage, for a specified group of Employees for a
Plan Year, shall mean the average of the ratios (calculated separately
for each Employee in such group) of:
(i) the amount of Before-Tax Contributions actually paid over
to the Trust on behalf of each such Employee for such Plan Year, to
(ii) the Employee's Compensation for such Plan Year. For these
purposes, a Before-Tax Contribution shall be taken into account for a
Plan Year only if it is allocated to the Employee under the Plan as of
a date within that Plan Year and relates to compensation that either
would have been received by the Employee in the Plan Year (but for the
deferral election) or is attributable to services performed by the
Employee in the Plan Year and would have been received by the Employee
within 2-1/2 months after the close of the Plan Year (but for the
deferral election). A Before-Tax Contribution is considered allocated
as of a date within a Plan Year only if (i) the allocation is not
contingent upon the Employee's participation in the Plan or performance
of services on any date subsequent to that date and (ii) the Before-Tax
Contribution is actually paid to the trust no later than the end of the
12-month period immediately following the Plan Year to which the
contribution relates.
For purposes of computing an Employee's Actual Deferral Percentage for
a Plan Year, Compensation shall be limited to only that Compensation
received by the Employee while such Employee is eligible to participate
in the Plan.
1.03 Affiliate means the Employer and any corporation which is a member of a
controlled group of corporations (as defined in Section 414(b) of the
Code) which includes the Employer; any trade or business (whether or
not incorporated) which is under common control (as defined in Section
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