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Title: |
401(k) Savings Plan [2001] |
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Entities: |
BellSouth Corp.; Cingular Wireless Corp.; Cingular Wireless LLC; SBC Communications Inc.; USVI Cellular Telephone Corporation |
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Date: |
2002 |
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CINGULAR WIRELESS
401(k) SAVINGS PLAN
EFFECTIVE NOVEMBER 1, 2001
{PAGE}
CINGULAR WIRELESS
401(k) SAVINGS PLAN
On this first day of November, 2001, Cingular Wireless LLC (the
"Controlling Company") hereby adopts the Cingular Wireless 401(k) Savings Plan
(the "Plan").
STATEMENT OF PURPOSE
A. The primary purpose of the Plan is to recognize the contributions made
to the Controlling Company and its participating affiliates by employees and to
reward those contributions by providing eligible employees with an opportunity
to accumulate savings for their future security.
B. In connection with the formation of the Controlling Company, certain
employees of SBC Communications, Inc. and its affiliates (the "SBC Transferred
Employees") shall become employees of the Controlling Company and its
affiliates. In connection with such transfer of employment, the accounts of the
SBC Transferred Employees under the SBC Savings Plan, the SBC Savings and
Security Plan and the USVI Cellular Telephone Corporation 401(k) Savings Plan
shall be transferred to the Plan.
C. In connection with the formation of the Controlling Company, certain
employees of BellSouth Corporation and its affiliates (the "BellSouth
Transferred Employees") shall become employees of the Controlling Company and
its affiliates. In connection with such transfer of employment, the accounts of
the BellSouth Transferred Employees under the BellSouth Retirement Savings Plan,
the BellSouth Retirement Savings and Security Plan, and the Houston Cellular
Telephone Co. & Galveston Cellular Telephone Co. Savings Plan shall be
transferred to the Plan.
{PAGE}
D. The Controlling Company intends that the Plan be a profit sharing plan
qualified under Sections 401(a) and 401(k) of the Internal Revenue Code of 1986
as amended, and that it satisfy the requirements of the Employee Retirement
Income Security Act of 1974, as amended.
STATEMENT OF AGREEMENT
To adopt the Plan with the purposes and goals as hereinabove described,
the Controlling Company hereby sets forth the terms and provisions as follows:
{PAGE}
Table of Contents
{Table}
{Caption}
Page
{S} {C}
ARTICLE I DEFINITIONS .......................................................1
1.1 Account ............................................................1
1.2 ACP or Actual Contribution Percentage ..............................1
1.3 ACP Test ...........................................................1
1.4 Active Participant .................................................1
1.5 Administrative Committee ...........................................2
1.6 ADP or Actual Deferral Percentage ..................................2
1.7 ADP Test ...........................................................2
1.8 Affiliate ..........................................................2
1.9 After-Tax Account ..................................................2
1.10 After-Tax Contributions ............................................3
1.11 After-Tax Deferral Election ........................................3
1.12 Alternate Payee ....................................................3
1.13 Ameritech Restricted Account .......................................3
1.14 Annual Addition ....................................................3
1.15 Before-Tax Account .................................................3
1.16 Before-Tax Contributions ...........................................3
1.17 Before-Tax Deferral Election .......................................3
1.18 BellSouth ..........................................................3
1.19 BellSouth Plans ....................................................3
1.20 BellSouth Stock ....................................................3
1.21 BellSouth Shares Fund ..............................................3
1.22 BellSouth Transferred Participant ..................................3
1.23 Beneficiary ........................................................4
1.24 Board ..............................................................4
1.25 Break in Service ...................................................4
(a) Years of Service ...................................................4
(b) Effect of FMLA .....................................................4
1.26 Chief Executive Officer ............................................4
1.27 Code ...............................................................4
1.28 Compensation .......................................................4
(a) Benefit Compensation ...............................................4
(b) Section 404 Compensation ...........................................5
(c) Top-Heavy Compensation .............................................5
(d) Section 415 Compensation ...........................................5
(e) Key Employee and Highly Compensated Employee Compensation ..........5
(f) Testing Compensation ...............................................6
1.29 Contributions ......................................................6
1.30 Controlling Company ................................................6
1.31 Covered Employee ...................................................6
1.32 Deferral Election ..................................................6
1.33 Defined Benefit Minimum ............................................6
1.34 Defined Benefit Plan ...............................................7
{/Table}
i
{PAGE}
{Table}
{S} {C}
1.35 Defined Contribution Minimum .......................................7
1.36 Defined Contribution Plan ..........................................7
1.37 Determination Date .................................................7
1.38 Disability or Disabled .............................................7
1.39 Effective Date .....................................................7
1.40 Elective Deferrals .................................................7
1.41 Eligible Non-Highly Compensated Employee ...........................7
1.42 Eligible Retirement Plan ...........................................7
1.43 Eligible Rollover Distribution .....................................8
1.44 Employee ...........................................................8
1.45 Employment Date ....................................................8
1.46 Entry Date .........................................................8
1.47 ERISA ..............................................................8
1.48 Forfeiture .........................................................8
1.49 Formal Force Reduction .............................................8
1.50 Highly Compensated Employee ........................................9
(a) General Rule ......................................................9
(b) Excluded Employees ................................................9
(c) Former Employees ..................................................9
(d) Nonresident Aliens ...............................................10
(e) Compliance with Code Section 414(q) ..............................10
1.51 Hour of Service ...................................................10
1.52 Houston Cellular Plan .............................................10
1.53 Investment Committee ..............................................10
1.54 Investment Fund or Funds ..........................................10
1.55 Key Employee ......................................................10
1.56 Leave of Absence ..................................................10
1.57 Limitation Year ...................................................10
1.58 Matching Account ..................................................10
1.59 Matching Contributions ............................................10
1.60 Maternity or Paternity Leave ......................................11
1.61 Maximum Deferral Amount ...........................................11
1.62 Named Fiduciary ...................................................11
1.63 Non-Key Employee ..................................................11
1.64 Normal Retirement Age .............................................11
1.65 Participant .......................................................11
1.66 Participating Company .............................................11
1.67 Permissive Aggregation Group ......................................11
1.68 Plan ..............................................................11
1.69 Plan Year .........................................................11
1.70 Prior Employer Contributions Account ..............................11
1.71 Prior Plan ........................................................11
1.72 QDRO ..............................................................11
1.73 Qualified Nonelective Account .....................................12
1.74 Qualified Nonelective Contributions ...............................12
1.75 Qualified Spousal Waiver ..........................................12
{/Table}
ii
{PAGE}
{Table}
{S} {C}
1.76 Related Company ..................................................12
1.77 Required Aggregation Group .......................................12
1.78 Rollover Account .................................................12
1.79 Rollover Contribution ............................................12
1.80 SBC ..............................................................12
1.81 SBC Plans ........................................................12
1.82 SBC Shares Fund ..................................................12
1.83 SBC Stock ........................................................13
1.84 Savings and Security Plan ........................................13
1.85 Senior Officers ..................................................13
1.86 Severance Date ...................................................13
1.87 Spouse or Surviving Spouse .......................................13
1.88 Top-Heavy Group ..................................................13
1.89 Top-Heavy Plan ...................................................13
1.90 Transfer Account .................................................13
1.91 Transfer Contributions ...........................................13
1.92 Transferred Employee .............................................13
1.93 Transferred Participant ..........................................14
1.94 Trust or Trust Agreement .........................................14
1.95 Trustee ..........................................................14
1.96 Trust Fund .......................................................14
1.97 USVI Plan ........................................................14
1.98 Valuation Date ...................................................14
1.99 Years of Service .................................................14
(a) Aggregation Rule .................................................14
(b) Counting Periods of Severance ....................................14
(c) Pre-Break Service ................................................15
(d) Post-Break Service ...............................................15
(e) Predecessor Plan .................................................15
(f) Predecessor Employer .............................................15
(g) Reemployed Veterans ..............................................15
ARTICLE II ELIGIBILITY .....................................................16
2.1 Initial Eligibility Requirements .................................16
(a) General Rule .....................................................16
(b) New Participating Companies ......................................16
2.2 Treatment of Interruptions of Service ............................16
2.3 Change in Status .................................................16
ARTICLE III CONTRIBUTIONS ..................................................17
3.1 Before-Tax and After-Tax Contributions ...........................17
(a) Before-Tax Contributions .........................................17
(b) After-Tax Contributions ..........................................17
(c) Contributions Which Exceed Maximum Deferral Amount ...............17
(d) Deferral Elections ...............................................18
(1) Effective Date ...............................................18
(2) Term .........................................................18
(3) Revocation ...................................................18
{/Table}
iii
{PAGE}
{Table}
{S} {C}
(4) Modification by Participant ..................................18
(5) Modification by Administrative Committee .....................19
(6) Investment Direction Required ................................19
3.2 Matching Contributions ...........................................19
(a) General Rule .....................................................19
(b) Matching Contributions for BellSouth Transferred Participants ....19
3.3 Qualified Nonelective Contributions ..............................19
3.4 Form of Contributions ............................................20
3.5 Timing of Contributions ..........................................20
(a) Before-Tax and After-Tax Contributions ...........................20
(b) Matching and Qualified Nonelective Contributions .................20
3.6 Contingent Nature of Company Contributions .......................20
3.7 Restoration Contributions ........................................20
(a) Restoration of Forfeitures .......................................20
(b) Restoration Contribution .........................................20
3.8 Reemployed Veterans ..............................................21
ARTICLE IV ROLLOVERS AND TRANSFERS BETWEEN PLANS ...........................22
4.1 Rollover Contributions ...........................................22
(a) Request by Participant ...........................................22
(b) Acceptance of Rollover ...........................................22
4.2 Transfer Contributions ...........................................22
(a) Direct Transfers Permitted .......................................22
(b) Mergers and Spin-offs Permitted ..................................22
(c) Establishment of Transfer Accounts ...............................22
(d) Transfer Accounts ................................................23
4.3 Spin-offs to Other Plans .........................................23
ARTICLE V PARTICIPANTS' ACCOUNTS; CREDITING AND ALLOCATIONS ................24
5.1 Establishment of Participants' Accounts ..........................24
5.2 Allocation and Crediting of Before-Tax, After-Tax, Matching,
Rollover and Transfer Contributions ..............................24
5.3 Allocation and Crediting of Qualified Nonelective Contributions ..24
(a) General Provision ................................................24
(b) Per Capita Qualified Nonelective Contributions ...................24
(c) Proportional Qualified Nonelective Contributions .................25
(d) Section 415 Qualified Nonelective Contributions ..................25
(e) Qualified Nonelective Matching Contributions .....................25
5.4 Crediting of Restoration Contributions ...........................25
5.5 Allocation of Forfeitures ........................................26
5.6 Adjustments to Accounts ..........................................26
5.7 Notice to Participants of Account Balances .......................26
5.8 Good Faith Valuation Binding .....................................26
5.9 Errors and Omissions in Accounts .................................26
ARTICLE VI CONTRIBUTION AND SECTION 415 LIMITATIONS AND
NONDISCRIMINATION REQUIREMENTS .......................................27
6.1 Deductibility Limitations ........................................27
6.2 Maximum Limitation on Elective Deferrals .........................27
{/Table}
iv
{PAGE}
{Table}
{S} {C}
(a) Maximum Elective Deferrals Under Participating Company Plans .....27
(b) Return of Excess Before-Tax Contributions ........................27
(c) Return of Excess Elective Deferrals Provided by Other
Participating Company Arrangements ...............................27
(d) Discretionary Return of Elective Deferrals .......................28
(e) Return of Excess Annual Additions ................................28
6.3 Nondiscrimination Requirements for Before-Tax Contributions ......28
(a) ADP Test .........................................................28
(b) Multiple Plans ...................................................28
(c) Adjustments to Actual Deferral Percentages .......................29
6.4 Nondiscrimination Requirements for After-Tax and Matching
Contributions ....................................................30
(a) ACP Test .........................................................30
(b) Multiple Plans ...................................................30
(c) Adjustments to Actual Contribution Percentages ...................31
6.5 Multiple Use of Tests ............................................32
(a) Aggregate Limitation .............................................32
(b) Multiple Plans ...................................................33
(c) Correction .......................................................33
(d) Application ......................................................33
6.6 Order of Application .............................................34
6.7 Code Section 415 Limitations on Maximum Contributions ............34
(a) General Limit on Annual Additions ................................34
(b) Combined Plan Limit ..............................................34
(c) Correction of Excess Annual Additions ............................34
(d) Annual Addition ..................................................35
(e) Compliance with Code Section 415 .................................36
6.8 Construction of Limitations and Requirements .....................36
ARTICLE VII INVESTMENTS ....................................................37
7.1 Establishment of Trust Account ...................................37
7.2 Investment Funds .................................................37
(a) Establishment of Investment Funds ................................37
(b) Reinvestment of Cash Earnings ....................................37
(c) Investment Through Brokerage Accounts ............................37
7.3 Participant Direction of Investments .............................37
(a) Investment of Contributions ......................................37
(b) Investment of Existing Account Balances ..........................38
(c) Conditions Applicable to Elections ...............................38
(d) BellSouth and SBC Shares Funds ...................................38
(e) Restrictions on Investments ......................................39
7.4 Valuation ........................................................39
7.5 Voting and Tender Offer Rights ...................................39
(a) Investment Funds .................................................39
(b) BellSouth and SBC Shares Funds ...................................39
7.6 Fiduciary Responsibilities for Investment Directions .............40
7.7 Appointment of Investment Manager; Authorization to Invest in
Collective Trust .................................................40
{/Table}
v
{PAGE}
{Table}
{S} {C}
(a) Investment Manager ...............................................40
(b) Collective Trust .................................................40
ARTICLE VIII VESTING IN ACCOUNTS ...........................................41
8.1 General Vesting Rule .............................................41
(a) Fully Vested Accounts ............................................41
(b) Matching Accounts ................................................41
(c) Vesting of Transferred Employees .................................41
(d) Vesting of Covered Employees on December 31, 2001 ................41
8.2 Vesting Upon Occurrence of Certain Events ........................41
8.3 Timing of Forfeitures and Vesting after Restoration
Contributions ..................................................41
(a) Timing of Forfeitures ............................................41
(b) Reemployment and Vesting Before Any Distribution .................42
8.4 Amendment to Vesting Schedule ....................................42
ARTICLE IX PAYMENT OF BENEFITS FROM ACCOUNTS ...............................43
9.1 Benefits Payable for Reasons Other Than Death ....................43
(a) General Rule Concerning Benefits Payable .........................43
(b) Timing of Distribution ...........................................43
(c) Restrictions on Distributions from Before-Tax Account,
Ameritech Restricted Account and Qualified Nonelective
Account ..........................................................44
(d) Delay Upon Reemployment ..........................................45
9.2 Death Benefits ...................................................45
9.3 Commencement of Death Benefits ...................................45
(a) General Rule .....................................................45
(b) Minimum Benefit Rules ............................................45
9.4 Forms of Distribution ............................................46
(a) Method ...........................................................46
(1) Single-Sum Payment ...........................................46
(2) Installments .................................................46
(3) Partial Distributions ........................................46
(4) Other Optional Forms .........................................46
(b) Direct Rollover Distributions ....................................46
(c) Assets Distributed ...............................................47
9.5 Cash-Out Payment of Benefits .....................................47
9.6 Qualified Domestic Relations Orders ..............................47
9.7 Beneficiary Designation ..........................................47
(a) General ..........................................................47
(b) No Designation or Designee Dead or Missing .......................48
9.8 Claims ...........................................................48
(a) Procedure ........................................................48
(b) Review Procedure .................................................48
(c) Satisfaction of Claims ...........................................49
9.9 Explanation of Rollover Distributions ............................49
9.10 Forfeiture of Benefits by Killers ................................49
9.11 Unclaimed Benefits ...............................................50
9.12 Recovery of Mistaken Payments ....................................50
{/Table}
vi
{PAGE}
{Table}
{S} {C}
ARTICLE X WITHDRAWALS AND LOANS ............................................51
10.1 In-Service Withdrawals ...........................................51
(a) General ..........................................................51
(b) Election to Withdraw .............................................51
(c) Source of Withdrawal Amounts .....................................51
(d) Payment of Withdrawal ............................................51
(e) Effect of Outstanding Loan .......................................51
10.2 Hardship Withdrawals .............................................51
(a) Parameters of Hardship Withdrawals ...............................51
(b) Immediate and Heavy Financial Need ...............................52
(c) Necessary to Satisfy a Financial Need ............................52
10.3 Withdrawals of Entire Vested Account Upon Attainment of Age
59 1/2 ...........................................................52
10.4 Withdrawals of After-Tax and Rollover Accounts ...................52
10.5 Withdrawals of Prior Employer Contributions Account ..............52
10.6 Withdrawals of Ameritech Restricted Account ......................53
10.7 Withdrawals from Transfer Accounts ...............................53
10.8 Loans to Participants ............................................53
(a) Grant of Authority ...............................................53
(b) Nondiscriminatory Policy .........................................53
(c) Minimum Loan Amount ..............................................53
(d) Maximum Loan Amount ..............................................53
(e) Maximum Loan Term ................................................54
(f) Terms of Repayment ...............................................54
(g) Adequacy of Security .............................................55
(h) Rate of Interest .................................................55
(i) Source of Loan Amounts ...........................................55
(j) Crediting Loan Payments to Accounts ..............................55
(k) Remedies in the Event of Default .................................55
(l) Qualified Military Service .......................................56
ARTICLE XI ADMINISTRATION ..................................................57
11.1 Administrative Committee; Appointment and Term of Office .........57
(a) Appointment ......................................................57
(b) Removal; Resignation .............................................57
(c) Certification ....................................................57
11.2 Organization of Administrative Committee .........................57
11.3 Powers and Responsibility ........................................57
11.4 Records of Administrative Committee ..............................58
(a) Notices and Directions ...........................................58
(b) Records ..........................................................58
11.5 Delegation .......................................................59
11.6 Reporting and Disclosure .........................................59
11.7 Construction of the Plan .........................................59
11.8 Correction of Errors .............................................59
11.9 Assistants and Advisors ..........................................60
(a) Engaging Advisors ................................................60
(b) Reliance on Advisors .............................................60
{/Table}
vii
{PAGE}
{Table}
{S} {C}
11.10 Investment Committee .............................................60
(a) Appointment ......................................................60
(b) Duties ...........................................................60
11.11 Direction of Trustee .............................................61
11.12 Bonding ..........................................................61
11.13 Indemnification ..................................................61
ARTICLE XII ALLOCATION OF AUTHORITY AND RESPONSIBILITIES ...................62
12.1 Controlling Company and Board ....................................62
(a) General Responsibilities .........................................62
(b) Allocation of Authority ..........................................62
(c) Authority of Participating Companies .............................62
12.2 Administrative Committee .........................................63
12.3 Investment Committee .............................................63
12.4 Trustee ..........................................................63
12.5 Limitations on Obligations of Fiduciaries ........................63
12.6 Delegation .......................................................63
12.7 Multiple Fiduciary Roles .........................................63
ARTICLE XIII AMENDMENT, TERMINATION AND ADOPTION ...........................64
13.1 Amendment ........................................................64
13.2 Termination ......................................................64
(a) Vesting Upon Complete Termination ................................64
(b) Dissolution of Trust .............................................64
(c) Vesting Upon Partial Termination .................................64
13.3 Adoption of the Plan by a Participating Company ..................65
(a) Procedures for Participation .....................................65
(b) Single Plan ......................................................65
(c) Authority under Plan .............................................65
(d) Contributions to Plan ............................................65
(e) Withdrawal from Plan .............................................65
13.4 Merger, Consolidation and Transfer of Assets or Liabilities ......66
ARTICLE XIV TOP-HEAVY PROVISIONS ...........................................67
14.1 Top-Heavy Plan Years .............................................67
14.2 Determination of Top-Heavy Status ................................67
(a) Application ......................................................67
(b) Special Definitions ..............................................67
(1) Determination Date ...........................................67
(2) Key Employee .................................................68
(3) Non-Key Employee .............................................68
(4) Permissive Aggregation Group .................................68
(5) Required Aggregation Group ...................................69
(6) Top-Heavy Group ..............................................69
(c) Special Rules ....................................................69
14.3 Top-Heavy Minimum Contribution ...................................70
(a) Multiple Defined Contribution Plans ..............................70
(b) Defined Contribution and Benefit Plans ...........................70
(c) Defined Contribution Minimum .....................................71
{/Table}
viii
{PAGE}
{Table}
{S} {C}
(d) Defined Benefit Minimum ..........................................71
14.4 Top-Heavy Minimum Vesting ........................................72
14.5 Collectively Bargained Employees .................................72
14.6 Construction of Limitations and Requirements .....................72
ARTICLE XV MISCELLANEOUS ...................................................73
15.1 Nonalienation of Benefits and Spendthrift Clause .................73
(a) General Nonalienation Requirements ...............................73
(b) Exception for Qualified Domestic Relations Orders ................73
(c) Exception for Loans from the Plan ................................73
(d) Exception for Crimes against the Plan ............................73
15.2 Headings .........................................................74
15.3 Construction, Controlling Law ....................................74
15.4 No Contract of Employment ........................................74
15.5 Legally Incompetent ..............................................74
15.6 Heirs, Assigns and Personal Representatives ......................75
15.7 Title to Assets, Benefits Supported Only By Trust Fund ...........75
15.8 Legal Action .....................................................75
15.9 No Discrimination ................................................75
15.10 Severability .....................................................76
15.11 Exclusive Benefit; Refund of Contributions .......................76
(a) Permitted Refunds ................................................76
(b) Payment of Refund ................................................76
(c) Limitation on Refund .............................................76
15.12 Predecessor Service ..............................................76
15.13 Recordkeeper Transition Rule .....................................76
15.14 Plan Expenses ....................................................77
SCHEDULE A CINGULAR WIRELESS 401(K) SAVINGS PLAN PARTICIPATING
COMPANIES AND EFFECTIVE DATES .......................................A-1
SCHEDULE B CINGULAR WIRELESS 401(K) SAVINGS PLAN SERVICE WITH
PREDECESSOR EMPLOYERS ...............................................B-1
SCHEDULE C CINGULAR WIRELESS 401(K) SAVINGS PLAN SPECIAL
EFFECTIVE DATES FOR MERGED PLANS ....................................C-1
{/Table}
ix
{PAGE}
ARTICLE I
DEFINITIONS
For purposes of the Plan, the following terms, when used with an initial
capital letter, shall have the meanings set forth below unless a different
meaning plainly is required by the context.
1.1 Account shall mean, with respect to a Participant or Beneficiary, the
amount of money or other property in the Trust Fund, as is evidenced by the last
balance posted in accordance with the terms of the Plan to the account record
established for such Participant or Beneficiary. The Administrative Committee,
as required by the terms of the Plan and otherwise as it deems necessary or
desirable in its sole discretion, may establish and maintain separate
subaccounts for each Participant and Beneficiary. "Account" shall refer to the
aggregate of all separate subaccounts or to individual, separate subaccounts, as
may be appropriate in context.
1.2 ACP or Actual Contribution Percentage shall mean, with respect to a
specified group of Participants for a Plan Year, the average of the ratios
(calculated separately for each Participant in such group and rounded to the
nearest 1/100th of a percent) of (i) the total of the amount of After-Tax
Contributions, Matching Contributions and, to the extent designated by the
Administrative Committee, the Before-Tax and/or Qualified Nonelective
Contributions, as well as other before-tax and/or qualified nonelective
contributions (excluding Before-Tax Contributions and Qualified Nonelective
Contributions counted for purposes of Section 6.3 and any Contributions returned
to a Participant or otherwise removed from his Account to correct excess Annual
Additions) actually paid to the Trustee on behalf of each such Participant for a
specified Plan Year, to (ii) such Participant's Compensation for such specified
Plan Year. If a Highly Compensated Employee participates in the Plan and one or
more other plans of any Affiliates to which matching or after-tax contributions
are made (other than a plan for which aggregation with the Plan is not
permitted), the matching and after-tax contributions made with respect to such
Highly Compensated Employee shall be aggregated for purposes of determining his
ACP. The ACP shall be rounded to the nearest 1/100th of a percent and shall be
calculated in a manner consistent with the terms of Code Section 401(m) and the
regulations promulgated thereunder. If a Participant is eligible to participate
in the Plan for all or a portion of a Plan Year by reason of satisfying the
eligibility requirements of Article II but makes no Before-Tax Contributions
which are taken into account (as described above) for purposes of calculating
his ACP, makes no After-Tax Contributions, and if he receives no allocations of
Matching Contributions or Qualified Nonelective Contributions which are taken
into account (as described above) for purposes of calculating his ACP, such
Participant's ACP for such Plan Year shall be zero.
1.3 ACP Test shall mean the nondiscrimination test described in Section
6.4.
1.4 Active Participant shall mean, for any Plan Year (or any portion
thereof), any Covered Employee who, pursuant to the terms of Article II, has
been admitted to, and not removed from, active participation in the Plan since
the last date his employment commenced or recommenced.
1
{PAGE}
1.5 Administrative Committee shall mean the committee or its delegate
which shall act on behalf of the Controlling Company to administer the Plan as
provided in Article XI. The Administrative Committee shall be the plan
administrator, as that term is defined in Code Section 414(g). The Controlling
Company may act in lieu of the Administrative Committee, as it deems appropriate
or desirable.
1.6 ADP or Actual Deferral Percentage shall mean, with respect to a
specified group of Participants for a Plan Year, the average of the ratios
(calculated separately for each Participant in such group and rounded to the
nearest 1/100th of a percent) of (i) the total of the amount of Before-Tax
Contributions (excluding Before-Tax Contributions, if any, designated by the
Administrative Committee to be taken into account under Section 6.4 to help
satisfy the ACP Tests, or removed from a Participant's Account to correct excess
Annual Additions) and, to the extent designated under Section 6.3(c) by the
Administrative Committee, the Qualified Nonelective Contributions [excluding
Qualified Nonelective Contributions counted for purposes of Section 6.4(c)] as
well as other before-tax and/or qualified nonelective contributions actually
paid to the Trustee on behalf of each such Participant for a specified Plan
Year, to (ii) such Participant's Compensation for such specified Plan Year. If a
Highly Compensated Employee participates in the Plan and one or more other plans
of any Affiliates to which before-tax contributions are made (other than a plan
for which aggregation with the Plan is not permitted), the before-tax
contributions made with respect to such Highly Compensated Employee shall be
aggregated for purposes of determining his ADP. The ADP shall be rounded to the
nearest 1/100th of a percent and shall be calculated in a manner consistent with
the terms of Code Section 401(k) and the regulations promulgated thereunder. If
a Participant is eligible to participate in the Plan for all or a portion of a
Plan Year by reason of satisfying the eligibility requirements of Article II but
makes no Before-Tax Contributions and receives no allocation of Qualified
Nonelective Contributions that are taken into account for purposes of the ADP
Tests, such Participant's ADP for such Plan Year shall be zero.
1.7 ADP Test shall mean the nondiscrimination test described in Section
6.3.
1.8 Affiliate shall mean, as of any date and determined separately with
respect to the Controlling Company and each Related Company, (i) a Participating
Company, and (ii) any company, person or organization which, on such date, (A)
is a member of the same controlled group of corporations [within the meaning of
Code Section 414(b)] as is a Participating Company; (B) is a trade or business
(whether or not incorporated) which controls, is controlled by or is under
common control [within the meaning of Code Section 414(c)] with a Participating
Company; (C) is a member of an affiliated service group [as defined in Code
Section 414(m)] which includes a Participating Company; or (D) is required to be
aggregated with a Participating Company pursuant to regulations promulgated
under Code Section 414(o). Solely for purposes of Sections 6.7 and 1.28(d), the
term "Affiliate" as defined in this Section shall be deemed to include any
entity that would be an Affiliate if the phrase "more than 50 percent" were
substituted for the phrase "at least 80 percent" in each place the latter phrase
appears in Code Section 1563(a)(1).
1.9 After-Tax Account shall mean the separate subaccount established and
maintained on behalf of a Participant or Beneficiary to reflect his interest in
the Trust Fund attributable to After-Tax Contributions.
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