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Title: |
Employee Savings Plan [Restatement 2001] |
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Entities: |
Aetna Inc.; Prudential Financial, Inc.; Prudential Multifamily Mortgage, Inc. |
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Date: |
2001 |
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Size: |
Preview shows 26KB of 203KB total |
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$72 |
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ID: |
#311584 |
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THE PRUDENTIAL EMPLOYEE
SAVINGS PLAN
2001 RESTATEMENT
{PAGE}
TABLE OF CONTENTS
ARTICLE I PURPOSE OF PLAN .....................................................1
ARTICLE II DEFINITIONS ........................................................3
2.01 Account or Accounts .................................................3
2.02 Administrative Committee ............................................3
2.03 Affiliate ...........................................................3
2.04 After-Tax Contribution Account ......................................4
2.05 After-Tax Contribution(s) ...........................................4
2.06 Annuity Starting Date ...............................................4
2.07 Average Contribution Percentage .....................................4
2.08 Average Deferral Percentage .........................................4
2.09 Before-Tax Contribution(s) ..........................................5
2.10 Before-Tax Contribution Account .....................................5
2.11 Beneficiary or Beneficiaries ........................................5
2.12 Board of Directors ..................................................5
2.13 Code ................................................................5
2.14 Company Factor ......................................................6
2.15 Company Matching Contribution(s) ....................................6
2.16 Covered Employee ....................................................6
2.17 Disability Benefits Plan ............................................7
2.18 Disability Date .....................................................7
2.19 Earnings ............................................................7
2.20 Eligible Employee ..................................................11
2.21 Employee ...........................................................11
2.22 Employer ...........................................................11
2.23 Employment Commencement Date .......................................12
2.24 ERISA ..............................................................12
2.25 Forfeiture Pending Account .........................................12
2.26 Former Participant .................................................12
2.27 Highly Compensated Employee ........................................13
2.28 Hour of Service ....................................................13
2.29 Investment Oversight Committee .....................................13
2.30 Investment Fund(s) .................................................13
2.31 Leave of Absence ...................................................14
2.32 Participant ........................................................14
2.33 Period of Severance ................................................14
2.34 Period of Service ..................................................14
2.35 Plan ...............................................................15
2.36 Plan Fund ..........................................................15
2.37 Plan Year ..........................................................15
2.38 Post-2000 Company Matching Contribution Account ....................16
2.39 Pre-2001 Company Matching Contribution Account .....................16
2.40 Prudential .........................................................16
2.41 Qualified Domestic Relations Order or QDRO .........................16
2.42 Reemployment Commencement Date .....................................17
2.43 Rollover Account ...................................................17
i
{PAGE}
2.44 Rollover Contribution(s) ...........................................17
2.45 Severance from Service Date ........................................17
2.46 Termination of Employment ..........................................18
2.47 Trust ..............................................................18
2.48 Trust Fund .........................................................18
2.49 Trustee ............................................................19
2.50 Valuation Date .....................................................19
2.51 Year of Service ....................................................19
ARTICLE III ELIGIBILITY AND PARTICIPATION ....................................20
ARTICLE IV CONTRIBUTIONS .....................................................21
4.01 Before-Tax Contributions. ..........................................21
4.02 After-Tax Contributions. ...........................................23
4.03 Suspension of Before-Tax and After-Tax Contributions. ..............24
4.04 Company Matching Contributions. ....................................25
4.05 Payment of Contributions. ..........................................26
4.06 Rollover Contributions. ............................................27
4.07 Transfers from Another Qualified Plan. .............................28
4.08 Qualified Military Service. ........................................28
ARTICLE V PARTICIPANT ACCOUNTS AND RETURN OF CONTRIBUTIONS ...................31
5.01 Participants' Accounts. ............................................31
5.02 Undivided Interests. ...............................................31
5.03 Return of Contributions. ...........................................31
ARTICLE VI LIMITATIONS ON ADDITIONS ..........................................33
6.01 Limitation on Additions. ...........................................33
6.02 Other Plans. .......................................................34
6.03 Special Discrimination Rule. .......................................35
6.04 Limitations on After-Tax and Company Matching Contributions. .......36
6.05 Return of Excess Contributions. ....................................37
6.06 Aggregate Limits Test. .............................................39
6.07 Reduction of Contributions. ........................................40
6.08 Limitations. .......................................................41
ARTICLE VII VALUATION ........................................................42
7.01 Valuation. .........................................................42
7.02 Allocation of Contributions, Earnings and Expenses. ................42
7.03 Valuation and Allocation Procedures. ...............................42
ARTICLE VIII POST-TERMINATION BENEFITS .......................................43
8.01 Distributions. .....................................................43
8.02 Forms of Benefit. ..................................................44
8.03 Annuity Form of Distribution. ......................................44
8.04 Death Benefit. .....................................................49
8.05 Annuity Contracts. .................................................50
ii
{PAGE}
8.06 Effective Beneficiary Designation...................................50
8.07 Direct Rollovers....................................................51
8.08 Incapacity..........................................................53
ARTICLE IX COMMENCEMENT OF BENEFIT PAYMENTS...................................54
9.01 Commencement of Benefit Payments....................................54
9.02 Distribution Requirements...........................................55
ARTICLE X WITHDRAWALS.........................................................58
10.01 Regular In-Service Withdrawals.....................................58
10.02 Hardship Withdrawals...............................................58
10.03 Administration.....................................................61
ARTICLE XI VESTING AND EARLY TERMINATION......................................62
11.01 Vested Percentage of Certain Contributions.........................62
11.02 Vested Percentage of Company Matching Contribution Accounts........62
11.03 Forfeitures........................................................63
11.04 Vesting Following Reaffiliation....................................63
11.05 Separation from Service............................................64
ARTICLE XII LOANS.............................................................65
12.01 In General.........................................................65
12.02 Loan Limits........................................................65
12.03 Loan Application...................................................66
12.04 Collateralization..................................................66
12.05 Interest Rate......................................................67
12.06 Repayment..........................................................67
12.07 Default............................................................68
12.08 Repayments After Taxable Distribution..............................69
12.09 Additional Rules...................................................69
ARTICLE XIII INALIENABILITY OF BENEFITS.......................................70
ARTICLE XIV ADMINISTRATION AND FIDUCIARIES....................................71
14.01 Plan Sponsor.......................................................71
14.02 Administrative Committee...........................................71
14.03 Investment Oversight Committee.....................................72
14.04 Delegation and Allocation of Fiduciary Responsibilities............74
14.05 Rules and Procedures...............................................75
14.06 Employment of Agents...............................................75
14.07 Meetings...........................................................75
14.08 Claims and Appeals.................................................76
14.09 Indemnification....................................................78
14.10 Plan Expenses......................................................79
14.11 Electronic Administration..........................................79
iii
{PAGE}
ARTICLE XV PLAN INVESTMENTS & TRUSTEE.........................................80
15.01 Funding Policy; Permissible Investment.............................80
15.02 Participant Investments............................................80
15.03 Procedures for Participant Elections and Directions................81
15.04 Trustee............................................................83
15.05 Allocation of Responsibility Regarding Plan Assets.................83
ARTICLE XVI TOP HEAVY.........................................................84
16.01 In General.........................................................84
16.02 Top-Heavy Determination............................................84
16.03 Top-Heavy Contingent Provisions....................................86
ARTICLE XVII AMENDMENT AND TERMINATION........................................88
17.01 Amendment..........................................................88
17.02 Termination........................................................90
17.03 No Reversion; Vesting Upon Termination.............................90
17.04 Right of Participating Affiliate to Cease Participation............91
ARTICLE XVIII MERGER, CONSOLIDATION OR TRANSFER OF PLAN ASSETS................92
ARTICLE XIX MISCELLANEOUS.....................................................93
19.01 Bonding............................................................93
19.02 Insurance and Indemnification......................................93
19.03 Interpretation of Certain Items....................................93
19.04 Miscellaneous......................................................93
19.05 Construction; Applicable Law; Failure to Enforce...................94
19.06 Participating Affiliates...........................................94
19.07 Special Rules Regarding Acquisitions, Dispositions and
Joint Ventures, and Transfers of Assets and Plan Mergers...........95
19.08 Missing Persons....................................................95
19.09 Required Information...............................................96
19.10 Uniform Applicability..............................................96
19.11 Reimbursement to Plan for Certain Payments.........................97
APPENDIX A
Special Exclusions from Earnings..........................................A1
APPENDIX B
Special Rules Regarding Acquisitions, Dispositions and
Joint Ventures, and Transfers of Assets and Plan Mergers..................B1
APPENDIX C
Account Withdrawal Ordering Rules.........................................C1
APPENDIX D
iv
{PAGE}
Transition Rules .........................................................D1
APPENDIX E
Historical Plan Provisions ...............................................E1
v
{PAGE}
THE PRUDENTIAL EMPLOYEE
SAVINGS PLAN
THIS DOCUMENT amends and restates The Prudential Employee Savings Plan,
effective as of January 1, 2001 (except as otherwise expressly provided herein),
for the benefit of its Eligible Employees, and their Beneficiaries, in
accordance with the following terms and conditions.
ARTICLE I
PURPOSE OF PLAN
The purpose of this Plan is to provide Eligible Employees of
Prudential and its Affiliates participating in this Plan with the opportunity to
make tax-deferred savings and to be credited with Employer contributions. To
provide such benefits, Prudential has established this Plan in accordance with
the requirements of law. Under the Plan, Eligible Employees may elect to
contribute a percentage of their Earnings, as Before-Tax Contributions and/or
After-Tax Contributions; the Employer will also make Company Matching
Contributions on their behalf if they elect to make Before-Tax Contributions.
All contributions, and any income derived therefrom, shall be held for the
exclusive benefit of the Participants and their Beneficiaries and shall not be
used for, or diverted to, any other purpose other than as permitted by law or as
provided in Section 5.03 or 6.05 of this Plan. This Plan is intended to satisfy
the applicable requirements of Code Section 401(a), as a profit-sharing plan
with a salary reduction feature
1
ARTICLE I
PURPOSE OF PLAN
{PAGE}
under Code Section 401(k), and ERISA Section 404(c) relating to participant
directed accounts.
The Plan was last restated effective as of November 9, 1999 (the
"1999 Restatement") to (1) incorporate amendments adopted since the last
restatement of the Plan, (2) comply with the Uniformed Services Employment and
Reemployment Rights Act of 1994 ("USERRA"), the Small Business Job Protection
Act of 1996 ("SBJPA"), and the Taxpayer Relief Act of 1997, and (3) to make
other miscellaneous changes. This Plan is now amended and restated (the "2001
Restatement") to make various plan design changes. An Appendix D has been added
to describe certain transition rules that apply as a result of differences
between the 1999 Restatement and the 2001 Restatement. Except as otherwise
expressly provided, the effective date of the amended and restated Plan shall be
January 1, 2001.
2
{PAGE}
ARTICLE II
DEFINITIONS
As used in the Plan:
2.01 "Account" or "Accounts" means one or more of the accounts specified in
Section 5.01.
2.02 "Administrative Committee" shall mean the administrative committee
appointed pursuant to Section 14.02, or its delegate as appointed by the
Administrative Committee in accordance with Section 14.02(b) or 14.04.
2.03 "Affiliate" means for any Plan Year Prudential and a corporation which
for any part of such year is a member of a controlled group of corporations (as
defined in Code Section 1563(a), disregarding Sections 1563(a)(4) and
1563(e)(3)(c)) of which Prudential is a member, any trade or business, whether
incorporated or not, which for any part of such year is considered to be under
common control with Prudential under regulations prescribed by the Secretary of
the Treasury pursuant to Code Section 414(c), any organization which for any
part of such year is considered under regulations prescribed by the Secretary of
the Treasury pursuant to Code Section 414(m) to be a member of an affiliated
service group of which Prudential is a member, and any other entity required to
be aggregated with
3
Section 2.01 "Account" or "Accounts"
{PAGE}
Prudential under regulations prescribed by the Secretary of the
Treasury pursuant to Code Section 414(o).
2.04 "After-Tax Contribution Account" shall mean the separate Account
maintained for a Participant which contains the value of After-Tax Contributions
made by such Participant under the Plan and the earnings (or losses) thereon.
2.05 "After-Tax Contribution(s)" shall mean a voluntary contribution made
by a Participant to the Plan pursuant to an election under Section 4.02.
2.06 "Annuity Starting Date" shall mean the first day of the first month
for which a benefit is payable as an annuity.
2.07 "Average Contribution Percentage" shall mean, for a specified group of
Eligible Employees for a Plan Year, the average of the ratios (calculated
separately for each Eligible Employee in such group) of (a) the amount of
Company Matching Contributions and After-Tax Contributions paid over to the Plan
on behalf of such Eligible Employee for the Plan Year, excluding any such
contribution made under Section 4.08(a) or 4.08(b), to (b) the Eligible
Employee's Earnings for the Plan Year.
2.08 "Average Deferral Percentage" shall mean, for a specified group of
Eligible Employees for a Plan Year, the average
4
Section 2.04 "After-Tax Contribution Account"
{PAGE}
of the ratios (calculated separately for each Eligible Employee in such group)
of (a) the amount of Before-Tax Contributions actually paid over to the Plan on
behalf of each such Eligible Employee for such Plan Year, excluding any such
contribution made under Section 4.08(a), to (b) the Eligible Employee's Earnings
for the Plan Year.
2.09 "Before-Tax Contribution(s)" shall mean a voluntary contribution made
by a Participant to the Plan pursuant to an election (or deemed election) under
Section 4.01.
2.10 "Before-Tax Contribution Account" shall mean the separate Account
maintained for a Participant that contains the value of Before-Tax Contributions
made by such Participant under the Plan and the earnings (or losses) thereon.
2.11 "Beneficiary" or "Beneficiaries" shall mean any person or persons
entitled to receive a benefit under the Plan that is payable upon or after a
Participant's death pursuant to Article VIII of the Plan.
2.12 "Board of Directors" shall mean the Board of Directors of Prudential
or its delegate.
2.13 "Code" shall mean the Internal Revenue Code of 1986, together with its
related rules and regulations, as presently enacted and as they may be amended
from time to time.
5
Section 2.09 "Before-Tax Contribution(s)"
{PAGE}
References to any Section of the Code shall include any
successor provision.
2.14 "Company Factor" shall mean the Company Performance Factor as
announced by Prudential as representative of the overall business performance
for the applicable calendar year, for purposes of calculating the additional
Company Matching Contribution under Plan Section 4.04(b).
2.15 "Company Matching Contribution(s)" shall mean a contribution made by
the Employer to the Plan pursuant to Section 4.04.
2.16 "Covered Employee" shall mean any Employee of the Employer except any
Employee: (a) who is included in a collective bargaining unit, unless
participation in the Plan by any such Employee was agreed to in the process of
good faith negotiations between the Employer and the collective bargaining
unit's representative; (b) who is employed by an Affiliate that is not
participating in the Plan; (c) who is a leased employee from another employer as
defined in Code Section 414(n)(2); (d) who is a nonresident alien and receives
no earned income from sources within the United States; (e) who is deemed not to
be an employee under the authority of Section 530 of the Revenue Act of 1978
(including, without limitation, state dental directors and dental
6
Section 2.14 "Company Factor"
{PAGE}
consultants); or (f) who performs services for the Employer but is not treated
by the Employer at the time of the performance of services as an employee for
federal tax purposes (regardless of any subsequent recharacterization).
2.17 "Disability Benefits Plan" shall mean the long term disability
benefits coverage under The Prudential Welfare Benefits Plan, as may be amended
from time to time.
2.18 "Disability Date" shall mean the date at which the Employee is first
eligible to receive long term disability benefits under the Disability Benefits
Plan.
2.19 "Earnings"
(a) Subject to (b), (c), and (d) below, an Eligible Employee's
Earnings for any payroll period means:
(1) any compensation for such period received from the Employer
which is subject to federal income tax withholding, before any change in such
compensation made on account of his or her election to receive all or a part of
any salary increase in a single sum;
(2) any short-term disability benefits for such period payable to
him or her under the disability benefits coverage under The Prudential Welfare
Benefits Plan;
7
Section 2.17 "Disability Benefits Plan"
{PAGE}
(3) any compensation for such period received by him or her while
a Special Agent which is not subject to federal income tax withholding,
excluding any such compensation received for business placed while covered under
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