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Title: |
Savings Plan |
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Entities: |
CONSOL Energy Inc.; Ecolab Inc.; Helmerich & Payne, Inc.; Occidental Petroleum Corp.; Pioneer Companies, Inc.; United Steelworkers of America |
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Date: |
2002 |
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Size: |
Preview shows 26KB of 200KB total |
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Price: |
$68 |
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ID: |
#420946 |
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Start of Preview |
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OCCIDENTAL PETROLEUM CORPORATION SAVINGS PLAN
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TABLE OF CONTENTS
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{TABLE}
{CAPTION}
ARTICLE SECTION PAGE
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{S} {C} {C}
1 Establishment of Plan
---------------------
1.1 Restatement of the Plan 1
1.2 Purpose of the Plan 1
1.3 Applicability of the Plan 1
2 Definitions
-----------
2.1 Definitions 2
2.2 Gender and Number 15
3 Participation and Service
-------------------------
3.1 Date of Participation 16
3.2 Duration 16
3.3 Transfers 17
3.4 Service 17
4 Pretax Deferrals, After-Tax Contributions and Adjustment Contributions
----------------------------------------------------------------------
4.1 Pretax Deferrals and After-Tax Contributions 24
4.2 Pretax Deferral and After-Tax Contribution 24
Election Procedures
4.3 Discontinuance or Change in Rate of Pretax Deferrals 24
and After-Tax Contributions
4.4 Salary Reduction 25
4.5 Individual Maximum Pretax Deferrals 25
and After-Tax Contributions
4.6 Discrimination Limits on Pretax Deferrals 26
4.7 Discrimination Limits on Matching Contributions, 28
After-Tax Contributions, and Adjustment Contributions
4.8 Multiple Use Limitation 29
4.9 Reductions to Pretax Deferrals and After-Tax Contributions 30
4.10 Deposit of Pretax Deferrals, After-Tax Contributions 33
and Adjustment Contributions
4.11 Crediting of Pretax Deferrals, After-Tax Contributions 33
and Adjustment Contributions
4.12 Distribution of Excess Deferrals 33
{/TABLE}
i
{PAGE}
{TABLE}
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5 Employer Matching Contributions
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5.1 Employer Matching Contributions 35
5.2 Deposit of Employer Matching Contributions 35
5.3 Crediting of Employer Matching Contributions 35
5.4 Forfeitures 36
5.5 Limitation on Annual Additions 36
5.6 "Annual Addition" Defined 36
5.7 Other Defined Contribution Plans 37
5.8 Deductibility Limitation 37
5.9 Adjustment of Allocations 37
6 Vesting and Benefits
--------------------
6.1 Vesting 38
6.2 Benefits Upon Separation from Service 43
6.3 Forfeiture of Contingent Interests 44
6.4 Death Benefits 45
6.5 Forms of Payment 46
6.6 Time of Payment of Benefits 51
6.7 Withdrawals 51
6.8 Debiting of Investment Funds 53
6.9 Small Amounts 53
7 Participant Loans
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7.1 Eligibility 55
7.2 Loan Amount 55
7.3 Loan Terms 55
7.4 Source of Loan Funds and Valuation 56
7.5 Loan Account 56
7.6 Repayments 57
7.7 Leave of Absence 59
7.8 Separation from Service 59
7.9 Delinquent Payments 60
7.10 Loan Rules 61
7.11 Discontinuance 61
8 Investment Elections
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8.1 Investment of Contributions 62
8.2 Transfers of Existing Balances 63
8.3 Transfer of Assets 64
{/TABLE}
ii
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9 Participant Accounts and Records of the Plan
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9.1 Accounts and Records 65
9.2 Account Value 65
9.3 Investment Funds 65
9.4 Unit Value of Investment Funds 66
9.5 Calculation of Unit Value 66
9.6 Valuation Adjustments 66
9.7 Debiting of Accounts upon Distribution, Withdrawal, 67
Loan or Charge
9.8 Unit Value upon Transfer of Investment Funds 67
9.9 Loan Accounts 67
9.10 OPC Stock Fund Valuation 67
9.11 Value of Accounts 68
9.12 Cost Account 68
9.13 Rollovers 69
9.14 Merger of the MidCon Corp. ESOP 70
10 Financing
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10.1 Financing 71
10.2 Employer Contributions 72
10.3 OPC Stock Fund 72
10.4 Non-Reversion 74
10.5 Direct Transfer of Assets from Plans of Acquired Entities 74
11 Administration
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11.1 The Administrative Committee 75
11.2 Chairman, Secretary, and Employment of Specialists 75
11.3 Compensation and Expenses 75
11.4 Manner of Action 76
11.5 Subcommittees 76
11.6 Other Agents 76
11.7 Records 76
11.8 Rules 76
11.9 Administrative Committee's Powers and Duties 76
11.10 Investment Responsibilities 78
11.11 Committees' Decisions Conclusive 79
11.12 Indemnity 79
11.13 Fiduciaries 79
11.14 Notice of Address 80
11.15 Data 80
11.16 Benefit Claims Procedures 81
11.17 Member's Own Participation 83
{/TABLE}
iii
{PAGE}
{TABLE}
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12 Amendment and Termination
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12.1 Amendment and Termination 84
12.2 Distribution on Termination 84
12.3 Successors 84
12.4 Plan Merger or Transfer 85
12.5 Participating Affiliates 86
13 Top-Heavy Provisions
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13.1 Application of Top-Heavy Provisions 87
13.2 Key Employees 87
13.3 Top-Heavy Group 88
13.4 Additional Rules 89
13.5 Minimum Contributions 89
14 Miscellaneous Provisions
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14.1 Employment Rights 90
14.2 No Examination or Accounting 90
14.3 Investment Risk 90
14.4 Non-Alienation 90
14.5 Incompetency 90
14.6 Severability 91
14.7 Counterparts 91
14.8 Service of Legal Process 91
14.9 Headings of Articles and Sections 92
14.10 Applicable Law 92
14.11 Unclaimed Benefits 92
14.12 Qualified Military Service 92
Appendix 1 Participation and Vesting for Certain Employees 93
Under Glenn Springs Sale Agreement
{/TABLE}
iv
{PAGE}
OCCIDENTAL PETROLEUM CORPORATION
--------------------------------
SAVINGS PLAN
------------
Article 1. Establishment of Plan
--------------------------------
1.1 Restatement of the Plan. OCCIDENTAL PETROLEUM CORPORATION amended and
restated the Occidental Petroleum Corporation Savings Plan (hereinafter referred
to as the "Plan") for the benefit of Eligible Employees, effective as of January
1, 1999. This restated document reflects all amendments adopted by the Company
for the Plan which are effective through December 31, 2001.
1.2 Purpose of the Plan. This Plan is intended to encourage and assist
Eligible Employees in adopting a regular program of savings to provide
additional security for their retirement.
1.3 Applicability of the Plan. Except as otherwise provided herein, the
provisions of this Plan are applicable only to Eligible Employees in the employ
of the Company and selected Affiliates on or after January 1, 1984.
1
{PAGE}
Article 2. Definitions
----------------------
2.1 Definitions. Whenever used in the Plan the following terms shall
have the respective meanings set forth below unless otherwise required by the
context in which they are used:
(a) "Accounting Date" means any business day. For this purpose, "business
day" means a day on which trading occurs on the New York Stock
Exchange.
(b) "Adjustment Contributions" means Pretax Deferrals which are converted
to After-Tax Contributions in order to comply with limitations under
Code section 415 or to comply with nondiscrimination tests of Code
section 401(k).
(c) "Administrative Committee" means the committee appointed by the Board
to administer the Plan in accordance with the applicable provisions of
Article 11 of this Plan.
(d) "Affiliate" means a corporation or other employer which is controlled
by or under common control with the Company, within the meaning of
sections 414 and 1563 of the Code. The determination of control shall
be made without reference to paragraphs (a)(4) and (e)(3)(C) of
section 1563, and solely for the purpose of applying the limitations
of sections 5.5 through 5.7 of this Plan, the phrase "more than 50
percent" shall be substituted for the phrase "at least 80 percent"
each place it appears in section 1563(a)(1). In addition, to the
extent that the context may so require, "Affiliate" means any member
of an affiliated service group (within the meaning of section 414(m)
of the Code) to which the Company belongs, and any corporation, trade
or business which is more than 50 percent owned, directly or
indirectly, by the Company and is designated by the Board as an
Affiliate.
(e) "After-Tax Contributions" means the amount a Participant requests the
Company to contribute on his behalf on an after-tax basis in
accordance with section 4.1.
2
{PAGE}
(f) "Alternate Payee" has the same meaning as assigned to that term in
section 414(p)(8) of the Code.
(g) "Beneficiary" means the person or persons (who may be named
contingently or successively) designated by a Participant, an
Alternate Payee, or a beneficiary of a deceased Participant or a
deceased Alternate Payee to receive his Personal Savings Account in
the event of his death. Each Participant, Alternate Payee, and
beneficiary of a deceased Participant or Alternate Payee, except
married Participants prior to the day they reach age 35, may designate
at any time, and any number of times, a beneficiary on a form
prescribed by the Administrative Committee, and such designation will
be effective only when filed in writing with the Administrative
Committee, and shall revoke all prior designations by the same
Participant or Alternate Payee. The Administrative Committee shall
require that a married Participant who designates a Beneficiary other
than his spouse obtain and submit to the Administrative Committee the
spouse's notarized written consent to the designation on a form that
discloses to the spouse the potential effect of such consent. If a
Participant is married and is under age 35, then his Beneficiary shall
be his spouse. If no Beneficiary is designated at the time of the
Participant's or Alternate Payee's death, or at the time of death of
the beneficiary of a deceased Participant or Alternate Payee, or if no
person so designated shall survive the Participant, Alternate Payee,
or beneficiary of a deceased Participant or Alternate Payee, the
Beneficiary shall be his spouse, or if the deceased individual has no
surviving spouse, his surviving children equally, or if there are no
surviving children, his surviving parents equally, or if only one
parent is living, his living parent, or if no parent is living, his
surviving siblings equally, or if only one sibling is living, his
surviving sibling, or if no sibling is living, his estate.
(h) "Board of Directors" or "Board" means the Board of Directors of
Occidental Petroleum Corporation.
3
{PAGE}
(i) "Code" means the Internal Revenue Code of 1986, as amended.
(j) "Company" means Occidental Petroleum Corporation.
(k) "Compensation" means the base salary and wages earned by a Participant
from an Employer for services rendered, including amounts of Pretax
Deferrals and amounts contributed pursuant to the Occidental Petroleum
Corporation Pretax Spending Program, but excluding (i) bonuses,
incentives, overtime, shift differential, and overseas differentials,
(ii) reimbursement for expenses or allowances, including automobile
allowances and moving allowances, (iii) any amount contributed by the
Employer (other than Pretax Deferrals and amounts contributed pursuant
to the Occidental Petroleum Corporation Pretax Spending Program) to
any pension plan or plan of deferred compensation, (iv) any amount
contributed by an Employer (in addition to Pretax Deferrals) to this
Plan, and (v) any amount paid by an Employer for other fringe
benefits, such as health and hospitalization, and group life insurance
benefits, or perquisites, provided that earnings of a Participant in
excess of $170,000, or such higher amount as shall be permitted by the
Secretary of the Treasury, in any Plan Year shall not be included in
Compensation. Compensation will be determined in accordance with the
following rules:
(1) For Participants compensated by salary, the amount of
Compensation shall be base salary of record for each pay period,
provided, however, that for any salaried Participant whose salary
is reduced for a pay period (for reasons other than the making of
Pretax Deferrals and contributions pursuant to the Occidental
Petroleum Corporation Pretax Spending Program), Compensation will
include his actual base salary of record paid to him (subject to
the exclusions listed above) not in excess of his salary of
record for such pay period.
4
{PAGE}
(2) For Participants compensated by commission (primarily truck
drivers), the amount of Compensation shall be the amount per pay
period (subject to the exclusions listed above) to be reported on
Form W-2 for federal tax purposes.
(3) For Participants compensated at an hourly rate, the amount of
Compensation in a pay period shall be the base hourly rate
(subject to the exclusions listed above) multiplied by the number
of regularly scheduled hours worked in a pay period. If the
Participant's regularly scheduled work week is more than 40
hours, Compensation shall include an additional amount equal to
the base hourly rate (subject to the exclusions listed above)
times one half the number of regularly scheduled hours worked in
excess of 40 in the work week.
(4) For Participants compensated on a Twelve Hour Shift Basis, the
amount of Compensation for each pay period shall be the
Participant's annual base salary of record (including Guaranteed
Overtime) divided by the number of pay periods applicable to the
Participant during the Plan Year. For the purpose of this
subsection 2.1(k), the term "Twelve Hour Shift Basis" means any
arrangement whereby Participants work twelve hour daily shifts
which may result in alternating work weeks of more and less than
forty hours per week. Additionally, for the purpose of this
subsection 2.1(k), the term "Guaranteed Overtime" means
compensation paid to a Participant for overtime work which the
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