Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

401(K) Supplemental Plan

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by title, category, or company... or click here for help finding documents.

 

Title:

401(K) Supplemental Plan

Entities:

21st Century Insurance Group

Date:

2005

Size:

65KB total

Price:

$49

ID:

#714038

 

 

► Plans ► Supplemental ► 401(k) Supplemental Plans
► Insurance ► Property & Casualty Insurance

 

 

Start of Preview

 
 

 
 
21ST CENTURY INSURANCE COMPANY
 
 
401(K) SUPPLEMENTAL PLAN
 
 

 
 
Amended and Restated as of January 1, 2001
 
 
Amended as of January 1, 2004

 

 
TABLE OF CONTENTS
Page
Purpose
    
1
       
ARTICLE 1
  
Definitions
1
       
ARTICLE 2
  
Selection, Enrollment, Eligibility
4
       
2.1
  
Selection by Committee
4
2.2
  
Enrollment Requirements
4
2.3
  
Eligibility; Commencement of Participation
4
2.4
  
Termination of Participation and/or Deferrals
4
       
ARTICLE 3
  
Deferral Commitments/Company Matching/Crediting Taxes
5
       
3.1
  
Amount of Deferrals
5
3.2
  
Election to Defer; Effect of Election Form
5
3.3
  
Withholding of Annual Deferral Amounts
5
3.4
  
Annual Company Matching Amount
5
3.5
  
Investment of Trust Assets
6
3.6
  
Vesting
6
3.7
  
Crediting/Debiting of Account Balances
6
3.8
  
FICA and Other Employment Taxes; Federal Income Tax
8
       
ARTICLE 4
  
Unforeseeable Financial Emergencies; Withdrawal Election
8
       
4.1
  
Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies
8
4.2
  
Withdrawal Election
8
       
ARTICLE 5
  
Retirement Benefit
9
       
5.1
  
Retirement Benefit
9
5.2
  
Payment of Retirement Benefit
9
5.3
  
Death Prior to Completion of Retirement Benefit
9
       
ARTICLE 6
  
Pre-Retirement Survivor Benefit
9
       
6.1
  
Pre-Retirement Survivor Benefit
9
6.2
  
Payment of Pre-Retirement Survivor Benefit
9
       
ARTICLE 7
  
Termination Benefit
10
       
7.1
  
Termination Benefit
10
7.2
  
Payment of Termination Benefit
10
7.3
  
Death Prior to Completion of Termination Benefit
10
       
ARTICLE 8
  
Disability Waiver and Benefit
11
       
8.1
  
Disability Waiver
11

i
 
8.2
  
Continued Eligibility; Disability Benefit
11
8.3
  
Death Prior to Completion of Disability Benefit
11
       
ARTICLE 9
  
Beneficiary Designation
12
       
9.1
  
Beneficiary
12
9.2
  
Beneficiary Designation; Change; Spousal Consent
12
9.3
  
Acknowledgement
12
9.4
  
No Beneficiary Designation
12
9.5
  
Doubt as to Beneficiary
12
9.6
  
Discharge of Obligations
12
       
ARTICLE 10
  
Leave of Absence
12
       
10.1
  
Paid Leave of Absence
12
10.2
  
Unpaid Leave of Absence
12
       
ARTICLE 11
  
Termination, Amendment or Modification
13
       
11.1
  
Termination
13
11.2
  
Amendment
13
11.3
  
Plan Agreement
14
11.4
  
Effect of Payment
14
       
ARTICLE 12
  
Administration
14
       
12.1
  
Committee Duties
14
12.2
  
Agents
14
12.3
  
Binding Effect of Decisions
14
12.4
  
Indemnity of Committee
14
12.5
  
Employer Information
14
       
ARTICLE 13
  
Other Benefits and Agreements
15
       
13.1
  
Coordination with Other Benefits
15
       
ARTICLE 14
  
Claims Procedures
15
       
14.1
  
Presentation of Claim
15
14.2
  
Notification of Decision
15
14.3
  
Review of a Denied Claim
15
14.4
  
Decision on Review
16
14.5
  
Legal Action
16
       
ARTICLE 15
  
Trust
16
       
15.1
  
Establishment of the Trust
16
15.2
  
Interrelationship of the Plan and the Trust
16
15.3
  
Distributions From the Trust
16

ii
 
ARTICLE 16
  
Miscellaneous
16
       
16.1
  
Status of Plan
16
16.2
  
Unsecured General Creditor
16
16.3
  
Employer's Liability
17
16.4
  
Nonassignability
17
16.5
  
Not a Contract of Employment
17
16.6
  
Furnishing Information
17
16.7
  
Terms
17
16.8
  
Captions
17
16.9
  
Governing Law
17
16.10
  
Notice
18
16.11
  
Successors
18
16.12
  
Spouse's Interest
18
16.13
  
Validity
18
16.14
  
Incompetent
18
16.15
  
Court Order
18
16.16
  
Distribution in the Event of Taxation
18
16.17
  
Insurance
19
 

iii
 
21ST CENTURY INSURANCE COMPANY
401(K) SUPPLEMENTAL PLAN
Amended and Restated as of January 1, 2001
Amended as of November 1, 2003

Purpose
 
The purpose of this Plan is to provide specified benefits to a select group of management and highly compensated Employees who contribute materially to the continued growth, development and future business success of 21st Century Insurance Company and its subsidiaries, if any, that sponsor this Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. This document sets forth an amendment and restatement, effective January 1, 2001, of the Plan as originally adopted effective January 1, 1996. The Plan further is amended as of November 1, 2003.

ARTICLE 1
Definitions
 
For purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings:
 
1.1
"Account Balance" shall mean, with respect to a Participant, a credit on the records of the Employer equal to the sum of (i) the Deferral Account balance, and (ii) the vested Company Matching Account balance. The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.
 
1.2
"Annual Bonus" shall mean any compensation, in addition to Base Annual Salary relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, payable to a Participant as an Employee under any Employer's annual bonus and cash incentive plans, excluding stock options.
 
1.3
"Annual Company Matching Amount" for any one Plan Year shall be the amount determined in accordance with Section 3.4.
 
1.4
"Annual Deferral Amount" shall mean that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.
 
1.5
"Base Annual Salary" shall mean the annual base salary payable to the Participant relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee's gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant's gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.
 
  
-1-
 
1.6
"Beneficiary" shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 9, that are entitled to receive benefits under this Plan upon the death of a Participant.
 
1.7
"Beneficiary Designation Form" shall mean the form, including any electronic form, established from time to time by the Committee by which a Participant designates one or more Beneficiaries.
 
1.8
"Board" shall mean the board of directors of the Company.
 
1.9
"Claimant" shall have the meaning set forth in Section 14.1.
 
1.10
"Code" shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.
 
1.11
"Committee" shall mean the committee described in Article 12.
 
1.12
"Company" shall mean 21st Century Insurance Company and any successor to all or substantially all of the Company's assets or business.
 
1.13
"Company Matching Account" shall mean (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.
 
1.14
"Deferral Account" shall mean (i) the sum of all of a Participant's Annual Deferral Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Deferral Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to his or her Deferral Account.
 
1.15
"Disability" shall mean a period of disability during which a Participant qualifies for disability benefits under the Company's long-term disability plan.
 
1.16
"Disability Benefit" shall mean the benefit set forth in Article 8.
 
1.17
"Election Form" shall mean the form, including any electronic form, established from time to time by the Committee by which a Participant makes an election under the Plan.
 
1.18
"Employee" shall mean a person who is an employee of any Employer.
 
1.19
"Employer(s)" shall mean the Company and/or any of its subsidiaries or joint ventures (now in existence or hereafter formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as a sponsor.
 
1.20
"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.
 
1.21
"401(k) Plan" shall mean the 21st Century Insurance Company Savings and Security Plan.
 
1.22
"Participant" shall mean any Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs a Plan Agreement, an Election Form and a Beneficiary Designation Form, (iv) whose signed Plan Agreement, Election Form and Beneficiary Designation Form are accepted by the Committee, (v) who commences participation in the Plan, and (vi) whose Plan Agreement has not terminated. A spouse or former spouse of a Participant shall not be treated as a Participant in the Plan or have an account balance under the Plan, even if he or she has an interest in the Participant's benefits under the Plan as a result of applicable law or property settlements resulting from legal separation or divorce.
 
 
-2-
 
1.23
"Plan" shall mean this 21st Century Insurance Company 401(k) Supplemental Plan, which shall be evidenced by this instrument and by each Plan Agreement, as they may be amended from time to time.
 
1.24
"Plan Agreement" shall mean the agreement, including any electronic agreement, as may be amended from time to time, which is entered into by and between an Employer and a Participant. Each Plan Agreement executed by a Participant and the Participant's Employer shall provide for the entire benefit to which such Participant is entitled under the Plan; should there be more than one Plan Agreement, the Plan Agreement that was last received by the Employer shall supersede all previous Plan Agreements in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any Participant, and any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by both the Employer and the Participant.