Preview | Employee Stock Ownership Plan |

AMENDMENT TO THE

CAPITAL CORP OF THE WEST

EMPLOYEE STOCK OWNERSHIP PLAN

The Capital Corp of the West Employee Stock Ownership Plan is amended by adopting this Model Plan Amendment published by the Internal Revenue Service in Rev. Proc. 2002-29, as set forth below, as a ?snap-on? amendment to the most recent restatement of the plan. The effective date of this Model Plan Amendment shall be January 1, 2003.

Article A. MINIMUM DISTRIBUTION REQUIREMENTS.

Section 1. General Rules.

1.1. Effective Date.

Unless an earlier effective date is specified in the plan, the provisions of this article will apply for purposes of determining required minimum distributions for calendar years beginning with the 2003 calendar year. -

1 .2.

Coordination With Minimum Distribution Requirements Previously In Effect.

If the plan specifies an effective date of this article that is earlier than calendar years beginning with the 2003 calendar year, required minimum distributions for 2002 under this article will be determined as follows. If the total amount of 2002 required minimum distributions under the plan made to the distributee prior to the effective date of this article equals or exceeds the required minimum distributions determined under this article, then no additional distributions will be required to be made for 2002 on or after such date to the distributee. If the total amount of

2002 required minimum distributions under the plan made to the distributee prior to the effective date of this article is less than the amount determined under this article, then required minimum distributions for 2002 on and after such date will be determined so that the total amount of required minimum distributions for 2002 made to the distributee will be the amount determined under this article.

1.3. Precedence.

The requirements of this article will take precedence over any inconsistent provisions of the plan.

1.4. Requirements Of Treasury Regulations Incorporated.

All distributions required under this article will be determined and made in accordance with the Treasury regulations under section 401(a)(9) of the Internal Revenue Code.

1.5. TEFRA Section 242(b)(2) Elections.

Notwithstanding the other provisions of this article, distributions may be made under a designation made before January 1, 1984, in accordance with section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the plan that relate to section 242(b)(2) of TEFRA.

Section 2. Time And Manner Of Distribution.

2.1. Required Beginning Date. -

The participant?s entire interest will be distributed, or begin to be distributed, to the participant no later than the participant?s required beginning date.

2.2. Death Of Participant Before Distributions Begin.

If the participant dies before distributions begin, the participant?s entire interest will be distributed, or begin to be distributed, no later than as follows:

(a)

If the participant?s surviving spouse is the participant?s sole designated beneficiary, then, except as provided in the adoption agreement, distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the participant died, or by December 31 of the calendar year in which the participant would have attained age 70-1/2, if later.

(b)

If the participant?s surviving spouse is not the participant?s sole designated beneficiary, then, except as provided in the adoption agreement, distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the participant died.

(c)

If there is no designated beneficiary as of September 30 of the year following the year of the participant?s death, the participant?s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the participant?s death.

End of Preview

Home Intelligence Services Subscriptions News About Us