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Document Preview Defined Contribution Master Plan and Trust Agreement |
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Title: |
Defined Contribution Master Plan and Trust Agreement |
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Date: |
2003 |
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Size: |
Preview shows 13KB of 390KB total |
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Price: |
$99 |
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ID: |
#881576 |
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WACHOVIA BANK, NATIONAL ASSOCIATION
DEFINED CONTRIBUTION MASTER PLAN AND TRUST AGREEMENT
<PAGE>
Defined Contribution Plan
TABLE OF CONTENTS
<TABLE>
<S> <C>
ARTICLE I, DEFINITIONS
1.01 Account...................................................... 1
1.02 Account Balance or Accrued Benefit........................... 1
1.03 Accounting Date.............................................. 1
1.04 Adoption Agreement........................................... 1
1.05 Beneficiary.................................................. 1
1.06 Code......................................................... 1
1.07 Compensation................................................. 1
1.08 Disability................................................... 2
1.09 Earned Income................................................ 2
1.10 Effective Date............................................... 3
1.11 Employee..................................................... 3
1.12 Employer..................................................... 3
1.13 ERISA........................................................ 3
1.14 Highly Compensated Employee.................................. 3
1.15 Hour of Service.............................................. 3
1.16 Leased Employee.............................................. 4
1.17 Nonhighly Compensated Employee............................... 5
1.18 Nontransferable Annuity...................................... 5
1.19 Paired Plans................................................. 5
1.20 Participant.................................................. 5
1.21 Plan......................................................... 5
1.22 Plan Administrator........................................... 5
1.23 Plan Entry Date.............................................. 5
1.24 Plan Year.................................................... 5
1.25 Protected Benefit............................................ 5
1.26 Related Group/Related Employer............................... 5
1.27 Self-Employed Individual / Owner-Employee/
Shareholder-Employee......................................... 6
1.28 Separation from Service...................................... 6
1.29 Service...................................................... 6
1.30 Service with a Predecessor Employer.......................... 6
1.31 Trust........................................................ 6
1.32 Trust Fund................................................... 6
1.33 Trustee...................................................... 6
1.34 Vested....................................................... 6
ARTICLE II, ELIGIBILITY AND PARTICIPATION
2.01 Eligibility.................................................. 7
2.02 Age and Service Conditions................................... 7
2.03 Break in Service - Participation............................. 7
2.04 Participation upon Re-employment............................. 8
2.05 Change in Employment Status.................................. 8
2.06 Election Not to Participate.................................. 8
ARTICLE III, EMPLOYER CONTRIBUTIONS AND FORFEITURES
3.01 Employer Contributions....................................... 9
3.02 Deferral Contributions....................................... 9
3.03 Matching Contributions....................................... 9
3.04 Employer Contribution Allocation............................. 9
3.05 Forfeiture Allocation........................................ 11
3.06 Allocation Conditions........................................ 12
3.07 Annual Additions Limitation.................................. 13
3.08 Estimating Compensation...................................... 13
3.09 Determination Based on Actual Compensation................... 13
3.10 Disposition of Allocated Excess Amount....................... 13
3.11 Combined Plans Annual Additions Limitation................... 14
3.12 Estimating Compensation...................................... 14
3.13 Determination Based on Actual Compensation................... 14
3.14 Ordering of Annual Addition Allocations...................... 14
3.15 Disposition of Allocated Excess Amount Attributable to Plan.. 14
3.16 Other Defined Contribution Plans Limitation.................. 14
3.17 Defined Benefit Plan Limitation.............................. 15
3.18 Definitions - Article III.................................... 15
ARTICLE IV, PARTICIPANT CONTRIBUTIONS
4.01 Participant Contributions.................................... 17
4.02 Employee Contributions....................................... 17
4.03 DECs......................................................... 17
4.04 Rollover Contributions....................................... 17
4.05 Participant Contributions - Vesting.......................... 17
4.06 Participant Contributions - Distribution..................... 17
4.07 Participant Contributions - Investment and Accounting........ 17
ARTICLE V, VESTING
5.01 Normal/Early Retirement Age.................................. 18
5.02 Participant Death or Disability.............................. 18
5.03 Vesting Schedule............................................. 18
5.04 Cash-out Distributions to Partially-Vested
Participants/Restoration of Forfeited Account Balance........ 18
5.05 Accounting for Cash-Out Repayment............................ 19
5.06 Year of Service - Vesting.................................... 19
5.07 Break in Service and Forfeiture Break in Service - Vesting... 19
5.08 Included Years of Service - Vesting.......................... 20
5.09 Forfeiture Occurs............................................ 20
5.10 Rule of Parity - Vesting..................................... 20
5.11 Amendment to Vesting Schedule................................ 20
5.12 Deferral Contributions Taken into Account.................... 20
ARTICLE VI, DISTRIBUTIONS
6.01 Timing of Distributions...................................... 21
6.02 Required Minimum Distributions............................... 22
6.03 Method of Distribution....................................... 24
6.04 Annuity Distributions to Participants and to Surviving
Spouses...................................................... 25
6.05 Waiver Election - QJSA....................................... 26
6.06 Waiver Election - QPSA....................................... 26
6.07 Distributions Under Qualified Domestic Relations Orders
(QDRO)....................................................... 26
6.08 Defaulted Loan-Timing of Offset.............................. 27
6.09 Hardship Distribution........................................ 27
6.10 Direct Rollover of Eligible Rollover Distributions........... 27
6.11 TEFRA Elections.............................................. 28
ARTICLE VII, EMPLOYER ADMINISTRATIVE PROVISIONS
7.01 Information to Plan Administrator............................ 29
7.02 No Responsibility for Others................................. 29
7.03 Indemnity of Certain Fiduciaries............................. 29
7.04 Employer Direction of Investment............................. 29
7.05 Evidence..................................................... 29
7.06 Plan Contributions........................................... 29
7.07 Employer Action.............................................. 29
7.08 Fiduciaries Not Insurers..................................... 29
7.09 Plan Terms Binding........................................... 29
7.10 Word Usage................................................... 29
7.11 State Law.................................................... 29
7.12 Prototype Plan Status........................................ 29
7.13 Employment Not Guaranteed.................................... 30
ARTICLE VIII, PARTICIPANT ADMINISTRATIVE PROVISIONS
8.01 Beneficiary Designation...................................... 31
8.02 No Beneficiary Designation/Death of Beneficiary.............. 31
8.03 Assignment or Alienation..................................... 31
</TABLE>
(C) Copyright 2001 Wachovia Bank, National Association
i
<PAGE>
Defined Contribution Plan
<TABLE>
<S> <C>
8.04 Information Available........................................ 31
8.05 Claims Procedure for Denial of Benefits...................... 32
8.06 Participant Direction of Investment.......................... 32
ARTICLE IX, PLAN ADMINISTRATOR
9.01 Compensation and Expenses.................................... 33
9.02 Resignation and Removal...................................... 33
9.03 General Powers and Duties.................................... 33
9.04 Plan Loans................................................... 33
9.05 Funding Policy............................................... 33
9.06 Individual Accounts.......................................... 33
9.07 Value of Participant's Account Balance....................... 34
9.08 Allocation and Distribution of Net Income, Gain or Loss...... 34
9.09 Individual Statement......................................... 35
9.10 Account Charged.............................................. 35
9.11 Lost Participants............................................ 35
9.12 Plan Correction.............................................. 36
9.13 No Responsibility for Others................................. 36
9.14 Notice, Designation, Election, Consent and Waiver............ 36
ARTICLE X, TRUSTEE AND CUSTODIAN, POWERS AND DUTIES
10.01 Acceptance................................................... 37
10.02 Receipt of Contributions..................................... 37
10.03 Investment Powers............................................ 37
10.04 Records and Statements....................................... 40
10.05 Fees and Expenses from Fund.................................. 40
10.06 Parties to Litigation........................................ 41
10.07 Professional Agents.......................................... 41
10.08 Distribution of Cash or Property............................. 41
10.09 Participant or Beneficiary Incapacitated..................... 41
10.10 Distribution Directions...................................... 41
10.11 Third Party Reliance......................................... 41
10.12 Multiple Trustees............................................ 41
10.13 Resignation and Removal...................................... 41
10.14 Successor Trustee Acceptance................................. 42
10.15 Valuation of Trust........................................... 42
10.16 Limitation on Liability - If Investment Manager, Ancillary
Trustee or Independent Fiduciary Appointed................... 42
10.17 Investment in Group Trust Fund............................... 42
10.18 Appointment of Ancillary Trustee or Independent Fiduciary.... 42
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