Altra In-Plan Roth Rollover Amendment to the Littelfuse, Inc. 401(K) Retirement and Savings Plan, effective as of February 1, 2018

EX-10.76 5 ex_105291.htm EXHIBIT 10.76 ex_105291.htm

Exhibit 10.76

atra In-Plan Roth Rollover amendment
to
LITTELFUSE, INC. 401(K) RETIREMENT AND SAVINGS PLAN

The Littelfuse, Inc. 401(k) Retirement and Savings Plan, originally effective as of January 1, 1993, as presently maintained under an amendment and restatement made effective as of January 1, 2017, is hereby amended effective as of February 1, 2018, in the following respects:

FIRST CHANGE

Section 14.4b.iii of the Adoption Agreement is amended to provide as follows:

	iii.	☒	In-Plan Roth Rollover Contributions.

	A.	A Participant may elect to make an In-Plan Roth Rollover Contribution of any amount held in his Account (other than amounts attributable to designated Roth contributions) that is (select all that apply):

☒

Eligible for non-hardship withdrawal in accordance with the provisions of Section 26.


a.	☒	The limitations on withdrawals specified in Section 26 (e.g., limit on number of withdrawals) do not apply to a withdrawal made for purposes of In-Plan Roth Rollover Contributions.

	2.	☐	Eligible for non-hardship withdrawal as provided below. The following withdrawal provisions apply solely for purposes of making In-Plan Roth Rollover Contributions.

☐

Withdrawal is permitted at any time from the following:

i.	☐	After-Tax Contributions
ii.	☐	Rollover Contributions
iii.	☐	After-Tax Rollover Contributions
iv.	☐	QVECs

☐

Withdrawal is permitted upon reaching the specified age from the following:

i.	☐	After-Tax Contributions at age __________
ii.	☐	Rollover Contributions at age __________
iii.	☐	After-Tax Rollover Contributions at age __________
iv.	☐	Pre-Tax 401(k) Contributions at age __________ (≥ 59½)
v.	☐	Safe Harbor Contributions at age __________ (≥ 59½)
vi.	☐	Prior Safe Harbor Contributions at age __________ (≥ 59½)
vii.	☐	Nonelective Contributions at age __________
viii.	☐	Matching Contributions at age __________
ix.	☐	Prior Nonelective Contributions at age __________
x.	☐	Prior Money Purchase Pension Plan Contributions at age __________ (≥ 62)
xi.	☐	Prior Matching Contributions at age __________

☐

Distributable to the Participant following severance from employment.


a.	☐	A Participant who receives actual distribution from the Plan following severance may make a Participant rollover of the distributed amounts within 60 days of the distribution and it will be treated as an In-Plan Roth Rollover Contribution.

☐

Surviving Spouses and current or former Spouses who are alternate payees under a QDRO may make In-Plan Roth Rollover Contributions upon the same terms as Participants.

SECOND CHANGE

Section 24.1a of the Adoption Agreement is amended to provide as follows:

24.1

Availability

	a.	☒	The Plan permits Participant loans. Loans are permitted with the following restrictions, as applicable: (select all that apply)

i.	☐	No restrictions on Sub-Accounts available for loans

ii.	☒	Loans are not available from following portions of Participant's Account:

	Note: If the Plan includes QVECs, loans may not be made from QVEC Sub-Accounts and such Sub-Accounts are not included in determining the maximum amount of a loan.

☒

Roth 401(k) Contributions Sub-Account.


1.	☐	The balance of the Roth 401(k) Contributions Sub-Account is also excluded in determining maximum permissible loan amount

☒

Other specified Sub-Accounts: Designated Roth Rollover Contributions, In-Plan Roth Rollover Contributions and Prior Roth Deferrals and After-Tax Rollover Contributions


1.	☐	The balance of the other Sub-Accounts is also excluded in determining maximum permissible loan amount

iii.

☐

Loans are not permitted to individuals with Rollover Contributions under the Plan, but who have not met the requirements to become an Eligible Employee.

THIRD CHANGE

A new Addendum F, in the form attached to this amendment, is added at the end of the Adoption Agreement to implement in-plan Roth conversions in compliance with Code Section 402A(c)(4)(E), as added by the American Taxpayer Relief Act of 2012 ("ATRA") and interpreted by applicable guidance.

* * *

EXECUTED AT Chicago, Illinois this 6^th day of February, 2018.

	Littelfuse, Inc.

	By: /s/ Ryan K. Stafford

	Title: Executive Vice President, Chief Legal and Human Resources Officer & Corporate Secretary

Addendum F
atra in-plan roth conversions
interim compliance amendment

F.1

In-Plan Roth Rollovers of Otherwise Non-Distributable Amounts

	a.	The provisions of this Addendum provide for In-Plan Roth Rollover Contributions with respect to amounts that are not otherwise distributable, as permitted under Code Section 402A(c)(4)(E), as added by the American Taxpayer Relief Act of 2012 ("ATRA") and interpreted by IRS Notice 2010-84 and IRS Notice 2013-74. This Addendum is intended to comply in good faith with the provisions of Code Section 402A(c)(4) and the applicable guidance.

		Note: In-Plan Roth Rollover Contributions with respect to amounts that are otherwise distributable under the terms of the Plan are governed by the provisions of the Adoption Agreement other than this Addendum.

	i.	☒	Subject to any elections in A., B., C., E., F., or G. below, a Participants may elect, in accordance with rules prescribed by the Administrator, to make an In-Plan Roth Rollover Contribution of vested amounts held in his Account that are not otherwise distributable in accordance with the terms of the Plan ("non-distributable amounts"). Any such election shall be irrevocable. In-Plan Roth Rollover Contributions of non-distributable amounts shall be subject to the provisions of this Addendum.

	A.	In-Plan Roth Rollover Contributions may be made of:

	1.	☒	all non-distributable amounts

☐

only the non-distributable amounts specified below

a.	☐	After-Tax Contributions
b.	☐	Rollover Contributions
c.	☐	After-Tax Rollover Contributions
d.	☐	Pre-Tax 401(k) Contributions
e.	☐	Regular Matching Contributions
f.	☐	Additional Discretionary Matching Contributions
g.	☐	True-Up Matching Contributions
h.	☐	Prior Matching Contributions
i.	☐	Standard Nonelective Contributions
j.	☐	Additional Discretionary Nonelective Contributions

k.	☐	Prior Nonelective Contributions
l.	☐	Safe Harbor Contributions
m.	☐	Prior Safe Harbor Contributions
n.	☐	Prior Money Purchase Pension Plan Contributions
o.	☐	Prevailing Wage Law Contributions
p.	☐	QNECs
q.	☐	QMACs
r.	☐	QVECs
s.	☐	the following contribution sources: __________________________

B.	☒	Regardless of the election in A above, contributions being used as collateral for an outstanding loan balance may not be rolled over pursuant to the provisions of this Addendum

C.	☒	In-Plan Roth Rollover Contributions of non-distributable amounts may only be made from Sub-Accounts that are 100% vested

D.	☐	Surviving Spouses and current or former Spouses who are alternate payees under a QDRO may make In-Plan Roth Rollover Contributions of non-distributable amounts upon the same terms as Participants.

E.	☐	A Participant may not make an In-Plan Roth Rollover Contribution of less than: $__________________________


1.	☐	A Participant's simultaneous In-Plan Roth Rollover Contribution of otherwise distributable amounts is included in determining whether the above minimum is met.

☐

A Participant's In-Plan Roth Rollover Contribution may not exceed: $__________________________ per rollover.


1.	☐	A Participant's simultaneous In-Plan Roth Rollover Contribution of otherwise distributable amounts is included in applying the above limitation.

G.	☐	The Plan limits the number of In-Plan Roth Rollover Contributions a Participant may make during a specified period.

	1.	Maximum number of In-Plan Roth Rollover Contributions: __________________________

	2.	Period over which the maximum is applied:

a.	☐	each calendar month
b.	☐	each Plan Year
c.	☐	each calendar year
d.	☐	each Plan Year quarter
e.	☐	each calendar quarter
f.	☐	Other period: __________________________

☐

A Participant's In-Plan Roth Rollover Contributions of otherwise distributable amounts are included in applying the above limitation.

☐

Simultaneous rollovers of both distributable and non-distributable amounts are treated as a single In-Plan Roth Rollover Contribution for purposes of the above limitation.

	H.	In-Plan Roth Rollover Contributions attributable to non-distributable amounts shall be loanable and lienable to the same extent as In-Plan Roth Rollover Contributions attributable to otherwise distributable amounts.

	I.	In-Plan Roth Rollover Contributions attributable to non-distributable amounts continue to be subject to the same distribution restrictions that applied prior to conversion. For example, Roth In-Plan Rollover Contributions attributable to Pre-Tax 401(k) Contributions continue to be subject to the distribution restrictions applicable to Pre-Tax 401(k) Contributions under Code Section 401(k)(2)(B) and the Plan.

	J.	An in-Plan Roth rollover will not eliminate any Code Section 411(d)(6) protected distribution rights attributable to the amount being rolled over.

F.1

Amendment to SBJPA In-Plan Roth Rollovers of Distributable Amounts

A new Section 14.4b.iii.C is added at the end of Section 14.4b.iii of the Adoption Agreement to provide as follows:

In-Plan Roth Rollover Contributions of withdrawable amounts may only be made from Sub-Accounts that are 100% vested. (This option has only been pre-approved for withdrawable amounts provided (i) this withdrawal limitation is selected and (ii) the withdrawal limitations are retained. This option may be selected under other conditions as a modification to the pre-approved document.)