Nuveen Investments, LLC Employees’ 401(k)/Profit-Sharing Plan (As Amended and Restated Effective January 1, 2007)
This agreement outlines the Nuveen Investments, LLC Employees’ 401(k)/Profit-Sharing Plan, as amended and restated effective January 1, 2007. It establishes a retirement savings plan for eligible employees, allowing them to make elective deferrals, including Roth contributions, and receive employer profit-sharing and matching contributions. The plan details participation requirements, contribution formulas, vesting schedules, benefit distributions, and administrative procedures. It is designed to comply with IRS and ERISA regulations, ensuring tax advantages and fiduciary protections for participants. The plan applies to employees who terminate employment on or after the restatement date.
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ARTICLE I. NAME, CHARACTER AND PURPOSE OF PLAN | 1 | |||||||||
1.1. | Name | 1 | ||||||||
1.2. | History | 1 | ||||||||
1.3. | Qualified Plan | 1 | ||||||||
1.4. | Application | 1 | ||||||||
ARTICLE II. DEFINITIONS | 2 | |||||||||
ARTICLE III. PARTICIPATION | 10 | |||||||||
3.1. | Dates of Participation | 10 | ||||||||
3.2. | Rollover Amount | 10 | ||||||||
ARTICLE IV. EMPLOYER PROFIT-SHARING CONTRIBUTIONS | 11 | |||||||||
4.1. | Profit-Sharing Contribution Formula | 11 | ||||||||
4.2. | Statements | 11 | ||||||||
4.3. | Allocation of Employer Profit-Sharing Contribution | 11 | ||||||||
4.4. | Qualified Military Service | 11 | ||||||||
ARTICLE V. PARTICIPANT ELECTIVE DEFERRALS | 12 | |||||||||
5.1. | Elective Deferrals | 12 | ||||||||
5.2. | Deduction of Elective Deferral Contributions | 13 | ||||||||
5.3. | Change in Rate of Elective Deferral Contributions | 13 | ||||||||
5.4. | Suspension of Elective Deferral Contributions | 14 | ||||||||
5.5. | Nonforfeitability of Elective Deferral Contributions | 14 | ||||||||
5.6. | Annual Limit on Elective Deferral Contributions | 14 | ||||||||
5.7. | Elective Deferral Contributions Discrimination Limitation | 14 | ||||||||
5.8. | Calculation of Income or Loss on Excess Deferrals | 15 | ||||||||
5.9. | Qalified Military Service | 15 | ||||||||
ARTICLE VI. EMPLOYER MATCHING CONTRIBUTIONS | 15 | |||||||||
6.1. | Employer Matching Contributions | 15 | ||||||||
6.2. | Employer Matching Contributions Nondiscrimination Limitation | 15 | ||||||||
6.3. | Calculation of Income or Loss on Excess Contributions | 16 | ||||||||
6.4. | Qualified Military Service | 16 | ||||||||
ARTICLE VII. ACCOUNTING; LIMITS ON ANNUAL ADDITIONS | 16 | |||||||||
7.1. | Separate Accounts | 16 | ||||||||
7.2. | Allocation of Remainders | 17 | ||||||||
7.3. | Statement of Account | 17 | ||||||||
7.4. | Distributions | 17 | ||||||||
7.5. | Adjustments | 17 | ||||||||
7.6. | Yearly Limitations on Total Additions to Participants Accounts | 17 | ||||||||
ARTICLE VIII. VESTING AND TERMINATION | 18 | |||||||||
8.1. | Vested Interest | 18 | ||||||||
8.2. | Vesting at Normal Retirement Age | 19 | ||||||||
8.3. | Vesting on Death or Permanent Disability | 19 |
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8.4. | Determination of Remainders; Restoration of Remainders Upon Reemployment | 19 | ||||||||
ARTICLE IX. DISTRIBUTION OF BENEFITS | 20 | |||||||||
9.1. | Time and Manner of Distribution | 20 | ||||||||
9.2. | In-Service Distributions from Rittenhouse Plan Accounts | 21 | ||||||||
9.3. | Loans | 21 | ||||||||
9.4. | Designation of Beneficiaries | 21 | ||||||||
9.5. | Un-cashed Benefit Checks and Missing Participants | 22 | ||||||||
9.6. | Direct Rollovers | 23 | ||||||||
9.7. | Minimum Distribution Requirements | 24 | ||||||||
ARTICLE X. ADMINISTRATION | 27 | |||||||||
10.1. | Allocation of Responsibility Among Fiduciaries | 27 | ||||||||
10.2. | Committee | 28 | ||||||||
10.3. | Duties and Powers of Committee | 28 | ||||||||
10.4. | Administration of Trust Fund | 30 | ||||||||
10.5. | Procedures of Committee | 30 | ||||||||
10.6. | Allocation and Delegation of Administrative Responsibilities | 30 | ||||||||
10.7. | Indemnification of Committee | 31 | ||||||||
10.8. | Compensation and Expenses | 31 | ||||||||
10.9. | Records | 31 | ||||||||
10.9. | Review of Claims; Appeals; Special Rules for Permanent Disability Determinations | 31 | ||||||||
ARTICLE XI. THE TRUST FUND AND ITS ADMINISTRATION | 33 | |||||||||
11.1. | The Trust Fund | 33 | ||||||||
11.2. | Designation of Investments by Participants | 33 | ||||||||
11.3. | Trustee | 34 | ||||||||
ARTICLE XII. MISCELLANEOUS | 34 | |||||||||
12.1. | Information to be Furnished by the Employer | 34 | ||||||||
12.2. | Information to be Furnished by Participants | 34 | ||||||||
12.3. | Interests Not Transferable | 34 | ||||||||
12.4. | Facility of Payment | 34 | ||||||||
12.5. | Absence of Guaranty | 34 | ||||||||
12.6. | Employment Rights | 34 | ||||||||
12.7. | Evidence | 34 | ||||||||
12.8. | Waiver of Notice | 35 | ||||||||
12.9. | Gender and Number | 35 | ||||||||
12.10. | Action by Nuveen | 35 | ||||||||
12.11. | Courts | 35 | ||||||||
12.12. | Successors, etc | 35 | ||||||||
12.13. | Qualified Domestic Relations Orders | 35 | ||||||||
ARTICLE XIII. ADOPTION, AMENDMENT OR TERMINATION | 35 | |||||||||
13.1. | Adoption | 35 |
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13.2. | Amendment | 36 | ||||||||
13.3. | Termination | 36 | ||||||||
13.4. | Vesting and Distribution on Termination | 36 | ||||||||
13.5. | Notice of Termination | 37 | ||||||||
13.6. | Merger or Consolidation of Plan | 37 | ||||||||
13.7. | Employees of Acquired Businesses | 37 | ||||||||
ARTICLE XIV. NOTICE | 37 | |||||||||
ARTICLE XV. TOP-HEAVY PROVISIONS | 38 | |||||||||
15.1. | Requirements in Plan Years in which Plan is Top-Heavy | 38 | ||||||||
APPENDIX INVESTMENT OPTIONS FOR THE TRANSFER OF RITTENHOUSE PLAN ACCOUNTS | 41 | |||||||||
SCHEDULE A ACQUIRED BUSINESS NWQ INVESTMENT MANAGEMENT COMPANY, INC. | 41 |
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EMPLOYEES
401(k)/PROFIT-SHARING PLAN
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(a) | was a 5% Owner at any time during the current or prior Plan Year; or | ||
(b) | for the preceding Plan Year: |
(i) | had 415 Compensation from the Employer of more than $100,000 for 2007 (as adjusted under Code Section 414); and | ||
(ii) | if the Employer elects for the preceding Plan Year, was in the top-paid group of Employees for the preceding Plan Year. |
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(a) | For purposes of eligibility to receive allocations of Profit-Sharing Contributions under Section 4.3, an Employee shall be credited with a year of Service if he or she is credited with at least 1,000 Hours of Employment in an eligibility computation period. An Employees initial eligibility computation period is the one-year period beginning on the date he or she is first credited with an Hour of Employment. If needed, an Employees subsequent eligibility computation periods are Plan Years, beginning with the Plan Year which begins during his or her initial eligibility computation period. If a former Participant described in paragraph (c) below is reemployed, his or her initial eligibility computation period |
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will begin on the first date following his or her reemployment when he or she is credited with an Hour of Employment. | |||
(b) | For purposes of vesting under Article VIII, a Participant shall be credited with a year of Service if he or she is credited with at least 1,000 Hours of Employment in a Plan Year, including Plan Years in which he or she was an Employee before he or she became a Participant. | ||
(c) | If a Participant who has not made any Elective Deferral Contributions, and whose vested percentage under the Plan is otherwise 0%, terminates employment and then experiences the greater of: (1) five consecutive Breaks in Service; or (2) the number of consecutive Breaks in Service that are equal to the aggregate number of his or her years of Service that occurred before such Breaks in Service, then such former Participants prior Service credit under paragraphs (a) and (b) above will not be taken into account for purposes of determining the vested percentage of the Participants benefits that are accrued after such Breaks in Service. | ||
(d) | If a Participant who has made any Elective Deferral Contributions, and/or whose vested percentage under the Plan is otherwise greater than 0%, terminates employment and is reemployed as an Employee before experiencing the greater of: (1) five consecutive Breaks in Service; or (2) the number of consecutive Breaks in Service that are equal to the aggregate number of his or her years of Service that occurred before such Breaks in Service, then such reemployed Participants prior Service credit under paragraphs (a) and (b) above will be taken into account for purposes of determining the vested percentage of the Participants benefits that are accrued after such Breaks in Service. | ||
(e) | For all purposes of this Section 2.37, Service shall be calculated using all Hours of Employment performed for the Employer and any Related Business. | ||
(f) | If a leased employee (as defined in Section 2.13) becomes an Employee, his or her service with an Employer or a Related Business while a leased employee shall be included for purposes of computing his or her Hours of Employment and continuous Service under the Plan, to the same extent as actual Service with the Employer or Related Business. | ||
(g) | If an off-shift hourly employee, who was not an Employee under Section 2.13, later becomes an Employee, his or her service with an Employer or a Related Business while he or she was an off-shift hourly employee shall be included for purposes of computing his or her Hours of Employment and continuous Service under the Plan, to the same extent as actual service with the Employer or Related Business. |
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(a) | Determination Date means, for purposes of determining whether the Plan is Top-Heavy for a particular Plan Year, the last day of the preceding Plan Year. | ||
(b) | Key Employee means any Employee or former Employee (including a deceased Employee) who at any time during the Plan Year that includes the Determination Date was: |
(i) | An officer of an Employer who receives as compensation for the year more than $130,000 (as adjusted under Code Section 416(i)(1) for Plan Years beginning after December 31, 2002); | ||
(ii) | An Employee owning (or considered as owning within the meaning of Code Section 318) more than 5% of the outstanding stock of the Employer or stock possessing more than 5% of the total combined voting power of all stock of the Employer; or | ||
(iii) | An Employee who receives as compensation for the year from the Employer more than $l50,000 and who would be described in subparagraph (ii) immediately above if l% were substituted for 5%. | ||
For purposes of applying Code Section 318 to the provisions of this subsection (c), Code Section 318(a)(2)(C) shall be applied by substituting 5% for 50%. In addition, Code Section 414(b), (c) and (m) shall not apply for purposes of determining ownership percentages in an Employer under this paragraph (c). For purposes of determining Key Employees, compensation means 415 Compensation. The determination of who is a Key Employee will be made in accordance with Code Section 416(i)(1) and the applicable regulations and other guidance of general applicability issued thereunder. |
(c) | Non-Key Employee means any Employee (including a Beneficiary of such Employee, if that Beneficiary is a Participant) who is not a Key Employee. | ||
(d) | For purposes of this Section and Article XV, the terms Required Aggregation Group and Permissive Aggregation Group have the following meanings: |
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(i) | Required Aggregation Group means a group of plans consisting of (A) each plan of the Company in which a Key Employee is a participant, and (B) each other plan of the Company which enables any plan described in (A) to meet the requirements of Code Section 401(a)(4) or 410; and | ||
(ii) | Permissive Aggregation Group means the Required Aggregation Group described in (i) plus any other plan of the Company not required to be included in the Required Aggregation Group, but which is designated by the Company as being part of such group if such group would continue to meet the requirements of Code Sections 401(a)(4) and 410 with such plan being taken into account. |
(e) | Top-Heavy Plan or Top-Heavy shall refer to the Plan if, as of any Determination Date, the aggregate of the accrued benefits of Key Employees who are Participants under the Plan (including accrued benefits under any other Plan aggregated with the Plan under the following subparagraph) exceeds 60% of the aggregate of the Accounts of all Employees under the Plan, as determined in accordance with the provisions of Code Section 4l6(g). For this purpose, Employees and Key Employees shall include only such individuals who performed services for an Employer during the one-year period ending on the Determination Date. The present value of accrued benefits of an Employee as of the Determination Date shall be increased by the distributions made with respect to the Employee under the Plan and any plan aggregated with the Plan under the following subparagraph during the 1-year period ending on the Determination Date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under the following subparagraph. In the case of a distribution made for a reason other than a Retirement Date, death, or Permanent Disability, this provision shall be applied by substituting 5-year period for 1-year period. | ||
The determination of whether the Plan is Top-Heavy shall be made after aggregating all other tax-qualified plans of the Employer in which a Key Employee participates or which enable any such tax-qualified plan to satisfy the requirements of Code Sections 401(a)(4) and 410, to the extent such aggregation is required by Code Section 416(g)(2), and after aggregating any other such plan of the Employer which may be taken into account under the permissive aggregation rules of Code Section 416(g)(2)(A)(ii) if such permissive aggregation thereby eliminates the Top-Heavy status of any plan within such Permissive Aggregation Group. In determining the accrued benefit of any Employee under any defined benefit plan which is aggregated under this subparagraph, the accrual method used shall be the actual accrual method used under all such plans of the Employer. | |||
Any Catch-up Contributions with respect to the current Plan Year are disregarded for purposes of Code Section 416, but Catch-up Contributions made in prior Plan |
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Years are included in the Account balances used to determine whether the Plan is Top-Heavy. |
(a) | Each Employee who was a Participant in the Plan on the Restatement Date will continue to be a Participant in the Plan after the Restatement Date, provided he or she continues to be an Employee. | ||
(b) | Each Employee who was not a Participant on the Restatement Date will become a Participant hereunder on the first day of the first payroll period beginning after the later of: |
(i) | the Employees date of hire by an Employer; or | ||
(ii) | the date the Employee attains age 21. |
(c) | A Participants status as such will, for purposes of receiving contributions or allocations under Articles IV, V and VI, cease upon termination of employment, but such a person shall continue to be a Participant for all other purposes of the Plan until he or she has received all payments to which he or she is entitled under the Plan. |
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(a) | Regular and Roth Deferral Contributions. A Participant may elect to make Regular and/or Roth Deferral Contributions by entering into an Elective Deferral Agreement that shall apply to each payroll period. The terms of any such Elective Deferral Agreement shall provide that the Participant agrees to a reduction in Compensation equal to a whole percentage of his or her Compensation for each payroll period after the Elective Deferral Agreement becomes effective. A Participant may elect to defer up to 60% of his or her Compensation, subject to the annual limit described in Section 5.6 and other limits under applicable law or as established by the Committee pursuant to Section 10.3. Notwithstanding the previous sentence, an eligible Participant may elect to defer up to an additional 40% of his or her Compensation with respect to Catch-up Contributions. Nuveen may change the minimum deferral percentage and/or maximum deferral percentage provided for in this paragraph prospectively for any Plan Year; provided, however, that no such change will be effective unless it is communicated to Participants at least 20 days before the last day as of which a Participant may make or change his or her Elective Deferral Agreement. | ||
A Participant may elect in his or her Elective Deferral Agreement to designate irrevocably (but not retroactively) any portion of his or her Elective Deferral Contributions (including Catch-up Contributions) as Roth Deferral Contributions. Regular and/or Roth Deferral Contributions shall continue in effect at the rate elected by the Participant until the Participant changes or suspends such election in accordance with the terms of the Plan. Contributions made to the Plan as one type, either Regular or Roth, may not later be reclassified as the other type. | |||
(b) | Catch-up Contributions. Participants who are eligible to make Elective Deferral Contributions under this Plan and who will attain age 50 by the end of the Plan Year shall be eligible to make Catch-Up Contributions in accordance with, and subject to the limitations of, Section 5.1(a) above, and Code Section 414(v) and the Treasury Regulations and guidance issued thereunder. Except as otherwise provided in the Plan or applicable law, Catch-up Contributions will be referred to and administered as Elective Deferral Contributions. Catch-up Contributions shall not be taken into account for purposes of applying the limitations of Code |
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Sections 401(a)(30) and 415, and for certain purposes under Code Sections 401(k)(3), 401(k)(12), 410(b), and 416. | |||
(c) | Automatic Enrollment. Notwithstanding anything in this Plan to the contrary, each Employee who first becomes a Participant on or after January 1, 2007 and who fails to affirmatively either enter into an Elective Deferral Agreement or decline enrollment in the Plan within 60 days from the date he or she becomes a Participant will be deemed to have elected to have three percent (3%) of his or her Compensation withheld from his or her paycheck as Regular Deferral Contributions. The Employer will automatically withhold such an amount from such Participants Compensation and will be required to contribute such amount to the Plan on the Participants behalf. A Participants deemed election under this paragraph shall commence as soon as administratively possible after the deemed election can be processed, provided that this election will not take effect before the 60th day following the date the Employee becomes a Participant. A Participants deemed election will remain in effect until the Participant files a subsequent election revoking or changing the deemed election. A Participants subsequent election will apply on a prospective basis only. |
(a) | as of the first day of the first payroll period beginning in any calendar quarter, by submitting the appropriate form to the Committee at least 10 business days preceding the date such change is to become effective, or by such other date as the Committee shall designate; and | ||
(b) | if a Participants Compensation is adjusted during the Plan Year, as of the first day of the first payroll period after his or her submission of the appropriate form to the Committee, or as soon as practicable thereafter. If the Participant does not submit the appropriate form by the first day of the first month following the Compensation adjustment, or by such other date as the Committee shall designate, then the timing of the Participants election change will no longer be subject to this Section 5.3(b), and will once again be subject to Section 5.3(a). |
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(a) | The average Actual Deferral Percentage of eligible Employees who are Highly Compensated Employees is not more than 1.25 times the average Actual Deferral Percentage for the prior year of all other eligible Employees; or | ||
(b) | The excess of the average Actual Deferral Percentage of eligible Employees who are Highly Compensated Employees over the average Actual Deferral Percentage for the prior year of all other eligible Employees is not more than two percentage points and the average Actual Deferral Percentage of eligible Employees who are Highly Compensated Employees is not more than two times the average Actual Deferral Percentage for the prior year of all other eligible Employees. |
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(a) | The average Actual Contribution Percentage of eligible Employees who are Highly Compensated Employees is not more than 1.25 times the average Actual Contribution Percentage for the prior year of all other eligible Employees; or | ||
(b) | The excess of the average Actual Contribution Percentage of eligible Employees who are Highly Compensated Employees over the average Actual Contribution Percentage for the prior year of all other eligible Employees is not more than two percentage points and the average Actual Contribution Percentage of eligible Employees who are Highly Compensated Employees is not more than two times the average Actual Contribution Percentage for the prior year of all other eligible Employees. |
(a) | The Committee (or the Trustee upon the direction of the Committee) will maintain one or more separate Accounts in the name of each Participant (or former Participant who has not yet received all payments due to him or her under the Plan) to reflect his or her participation in the Trust. A separate Account maintained for any Participant shall not represent any interest in a specific asset of the Trust, but merely a proportionate interest in those investments held in common by the Trust in which the Participant directed his or her Account to be invested. Earnings on any investment shall accrue proportionately to those Accounts having an interest in such investment and shall be reinvested by the Trustee, except as otherwise provided in the Trust, in the same investment. As of |
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each December 3l, the total of all Account balances shall reflect the fair market value of the Trust Fund as of that date. | |||
(b) | The Committee (or the Trustee upon the direction of the Committee) shall, for each Participant who was a participant in the Rittenhouse Plan, maintain a separate accounting or subaccounting of the amount of such Participants interest (if any) in each of his or her Accounts which is attributable to his or her account balances under the Rittenhouse Plan. |
(a) | $40,000, adjusted for each Plan Year to take into account any adjustment provided under Code Section 415(d); or | ||
(b) | 100% of 415 Compensation paid to the Participant by the Employer in that Plan Year. |
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(a) | A Participants Elective Deferral Contribution Account, Roth Deferral Contribution Account, and Rollover Account shall at all times be fully vested and nonforfeitable. | ||
(b) | Subject to the provisions of this Article VIII, each Participants vested percentage and non-vested percentage in his or her Employer Profit-Sharing Contribution Account and Employer Matching Contribution Account will be determined in accordance with the following schedule: |
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Years of Service | Vested Percentage | Non-Vested Percentage | ||||||
0-1 | 0 | % | 100 | % | ||||
2 | 20 | % | 80 | % | ||||
3 | 40 | % | 60 | % | ||||
4 | 60 | % | 40 | % | ||||
5 | 80 | % | 20 | % | ||||
6 or more | 100 | % | 0 | % |
(c) | For vesting purposes, years of Service completed after a period in which the Participant incurred at least five consecutive Breaks in Service shall be disregarded for the purpose of determining his or her vested interest in the portion of the Participants Account which accrued before such Breaks in Service. |
(a) | If a Participant has not made any Elective Deferral Contributions under the Plan, and his or her vested percentage under the Plan at his or her termination of employment is otherwise 0%, his or her Accounts will be considered a Remainder as of the last day of the Plan Year during which the Participant experienced a Break in Service. | ||
(b) | If a Participant ceased participation in the Plan, received a distribution of the vested portion of his or her Plan Accounts (with any non-vested part of his or her Accounts considered a Remainder as of the last day of the Plan Year during which the Participant experienced a Break in Service), and the individual subsequently becomes a Participant again before he or she incurs five consecutive Breaks in Service, he or she may, at any time while he or she is again a Participant and within five years after his or her rehire date, repay (without interest) the vested amount which was paid to him or her from his or her Plan Accounts. If the Participant makes such repayment, the Committee will, as of the last day of the |
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Plan Year coincident or next following such repayment, make a special allocation to these Accounts so that the dollar value of the balance in these Accounts is the same as it was on the date such amount was considered a Remainder (unadjusted for any subsequent gains or losses of the Trusts assets). |
(a) | As of a Participants Settlement Date, that portion of his or her separate Account or Accounts which is then vested shall be distributed in accordance with this Section 9.1, subject to the provisions of Section 9.7. Such vested portion, reduced by (i) any loans made to him or her by the Trustee pursuant to Section 9.3 which are treated as distributions pursuant to the Code and (ii) accrued interest on any such loan that is unpaid, will be distributed to or for the benefit of the Participant, or, in the event of his or her death, to or for the benefit of his or her Beneficiary. In any event, distribution will be made in a cash lump sum if the amount to be distributed is $5,000 or less. Otherwise, distribution will be made by any one or any combination of the following methods as the Participant or his or her Beneficiary, as applicable, shall consent to and direct: |
(i) | By payment in full of the amount credited to such Participants Account or Accounts at the time of his or her Settlement Date, in cash with respect to any specific security account involving less than $300, otherwise in cash or in kind or any combination thereof. Any distribution of assets in kind under the Plan shall be measured at the fair market value of such assets on the date of distribution. | ||
(ii) | By substantially equal periodic payments, not less frequently than quarterly, beginning on the Participants Settlement Date, based on the amount credited to such Participants Account or Accounts at the time such payments commence, plus any earnings on the unpaid balance, but subject to readjustment from time to time, as may be determined to exhaust such Participants interest over a specified period elected by the Participant, which cannot exceed 10 years. If a Participant has a Roth Deferral Contribution Account, then the periodic installments will be paid last from such Account. If payments to the Participant had not commenced as of his or her death, payments to the Participants Beneficiary shall be made in accordance with Section 9.7 and Code Section 401(a)(9). In no event shall payment under this subparagraph be less than $25. |
(b) | Subject to Section 9.7, the payment of the amount credited to a Participants Account(s) generally must begin not later than 60 days after the close of the Plan Year in which occurs the latest of his or her 65th birthday, termination of |
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employment with the Employer, or the tenth anniversary of the date he or she became a Participant. If the amount credited to a Participants Account(s) exceeds $5,000, he or she may elect to defer his or her Settlement Date to any date that is not later than April 1 of the calendar year following the calendar year in which the Participant attains age 701/2 or, if later for a Participant who is not a 5% Owner, the calendar year in which the Participant terminates employment. | |||
(c) | In the event of a cash lump-sum distribution under Section 9.1(a) that is greater than $1,000 but does not exceed $5,000, if the Participant does not elect to have such distribution paid in a direct rollover to an Eligible Retirement Plan specified by the Participant or to receive the distribution directly, then the Plan administrator will pay the distribution in a direct rollover to an individual retirement account designated by the Plan administrator; provided, however, that any balance from a Participants Roth Deferral Contribution Account will automatically be rolled over to a Roth IRA as defined in Code Section 408A. |
(a) | If the Participant has reached age 591/2, he or she may consent to and direct distribution of any or all of the amounts subject to Section 7.1(b); or | ||
(b) | If the Participant has not reached age 591/2, he or she may consent to and direct distribution of any or all amounts subject to Section 7.1(b) which are not attributable to his or her Elective Deferral, Qualified Matching Contribution, Qualified Nonelective Contribution or Safe Harbor Contribution Accounts. |
(a) | A Participants designation of his or her Beneficiary or Beneficiaries must be made by written instructions signed by him or her in a form prescribed by the Committee and filed with the Committee and the Trustee before his or her death. |
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Any new designations so filed shall automatically revoke all prior designations. A married Participant may name as Beneficiary or Beneficiaries someone other than his or her Spouse only with the Spouses written consent witnessed by a Plan representative or a notary public. If a married Participant designates his or her Spouse as a Beneficiary, such designation shall automatically become null and void if the Participant and the designated Spouse subsequently divorce. For purposes of this Article IX, the term Spouse means an individual who is a spouse for purposes of the Code. | |||
(b) | If a Participant dies without having a Beneficiary designation then in force, or if all Beneficiaries designated by him or her shall have died before him or her or before complete payment of his or her interest, or if, for any reason, distribution cannot be made to the Beneficiary, distribution shall be made in the following order: to the Participants (i) surviving Spouse; (ii) surviving children; (iii) surviving grandchildren; (iv) surviving parents; (v) surviving brothers and sisters; or (vi) executors or administrators. Any determination or direction made by the Committee in good faith as to the rights or identity of any Beneficiary shall be conclusive on all persons, and neither an Employer, the Committee, nor an Employers officers or employees shall be liable to any person on account of any error in such decision or determination. Any payment made in accordance with this Section shall fully discharge the Committee, each Employer, the Trustee, and their respective officers and employees from all future liability with respect to the amount so paid. |
(a) | Un-cashed Benefit Checks. If a distribution check is issued under the Plan to a Participant or Beneficiary and remains outstanding after the expiration date set forth on the face of the check, and reasonable efforts to locate the Participant or Beneficiary have been unsuccessful, the amount of the check will be re-deposited into the Plan and held in an un-cashed check forfeiture account. If the Participant or Beneficiary makes a claim to reinstate a benefit covered by this Section 9.5(a), such benefit will be reinstated in an amount equal to the amount of the benefit on the date of the forfeiture. If the Participant or his or her Beneficiary does not claim the benefit forfeited under this Section 9.5(a), the Participant will be considered missing and Section 9.5(b) will govern the disposition of his or her benefit. | ||
(b) | Missing Participants. In the event that the whereabouts of a Participant who has become entitled to receive, or is receiving, distributions under the Trust cannot be determined by the Committee, the Committee will have the right at any time after seven years from the date on which the Committee last had contact with such Participant: |
(i) | To direct that the vested balance of his or her interest be distributed to his or her Beneficiary or Beneficiaries, if then living; or |
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(ii) | In the event that his or her Beneficiary or Beneficiaries cannot be located, or the Participant failed to designate a Beneficiary, to consider the balance of such vested interest to be a forfeiture and to use such forfeited amount as determined by the Committee in its sole discretion to reduce Employer contributions or pay Plan expenses in accordance with the Plan terms and applicable law. If the Participant or Beneficiary later makes a claim to reinstate a benefit covered by this Section 9.5(b)(ii), such benefit will be reinstated in an amount equal to the amount of the benefit on the date of the forfeiture. |
(a) | Eligible Rollover Distribution. An Eligible Rollover Distribution is any distribution of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include: (i) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributees designated Beneficiary, or for a specified period of ten years or more; (ii) any distribution to the extent such distribution is required under Code Section 401(a)(9); and (iii) any distribution that is a hardship distribution. | ||
A distribution shall not fail to be an Eligible Rollover Distribution merely because some or all of the distribution consists of contributions from a designated Roth account (as defined in Code Section 402A) which are not includible in gross income. However, such portions may be transferred only to a Roth IRA (as defined in Code Section 408A) or a designated Roth account in a qualified defined contribution plan described in Code Section 401(a) that agrees to separately account for the amount not includible in income. | |||
(b) | Eligible Retirement Plan. An Eligible Retirement Plan is: (i) an individual retirement account described in Code Section 408(a); (ii) an individual retirement annuity described in Code Section 408(b); (iii) an annuity plan described in Code Section 403(a); (iv) a qualified trust described in Code Section 401(a); (v) an annuity contract described in Code Section 403(b); or (vi) an eligible plan under Code Section 457(b) that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state |
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or political subdivision of a state and agrees to separately account for amounts transferred into such plan from this Plan. | |||
If any portion of an Eligible Rollover Distribution is attributable to payments or distributions from a designated Roth account, an Eligible Retirement Plan with respect to such portion shall include only another designated Roth account of the individual from whose account the payments or distributions were made, or a Roth IRA of such individual. | |||
(c) | Distributee. A Distributee includes an Employee or former Employee. In addition, the Employees or former Employees surviving Spouse and the Employees or former Employees Spouse or former Spouse who is the alternate payee under a qualified domestic relations order under Section 12.13 is a Distributee with regard to the interest of the Spouse or former Spouse. | ||
(d) | Direct Rollover. A Direct Rollover is a payment by the Plan to the Eligible Retirement Plan specified by the Distributee. |
(a) | Lifetime Distributions. The amount to be distributed each distribution calendar year, beginning with distributions for the first calendar year for which a distribution is required and continuing through the distribution calendar year that includes the Participants date of death, will not be less than the lesser of: |
(i) | the quotient obtained by dividing the Participants vested Account balance by the distribution period in the Uniform Lifetime Table set forth in Treasury Regulations § 1.401(a)(9)-9, using the Participants age as of his or her birthday in the distribution calendar year; or | ||
(ii) | if the Participants sole Beneficiary for the distribution calendar year is his or her Spouse, the quotient obtained by dividing the Participants vested Account balance by the number in the Joint and Last Survivor Table set forth in Treasury Regulations § 1.401(a)(9)-9, using the Participants and Spouses ages as of their birthdays in the distribution calendar year. |
(b) | Distributions After Death. |
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(i) | Death Before Distributions Begin. |
(A) | Designated Beneficiary. If the Participant dies before the date distributions begin and has a designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participants death is the quotient obtained by dividing the Participants vested Account balance by the designated Beneficiarys remaining life expectancy (except as otherwise elected under paragraph (E) below), in accordance with Treasury Regulations § 1.401(a)(9)-5. | ||
Payments to the Beneficiary must commence no later than December 31 of the calendar year immediately following the year of the Participants death (except as otherwise elected under paragraph (D) below); provided that, if the Participants surviving Spouse is the sole Beneficiary, payments must begin by December 31 of the calendar year immediately following the calendar year in which the Participant died or, if later, December 31 of the calendar year in which the Participant would have attained age 701/2. | |||
(B) | Surviving Spouse as Sole Beneficiary. If the Participants surviving Spouse is the sole Beneficiary and the surviving Spouse dies after the Participant but before distributions to the surviving Spouse begin, this paragraph (i) (other than paragraph (A) above) generally will apply, where appropriate, as if the surviving Spouse were the Participant. | ||
(C) | No Designated Beneficiary. If there is no designated Beneficiary as of September 30 of the year following the year of the Participants death, the Participants entire vested Account will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participants death. | ||
(D) | Election to Apply Five-Year Rule to Distributions to Designated Beneficiaries. If the Participant dies before distributions begin and there is a designated Beneficiary, distribution to the designated Beneficiary is not required to begin by the date specified in this subsection, but the Participants entire interest will be distributed to the designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Participants death. If the Participants surviving Spouse is the Participants sole designated Beneficiary and the surviving Spouse dies after the Participant but before distributions to either the Participant or the surviving Spouse begin, this election will apply as if the surviving Spouse were the Participant. |
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(E) | Provision to Allow Participants or Beneficiaries to Elect Five-Year Rule. Participants or Beneficiaries may elect on an individual basis whether the five-year rule or the life expectancy rule in this subsection applies to distributions after the death of a Participant who has a designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under this subsection, or by September 30 of the calendar year that contains the fifth anniversary of the Participants (or, if applicable, the surviving Spouses) death. If neither the Participant nor the Beneficiary makes an election under this paragraph, distributions will be made in accordance with paragraphs 9.7(b)(i)(A) (C) above and, if applicable, the elections in paragraph (D) immediately preceding this paragraph. |
(ii) | Death On or After Date Distributions Begin. |
(A) | Designated Beneficiary. If the Participant dies on or after the date distributions begin and has a designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participants death is the quotient obtained by dividing the Participants vested Account balance by the longer of the Participants remaining life expectancy or the designated Beneficiarys remaining life expectancy (except as otherwise elected under paragraph (C) below), in accordance with Treasury Regulations § 1.401(a)(9)-5. | ||
(B) | No Designated Beneficiary. If the Participant dies on or after the date distributions begin and has no designated Beneficiary as of September 30 of the year after the year of the Participants death, the minimum amount that will be distributed for each distribution calendar year after the year of the Participants death is the quotient obtained by dividing the Participants vested Account balance by the Participants remaining life expectancy calculated using the Participants age in the year of death, reduced by one for each subsequent year. | ||
(C) | Provision to Allow Participants and Beneficiaries to Elect Five-Year Rule. Participants or Beneficiaries may elect on an individual basis whether the five-year rule or the life expectancy rule in this subsection applies to distributions after the death of a Participant who has a designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under this subsection, or by September 30 of the calendar year that contains the fifth anniversary of the Participants (or, if applicable, the surviving |
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Spouses) death. If neither the Participant nor the Beneficiary makes an election under this paragraph, distributions will be made in accordance with paragraphs 9.7(b)(ii)(A) and (B). |
(c) | Definitions. For purposes of this Section 9.7, the following definitions apply: |
(i) | Distribution calendar year means a calendar year for which a minimum distribution is required, as defined in Treasury Regulations § 1.401(a)(9)-5, Q&A-1(b). | ||
(ii) | Life expectancy will be computed by use of the Single Life Table in Treasury Regulations § 1.401(a)(9)-9. | ||
(iii) | Participants vested Account balance means a Participants Account balance as of the last valuation date in the calendar year immediately preceding the distribution calendar year (Valuation Calendar Year), adjusted for allocated contributions, forfeitures, and distributions made in the Valuation Calendar Year after the valuation date. The Account balance also includes any amounts rolled over or transferred to the Plan during the Valuation Calendar Year or the distribution calendar year if such amounts are distributed or transferred in the Valuation Calendar Year. |
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(a) | to administer the Plan, including exclusive discretionary authority to construe and interpret the Plan, decide all questions of eligibility, and the amount, manner and time of payment of any benefits hereunder; | ||
(b) | to prescribe procedures and forms to be used by Participants or Beneficiaries in connection with Elective Deferral Contributions, investment of Accounts, loans, designation of Beneficiaries, applications for benefits and all other matters under the Plan; | ||
(c) | to prepare and distribute, in such manner as the Committee determines to be appropriate, information explaining the Plan and Trust; | ||
(d) | to receive from the Employer and from Participants such information as shall be necessary for the proper administration of the Plan and Trust; | ||
(e) | to furnish the Employer, upon request, such annual reports with respect to the administration of the Plan as are reasonable and appropriate; | ||
(f) | to receive, review and keep on file (as is deemed convenient or proper) reports of the financial condition, receipts and disbursements, assets, and Participant accounts of the Trust Fund; | ||
(g) | to exercise such authority and responsibility as is deemed appropriate in order to comply with the reporting, disclosure and registration requirements of the Employee Retirement Income Security Act of l974 (ERISA) and the regulations issued thereunder; | ||
(h) | to appoint or employ individuals to assist in the administration of the Plan and Trust and any other agents deemed advisable, including legal counsel, and such clerical, medical, accounting, auditing, actuarial and other service providers as may be necessary or advisable in carrying out the provisions of the Plan; |
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(i) | to retain any funds or property subject to any dispute without liability for interest, and to decline to make payment or delivery of any such funds or property until final adjudication or an appropriate release is obtained; | ||
(j) | to compromise, contest, arbitrate or abandon claims or demands that involve the Plan; | ||
(k) | with respect to the Nuveen Stock Pooled Account, to ensure that the account manager solicits voting instructions from Participants whose Accounts are invested in the Nuveen Stock Pooled Account on matters for which proxies are issued and votes the underlying shares in accordance with such Participant instructions, including withholding votes on shares for which no Participant instructions are submitted; | ||
(l) | to provide the Trustee with a list of the Participants for such Plan Year, together with a statement of the calculation, made in accordance with the provisions of the Plan hereof, of the portion of such contribution and Remainders to be credited to each Participants Account on the books of the Trustee; | ||
(m) | to amend the Plan and Trust in whole or in part, provided that no amendment adopted by the Committee may have the effect of: |
(i) | altering the eligibility requirements to become a Participant, or the date an Employee becomes a Participant; | ||
(ii) | changing the amount of Nuveens Profit-Sharing Contribution or the rate of Employer Matching Contributions; | ||
(iii) | changing the vesting schedule in Section 8.1; | ||
(iv) | altering the Committees duties and powers under Article X; or | ||
(v) | modifying Section 13.4 or 13.6; |
(i) | it is made at the direction of Nuveen; | ||
(ii) | it is of a technical nature and its effect is, in the Committees judgment, de minimis; or | ||
(iii) | the Committee has been advised in writing by legal counsel that the amendment is necessary to retain the Plans tax-qualified status or to satisfy some other substantive legal requirement; |
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(n) | to designate Investment Options as described in Section 11.2 and, acting as a named fiduciary, to enter into such investment management or other agreements on behalf of the Plan as are necessary to effect such Investment Options; and | ||
(o) | to take actions, including giving directions to service providers, which the Committee determines are reasonable, necessary and consistent with applicable law, in order to correct any errors, omissions, defects, or inconsistencies in the operation or administration of the Plan; and | ||
(p) | to perform any and all other acts which the Committee deems necessary or appropriate to carry out its specific responsibilities under the Plan. |
(a) | Subject to the designation of investments by Participants under Section 11.2, the Committee shall direct the Trustee concerning investment of the Trust Fund and all payments that shall be made out of the Trust Fund pursuant to the provisions of the Plan. Any direction to the Trustee shall be in writing and signed by a majority of the Committee or by a member so authorized by a majority of the members. | ||
(b) | To the extent that Participants exercise discretion over the investment of their Accounts under Section 11.2, no Fiduciary shall be liable for any loss, or shall be liable because fiduciary breach, which results from such an exercise of discretion by the Participant. |
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(a) | The Committee will give the applicant written notice of the denial within a reasonable time, but not later than 90 days after receipt of the claim by the Plan. If the Committee determines that special circumstances require additional time for consideration of the claim, the 90-day period in the previous sentence may be extended, provided the Committee gives the applicant written notice of such extension prior to the end of the initial 90-day period, but in no event will the extension exceed a period of 90 days from the end of the initial 90-day period. The notice of denial will be written in a manner calculated to be understood by the average plan Participant and will include the specific reasons for the denial and specific references to any facts or any provisions of the Plan on which the denial is based. If the claim was denied because specific material or information was not provided to the Committee, the notice will include a description of the additional material or information which the applicant must provide in connection with the claim, along with an explanation of why such material or information is necessary. The notice will contain a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to and copies of all |
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documents, records, and other information relevant to his or her claim for benefits, and will also include an explanation of the Plans claims appeal procedure and the time limits applicable to such procedure, including a statement of the applicants right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination. | |||
(b) | If the applicants claim involves a determination of Permanent Disability, then the procedures in paragraph (a) will be modified as described in this paragraph. The initial 90-day period for response to the claim will be a 45-day period. That 45-day period may be extended by the Committee for up to 30 days, provided that the Committee both determines that such an extension is necessary due to matters beyond its control and notifies the applicant, prior to the expiration of the initial 45-day period, of the circumstances requiring the extension of time and the date by which the Committee expects to make a decision. If, prior to the end of the first 30-day extension period, the Committee determines that, due to matters beyond its control, a decision cannot be made within that extension period, the period for making the determination may be extended for up to 30 more days, provided that the Committee notifies the applicant, prior to the expiration of the first 30-day extension period, of the circumstances requiring the extension and the date as of which the Committee expects to make a decision. In the case of any extension, the notice of extension will specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues, and that the applicant will be afforded at least 45 days within which to provide the specified information. | ||
(c) | An applicant who wishes to use the Plans claim appeal procedure must, within 60 days after receiving the Committees notice of denial, notify the Committee that he or she wishes to appeal the claim denial. In connection with such an appeal, the applicant may submit written comments, documents, records, and other information relating to his or her claim, and will be entitled, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim. | ||
(d) | The Committee will review the record of the appeal of the claim denial, taking into account all comments, documents, records, and other information submitted by the applicant, regardless of whether it was submitted or considered in connection with the initial determination regarding the claim. The Committees review may include the holding of a hearing, if deemed necessary by the Committee. The Committee will prepare a record of its decision. | ||
(e) | The Committee will give the applicant notice of the decision on the appeal within 60 days after receipt of the applicants notice of appeal. If the Committee determines that special circumstances require additional time for consideration of the claim, the 60-day period in the previous sentence may be extended, provided the Committee gives the applicant written notice of such extension prior to the |
32
end of the initial 60-day period (and this notice must indicate the special circumstances requiring an extension and the date by which the Committee expects to make its decision on appeal), but in no event will the extension exceed a period of 60 days after the end of the initial 60-day period. | |||
(f) | If the applicants claim involves a determination of Permanent Disability, then the procedures in paragraphs (c), (d) and (e) above will be modified as described in this paragraph. The 60-day period to make an appeal in paragraph (c) is extended to 180 days. Any 60-day period (initial or extended) described in paragraph (e) will be a 45-day period. In addition, the appeal procedure must, to the extent relevant, comply with paragraphs (h)(3)(ii) through (v) of Department of Labor Regulations § 2560.503-1. | ||
(g) | The Committee may adopt rules, forms and procedures for implementing this section which are consistent with Department of Labor Regulations § 2560.503-1. |
(a) | The Committee shall periodically establish rules and regulations for each Participant to direct the investment of his or her Accounts among the Investment Options specified by the Committee or Nuveen and identified in the Plan enrollment materials and described on the Plans web site, if any. The Investment Options may include common or collective trust funds. Such direction shall be given by each Participant for the investment of the then-current contribution or for any changes in the Participants investment of his or her Accounts at such time or times as the Committee may authorize. Earnings on any investment shall be automatically reinvested by the Trustee in the same securities and in the same proportions as the Participants Elective Deferral Contributions are invested, except as otherwise provided in the Trust. The Committee will designate a default fund for contributions for which no Participant direction has been given. | ||
(b) | This Plan is intended to be administered in accordance with ERISA Section 404(c) and the regulations thereunder, and it is intended that neither the Trustee, the Committee nor an Employer shall be responsible for any loss that |
33
relates to amounts invested at the direction of a Participant, to the extent provided in ERISA Section 404(c). |
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(a) | Directs that the Related Business becomes a party to the Trust Agreement; | ||
(b) | Specifies the date upon which the Plan becomes effective with respect to the Employees of the Related Business; and | ||
(c) | Prescribes the period, if any, during which an Employees employment with the Related Business prior to the adoption of the Plan by the Related Business shall be deemed Service for purposes of the Plan. |
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(a) | The duties and liabilities of the Trustee and the Committee under the Plan cannot be changed substantially without their consent. | ||
(b) | No amendment shall serve to divest any Participant or his or her Beneficiaries of any portion of his or her Account or Accounts which has become vested in him, her, or them, or revert to an Employer any interest in the assets of the Trust Fund or any part thereof. | ||
(c) | No amendment shall serve to eliminate an optional form of payment as to any Account or Accounts that has become vested in any Participant prior to adoption of such amendment, except for the elimination of an optional form of payment as permitted by the Code and regulations promulgated thereunder. |
(a) | As to Participants employed by an Employer, the date the Plan is terminated by the Employer if 30 days advance written notice of the termination is given to the Committee and the Trustee; | ||
(b) | The date that the Employer is judicially declared bankrupt or insolvent; | ||
(c) | The date that the Employer advises the Committee in writing that it will no longer make any contributions under the Plan, except that in such event the Committee may elect to have the Trust continue in effect for the benefit of the Participants employed by the Employer, in which event all powers vested in the Employer under the Trust Agreement with respect to such Participants and their Beneficiaries shall vest in the Committee; or | ||
(d) | The dissolution, merger, consolidation or reorganization of the Employer, or the sale by the Employer of all or substantially all of its assets, except that in any such event arrangements may be made whereby the Plan will be continued by any successor to the Employer or any purchaser of all or substantially all of the Employers assets, in which case the successor or purchaser will be substituted for the Employer under the Plan. |
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(a) | Applicability. From time to time, as a result of mergers, acquisitions or other corporate transactions, persons will become Employees, as defined in Section 2.13 of the Plan, because the entities that employ them become Employers, as defined in Section 2.14 of the Plan, as a result of such transactions. In general, the provisions of the Plan shall be applied to each such Employee as if he or she first became an Employee on the first date that the entity that employs him or her meets the definition of Employer. However, the Committee may, pursuant to this Section 13.7, provide special rules for the application of the provisions of the Plan to certain persons or groups who become Employees as a result of mergers, acquisitions or other corporate transactions. | ||
(b) | Schedules. With respect to any group of Employees who become Employees as a result of a merger, acquisition or other corporate transaction, the Committee may adopt a Schedule that sets forth any special rules with respect to Compensation, eligibility to become a Participant, years of Service, Accounts or other items which shall be applied to such Employees. Each such Schedule is to be interpreted as a part of the Plan and, to the extent there is any conflict between a Schedule and another provision of the Plan, the Schedule shall control. No Schedule shall, however, be given effect to the extent that it would result in discrimination in contributions or benefits under the Plan in favor of any Highly Compensated Employee in a manner that is impermissible under the Code. |
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(a) | Minimum Vesting Requirements. If the vesting schedule in this Section 15.1(a) is more favorable than the vesting schedule in Section 8.1, then a Participants vested interest in his or her Account shall be determined in accordance with the following schedule and not in accordance with Section 8.l: |
Years of Service | Vested Percentage | |||
fewer than 2 years | 0 | % | ||
2 years but fewer than 3 | 20 | % | ||
3 years but fewer than 4 | 40 | % | ||
4 years but fewer than 5 | 60 | % | ||
5 years but fewer than 6 | 80 | % | ||
6 years or more | l00 | % |
(i) | The date which is 60 days after the date on which the change in vesting schedules is adopted; |
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(ii) | The date which is 60 days after the date on which the change in vesting schedules is effective; or | ||
(iii) | The date which is 60 days after the date on which the Participant receives written notice of the change in vesting schedules. |
(b) | Minimum Contribution Requirements. It is intended that the Employer will meet the minimum contribution requirements of Code Section 416(c) by providing a minimum contribution (including Remainders allocable under Section 7.2) for such Plan Year for each Participant who is a Non-Key Employee, in accordance with whichever of the following paragraphs is applicable: |
(i) | If the Employer does not maintain a tax-qualified defined benefit pension plan, or if the Employer maintains such a pension plan in which no Participant can participate, the minimum contribution per Participant shall be 3% of the Participants 415 Compensation for that Plan Year; | ||
(ii) | If the Employer maintains a tax-qualified defined benefit pension plan in which one or more Participants may participate, and that pension plan is not Top-Heavy, the minimum contribution per Participant shall be 3% of a Participants 415 Compensation for that Plan Year; and | ||
(iii) | If the Employer maintains a tax-qualified defined benefit pension plan in which one or more Participants may participate, and that pension plan is Top-Heavy, the minimum contribution per Participant shall be 5% of the Participants 415 Compensation for that Plan Year. |
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ATTEST: | NUVEEN INVESTMENTS, LLC | |||||
/s/ Stuart J. Cohen | By | /s/ Larry W. Martin | ||||
Assistant Secretary | Larry W. Martin | |||||
Vice President |
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