STOCK OWNERSHIP PLAN
Employer and Trustees amended and restated the Plan document to
technical changes necessary for the Plan to conform with changes
law added by the General Agreement on Tariffs and Trade (GATT),
Services Employment and Reemployment Rights Act of 1994 (USERRA),
Business Job Protection Act of 1996 (SBJPA), Tax Reform Act of
?97), IRS Restructuring and Reform Act of 1998 (IRRA ?98), Community
Renewal Tax Relief Act of 2000 (CRA), and applicable Treasury Regulations
Employer now wishes to amend the Plan to reflect amendments required
the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
adding the model amendment language suggested by the IRS in IRS
2001-57, dealing with certain plan limits and other general
is hereby amended as follows:
following amendments to the Plan are adopted to reflect certain provisions
the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). This
model amendment language (as published in IRS Notice 2001-57) effective as
January 1, 2002:
and effective date of amendment.
following amendments are intended as good faith compliance with the requirements
of EGTRR.A and is to be construed in accordance with EGTRRA and guidance
thereunder. Except as otherwise provided, this amendment shall be effective
of the first day of the first plan year beginning after December 31,
of inconsistent provisions.
following amendments shall supersede the provisions of the plan to the extent
those provisions are inconsistent with the provisions of this
section 5.4, dealing with the Limitations On Allocations, is amended,
effective for limitation years beginning after December 31, 2001,
reflect a change in the maximum annual addition as
annual addition. Except to the extent otherwise permitted for catch-up
contributions under EGTRR.A section 631 and section 414(v) qf the Code, f
applicable, the annual addition that may be contributed or allocated to a
participant ?s account under the plan for any limitation year shall not exceed
the lesser of
as adjusted for increases in the cost-of-living under section 415(d)
the Code, or
percent of the participant?s compensation, within the meaning of
section 415(c)(3) of the Code, for the limitation
compensation limit referred to in (b), above, shall not apply to any
contribution for medical benefits after separation from service (within the
meaning of section 401(h) or section 419A(f)(2) of the Code) which is otherwise
treated as an annual addition.
Section 2.8, dealing with the Compensation, is amended to reflect
in the maximum annual considered compensation by adding the following
paragraphs to the end of section 2.8, to read as
annual compensation of each participant taken into account in determining
allocations for any plan year beginning after December 31, 2001, shall not
exceed $200,000, as adjusted for cost-of-living increases in accordance with
section 401 (a)(17)(B) of the Code. Annual compensation means compensation
during the plan year or such other consecutive 12- month period over which
compensation is otherwise determined under the plan (the determination
cost-of-living adjustment in effect for a calendar year applies to annual
compensation for the determination period that begins with or within such
new Article of the Plan entitled ?Overriding Provisions? is added
Plan and a new section dealing with the top-heavy rules are amended
reflect a change in the maximum annual considered compensation
Of Top-Heavy Rules.
section shall apply for purposes of determining whether the plan is a top-heavy
plan under section 416(g) of the Code for plan years beginning after December
31, 2001, and whether the plan satisfies the minimum benefits requirements
section 416(c) of the Code for such years. This section modfies and amends,
the extent necessary and to the extent the sections conflict with this
amendment, section(s) 2.1A, 4.3, z::! 6.8 of the Plan.
Of Top-Heauw Status.
employee means any employee or former employee (including any deceased employee)
who at any time during the plan year that includes the determination date
officer of the employer having annual compensation greater than $130,000
adjusted under section 416(i)(1) of the Code for plan years beginning after
December 31, 2002), a 5-percent owner of the employer, or a 1-percent owner
the employer having annual compensation of more than $150,000. For this purpose,
annual compensation means compensation within the meaning of section 415(c)(3)
of the Code. The determination of who is a key employee will be made in
accordance with section 416(i)(1) of the Code and the applicable regulations
other guidance of general applicability issued thereunder.
Of Present Values And Amounts.
subparagraph shall apply for purposes of determining the present values of
accrued benefits and the amounts of account balances of employees as of the
during year ending on the determination date. The present values
accrued benefits and the amounts of account balances of an employee
the determination date shall be increased by the distributions
respect to the employee under the plan and any
with the plan under section 416(g)(2) of the Code during the 1-year period
ending on the determination date. The preceding sentence shall also apply
distributions under a terminated plan which, had it not been terminated,
have been aggregated with the plan under section 416(g)(2)(A)(i) of the Code.
the case of a distribution made for a reason other than separation from service,
death, or disability, this provision shall be applied by substituting ?5-year
period? for ?1- year period.?
not performing services during year ending on the determination
accrued benefits and accounts of any individual who has not performed services
for the employer during the 1-year period ending on the determination date
not be taken into account.
matching contributions shall be taken into account for purposes of satisfying
the minimum contribution requirements of section 416(c)(2) of the Code and
plan. The preceding sentence shall apply with respect to matching contributions
under the plan or, f the plan provides that the minimum contribution requirement
shall be met in another plan, such other plan. Employer matching contributions
that are used to satisfy the minimum contribution requirements shall be treated
as matching contributions for purposes of the actual contribution percentage
test and other requirements of section 401(m) of the Code.
Under Other Plans.
minimum benefit requirement of an Employer contribution consisting of three
percent (3%) of compensation shall be met by contributions to the Bancorp
Financial Corporation 401(k) Plan. All non-key employees shall be eligible
the minimum contribution.
section 7.7, dealing with Direct Rollovers is amended by the addition
the following provisions to the existing plan
section shall apply to distributions made after December 31, 2001.
Of Definition Of Eligible Retirement Plan.
purposes of the direct rollover provisions in section 7.7 of the plan, an
eligible retirement plan shall also mean an annuity contract described in
section 403(b) of the Code and an eligible plan :::der section 457(b) of
Code which is maintained L: i state, political subdivision of a state, or
agency or instrumentality of a state or political subdivision of a state
which agrees to separately account for amounts transferred into such plan
this plan. The definition of eligible retirement plan shall also apply in
case of a distribution to a surviving spouse, or to a spouse or former spouse
zoho is the alternate payee under a qualfied domestic relation order, as
in section 414(p) of the Code.
Of Definition Of Eligible Rollover Distribution To Exclude Hardship
purposes of the direct rollover provisions in section 7.7 of the plan, any
amount that is distributed on account of hardship shall not be an eligible
rollover distribution and the distributee may not elect to have any portion
such a distribution paid directly to an eligible retirement plan.
Of Definition Of Eligible Rollover Distribution To Include After-Tax
purposes of the direct rollover provisions in section 7.7 of the plan, a
of a distribution shall not fail to be an eligible rollover distribution
because the portion consists of after- tax employee contributions which are
includible in gross income. However, such portion may be transferred only
individual retirement account or annuity described in section 408(a) or (b)
the Code, or to a qualified defined contribution plan described in section
401(a) or 403(a) of the Code that agrees to separately account for amounts
transferred, including separately accounting for the portion of such
distribution which is
in gross income and the portion of such distribution which is not so
language of this Amendment shall supersede the provisions of the
the extent those provisions are inconsistent with the provisions
amendment Except as amended above, the remaining provisions of
shall remain in full force and
this 27 day of November 2001