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Exhibit 14(d)
HEARTLAND FUNDS SIMPLE IRA
ATTACHMENT TO IRS FORM 5305-SA
ARTICLE VIII
(Additional provisions agreed upon by Participant and Custodian to complete
this Agreement)
1. DEFINITIONS.
(a) "Custodian" shall mean the Firstar Trust Company.
(b) "Fund" or "Funds" shall mean the Heartland Fund shares
offered by the Investment Company for purchase under this Agreement,
and such other mutual fund shares which the Investment Company chooses
to make available for IRA investment through a servicing agreement.
(c) "Investment Company" shall mean Heartland Group, Inc., a
registered investment company, and its affiliates, including Heartland
Advisors, Inc., the investment advisor to the Funds.
(d) "Participant" shall mean the individual who establishes this
SIMPLE IRA by executing and agreeing to be bound by this Agreement.
2. ACCOUNT INVESTMENT.
(a) All Participant salary reduction contributions and other matching
or nonelective contributions made by the Participant's employer on
behalf of the Participant shall identify the Participant's account
number, and shall be invested by the Custodian in shares of the Funds
in accordance with the Participant's or the Participant's employer's
directions (whichever is applicable). Contributions which are
accompanied by inadequate account identification or investment
directions shall be invested by the Custodian in the Portico Money
Market Fund until the Custodian receives proper investment directions.
(b) All contributions shall be invested in whole or fractional shares
of the Fund at a price and in the manner in which such shares are
being publicly offered. All distributions received by the Custodian
on shares of the Fund shall be reinvested in like shares and credited
to the Participant's account.
(c) All shares of the Fund acquired by the Custodian shall be
registered in the name of the Custodian or its registered nominee.
The Participant shall be the beneficial owner of all Fund shares held
in the Participant's account and the Custodian shall not vote such
shares, except upon written direction of the Participant. The
Custodian will forward to every Participant a then current Prospectus,
reports, notices, proxies and any materials applicable to Fund shares
received by the Custodian.
(d) Neither the Custodian nor the Investment Company shall have any
liability in connection with any contributions to the custodial
account, nor any investment choices made by the Participant or the
Participant's employer or beneficiaries, as applicable.
3. EXPENSES AND FEES.
Any and all charges, expenses and fees shall be charged against and
deducted from the Participant's custodial account, including all reasonable
expenses incurred by the Custodian in the administration of the account, all
charges involved in the investment and/or redemption of shares as stated in the
then current Prospectus, all income taxes and other taxes of any kind that are
assessed upon the assets of the account, or income arising therefrom, any fees
for legal services rendered to the Custodian in relation to the account, and
the Custodian's fees, which shall be as stated in the Application.
Extraordinary charges resulting from unusual administrative duties not
contemplated herein will be subject to such additional charges as will
reasonably compensate the Custodian for its services.
4. AMENDMENT AND TERMINATION.
(a) This custodial account is intended to be a qualified individual
retirement custodial account used with a SIMPLE retirement plan and is
intended to comply with the requirements of Sections 408(a) and 408(p)
of the Internal Revenue Code. The Participant hereby delegates to the
Investment Company the power to amend this Custodial Account Agreement
as necessary to comply with applicable provisions of the Code and
related regulations. The Participant also delegates to the Investment
Company the power to amend the Custodial Account Agreement in any
other manner not inconsistent with the provisions of applicable law,
such amendments to be binding upon the Participant upon written
notification unless within 30 days after such notification, the
Participant provides written objection to any such amendment.
Notwithstanding the above, no amendment shall cause or permit any part
of the assets of the custodial account to be diverted to purposes
other than for the exclusive benefit of the Participant or his
beneficiaries, nor shall any amendment increase the duties of the
Custodian without the Custodian's consent.
(b) The Participant may at any time terminate the custodial account
by delivering to the Custodian a written notice of such termination
setting forth the effective date thereof.
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(c) The custodial account created by this Agreement shall
automatically terminate upon distribution to the Participant or any
beneficiary designated under Paragraph 6 of Article VIII hereof of the
entire balance in the custodial account.
(d) The Custodian may be removed by the Investment Company at any
time upon sixty (60) days written notice to the Custodian. At any
time the Custodian may elect to resign upon sixty (60) days written
notice to the Investment Company and Participant. The notice shall
contain the conditional appointment of a successor Custodian which
shall be an entity appointed by the Investment Company and qualified
to act as custodian of individual retirement accounts under the
Internal Revenue Code. Absent the Participant's written objection to
a new Custodian within sixty (60) days after notification, the
appointment of the successor Custodian shall be deemed acceptable by
the Participant.
5. RECORDS AND COMMUNICATIONS.
(a) Records of all contributions, investments, disbursements and
other transactions performed shall be kept by the Custodian, and
communicated to the Participant or the Participant's designated
representative within 60 days after the close of each calendar year
(or within such lesser period as may be required by applicable law),
or after the Custodian's removal or resignation pursuant to Article
VIII, Paragraph 4.
(b) All communications to the Custodian shall be addressed to:
Firstar Trust Company, Heartland Funds IRA, Post Office Box 701,
Milwaukee, Wisconsin 53201-0701. Communications to the Participant
will be mailed to the Participant's last known address. The
Participant shall notify the Custodian of any change in address.
6. BENEFICIARY DESIGNATION.
The Participant may designate a beneficiary or beneficiaries to receive
any benefits which may be payable to the Participant after the Participant's
death. In the absence of the Participant's designation of any beneficiary, or
the death of all designated beneficiaries prior to the complete distribution of
the benefit, the benefits due shall be payable to the Participant's spouse, if
any; or if not living, then in equal shares to the Participant's children
surviving the Participant and to the descendants then living of a deceased
child by right of representation. If the Participant leaves no spouse,
children or descendants of children surviving, then any benefits due shall be
paid to such Participant's estate. The Participant is hereby notified that
state community property law may affect the Participant's designation of a
beneficiary and that the Participant is solely responsible for any payment made
pursuant to such beneficiary designation or this Custodial Account Agreement
absent any designation.
7. DISTRIBUTIONS
(a) The Custodian shall, from time to time, subject to the provisions
of Article IV, make distributions out of the custodial account to the
Participant, in such manner and amounts as may be specified in written
instructions of the Participant. All such instructions shall be
deemed to constitute a certification by the Participant that the
distribution so directed is one that the Participant is permitted to
receive.
(b) Upon the Participant's death, the election of either option (i)
or option (ii) under paragraph 4(b) of Article IV must be made by
December 31 of the year following the year of the Participant's death.
If the beneficiary or beneficiaries do not elect either of the
distribution options described in paragraph 4(b)(i) and 4(b)(ii) of
Article IV by such date, distribution will be made in accordance with
paragraph 4(b)(ii) of Article IV if the beneficiary is the
Participant's surviving spouse and in accordance with paragraph
4(b)(i) of Article IV if the beneficiary or beneficiaries include
anyone other than the surviving spouse.
(c) If the Participant does not choose any of the methods of
distribution described in paragraphs 3(a) through 3(e) of Article IV
by the April 1 following the calendar year in which he or she reaches
age 70 1/2, then by that date, and by each December 31 thereafter,
distribution to the Participant will be made only in such amounts as
will satisfy the requirements of the minimum distribution rules in
paragraph 1 of Article IV above, based on the joint life expectancy of
the Participant and his or her designated beneficiary (or based on the
Participant's sole life expectancy if the Participant has no
designated beneficiary, or is treated as having no designated
beneficiary for purposes of the minimum distribution rules described
above).
(d) Distributions from this SIMPLE IRA shall be subject to a 25%
excise tax on early distributions in accordance with Code Section
72(t)(6) if made during the two year period commencing on the date the
Participant first participated in the employer's SIMPLE retirement
plan.
(e) Neither the Custodian nor the Investment Company shall have any
liability with respect to any distribution from the Participant's
custodial account pursuant to instructions received from the
Participant (or beneficiary) or in accordance with this Agreement, or
for any consequences to the Participant or beneficiary arising from
such distribution including, but not limited to, excise and other
taxes and penalties which might accrue or be assessed by reason
thereof, nor shall the Custodian or Investment Company be under any
duty to make any inquiry or investigation with respect thereto.
8. LEGISLATION GOVERNS.
The law of the State of Wisconsin shall govern this agreement as to all
matters which are to be determined by reference to state law as
distinguished from federal law.