Regency Centers Corporation, as
Employer (“Employer”) and Xxxxx Fargo Bank, N.A., as Trustee
(“Trustee”) make this Amendatory Agreement to the Regency Centers 401(k) Profit
Sharing Plan (“Plan”).
WITNESSETH
WHEREAS,
it is necessary to make amendment to the Plan in order to change the automatic
enrollment/negative deferral election provision, change the employer matching contribution
formula, and add a provision for non-spousal beneficiary rollovers.
WHEREAS,
Section 13.02 of the Xxxxx Fargo Defined Contribution Master Plan and Trust Agreement
gives the Employer the authority to amend the Plan.
NOW
THEREFORE, in consideration of the above premises, the Employer and Trustee agree to amend
the Plan as follows:
1. |
Effective January 1, 2007, the Employer’s selection under Adoption
Agreement Section 3.03(l)(1), Item 15, is hereby amended as follows: |
|
15. |
MATCHING
CONTRIBUTIONS (INCLUDING ADDITIONAL SAFE HARBOR MATCH UNDER PLAN
SECTION 14.02(D)(3)) (3.03). The Employer matching
contribution is: |
|
Other
matching contribution requirements. The matching contribution formula is subject to
the following additional requirements: |
|
[X] |
(l)
Matching contribution limits. A Participant’s matching
contributions may not exceed: |
|
[X] |
(1) $3,600; also, employer matching
contributions will only be made on employee deferral contributions not
withdrawn prior to the end of the applicable period. |
2. |
Effective January 1, 2008, the Employer’s selection under Adoption
Agreement Section 3.03(l)(1), Item 15, is hereby amended as follows: |
|
15. |
MATCHING
CONTRIBUTIONS (INCLUDING ADDITIONAL SAFE HARBOR MATCH UNDER PLAN
SECTION 14.02(D)(3)) (3.03). The Employer matching
contribution is: |
|
Other
matching contribution requirements. The matching contribution formula is subject to
the following additional requirements: |
|
[X] |
(l)
Matching contribution limits. A Participant’s matching
contributions may not exceed: |
|
[X] |
(1)
$3,700; also, employer matching contributions
will only be made on employee deferral contributions not withdrawn prior
to the end of the applicable period. |
Amendment continued on second page.
Page Two
3. |
Effective
January 1, 2008, the Employer’s selection under Adoption Agreement
Section 3.02(b), Item 14(b), is hereby amended as follows: |
|
14. |
DEFERRAL
CONTRIBUTIONS (3.02). The following limitations and terms apply to an
Employee’s deferral contributions: |
|
[X] |
(b)
Negative deferral election. The Employer will withhold 3 %
from the Participant’s Compensation unless the Participant elects a lesser
percentage (including zero) under his/her salary reduction agreement. See Plan
Section 14.02(C). The negative election will apply to: |
|
[X] |
(1)
All Participants who have not deferred at least the automatic deferral amount
as of: January 1, 2008. |
|
[ ] |
(2) Each Employee whose Plan Entry Date is on or following the negative election
effective date. |
4. |
Effective
January 1, 2007, the Employer amends the Plan as follows: |
DIRECT ROLLOVER OF
NON-SPOUSAL DISTRIBUTION
|
(a) |
Non-spouse
beneficiary rollover right. For distributions made after December 31,
2006, a non-spouse beneficiary who is a “designated beneficiary” under
Code §401(a)(9)(E) and the regulations thereunder, by a direct
trustee-to-trustee transfer (“direct rollover”), may roll over
all or any portion of his/her distribution to an individual retirement
account the beneficiary establishes for purposes of receiving the
distribution. In order to be able to roll over the distribution, the
distribution otherwise must satisfy the definition of an eligible rollover
distribution. |
|
(b) |
Certain
requirements not applicable. Although a non-spouse beneficiary may
roll over directly a distribution as provided in Section (a) above, the
distribution is not subject to the direct rollover requirements of Code
§401(a)(31), the notice requirements of Code §402(f) or the
mandatory withholding requirements of Code §3405(c). If a non-spouse
beneficiary receives a distribution from the Plan, the distribution is not
eligible for a “60-day” rollover. |
|
(c) |
Trust
beneficiary. If the participant’s named beneficiary is a trust,
the Plan may make a direct rollover to an individual retirement account on
behalf of the trust, provided the trust satisfies the requirements to be a
designated beneficiary within the meaning of Code §401(a)(9)(E). |
|
(d) |
Required
minimum distributions not eligible for rollover. A non-spouse
beneficiary may not roll over an amount which is a required minimum
distribution, as determined under applicable Treasury regulations and
other Revenue Service guidance. If the participant dies before his/her
required beginning date and the non-spouse beneficiary rolls over to an
XXX the maximum amount eligible for rollover, the beneficiary may elect to
use either the 5-year rule or the life expectancy rule, pursuant to Treas.
Reg. §1.401(a)(9)-3, A-4(c), in determining the required minimum
distributions from the XXX that receives the non-spouse beneficiary’s
distribution. |
|
(e) |
Superseding
of inconsistent provisions. Section (a) through (d) above supersedes
the provisions of the Plan to the extent those provisions are inconsistent
with the provisions of said sections. |
5. |
Effective January 1, 2004, the Employer confirms that the Plan uses the
“prior year method” for purposes of nondiscrimination testing and has
done so consistently since 2002. |
Amendment continued on third page.
Page Three
This
Amendatory Agreement shall be effective as of the dates stated above. In all other
respects, the Plan and Adoption Agreement shall remain unchanged and in full force and
effect.
IN
WITNESS WHEREOF, the Employer and Trustee have executed this Amendatory Agreement in
2006 this 30th day of January.
|
Regency Centers Corporation |
Attest:___________________________________ |
By:________________________________________________ |
|
"EMPLOYER" |
|
Xxxxx Fargo Bank, N.A. |
Accepted: _______________________________ |
By:________________________________________________ |
|
"TRUSTEE" |
Date |