XXXXXX PROFIT SHARING AND 401 (K) PLAN
PLAN AGREEMENT #001
This is the Plan Agreement for a Xxxxxx prototype profit sharing plan with
optional Section 401(k) provisions. Please consult a tax or legal advisor and
review the entire form before you sign it. If you fail to fill out this Xxxxxx
Plan Agreement properly, the Plan may be disqualified. You can get further
information to help you complete the Plan Agreement from your investment dealer,
or from Xxxxxx at:
Xxxxxx Defined Contribution Plans
One Xxxxxx Place E2B
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Phone: 0-000-000-0000
* * *
By executing this Plan Agreement, the Employer establishes a profit sharing plan
and trust upon the terms and conditions of Xxxxxx Basic Plan Document #05, as
supplemented and modified by the provisions elected by the Employer in this Plan
Agreement. THIS PLAN AGREEMENT MUST BE ACCEPTED BY XXXXXX IN ORDER FOR THE
EMPLOYER TO RECEIVE FUTURE AMENDMENTS TO THE XXXXXX PROFIT SHARING AND 401(k)
PLAN.
* * *
All Employers complete items 1-11 below. Employers who wish to adopt Section
401(k) provisions also complete item 12.
1. Business Information The Employer adopting this Plan is:
A. BUSINESS NAME: American River Bank
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B. BUSINESS ADDRESS: 0000 Xxxxx Xxxx Xxxxx
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Suite 107
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Xxxxxxxxxx, XX 00000
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SIC Code: 6090
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Person for Xxxxxx to
Contact: Xxxxxxxxx Xxxx
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Phone: (000) 000-0000
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C. Federal Tax
Identification Number: 00-0000000
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D. Form of Organization (check one):
[ ] Sole proprietorship [X] Corporation [ ] Other
[ ] Partnership [ ] S Corporation
E. Plan Name: AMERICAN RIVER BANK 401 (k) PLAN
F. Plan Number: 002
G. TAXABLE YEAR OF BUSINESS:
[X] (1) Calendar Year.
[ ] (2) Fiscal year ending on____________________
2. PLAN INFORMATION
A. Plan Year. Check one:
[X] (1) The Plan Year will be the same as the Taxable Year
of the Business shown in 1.F. above. If the Taxable
Year of the Business changes, the Plan Year will
change accordingly
[ ] (2) The Plan Year will be the period of 12 months
beginning on the first day of ___________(month)
and ending on the last day of _________(month).
The Plan Year will also be your Plan's Limitation Year for
purposes of the contribution limitation rules in Article 6 of the
Plan.
B. EFFECTIVE DATE OF ADOPTION OF PLAN.
Are you adopting this Plan to replace an existing plan?
[X] (1) Yes.
[ ] (2) No.
IF YOU ANSWERED YES IN 2.B. above, the Effective Date of your
adoption of this Plan will be the first day of the current Plan
Year UNLESS you elect a later date below. Please complete the
following:
California Bankers Association Profit Sharing & Salary Deferral
401 (k) Plan
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Name of the plan you are replacing
l/l/93
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Original Effective Date of the plan you are replacing
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Effective Date of amendment
IF YOU ANSWERED No in 2.B. above, the Effective Date of your
adoption of this Plan will be the day you select below (not
before the first day of the current Plan Year, and not before the
day your Business began):
The Effective Date is:____________________________________
month/day/year
C. IDENTIFYING HIGHLY COMPENSATED EMPLOYEES. Check One:
[X] (1) The Plan will use the regular method under Plan
Section 2.60(a) for identifying Highly Compensated
Employees.
If your Plan Year is the calendar year, do you wish
to make the regular method's "calendar year
election" for identifying your Highly Compensated
Employees?
[X] (a) Yes
[ ] (b) No
[ ] (2) The Plan will use the simplified method under Plan
Section 2.60(b) for identifying Highly Compensated
Employees.
3. ELIGIBILITY FOR PLAN PARTICIPATION (PLAN SECTION 3.1). Employees will be
eligible to participate in the Plan when they complete the requirements
you select in A, B and C below.
A. CLASSES OF ELIGIBLE EMPLOYEES. The Plan requires coverage of all
classes of employees of the Employer and any Affiliated Employer,
except for union employees and nonresident aliens without U.
S.-source income. The general rules of the Plan exclude employees
in those two groups, but if you want employees in one or both
categories to be eligible for your Plan, check the appropriate
space below.
The following employees WILL BE ELIGIBLE to participate in the
Plan:
[ ] (1) Members of the following collective bargaining
unit(s) (give names of unions):
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(2) Nonresident aliens with no U. S.-source income.
B. AGE REQUIREMENT (check and complete one):
[X] (1) No minimum age required for participation.
(2) Employees must reach age _ (not over 21 ) to
participate.
C. SERVICE REQUIREMENTS.
A 6-month Eligibility Period is a 6-month period beginning either
on an employee's first day of work with the Employer or on the
date 6 months following the employee's first day of work, and
anniversaries of those dates. A 12-month Eligibility Period is
the 12-month period beginning on an employee's first day of work
with the Employer, and anniversaries of that date. You may also
select another Eligibility Period consisting of a number of
months of your choice and each successive period of that number
of months.
(1) To become eligible, an employee must complete (choose
one):
[X] (a) No minimum service required. Skip to (5) below.
[ ] (b) One 6-month Eligibility Period.
[ ] (c) One ___ month Eligibility Period (must be less
than 12).
[ ] (d) One 12-month Eligibility Period.
[ ] (e) Two 12-month Eligibility Periods (may not be
chosen if you adopt EITHER the Section 401 (k)
provisions under item 12 or a vesting schedule
other than the first choice under item 8.A(l),
which provides for 100% full and immediate
vesting).
(2) If the Employer acquires a business, will the Eligibility
Period for employees of the acquired business be the
period selected in (1) above, beginning on the first day
of work for the acquired business?
[ ] (a) Yes.
[ ] (b) No.
(3) HOURS OF SERVICE FOR ELIGIBILITY PERIODS.
(a) To receive credit for a 6-month Eligibility Period,
an employee must complete during it at least:
[ ](i) 500 Hours of Service.
[ ](ii) Hours of Service.
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(under 500)
(b) Complete only if (1)(c) above is selected. To
receive credit for the Eligibility Period selected
in (1)(c) above, an employee must complete during
it at least:
[ ](i) Hours of Service.
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(under 1000)
(c) To receive credit for a 12-month Eligibility
Period, an employee must complete during it at
least:
[ ](i) 1,000 Hours of Service.
[ ](ii) Hours of Service.
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(under 1,000)
(4) Hours of Service will be credited to an employee by the
following method (check one):
[ ] (a) Actual hours for which an employee is paid.
[ ] (b) Any employee who has one actual paid hour in
the following period will be credited with the
number of Hours of Service indicated (check
one):
[ ] (i) Day (10 Hours of Service).
[ ] (ii) Week (45 Hours of Service).
[ ] (iii) Semi-monthly payroll period
(95 Hours of Service).
[ ] (iv) Month 190 Hours of Service).
(5) ENTRY DATES. Each Employee in an eligible class who
completes the age and service requirements specified above
will begin to participate in the Plan on (check one):
[ ] (a) The first day of the month in which he
fulfills the requirements.
[X] (b) The first of the following dates occurring
after he fulfills the requirements (or, if
earlier, the first day of the first Plan
Year that begins after the date he fulfills
the requirements) (check one):
[X] (1) The first day of the month
following the date he fulfills the
requirements (monthly).
[ ] (ii) The first day of the first,
fourth, seventh and tenth months
in a Plan Year (quarterly).
[ ] (iii) The first day of the first month
and the seventh month in a Plan
Year (semiannually).
D. (For New Plans Only) Will all eligible Employees be required to
meet the age and service requirements specified in B and C above?
[ ] (1) Yes.
[ ] (2) No; all Employees on the Effective Date will be
eligible as of the Effective Date, even if they have
not met the age and service requirements.
4. COMPENSATION (PLAN SECTION 2.8).
A. AMOUNT.Compensation for purposes of the Plan will be the amount
of the following that is actually paid by your Business to an
employee during the Plan Year (check one):
[ ] (1) Form W-2 earnings as defined in Section 2.8 of the
Plan.
[ ] (2) Form W-2 earnings as defined in Section 2.8 of the
Plan, plus any amounts withheld from the employee
under a 401 (k) plan, cafeteria plan, SARSEP, tax
sheltered 403(b) arrangement, or Code Section 457
deferred compensation plan, and contributions
described in Code Section 414(h)(2) that are picked
up by a governmental employer.
[ ] (3) All compensation included in the definition of Code
Section 415 Compensation in Section 6.5(b) of the
Plan.
[X] (4) All compensation included in the definition of Code
Section 415 Compensation in Section 6.5(b) of the
Plan, plus any amounts withheld from the employee
under a 401 (k) plan, cafeteria plan, SARSEP, tax
sheltered 403(b) arrangement, or Code Section 457
deferred compensation plan, and contributions
described in Code Section 414(h)(2) that are picked
up by a governmental employer.
B. MEASURING PERIOD. Compensation will be based on the Plan Year.
However, for an employee's initial year of
participation in the Plan, compensation
shall be recognized as of:
[ ] (1) The first day of the Plan Year.
[X] (2) The date the Participant entered the Plan.
5. CONTRIBUTIONS (PLAN SECTIONS 4. 1 AND 4.2).
A. EMPLOYER CONTRIBUTIONS - PROFIT LIMITATION.Will Employer
contributions to the Plan be limited to the current and
accumulated profits of your Business? Check one:
[X] (1) Yes.
[ ] (2) No.
If you will make contributions only under the Section 401(k) provisions
in item 12 of this Plan Agreement, skip to part 5D.
B. EMPLOYER CONTRIBUTIONS - AMOUNT
(1) The Employer will contribute to the Plan for each Plan Year
(check one):
[ ] (a) An amount chosen by the Employer from year to year.
[ ] (b) ___ % of the Earnings of all Qualified Participants
for the Plan Year.
[ ] (c) $________ for each Qualified Participant per (enter
time period, ex. payroll period, plan year)
(2) Will Forfeitures for a Plan Year be applied to reduce the
amount of the contribution otherwise required?
[ ] (a) Yes.
[ ] (b) No.
(3) Will Forfeitures that are not applied to reduce the amount of
contribution otherwise required for the Plan Year be applied
to reduce the required Employer Matching Contribution for the
Plan Year described in 12.B.(1)?
[ ] (a) Yes.
[ ] (b) No.
If you check No to both (2) and (3) above, Forfeitures will be
allocated as though they were additional Profit Sharing
Contributions.
C. Employer Contributions - Allocations to Participants
(1) ALLOCATION TO QUALIFIED PARTICIPANTS. Any Employee who has
met the eligibility requirements in item 3 of this Plan
Agreement is a Qualified Participant UNLESS for reasons
other than his death or Retirement, he is not an active
Employee on the last day of the Plan Year, AND HE is not
credited with more than 500 Hours of Service in the Plan
Year.
How will contributions be allocated:
[ ] (a) Pro rata
[ ] (b) Uniform Dollar Amount
[ ] (c) Integrated With Social Security (complete (2)
and (3) below).
(2) INTEGRATION WITH SOCIAL SECURITY (Complete only if you
have elected in 5.C.1 to integrate your Plan with Social
Security.) Contributions under paragraph B will be
allocated to Qualified Participants as you check below:
[ ] (a) Contributions will be allocated according to the
Top-Heavy Integration Formula in Section
4.2(c)(1) of the Basic Plan Document in every
Plan Year, whether or not the Plan is topheavy.
[ ] (b) Contributions will be allocated according to the
Top-Heavy Integration Formula in Section
4.2(c)(1) of the Basic Plan Document only in
Plan Years in which the Plan is top-heavy. In
all other Plan Years, contributions will be
allocated according to the Non-Top-Heavy
Integration Formula in Section 4.2(c)(2) of the
Basic Plan Document.
(3) INTEGRATION LEVEL. (Complete only if you have elected in
5.C. I to integrate your Plan with Social Security.) The
Integration Level will be (check one):
[ ] (a) The Social Security Wage Base in effect at the
beginning of the Plan Year.
[ ] (b) ___% (not more than 100%) of the Social Security
Wage Base in effect at the beginning of the Plan
Year.
[ ] (c) $___ (not more than the Social Security Wage
Base).
NOTE: The Social Security Wage Base is indexed annually to
reflect increases in the cost of living.
D. PARTICIPANT CONTRIBUTIONS (Plan Section 4.2(e)). Will your Plan
allow Participants to make after-tax contributions?
[ ] (a) Yes.
[X] (b) No.
6. INVESTMENTS (PLAN SECTIONS 13.2 AND 13.3). The Employer selects in part
A below the Investment Products that will be available under the Plan
(in addition to Policies selected under Plan Article 14, if any). All
Investment Products must be sponsored, underwritten, managed or
expressly agreed to in writing by Xxxxxx. From the group of available
Investment Products selected by the Employer, each Participant chooses
the investments for his own Accounts unless the Employer elects
differently in B below.
A. AVAILABLE INVESTMENT PRODUCTS (PLAN SECTION 13.2). The following
investments will be available under the Plan (check one):
(1) Mutual Funds
[X] The group of funds made available by Xxxxxx, selected by
the Employer and communicated to Participants in writing.
A current list of the funds selected by the Employer from
time to time shall be kept with the records of the Plan.
The initial list of funds is a FOLLOWS:
1) Daily Dividend Trust
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2) Xxxxxx Fund For Growth & Income
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3) U.S. Government Income Trust
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4) Xxxxxx Voyager Fund
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5) Xxxxxx Fund For Growth & Income
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6) Xxxxxx New Opportunity Fund A
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(2) Other Investment Options
[X] (a) Xxxxxx Stable Value Fund.
[ ] (b) Other Investment Products (as defined in Section
2.28 of the Plan).
If there is any amount in the Trust Fund for which no instructions or unclear
instructions are delivered, it will be invested in the default option selected
by the Employer in its Service Agreement with Xxxxxx (or if the Employer makes
no such selection, by execution of the Plan Agreement, the Employer shall
affirmatively elect to have such amounts invested in the Xxxxxx Money Market
Fund) until instructions are received in good order, and the Employer will be
deemed to have selected the option indicated in its Service Agreement with
Xxxxxx (or if none, The Xxxxxx Money Market Fund) as an available Investment
Product for that purpose.
B. INSTRUCTIONS (PLAN SECTION 13.3). Investment instructions for
amounts held under the Plan generally will be given by each
Participant for his own Accounts and delivered to Xxxxxx as
indicated in the Service Agreement between Xxxxxx and the
Employer. Check below ONLY if the Employer will make investment
decisions under the Plan with respect to the following
contributions made to the Plan.
(Check all applicable options.)
[ ] (1) The Employer will make all investment decisions
with respect to all employee contributions,
including Elective Deferrals, Participant
Contributions, Deductible Employee Contributions
and Rollover Contributions.
[ ] (2) The Employer will make all investment decisions
with respect to all Employer contributions,
including Profit Sharing Contributions, Employer
Matching Contributions, Qualified Matching
Contributions and Qualified Nonelective
Contributions.
[ ] (3) The Employer will make investment decisions with
respect to Employer Matching Contributions and
Qualified Matching Contributions made pursuant to
Section 12.B and C of this Plan Agreement.
[ ] (4) The Employer will make investment decisions with
respect to Qualified Nonelective Contributions made
pursuant to Section 12.D) of this Plan Agreement.
[ ] (5) The Employer will make investment decisions with
respect to Profit Sharing Contributions made
pursuant to Section 5.B. of this Plan Agreement.
C. CHANGES. Investment instructions may be changed (check one):
[X] (1) on any Valuation Date (daily).
[ ] (2) on the first day of any month (monthly).
[ ] (3) on the first day of the first, fourth, seventh and
tenth months in a Plan Year (quarterly).
D. EMPLOYER STOCK. (Skip this paragraph if you did not designate
Employer Stock as an investment under the Service Agreement.)
(1) VOTING.Section 13.8 of the Plan provides that Employer
Stock held as an investment under the Plan will be voted
in accordance with the Employer's instructions UNLESS the
Employer elects that Participants will direct the voting
of Employer Stock to the extent described in Section 13.8.
Check below ONLY IF Participants will direct the voting of
Employer Stock.
[ ] Participants are hereby appointed named fiduciaries
for the purpose of the voting of Employer Stock in
accordance with Section 13.8. (NOTE: To the extent
a Participant fails to direct the voting of
Employer Stock credited to his Account, the Trustee
shall not vote such Employer Stock. Unallocated
shares of Employer Stock will be voted by the
Trustee as directed by the Plan Administrator.)
(2) TENDERING. Section 13.8 of the Plan provides that Employer
Stock held as an investment under the Plan will be
tendered in accordance with the Employer's instructions
UNLESS the Employer elects that Participants will direct
the tendering of Employer Stock to the extent described in
Section 13.8. Check below ONLY IF Participants will direct
the tendering of Employer Stock. (NOTE: Unallocated shares
of Employer Stock will be tendered in proportion to the
percentage of allocated shares which are tendered.)
[ ] Participants are hereby appointed named fiduciaries
for the purpose of the tendering of Employer Stock
in accordance with Section 13.8. NOTE: To the
extent a Participant fails to direct the tendering
of Employer Stock credited to his Account, the
Trustee shall not tender such Employer Stock.)
E. VOTING OF NON-XXXXXX SHARES. Section 13.10 of the Plan provides
that shares of registered investment companies held under the
Plan other than Xxxxxx mutual funds shall be voted in accordance
with the Employer's instructions UNLESS the Employer elects that
Participants will direct the voting of such non-Xxxxxx investment
company shares to the extent described in Section 13.10. Check
below ONLY IF Participants will direct the voting of such
non-Xxxxxx investment company shares:
[ ] Participants are hereby appointed named fiduciaries
for the purpose of voting shares of registered
investment companies other than Xxxxxx mutual funds
in accordance with Section 13.10.
NOTE: Shares of non-Xxxxxx investment companies for which the
Trustee receives no voting instructions shall be voted in the
same proportion as it votes such shares for which it has received
instructions.
7. DISTRIBUTIONS AND WITHDRAWALS.
A. RETIREMENT DISTRIBUTIONS,
(1) NORMAL RETIREMENT AGE (PLAN SECTION 7. 1). Normal
retirement age will be 65 (not over age 65).
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(2) EARLY RETIREMENT (PLAN SECTION 7.1). Check and complete
the item below only if you want Participants to become
fully vested upon fulfilling specified age and service
requirements before reaching normal retirement age:
[ ] Early retirement will be permitted at age ________
with at least___________ Years of Service.
(3) ANNUITIES (PLAN SECTION 9.31. Will your Plan permit a
Participant to select a life annuity form of distribution?
YOU MUST CHECK YES if this Plan replaces an existing Plan
that permits distributions in a life annuity form.
[ ] (a) Yes.
[X] (b) No.
B. HARDSHIP DISTRIBUTIONS (PLAN SECTION 12.2). Will your Plan
permit hardship distributions from Employer Contribution
Accounts?
[X] (1) Yes.
[ ] (2) No.
C. WITHDRAWALS AFTER AGE 59 1/2(PLAN SECTION 12.3). Will your Plan
permit employees over age 59 1/2 to withdraw amounts upon
request? YOU MUST CHECK YES if this Plan replaces an existing
Plan that permits withdrawals after age 59 1/2.
[X] (1) Yes.
[ ] (2) No.
D. LOANS. (Plan Section 12.4). Will your Plan permit loans to
employees from their Accounts?
[X] (1) Yes.
[ ] (2) No.
E. AUTOMATIC DISTRIBUTION OF SMALL ACCOUNTS (PLAN SECTION 9.1).
Will your Plan automatically distribute vested account balances
not exceeding $3,500, within 60 days after the end of the Plan
Year in which a Participant separates from employment?
[X] (1) Yes.
[ ] (2) No.
Note: The time for distribution cannot be left to the discretion
of the Employer or the Plan Administrator. If you check No
above, small accounts will be distributable at the time selected
by the Participant.
8. VESTING (PLAN ARTICLE 8).
A. TIME OF VESTING.
(1) The provision checked below will determine a Participant's
vested percentage in the Profit Sharing Contribution
portion of his Employer Contribution Account:
[ ] (a) 100% vesting immediately upon participation in
the Plan.
[X] (b) Five-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
--- --- --- --- ----
Years of Service 1 2 3 4 5
[ ] (c) Six-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
--- --- --- --- ----
Years of Service 2 3 4 5 6
[ ] (d) Seven-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
--- --- --- --- ----
Years of Service 3 4 5 6 7
[ ] (e) Three-Year Cliff Schedule:
Vested Percentage 0% 100%
Years of Service 0-2 3
[ ] (f) Five-Year Cliff Schedule:
Vested Percentage 0% 100%
Years of Service 0-4 5
[ ] (g) Other Schedule (must be at least as favorable
as Seven-Year Graded Schedule or Five-Year
Cliff Schedule):
Vested Percentage ___% ___% ___% ___% ___%
Years of Service ___ ___ ___ ___ ___
If you selected above an "Other Schedule," specify in the space
below the schedule that will apply after the Plan is top-heavy.
The schedule you specify must be (i) the Six-Year Graded
Schedule, or (ii) the Three-Year Cliff Schedule, or (iii) any
other schedule that is at least as favorable to employees, at all
years of service, as either the Six-Year Schedule or the
Three-Year Cliff Schedule.
The top-heavy vesting schedule will be:
[ ] (a) the same "Other Schedule" selected above.
[ ] (b) Vested Percentage ___% ___% ___% ___% ___%
Years of Service ___ ___ ___ ___ ___
(2) If you adopt the Section 401(k) provisions in item 12 and
will make Employer Matching Contributions, check the
provision below that will determine a Participant's vested
percentage in his Employer Matching Contribution Account
(check one):
[ ] (a) 100% vesting immediately upon participation in
the Plan.
[X] (b) Five-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
Years of Service 1 2 3 4 5
[ ] (c) Six-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
Years of Service 2 3 4 5 6
[ ] (d) Seven-Year Graded Schedule:
Vested Percentage 20% 40% 60% 80% 100%
Years of Service 3 4 5 6 7
[ ] (e) Three-Year Cliff Schedule:
Vested Percentage 0% 100%
Years of Service 0-2 3
[ ] (f) Five-Year Cliff Schedule:
Vested Percentage 0% 100%
Years of Service 0-4 5
[ ] (g) Other Schedule (must be at least as favorable as
Seven-Year Graded Schedule or Five-Year Cliff
Schedule):
Vested Percentage ___% ___% ___% ___% ___%
Years of Service ___ ___ ___ ___ ___
If you selected "Other Schedule" above, the vesting schedule that
will apply to the Employer Matching Contribution Account after
the Plan becomes top-heavy will be the top-heavy vesting schedule
applicable to the Employer Contribution Account, as specified in
Section 8.A.(1).
B. SERVICE FOR VESTING. Skip this part B if your Plan will include
all of an employee's service in determining his Years of Service
for vesting.
Years of Service for vesting will exclude (check one or more):
[ ] (1) Service before the Effective Date of the Plan, if this
is a new plan, or service before the effective date of
your existing plan, if this Plan replaces an existing
plan.
[ ] (2) Service before the Plan Year in which an employee
reached age 18.
[ ] (3) Service for a business acquired by the Employer, before
the date of acquisition.
C. HOURS OF SERVICE FOR VESTING. The number of Hours of Service
required for crediting a Year of Service for vesting will be
(check one):
[X] (1) 1,000 Hours of Service.
[ ] (2) _____________Hours of Service.
(under l,000)
D. YEAR OF SERVICE MEASURING PERIOD FOR VESTING (PLAN SECTION 2.54).
The periods of 12 months used for measuring Years of Service will
be (check one):
[ ] (1) Plan Years.
[X] (2) 12-month Eligibility Periods.
NOTE: If you are adopting this Plan to replace an existing plan,
employees will be credited under this Plan with all service
credited to them under the plan you are replacing.
9. TOP-HEAVY MINIMUM CONTRIBUTIONS (PLAN SECTION 15.3). For any Plan
Year in which the Plan is top-heavy, you must provide for each
Participant who is a non-key employee and who is employed on the
last day of the Plan Year an allocation equal to 3% of his
Earnings (or if less, the highest percentage allocated to any key
employee). Neither Elective Deferrals, nor Employer Matching
Contributions nor Qualified Matching Contributions for a non-key
employee may be taken into account for purposes of this
requirement. If you have adopted Xxxxxx paired plans, for any
Plan Year in which the Plan is top-heavy, the top-heavy minimum
contribution will be provided under the Xxxxxx Money Purchase
Pension Plan.
Skip paragraphs A and B below if you have Xxxxxx paired plans or
if you do not maintain any other qualified plan in addition to
this Plan.
A. If you maintain another qualified plan in addition to this Plan,
specify below
whether a non-key employee who participates in both plans will
receive a top-heavy minimum contribution (or benefit) in this
Plan or the other plan.
The top-heavy minimum contribution (or benefit) for non-key
employees participating both in this Plan and another qualified
plan maintained by the Employer will be provided in (check one):
[ ] (1) This Plan.
[ ] (2) The plan named here: ___________________________
B. (Skip this paragraph if you do not maintain a defined benefit
plan.) If you maintain a defined benefit plan in addition to this
Plan, and the Top-Heavy Ratio (as defined in Plan Section
15.2(c)) for the combined plans is between 60% and 90%, you may
elect to provide an increased minimum allocation or benefit
pursuant to Plan Section 15.4. Specify your election by
completing the statement below:
The Employer will provide an increased (specify contribution or
benefit) ____________ in its (specify defined contribution or
defined benefit) ____________ plan as permitted under Plan
Section 15.4.
10. OTHER PLANS. YOU MUST COMPLETE THIS SECTION IF you maintain or ever
maintained another qualified plan in which any Participant in this Plan
is (or was) a participant or could become a participant.
The Plan and your other plan(s) combined will meet the contribution
limitation rules in Article 6 of the Plan as you specify below:
A. If a Participant in the Plan is covered under another qualified
defined contribution plan maintained by your Business, other than a
master or prototype plan (check one):
[ ] (1) The provisions of Section 6.2 of the Plan will apply as
if the other plan were a master or prototype plan.
[ ] (2) The plans will limit total annual additions to the
maximum permissible amount, and will properly reduce any
excess amounts, in the manner you describe below.
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B. If a Participant in the Plan is or has ever been a participant in
a defined benefit plan maintained by your Business, the plans
will meet the limits of Article 6 in the manner you describe
below:
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NOTE: Your description under A or B above cannot be left to discretion
and changed from year to year. If you want to amend it from year to
year, you must execute a new plan agreement.
If your Business has ever maintained a defined benefit plan,
state below the interest rate and mortality table to be used in
establishing the present value of any benefit under the defined
benefit plan for purposes of computing the top-heavy ratio:
Interest rate: %
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Mortality Table:
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11. ADMINISTRATION
A. PLAN ADMINISTRATOR (PLAN SECTION 16.1). You may appoint a person
or a committee to serve as Plan Administrator. You may remove and
replace anyone you have appointed, and anyone you have appointed
may resign, without the need to amend this Plan Agreement,
provided that you notify Participants in writing of any such
change. If you do not appoint a Plan Administrator, the Plan
provides that the Employer will be the Plan Administrator.
The initial Plan Administrator will be (check one):
[ ] This person: __________________________
[X] A committee composed of these people:
Xxxxxxx X. Xxxxx
------------------------------------------------------------
Xxxxx X. Xxxxx
------------------------------------------------------------
Xxxxxxxxx Xxxx
------------------------------------------------------------
B. RECORDKEEPER (PLAN SECTION 16.4). UNLESS Xxxxxx expressly permits
otherwise, you must appoint Xxxxxx as Recordkeeper to perform
certain routine services determined upon execution of a written
Service Agreement between Xxxxxx and you.
The initial Recordkeeper will be:
Xxxxxx Investments
-----------------------------------------------------------------
Name
000 Xxxxxxx Xxxxxx Xxxxxx, XX 00000
-----------------------------------------------------------------
Address
COMPLETE ITEM 12 BELOW IF YOUR PLAN WILL ALLOW EMPLOYEES TO ELECT PRE-TAX
CONTRIBUTIONS UNDER SECTION 401(k) OF THE CODE.
12. SECTION 401(k) PLAN PROVISIONS (PLAN ARTICLE 5).
A. ELECTIVE DEFERRALS (PLAN SECTION 5.2).
(1) A Participant may make Elective Deferrals for each year in an
amount not to exceed (check one):
[X] (a) 15 % of his Earnings (specify a percentage).
-------
[ ] (b) % of his Earnings not to exceed $
------- ----------
(specify a percentage and a dollar amount).
[ ] (c) $ (specify a dollar amount).
----------
Note: Elective Deferrals may not exceed the annual dollar limit under
Section 402(g) of the Internal Revenue Code.
(2) A Participant may begin to make Elective Deferrals, or change the
amount of his Elective Deferrals, as of the following dates
(check one):
[X] (a) First business day of each month (monthly)
[ ] (b) First business day of the first, fourth, seventh and
tenth months of the Plan Year (quarterly).
[ ] (c) First business day of the first and seventh months of
the Plan Year (semiannually).
[ ] (d) First business day of the Plan Year only (annually).
(3) May Participants make Elective Deferrals of bonuses?
[X] (a) Yes.
[ ] (b) No.
NOTE: You may choose to make Employer Matching Contributions or
Qualified Matching Contributions, or neither, or both. Qualified
Matching Contributions are always fully vested and cannot be distributed
from the Plan before a Participant reaches age 59 1/2 or leaves
employment. They will be used, to the extent needed, to help the Plan
pass the ADP test explained on page _ of the Qs & As. Employer Matching
Contributions are subject to the vesting schedule elected in item 8 of
this Plan Agreement, and can be withdrawn during employment in the event
of financial hardship (as defined in Section 12.2 of the Plan) if you so
elect in part F below.
B. EMPLOYER MATCHING CONTRIBUTIONS (PLAN SECTION 5.8). Skip this
part B if you will not make Employer Matching Contributions.
(1) The Employer will contribute and will allocate to each
Participant's Employer Matching Account an amount equal
to:
(Check the provision(s) desired, and fill in the % and/or
$ limitation blank(s) in each provision you check. If you
wish to determine the amount of Employer Matching
Contributions from year to year instead of specifying a
fixed percentage, write "V" for variable in the % blank at
the beginning of each provision you check. Also write "V"
for variable in the % blank for Earnings.)
[ ] (a) % of Elective Deferrals
-----
[X] (b) 50% of Elective Deferrals that do not exceed
6% of Earnings.
[ ] (c) % of Participant Contributions.
-----
[ ] (d) In applying the above election Elective Deferrals
shall not exceed $__________.
(2) Will forfeited Employer Matching Contributions be applied
to reduce the total contribution specified in B (1) above?
[ ] (a) Yes.
[X] (b) No.
(3) Will forfeited Employer Matching Contributions that are
not applied to reduce required Employer Matching
Contributions specified in B(l) above be applied to reduce
required Employer Contributions for the Plan Year
described in 5.B?
[ ] (a) Yes.
[X] (b) No.
If you check No to both (2) and (3) above, forfeited
Employer Matching Contributions will be allocated as
though they were additional Employer Matching
Contributions.
C. QUALIFIED MATCHING CONTRIBUTIONS (PLAN SECTION 2.62). Skip this
part C if you will not make Qualified Matching Contributions.
(1) Qualified Matching Contributions will be made with respect
to (check one):
[ ] (a) Elective Deferrals by all Participants.
[ ] (b) Elective Deferrals only by Non-Highly Compensated
Participants.
(2) The amount of Qualified Matching Contributions made with
respect to a Participant will be:
(Check the provision desired and fill in the % and/or $
limitation blank(s) in the provision you check. If you
wish to determine the amount of Qualified Matching
Contributions from year to year instead of specifying a
fixed percentage, write "V" for variable in the % blank at
the beginning of each provision you check. Also write "V"
for variable in the % blank for Earnings.)
[ ] (a) ____% of his Elective Deferrals.
[ ] (b) ____% of his Elective Deferrals that do not
exceed ____% of his Earnings.
[ ] (c) ____% of Participant Contributions.
[ ] (d) In applying the above election, Elective
Deferrals shall not exceed $_____________.
D. QUALIFIED NONELECTIVE CONTRIBUTIONS (PLAN SECTION 2.64). Skip
this part D if you will not make Qualified Nonelective
Contributions.
(1) Qualified Nonelective Contributions will be made on behalf
of (check one):
[ ] (a) All Participants.
[ ] (b) Only Participants who are not Highly Compensated
Employees.
(2) The amount of Qualified Nonelective Contributions for a Plan
Year will be (check one):
[ ] (a) ____% (not over 15%) of the Earnings of
Participants on whose behalf Qualified Nonelective
Contributions are made.
[ ] (b) An amount determined by the Employer from year to
year, to be shared in proportion to their Earnings
by Participants on whose behalf Qualified
Nonelective Contributions are made.
NOTE: Qualified Nonelective Contributions will be used, to the
extent needed, to help the Plan pass the ADP test, explained in
the Nondiscrimination Package.
E. ACP TEST. Every plan that has after-tax Participant
Contributions, Employer Matching Contributions or Qualified
Matching Contributions must pass an annual test called the ACP
test, which is explained in the Nondiscrimination Package.
Elective Deferrals and Qualified Nonelective Contributions will
be used to help the Plan pass the ACP test, to the extent needed.
F. HARDSHIP DISTRIBUTIONS FROM 401(k) ACCOUNTS (PLAN SECTIONS 12.2
AND 5.14).
(1) Will your Plan permit hardship distributions from Elective
Deferral Accounts?
[X] (a) Yes.
[ ] (b) No.
(2) If your Plan has Employer Matching Contributions, will it
permit hardship distributions from Employer Matching
Accounts?
[X] (a) Yes.
[ ] (b) No.
13. Reliance on Opinion Letter. If you ever maintained or you later adopt any
plan (including a welfare benefit fund, as defined in Section 419(e) of the
Code, which provides post-retirement medical benefits allocated to separate
accounts for key employees, as defined in Section 419A(d)(3) of the Code; or an
individual medical account, as defined in Section 415(l)(2) of the Code) in
addition to this plan, YOU MAY NOT rely on an opinion letter issued to Xxxxxx by
the National Office of the Internal Revenue Service as evidence that the Plan is
qualified under Section 401 of the Internal Revenue Code. If you maintain or
adopt multiple plans, in order to obtain reliance with respect to plan
qualification of the Plan, you must receive a determination letter from the
appropriate Key District Office of Internal Revenue. Xxxxxx will prepare an
application for such a letter upon your request at a fee agreed upon by the
parties.
The Employer may not rely on the opinion letter issued by the National Office of
the Internal Revenue Service as evidence that this plan is qualified under
Section 401 of the Code UNLESS the terms of the plan, as herein adopted or
amended, that pertain to the requirements of Section 401 (a)(4), 401 (a)(5), 401
(a)(17), 401(l), 410(b) and 414(s) of the Code, as amended by the Tax Reform Act
of 1986 or later laws, (a) are made effective retroactively to the first day of
the first Year beginning after December 31, 1988 (or such later date on which
these requirements first become effective with respect to this plan); or (b) are
made effective no later than the first day on which the Employer is no longer
entitled, under regulations, to rely on a reasonable, good faith interpretation
of these requirements, and the prior provisions of the plan constitute such an
interpretation.
Xxxxxx will inform you of all amendments it makes to the prototype plan. If
Xxxxxx ever discontinues or abandons the prototype plan, Xxxxxx will inform you.
This Plan Agreement #001 may be used only in conjunction with Xxxxxx'x basic
Plan document #05.
* * * * *
EMPLOYER'S ADOPTION OF XXXXXX
PROFIT SHARING AND 401(k) PLAN
The Employer named below hereby adopts a XXXXXX PROFIT SHARING AND 401(k) PLAN,
and appoints XXXXXX FIDUCIARY TRUST COMPANY to serve as Trustee of the Plan.
(NOTE: you may appoint a trustee other than Xxxxxx Fiduciary Trust Company only
with Xxxxxx'x express permission.) The Employer acknowledges that it has
received copies of the current prospectus for each Investment Product available
under the Plan, and represents that it will deliver copies of the then current
prospectus for each such Investment Product to each Participant before each
occasion on which the Participant makes an investment instruction as to his
Account. The Employer further acknowledges that the Plan will be acknowledged by
Xxxxxx as a Xxxxxx Profit Sharing and 401 (k) Plan only upon Xxxxxx'x acceptance
of this Plan Agreement.
Employer signature(s) to adopt plan: Date of signature:
/s/ Xxxxx X. Xxxxx 04-12-96
-------------------------------------------- ------------------
/s/ Xxxxxxx X. Xxxxx 04-12-96
-------------------------------------------- ------------------
Please print name(s) ,of authorized person(s) signing above:
Xxxxx X. Xxxxx, Executive Vice President Telephone: (000) 000-0000
----------------------------------------------------- ---------------
Chief Operating Officer
Xxxxxxx X. Xxxxx, President & Chief Executive Officer Telephone: (000) 000-0000
----------------------------------------------------- ---------------
A new Plan must be signed by the last day of the Plan Year in which the Plan is
to be effective.
INVESTMENT DEALER INFORMATION
Firm: Financial Network Investment Center
-----------------------------------------------------------------------
Branch: Pleasant Hill
-----------------------------------------------------------------------
Address: 0000 Xxxxxxx Xxx., Xxxxx 000 Xxxxxxxx Xxxx, XX 00000
-----------------------------------------------------------------------
Registered Representative: Xxxx Xxxxxxxx
------------------------------------------------------
Name
(000)000-0000
------------------------------------------------------
Telephone
* * * * *
ACCEPTANCE OF XXXXXX FIDUCIARY TRUST COMPANY AS TRUSTEE
The Trustee accepts appointment in accordance with the terms and conditions of
the Plan, effective as of the date of execution by the Employer set forth above.
Xxxxxx Fiduciary Trust Company, Trustee
By /s/ Xxxxxx X. Xxxxxxx
------------------------------------
* * * * *
ACCEPTANCE OF OTHER TRUSTEE
Complete this part ONLY IF you have appointed a Trustee other than Xxxxxx
Fiduciary Trust Company. (NOTE: You may appoint a trustee other than Xxxxxx
Fiduciary Trust Company only with Xxxxxx'x express permission, and Xxxxxx may
impose an annual maintenance fee as a condition of its acceptance of this plan
as a Xxxxxx Prototype 401(k) and Profit Sharing Plan.)
, Trustee
--------------------------------------------
By: Trustee's Tax I.D. Number
---------------------------------- --------------
Trustee
--------------------------------------------------------------------------------
Address of Trustee
Person for Xxxxxx to Contact: Telephone:
---------------------- ----------------
* * * * *
ACCEPTANCE BY XXXXXX
Xxxxxx hereby accepts this Employer's Plan as a prototype established under
Xxxxxx Basic Plan Document #05.
Xxxxxx Mutual Funds Corp.
By: /s/Xxxxxx Xxxxxx
----------------------------
PLAN: AMERICAN RIVER BANK 401(k) PLAN
AMERICAN RIVER HOLDINGS
Employer signature(s) to adopt plan: Date of Signature:
/s/ Xxxxx X. Xxxxx 07-29-99
------------------------------------ ------------------
/s/ Xxxxxxxx X. Xxxxxxx 07-29-99
------------------------------------ ------------------
Please print name(s) of authorized person(s) signing above:
XXXXX X. XXXXX, PRESIDENT & CEO
---------------------------------------------
XXXXXXXX X. XXXXXXX, CHIEF FINANCIAL OFFICER
---------------------------------------------
A new Plan must be signed by the last day of the Plan Year in which the Plan is
to be effective.
PLAN: AMERICAN RIVER BANK 401(k) PLAN
FIRST SOURCE CAPITAL
Employer signature(s) to adopt plan: Date of Signature:
/s/Xxxxx X. Xxxxx 07-29-99
--------------------------------------------------- ------------------
/s/Xxxxxxxx X. Xxxxxxx 07-29-99
--------------------------------------------------- ------------------
Please print name(s) of authorized person(s) signing above:
XXXXX X. XXXXX, PRESIDENT & CEO
-----------------------------------------------
XXXXXXXX X. XXXXXXX, CHIEF FINANCIAL OFFICER
-----------------------------------------------
A new Plan must be signed by the last day of the Plan Year in which the Plan is
to be effective.
FIRST AMENDMENT TO THE
AMERICAN RIVER BANK 401(K) PLAN
American River Bank (the "Employer") having heretofore adopted the American
River Bank 401(k) Plan, a prototype plan document consisting of the Plan
Agreement #001 and the Xxxxxx Basic Plan Document #05 (the "Plan") effective as
of January 1, 1993, pursuant to the power reserved to the Employer in Section
18.1 of the Plan, hereby amends the Plan Agreement as set forth below:
1. Subsection A(1) of section 12. is amended in its entirety effective as
of April 1,1998 to read as follows:
12. SECTION 401(K) PLAN PROVISIONS (PLAN ARTICLE 5).
A. Elective Deferrals (Plan Section 5.2).
(1) A Participant may make Elective Deferrals for each
year in an amount not to exceed (check one);
[X] (a) 18 % of his Earnings (specify a
percentage)
[ ] (b) ___% of his Earnings not to exceed
$___________(specify a percentage
and a dollar amount)
[ ] (c) $_____ (specify a dollar amount)
Note: Elective Deferrals may not exceed the annual dollar
limit under Section 402(g) of the Internal Revenue Code.
In all other respects, the Plan provisions remain in full force and effect.
IN WITNESS, WHEREOF, the Employer has caused the First Amendment to the Plan to
be duly executed in its name and behalf and its corporate seal to be affixed
this 19th day of March 1998.
ATTEST. American River Bank
By: /s/Xxxxxxx X. Xxxxx By: /s/Xxxxx X. Xxxxx
-----------------------------------------------------------------
Title: President & CEO Title: EVP/Chief Operating Officer
-----------------------------------------------------------------
Date: 03-20-98 Date: 03-20-98
-----------------------------------------------------------------
ATTEST: Xxxxxx Fiduciary Trust Company
By: /s/Xxx Xxxx
-----------------------------------------------------------------
Title: Vice President
-----------------------------------------------------------------
Date: 04-14-98
-----------------------------------------------------------------
