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EXHIBIT 10.6
FIRST AMENDMENT TO THE
SUMMIT CONSULTING, INC. RETIREMENT PLAN
THIS FIRST AMENDMENT, made on the day of , 1993, by SUMMIT
CONSULTING, INC., a corporation duly organized and existing under the laws of
the State of Florida (hereinafter called the "Primary Sponsor"):
WITNESSETH:
WHEREAS, the Primary Sponsor maintains the Summit Consulting, Inc.
Retirement Plan (the "Plan") and its related trust agreement (the "Trust"),
effective as of May 1, 1992, and May 15, 1992, respectively; and
WHEREAS, the Plan is being amended in order to comply with the requirements
the Internal Revenue Code of 1986 and the Unemployment Compensation Amendments
of 1992;
NOW, THEREFORE, pursuant to the power reserved to the Primary Sponsor under
Plan Section 15.1, the Plan is hereby amended, effective as of January 1, 1993,
as follows:
1. By adding the following new Plan Section 1.11A:
"1.11A 'Direct Rollover' means a payment by the Plan to the Eligible
Retirement Plan specified by the Distributee."
2. By adding the following new Plan Section 1.12A:
"1.12A 'Distributee' means an Employee or former Employee. In addition, the
Employee's or former Employee's surviving spouse and the Employee's or former
Employee's spouse or former spouse who is the alternate payee under a qualified
domestic relations order, as defined in Code Section 414(p), are Distributees
with regard to the interest of the spouse or former spouse."
3. By adding the following new Plan Section 1.15A:
"1.15A 'Eligible Retirement Plan' means an individual retirement account
described in Code Section 408(a), an individual retirement annuity described in
Code Section 408(b), an annuity plan described in Code Section 403(a) or a
qualified trust described in Code Section 401(a) that accepts the Distributee's
Eligible Rollover Distribution. However, in the case of an Eligible Rollover
Distribution to the surviving spouse, an Eligible Retirement Plan is an
individual retirement account or individual retirement annuity."
4. By adding the following new Plan Section 1.15B:
"1.15B 'Eligible Rollover Distribution' means 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: 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 Distributee's
designated Beneficiary, or for a specified period of ten years or more; any
distribution to the extent such distribution is required under Code Section
401(a)(9); and the portion of any distribution that is not includible in gross
income (determined without regard to the exclusion for net unrealized
appreciation with respect to employer securities)."
5. By adding the following sentence at the end of Plan Section 5.2:
"In the event a married Member applies for a loan after electing that his
Accrued Benefit be paid in the form of an annuity under Section 8.2(b) of the
Plan, no loan will be made to such Member unless spousal consent is obtained in
accordance with the provisions of Section 1.7 of the Plan."
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6. By adding a (i) after the (a) in Section 6.2 of the Plan.
7. By adding the following new subparagraph (ii) to Plan subsection 6.2(a):
"(ii) If a Member receives a withdrawal from his Matching Account under
Section 6.2(a)(i) above, and the Member's vested interest in his Matching
Account is fifty percent (50%) or more, the Member's future vested interest in
his Matching Account after the distribution shall be equal to an amount ("X")
determined by the formula:
X = P (AB + (R x D)) - (R x D)
For purposes of applying the foregoing formula, P is the vested percentage at
the relevant time; AB is the Matching Account balance at the relevant time; D
is the amount of the withdrawal; and R is the ratio of the Matching Account
balance at the relevant time to the Matching Account balance after
distribution."
8. By adding the following new Plan Section 6.8:
"6.8 Notwithstanding anything to the contrary, any distributions made under
this Section 6 shall be subject to the Eligible Rollover Distribution
requirements set forth in Plan Section 8."
9. By adding the following new Plan Section 6.9:
"6.9 Spousal Consent. In the event a married Member requests a distribution
under this Section 6 after electing that his Accrued Benefit be paid in the form
of an annuity under Section 8.2(b) of the Plan, no distribution will be made
under this Section 6 to such Member unless spousal consent is obtained in
accordance with the provisions of Section 1.7 of the Plan."
10. By adding the following new Plan Section 8.7:
"8.7 Notwithstanding any provisions of the Plan to the contrary that would
otherwise limit a Distributee's election under this Section 8, a Distributee may
elect, at the time and in the manner prescribed by the Administrator, to have
any portion of an Eligible Rollover Distribution paid directly to an Eligible
Retirement Plan specified by the Distributee in a direct rollover so long as all
Eligible Rollover Distributions to a Distributee for a calendar year total or
are expected to total at least $200 and, in the case of a Distributee who elects
to directly receive a portion of an Eligible Rollover Distribution and directly
roll the balance over to an Eligible Rollover Plan, the portion that is to be
directly rolled over totals at least $500."
11. By substituting the following for the last sentence of Plan Section 9.4:
"Payment shall be subject to the minimum distribution requirements and the
Eligible Rollover Distribution requirements set forth in Plan Section 8."
12. By adding the following sentence at the end of the first full paragraph of
Section 3 of Appendix A to the Plan:
"In the event the multiple use of the alternative limitations contained in
Sections 2(b) and 5(b) of this Appendix A, pursuant to Treasury Regulations
section 1.401(m)-2 as promulgated by the Secretary of the Treasury, require a
corrective distribution, such distribution shall be made pursuant to this
Section 3, and not Section 6 of this Appendix A."
13. By adding the following sentence at the end of Section 3 of Appendix A to
the Plan:
"As to any Highly Compensated Employee who is subject to the family
aggregation rules of subsection (c) of Section 1.22 of the Plan, any
distribution of such Highly Compensated Employee's allocable portion of the
excess Deferral Amount for a Plan Year shall be allocated among the family
members of such Highly Compensated Employee who are combined to determine the
actual deferral percentage in proportion to the Deferral Amounts taken into
account under this Section 3."
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14. By adding the following sentence at the end the first paragraph of Section 6
of Appendix A to the Plan:
"In the event the multiple use of the alternative limitations contained in
Sections 2(b) and 5(b) of this Appendix A, pursuant to Treasury Regulations
section 1.401(m)-2 as promulgated by the Secretary of the Treasury, require a
corrective distribution, such distribution shall be made pursuant to Section 3
of this Appendix A, and not this Section 6."
15. By adding the following sentence at the end of the next to last paragraph of
Section 6 of Appendix A to the Plan:
"As to any Highly Compensated Employee who is subject to the family
aggregation rules of subsection (c) of Section 1.22 of the Plan, any
distribution or forfeiture of such Highly Compensated Employee's allocable
portion of the excess aggregate contributions for a Plan Year shall be allocated
among the family members of such Highly Compensated Employee who are combined to
determine the contribution percentage in proportion to the contributions taken
into account under this Section 6."
Except as specifically amended hereby, the Plan shall remain in full force
and effect as prior to this First Amendment.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
be executed as of the day and year first above written.
SUMMIT CONSULTING, INC.
By: /s/
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Title: President
ATTEST:
/s/
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Title: V.P. of Administration and
Corporate Sec.
[CORPORATE SEAL]
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