Allied Tube & Conduit
Corporation Union
Retirement Savings and
Investment Plan
ADOPTION AGREEMENT 002
USE ONLY WITH BASIC PLAN
DOCUMENT NO. 01
ADOPTION AGREEMENT
XXXXXXX, PROCTER & XXXX REGIONAL PROTOTYPE NON-STANDARD
PROFIT SHARING SECTION 401(k) PLAN
1. THE EMPLOYER (Note: The term "Employer" includes all
Related Employers as defined in Section 2.12
of the Plan)
Name: Allied Tube & Conduit Employer Identification
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Corporation Number
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Address 16,100 South Xxxxxxx 00-0000000
Xxxxxx, XX 00000 ---------------
Plan Number 007
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(001 or next available
number)
Nature of Business: Fiscal Year Ends:
Manufacturing 6/30
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Type of Employer:
X corporation partnership
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sole proprietor other
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2. THE PLAN
A. The Plan or Amendment adopted by this Adoption
Agreement is effective July 1, 1992. (Should
ordinarily be the first day of a Fiscal Year.)
This adoption is (check one):
( ) An original adoption of an entirely new plan.
(X) An amendment to and continuation of a plan originally effective
January 1, 1988 and entitled Allied Tube & Conduit Corporation Union
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Employees' Thrift Plan.
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B. Top-Heavy status (check one):
( ) i. The Plan will always be administered as if it were
top-heavy.
( ) ii. The Employer will determine each year whether or
not the Plan is top-heavy. For purposes of
determining the top-heavy ratio, any benefit
N/A shall be discounted only for mortality and interest based on the
following (complete if you maintain or ever maintained a defined
benefit plan):
Interest rate %
-----
Mortality table .
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Valuation date for purposes of computing the top-heavy ratio shall
be of each year.
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3. PLAN YEAR, LIMITATION YEAR
The Plan Year shall be the twelve consecutive month period ending on
December 31 of each year. The Limitation Year for all qualified plans of the
Employer shall be the twelve consecutive month period ending on December 31
of each year.
4. TRUSTEE
The Employer hereby designates the following to act as
Trustee under the Plan: Mellon Bank
5. PERMISSIBLE INVESTMENTS
The Permissible Investments shall include (check any options you wish to
elect):
( ) A. Such stocks, bonds, or other marketable
securities, including certificates of
participation or shares of any regulated mutual
investment company, trust or fund, put and call
2
options, certain hedged covered option positions,
limited partnership interests, private letter
stock, as the Trustee from time to time selects;
provided that the Trustee shall not invest in
securities of an Employer; and that the Trustee
may hold funds of the Trust uninvested if and to
the extent it deems advisable from time to time,
and provided further that the Trustee is
authorized to commingle part or all of the assets
of the Trust in one or more trusts, including
trusts of which the Trustee is trustee, whether
now existing or hereafter created, for the
collective investment of funds held under
employees' pension or profit sharing plans or
trusts which are qualified within the meaning of
and exempt from tax under the revenue laws of the
United States, and permitted by existing or future
rulings of the United States Treasury Department
to pool their respective funds in a group trust,
in which event the instrument pursuant to which
such trust is established shall be deemed to be a
part of the Plan.
( ) B. Such guaranteed income contracts and similar
products, if any, whether issued by an insurance
company or other financial institution, as the
Trustee from time to time selects.
( ) C. Such short-term obligations from time to time
selected by the Trustee, including but not limited
to savings accounts, certificates of deposit,
variable demand notes, short-term commercial
paper, U.S. Treasury bills and notes, other
obligations with short maturities on which
interest income may vary from day to day, and
shares of mutual funds investing principally in
the foregoing.
( ) D. Such shares of one or more mutual funds or
interests in other pooled investment funds as the
Trustee from time to time selects.
(X) E. Other: Such shares of one or more mutual funds
and such guaranteed income contracts and similar
products, if any, whether issued by an insurance
company or other financial institution, as the
Employer from time to time selects.
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6. CONTRIBUTIONS AND FORFEITURES
(X) A. Elective Deferrals
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If this paragraph is checked, Elective Deferrals not in excess of
20% of a Member's Compensation shall be contributed to the Trust
by the Employer in accordance with a Salary Adjustment Agreement
with the Member.
The minimum Elective Deferrals per Member shall be $ per
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week/month.
( ) B. Employee Contributions
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If this paragraph is checked, a Member may contribute up to
% of his Compensation to the Trust on a nondeductible basis.
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The minimum Employee Contributions per Member shall be $ per
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week/month.
(X) C. Matching Contributions
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If this paragraph is checked, the Employer shall make Matching
Contributions to the Trust on behalf of all Members who make
(check (i) or (ii) or both)
(X) (i) Elective Deferrals
( ) (ii) Employee Contributions
to the Trust.
The amount of Matching Contribution shall be
(check one or more below)
(X) (a) 25% percent of the Member's Elective
--
Deferrals.
( ) (b) percent of the Member's
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Employee Contributions.
( ) (c) such amount voted or declared
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by the Employer each Fiscal Year.
The Employer shall not match the Member's Elective Deferrals
and/or Employee Contributions in excess of $400, or in excess of
---
percent of the Member's Compensation.
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The Matching Contributions
( ) will (X) will not
be limited to the Employer's Net Profits.
( ) D. Employer Contributions
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If this paragraph is checked, the Employer shall make Employer
Contributions to the Trust each Fiscal Year in an amount
determined as follows:
( ) (i) the amount voted or declared by the
Employer on account of such Fiscal Year.
( ) (ii) % of each eligible Member's
---
Compensation, plus the amount voted or
declared by the Employer on account of
such Fiscal Year.
( ) If this paragraph is checked, a Member is eligible to share in
the allocation of the Employer Contribution for any Plan Year if
he is an Employee on the last day of the Plan Year, or if he died,
retired, became disabled during such Plan Year, or terminated
employment during such Plan Year after being credited with more
than 500 Hours of Service.
The Employer Contributions
( ) will ( ) will not
be limited to the Employer's Net Profits.
The Employer Contributions will be allocated to each eligible
Member as follows:
( ) NOT INTEGRATED: The allocation will be made
on a pro rata basis in accordance with each
eligible Member's Compensation.
( ) INTEGRATED: The allocation will be
integrated with Social Security as set forth
in Section 5.05B(b) of the Plan.
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( ) E. Qualified Non-Elective Contributions
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( ) If this paragraph is checked, in any Plan Year
in which the Plan cannot satisfy either the ADP or
ACP test, the Employer may make Qualified Non-Elective
Contributions to the Trust on behalf of Non-Highly Compensated
Employees in an amount
sufficient to enable the Plan to satisfy such
tests.
( ) F. Forfeitures
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Forfeitures for each Plan Year shall be (check i
or ii)
( ) (i) applied to reduce Matching Contributions
for such Plan Year.
( ) (ii) allocated in the same manner as Employer
Contributions.
( ) G. In any year in which the Plan is or is deemed to
be top-heavy, a minimum contribution in the amount
determined under Section 14.05(a) of the Plan is
required. To avoid inappropriate
N/A omissions or duplication of minimum benefits or contributions if
the Employer maintains more than one plan, the rules checked or
specified below shall apply (check one)
( ) (i) Minimum contributions shall be
provided in this Plan without
regard to the benefits or
contributions provided to the
Member under the Employer's other
plans (subject to the limitations
of Article XII).
( ) (ii) Any Member who is also covered
under the Employer's other defined
contribution plan and who is
employed on the last day of the
Plan Year shall receive minimum
contributions in the amount
determined under Section 14.05(a)
of the Plan under the Employer's
other defined contribution plan
( ) (iii) Any Member who is also covered
under the Employer's defined
benefit plan and who is employed on
the last day of the Plan Year shall
receive minimum
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contributions or benefits as
follows:
( ) 1. A minimum contribution under this
Plan in an amount equal to 5% of
the Member's Compensation.
( ) 2. A minimum contribution under this
Plan in an amount equal to 7.5% of
the Member's Compensation.
( ) 3. A minimum benefit under the
Employer's defined benefit plan
equal to the product of (a) the
Member's average Compensation for
the period of consecutive years
(not exceeding five) when the
Member had the highest aggregate
Compensation from the Employer and
(b) the lesser of 2% per year of
service with the Employer or 20%.
( ) 4. A minimum benefit under the
Employer's defined benefit plan
equal to the product of (a) the
Member's average Compensation for
the period of consecutive years
(not exceeding five) when the
Member had the highest aggregate
Compensation from the Employer and
(b) the lesser of 3% per year of
service with the Employer or 30%.
Note: The total employer contributions (Elective Deferrals, Matching
Contributions, Employer Contributions and Qualified Non-elective
Contributions) to the Trust each Fiscal Year may generally not exceed
15% of aggregate Members' compensation. The Annual Additions to a
Member's accounts in any Limitation Year cannot exceed the lesser of
$30,000 or 25% of the Member's Compensation.
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7. CLAIM FOR EXCESS ELECTIVE DEFERRALS
Members who claim Excess Elective Deferrals pursuant to Section 6.02 of the
Plan for the preceding calendar year must submit their claims in writing to
the Plan Administrator by March 1.
Note: Excess Elective Deferrals distributed after April 15 are not only
includable in the Member's gross income for the year made, but are
also includable in income again in the year distributed.
8. COMPENSATION
Compensation shall mean all of each Member's
(X) W-2 earnings
( ) Compensation (as that term is defined in Section
12.05(c))
which is actually paid to the Member during
(X) the Plan Year.
( ) the calendar year ending with or within the Plan Year.
( ) the Limitation Year ending with or within the Plan
Year.
Compensation
(X) shall include ( ) shall not include
any amount which is contributed by the Employer pursuant to a salary
reduction agreement and which is not includible in the gross income of the
Employee under Section 125, 402(a)(8), 402(h) or 403(b) of the Code.
Compensation
( ) shall include (X) shall not include
any amount paid before the Member becomes eligible to
participate in the Plan.
For an Self-Employed Individual covered under the Plan, Compensation means
Earned Income.
8
9. MEMBERSHIP/NORMAL RETIREMENT AGE
A. Each Employee will be eligible to become a Member in this plan in
accordance with Article III, except the following (check any options
you wish to elect):
( ) i. Employees who have not attained the age of
(cannot exceed 21).
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(X) ii. Employees who have not completed 1 Year of Eligibility
Service.
( ) iii. Employees who have not been employed for at
least 6 months.
( ) iv. Employees covered by a collective bargaining
agreement which does not include this Plan,
if retirement benefits were the subject of
good faith bargaining.
( ) v. Employees employed in the following classes
shall be excluded from eligibility:
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( ) hourly-paid employees.
( ) salaried employees.
( ) commissioned employees.
(X) all employees other than employees covered by a
collective bargaining agreement which includes this
Plan (Members of United Steel Workers Xxxxxx Locals
6939 or 6939-3).
( ) employees of Related Employers, except
that employees of the following
Related Employers shall be
eligible
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.
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( ) leased employees.
( ) all employees other than
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.
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Note: The term "Employee" includes any employee of the employer maintaining
the plan or of any other employer required to be aggregated under
Section 414(b), (c), (m) or (o) of the Code. Any individual who is a
"leased employee" of any such employer (see Section 2.11 of the Plan)
shall also be considered an Employee.
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B. Entry Date is generally defined as the first day of
the Plan Year and the first day of the seventh month
of the Plan Year. Check one of the following options
if you prefer an alternate definition.
( ) If this paragraph is checked, Entry Date shall
mean the first day of the Plan Year, and the
first day of the fourth, seventh and tenth month
of the Plan Year.
( ) If this paragraph is checked, Entry Date shall mean the first
day of each payroll period.
C. Normal Retirement Age under the Plan shall be
(check one):
(X) Age 65
( ) Age 62
( ) Other .
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10. VESTING FORMULA
A. The Vesting Formula applicable to Plan Years in which
the Plan is or is deemed to be top-heavy shall be:
(check one)
N/A
( ) i. 100% vesting immediately upon participation.
( ) ii. 100% vesting after (not to exceed 3) Years
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of Vesting Service.
( ) iii. 0% (zero or higher) vesting after 1 Year of
Vesting Service.
20% (20 or higher) vesting after 2 Years of
Vesting Service.
40% (40 or higher) vesting after 3 Years of
Vesting Service.
60% (60 or higher) vesting after 4 Years of
Vesting Service.
100% vesting after 5 Years of Vesting Service.
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B. (Complete this Paragraph only if you checked Paragraph
2(B)(ii).) The Vesting Formula applicable to Plan
Years in which the Plan is not top-heavy shall be:
(check one)
( ) i. % (zero or higher) vesting after 1 Year of
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Vesting Service.
% (zero or higher) vesting after 2 Years of
----
Vesting Service.
% (20 or higher) vesting after 3 Years of
----
Vesting Service.
% (40 or higher) vesting after 4 Years of
----
Vesting Service.
% (60 or higher) vesting after 5 Years of
----
Vesting Service
% (80 or higher) vesting after 6 Years of
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Vesting Service
100% vesting after 7 Years of Vesting Service.
(X) ii. 100% after 0 (not to exceed 5) Years of Vesting
-
Service.
11. SERVICE
A. Hours of Service shall be determined for all Employees on the basis of
actual hours for which an Employee is paid or entitled to payment,
unless the following alternative is selected (check if you do not wish
to maintain detailed records of hours paid):
( ) On the basis of weeks worked. An Employee shall be credited with
forty-five (45) hours if under Section 2.16 of the Plan such
Employee would be credited with at least one Hour of Service
during the week.
( ) On the basis of months worked. An Employee shall be credited
with one hundred-ninety (190) hours if under Section 2.16 of the
Plan such Employee would be credited with at least one Hour of
Service during the month.
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B. The minimum number of Hours of Service required for a
"Year of Eligibility Service" shall be 1000.
C. Service for the following Predecessor Employer(s)
shall be treated as service for the Employer:
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.
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D. All of an Employee's Years of Vesting Service with the
Employer are counted to determine the vested
percentage in the Employee's Employer Account and
Matching Account except: (check if you wish to elect
this option)
( ) Years of Vesting Service before the Employer
maintained this plan or a predecessor plan.
( ) Years of Vesting Service completed before the
Employee attained age 18.
E. The computation period for determining an Employee's Years of Vesting
Service is the Plan Year unless the following is checked (check if you
wish to elect this option):
( ) For purposes of determining an Employee's Years of Vesting
Service, the computation periods shall be the Employee's
employment years. An employment year for an Employee is a twelve
consecutive month period beginning on his employment commencement
date. His employment commencement date is the date on which he
first performed an Hour of Service.
12. INVESTMENT AND WITHDRAWALS: (check any options you wish to
elect)
(X) A. If this paragraph is checked, Members may elect
the investment of their Accounts pursuant to
Section 5.08B of the Plan.
(X) B. If this paragraph is checked, Members may make the following
withdrawals pursuant to Section 7.06(b) of the Plan (check the
options you wish to elect):
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( ) Withdrawals will be permitted from the
Member's Employee Account and/or
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Rollover Account pursuant to
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Section 7.06(b)(i) of the Plan.
( ) Withdrawals will be permitted from the
Member's Employer Account and/or
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Matching Account pursuant to
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Section 7.06(b)(ii) of the Plan; provided
( ) i. the Member has participated in the
Plan for at least sixty (60)
months; or
( ) ii. the Member has attained age
---
[fill in an age no less than 59-1/2].
( )iii. the Member experiences a
"Financial Hardship" as defined in
Section 7.06(b) of the Plan.
Note: Fully vested Employer Contributions and Matching
Contributions will not be considered Qualified Non-Elective
Contributions and Qualified Matching Contributions, respectively, if
the Employer elects the above withdrawal provision, and such
contributions cannot be used to help the Plan satisfy the ADP or ACP
test.
(X) Withdrawals will be permitted from the Member's Elective
Deferral Account for purposes of a "Financial Hardship"
pursuant to Section 7.06(b)(iii) of the Plan.
( ) C. If this paragraph is checked, the Trustee shall
invest a portion of the Employer contribution in
Insurance Policies. The percentage of the
Employer contribution allocable to each insurable
Member's Employer Account and Matching Account to
be so invested shall be (complete i, ii or iii):
( ) i. % (not to exceed 25%) in a term life
----
insurance policy.
( ) ii. % (not to exceed 49%) in an ordinary life
----
insurance policy.
( ) iii. (1) % in a term life insurance policy and
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(2) % in an ordinary life insurance policy.
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The percentage in (1) plus one-half of the percentage in (2)
shall not exceed 25%.
If Paragraph 12(A) has been checked, the percentage
specified above shall constitute the maximum percentage of
the Employer Contribution and Matching Contribution which
each Member may elect to have applied to the purchase of
Insurance Policies.
( ) D. If this paragraph is checked, loans are permitted
under Section 7.10 of the Plan.
Note: Loans may not be made to Owner-Employees of an
---
unincorporated Employer or shareholder-employees of an
Employer which is an S Corporation.
13. FORMS OF DISTRIBUTION
Each Member may choose to have the distribution of his Accounts made under
Section 7.07 of the Plan in accordance with one of the following options (check
any options you wish to offer under the Plan):
(X) A. One lump sum payment in cash or in kind or part in
cash and part in kind.
( ) B. Payments in cash or in kind in annual, quarterly
or monthly installments over a period not
exceeding one of the following periods selected by
the Member:
(i) the life expectancy of the Member;
(ii) the joint life and last survivor expectancy
of the Member and a Designated Beneficiary.
( ) C. Payments in cash or in kind in annual, quarterly
or monthly installments over a period up to 15
years as selected by the Member.
( ) D. Purchase of an immediate nontransferable annuity
which meets the requirements of Section 401(a)(9)
of the Code and the regulations promulgated
thereunder.
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14. TIMING OF DISTRIBUTIONS
The distribution of the Member's Accounts whose employment terminates for
reasons other than retirement, disability or death and whose Accounts exceed
$3,500 (insert $3,500 or more) will commence within a reasonable time after
the end of the Plan Year in which the following occurs (check one):
(X) A. The Member's termination of employment.
( ) B. The date the Member attains (or would have
attained) Normal Retirement Age.
( ) C. years from the Member's termination of
-----
employment.
15. LIMITATION ON CONTRIBUTIONS
If the Employer maintains or ever maintained another qualified plan in which
any Member of this Plan is (or was) a participant or could possibly become a
participant, complete this section.
A. If the Member is covered under another qualified defined contribution
plan maintained by the Employer, other than a regional prototype
(check i or ii):
(X) i. The provisions of Section 12.02 will apply as if the
other plan were a regional prototype plan.
( ) ii. (Provide the method under which the plans
will limit Annual Additions to the Maximum
Permissible Amount, and will properly reduce
any Excess Amounts, in a manner that
precludes Employer discretion)
----------
.
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B. If the Member is or has ever been a participant in a defined benefit
plan maintained by the Employer (provide the method under which the
plans will satisfy Section 415(e) of the Code):
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--------------------------------------------------------------------
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16. ADOPTION BY EMPLOYER:
The employer named in Paragraph 1 (the "Employer") hereby adopts the Allied
Tube & Conduit Corporation Union Retirement Savings and Investment Plan
consisting of this Adoption Agreement and the Xxxxxxx, Procter & Xxxx
Regional Prototype Defined Contribution Basic Plan Document.
It is understood that the Employer assumes full responsibility for the legal
and tax aspects of its adoption of this Plan. Failure by the Employer to
complete this Adoption Agreement properly may result in disqualification of the
Plan.
ALLIED TUBE & CONDUIT CORPORATION
By: /s/ Xxxx X. Xxxxxxxx
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Authorized Signature
Date: August 14, 1992
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The Employer may not rely on the opinion letter obtained by Xxxxxxx, Procter
& Xxxx from the Internal Revenue Service as evidence that the Plan is qualified
under Section 401 of the Internal Revenue Code. In order to obtain reliance with
respect to plan qualification, the Employer must apply to the appropriate key
district office of the Internal Revenue Service for a determination letter.
If the Employer has any questions regarding plan provisions, the procedure
for adoption of this regional prototype plan, and the effect of the notification
letter, please contact a member of the ERISA Department of Xxxxxxx, Procter &
Xxxx at Xxxxxxxx Xxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000, or by calling (617)
570-1000.
Xxxxxxx, Procter & Xxxx will inform the Employer of any amendments made to
the prototype plan or of the discontinuance or abandonment of the prototype
plan.
ZP-4784/T
6/24/92
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