PROTOTYPE MONEY PURCHASE ADOPTION AGREEMENT - STANDARD - 002
The undersigned employer(s) THIRD QUARTER CORPORATION hereinafter referred to as the "Employer," hereby adopts the THIRD QUARTER CORP. Standard Prototype Money Purchase Pension Plan and Trust.
1. EMPLOYER TAX IDENTIFICATION NUMBER: 35-1846155
2. The EFFECTIVE DATE of the Plan shall be: January 1, 1994
3. The EFFECTIVE DATE of this amendment: ____________________
4. The ANNIVERSARY DATE of the Plan shall be: December 31, 1994
5. The ENTRY DATE(S) of the Plan:
5.1 January 1, 1994 shall be the first Entry Date.
5.2 July 1, 1994 shall be the second Entry Date.
(The Entry Date(s) may not postpone entry into the Plan later than the
earlier of (a) the first day of the Plan Year beginning after the date
on which an Employee satisfies the requirements of Section 6 below, or
(b) the date six months after the date such requirements were
satisfied.)
6. ELIGIBILITY REQUIREMENTS -- Each Employee will be eligible to participate
in the Plan in accordance with Section 5 of this Adoption Agreement,
except the following:
6.1 X Employees who have not attained the age of 21 (cannot exceed 21)
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6.2 X Employees who have not completed 1 Year(s) of Service (cannot
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exceed 1 year unless the Plan provides nonforfeitable right to
100% of the Participant's account balance derived from Employer
contributions after not more than 2 Years of Service in which case up
to 2 years is permissible. If the Year(s) of Service selected is or
includes a fractional year, an Employee will not be required to
complete any specified Hours of Service to receive credit for such
fractions year).
6.3 X Employees included in a unit of Employees covered by a collective
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bargaining agreement between the Employer and Employee
Representatives, if retirement benefits were the subject of good faith
bargaining. For this purpose, the term "Employee Representatives" does
not include any organization more than half of whose members are
employees who are owners, officers, or executives of the Employer.
6.4 X Employees who are nonresident aliens and who receive no earned
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income from the Employer which constitutes income from sources within
the United States.
The term "Employee" shall include all Employees of this Employer and any
other employer aggregated with this Employer under Internal Revenue Code
Section 414(b), (c) or (m) and individuals required to be considered
Employees of any such Employer under Code Section 414(n) or under
regulations under Code Section 414(o).
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7. COMPENSATION shall mean all of each Participant's:
7.1 X W-2 earnings.
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7.2 ____ Compensation (as that term is defined in Section 415(c)(3) of
the Code).
Which is actually paid to the Participant during:
7.3 X The Plan Year.
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7.4 ____ The taxable year ending with or within the Plan Year.
7.5 ____ The Limitation Year ending with or within the Plan Year.
COMPENSATION:
7.6 ____ Shall include
7.7 ____ Shall not include
Employer contributions made pursuant to a salary reduction agreement
which are not includible in the gross income of the employee under
sections I25, 402(a)(8), 402(h) or 403(b) or the Code.
8. NORMAL RETIREMENT AGE shall mean:
The later of age 62 (not to exceed age 65) or the ____ (not to
exceed 5th) anniversary of the first day of the first Plan Year in
which the Participant commenced participation in the Plan.
9. VESTING -- If a Participant terminates prior to Normal Retirement Age he
shall receive a percentage of his Accrued Benefit according to the vesting
schedule checked below:
9.1 ____ One Hundred Percent schedule - 100% at all times.
9.2 X Twenty Percent Schedule - (20%) after the second Covered Year of
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Service and 20% for each additional Covered Year or Service.
9.3 ____ Variable Schedule - Based on Covered Years of Service after Year:
1. ____ 3. ____ (at least 40%) 5. ____ (at least 80%)
2. ____ (at least 20%) 4. ____ (At least 60%) 6. 100%
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9.4 ____ Three Year Vesting Schedule - 100% after three (3) Covered Years
of Service.
Notwithstanding the above, the Accrued Benefit shall become full vested
at Normal Retirement Age.
10. CONTRIBUTIONS -- Employer contributions will be calculated based on
Compensation of those Participants who are New or active Participants who
have not incurred a Break in Service.
10.1 X The Employer hereby agrees to contribute to the Plan an
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amount equal to 10 percent (not to exceed 25%) of Compensation.
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10.2 The Employer hereby agrees to contribute an amount equal to
_____ % ( Base Contribution Percentage, not less 8%) of each
Participant's Compensation as defined in Section 5.8(D) (d) of the
Plan) for the Plan Year up to the Integration Level plus _____ %
(not less than 3%) and nor to exceed the Base Contribution
Percentage by more than the lesser of: (1) the Base Contribution
Percentage, or (2) the Money Purchase Maximum Disparity Rate) of
such Participant's Excess Compensation as defined in Section 12.
The above excess percentage rate shall not exceed the rates
applicable to the Employer for old age insurance under the Social
Security Act for such Plan Year of Compensation. Both the taxable
wage base and old age insurance tax rate are those in effect on the
first day of the Plan Year. Such amount will be allocated directly
to such Participant's Account in the sam ...
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