Agenda - 12-07-2009 - 4g - Laserfiche WebLink

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27 7.I0 Distribution De Minimis Accounts. Notwithstanding the foregoing provisions of this Article VII: (a} Mattdatory DrstriGutiort. If the value of a Participant's Account is less than $1,000, the Participant's Account shall be paid to the Participant in a single Iwnp sum distribution, provided that: (1) No amount has been deferred under the Plan with respect to the Participant during the 2-year period ending on the dare of the distribution; and (2) There has been no prior distribution under the Plan to the Participant pursuant to this Section 7.10. (b) Volurrtat7+ Distribtrriort. If the value of the Participant's Account is at least $1,000 but not more than the dollar limit under Section 41I(a)(11)(A) of the Code, the Participant map elect to receive his or her entire Account in a lump sum payment if: (1) No amount has been deferred under the Plan with respect to the Participant during the 2-year period ending on the date of the distribution; and ° (2} There has been no prior distribution under the Plan to the Participant pursuant to this Section 7.10. Article VIII. Loans to Participants 8.01 Availability of Loans to Participants. (a) ~ The Employer ma}~ elect to make loans a~~ailable to Participants in this flan. If the Emplo}*er has elected to make loans available to Participants, a Participant may apply for a loan from the Plan subject to the limitations and other provisions of this Article. However, no loans are available from Deemed IRAs. (b) The Employer shall establish written guidelines governing the granting of loans, provided that such guidelines are approved by the Administrator and are not inconsistent ~vith the provisions of this Article, and that loans are made available to all Participants on a reasonably equivalent basis. 8.02 Terms and Conditions of Loans to Participants. An}r Loan by the Plan ro a Participant under Section 8.01 of the Plan shall satisfy the follo~ving requirements: (a) Avrlilrtbility. Loans shall be made a~~ailable to all Part-cipants on a reasonably equivalent basis. (b) Interest Rate. Loans must be adequately secured and bear a reasonable interest rate. (c) Loart Lirrrit. No Participant loan sltail exceed the present value of the Participant's Account. (d) Forec~osrrre. In the event of default on any installment payment, the outstanding balance of the loan shall be a deemed distribution. In such event, an actual distribution of a plan loan offset amount will not occur until a distributable event occurs in the Plan. (e) Re~lurtiort ofAccorrrtt. Notwithstanding an}'other provision of this Plan, the portion of the Participant's Account balance used as a securit}~ interest held by the Platt by reason of a loan outstanding to the Participant shall be taken into account for purposes of deteru~ining the amount of the Account balance pa}~able at the time of death or distribution, but only if the reduction is used as repayment of the loan. (f) A/)IOflflt ofLo~tn. At the time the loan is made, the principal amount of the loan plus the outstanding balance (principal plus accrued interest) due on any other outstanding loans to die Participant from the Plan and from ail other plans of the Employer that arc either eligible deferred compensation plans described in section 457(6) of the Code or qualified employer plans under Section 72(p)(~} of the Code shall nor exceed the lesser oh 12