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

Browse Search

29 (b) The assets of a Participant's loan account may be invested and reinvested only in promissory notes received by the Plan from the Participant as consideration for a loan permitted by Section 8.01 of the Plan or in cash. Uninvested cash balances in a Participant's loan account shall not bear interest. Neither the Employer, the Administrator, nor any other person shall be liable For any loss, or b}~ reason of arty breach, that results frorn the Participant's exercise of such control. {c) Repa}=meet of principal and payment of interest shall be made by payroll deduction or, where repayment cannot be made by payroll deduction, by check, and shall be invested in one {I } or snore other investment funds, in accordance with Section 6.05 of the Plan, as of the next Accounting Date after payment thereof to the Trust. The amount so im~ested shall be deducted from the Participant's loan account. (d) The Employer shall have the authorit}' to establish other reasonable rules, not inconsistent with the provisions of the Plan, governing the establishment and maintenance oFParticipant loan accounts. Axticle IX. Deemed IRAs 9.01 General. This Article IX of the Plan reflects section 602 of the Economic Growth and-Tax Relief Reconciliation Act of 2041 ("EGTRRA"), as amended b}= the Job Creation and ~Xtorker Assistance Act of 2002. This Article is intended as good faith compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and guidance issued thereunder. This Article IX shall supersede the provisions of the Plan to the extent that those provisions are inconsistent with the provisions of this Article IX. Effective for Plan Years beginning after December 31, 2002, the Ernplo}=er may elect to allow Ernplo}=ees to make voluntary employee contributions to a separate account or armuig' established under the Plan that complies with the requirements of Section 408(q) of the Code and an}y regulations promulgated thereunder (a "Decreed IRA").The Plan shall establish a separate account for the designated Deemed II2A contributions of each Ernplo}=ee and any earnings properly allocable to the contributions, and maintain separate recordkeeping with respect to each such Deemed IRA. 9.02 Voluntary Employee Contributions. For purposes of this Article, a voluntary employee contribution means any contribution (other than a mandatory contribution within the meaning of Section 41 I (c}{2) of the Code) that is made by the Employee and which the Employee has designated, at or prior to the time of making the contribution, as a contribution to ~cd~ich this Article applies. 9.03 Deemed IRA Trust Requirements. This Article shall satisfy the trust requirement under Section 408(q) of the Code and the regulations thereto. IRAs established pursuant to this Article shall be held in one or more trusts or custodial accounts (the "Deemed IRA Trusts"), ti~*hich shall be separate from the Trust established under the PIan to hold contributions other than Deemed IRA contributions. The Deemed IRA Trusts shall satisfy the applicable requirements of Sections 408 and 408A of the Code, which requirements are set forth in section 9.05 and 9.4G, respectively, and shall be established with a trustee or custodian meeting the requirements of Section 448(a}(2) of the Code ("Deemed IRA Trustee"). To the extent that the assets of an}' Decmcd IRAs established pursuant to this Article are held in a Deemed IRA Trust satisfying rl~e requirements of this Section 9.43, such Deemed IRA Trust, and any amendments thereto, is hereb}' adopted as a trust maintained under this PIan with respect to the assets held therein, and the provisions of such Deemed IRA Trust shall control so long as any assets of any Deemed IRA are held thereunder. 9.04 Reporting Duties. "I'he Deemed IRA Trustee shall be subject to the reporting requirements of Section 408(i) of the Code n=ith respect to al[ Deemed IRAs that ace established and maintained under the Plan. 9.05 Deemed Traditional IRA Requirements. Deemed IRAs established in the form of traditional IRt1s shall satisf}' the following rcquiretnents: (a) E.tclrrsive Beriefrt. The Deemed IRA account shall be established for the exclusive benefit of au En~ployce or his or her Beneficiaries. 14