Other Information
Attachment of Your Account Your creditors cannot garnish or levy upon your Account except in the case of a proper IRS tax levy, and you cannot assign or pledge your Account except as directed through a Qualified Domestic Relations Order as part of a divorce, child support or similar proceeding in which a court orders that all or part of your Account be transferred to another person (such as your ex-Spouse or your children). The Plan has a procedure for processing QDROs, which you can obtain free of charge from the Administrator. Amendment or Termination of the Plan Although we intend for the Plan to be permanent, we can amend or terminate it at any time. If we do terminate the Plan, all Participants will have a 100% Vested Interest in their Accounts as of the Plan termination date, and all Accounts will be available for distribution at the same time and in the same manner as would have been permissible had the Plan not been terminated. Accounts Are Not Insured Your Account is not insured by the Pension Benefit Guaranty Corporation (PBGC) because the insurance provisions of ERISA do not apply to employee stock ownership plans. For more information on PBGC coverage, ask the Plan Administrator or contact the PBGC. Written inquiries should be addressed to: Technical Assistance Division, PBGC, 1200 K Street NW, Suite 930, Washington, D.C. 20005-4026. You can also call them at (202) 326-4000. Payment of Plan Expenses The Plan routinely incurs expenses for the services of lawyers, actuaries, accountants, third party administrators, and other advisors. Some of these expenses may be paid directly by us while other expenses may be paid from the assets of the Plan. The expenses that are paid from Plan assets will either be shared by all Participants or will be charged directly to the Account of the Participant on whose sole behalf the expense is incurred. Voting of Company Stock If the Company Stock in your Account is publicly traded, you can direct how it will be voted on any matter put before the shareholders of the Company. If the Company Stock is not publicly traded, voting rights for such stock will be passed through to you and you can direct how it will be voted on any matter put before shareholders of the Company. Claims Procedure If you feel that you are entitled to a benefit that you are not receiving from the Plan, you can make a written request to the Administrator (or its delegate) for that benefit. Plan Benefits fall into two categories – Disability related benefits and non-Disability related benefits. A Disability-related benefit means a benefit that is available under the Plan and that becomes payable upon a determination of a Participant's Disability by the Administrator. A Disability-related benefit does not include a benefit that, under the terms of this Plan, becomes payable upon a determination of a Participant's Disability by the Social Security Administration or under a long term Disability plan sponsored by the Employer. The claims procedure for Disability-related benefits and non-Disability benefits are similar, but there are differences. While the claims procedure for each benefit is described below, this is just a summary, and the Administrator can supply you with a more detailed claims procedure. Exhaustion of Remedies No civil action for benefits under the Plan will be brought unless and until you have (a) submitted a timely claim for benefits in accordance with the provisions of this Section; (b) been notified by the Administrator that the claim has been denied; (c) filed a written request for a review of the claim in accordance with the applicable provisions below; and (d) been notified in writing of an adverse benefit determination on review.
Page 7
Made with FlippingBook - Online catalogs