What is an Hour of Service?
You will be credited with an Hour of Service for: (a) performance of duties during the Plan Year; (b)
each hour for which you are directly or indirectly compensated by us for the
each hour for which you are directly or indirectly compensated by us for reasons other than performance of duties (such as vacation, holidays, sickness, disability, lay-off, military duty, jury duty or leave of absence during the Plan Year); and (c) each hour for back pay awarded or agreed to by us. You will not be credited for the same Hours of Service both under (a) or (b), as the case may be, and under (c). How are Hours of Service credited? You will be credited with your actual Hours of Service. ARTICLE X YOUR PLAN’S TOP HEAVY RULES What is a top heavy plan? A retirement plan that primarily benefits “key employees” is called a “top heavy plan.” Key employees are certain owners or officers of the Employer. A plan is generally a “top heavy plan” when more than 60% of the Plan assets are attributable to key employees. Each year, the Administrator is responsible for determining whether the Plan is a “top heavy plan.” What happens if the Plan becomes top heavy? If the Plan becomes top heavy in any Plan Year, then non-key and key employees will be entitled to certain “top heavy minimum benefits,” and other special rules will apply. Among these top heavy rules are the following: • We may be required to make a contribution on your behalf in order to provide you with at least “top heavy minimum benefits.” • If you are a participant in more than one Plan, you may not be entitled to “top heavy minimum benefits” under both Plans. ARTICLE XI PROTECTED BENEFITS AND CLAIMS PROCEDURES Is my benefit protected? As a general rule, your interest in your account, including your vested interest, may not be alienated. This means that your interest may not be sold, used as collateral for a loan, given away or otherwise transferred. In addition, your creditors may not attach, garnish or otherwise interfere with your account.
15
Made with FlippingBook - Online catalogs