● Eligible Employees. All employees are Eligible Employees for this part of the Plan except (a) Non-Resident Alien Employees; (b) an individual considered by us to be an independent contractor, even if such individual is later determined by the Internal Revenue Service to be an employee; (c) Bargaining Employees, unless the collective bargaining agreement provides for participation in the plan; and (d) any Employee who was not eligible or a Participant as of January 1, 2011. ● Age Requirement. You must be at least 21 years of age. ● Service Requirement. You must be credited with 1 year of Entry Service determined by the Counting of Hours Method. A year of Entry Service is an Entry Service Period in which you are credited with at least 1,000 Hours of Service. ● Entry Date. You will actually enter this portion of the Plan as a Participant retroactive to the January 1st on which you first satisfy the entry requirements. How You Qualify for a Contribution Allocation Discretionary Contributions will be allocated to each person who was an Active Participant on the last day of the Plan Year and has at least 1,000 Hours of Service during the latest Accrual Service Period ending on or before that date. Discretionary Contributions will also be made for or allocated to each person who was an Active Participant at any time during the Plan Year and (a) dies or (b) has a Severance from Employment after he reaches his Normal Retirement Date or becomes Disabled. Such amounts will also be made for or allocated to each person who was an Active Participant at any time during the Plan Year and has died or become Disabled while performing Qualified Military Service during the Plan Year. For purposes of this paragraph, Disabled means the disability is subsequently determined to meet the definition of Totally Disabled. How the Contribution Is Allocated The amount allocated to each eligible Participant’s account will be equal to the Discretionary Contribution multiplied by the ratio of such person’s Annual Compensation to the total Annual Compensation for all such persons. How Your Compensation Is Determined In general, the Compensation used to determine a Discretionary Contribution for any Plan Year is the amount that is paid or made available to you during the Plan Year However, no Discretionary Contributions can be made with respect to Compensation in excess of the annual dollar limit on Compensation, which is announced annually by the IRS and is $360,000 for calendar year 2026. How Your Vested Interest Is Determined Your Vested Interest in your Discretionary Contribution Account is 100% at all times. Top Heavy Requirements Under certain circumstances, you may be entitled to a minimum allocation for any Plan Year in which the Plan is considered "top-heavy." The Plan is considered top-heavy for any Plan Year in which more than 60% of Plan assets are allocated to the Accounts of Participants who are Key Employees. For each Plan Year in which the Plan is considered top-heavy and in which you are a non-Key Employee who is employed by us on the last day of the Plan Year, you may receive a minimum allocation equal to the lesser of 3% of your Compensation or the highest percentage of Compensation allocated for that Plan Year to the Accounts of Participants who are Key Employees. Maximum Allocation Limitations The amount of contributions and forfeitures that can be allocated to your Account for any Plan Year is limited by law to the lesser of 100% of your Compensation or the annual dollar limit on allocations, which is announced annually by the IRS and is $72,000 for calendar year 2026. However, this dollar limit does not apply to the amount of earnings that can be allocated to your Account, or to the amount of any funds transferred to this Plan on your behalf from another qualified plan.
Page 3
Made with FlippingBook - Online catalogs