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401 (K) SAVINGS PLAN |
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The Company shall offer Employees the opportunity to participate in a 40 1 (k) Savings Plan in accordance with the following:
1. Eligibility Employees active on October 15, 2002 and those hired after October 15, 2002 who have completed their probationary period will be eligible to participate in the Plan. 2. Elections Participants may elect to make, increase or decrease contributions as of the first day of each month. 3. Plan Administration .The Plan shall be administered by the Company. The Company shall bear the payroll administrative costs associated with the Plan. The per participant, trustee, recordkeeping, transaction and other administrative fees will be borne by the Plan. Selection of the record keeper, trustee' and selection of investment vehicles will be made by the Company after consultation with the Union and reasonable efforts to accommodate the Union's concerns. |
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4. Vesting Participants shall be fully vested in their contributions. 5. Withdrawals and Distributions Withdrawals will be available at age 59-1/2 or in the event of hardship (as determined by facts and circumstances) as set forth by the Internal Revenue Service. Distributions will be available at retirement, death, disability or termination. 6. Additional Requirements The Plan will accept eligible rollover contributions from eligible qualified plans and IRA accounts subject to Internal Revenue Service rules. 7. Investment Options The Plan will offer at least six (6) investment options, including a broad range of investment objectives and risk. Participants will be able to change investment options or transfer funds among options as frequently as permitted by the recordkeepers. 8. Plan Funding Participants may defer from one percent (1 %) to thirty-five percent (35%) (subject to Internal Revenue Service regulations) of their earnings. Participants shall have the option to direct that any portion of any bonus/profit sharing or other similar payment(s) be allocated to their accounts. Contributions to the Plan shall not exceed the maximum permissible by law. 9. Loan Provision The minimum loan shall be $1,000. The maximum loan shall be fifty percent (50%) of the participant's account balance or $50,000, whichever is less. No more than one (1) loan shall be outstanding at any time. Loan repayment will be through automatic payroll deduction or an agreed upon alternative for Employees on layoff, disability or in the event of a labor dispute. 10. USWA 401 (k) Plan In the event that the USWA establishes a multi-employer 401 (k) savings plan, the Company will not unreasonably withhold its participation. 11. Documentation All documents necessary to the establishment of the Plan will be reviewed with the Union and the Company shall make reasonable efforts to accommodate the Union's issues and concerns. |