FARM » Topics » 2. Effective January 1, 2008, Section 3.03(c) of the Plan is amended by adding the following new language to the end of existing text thereof:

These excerpts taken from the FARM 10-Q filed Feb 10, 2009.

2.     Effective January 1, 2008, Section 3.03(c) of the Plan is amended by adding the following new language to the end of existing text thereof:

 

“Effective January 1, 2008, notwithstanding the preceding, for purposes of this Section 3.03, a Participant’s remuneration shall also include Post-Severance Compensation.  For purposes of this Section 3.03 and the Plan, the term “Post-Severance Compensation” means the following amounts paid after an Employee’s termination date. To the extent that such amounts are paid to the Employee by the later of 2½ months after the Employee’s termination date and the end of the Limitation Year that includes the Employee’s termination date, Post-Severance Compensation includes the payment of regular compensation for services during the Employee’s regular working hours, or compensation for services outside the Employee’s regular working hours (such as

 



 

overtime or shift differential), commissions, bonuses, or other similar payments, provided that the payment would have been paid to the Employee prior to a termination date if the Employee had continued in employment with the Employer. Such remuneration shall be included during the Limitation Year in which the Post-Severance Compensation is paid and not accrued.”

 

3.     Effective January 1, 2008, Section 3.03(b) of the Plan is amended by adding the following new language to the end of existing text thereof:

 

“Annual additions for purposes of Code Section 415 shall not include restorative payments. A restorative payment is a payment made to restore losses to a Plan resulting from actions by a fiduciary for which there is reasonable risk of liability for breach of a fiduciary duty under ERISA or under other applicable federal or state law, where Participants who are similarly situated are treated similarly with respect to the payments. Generally, payments are restorative payments only if the payments are made in order to restore some or all of the Plan’s losses due to an action (or a failure to act) that creates a reasonable risk of liability for such a breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). This includes payments to the Plan made pursuant to a Department of Labor order, the Department of Labor’s Voluntary Fiduciary Correction Program, or a court-approved settlement, to restore losses to the Plan on account of the breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). Payments made to the Plan to make up for losses due merely to market fluctuations and other payments that are not made on account of a reasonable risk of liability for breach of a fiduciary duty under ERISA are not restorative payments and generally constitute contributions that are considered annual additions.

 

Annual additions for purposes of Code Section 415 of the Code shall not include: (1) The direct transfer of a benefit or employee contributions from a qualified plan to this Plan; (2) Rollover contributions (as described in Code Sections 401(a)(31), 402(c)(1), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16)); (3) Repayments of loans made to a Participant from the Plan; and (4) Repayments of amounts described in Code Section 411(a)(7)(B) (in accordance with Code Sections 411(a)(7)(C)) and 411(a)(3)(D) or repayment of contributions to a governmental plan (as defined in Code Section 414(d) ) as described in Code Section 415(k)(3), as well as Employer restorations of benefits that are required pursuant to such repayments.

 

4.     Effective January 1, 2008, Section 3.03(e) of the Plan is amended by adding the following new language to the end of existing text thereof:

 

“Notwithstanding the preceding, if for any Limitation Year the Annual Additions allocated to a Participant’s Account exceeds the maximum permissible amount as set forth in Section 8.1, then such excessive Annual Additions shall be corrected as allowed under applicable

 



 

5.     Effective January 1, 2008, Section 3.03(d) of the Plan is amended by adding the following new language to the end of existing text thereof:

 

“The Employer may contribute under another Related Defined Contribution Plan in addition to its contributions under this Plan.  If the Administrator allocated an excess amount to an Account on a date which coincides with an allocation of the other Related Defined Contribution Plan, the Administrator will attribute the total excess amount allocated as of such date to any other qualified plan maintained by the Employer unless the Administrator determines otherwise or applicable law prohibits such allocation to the other qualified plan maintained by the Employer.  For purposes of applying the limitations that are applicable to a Participant for a particular Limitation Year under the provisions of this Section and Code Section 415(c), the Employer shall aggregate all Related Defined Contribution Plan in accordance with the requirements set forth in Section 1.415(f)-1 of the Regulations. “

 

EXCERPTS ON THIS PAGE:

10-Q (4 sections)
Feb 10, 2009
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