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09-101Council File # 09-101 Green 5heet # 3066012 RESOLUTION OF S/�lNT PAUL, MINNESOTA � 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1S 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Presented RESTATEMENT OF THE PENSION PLAN OF TAE HOUSII�'G Al�� REDEVELOPMENT AtiTFIORITY OF'I'HE CITY OF SAINT PAUZ, MINNESOTA WI�REAS, the Public Housing Agency of the City of Saint Paul and the eity of Saint Pau], Minnesota (the "Employers") currently maintain the Pension Plan of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (ffie "Plan"); and WHEREAS, the Employers have reserved the right to amend the Plan under Section 10.01 of the Plan; and WHEREAS, the Employers wish to modify the Plan to comply with certain changes in the law and to make other miscellaneous changes to the Plan; and WHEREAS, the Employers wish to modify the Plan for certain changes requued or allowed by the pxovisions of the Economic Gxowth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"}, and to comply with the final regulations under EGTRRA and other subsequent laws, iegularions, and Internal Revenue Service guidance. WIIEI2EAS, the Employers deem it advisable, in order to maintain ffie Plan's tax-qualified status under the Intemal Revenue Code, to make these modifications to the Plan in ffie form of a restatement of the Plan and to submit the zestated Plan to the Intemal Revenue Service for a deternunation tfiat the Plan continues to maintain its qualified status; and NOW THEREFORE BE IT RESOLVED, by the City Council of the City of Saint Paul, as follows: 1. The Council hereby approves and authorizes the preparafion and adoprion of a restatement of the Pension Plan of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, effective as of January 1, 2008; although specific modificafions may be effec6ve as of other dates as specified in the restatement, that complies with EGTRRA and with applicable final regulations under EGTRRA and the Intemal Revenue Code. 2. The appropriate officers of the Employers aze hereby authorized and d'uected to: a. Make such modifications to the xestatement of the Plan document priox to the execution as they deem necessary or advisable, and any such changes are hereby approved; and b. Submit a determination letter application for the amended and restated Plan to the Internal Revenue Service ("IRS") for a detennination thaf the Plan continues to maintain its status as a qualified plan under Secrion 401(a) of the Revenue Code, and xnake any amendments to the Plan required by the IRS in order to obtain a favorable determinarion letter; and �yidr 39 c. Execute such amendments and insmiments and take such other actions as they deem necessary or 40 advisable to give effect to the foregoing resolurions. Yeas Nays Absent Requested b Department oE Bostrom �% fi Carter �/ SI.W`�`%ii�ll> � �i.o Hazris B➢- �✓ � •� '°`°°° � Approved b � yV ����/ e ' � I,antry ✓ Stark 1 / B Y� Thune ,i Approved by C�ttorneyq , BY� 1 ' /,b/� Adopted by Council: Date Adoprion Certified by Co il Secretary U gy: By: ' Approv , by M yo . Date I 3� p By: � Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet � Departme�pffieeiCouncil: Date Initiated: `' �e/ MO — Mayor'sOffice �,�,,,�,� Green Sheet NO: 3066012 Contact Person & Phone: � DeoartmeM SentTo Person InitiallDate Kris Fredson � o o� s otace � 266-$534 1 a or•s Of6ce De artment Director �� 2 waucial Servica ce Fivancial Services U Must Be on Couneil Agenda by (Date): Number 3 " Attome �� For Routing 4 a or's Office MavodASSistant Doa Type: RESOWTION W/$ Ortler 5 ouncH (S Counci] TRANSACTION 6 ' Clerk Citv Clerk E-Document Required: Y Document Contact: Contact Phone: ToWI # of Signature Pages _(Clip All Locations for Signature) Action Requestetl: That the Saint Paul City Council hereby approves and authorizes the prepazation and adoption of a restatement of the Pension Plan of the Housing and Redevelopment Authority of the City of Saint Paul, effective January 1, 2008; although specific modificarions may be effective as of other dates as specified in the restatement, that complies with EGTRRA & with applicable final regulations in EGTRRA. Recommendations: Approve (A) or Reject (R): Persona! Service Contcacts Must Answer the Following Questions: Planning Commission 1. Has this person/firm ever worked under a contrapt for this department? CIB Committee Yes No Civil Service Commission 2. Has this person/firm ever been a ciry employee? Yes No 3. Does this personlfirm possess a skill not normally possessed by any current city employee� Yes No Explain aii yes answers on separete sheet and attach to green sheet. Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why): Advantages If Approvetl: Disativantages If Approved: DisadvanWges If Not Approved: Total Amount of 7rensaction: CosURevenue Budgeted: Funtling Source: Activity Number: Financial Information: (Expiain) January 14, 2009 1:51 PM Page 1 d�-i�r PENSION PLAN OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA 414(h) Plan CL2007 Restated January 1, 2008 -3 Your plan is an important legal document. This sample plan has been prepared 6ased on our understanding of the desired provisions. It may not fit your situation. You should consult with your lawyer on the plan's iegal and tax implications, Neither Principa! Life Insurance Company nor its agents can be responsible for the legal or tax aspects of the plan nor its appropriateness for your situation. If you wish to change the provisions of this sample plan, you may ask us to prepare new sample wording for you and your lawyer to review. �9 �er TABLE OF CONTENTS 1NTRODUCTION ARTICLE I Section 1.01 Section 1.02 ARTICLE II Section 2.�1 Section 2.02 Section 2.03 ARTICLE III FORMAT AND DEFINITIONS --- Format ----- Definitions PARTICIPATION ----- Active Participa�t ----- Inactive Participant ----- Cessation of Participation CONTRIBUTIONS Section 3.01 ----- 414�h) Contributions Section 3.01 A---- Employer Contnbutions Section 3.01 B----- Voluntary Contributions by Participants Section 3.01 C---- Rollover Contributions Section 3.02 ---- Forfeitures Sectio� 3.03 ----- Contribution �imitation ARTiCLE IV INVESTMENT OF CONTRIBUTIONS Section 4.01 ----- Investment of Contributions Section 4.02 ---- Purchase of Life Insurance Contracts Section 4.03 ----- Payment of Premiums Section 4.04 ---- Overriding Conditions and Limitations Section A.05 ----- Life Insurance Death Benefits ARTICLE V Section 5.01 Section 5.02 Section 5.03 Section 5.04 Section 5.05 Section 5.06 Section 5.07 BENEFITS --- Retirement Benefits ----- Death Benefits ----- Vested Benefits ----- When Benefits Start ----- Withdrawal Benefits ---- Loans to Participants ----- Distributions Under Qualified Domestic Relations Orders RESTATEMENT JANUARY 1, 2008 i TABLE OF CONTENTS (6-10089) -3 ���di ARTICLE VI Section 6.01 Section 6.02 Section 6.03 ARTICLE VII DISTRIBUTION OF BENE�ITS ----- Forms of Distribution ----- Special Death Benefit ---- Election Procedures REQUIRED MINIMUM DISTRIBUTIONS SecYion 7.01 ----- Application Section 7.02 ----- Definitions Section 7.03 ----- Required Minimum Distributions Section 7.04 ----- TEFRA Section 242(b)(2) Elections Section 7.05 ----- Transitional Rules ARTICLE VIII ARTICLE IX TERMINATION OF THE PLAN ADMINISTRATION OF THE PLAN Section 9.01 ----- Establishment of Administrat+ve Committee Section 9.02 ----- Administration Section 9.03 ----- Expenses Section 9.04 ----- Records Section 9.05 ----- Exercise of Discretionary AuYhority Section 9.06 ----- Transaction Processing ARTICLE X Sectiort 10.01 Section 10.02 Section 10.03 Section 10.04 Section 10.05 Section 10.06 Section 10.07 Section 10.08 Section 10.09 Section 10.10 Section 10.11 Section 10.12 Section 10.13 Section 70.14 Section 10.15 Section 10.16 PLAN EXECUTION GENERAL PROVISIONS ----- Amendments ----- Direct Rollovers ----- Provisions Relating to the Insurer and Other Parties ----- Employment Status ----- Rights to Plan Assets ----- Beneficiary ----- Construction ----- Legal Actions ----- Withholding ---- Back Pay Awards ----- Small Amounts ----- Word Usage ----- Military Service ----- inability to Locate Payee ----- Reemployment of a Participant ----- Facility of Payment RESTATEMENT JANUARY 1, 2008 ii TABLE OF CONTENTS (6-70089) -3 �'9 idr INTRODUCTlON The Employers previously established the Pension Plan of the Housing and Redevetopment Authority of the City of Saint Paul, Minnesota effective as of January 1, 1974. The Employers are of the opinion that the plan should be changed. They believe that the best means to accomplish these changes is to completely restate the pla�'s terms, provisions and conditions. The restatement, ef4ective January 1, 2008, is set forth in this document and is substituted in lieu of the prior document with the exception of any good faith compliance amendment and any model amendme�t. Such amendmentls) shall continue to apply to this restated plan until such provisions are integrated into the plan or such amendmeni(s) are superseded by another amendment. The restated plan continues to be for ihe exclusive benefit of employees of the Employers. All persons covered under the pfan on December 31, 2007, shall continue to be covered under ihe restated plan with no loss of benefits. It is intended that the plan, as restated, shall qualify as a governmental money purchase pension plan under the Internal Revenue Code of 1986, including any fater amendments to the Code. This plan includes the statutory, regulatory, and guidance changes specified in the 2007 Cumulative List of Changes in Plan Qualification Requirements (2007 Cumulative List) contained in Internal Revenue Service Notice 2007-94 and the qualification requueme�ts and guidance published before the issuance of such list. The provisions of this plan apply as of the effective date of the restatement unless otherwise specified. RESTATEMEfVT JANUARY 1, 2008 1 INTRODUCTION (6-10089) -3 ���d� ARTICLE 1 FORMAT AIVD DEFINITIONS SECTION 1.07--FORMAT. Words and phrases defined in the DEFINITIONS SECTION of Article I shall have that defined meaning when used in this Plan, unless the context clearly indicates otherwise. These words and phrases have an initial capital letter to aid in identifying them as defined terms. SECT(ON 1.02--DEFINfT10NS. Account means, for a Participant, his share of the Plan Fund. Separate accounting records are kept tor those parts of his AccounY that result from: (a) Voluntary Contributions (b) 414(h) Contributions (c) Additionai Contributions id) Roltover Cantributions If the Participant's Vesting Percentage is less than 100% as to any of the Employer Contributions, a separete accounting record will be kept for any part of his Account resulting from such Employer Contributions and, if there has been a prior Forfeiture Date, from such Contributions made betore a prior Forfeiture Date. A Participant's Account shatl be reduced by any distribution of his Vested Account and by any Forfeitures. A Participant's Account shall participate in the earnings credited, expenses charged, and any appreciation or depreciation of the Investment Fund. His Account is subject to any minimum guarantees applicable under ihe Annuity Contract or other investment arrangement and to any expenses associated therewith. Acknowledgement Form means a form executed by an Employee, in which he acknowledges that fie fias been informed by the Administrative Committee that, as a contlition of employment, the Employer wili ded�ct from the Employee's Compensation, by regular payroll deductions, an amount equal to 5% of his Compensation for an Employee of PHA and pay that amount to the Plan as a Contribution by the Employee. For an Employee of The City, ihe Employer will deduct an amounY that when added to the Additiortal Contribution shall result in a combined total Contribution equai to 72% of his Compensation. These Contributions shall be classified as "picked up" by the Employer pursuant to Code Section 414(h) and treated as an Employer Contribution. Any Employee who participates in this Plan shall be deemed to have entered into this Acknowledgement Form. Active Participant means an Eiigihle �mployee who is actively participating in the P;an according to the provisions in the ACTIVE PARTICIPANT SECTION of Article II, RESTATEMENT JANUARY 1, 2008 2 ARTICLE I f6-10089) -3 �� ier Additional Contributions means additional contributions made by an Employer to fund this Pfan. See the EMPLOYER CONTRIBUTIONS SECTION of Article III. Administrative Committee means the committee established pursuant to the ESTABLISHMENT OF ADMVNISTRATIVE COMMITTEE SECTION of Article IX. Administrator means the Administrative Committee, unless the Administrative Committee designates another person or persons to act as such. Affiliated Service Group means any group of corporations, partnerships or other organizations of which the Employer is a part and which is affiliated within the meaning of Code Section 414�m) and the regulations thereunder. Such a group includes at least two organizations one of which is either a service organization (that is, an organization the principal business of which is parforming servicesl, or an organization the principal business of which is performing management functions on a regular and continuing basis. Such service is of a type historically performed by employees. In the case of a management organization, the Affiliated Service Group shall include organizations related, within the meaning of Code Section 144(a1(31, to either the management organization or the organization for which it performs management functions. The term Control{ed Group, as it is used in this Plan, shall include the term Affiliated Service Group. Afternate Payee means any spouse, former spouse, child, or other dependent of a Participant who is recognized by a qualified domestic relations order as having a right to receive all, or 2 port�on of, the benefits payable under the Plan with respect to such Participant. Annuity Contract means the annuity contract or contracts into which the Trustee or the Employer enters with the Insurer for guaranteed benefits, for the investment of Contributions in separate accounts, and for the payment of benefits under this Plan. Annuity Starting Date means, for a Participant, the first day of the first period for which an amount is payable as an annuity or any other form. Beneficiary means the person or persons named by a Participant to receive any benefits under the Plan when the Participant dies. See the BENEFICIARY SECTION of Article X. City means the City of Saint Paul, Min�esota. Code means the Imemai Revenue Code of 1986, as amended. Compensation means, except for purposes of the CONTRIBUTION LIMITATION SECTION of Article III, the total earnings, except as modified in this definition, paid or made available to an Employee by an Employer during any specified period. "Earnings" in this definition means wages, within the meaning of Code Section 3401(a), and all other payments of compensation to an Employee by the Employer (in the course of the Employer's trade or business) for which the Employer is required to furnish the Employee a written statement under Code Sections 6041(d), 6051 (a)�3), and 6052. Earnings shail be determined without regard to any rules under Code Section 3401(a) that limit ±he remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in RESTATEMENT JANUARY 1, 2008 3 ARTICLE i(6-10089) -3 �� �dr Code Section 3401(a)(2i). The type of compensation that is reported in the "Wages, Tips and Other Compensation" box on Form W-2 satisfies this definition, Except as provided herein, Compensation for a specified period is the Compensation actually paid or made available (or if earlier, includible in gross income) during such period. For Plan Years beginning on or after July 1, 2007, Compensation for a Plan Year shall also include Compensation paid by the (ater of 2 1!2 months after an Employee's Severance from Employment with the Employer maintaining the Plan or the end of the Plan Year that includes the date of the Employee's Severance from Employment with the Empioyer maintaining the Plan, if the payment is 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 differentiaq, commissions, bonuses, or other similar payments, and, absent a Severance from Employment, the payments would have been paid to ihe Employee while the Employee continued in employment with the Employer. Any payments not described above shalf not be considered Compensation if paid after Severance from Employment, even if they are paid by the later of 2 1/2 months after the date of Severance from Employment or the end of the Plan Year that includes the date of Severance from Empioyment, except, payments to an individual who does not currently perform services for the Employer by reason of quafified military service (within the meaning of Code Section 414(u)(1)) to the extent these payments do not exceed the amounts the individual would have received if the individual had continued to perform services for the Employer rather than entering qualitied military service. Back pay, within the meaning of section 1.415(c)-2(g)(8) of the regulations, shall be treated as Compensation for the Plan Year to which the back pay relates to the extent the back pay represents wages and compensation that wouid otherwise be included in this definition. Compensation shall exclude the following: bonuses commissions all other forms of extra compensation Compensation shall be determined before any exclusions for 414(h) Contributions. For years beginning after January 1, 2002, the annual Compensation of each Participant taken into account in determining contributions and allocations tor any determination period (the period over which Compensation is determined) shall not exceed 9200,000, as adjusted for cost-of-living increases in accordance with Code Section 401(a1(171(B). The cost of Iiving adjustment in effect for a calendar year applies to any determination period beginning with or within such calendar year. Provided, however, with respect to an eligible Participant, the reduced dollar limitation in the preceding paragraph does not apply to the extent that the amount of Compensation aliowed to be taken into account under the Plan is reduced below the amount that was allowed to be taken into account under the Plan as in effect on Juiy 1, 1993. For this purpose, "eligible ParticipanY" means an individual who first became a Participant in the Plan during a Plan Year beginning before the first Yearly Date in 1996. RESTATEMENT JANUARY 1, 2008 4 ARTICLE I(6-10089) -3 ��idr If a determination period consists of fewer than 12 months, Yhe annual compensation limit is an amount equal to The otherwise applicable annual compensation limit multlplfed by a fraction. The numerator of the fraction is the number of months in the short determination period, and the denominator of the fraction is 12. If Compensation for any prior determination period is taken into account in determining a Participant's contributions or allocations for the current Plan Year, the Compensation for such prior determination period is subject to the applicable annual compensation limit in effect for ihat determination period. For this purpose, in determining contributions and alfocations in Plan Years 6eginning on or after January 1, 2002, the annuai compensation limit in effect for determination periods beginning before that date is 5200,000. Compensation means, for a Leased Employee, Compensation for the services the Leased Employee performs for the Employer, determined in the same manner as the Compensation of Employees who are not Leased Employees, regardless of whether such Compensation is received directly from the Employer or from the leasing organization. Contributions means Employer Contributions, Participant Contributions, and Rollover Contributions as set out in ARicle III, u�less the co�text clearly indicates only specific co�tributions are meant. Controlled Group means any group of corporations, trades, or businesses of which the Employer is a part that are u�der common control. A Controlled Group includes a�y group of corporations, trades, or businesses, whether or not incorporated, which is either a parent-subsidiary group, a brother-sister group, or a combined group within the meaning of Code Section 414�b), Code Section 414(c) and the regulations thereunder and, for purposes of determining contribution limitations under the CONTRIBUTION LIMITATlON SECTION of Article III, as modified by Code Section 415(h�. The term Controlled Group, as it is used in this Plan, shall include the term Affitiated Service Group and any other employer required to be aggregated with the Employer under Code Section 414�0) and the regulations thereunder. Direct Roliover means a payment by the Pfan to the Eligible Retirement Plan specified by the Distributee. Distributee means an Employee or former Employee. In additio�, the Employee's (or former Employee'sl surviving spouse and the Employee's (or former Employee's) spouse or former spouse who is the Alternate Payee under a qualified domestic relations order, as defined in Code Section 414(p), are Distributees with regard to the interest of the spouse or former spouse. Eligible Employee means any Employee who is customarily employed with PHA or the City for at Ieast 20 hours per week and more than five months each Plan Year and who meets one of the following requirements: If the Employee is employed by the City, the Employee must have been formerly employed by HRA and have elected to continue to participate in the Plan upon becoming an Employee of the City. The Employee must be employed by PHA and if the Employee is covered under a collective bargaining agreement, it must specifically provide for coverage under this Plan. RESTATEMENT JANUARY 1, 2008 5 ARTICLE f(6-10089) -3 dg-�dr Eligible Empioyee shaH exclude any Leased Employee. Eligible Retirement Plan means an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amoonts transferred into such plan from this Plan, an individual retirement account descri6ed 'm Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan descri6ed in Code Section 403(a), an annuity contract described in Code Section 403(bi, or a qualified plan described in Code Section 401(a), that accepts the Distributee's Eligible Rollover Distribution. The definition of Eligibie Retirement Plan shali also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the Alternate Payee under a qualified domestic relations order, as defined in Code Section 474(p). Eligible Rollover Distributiort means any distribution of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include: (i) any distribution that is one of a series of substantialiy equal periodic payments (not less frequently than annually) made for the life Ior life expectancy) of the Llistributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee's designated Beneficiary, or for a specified period of ten years or more; (ii) any distribution to the extent such distribution is required under Code Section 401(a)(9); (iii) The portion of any other distribution(s? that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities); and (iv) any other distributionls) that is reasona6ly expected to total less than S200 during a year. A portion of a distribution shall not fail to 6e an Eligible Rollover Distribution merely because the portion consists of after-tax employee contributions that are not inciudible in gross income. However, such portion may tre transferred only to an individual retirement account or individual retirement annuity described in Code Section 408(ai or (b), or to a qualified defined contribution plan described in Code Section 401 �a) or 4031a) that agrees to separately account for amounts so transterred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. Employee means an individual who is employed by the Employer or any other employer required Yo be aggregated with the Employer under Code Sections 414(b), (c), (m), or (o). A Controlled Group member is required to be aggregated with the Employer. The term Emp(oyee sfiall also include any Leased Employee deemed to be an employee of any employer described in the preceding paragraph as provided in Code Section 414(n) or (o). Empioyer means, except for purposes of the CONTRIBUTION LIMITATION SECTION of Article III, any entity that has adopted this Plan, including the Public Housing Agency of the City'of Saint Paul, Minnesota, and the City of Sairtt Paul, Minnesota. Employer Contributions means 414(h) Contributions Additional Contributions as set out in Articte III, unless the context clearly indicates only specific contributions are meant. RESTATEMENT JANl1ARY 1, 2008 6 ARTICLE 1(6-10089? -3 ds-�dr Entry Date means the date an Employee first enters the Plan as an Active Participant. See the ACTIVE PARTICIPANT SECTION of Artide II. Fiscal Year means the Administrative Committee's accounting year. The last day of the Fiscal Year is December 31. Forfeiture means the part, if any, of a Participant's Account that is forfeited. See the FORFEITURES SECTIQN of Article III. Forfeiture Date means, as to a Participant, the date the Participant has a Severence from Employment, This is the date on which the ParticipanYs Nonvested Account will be forfeited. 414(hl Contributions means employee contributions "picked up" 6y the EmploYer pursuant to Code Section 414(h) and treated as Employer Contributions. These Contributions are not available to the Participant as current income, and the Participant has no discretion to receive them as such. HRA means the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota. Inactive Participant means a former Active Participant who has an Account. See the INACTIVE PARTICfPANT SECTIOPJ of Article fl. Insurer means Principal Life Insurance Company or the insurance company or companies named by (i) the Employer or (ii) the Trustee in its discretion or as directed under the Trust Agreement. Investment Fund means the total of P1an assets, excluding the guaranteed benefit policy portion of any Annuity Contract. Alf or a portion of these assets may be held under, or invested pursuant to, the terms of a Trust Agreement. The Investment Pund shall be vafued at current fair market value as of the Valuation Date. The valuation shall take into consideration investment earnings credited, expenses charged, payments made, and changes in the values of the assets hefd in the Investment Fund. The Investment Fund shall be allocated at all times to Participants, except as otherwise expressly provided in the Plan. The Account of a Participa�t shall be credited with its share of the gains and losses of the Investment Fund. That part of a Participant's Account invested in a funding arrangement that establishes one or more accounts or investment vehicles For such Participant thereunder shall be credited with the gain or loss from such accounts or investment vehicles. The part of a ParticipanYs Account that is invested in other funding arrangements shall be credited with a proportionate share of the gain or loss of such investments. The share shall be determined by multiplying the gain or loss of the investment by the ratio of the part of the ParticipanYs Account invested in such fundfng arrangement to the total of the Investment Fund invested in such funding arrangement. Investment Manager means any fiduciary (other than a trustee) (a) who has the power to manage, acquire, or dispose of any assets of the Plan; RESTATEMENT JANUARY 1, 2008 7 ARTICLE I(6-10089) -3 �� idi (b) who (i) is registered as an investment adviser under the lnvestment Advisers Act of 7940; (ii) is not registered as an investmertt adviser under such Act by reason of paragraph i1) of section 203A(a) of such Act, is registered as an investment adviser under tfie laws of the state (referred to in such paragraph (1)) in which it maintains its principal office and place of business, and, at the time it last filed the registration form most recently filed by it with such state in order to maintain its registration under the Iaws of such state, also filed a copy of such form with the Secretary of Labor, (iii) is a bank, as defined io that Act; or (iv) is an insurance company qualified to perform services described in subparagraph (a) above under the laws of more than one state; and (c) who has acknowledged in writing being a fiduciary with respect to the Plan. Late Retirement Date means any day that is after a Participant's Normal Retirement Date and on which retirement 6enefits begin. If a Participant continues to work for an Employer after his Normal Retirement Date, his Late Retirement Date shall be the day he has a Severence from Employment. If the Participant has reached his Normal Retirement Date, he may choose to have his retirement benefit begin on such date even if he is still an Employee. A later Retirement Date may apply if the Participant so elects. See the WHEN BENEFITS START SECTION of Article V. Leased Employee means any person �other than an employee of the recipient) who, pursuant to an agreement between the recipient and any other person ("leasing organization"), has performed services for the recipient for for the recipient and related persons determined in accordance with Code Section 414(n)(6j} on a substantially f�fl time basis for a period of at least one year, and such services are performed under primary direction or control by the recipient. Contributions or benefits provided by the Ieasing organization to a Leased Employee, which are attributable to service performed for the recipient employer, shall be treated as provided by the recipient employer. A Leased Employee shafl not be considered an employee of the recipient if: (a) such employee is covered by a money purchase pension plan providing (i) a nonintegrated employer contribution rate of at Ieast 70 percent of compensation, as defined in Code Section 415(c)(3), (ii) immediate participation, and (iii) full and immediate vesting, and (b) Leased Employees do not constitute more than 20 percent of the recipienYs nonhighiy compensated work force. Nonvested Account means the excess, if any, of a ParticipanYs Account over his Vested Account. Normal Retirement Date means the date the Participant reaches his 65th birthday. Unless otherwise provided in this Plan, a PariicipanYs retirement benefiis shall begin on his Normai ReYirement DaTe if he has had a Severance from Employment on such date and has a Vested Account. Even if the Participant is an Empioyee on his Normal Retirement Date, fie may choose to have his retirement benefit begin on such date. Participant means either an Active Participant or an Inactive Participant. Participant Contributions means Voluntary Contributions as set out in Articte fil. RESTATEMENT JANUARY 1, 2008 8 ARTICLE I(6-10089) -3 09-/d/ Period of Military Duty means, for an Employee (a) who served as a member of the armed forces of the United States, and �b) who was reemployed by an Employer at a time when the Employee had a right to reemployment in accordance with seniority rights as protected under Chapter 43 of Title 38 of the U.S. Code, the period of time from the date the Employee was first absent from active work for an Empioyer because of such military duty to the date the Employee was reemployed. PHA means the Puhlic Housing Agency of the City of Saint Paul, Minnesota. Plan means the Pension Plan of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota as set forth in this document, including any later amendments to it. Plan Fund means the total of the Investment Fund and the guaranteed benefit policy portion of any Annuity Contract. The Investment Fund shall be vafued as stated in its de4inition. The guaranteed benefit policy portion of any Annuiry Contract sha11 be determined in accorda�ce with the terms of the Annuity Contract and, to the extent that such Annuity Contract allocates contract values to Participants, allocated to Participants in accordance with its terms. The total value of all amounts held under the Plan Fund shall equaf the value of the aggregate Participants' Accounts under the Plan. Plan Year means a period beginning on a Yearfy Date and ending on the day before the next Yearly Date. Reentry Date means the date a former Active Participant reenters the Plan. See the ACTIVE PARTICIPANT SECTION of Article II. Retirement Date means the date a retirement benefit will begin and is a Participant's Normal or Late Retirement Date, as the case may be. Rollnver Contri6utions means the Rollover Co�Yributions which are made by an Eligible Employee according to the provisions of the ROLLOVER CONTRIBUTIONS SECTION of Article IVI. Severance from Employment means, except for purposes of ihe CONTRIBUTION LIMITATION SECTION of Article III, an Employee has ceased to be an Employee. The Administrator shall determine if a Severance from Employment has occurred in accordance with section 1.401(k1-1(d�(2) of the regulations. Totally and Permanently Disabled means that a Participant is disabled such that he can no longer continue in the service ot his Employer, as determined by his Employer on the basis of a written certificate of a physician accepta6le to it, and if he has a medically determina6le physicaf or mentaf disability that is expected to result in death or to be of continued and indefinite duretion and which renders the Participant unabfe to engage in any emptoyment or occupation for remuneration for which the Participant is reasonably qualified by reason of his training, education, and experience. Trust Agreement means an agreement or agreements of trust between the Administrative Committee and Trustee established for the purpose of holding and distributing the Trust Fund under the provisions RESTATEMENT JANUARY 1, 2008 9 ARTICLE I �6-10089) -3 d9 ��� of the Pian. The Trust Agreement may provide for the investment of ail or any portion of tfie Trust Fund in the Annuity Contract or any other investment arrangement. Trust Fund means the tota! tunds held under an applicable Trust Agreement. The term Trust Fund when used within a Trust Agreement shall mean only the funds held under that Trust Agreement. Trustee means the party or parties named in the applicable Trust Agreement. Valuation Date means the date on which the value of the assets of the Investment Fund is determined. The value of each Account that is maintained under this Plan shall be determined on the Valuation Date. In each Plan Year, the Valuation Date shall be the last day of the Plan Year. At the discretion of the Administrator, Trustee, or Insurer (whichever applies) and in a nondiscriminatory manner, assets of the Investment Fund may be valued more frequently. These dates shall also be Valuation Dates. Vested Account means the vested part of a Participant's Account. The Participant's Vested Account is determined as follows, tf the Participant's Vesting Percentage is 100%, his Vested Account equals his Account. If the ParticipanYs Vesting Percentage is not 100%, his Vested Account equals the sum of (a) and (b) below: (a) The part of the Participant's Account resulting from Employer Contributions made before a prior Forfeiture Date and all other Contributions that were 100% vested when made. (b� The balance of the Participant's Account in excess of the amount in (a) above multiplied by his Vesting Percentage. Vesting Percentage means Yhe percentage used to determine Yhe nonforteitable portion ot a Participant's Account attributable to Employer Contributions that were not 100% vested when made. A Participant's Vesting Percentage is shown in the following schedule opposite the number of whole years of his Vesiing Service. VESTING SERVICE VESTING (whole years) PERCENTAGE Less than 7 0 7 20 2 40 3 60 4 80 5 or more 100 The Vesting Percentage for a Participant who is an Employee on or after his Normal Retirement Date or the date he reaches age 55 shall be 700%. The Vesting Percentage for a Participant who is an Employee on the date he dies shall be 100%. The Vesting Percentage for a Participant who is an RESTATEMENT JANUARY 1, 2008 10 ARTICLE 1(6-10089) -3 d�-�a'i Employee on the date he becomes disabled shall be 100% if such disability is subsequently determined to meet the definition of Totally and Permanently Disabled. Vesting Service means eacfi year a Participant is an Active Participant for the full Plan Year. If the Participant is not an Active Participant for the full Ptan Year, he shall be credited with 111 �` of a year of Vesting Service for each complete month in which he is an Active Participant. However, Vesting Service is modified as follows: Period of Military Duty included: A Period of Military Duty shall be included as service with the Employer to the extent it has not already been credited. Voluntary Contributions means contributions by a Participant that are 100°fo vested when made to the Plan and are not required as a condition of employment or participation. See the VOLUNTARY CONTRiBUT10NS BY PARTiqPANTS SECTION of Article 111. Yearly Date means January 7, 1974, and the same day of each following year. RESTATEMENT JANUARY 1, 2008 11 ARTICLE I(6•10089) -3 ��idr ARTICLE 11 PARTICIPATION SECTION 2.01--ACTIVE PARTICIPANT. (a) (h) (cl An Employee shall first become an Active Participant (begin active participation in the Plan) on the earliest date on which he is an Eligible Employee. This date is his Entry Date. Each Employee who was an Active Participant on December 31, 2007, shall continue to be an Active Participant if he is sYili an Eligibie Employee on January 1, Z008, and his Entry Date shali not change, An Inactive Participani shall again become an Active Participant �resume active participation in the Plan) on the date he again becomes an Eligible Employee. This date is his Reentry Date. Upon again becoming an Active Participant, he shali cease to be an inactive Participant. A former Participant shall again become an Active Participant (resume active participation in the Plan) on the date he again becomes an Eligible Employee. This date is his Reentry Date. There shall be no duplication of benefits for a Participant because of more than one period as an Active Participant. SECTION 2.02--INACTIVE PARTICIPANT. An Active Participant shall become an Inactive Participant (stop accruing benefits) on the earliest of the following: (a) �b) (c) (d) the date he has a Severance from Employment, the date the Participant is absent from employment because of a leave of absence, the date the Participant is absent from empioyment because of layoff witfi right of recali or similar status, or the effective date of complete termination of the Plan under Article VIII. An Employee or former Employee who was an Inactive Participant on December 31, 2007, shall continue to be an Inactive Participant on January 1, 2008. Eligibitity for any benefits payable to the Participant or on his behalf and the amount of the benefits shalt be determined according to fhe provisions of the prior docume�t, unless otherwise stated in this document or any subsequent documents. SECTION 2.03--CESSATION OF PARTICIPATION. A Participant shafi cease to be a Participant on tfie date fie is no longer an Etigible Employee and hfs Account is zero. RESTATEMENT JANUARY 1, 2008 12 ARTICLE II (6-10089) -3 ��-idr AR7ICLE III CONTRIBUTIONS SECTION 3.01--4941h) CONTRIBUTIONS. The Employer shall make 414(h) Contributions for each person who meets the requirements of this section. A person meets the requirements of this section if he was an Active Participant at any time during the payroff period. For Employees of PHA, the amount of the 4141h) Contribution for each eligible person shail be calculated each payroll period and shall be equal to 5% of his Compensation for the payroll period as stated in his Acknowledgement Form. For Employees of the City, the amount of the 414(h) Contribution for each eligible person shall be calculated each payrolf period and shafl be equal to the amount when added to the Additional Contribution made under the EMPLOYER CONTRIBUTIONS SECTION of this articfe shali result in a combined total Contribution of 12% of his Compensation for the payroll period as stated in his Acknowledgement Form. 414(h) Contributions are 100% vested. SECTION 3.01A--EMPLOYER CONTRIBUTIONS. For Employees of PHA, the amount of the Additional Contribution for each eligible person shall be calculated each payroll period and shall be equal to 7% of his Compensation for each payroll period. The City shal{ make an Additional Contribution equal to 6.50°l0 of the Compensation paid to its Eligibie [mpleyees during the payroll period who are Active Participants for that payrotl period. Said percentage shalt be incrsased te 6.75°/o effective January 1, 2009, and 7.00% effective January 7, 2010. Additional Contributions are subject to the Vesting Percentage. made. The Employer Contributions ca{culated above for each person shall be credited to his Account when A portion of ths Plan assets resulting from Employer Contributions ?but not more than the original amount of those Cantribu*ions) may be returned if the Employer Contributions are made because of a mistake of fact. The amount involved must be returned to the Employer within one year after the date the Employer Contributions are made by mistake of fact. Except as provided under this paragraph and in Article VIII, the asseYs of Yhe Plan shall t�ever be used for the benefit of the Employer and are held for the exGusive purpose of providing beneii±s xo Participants and their Beneficiaries and for defraying reasanable expenses of administeriny the Pian. RESTATEMENT JANUARY 1, 2008 73 ARTiCLE III (6-70089) -3 e� �er SECTION 3.01B--VOLUNTARY CONTRIBUTIONS BY PARTIClPANTS. An Active Participant may make Voluntary Contrfbutions in accordance with nondiscriminatory procedures set up by the Administrative Committee. Voluntary Contributions cannot be less than 1% nor more than 10% of Compensation, or a specified monetary amount not in excess of 10% of his Compensation, as prescribed by the Administrative Committee. A Participant's participation in tfie Plan is not affected by stopping or changing Voiuntary Contributions. An Active Participant's request to start, change or stop his Voluntary Contributions must be made in such manner and in accordance with such rules as the Administrative Committee may prescribe (including by means of voice response or other electronic system under circumstances the Administrative Committee permits). Voluntary Contributions shalt be credited to the Participant's Account when made. The part of the Participant's Account resulting from Voluntary Contributions is 100% vested and nonforfeitable at all times. SECTION 3.07C--RQLLOVER CONTRIBUTIONS. A Rollover Contribution may be made by an Eligible Empioyee if the following conditions are met: (a) The Contribution is a Participant Rollover Contribution or a direct rollover of a distribution made after December 31, 2001 from the types of plans specified below. Direct Rollovers. The Plan will accept a direct rollover of an Eligible Rollover Distribution from (i) a q�alified plan described in Code Section 401 �a) or 403(a), including after-tax employee contributions and excluding any portion of a designated Roth account; (ii) an annuity contract described in Code Section 4031b), including after-tax emptoyee contributions and excluding any portion of a designated Roth account; and (iii) an eiigible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. � Participant Rollover Contributions from Other Plans The Plan wiil accept a Participant contribution of an Eligible Rollover Distribution from (i) a qualified pian described in Code Section 401(a� or 403(a), excluding distributions of a designated Roth account; (ii) an annuity contract described in Code Section 403(b), excluding distributions of a designated Roth account; and (iii) an eligible plan under Code Section 457�b) which is maintained by a staYe, politica� subdivision of a state, or any agency or instrumentality of a state or political subdivision of a sxate. Participant Roliover Coniributions from IRAs. The Plan will accept a Participant Roliover Contribution of the portion of a distribution from an individual retirement account or individual retirement annuity described- in Code Section 408(a) or- (b) that is eligible to be rolled over and would otherwise be includible in the ParticipanYs gross income. � (b) The Contribution is of amounts that the Code permits to be transferted to a plan that meets the requirements of Code Section 401(a). RESTATEMENT JANUARY 1, 2008 14 ARTICLE III (6-10089) -3 d�i i�i (c! The Contribution is made in the form of a direct rollover under Code Section 401(a!(31) or is a rollover made under Code Section 402(c) or 408(d)(3)(A) within 60 days after the Eligible Empfoyee receives the distribution. (d) The Eligible Employee furnishes evidence satisfactory to the Administrator that the proposed rollover meets conditions (a), (b), and (c) above. A Rollover Contribution shal{ be allowed in cash only and must be made according to procedures set up by the Administrative Committee. If the Eligible Employee is not an Active Participant when the Rollover Contribution is made, he shall be deemed to be an Active Participant only tor the purpose of investment and distribution of the Rollover Contribution. Employer Contributions shall not be made for or alfocated to the E{igible Empfoyee and he may not make Participant Contributions untit the time he meets all of the requirements to become an Active Participant. Rollover Contributions made by an Eligible Employee shall be credited to his Account. The part of the ParticipanYs Account resulting from RoUover Contributions is t00% vested and nonforfeitabfe at all times. Separate accounting records shall be maintained for those parts of his Rollover Contributions consisting of (i) voluntary contributions which were deducted from the Participant's gross income for Federal income tax purposes and (ii) after-tax employee contributions, including the portion that would not have been includible in the ParticipanYs gross income if the contributions were not rolled over into this Plan. SECTION 3.02--FORFEITURES. The Nonvested Account of a Participant shall be forfeited as of the ParticipanYs Forfeiture Date. Forfeitures shall he determined at least once during each Plan Year. Forfeitures may first be used to pay adminiscrative expenses. Forfeitures that have not been used to pay administrative expenses shall be applied to reduce Employer Contributions at the end of the Plan Year. Upon their appfication to reduce F.mplcye� Ccntributions, Forfeitures cnall be deemed to be Employer Contributions. SECTION 3.03--CONTRIBUTION LIMITATION. Contributions to the Plan shall be limited in accordance with Code Sectlon 415 and the regulations thereunder. The limitations of this section shall apply to Limitation Years beginning on or after July 1, 2007, except as otherwise provided herein. Ia) DeFinitions. For the purpose of determining the contribution limitation set forth in this section, the fottowing terms are defined. Annua! Ad�ixio�s means ;he sum of the fcllowing amounts credited to a Participant's ac�ount for the Limitztion Year: (1) employer contributions; (2) employee contributions; and RESTATEMENT JANUARY 1, 2008 15 ARTICLE III (6-10089) -3 �� ��r (3) forfeitures. Annual Additions to a defined contribution plan, as defined in section 1.415(c)-1(a)(21(i) of the regulations, shall also include the following: (41 (5) (6) (71 mandatory employee contributions, as defined in Code Section 411(ci(21(CI and section 1.411(c)-1(c)(4) of the regulations, to a defined benefit plan; contributions allocated to any individual medical benetit account, as defined in Code Section 415(qi2), which is part of a pension or annuity plan maintained by the Empioyer; amounts attributable to post-retirement medical benefits, allocated to the separate account of a key employee, as defined in Code Section 4� 9A(d)(3), under a welfare benefit fund, as defined in Code Section 479(e), maintained by the Employer; and annual additions under an annuity contract described in Code Section 403(b). CompensaYion means wages, within the meaning of Code Section 3401(a), and aIl other payments of compensation to an empioyee by the Employer (in the course of the Employer's trade or business) for which the Empfoyer is required to furnish the employee a written statement under Code Sections 6041(d), 6051(a)(3), and 6052. Compensation shall be determined without regard to any rules under Code Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricuhural labor in Code Section 3401(a)(2)). The type of compensation that is reported in the "Wages, Tips and Other Compensation" box on Form W-2 satisfies this definition. Except as provided herein, Compensaxion for a LimitaYion Year is the Compensation actually paid or made available ior if eariier, includible in gross income) during such Limitation Year. For Limitation Years beginning on or after July 7, 2007, Compensation for a Limitation Year shall also include Compensation paid by the later of 2 1/2 months after an employee's Severance from Employment with the Employer maintaining the plan or the end of the Limitation Year thai includes the date of the employee's Severance from Emptoyment with the Employer maintaining the plan, if the payment is 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 differenxial), commissions, bonuses, or other similar payments, and, absent a Severance from Employment, the payments would have been paid to the empfoyee while the employee continued in employment with the Employer. Any payments not described above shall not be considered Compensation if paid after Severance from Employment, even if they are paid by the later of 2 7!2 months after the date of Severance from Employment or the end of tfie Limitation Year that includes the date of Severance from Employment, except, payments to an individual who does not currently perform services for the Employer by reason of qualified military service Iwithin the meaning of Code Section 414{u){1)) to the extent these payments do not exceed the amounts the individual would have received it the individual had continued to perform services for the Employer rether than entering qualified military service. RESTATEMENT JANUARY 1, 2008 16 ARTICLE III (6-70089) 3- dy-�er Back pay, within the meaning of section 1.415(cl-2(g)(8) of the regulations, shall be treated as Compensatio� for the Limitation Yea� to which the back pay relates to the e�ctertt the 6ack pay represents wages and compensation that would otherwise be included in this definition. Compensation paid or made available during such Limitation Year shall include amounts that would otherwise be included in Compensation but for an election under Code Section 125(a), 132(f�(4!, 402(e)(3), 402(h!(1)(B), 402(k!. or 457(b). Compensation shall not include amounts paid as Compensation to a nonresident alien, as defined in Code Section 7701�b)(1)(B), who is not a Participant in the Plan to the extent the Compensation is excludible from gross income and is not effectively connected with the conduct of a trade or business within the United States. Defined Contribution Dollar limitation means, effective for Limitation Years beginning after December 31, 2001, 540,000, automatically adjusted under Code Sectio� 415(d), effective Ja�uary 7 of each year, as published in the Internal Revenue Bulletin. The new limitation shall apply to Limitation Years ending with or within the calendar year of the date of the adjustment, but a ParticipanYs Annual Additions for a Limitation Year can�ot exceed the curcently applicable dollar limitation (as in effect before the January 1 adjustment) prior to January 1. However, after a January 1 adjustment is made, Annual Additions for the entire Limitation Year are permitted to reftect the dollar limitation as adjusted on January 1. Employer means the employer that adopts this Plan, and all members of a controlled group of corporations (as defined in Code Section 414(b) as modif+ed by Code Section 415(h�), all commonly controlled trades or businesses (as defined in Code Section 414(c), as modified, except in the case of a brother-sister group of trades or businesses under common control, by Code Section 475(h)), or affiliated service groups (as defined in Code Section 414(m1) of which the adopting employer is a part, and any other entity required to be aggregated with the emplcyer pursuant to Code Section 414(01. Limitation Year means the consecutive 12-month period ending on the last day ot each Plan Year, including corresponding consecutive 12-month periods before January 1, 1974. If the Limitation Year is other than the calendar year, execution of this Plan (or any amendment to this Plan changing the Limitation Year) constitutes the Employer's adoption of a written resolution eleciing the Limitation Year. If the Limitatio� Year is amended to a dlfferent co�secutive 12-month period, the new Limitation Year must begin on a date within the Limitation Year in which the amendment is made. Maximum Annual Addition means, for Limitation Years beginning on or after January 1, 2002, the Annual Addition that may be contri6uted or allocated to a Pariicipant's Account under the Plan for any Limitation Yeas. This amount shall not exceed the lesser of: �1) The Defiined Cor�tribution Dollar Limitation, or (2) 100 percent of the ParticipanYs Compensation tor the Limitation Year. RESTATEMENT JANUARY 1, 2008 17 ARTICLE Ifl (6-1p089) -3 �/��di A ParticipanYs Compensation for a Limitation Year shall not include Compensation in excess of the limitation under Code Section 401�a�(17) that is in effect for the calendar year in which the Limitation Year begins. The compensation limitation referred to in (21 shall not apply to an individual medical benefit account (as defined in Code Section 4t5(I�; or a post-retirement medical benefits account for a key employee (as defined in Code Section 419A(d)(1)). If a short Limitation Year is created because of an amendment changing the Limitation Year to a d"rfferent consecutive 7 2-month period, the Maximum Annuaf Addition will not exceed the Defined Contribution Dollar Limitation multiplied by the following fraction: Number of months (including any fractional parts of a month) in the short Limitation Year 12 If the Plan is terminated as of a date other than the last day of the Limitation Year, the Plan is treated as if ihe Plan was amended to change the Limitation Year and create a short Limitation Year ending on the date tfie Plan is terminated. If a short Limitation Year is created, the limitation under Code Section 401(a)(17) shall be prorated in the same manner as the Defined Contribution Dollar Limitation. Predecessor Employer means, with respect to a Participant, a former employer if the Employer maintains a plan that provides a benefit which the Participant accrued while performing services for ihe former employer. Predecessor Employer also means, with respect to a Participant, a former entity that antedates the Employer if, under the facts and circumstances, the Employer constitutes a continuation of all or a portion of the trade or business of the former entity. Severence from Employment means an employee has ceased to be an employee of the Employer mainYaining the plan. An employee does not have a Severance from Employment if, in connection with a change of employment, the employee's new employer maintains the plan with respect to The employee, (b) If the Participant does not participate in another detirted contribution plan, as defined in section 7.415(c)-7 (a)(2)(i) of the regulations (without regard to whether the plan(s) have been terminaYed) maintained by the Employer, tfie amount of Annuaf Additions that may be credited to the ParticipanYs Account for any Limitation Year shali not exceed the lesser of the Maximum Annual Addition or any other limitation contained in this Plan. If the Employer Contribution that would otherwise be contributed or allocated to the ParticipanYs Account would cause the Annual Additions for the Limitation Year to exceed the Maximum Annual Addition, tfie amount contributed or allocated shall be reduced so that the Annual Additions for the Limitation Year will equal the Maximum Annual Addition. (ci if, in addition to this Plan, the Participant is covered under another defined contribution plan, as defined in section 1,415(c)-1(a)(2)(i) of the regulations, (without regard to whether the plan(s) have been terminated) maintained by the Employer that provides an Annual Addition during any Limitation Year, the Annual Additions that may be crediied to a Participant's AccounY under this RESTATEMENT JANUARY 1, 2008 18 ARTICLE III (6-10089) 3 e�-�dr Plan for any such Limitatian Year will not exceed the Maximum Annual Addition, reduced by the Annual Additions credited to a ParticipanYs Account under the defined contribution plan(s) for the same Limitation Year. If the Annual Additions with respect to the Participant under the other defined contribution plan{s) maintained by the Employer are less than the Maximum Annual Addition, and the Empioyer Contribution that would otherwise be contributed or allocated to the ParticipanYs Account under this Plan would cause the Annual Additions for the Limitation Year to exceed this Iimitation, the amount contributed or allocated will be reduced so that the Annual Additions under all such plans and funds for the Limitation Year wiff equal the Maximum Annual Addition. If the Annual Additions with respect to the Participant under the other defined contribution plan(5) in the aggregate are equal to or greater than the Maximum Annuaf Addition, no amount will be contributed or allocated to the ParticipanYs Account under this Plan for the Limitation Year. (d) The Vimitation of this section shall be determined and applied taking into account the rules in subparagraph (e) below. (e) Other Rules (1 � Aggregating Plans. For purposes of applying the limitations of this section for a Limitation Year, all detined contribution plans (as defined in section 1.415(cV-11a}(2)(i) of the regulations and without regard to whether the planls) have been terminated) ever maintained by the Employer and all defined contribution pla�s of a Predecessor Employer (in the Limitation Year in which such Predecessor Employer is created) under which a Participant receives Annual Additions are treated as one defined contribution plan. (2) Break-up of Affifiated EmploVers. 7he Annual Additions under a formeriy affiliated plan �as defined in section 1.415ft)-1Ib)I2)I�D of the regulations) of the Employer are taken into account for purposes of applying the limitations of this section for the Limitation Year in which the cessation of affiliation took place. (3} Previously Unaqgreqated Plans. The limrtations of this section are not exceeded for the first Limitatfon Year in which two or more existing plans, which previously were not required to be aggregated pursuant to section 1.415(f) of the regulations, are aggregated, provided that no Annual Additions are credited to a Participant after the date on which the plans are required to be aggregated if the Annual Additions already credited to the Participant in the existing plans equal or exceed the Maximum Annuai Addition. (4) Aqgregation with Multiemployer Plan. If the Employer maintains a multiemployer plan, as defined in Code Section 414(f), and the multiemployer plan so provides, only the Annuaf Additions under the multiemployer plan that are provided by the Employer shall be treated as Annual Additions provided under a plan maintained by the Employer for purposes of this section. RESI JANUARY 1, 2008 19 ARTICLE fN (6-10089) -3 eg��� ARTICLE IV INVESTMENT OF CONTRIBUTIONS SECTION 4.01--IIUVESTMENT OF CONTRIBUTIONS. The handling of Contribuiions and Plan assets is governed by the provisions of the Trust Agreement and any other relevant document, such as an Annuity Contract (for the purposes of this paragraph alone, the Trust Agreement and such other documents will each be referred to as a"document" or collectively as the "documents"�, duly entered into by or with regard to the Plan that govern such matters. To the extent permitted by the documents, the parties named below shall direct the Contributions for investment in any of the investment options or investment vehicles available to the Plan under or through the documents, and may request the transfer of amounts resulting from those Contributions between such investment options and investment vehicles. A Participant may not direct the investment of all or any portion of his Account in collectibles. Collectibles mean any work of art, rug or antique, metal or gem, stamp or coin, alcoholic heverage, or other tangible personal property specified by the Secretary of the Treasury. However, for tax years beginning after December 37, 1997, certain coins and bullion as provided in Code Section 408(m)(3) shall not be considered collectibies. To the exient that a Participant who has the ability to provide investment direction fails to give timely investment direction, the amount for which no investment direction is in place shall be invested in such investment options and investment vehicles as provided in the service and expense agreement or such other documents duly entered into by or with regard to the Plan that govern such matters. If the Administrative Committee has investment direction, the Contributions shall be invested ratably in the investment options and imestment vehicles available to the Plan under or through the documents. The Administrative CommiYtee shall have investment direction for amounts that have not been allocated to Participants. To the extent an investment is no longer available, the Administrative Committee may require that amounts currently held in such investment be reinvested in other investments. (a) 474(h) Cortributions: The Participani shall direcx the investmeni of 414(h) ConLribuYions and transfer of amounts resulting from those Contributions. (b) Additional Contributions: The Participant shall direct the investment of Additional Contributions and transfer of amounts resulting from those Contributions. (c) Participant Contributions: The Participant shall direct the investment of Participant Contributions and transfer of amounts resulting from those Contributions. (d) Rollover Contributions: The Participant shall direct the investment of Rollover Contributions and transfer of amounts resulting from those Contributions. The ParticipanYs direction shall specify the percentage. A Participant may elect to transfer invesiments from any investment fund to any other investment fund. The Participant's transfer election shail specify eitfier (i) a percentage, in the percentage increments prescribed by the Administrator, of the amount eligible for transfer, which percentage may not exceed 100%, or (ii) a dollar amount that is to be transferred. Subject to any restrictions pertaining to a particular investment fund, a ParticipanYs transfer election may be made effective as of the date or dates prescribed by the Administrator. RESTATEMENT JANUARY 1, 2008 20 ARTICLE IV 16-10089) -3 d���i However, the Administretor may delegate to the Investment Manager investment discretion for Contributions and amounts which are not subject to Participant direction. All Contributions are forwarded by the Administrative Committee to p) the Trustee to be deposited in the Trust Fund or otherwise invested by the Trustee in accordance with the relevant documents; or (ii) the Insurer to be deposited under the Annuity Contract, as applicable. SECTION 4.02--PURCHASE OF LIFE INSURANCE CONTRACTS. For purposes of providing the death benefit with respect to a Participant described in the SPECIAL DEATH BENEFIT SECTION of Articfe VI, the Administrator shall direct the Trustee to apply a portion of the interest of a Parcicipant in the Trust toward the purchase, from a legal reserve life insurence company, of a term Iife insurance contract or term life insurance contrects on the life of such Participant. Ali such contracts shall designate the Plan as policy holder and the Administrator or an Employer shall have the power to exercise all rights, privileges, options and elections granted or permitted thereunder, and may delegate such power if permitted to do so by those contracts. Sub}ect to any restriction pertaining to a particular investment fund, amounts needed to purchase a life insurance contract or contracts shall be charged against the ParticipanYs interest in the investment funds as directed by the Administrator. SECTION 4.03--PAYMENT OF PREMIUMS. The Trustee, upon written instructions from the Administrator, shall pay each premium on any such contract or contracts held for a Participant and shail charge such premium payment to the Account ot such Participant. The Trustee shall be under no obligation to pay any premium; however, unless there are sufficient funds available from the interest of such Participant in the Trust to make such payment. Each contract shall provide that all dividends and other credits payable thereunder, if any, shall be applied in reduction of premiums, except that any postmortem or termination dividend shall be added to and become a part of the proceeds payable to the Beneficiary under the contract. SECTfON 4.04--OVERRIDING CONDITIONS AND LIMITATIONS. Notwithstanding any otfier provision of the Plan to the contrary, the provisions ot this section shall govern: (a) In the event of any conflict between the provisions of the Pfan and the terms of any insurance contract or contracts purchased pursuant to this articfe, the provisions of the Plan shail control. (b) At no time shall the aggregate of the premiums paid for the life insurance contract or contracts upo� the life of any Participant hereunder equal or exceed 25°l0 of the Employer Contributions allocated to him under the Pian. (c) At all times each such contract upon the life of any Participant shalf be held separate and apart from the Trust. (d1 The Administrator may direct the Trustee to have the purchase of insurance on a ParticipanYs life discontinued. Any such d'+rection shall specify the date on which such purchase is to be RESTATEMENT JANUARY 1, 2008 21 ARTICLE IV (6-10089) -3 ��Ar disconYinued, 6ut in no event shal! any such notice be effective with respect to premiums which have been paid. SECTION 4.05--LIFE INSURANCE DEATH BENEFITS. Upon the death of any Participant on whose life any contract is held hereunder prior to his Severance from Employment with an Employer, the proceeds of such contract shall be paid to the Participant's Beneficfary in accordance with the distribution provisions of the Plan. RESTATEMENT JANUARY 1, 2008 22 ARTICLE IV (6-10089) -3 d�ii�i ARTICLE V BENEFITS SECTION 5.01--RETIREMENT SENEFITS. On a PaRicipant's Retirement Date, his Vested Accou�t shall be distributed to him according to the distribution of benefits provisions of Article VI and the provisions of the SMALL AMOUNTS SECTION of Article X. SECTION 5.02--DEATH BENEFfTS. If a Participant dies before his Annuity Starting Date, his Vested Account shall be distributed according to the distri6ution of benefrts provisio�s of Article VI and the provisions of the SMALL AMOUNTS SECTION of Article X. S�CTION 5.03--VESTED BENEFiTS. If an Inactive Participani's Vested Account is not payable under the SMALL AMOUNTS SECTION of Article X, he may eleci, but is not required, to receive a distribution of any part of his Vested Account after he has a Severance from Employment. A distribution under this paragraph shall be a retirement benefit and shall be distributed to the Participant according to the dist�ibution of benefits provisions of Article VI. A Participant may not elect to receive a distribution under the provisions of this section after he again becomes an Employee until he subsequently has a Severance from Employment and meets the requirements of this section. If an Inactive Participant does not receive an earlier distribution, upon his Retirement Date or death, his Vested Account shall be distributed according to the provisions of the RETiREMENT BENEFITS SECTION or the DEATH BENEFITS SECTION of this article. SECTI09V 5.04--WHEN BENEFfTS START. The Participant may elect to have benefits begin afier the later of his Normal Retirement Date or the date he has a Severa�ce from Employment, subject to the foUowing provisions of this section. The Participant shall make the eiection in writing. Such election must be made before his Normat Retirement Date or the clate he has a Severance from Empfoyment, if later. The Partidpant shall not elect a date for beginning benefits or a form of distribution that would result in a benefit payable when he dies which would be more than incidental within the meaning of governmental regulations. 6enefits sha(I begin 6y the ParticipanYs Required Beginuing Date, as defined in the DEFINITlONS SECTION of Article VII. RESTATEMENT JANUARY 1, 2008 23 ARTICLE V l6-10089) -3 oy i�i SECTION 5.05--WITHDRAWAL BENEFITS. A Participant may withdraw any part of his Vested Account resulting from Voluntary Contributions. A Participant may make such a withdrawal at any time. A request for withdrawal shall be made in such manner and in accordance with such rules as the Employer will prescribe for tfiis purpose (including by means of voice response or other electronic means under circumstances the Employer permits). Withdrawals shall be a retirement benefit and shall be distributed to the Participant according to the distribution of benefits provisions of Article VI. SECTION 5.06--LOANS TO PARTICIPANTS. Loans are not allowed under this Plan. SECTIQN 5.07--DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. Distribution of a portion or all of a Participant`s Account shall be permitted to be made to an Alternate Payee ot the Participant (instead of to the Participant) pursuani to a qualified domestic relations order. For purposes of tfiis Pian, a qualified domestic relations order is a court order for division of marital property that satisfies the requirements of Section 518.58 of Minnesota Statutes, including Subd. 4(a) of that section concerning the division of marital property that represents pension plan benefits or rights in the form of future pension plan payments. Such distribution may be made to the Atternate Payee prior to the ParticipanYs Severance from Empioyment, if such an order so provides. Nothing in this section shali permit a Participant to receive a distribution at a time oYherwise not permitted under the Pfan nor shall it permit the Aiternate Payee to receive a form of payment not permitted under the Plan. The benefit payable to an Alternate Payee shall be subject to the provisions of the SMALL AMOUNTS SECT(ON of Article X if the value of the benefit does not exceed 51,000. The Plan shall make payments or distributions required under this section by separate benefit checks or other separate distribution to the Alternate Payee(s). RESTATEMENT JANUARY 1, 2008 24 ARTICLE V(6-70089) 3 ����dr ARTICLE VI DISTRIBUTION OF BEIVEFITS SECTfON 6.01-- FORMS OF DISTRIBUTIOIV. (a) Retirement Benefits The forms of retirement 6enefit available shall be the following: a fixed period instaflment option and a fixed payment installment option. A single sum payment is also available. The fixed period instaliment option is an optional form of benefit under which the Participant elects to receive substantially equal annual payments over a fixed period of whole years. The annual payment may be paid in annual, semi-annual, quarterly, or monthly installments as elected by the Pariicipant. The Participant may elect to receive additional payments. The fixed payment installment option is an optional form of benefit under which the Participant elects to receive a specified dollar amount each year. The annual payment may be paid in annual, semi-annual, quarterly, or monthlY installments as elected by the Participant. The Participant may elect to receive additional payments. Under the installment options the amount payable in the Participant's first Distribution Cale�dar Year, as defined in the DEFINITfONS SECTION of Article VII, must satisfy the minimum distribution requirements of Article VII for such year. Distributions for later pistribution Calendar Years must satisfy the minimum distribution requirements of Article VII for such years. If the ParticipanYs Annuity Starting Date does not occur untii his second Distribution Calendar Year, the amount payable for such year must satisfy the minimum distribution requirements of Article VII for both the first and second Distribution Calendar Years. Election of a form of benefit is subjeci to the election provisions of the ELECTION PROCEDURES SECTION of this article and the distribution requirements of Article VII. Any annuity contract distributed shail be nontrensferable. (b) Death Benefits The forms of death benefit available are a single sum payment and any other form of retirement benefit. Election of a form of benefit is subject to the election provisions of the ELECTION PROCEDURES SECTION of this article and the distribution requirements of Article VII. SECTION 6.02--SPECIAL DEATH BENEFIT. Notwithstanding any other provision of the Plan ro the contrary, if a Participant dies while employed as an Employee, the death benefit payable to his Beneficiary shaN be provided by combinfng the balance available to the Participant in his Account and term lite insurance such that the total death benefit is 18 times the ParticipanYs monthly Compensatio� at time of death. Such term life insurance shall be purchased by the Trustee as provided in flrticle IV. RESTATEMENT JANUARY 1, 2008 25 ARTICLE VI (6-10089) -3 G� �di SECTION 6.03--ELECTlON PROCEDURES. The Participant or Beneficiary shall make any election under this section in writing. The Administrator may require such individual to complete and sign any necessary documents as to the provisions to be made. Any election permitted under (a) and (b) below shall be subject to the election provisions of (c) below. ta) Retirement 6enefits. A Participant may elect his Beneficiary and may elect to have retirement 6enefits distributed under any of the forms of retirement benefit available in the FORMS OF DISTRIBUTION SECTION of this articte. (b) Death Benefits. A Participant may elect his Beneficiary and may elect to fiave death benefits distributed under any of the forms of death benefit available in the FORMS OF DISTRIBUTION SECTION of this article. If the Psrticipant has not elected a form ot disYribution for the death benetiY payable to his Beneficiary, the Beneficiary may, for fiis own benefit, elect the form of distribution, in (ike manner as a Participant. (c) Election. The Participant or Beneficiary may make an election at any time during the election period. The Participant or Beneficiary may revoke the election made (or make a new election) at any time and any number of times during the election period. (1) Election Period for Retirement Benefits The Participant may make an election as to retirement benefits at any time before the Annuity Starting Date. (2) Election Period for Deatfi Benefits. A Participant may make an election as to deatF� benefits at any time betore he dies. The Beneticiary's election period begins on the date the Participant dies and ends on the date benefits begin. RESTATEMENT JANUARY 1, 2008 26 ARTICLE VI (6-10089) -3 dy�d,r ARTICLE Vfl REQUIRED M1NIMUM DISTRIBUTIONS SECTION 7.01--APPLICATION. The optional forms of distribution are only those provided in Article VI. An optional form of distribution shall �ot be permitted unless it meets the requiremenis of this article. The timing of any distribution must meet the requireme�ts of this article. SECTION 7.02--DEFINITIONS. For purposes of this article, the following terms are defined; Designated Beneficiary means the individual who is designated by the ParticipaM (or the Participant's surviving spouse) as the Beneficiary of the ParticipanYS interest under the Pian and who is the desig�ated heneficiary under Code Section 401(a)(9) and section 7.401(a)(9l-4 of the regulations. Distribution Calendar Year means a calendar year for which a minimum distribution is required. For distributions beginning before the Participant's death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year that contains the ParticipanYs Required Beginning Date. For distri6utions 6eginning after the Participant's death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under {b}t2) of the REQUfRED MINIMUM DISTRIBUTIONS SECTION of this article. The required minimum distribution for the ParticipanYs first Distribution Calendar Year will be made on or before the ParticipanYs Required Beginning Date. The required minimum distribution for other Distribution Caiendar Years, including the required minimum distribution for the Distriaution Calendar Year in which the Participant's Required Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year. Life Expectancy means life expectancy as computed by use of the Single Life Table in Q&A-1 in section 1.4071a)i9) of the regulations. Participant's Accoum Balance means the Account balance as of the last Valuation Date in the calendar year immediately preceding the Distribution Calendar Year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeiiures allocated to the Account as of dates ir the valuation calendar year afier the Valuation Date and decreased by distributions made in the valuation calendar year after the VaWation Date. The Account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year. Required Beainning Date means, for a Participant, the April 1 of the calendar year foliowing the later of the calendar year in which he attains age 70 1!2 or the calendar year in which he retires. RESTATEMENT JANUARY 1, 2008 27 ARTICLE VII (6-10089) -3 1�9 iei SECTION 7.03--REQUIRED MINIMUM DISTR(BUTIONS. (af General Rules. (7 � The requirements of this artic(e shall apply to any distribution of a ParticipanYs interest and will take precedence over any inconsistent provisio�s of this Plan. Unless otherwise specified, the provisions of this article apply to calendar years beginning afier December 31, 2002. (2) All distributions required under this article shall be determined and made in accordance with the regulations under Code Section 401(ai(9) and the minimum distnbuYion incidental benefit requirement of Code Section 401(a)(9)(G). (bf Time and Manner of Distribution (1) Required Begi�ning Date. The ParticipanYs entfre interest wilf be distributed, or begin to be distributed, to the Participant no later than the ParticipanYs Required Beginning Date. (2) Death of Participant Before Distributions Be in. If the Participant dies before distributions begin, the Participant's entire interest will be distributed, or begin to be distributed, no later than as follows: (i} If the Participant's surviving spouse is the ParticipanYs sole Designated Beneficiary, then distribuYions to the surviving spouse will begin by December 37 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the ParticipanT would have attained age 70 1(2, if tater, except to the extent that an election is made to receive distributions in accordance with the 5-year rule under (e) below. Under the 5-year rule, the ParticipanYs entire interest will be distributed to the Designated Beneficiary by December 37 of the calendar year containing xhe fifth anniversary of the ParticipanYs death. (ii1 If the ParticipanYs surviving spouse is not the ParticipanYs sole Designated Beneficiary, then distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, except to the extent that a❑ election is made to receive distributions in accordance with the 5-year rule under (e) below. Under the 5-year rule, the PaKicipanYs entire interest wilf be disiributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the ParticipanYs death. (iii) If there is no Designated Beneficiary as of September 30 of the year following the year of the ParticipanYs death, the Participant's e�tire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the ParticipanYs death. (iv) If the ParticipanYs surviving spouse is the Participant's sole Designated Beneficiary and the surviving spouse dies after the Participant but before distributions to the RESTATEMENT JANUARY 1, 2008 28 ART(CLE V(f (6-10089} -3 1��dr surviving spouse are required to begin, this (61(21, other than (b)(2!(i2, will apply as if the surviving spouse were tfie Participant. For purposes of this (b)(2) and (d) below, unless (b)(2)(iv) above applies, distributions are considered to begin on the Participant's Required Beginning Date. If {b)(2�(iv) above applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under (b)(2)(i) above. If distributions under an annuity purchased from an insurance compa�y irrevocably commence to the Participant before tfie Participant's Required Beginning Date (or to the Participant's surviving spouse before the date distributions are required to begin to the surviving spouse under �b)12)�i) above), the date distributions are considered to begin is the date distributions actually commence. (3) Forms of Distribution. Unless the ParticipanYs interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Oate, as of the first Distribution Calendar Year distributions will be made in accordance with (cy and (d) below. If the ParticipanYs interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Code Section 401(a�(9! and the regulations thereunder. (c) Required Minimum Distributions During Participant's Lifetime. (1) Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the Participant's lifetime, the minimum amount that will be distributed for each Distribution Calendar Year is the lesser of: (i) the quotient obtained by divtding the ParticipanYs Account Balance by the distribution period in the Uniform Lifetime Table set forth in Q&A-2 in section 1.401(a)(9)-9 of the regulations, using the Participant's age as of the ParticipanYs birthday in the Distribution Calendar Year; or (iil if the Participa�Ys sole Designated Beneficiary for the Distribution Calendar Year is the ParticipanYs spouse, the quotient obtained by dividing the Participant's Account Balance by the number in the Joint and Last Survivor Table set forth in Q&A-3 in section 1.401(a)(9l-9 of the regulations, using the Participant's and spouse's attained ages as of the Participart's and spouse's birthdays in the Distribution Calendar Year. (2) Lifetime Requi�ed Minimum Dist�ibutions Continue Throuqh Year of Participant's Death. Required minimum distributions will be determined under this (c) beginning with the first Distribution Calendar Year and continuing up to, and including, the Distribution Calendar Year that includes the ParticipanYs date of death. RESTATEMENT JANUARY 1, 2008 29 ARTICLE VIl (6-10089) -3 dy i�i (d) Required Minimum Distributions After ParticipanYs Death. (1) DeaYh On or After Date Distributions Begin. {i) Participant Survived bv Desiqnated Beneficiary. If the Participant dies on or after the date distributions begin and there is a Designated Beneficiary, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the ParticipanYs death is the quotient obtained by dividing the ParticipanY's Account Batance by the longer of the remaining tife Expectancy of the Participant or the remaining Life Expectancy of the ParticipanYs Designated Beneficiary, determined as follows: A. The ParticipanYs remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. B. If the ParticipanYs surviving spouse is the ParticipanYs sole Designated Beneficiary, the remaining Life Expectancy of the surviving spouse is calculated for each Distribution Calendar Year after the year of the PaRicipanYs death using the surviving spouse's age as of the spouse's birthday in that year. For Distribution Calendar Years after the year of tfie surviving spouse's death, the remaining Life Expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse's birthday in the calendar year of the spouse's death, reduced 6y one for each su6sequent calendar year. C. If the Partfcipant's surviving spouse is not the ParticipanYs sole Designated Beneficiary, the Designated Beneticiary's remaining Life Expeciancy is calculated using the age of the Beneficiary in the year fallowing the year of the Participa�Ys death, reduced by one for each subsequent year. tii) No Desipnated Beneficiarv. If the Participant dies on or after the date distributions begin and there is no Designated Beneficiary as of September 30 of the year after the year of the ParticipanYs death, the minimum amount thax will 6e distributed for each Distribution Calendar Year after the year of the Participant's death is the quotient obtained by dividing the ParticipanYs Account Balance by the ParticipanYs remaining Lite Expectancy calculated using the age of the Participant i� the year of death, reduced by one for each subsequent year. (2) Death Before Date Distributions Beqin. (i) Participant Survived bv Designated Beneficiary. ,If the Participant dies before the date distributions begin and there is a Designated Beneficiary, the minimum amount that will be distributed for each Distribution Catendar Year after the year of the ParticipanYs death is the quotient obtained by dividing the ParticipanYs Account Balance by the remaining Life Expectancy of the Participant's Designated Beneficiary, determined as provided in (d)(1) above, except to the extent that an election is made to receive distributions in accordance with the 5-year rule under RESTATEMENT JANUARY 1, 2008 30 ARTICLE VII (6-10089) -3 ���dr Ie) befow. Under the 5-year rule, the ParticipanYs entire interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the ParticipanYs death. 4��) No Desiqnated Beneficiary. If the Particlpant dies before the date distri6utions begin and there is no Designated Beneficiary as ot September 30 of the year following the year of the ParticipanYs death, dist;ibution of the Participant's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant's death. (iii) Death of Survivinq Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the ParticipanYs surviving spouse is the Participant`s sole Designated Beneficiary, and the surviving spouse dies before distributio�s are required to beg+n to the surviving spouse under (0)12)�i} above, this (d}(2) will apply as if the surviving spouse were the Participant. (e) Election of 5-year Rule. Participants or Beneficiaries may elect on an individual basis whether the 5-year rule in (b)(2} and (d)(2) above applies to distributions after the death of a Participant who has a Designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which the distribution would be required to begin under (b)12) above if no such election is made, or by September 30 of the calendar year which contains the fifth anniversary of the ParticipanYs (or, if applica6le, surviving spouse's) death. SECTION 7.04--TEFRA SEC710N 242(b)(2) ELECTIONS. (a) Notwithstanding the other requirements of this article, distribution on behalf of any Participant who has made a designation under section 242(b)�2) of the Tax Equity and Fiscal Responsibility Act (a section 242(bll2� election) may be made in accordance with all of the following requirements �regardless of when such distribution commences): (1) The distribution by the Plan is one that would not have disqualified such Plan under Code Section 401(a)19) as in effect prior to amendment by the Deficit Reduction Act of 1984. (2) The distribution is in accordance with a method of distribution designated by the Participant whose interest in the Plan is 6eing distributed or, if the Participant fs deceased, by a Beneficiary of such Participant. t3) Such designation was in writ�ng, was signed by the Participant or the Seneficiary, and was made before January 1, 1984. 14) The Participant had accrued a benefit under the Ptan as of December 31, 1983. (5) The method of distribution designated by the Participant or the Beneficiary specifies the time at which distribution will commence, the period over which distributions will be made, and in the case of any distribution upon the ParticipanYs death, the Beneficiaries of the Participant listed in order of priority. RESTATEMENT JANUARY 1, 2008 31 ARTICLE VIl f6-10089) -3 �qier (b) A distribution upon death will not be covered by this trensitional rule unless the information in the designation contains the required information described above with respect to the distributions to be made upon the death of the Participant. (c) For any distribution which commences before January 1, 1984, but continues after December 31, 1983, the Participant, or the Beneficiary, to whom such distribuYion is being made, wili be presumed to have designated the method of distribution unde[ which the distribution is being made if the method of distribution was specified in writing and the disYribution satisfies the requirements in (a)(1} and (5) above. (d1 If a designation is revoked, any subsequent distrib�tion must satisfy the requirements of Code Section 401(a)(9) and the regulations thereunder. If a designation is revoked subsequent to the date distributions are required to 6egin, the Plan must distribute by the end of Yhe catendar year following the calendar year in which the revocation occurs the total amount not yet distributed which would have been required to fiave been disYributed to satisfy Code Section 401(a)(9) and the regulations thereunder, but for the section 242(b)(2) election. For calendar years beginning after December 31, 1988, such distributions must meet the minimum distribution incideniat benefit requirements. Any changes in the designation wiil be considered to be a revocation of the designation. However, the mere substitution or addition of another Beneficiary (one not named in the designation) under the designation wi�l not be considered to be a revocation of the designation, so long as such substitution or addition does not alter the period over which distributions are to be made under the designation, directiy or indirectly (for example, by altering the relevant measuring life). (e) In the case in which an amount is transferred or rolled over from one plan to another plan, the rules in Q&A-14 and Q&A-15 in section 1.401(a)(9)-8 of the regulations shall apply. SECTION 7.05--TRANSITION RULES. To the eutent the Plan was effective before 2003, required minimum distributions were made pursuanY to the TEFRA SECT(ON 242(b)f2) ELECTIONS SECTION of this article and ta) and (b) below: (a) 2000 and Before. Required minimum distributions for catendar years after 1984 and before 2601 were made in accordance with Code Section 407�a)�9) and the proposed regulations thereunder pubiished in the Federai Register on July 27, 1987 (the 1987 Proposed Regulations). (b) 2001 and 2002. Required minimum distributions for calendar years 2001 and 2002 were made pursuant to the proposed regulations under Code Section 407(a)19) published in the Federal Register on January 17, 2001 (the 2001 Proposed Regulations). Distributions were made in 2001 under the 1987 Proposed Regulations prior to June 14, 2001, and the special transition rule in Announcement 2001-82, 2001-2 C.B. 123, applied. RESTATEMENT JANUARY 7, 2008 32 ARTICLE VII (B-10089) -3. d� idr ARTICLE VIII TERMiNAT10N OF THE PLAN The Employer expects to continue the Plan indefinitely but reserves the right to terminate the Plan in whole or in part at any time upon giving written notice to all parties concerned. The Account of each Participant shall be 100% vested and �onforfeitable as of the effective date of complete termination of the Plan. The Account of each Participant who +s included in the group of Part+cipants deemed to be atfected by the partial termination of the Plan shall be 100% vested and nonforfeitable as of the eftective date of the partial termination of the Plan. The Participant's Vested Account shall continue to participate in the earnings credited, expenses charged, and any appreciaYion or depreciation of the Investment Fund untii his Vested Account is distributed. A ParticipanYs Vested Account may be distributed to the Participant after the effective date of the complete termination of the Plan. A distribution under this article shall be a retirement benefit and shall be distri6uted to the Participant according to the provisions of Article VI. However, the fixed period and fixed payment installment options shatl not be availabte. If a Participont or Beneficiary is receiving payments under the fixed penod or fixed payme�t instaliment option, the Vested Account shall be paid to such person in a singie sum. The ParticipanYs entire Vested Account shall be paid in a single sum to the Participant as of the effective date of complete termination of the Plan if the ParticipanYs Vested Account is 51,000 or less. This is a small amounts payment. The small amounts payment is in full settlement of all benefits otherwise payable. Upon complete termination of the Plan, no more Employees shall become Participants and no more Gontributions shall be made. The assets of this Plan shall not be paid to the Employer at any time, except that, after the satisfaction of all liabilities under the Plan, any assets remaining may be paid to the Employer. The payment may not be made if it would contravene any provision of iaw. RESTATEMENT JANUARY 1, 2008 33 ARTICLE VIII (6-100891 -3 �� ioi ARTICLE IX ADMINISTRATION OF THE PLAN SECTION 9.01--ESTABLISHMENT OF ADMINISTRATIVE COMMITTEE. The Administrative Committee shall co�sist of five members appointed as tollows: (a) The board of commissioners of PHA shall appoint one member who has been nominated by Local 132. If a nomination by the Local is not timely made, nomination will be made by an election by PHA Employees currently or formerly covered who are Participants. (b) The PHA board of commissioners shall appoint one member on its own nomination. (c) The board of commissioners of the PHA shall appoint one member who has been nominated through election by administrative employees who currently or formerly held positions covered by Local 1854 (AFSCME) or by Personnel Policies for Supervisory and Confidential Employees. (d) The Saint Paul City Council of the City shall appoint one member on its own nomination. (e) The Saint Paul City Council of the City shall appoint one member who has been nominated by election by Participants who are current or were former City Employees. Each member of the Administrative Committee shall serve a three-year term. SECTION 9.02--ADMINISTRATION. Subject to the provisions of this article, the Administrator has complete control of the administration of the Pian. The Administretive Committee has a(( the powers necessary for it to properiy carry out its administrative duties. Not in limitation, 6ut in amplification of the foregoing, the Administrative Committee has complete discretion to construe or interpret the provisions of the Plan, including ambiguous provisions, if any, and to determine all questions that may arise under the Plan, including all questions relating to the eligibility of Employees to participate in the Plan and xhe amount of benefit to which any Participant or Beneficiary may become entitfed. The Administrative Committee's decisions upon all matters within the scope of its autfiority shall be final. Unless otherwise set out in the Plan or Annuity Contract, the Administrative Committee may delegate recordkeeping and other duties which are necessary to assist it with the administration of the Pian to any person or firm which agrees to accept such duties, The Administrative Committee shafl be entitled to rely upon all tables, vaivations, certificates and reports furnished by the consultant or actuary appointed by the Administrative Committee and upon all opinions given by any counsel selec;ed or approved by the Administrative Committee. In addition to whatever rights of indemnification the members of the Administrative Committee or any Employee of PHA or the City to whom a�y power, authority, or responsibility is delegated pursuant to this section, may be entitled under the organizational authority or regulations of PHA or the City, under any RESTATEMENT JANUARY 1, 2008 34 ARTICLE IX (6-70089i -3 �iie� provision of law, or under any other agreement, PHA and the City shall satisfy any liability actually and reasonably incurred by any such person or persons, including expenses, attorneys' fees, judgments, fines, and amounts paid in settlement (oiher than amounts paid in settiement noi approved by PHA and the Gity), in connection with any threatened, pending or completed action, suit, or proceeding which is related to the exercising or fail�re to exercise by sucfi person or persons of any of the powers, authority, responsibilities, os discretion as provided under the Plan, or reasonably believed by such person or persons to be provided hereunder, and any action taken hy such person or persons in connection therewith, unless the same is judiciaNy determined to be the result of such person or persons' gross negligence or willfuV misconduct. Any act authorized, permitted, or required to be taken under the Plan by the Administrator and which has not been delegated may be taken by a majority of the members of the Administrative Committee, either by vote at a meeting, or in writing without a meeting, or by the Employee or Employees of PHA or the City designated by the Administrative Committee to carry out such acts on behalf of the Administrator. AN notices, advice, directions, certifications, approvals, and instructions required or authorized to be given by the Admi�istrator as under the Pla� shatl be in writing and signed by either (i) a majority of the members of the Administrative Committee or by such member of inembers as may be designated by an instrument in writing, signed by the member or members thereof, as having authority to execute such documents on its behalf, or (ii) the Employee or Employees authorized to act for the Administrator in accordance with the provisions of this section. The Administrator shall receive all claims for benefits by Participants, former Participant and Beneficiaries. The Administrator shall determine all tacts necessary to establish the right of any claimant to benefits and the amount ot those benefits under the provisions of the Plan. The Administrator may establish rules and procedures to be foliowed by claimants in fiiing claims for benefits, in fiurnishing and verifying proofs necessary to determine age, and in any other matters required to administer the Plan. SECTION 9.03--EXPENSES. Expenses of the Plan, to the extent that the Administrative Committee does not pay such expenses, may be paid out of the assets of the Plan provided that such payment is consistent with any law to which the Plan is subject. Such expenses include, but are not limited to, expenses for recordkeeping and other administrative services; fees and expenses of the Trustee or Annuity Contract; expenses for investment education service; and direct costs that the Administrative Committee incurs with respect to the Plan. Expenses that relate solely to a specific Participant or Alternate Payee may be assessed against such Participant or Alternate Payee as provided in the service and expense agreement or such other documents duly entered into by or with regard to the Plan that govern such matters. SECTION 9.04--RECORDS. All acts and determinations of the Administrator shall be duly recorded. All these records, together with other documents necessary for the administration ot the Plan, shall be preserved in the Administrative Committee's custody. Writing Ihandwriting, typing, printing), photostating, photogrephing, microfilming, magnetic impulse, mechanical or electrical recording, or other forms of data compilation shall 6e acceptable means of keeping records. RESTATEMENT JANUARY 1, 2008 35 ARTICLE IX (6-t00S9) -3 �s ior SECTION 9.05--EXERCISE OF DiSCRETiONARY AUTHORITY. The Administrative Committee and any other person or entity who has authority with respect to the management, administration, or investment of the Plan may exercise that authority in its/his full discretion, subject only to the duties imposed under any law to which the Pian is subject. This discretionary authority includes, 6ut is not limited to, the authority to make any and all factual determinations and interpret all terms and provisions of the Plan documents relevant to the issue under consideration. The exercise of authority will be binding upon ali persons; wili be given deference in ail courts of law to the greatest extent allowed under law; and will not be overturned or set aside by any court of law unless found to be arbiYrary and capricious or made in bad faith. SECTION 9.06--TRANSACTION PROCESSING. Transactions (including, but not limited to, investment directions, trades, and distributions� shall be processed as soon as administratively practicable after proper directions are received from the Participant or other parties. No guarantee is made by the Plan, Trustee, Insurer, or Administretive Commit[ee that such transactions will be processed on a dafly or other basis, and no guarantee is made in any respect regarding the Froce;sing time of such transaciions. Notwithstanding any other provision of the Plan, the Administrative Committee, or the Trustee reserves the right to not value an investment option on any given Valuation DaYe for any reason deemed appropriate by the Administrative Committee, or the Trustee. Administrative practicafity will be determined by legitimate business factors (including, but not limited to, failure of systems or computer programs, tailure ot the means of the transmission of data, force majeure, the failure of a service provider to time(y receive values or prices, and correction for errors or omissions or the errors or omissions of any service provider) and in no event will be deemed to be less than 14 days. The processing date of a transaction shali be binding for afi purposes of the Plan and considered the applicabie Valuation Date for any transaction. RESTATEMENT JANUARY 7, 2008 36 ARTICLE IX (6-70089) -3 �� idi ARTICLE X GENERAL PROVISIONS SECTION 10.01--AMENDMENTS. The Employers may amend th+s Plan at any time, including any remedial retroactive changes {within the time speclfied by Internal Revenue Service regulations), to comply with any law or regulation issued by any governmental agency to which the Plan is su6ject. Any such amendment shalf 6e 6y written instrument executed by those person�s) authorized by the governing bodies of the Empioyers to execute such documents on behalf of the Employers. The Employers may correct obvious and unambiguous typogrephical errors and cross references that merely correct a reference but that do not in any way change the original intended meaning of the provisions, An amendment may not allow reversion or diversion ot Plan assets to the Employer at any time, except as may be required to comply with any law or regulation issued by any governmental agency to which the Pla� is subject. Mo�eover, no such amendment may change the rights, powers, and duties of the Trustees without the Trustees' co�sent. SECTION 10.Q2--DIRECT RQLLOVERS. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee's election under this section, a Distributee may elect, at the time and in the manner prescribed by the Administrative Committee, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Pfan specified by the Distributee in a Direct Rollover. In the event of a mandatory disYribut+on of an Eligible Rollover Distribution greater than 51,000 in accordance with the small amounts payment provisions of Article VIII, if the Participant does not elect to have such distribution paid directly to an Eligible Retirement Plan specified by the Participant in a Direct Rollover or to receive the distribution directly in accordance with this section, the Administrator wili pay the distribution in a Direct Rollover to an individual retirement plan designated by the Administrator. In the event of any other Eligible Rollover Distribution to a Distributee in accordance with the SMALL AMOUNTS SECTION of this article (or which is a small amounts payment under Article VIII at complete termination of the Plan), if the Distributee does not elect to have such distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover or to receive the distribution directly, the Administrator will pay the distribution to the Distributee. SECTION 10.03--PROVISIONS RELATING TO THE INSURER AND OTHER PARTIES. The obligations of an Insurer shali be governed solely by the provisions of the Annuity Contract. The Insurer shall not be required to perform any act not provided in or contrary to the provisions of the Annuity Contract, Each Annuity Contract when purchased shall comply with the Plan. See the CONSTRUCTION SECTION of this article. RESTATEMENT JANUARY 1, 2008 37 ARTICLE X(6-100B9) -3 0�-i4/ Any issuer or distributor of investment contracts or securities is governed solely by the terms of iis policies, written investment contract, prospectuses, security instrumenis, and any other written agreemenYs entered into with the Trustee witfi regard to such investment contracts or securities. Such Insurer, issuer or distributor is not a party to the Plan, nor bound in any way by the Pfan provisions. Such parties shall not be required to look to the terms of this Plan, nor to determine whether the Employer, the Administrator, or the Trustee have the authority to act in any particutar manner or to make any contract or agreement. Until notice of any amendment or termination of this Plan or a change in Trustee has been received by the Insurer at its home office or an issuer or distributor at their principal address, tfiey are and shall be fuily protected in assuming that the Plan has not bee� amended or terminated and in dealing with any party acting as Trustee according to the latest information which they have received at their home office or principal address. SECTION 70.04--EMPLOYMENT STATUS. Nothing contained in this Plan gives an Employee the right to be retained in the Employer's employ or to interfere with the Empioyer's right to discharge any Employee. SECTION 10.05--RtGiiTS TO PLAN ASSETS. An Employee shall not have any right to or interest in any assets of the Plan upon termination of employment or oYherwise except as specifically provided under this Plan, and then only to the extent of the benefits payable to such Employee according to the Plan provisions, Any final payment or distribution to a Participant or his legal representative or to any Beneficiaries of such Participant under the Plan provisions shall be in full satisfaction of a!I claims against the Plart, the Insurer, the Trustee, and the Administrative Committee arising under or by vircue of the Plan. SECTION 10.06--BENEFICIARY. Each Participant may name a Beneficiary to receive any death benefit that may arise out of his participation in the Pian. The Participant may change his Beneficiary from time to time. The Parcicipa�Ys Beneficiary designation and any change of Beneficiary shall be subject to the provisions of the ELECTION PROCEDURES SECTION of Article VI. It is the responsibility of the Participant to give written notice to the Administrative Committee of the name of the Beneficiary on a form furnished for that purpose. The Administrative Committee shall maintain records of Beneficiary designations for Participa�ts betore their Retirement Dates. However, the Administrative Committee may delegate to another party the responsibility of maintaining records of Beneficiary designations. In that event, the written designations made by Participants shall be filed with such other party. it a party other than the Insurer maintains the records of Beneficiary designations and a Participant dies before his Retirement Date, such other party shall certify to the Insurer the Beneficiary designation on its records tor the Participant. RESTATEMENT JANUARY 1, 2008 38 ARTICLE X(6-10089) 3 /l9idi If there is no Beneficiary named or surviving when a Participant dies, the Participant's Beneficiary shall be the person or persons surviving him in the fopowing classes in which there is a survivor. (i) First, his surviving spouse; 1ii) Then his surviving children in equa( shares; provided that if a child dies before the Participant, the issue of such child shall take by the right of representation the share his parent would have received; (iii) Then the Participant's surviving parents in equal shares; �iv) Then the Participant's surviving brothers and sisters in equai shares; (v� Or then, the Participant's estate. SECTION 70.07--CONSTRUCTION. The validity of the Plan or any of its provisions is determined under and construed according to Federal law and, to the extent permi,si6le, according to the faws of the State of Minnesota. In case any provision of this Plan is held illegaf or invalid for any reason, such determination shatl not affect the �emaining provisions of this Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included. In the event of any conflict between the provisions of the Plan and the terms of any Annuity Contract issued hereunder, the provisions of the Plan control, SECTION 10.08--LEGAL ACTIONS. No person employed by the Employer, no Participant, former Participant, or their Beneficiaries; nor any ocher person having or claiming to have an interest in the Plan is entitled to any notice of process. A final judgment entered in any such action or proceeding shall be binding and conclusive on all persons having or claiming to have an interest i� the Plan. SECTION 10.09--WITHHOLDING. The Trustee shall withhofd any tax which by an prese�t or future law is required to be withheld, and wfiich the Administrator notifies the Trustee in writing is to be so withheld, from any payment to any Participant or Beneficiary hereunder. SECTION 70.1Q--BACK PAY AWARDS. The provisions of this section shall apply only to an Employee or former Employee who becomes entitled to back pay by an award or agreement of an Employer without cegard to mitigation of damages. If a person to whom this section applies was or would have become an Active Participant after such back pay award or agreement has been effected, then any 414(h) Contributions not previously made on his behalf but which, after application of the foregoing provisions of the section, would have been made under Yhe provisions of the 414(h) CONTRIBUTIONS SECTION of Article III and any Voluntary Contributions which the Participant had not previously made but which, after application of the foregoing provisions of this section, he would have made under the provisions of the VOLUNTARY CONTRIBUTIONS BY PARTICIPAN7S SECTfON of Articfe fll, sha11 be made out of the proceeds of such back pay award or agreement. In addition, if any such Employee or former Employee would have bee❑ eligible to participate in the allocation of Additional Contributions under the RESTATEMENT JANUARY 1, 2008 39 ARTICLE X(6-10089) -3 �� /d/ EMPLOYER CONTRIBUTIONS SECTION of Article I!I for any prior Plan Year atter such back pay award or agreement has been effected, his Employer shall make an Additional Contribution equaf to the amount of the Additional Contribution which would have been ailocated to such Participant under the provisions of the EMPLOYER CONTRIBUTIONS SECTION of Article III as in effect during each such Plan Year. The amounts of such additional Contributions shall be credited to the Account of such Participant. Any additional ConYributions made by such Participant or by an Empioyer pursuanY to this section shall be made in accordance with, and subject to the limitation of Yfie applicaBle provisions of Article III. SECTION 10.11--SMALL AMOUNTS. If the Vested Account of a Participant is &1,000 or less, his entire Vested Account shall be paid in a single sum as of the earliest of his Retirement Date, the date he dies, or the date he has a Severance from Employment for any other reason (the date the Employer provides notice to the record keeper of the Plan of such event, if later). If a Participant would have received a distribution under the firsY sentence of this paragraph but for the fact that the ParticipanYs Vested Account exceeded the small amount cash out limit, and if at a later time the Participant's Vested Account is equal to or Iess than the small amount cash out limit and such ParticipanT has not again become an Employee, such Vested Account shall be paid in a single sum. This is a small amo�nts payment. If a small amounts payment is made as of tfie date the Participant dies, the smalf amounts payment shall be made to the ParticipanYs Beneficiary. If a small amounts payment is made while the Participant is living, the small amounts payment shall be made to the Participant. The smalt amounts payment is in full setttemeni of ail benefits otherwise payable. No otfier smail amounYS payments shalt be made. SECTION 10.12--WORD USAGE. The masculine gender, where used in this Plan, shail include the feminine gender and the singular words, where used in this Plan, shall include the plural, unless the context indicates otherwise. The words "in writing" and "written," where used in this Plan, shall include any other forms, such as voice response or other electronic system, as permitted by any governmental agency to which the Plan is subject. SECTION 10.13--MILITARY SERVICE. Notwithstanding any provision of this Pian to the contrary, the Pian shali provide contributions, benefits, and service credit with respect to qualified military service in accordance with Code Section 414(u). SECTION 10.14--INABILITY TO LOCATE PAYEE. It any benefit becomes payable to any person, or to the executor or administrator of any deceased person, and if that person or his executor or administrator does not present himseif to the Administrator within a reasonable period after the Administrator mails written notice of his eligibility to receive a distribution heraunder to his last known address and makes such other reasonable and diligent efforcs to locate the person as the Administrator determines, that benefit will be forfeited. However, if the payee later files a claim for that RESTATEMENT JANUARY 1, 2008 40 ARTICLE X(6-10089) -3 d��d/ benefit, the benefit will be restored by the Administrator, using Forfeitures, fees, and associated income as a source of funds. SECTION 10.15--REEMPLOYMENT OF A PARTICIPANT. If a Participant whose Severance from Employment has occurred is reemployed by an Employer, he shall lose the right to a previously forfeited portion of the Additional Contributio� and to any distri6ution or further distributions from the Trust arising from his prior Severance from Employment and his interest in the Trust shaii thereafter be treated in the same manner as that of any other Participani who has not had a Severance from Employment. SECTION 10.16--FACfLITY OF PAYMENT. If the Administrative Committee finds that any individual to whom an amount is payable hereunder is i�capable of attending to his financial affairs because of any mental or physical condition, i�cluding the infirmities of advanced age, such amount lunless prior claim therefore shali have been made by a duly qualified guardian or other legal representative� may, in the discretion of the Administretive Committee, be paid to another person for the use or benefit of the individual found incapable or attending to the individual's financial affairs or in satisfaction of legal obligations incurred by or on behalf of such individual. The Trustee shall make such payment only upon receipt of written instructions to such effect from the Administrative Committee. Any such payment shall be charged to the Account from which any such payment would have otherwise have been paid to the individual found incapable of attending to the individual's financial affairs and shall be a complete discharge of any liability therefore under the Plan. RESTATEMENT JANUARY 1, 2008 41 ARTICLE X(6-10089) -3 ��i�i By executing tfiis Plan, the Employers acknowledge having counseled to the extent necessary with selected legal and tax advisors regarding the Plan's legal and tax implications. Executed this day of CITY OF SAINT PAUL, MINNESOTA By: Title PUBLIC HOUSING AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA By: Title Defined Cantribution Plan CL2007 RESTATEMENT JANUARY 1, 2008 42 PLAN EXECUTION (6-10089) -3 Subtype 110298 EGTRRA List of Master and Prototype (M&P) and Volume Submitter (VS) Plans Page 1 of 2 �9 idr EGTRRA List of Master and Prototype (M&P) and Volume Submitter (VS) Pians 1. List for Defioed Contributio�lans submitted on or after February 17, 2005 fior filing under Revenue Procedure 2005-16. 2. tist for deiined Senefit nlans submitted on or after February 1, 2007 for filing under Revenue Procedure 2005- 16. Qualified plans must be restated for �GTRRA and other items identified on the Cumulative List for each respective cycle by the end of their 5-year cycle (individualj or 6-year cycle (pre-approved). For an individually designed plan, the EGTRRA remedial amendment period generally ends on the last day of the plan's initial applicable 5-year remedial amendment cycle as provided for in section 12.01 of Revenue Procedure 2007-44 (e.g., for a cycle A plan January 31, 2007). For an adopting employer of an M&P or VS plan, the EGTRRA remedial amendment period is generally the end of the ini!ial applicable 6-year remedial amendment cycle as provided for in section 18.01 of Revenue Procedure 2007- 44, or if earlier, the end of the announced period (approximately a two year window) for adopting employers to adopt the final approved version ofi the pre-approved plan. In general, Rev. Proc. 2007-44 provides that employers who adopt, or certify their intent to adopt, a timely-submitted M&P plan or VS specimen plan by the end of their respective individual 5-year cycle will have until the end of the 2- year window to be announced by the Service upon ihe issuance oE opinion and advisory letters, to adopt the final approved version of the pre-approved p1an. For example, in Announcement 2008-23 the Service announced that opinion and advisory Ietters for pre-approved defined contribution plans would be issued on March 31, 2008, and adopting employers using these pre-approved plan documents to restate a plan for EGTRRA will have until April 30, 2610 to adopt the EGTRRA-approved ptan document. Announcement 2008-23 also noted that the end of the plan's remedial amendment cycle for such employers with respect to EG7RRA and the changes in plan qualification requirements on the 2004 Cumulative List is April 30, 2010. The Service has prepared a separate list of defined contribution, and defined benefit M&P and VS plans to assist employers in determining the expiraiion of their EGTRRA remedial amendmeM period. These lists contain the M�P and VS plans that were submitted to the Service For EGTRRA opinion or advisory letters beginning 2-17-05 for defined contribution plans, and for defined benefit plans beginning 2-1-07, in accordance with filing procedures under Revenue Pracedure 2005-t6. See also Revenue Procedure 2�07-44 as modified by Fevenus Pcocedure 2008-56. The list includes the name of the M&P sponsor or VS practitioner, the file folder number (FFN) assigned to each plan, and the plan type of each plan submitted. The third digit of the FFN indicates the type of plan being approved as follows - a number 2 or 3, respectively, reflects a standardized or nonstandardized master and prototype plan, while a 5 or 6 depicts a volume submitter plan. The list also includes a letter serial numtrer (Isn) and date. Please note that virtually all of the opinion and advisory letters will be issued at the same time, thus at the date this list is fniYially +ssued it will not contain any Isns or dates. This list wilf be updated periodicalty. How to Use the List Step 1- If the employer has adopted, or certified Rs intent to adopt, an M&P or VS defined contribution or defirted benetit plan, verify that the name of the M&P plan sponsor or VS practitioner appears on the appropriate list. If the name does not appear on the list, or if the employer has neither adopted nor certified its intent to adopt an M&P or VS plan, the employer must restate its plan for EGTRRA and other items identified on the appficable Cumulative List by the end of their 5-year cycle (e.g., cycie A plans must amend for those items contained in the 2005 Cumulative List, Notice 2005-IQ1). Step 2- Determine if the M&P or VS plan that the employer has adopted, or certified its intent to adopt, has received http:/1www.irs.govhetirementlarticleiQ,id=164677,00.htm1 1f2212009 EGTRRA List of Master and Prototype (M&P) and Volume Submitter (VS) Plans �age � o� � 0'r-/!1/ an EGTRRA opinion or advisory letter. If so, the employer should adopt the EGTRRA approved plan or take other action as provided in section 77 of Rev. Proc. 2007-44, eviihin the time period described in Step 3, below. If the list does not indicate thai a letter has been issued or the application witfidrawn, tfien the application for an EGTRRA opinion or advisory letter is still pending (i.e., although virtually all of the pre-approved plans will be issued letters at the same time, there may be some applications still pending which will receive a letter with a later date). Sponsors receiving a later letter wili not be entitled to any extension of the 2-year window for employer adopfion to be announced 6y the Service. Step 3- The date by which the employer must adopt the EGTRRA approved M&P or VS plan, or take other permitted action to compiy with EGTRRA, is the end of the 2-year window announced by the Service. The term "EGTRRA" refers to the Economic Growth and Tax Relief Reconciliation Act of 2001. Pub. L. 107-16. Page Last Reviewed or Updated.• December O8, 2008 http://www.irs.gov/retiremenUarticle/0„id=164677,00.htrni 1/22/2009 �g i�i ACCE55 FINANCW. GROUP MC ACCESS FINANCW. GROUP INC ACCE55 FINPNCIAL GRWP INC ACCESS FINANCLLL GROUP INC ACCESSfWANCW.GROUPiNC ACCESS FINPNCVLL GROUG INC ACCESS RETIREMENi SERVIGES LLG ACCESS RETIREMENT SEfiNCES LLC ACCE55 RETiRFJNENT SERVICES LLC ACCESS REiIREMEN! 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