Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485APOS Van Eck Funds 117 573K
60: EX-27.1 ƒ Financial Data Schedule 2 21K
61: EX-27.2 Financial Data Schedule 2 21K
62: EX-27.3 Financial Data Schedule 2 21K
63: EX-27.4 Financial Data Schedule 2 21K
64: EX-27.5 Financial Data Schedule 2 21K
65: EX-27.6 Financial Data Schedule 2 21K
66: EX-27.7 Financial Data Schedule 2 21K
67: EX-27.8 Financial Data Schedule 2 21K
50: EX-99.10.10 Opinion of Goodwin, Proctor & Hoar-Class B Global 1 21K
Har
45: EX-99.10.2 Opinion of Goodwin, Proctor & Hoar W/Respect to 1 20K
Gold/
46: EX-99.10.4 Opinion of Goodwin, Proctor & Hoar-Int'L. 1 20K
Investors
47: EX-99.10.5 Opinion of Goodwin, Proctor & Hoar-Asia Dynasty 1 22K
Fund
48: EX-99.10.6 Opinion of Goodwin, Proctor & Hoar-Class B Asia 2± 22K
Dynas
49: EX-99.10.8 Opinion of Goodwin, Proctor & Hoar-Global Hard 1 21K
Assets
51: EX-99.11 Consent of Independent Accountants 1 19K
52: EX-99.14C Registrant's Form of Simplified Employee Plan 29 56K
53: EX-99.14D Amendments to the Retirement Plan for Self-Employe 88 175K
54: EX-99.15A2 Plan of Distribution W/Respect to Asia Dynasty Fun 7 38K
55: EX-99.15A3 Plan of Distribution W/Respect to Class B-Asia Dyn 12 57K
56: EX-99.15A5 Plan of Distribution Pursuant to Rule 12B-1 Class 5 37K
C
57: EX-99.15A6 Plan of Distribution to Rule 12B-1 (Global Hard 3 22K
Ass
58: EX-99.15A8 Plan of Distribution Pursuant to Rule 12B-1 (Class 5 35K
B
59: EX-99.18 Power of Attorney 1 20K
2: EX-99.1A1 Master Trust Agreement 31 114K
3: EX-99.1A2 Amendment No. 1 to Master Trust Agreement 2 19K
4: EX-99.1A3 Amendment No. 2 to Master Trust Agreement 2 19K
5: EX-99.1A4 Amendment No. 3 to Master Trust Agreement 2 20K
6: EX-99.1A5 Amendment No. 4 to Master Trust Agreement 2 20K
7: EX-99.1A6 Amendment No. 5 to Master Trust Agreement 2 20K
8: EX-99.1A7 Amendment No. 6 to Master Trust Agreement 4 25K
9: EX-99.1A8 Amendment No. 7 to Master Trust Agreement 3 21K
10: EX-99.1B1 Amended and Restated Master Trust Agreement 35 128K
19: EX-99.1B10 Amendment No. 9 to Amended & Restated Master Trust 2 23K
Ag
11: EX-99.1B2 Amended and Restated Master Trust Agreement 3 22K
12: EX-99.1B3 Amendment No. 2 to Amended & Restated Master Trust 2 22K
Ag
13: EX-99.1B4 Amendment No. 3 to Amended & Restated Master Trust 2 23K
Ag
14: EX-99.1B5 Amendment No. 4 to Amended & Restated Master Trust 3 25K
Ag
15: EX-99.1B6 Amendment No. 5 to Amended & Restated Master Trust 5 31K
Ag
16: EX-99.1B7 Amendment No. 6 to Amended & Restated Master Trust 5 30K
Ag
17: EX-99.1B8 Amendment No. 7 to Amended & Restated Master Trust 2 23K
Ag
18: EX-99.1B9 Amendment No. 8 to Amended & Restated Master Trust 4 29K
Ag
20: EX-99.2 By-Laws of Van Eck Funds 7 34K
21: EX-99.5A Advisory Agreement 10 41K
22: EX-99.5B1 Letter Agreement to Add Gold/Resources Fund 2 20K
23: EX-99.5C Form of Advisory Agreement 7 37K
24: EX-99.5D Advisory Agreement Between Van Eck 9 39K
25: EX-99.5E2 Letter Agreement to Add Gold/Resources Fund & Inte 1 20K
26: EX-99.5F Advisory Agreement Between Van Eck Associates & in 11 46K
27: EX-99.5G Sub-Investment Advisory Agreement 9 54K
28: EX-99.6A Distribution Agreement 7 38K
29: EX-99.6B1 Letter Agreement to Add Gold/Resources Fund & U.S. 2 21K
Go
30: EX-99.6B3 Form of Van Eck Funds 1 20K
31: EX-99.6C2 Letter Agreement to Add Global Hard Assets Fund 1 20K
32: EX-99.6C3 Letter Agreement to Add Global Hard Assets Fund 1 20K
33: EX-99.6D Amendment to Form of Selling Group Agreement 4 39K
34: EX-99.6E Selling Group Agreement 7 38K
35: EX-99.7 Deferred Fee Agreement 3 32K
36: EX-99.8A Global Custody Agreement 22 93K
37: EX-99.8B Global Custody Agreement 22 92K
38: EX-99.9A Procedural Agreement Among Merrill Lynch Futures 54 124K
39: EX-99.9B Commodity Customer's Agreement 14± 65K
40: EX-99.9C Agreement & Plan of Redomicile & Reorganization 4 31K
41: EX-99.9D Form of Accounting & Administrative Services 6 39K
Agreeme
42: EX-99.9E Accounting & Administrative Services Agreement 9 43K
43: EX-99.9F2 Letter of Agreement to Add Gold/Resources Fund 3 23K
44: EX-99.9F3 Letter Agreement to Add Global Hard Assets Fund 1 20K
EX-99.14D — Amendments to the Retirement Plan for Self-Employe
EX-99.14D | 1st Page of 88 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
---|
INSTRUMENT OF AMENDMENT TO THE
RETIREMENT PLAN FOR SELF-EMPLOYED
INDIVIDUALS, PARTNERSHIPS AND CORPORATIONS
USING SHARES OF INTERNATIONAL
INVESTORS INCORPORATED OR THE VAN ECK FUNDS
-------------------------------------------
WHEREAS, Section 9.2 of the Retirement Plan for Self-Employed
Individuals, Partnerships and Corporations Using Shares of International
Investors Incorporated or the Van Eck Funds (the "Retirement Plan") delegates to
International Investors Incorporated the right to modify or amend the Retirement
Plan; and
WHEREAS, International Investors Incorporated desires to effect
certain amendments to conform the Retirement Plan (including its related
Adoption Agreements) to the requirements of the Tax Reform Act of 1986, the
Omnibus Budget Reconciliation Act of 1987, the Technical and Miscellaneous
Revenue Act of 1988 and other applicable law;
NOW THEREFORE, effective as of the dates set forth below,
International Investors Incorporated amends the Retirement Plan as follows:
1. The Retirement Plan shall be amended as set forth in that
"compared" draft of the Retirement Plan attached as Exhibit A hereto, so that
the Retirement Plan shall be amended and restated as set forth in Exhibit B
attached hereto. Such amendments and restatement shall,
except as set forth on the following schedule, be effective as of the first day
of the first Plan Year beginning after December 31, 1988:
Effective Dates for Amendments to Sections of the
Retirement Plan Which are Other Than the First
Plan Year Beginning After December 31, 1988
-----------------------------------------------
[Download Table]
Section Effective Date
------- --------------
5-1(c) January 1, 1985
2.11, 2.16,
4.2(c), 7, 8.2 January 1, 1987
2.24, 5.1(a) Plan Years beginning after December 31,
1987 for Participants with 1 or more Hours
of Service in such Plan Years
Name of plan, 2.12 November 1, 1989
2. Effective as of the first Plan Year beginning after December 31,
1988, the Profit Sharing Plan Adoption Agreement and the Money Purchase Plan
Adoption Agreement shall be amended and restated as set forth in Exhibit C
hereto.
3. The officers of International Investors Incorporated are
authorized to execute such documents, including amendments to the Retirement
Plan and trust thereunder, and to take any and all actions as any of such
officers may deem necessary and advisable to carry out the purpose of this and
the foregoing amendments.
IN WITNESS WHEREOF, International Investors Incorporated has duly
executed this Instrument as of the ______ day of ___________, 1990.
INTERNATIONAL INVESTORS INCORPORATED
By:___________________________________
John C. Van Eck, President
CONSENT
-------
Pursuant to Section 9 of the Retirement Plan, Investors Fiduciary
Trust Company hereby consents to the amendments set forth in the foregoing
Instrument of Amendment as of the ____ day of __________, 1990.
INVESTORS FIDUCIARY TRUST COMPANY
By: ____________________________
EXHIBIT B
Plan Document of the Retirement Plan for Self-Employed
Individuals, Partnerships and Corporations Using Shares of
INTERNATIONAL INVESTORS INCORPORATED OR THE VAN ECK FUNDS
SECTION 1. Purpose.
1.1 By executing the related Profit Sharing Plan or Money Purchase
Plan Adoption Agreement (the "Adoption Agreement"). The Employer has established
a retirement plan (the "Plan") under the Internal Revenue Code of 1986, as now
in effect or as hereafter amended, consisting of the Adoption Agreement, as
amended from time to time, and the following provisions of this Plan Document
and the Trust Agreement, in order to create a trust fund from which benefits
will be paid to eligible individuals or their beneficiaries. The corpus or
income of the Trust Fund may not be used for, or diverted to, purposes other
than for the exclusive benefit of Participants, Surviving Spouses or their
Beneficiaries.
SECTION 2. Definitions.
-----------
As used in the Plan and in the Trust Agreement adopted as a part
hereof, the following terms shall have the following meanings.
2.1 "Act" means the Employee Retirement Income Security Act of 1974,
as now in effect or as hereafter amended. All citations to sections of the Act
are to such sections as they may from time to time be amended or renumbered.
2.2 "Affiliate" means any entity affiliated with the Employer within
the meaning of Sections 414(b), 414(c) or 414(m) of the Code or the Regulations
under Section 414(o) of the code, except that for purposes of applying the
provisions of Sections 7 and 8 with respect to Top Heavy Plans and the
limitation on contributions, Section 415(h) of the Code shall also apply.
2.3 "Beneficiary" means the person designated by a Participant
pursuant to Section 5.5.
2.4 "Break in Service" means a twelve-month period during which the
Employee has failed to complete more than 500 Hours of Service. The Break in
Service computation period shall be identical to the Year of Service computation
period. Effective with respect to absences commencing on or after January 1,
1985, solely for purposes of determining whether a Break in Service has
occurred, an individual shall be credited with the Hours of Service which such
individual would have completed but for a maternity or paternity absence, or in
the case in which such Hours cannot be determined, 8 Hours of Service per day of
such absence, as determined by the Employer in accordance with the Code and
Regulations; provided, however, that the total Hours of Service so credited
shall not exceed 501 hours and that the individual timely provide the Employer
with such information as it shall require. Hours of Service credited for a
maternity or paternity absence shall be credited entirely (i) in the Plan
Year in which the absence began if such Hours of Service are necessary to
prevent a Break in Service in such year, or (ii) in the following Plan Year. For
purposes of this Section 2.4, maternity or paternity absence shall mean an
absence from work by reason of the individual's pregnancy, the birth of the
individual's child or the placement of a child with the individual in connection
with adoption of the child by such individual, or for purposes of caring for a
child for the period immediately following such birth or placement.
2.5 "Code" means the Internal Revenue Code of 1986, as now in effect
of an hereafter amended. All citations to sections of the Code are to such
sections as they may from time to time be amended or renumbered.
2.6 "Compensation" means, for a Plan Year, the first $200,000
(adjusted for cost-of-living and otherwise limited in accordance with Section
401(a)(17) of the Code) of compensation, as that term is defined in Section
415(c)(3) of the Code, received by an Employee (other than an Owner-Employee or
Partner-Employee) from the Employer for any during which he is a Participant,
and all wages subject to Social Security tax under Section 3101(a) of the Code
(without the limitation of Section 3121(a) of the Code) including basic salary
or wages, commissions, bonuses, and other extraordinary remuneration but not
including deferred compensation, amounts realized from the exercise of incentive
or nonqualified stock options or when restricted stock or
property either becomes freely transferable or is no longer subject to a
substantial risk of forfeiture, or Employer contributions under the Plan or any
other benefit plan, other than contributions through a salary reduction
agreement to a cash or deferred plan under Section 401(k) of the Code, to a
cafeteria plan under Section 125 of the Code or to a tax deferred annuity under
Section 403(b) of the Code.
2.7 "Contract" means an annuity contract or a life insurance or retirement
income policy described in Section 6.3 which is issued pursuant to the Plan.
2.8 "Earned Income" means the annual net earnings of an Owner-Employee or
Partner-Employee from self-employment; provided, however, that such net earnings
shall be determined only with respect to a trade, business or profession in
which the personal services of such Owner-Employee or Partner-Employee are a
material income-producing factor. Net earnings will be determined without regard
to items not included in gross income and deductions allocable to such items. In
computing such net earnings, both deductions for contributions under the Plan
made on behalf of an Owner-Employee or Partner-Employee and deductions for
contributions made on behalf of other Participants shall be taken into account.
Beginning January 1, 1990, net earnings shall be reduced by one-half of an
Owner-Employee's or Partner-Employee's deductible self-employment taxes as
determined in accordance with Section 401(c)(2) of the Code
2.9 "Effective Date" means the first day of the Plan Year in which
the Plan is adopted, except that it shall be the date the Plan is adopted if the
Employer and the Trustee then agree in writing.
2.10 "Employee" means a person employed in the Business including an
Owner-Employee and a Partner-Employee, including all employees of the Employer
or of any Affiliate, but excluding (i) any nonresident alien who receives no
remuneration from the company which constitutes income from sources within the
United States (within the meaning of Section 861(a)(3) of the Code) and, (ii)
any employee who is included in a unit of employees covered by an agreement
which the Secretary of Labor finds to be a collective bargaining agreement
between employee representatives and one or more employers, including the
Employer, if there is evidence that retirement benefits were the subject of good
faith bargaining between such employee representatives and the Employer or such
employers, and which agreement does not provide for his membership in the Plan.
For this purpose, the term "employee representatives" does not include any
organization more than half of whose members are Employees who are owners,
officers or executives of the Employer.
For purposes of the preceding paragraph, any Leased Employee shall be
treated as an employee of the recipient employer, however, contributions
provided by the leasing organization which are attributable to services
performed for
the recipient employer shall be treated as provided by the recipient employer.
The preceding sentence shall not apply to any Leased Employee if Leased
Employees do not constitute more than 20 percent of the recipient employer's
non-highly compensated work force (as determined pursuant to Section 414(n)(5)
of the Code) and such employee is covered by a money purchase pension plan
maintained by the leasing organization providing: (1) a non-integrated employer
contribution rate of at least 10 percent of compensation, (2) immediate
participation, and (3) full and immediate vesting. For purposes of this
paragraph, the term "Leased Employee" means any person (other than an employee
of the recipient employer) who pursuant to an agreement between the recipient
and any other person ("leasing organization") has performed services for the
recipient (or for the employer and related persons determined in accordance with
Section 414(n)(6) of the Code) on a substantially full time basis for a period
of at least one year and such services are of a type historically performed by
employees in the business field of the recipient employer.
2.11 "Employer" means the sole proprietorship, partnership or
corporation executing the Adoption Agreement as engaged in the trade, business
or profession (the "Business") set forth in the Adoption Agreement and any
successor to the Business who or which elects to continue the Plan with the
written approval of the Trustee.
2.12 "Exchange Application" means the Exchange Privilege Application
pursuant to which an Employee may exercise the Exchange Privilege.
2.13 "Exchange Privilege" means the privilege pursuant to which an
Employee may, subject to the limitations, terms and conditions set forth in the
Exchange Application and the current prospectuses of International Investors
Incorporated and the Van Eck Funds, exchange I.I.I. Shares or V.E.F. Shares
purchased with contributions to the Plan made by the Employee and the Employer
on behalf of the Employee and any I.I.I. Shares or V.E.F. Shares acquired as a
result of dividends and capital gains distributions thereon for shares of the
Participating Funds and re-exchange such shares for shares of the other
Participating Funds.
2.14 "Fund Shares" means I.I.I. Shares and V.E.F. Shares held in a
Participant's account.
2.15 "Highly Compensated Employees" means, to the extent required by
Section 414(g) of the Code and the Regulations thereunder, all "highly
compensated active employees" and "highly compensated former employees" and
shall be otherwise defined as follows.
A "highly compensated active employee" includes any Employee who
performs service for the Employer or an Affiliate during the "determination
year" and who, during the "look-back year": (1) received compensation from the
Employer or an Affiliate in excess of $75,000 (as adjusted
pursuant to Section 415(d) of the Code); (2) received compensation from the
Employer or an Affiliate in excess of $50,000 (as adjusted pursuant to Section
415(d) of the Code) and was a member of the top-paid group for such year; or (3)
was an officer of the Employer or an Affiliate and received compensation during
such year that is greater than 50 percent of the dollar limitation in effect
under Section 415(b)(1)(A) of the Code. The term Highly Compensated Employee
also includes (1) Employees who are both described in the preceding sentence if
the term "determination year" is substituted for the term "look-back year" and
the Employee is one of the 100 Employees who received the most compensation from
the Employer or an Affiliate during the "determination year;" and (2) Employees
who are 5 percent owners at any time during the "look-back year" or
"determination year." If no officer has satisfied the compensation requirement
of the preceding clause (3) during either a "determination year" or "look-back
year," the highest paid officer for such year shall be treated as a Highly
Compensated Employee.
For this purpose, the "determination year" shall be the Plan Year. The
"look-back year" shall be the twelve-month period immediately preceding the
determination year. A "highly compensated former employee" includes any Employee
who separated from service (or was deemed to have separated) prior to the
determination year, performs no service for the Employer or Affiliate during the
determination year, and
was a highly compensated active employee for either the separation year or any
determination year ending on or after the employee's 55th birthday. If an
Employee is, during a determination year or look-back year, a "family member" of
either a 5 percent owner who is an active or former Employee or a Highly
Compensated Employee who is one of the 10 most highly compensated employees
ranked on the basis of compensation paid by the Employer or an Affiliate during
such year, then the "family member" and the 5 percent owner or top-ten highly
compensated employee shall be aggregated. In such case, the "family member" and
5 percent owner or top-ten highly compensated employee shall be treated as a
single Employee receiving compensation and Plan contributions equal to the sum
of such compensation and contributions of the family member and 5 percent owner
or top-ten highly compensated employee. For purposes of this Section 2.16,
"family member" includes the spouse, lineal ascendants and descendants of the
Employee or former Employee and the spouses of such lineal ascendants and
descendants.
The determination of who is a Highly Compensated Employee, including
the determinations of the number and identity of Employees in the top-paid
group, the top 100 Employees, the number of Employees treated as officers and
the compensation that is considered, will be made in accordance with Section
414(g) of the Code and the Regulations thereunder.
2.16 "Hour of Service* means:
(a) Each hour for which an Employee is directly or indirectly paid or
entitled to payment by the Employer or an Affiliate for the performance of
duties. These hours shall be credited to the Employee for the period or periods
in which the duties are performed; and
(b) Each hour for which an Employee is directly or indirectly paid or
entitled to payment by the Employer or an Affiliate for reasons (such as
vacation, sickness or disability) other than for the performance of duties
(irrespective of whether the employment relationship has terminated). No more
than 501 Hours of Service will be credited under this paragraph for any single
continuous period. These hours shall be credited to the Employee for the period
or periods in which payment is made or amounts payable to the Employee become
due; and
(c) Each hour for which back pay, irrespective of mitigation of
damages, has been either awarded or agreed to by the Employer or an Affiliate
for the period or periods to which the award or agreement pertains rather than
the period in which the award, agreement, or payment was made.
Hours of Service shall be computed and credited pursuant to Labor
Department Regulation Section 2530.200b-2 and on the basis selected in Item 11
of the Adoption Agreement. Hours of Service shall also be credited for an
individual considered an Employee under Section 414(n) of the Code.
The same Hours of Service shall not be credited both under Section 2.17(a) or
2.17(b), whichever is applicable, and Section 2.17(c).
2.17 "Insurance Company" means a life insurance company which has
issued a Contract.
2.18 "IRS" means the United States Internal Revenue Service.
2.19 "I.I.I. Shares" means the shares of any regulated investment
company, the investment advisor of which is Van Eck Management Corporation.
2.20 "Joint and Survivor Annuity" means an annuity for the life of a
Participant with a survivor annuity for the life of such Participant's Surviving
Spouse in an amount the Participant shall elect which is not less than one-half
of, nor greater than, the amount of the annuity payable during the joint lives
of such Participant and his Surviving Spouse and shall be the amount of benefit
which may be purchased with the balance of such Participant's account under the
Plan. If no election has been made, the percentage will be as specified in Item
12 of the Adoption Agreement.
2.21 "Labor Department" means the United States Department of Labor.
2.22 "Master or Prototype Plan" means a plan, the form of which is the
subject of a favorable opinion letter from the IRS.
2.23 "Normal Retirement Age" means the 65th birthday of a Participant.
2.24 "Owner-Employee" means the sole proprietor, if the Employer is a
sole proprietorship, or a partner owning more than ten percent of either the
capital or the profits interest in the Employer, if the Employer is a
partnership.
2.25 "Participant" means each Employee who is made a participant in
the Plan in accordance with Section 3.
2.26 "Participating Funds" means International Investors Incorporated
and any series of the Van Eck Funds which is established pursuant to the Master
Trust Agreement of the Van Eck Funds, as amended from time to time.
2.27 "Partner-Employee" means a person who has
Earned Income as a partner (but not an Owner-Employee) in the Employer if the
Employer is a partnership.
2.28 "Plan Year" means the twelve-month period corresponding to the
Employer's fiscal year for Federal income tax purpose.
2.29 "Regulations" means the applicable regulations issued under the
Code, the Act or other applicable law by the IRS, the Labor Department or any
other governmental authority and any temporary rules promulgated by such
authorities pending the issuance of such regulations.
2.30 "Service" means employment (whether or not as an Employee) with
the Employer or an Affiliate. Service shall also include (under rules determined
by the Employer
uniformly applicable to all Employees similarly situated and in accordance with
the Regulations) (i) periods of vacation, layoff and absence authorized by the
Employer for sickness, temporary disability or personal reasons, (ii) service in
the Armed Forces of the United States, if and to the extent required by the
Military Selective Service Act, as now in effect or an hereafter amended, or any
other Federal law, and (iii) service with a predecessor employer, if the
Employer maintains the plan of a predecessor employer.
2.31 "Surviving Spouse" means a person to whom a Participant has been
married (i) for the entire one-year period ending on the date of the
Participant's death, and (ii) in the event of a Participant's retirement, on the
date benefit payments commence.
2.32 "Trust Agreement" means the trust agreement entered into pursuant
to Section 6 as a part of the Plan.
2.33 "Trustee" means the trustee under the Trust Fund or any successor
thereto.
2.34 "Trust Fund" means the trust fund established under the Trust
Agreement.
2.35 "V.E.F. Shares" means shares of beneficial interest in any series
of the Van Eck Funds which is established pursuant to the Master Trust Agreement
of the Van Eck Funds as amended from time to time.
2.36 "Year of Service" means a twelve-consecutive month period,
beginning on the date an Employee first performs an Hour of Service for the
Employer or an Affiliate (or first performs an Hour of Service for the Employer
or an Affiliate following a Break in Service), during which the Employee has
completed at least 1,000 Hours of Service. Thereafter, Year of Service means a
Plan Year (which includes the first anniversary of the date on which the
Employee first performed an Hour of Service) during which the Employee has
completed at least 1,000 Hours of Service. The Employee shall be credited with
two Years of Service for purposes of eligibility to participate in the Plan, if
he has completed at least 1,000 Hours of Service in both his initial and second
Year of Service.
SECTION 3. Participation
-------------
3.1 Each Owner-Employee, each Partner-Employee and each other
Employee who as of the Effective Date has completed at least two Years of
Service as an Employee, Owner-Employee, Partner-Employee, or any combination of
the foregoing shall become a Participant on such date. Each Owner-Employee,
Partner-Employee and other Employee who thereafter completes at least two Years
of such Service shall become a Participant on the first day of the month
coincident with or preceding such completion of Service. If an individual
becomes an eligible Employee after completing two Years of
Service, he shall participate in the Plan as of the first day of the month
coincident with or preceding the date on which he becomes an eligible Employee.
If the Employer has as of the Effective Date been engaged in the Business for
less than two years then such lesser number shall be substituted for two in the
preceding sentences. By completing or amending Item 10 on the Adoption
Agreement, the Employer may reduce the number of years prescribed in the
preceding sentences of this Section 3.1, but the Employer cannot increase the
number. If the Plan provides contributions or benefits for an Owner-Employee who
"controls," either alone or in combination with other owner-employees, one or
more other trades, businesses or professions other than the Business covered by
the Plan, then (i) the employees and self-employed individuals of each such
other trade, business or profession shall be covered by a qualified plan which
provides contributions and benefits for such individuals which shall not be less
favorable than the contributions and benefits provided for such Owner-Employee
under the Plan, and (ii) if such Owner-Employee controls the Business covered by
the Plan, then the Plan and any other qualified plan which covers such other
trades, businesses or professions, when looked at as a single plan, shall
satisfy Sections 401(a) and (d) of the Code with respect to the employees of the
Business and all such other trades, businesses or professions. If an Employee
participates as an Owner-Employee under the qualified plans
of two or more trades, businesses or professions which are not controlled by
such Employee and such Employee does control a trade, business or professions,
the contributions or benefits of the employees under the qualified plans of the
trades, businesses or professions which are controlled must be as favorable as
those provided for such Employee under the most favorable qualified plan of the
trade, businesses or professions which is not controlled. For purposes of the
preceding sentences (i) an Owner-Employee, or two or more Owner-Employees shall
be treated as owning any interest in a partnership which is owned, directly or
indirectly by a partnership which such Owner-Employee, or such two or more
Owner-Employees are considered to control and (ii) "control" means either the
entire interest in an unincorporated trade, business or profession or, in the
case of a partnership, ownership of more than 50 percent of either the capital
or profits interest.
Except as provided in Section 7, all employees of all Affiliates of
the Employer will be treated as being employed by the Employer.
3.2 The participation of a Participant shall cease upon his
termination of Service (i) on his retirement date, (ii) by reason of death or
total and permanent disability, or (iii) accompanied by any Break in Service.
The participation of a Participant who, without any Break in Service, ceases to
be an eligible Employee for any reason, including his termination of Service
other than on his retirement date or by reason of his death or total and
permanent disability, shall not cease on account thereof. Notwithstanding any
other provision of the Plan, no contributions shall be made for the benefit of,
and no contributions under the Plan shall be allocated, added or otherwise
credited to the account of, a Participant on or after the date on which he
ceases to be an Employee and before the first day of the Plan Year coincident
with or preceding the date, if any, on which he again becomes an Employee;
provided, however, that a Participant who ceases to be an eligible Employee
after completing 1,000 Hours of Service during a Plan Year shall be entitled to
receive an Employer contribution for such year.
3.3 Any Employee who has a Break in Service and who does not have a
vested interest in the Plan prior to such Break in Service, shall be treated as
a new Employee in the event that he returns to Service. Any Employee who has a
Break in Service and who has a vested interest in the Plan prior to such Break
in Service shall become a Participant upon the completion of one Hour of Service
in the event that he returns to Service.
SECTION 4. Contributions.
-------------
4.1 By the Employer. For each Plan Year, the Employer shall
---------------
contribute, in accordance with the terms set
forth in Item 9 of the Adoption Agreement, an amount in cash on behalf of each
Participant. The Employer may make payment of its contribution for any Plan Year
on any date or dates it elects, provided that the total amount of its
contribution for any Plan Year shall be paid in full on or before such date as
the Federal income tax laws applicable to such payment require the payment to be
made in order to permit deduction of such payment for such Plan Year.
4.2 By Participants. Contributions may be made by Participants as
---------------
follows:
(a) Subject to Section 4.2(c), each Participant may contribute on
behalf of himself an amount up to !0 percent of such Participant's Compensation
or Earned income derived from the Business for such Plan Year: provided,
however, that if the amount which would otherwise be contributed by the Employer
on behalf of such Participant for any such Plan Year must be reduced by reason
of Section 7.2, the Participant shall not be permitted to make any voluntary
contributions under the Plan during the succeeding Plan Year. The contributions
of Participants shall be made in cash by payroll deductions or by lump-sum
contributions or by such other means as the Employer may determine.
(b) Subject to Section 4.2(c), a Participant in Service may,
notwithstanding the foregoing provisions of this Section 4.2 but subject to the
provisions of Section 7.2, make a lump-sum additional contribution under the
Plan in any
amount which does not exceed 10 percent of his aggregate Compensation or Earned
Income during the period he was a Participant under the Plan and all other
qualified Plans of the Employer.
(c) (1) Notwithstanding any other provision of this Section 4.2(c),
the average contribution percentage for the Plan Year for Highly Compensated
Employees shall not exceed the greater of the following average contribution
percentage tests: (i) the average contribution percentage for such Plan Year of
those Employees who are not Highly Compensated Employees multiplied by 1.25; or
(ii) the average contribution percentage for the Plan Year of those Employees
who are not Highly Compensated Employees multiplied by 2.0 provided that the
average contribution percentage for Highly Compensated Employees does not exceed
the average contribution percentage for such other Employees by more than 2
percentage points. For purposes of this Section 4.2(c), the "average
contribution percentage" for a Plan Year means, for each specified group of
employees, the average of the ratios (calculated separately for each Employee in
such group) of (x) the sum of the Employee's voluntary contributions for the
Plan Year, to (y) the amount of the Employee's compensation (as defined in
Section 414(s) of the Code) for the Plan Year. An Employee's average
contribution percentage shall be zero, if no voluntary contributions are made on
his or her behalf for such Plan Year. If the Plan and one or more other plans
of the Company or an Affiliate to which any matching contributions or employee
contributions within the meaning of Section 401(m) are made are treated an one
plan for purposes of Sections 401(a)(4) and 410(b) of the Code, all such
matching contributions or employee contributions to such plans shall be treated
as being made under a single plan for purposes of this Section 4.2(c). The
average contribution percentage taken into account under this Section 4.2(c) for
any Highly Compensated Employee who is eligible for such matching or employee
contributions under two or more plans described in Section 401(a) of the Code or
arrangements described in Section 401(m) of the Code that are maintained by the
Employer shall be determined as if all such contributions were made under a
single plan. The determination and treatment of the average contribution
percentage of any Participant shall satisfy such other requirements as may be
required by the Regulations. For purposes of determining the average
contribution percentage of a Participant who is a Highly Compensated Employee
subject to the family aggregations rules of Section 414(q)(6) because such
employee is either a five-percent owner or one of the ten most Highly
Compensated Employees as described in Section 414(q)(6), the matching and
employee contributions and compensation (as defined in Section 414(s) of the
Code) of such Participant shall include the matching and employee contributions
and compensation (as defined in Section 414(s) of the Code) of "family members,"
within the meaning of Section 414(q)(6) of the Code, and such "family members"
shall not be considered as separate Employees in determining average
contribution percentages.
(2) The Employer shall determine as of the end of the Plan Year, and
at such time or times in its discretion, whether one of the average contribution
percentage tests specified in Section 4.2(c)(1) is satisfied for such Plan Year.
In the event that neither of the average contribution percentage tests is
satisfied, the Employer shall refund or forfeit the excess contributions in the
manner described in Section 4.2(c)(3). For purposes of this Section 4.2(c),
"excess aggregate contributions" means, with respect to any Plan Year and with
respect to any Participant, the excess of the aggregate amount of voluntary
contributions (and any earnings and losses allocable thereto accruing to the
date of distribution) made by the Highly Compensated Employee for such Plan
Year, over the maximum amount of such voluntary contributions that could be made
by such Employee without violating the requirements of Section 4.2(c)(l). The
amount of each Highly Compensated Employee's excess contributions shall be
determined by reducing the average contribution percentage of each Highly
Compensated Employee whose average compensation percentage is in excess of the
percentage otherwise permitted under Section 4.2(c)(1) to the maximum amount
permitted by that Section.
(3) If the Employer is required to refund excess contributions for any
Highly Compensated Employee for a Plan Year in order to satisfy the requirements
of Section 6.7(a), then the refund of such excess aggregate contributions shall
be made with respect to such Highly Compensated Employees to the extent
practicable before the 15th day of the third month immediately following the
Plan Year for which such excess aggregate contributions were made, but in no
event later than the end of the Plan Year. All such distributions shall be made
to Highly Compensated Employees on the basis of the respective portions of such
amounts attributable to each such Highly Compensated Employee.
4.3 Vesting. All contributions made by or on behalf of each Participant
-------
under the Plan (except those used to pay premiums on Contracts), and all
investments made with, such contributions and the earnings thereon, shall be
credited to a Participant's separate account under the Trust Fund. A
Participant's interest in all contributions and other amounts credited to his
account and in Contracts held for his benefit shall immediately become and at
all times remain fully vested and non-forfeitable.
4.4 Further Limitation on Contributions. Contributions made under
-----------------------------------
Section 4.2 shall be remitted by contributing Participants to the Trustee. The
Employer may commingle contributions made under Sections 4.1 and 4.2 but shall
instruct the Trustee to credit the amount of each Section 4.2 contribution to
the Trust Fund to the contributing Participant's account. The Employer shall
keep records of the amounts of each Section 4.1 and each Section 4.2
contribution, respectively, to be credited to each Participant's account and the
dates they are remitted to the Trustee.
SECTION 5. Payment of Benefits.
-------------------
5.1 Time for Distribution.
---------------------
(a) The amount credited to the account of any Participant shall be
distributed to him following the termination of his employment, or the
termination of his Service as a Partner-Employee, and shall commence no later
than the later of a Participant's termination of Service as described in Section
3.2 or attainment of Normal Retirement Age. Notwithstanding the preceding
sentence and any other provision of the Plan (other than Sections 5.2 and 5.6),
any benefit payable to a Participant shall commence no later than the April 1st
of the calendar year following calendar year in which the Participant attains
age 70 1/2, provided, however, that if a Participant attained age 70 1/2 prior
to January 1, 1988, then, except as otherwise provided in Section 5.2(e), any
benefit payable to such Participant shall commence no later than the April 1st
of the calendar year following the later of:
(1) the calendar year in which such Participant retires; or
(2) the calendar year in which such Participant attains age 70 1/2;
and shall be paid, in accordance with the Regulations, over the life of such
Participant or over the joint lives of such Participant and his Beneficiary, or
over a period not extending beyond the life expectancy of such Participant or
the joint life expectancy of such Participant and his Beneficiary.
(b) If distribution of a Participant's benefit has commenced prior to the
Participant's death, and such Participant dies before his entire benefit is
distributed to him, distribution of the remaining portion of the Participant's
benefit to the Participant's Beneficiary shall be made at least as rapidly as
under the method of distribution in effect on the date of the Participant's
death.
(c) If a Participant dies before distribution of his benefit has commenced,
distributions to any Beneficiary shall be made on or before the December 31st of
the calendar year which contains the fifth anniversary of the date of such
Participant's death; provided, however, at the Beneficiary's irrevocable
election, duly filed with the Committee before the applicable commencement date
set forth in the following sentence, any distribution to a Beneficiary
designated under Section 5.5 may be made over the life of such Beneficiary or
a period not extending beyond the life expectancy of such Beneficiary. Such
distribution shall not commence later than the December 31st of the calendar
year immediately following the calendar year in which the Participant died or,
in the event such Beneficiary is the Participant's Surviving Spouse, on or
before the December 31st of the calendar year in which such
Participant would have attained age 70 1/2, if later (or in either case, on any
later date prescribed by Regulations). If such Participant's Surviving Spouse
dies after such Participant's death but before distributions to such Surviving
Spouse commence, this Section 5.1(c) shall be applied to require payment of any
further benefits as if such Surviving Spouse were the Participant.
(d) Pursuant to the Regulations, any benefit paid to a child of the
Participant shall be treated as if paid to a Participant's Surviving Spouse if
such amount will become payable to such Surviving Spouse on the child's
attaining majority, or other designated event permitted by Regulations.
(e) If a participant who is a 5% owner attained age 70 1/2 before January
1, 1998, any benefit payable to such Participant must commence no later than the
April 1st of the calendar year following the later of (i) the calendar year in
which such Participant attains age 70 1/2, or (ii) the earlier of (A) the
calendar year within which ends the Plan Year in which the Participant became a
5% owner (B) the calendar year in which the Participant retires. For purposes of
this
Section 5.1(e), a 5% owner shall mean a 5% owner of such Participant's Employer
as defined in Section 416(i) of the Code at any time during the Plan Year ending
with or within the calendar year in which such owner attains age 66 1/2 or any
such subsequent Plan Year. Distributions must continue to such Participant even
if such Participant ceases to own more than 5% of the Employer in a subsequent
year.
5.2 Disability.
----------
If a Participant should become disabled, the amount credited to his account
shall be distributed to him within six months after the date of determination of
such disability. A Participant shall be considered to be disabled if he is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or to be of long, continued and indefinite duration.
5.3 Method of Payment.
-----------------
(a) Subject to Section 5.3(b) and Section 5.3(c), any benefit payable
under the Plan shall be paid in one of the following methods of distribution, as
the Participant may elect in accordance with Section 5.3(e).
(1) The purchase therewith and delivery to the Participant by the
Employer of a single premium immediate or deferred annuity (fixed or variable),
containing such provisions as the Employer shall designate; provided, however,
that any annuity contract distributed herefrom must be nontransferable;
(2) In ratable monthly installment payments from the Trust Fund over
any period not exceeding the remaining life expectancy of the Participant or the
joint life expectancies of the Participant and his Beneficiary as determined by
the Employer in accordance with the Code and Regulations; or
(3) One lump-sum payment thereof from the Trust Fund.
Any distribution, other than a lump-sum payment, shall be made in equal or
substantially equal amounts, and any distribution may be made in Fund Shares or
in cash. If the Participant's entire interest is to be distributed in other than
a lump-sum, then the amount to be distributed each year must be at least an
amount equal to the quotient obtained by dividing the Participant's entire
interest by the life expectancy of the Participant or joint and last survivor
expectancy of the Participant and Beneficiary. For purposes of Sections 5.1 and
5.3, life expectancy and joint and last survivor expectancy are computed by the
use of the return multiples contained in Section 1.72-9 of the Income Tax
Regulations. For purposes of this computation, life expectancy shall be
recalculated annually in accordance with the Regulations, provided, however,
that a Participant may elect to have such life expectancy not so recalculated
and the life
expectancy of a non-spouse Beneficiary may not be recalculated. Any method of
distribution elected must satisfy the minimum distribution incidental benefit
requirements of Section 401(a)(9) of the Code and the Regulations thereunder. If
a Participant does not elect one of the methods of distribution above,
distribution will be made in the form of one lump-sum payment.
(b) Notwithstanding Section 5.3(a) and unless the Participant has elected
otherwise in accordance with Section 5.3(c), the provisions of this Section
5.3(b) shall apply to any Participant who completes an Hour of Service after
August 22, 1984. A Participant who has a Surviving Spouse shall receive his
retirement benefit under the Plan in the form of a Joint and Survivor Annuity
and a Participant who has no Surviving Spouse shall receive his retirement
benefit under the Plan in the form of a life annuity.
(c) Unless the Participant elects otherwise in accordance with Section
5.3(e), the provisions of this Section 5.3(c) shall apply to any Participant who
completes an Hour of Service after August 22, 1984. A Preretirement Survivor
Annuity shall be paid to the Surviving Spouse of a Participant or former
Participant who dies before the commencement of payment of his retirement
benefit. The term "Preretirement Survivor Annuity" means a benefit providing for
payment of a survivor annuity to his Surviving Spouse, if any, for the life of
such Surviving Spouse equal to the full
account balance at the date of death. Unless the Surviving Spouse elects to have
such Annuity distributed immediately, payment of the Preretirement Survivor
Annuity shall commence on the last day of the month following the later of (i)
the first month in which the Participant could have retired, or (ii) the month
in which the Participant dies.
(d) At the request of a terminated Participant, a Surviving Spouse, a
Beneficiary or a Participant's estate in accordance with procedures of the
Employer, the Trustee may make one or more advances from the Trust Fund to such
terminated Participant, Surviving Spouse, Beneficiary or Participant's estate
prior to the date upon which a final distribution would otherwise be made from
the Trust Fund in accordance with the Plan. Such advances shall be based upon
the benefit amount which would be payable, and shall reduce the amount which
becomes payable, as of the date of final distribution. In any case where
installment payments are to be paid or are being paid to a Beneficiary, any
balance of unpaid installments upon or after said Beneficiary's death shall be
payable to the estate of such Beneficiary. Only Contracts which conform to the
terms of the Plan shall be issued under this Section.
(e) The Employer shall furnish or cause to be furnished to each married
Participant explanations of the Joint and Survivor Annuity and the Preretirement
Survivor Annuity. With respect to a Joint and Survivor Annuity, the Employer
shall provide each Participant, no less than 30 days and no more than 90 days
prior to the commencement of benefits, a written explanation of: (i) the terms
and conditions of the Joint and Survivor Annuity; (ii) the Participant's right
to make and the effect of an election to waive the Joint and Survivor Annuity;
(iii) the rights of the Participant's Surviving Spouse; and (iv) the right to
make, and the effect of, a revocation of a previous election to waive the Joint
and Survivor Annuity. With respect to a Preretirement Survivor Annuity, the
Employer shall provide each Participant within the period beginning on the first
day of the Plan Year in which the Participant attains age 32 and ending with the
close of the Plan Year in which the Participant attains age 35, a written
explanation the Preretirement Survivor Annuity in such terms and in such manner
as would be comparable to the explanation applicable to a Joint and Survivor
Annuity. If a Participant enters the Plan after the first day of the Plan Year
in which the Participant attained age 32, the Employer shall provide notice no
later than the close of the third Plan Year succeeding the entry of the
Participant in the Plan.
A Participant may, with the written consent of his spouse (unless the
Employer makes a written determination in accordance with the Code and the
Regulations that no such consent is required), elect in writing (i) to receive
his benefit in one of the forms described in Section 5.3(a) in
lieu of a Joint and Survivor Annuity within the 90-day period ending on the date
payment of his benefit commences, or (ii) to waive the Preretirement Survivor
Annuity within the period beginning on the first day of the Plan Year in which
the Participant attains age 35 and ending on the date of his death. The
Surviving Spouse's consent to a waiver must acknowledge the effect of the
election, be witnessed by the Employer or a notary public and must be limited to
a distribution for a specific Beneficiary. If the Participant separates from
Service prior to the first day of the Plan Year in which he attains age 35, the
election period in (ii) above with respect to the Participant's account balance
at the date of separation shall commence on the date of separation. Any consent
necessary under this provision will not be valid with respect to any other
spouse. Any such election may be revoked by a Participant, without spousal
consent, at any time within which such election could have been made. Any new
waiver or change of Beneficiary shall require a new spousal consent.
(f) Notwithstanding the preceding provisions of this Section 5.3 or of
Section 5.4, the account of a Participant with a balance of not more than $3,500
may, without the consent of the Participant or his spouse, if any, be
distributed in the form of a lump-sum. (However, no distribution shall be made
pursuant to the preceding sentence after the first day of the first period for
which an amount is received as an annuity unless the Participant and his spouse,
if any, consent in writing to such distribution.) If the value of a
Participant's account balance derived from Employer and Employee contributions
exceeds $3,500, the Participant and his spouse, if any, must consent to any
distribution from such account.
5.4 Distribution on Death.
---------------------
If a Participant has elected in accordance with Section 5.3(e) to receive
benefits in a form other than a Joint and Survivor Annuity or to waive the
Preretirement Survivor Annuity, as applicable, and dies before the distribution
of his benefits from his account under the Trust has commenced pursuant to
Section 5.1 or 5.2, or before such distribution has been completed, then the
entire amount or remaining amount credited to his account shall be distributed
to his Beneficiary. Such distribution shall at the Beneficiary's written
election, be made in one lump cash sum, as described in Section 5.3(a)(3), or in
ratable monthly installments; provided, however, that such distribution shall be
made in accordance with Section 5.1(b) and (c). Any method of distribution
elected must satisfy the minimum distribution incidental benefit requirements of
Section 401(a)(9) of the Code and the Regulations thereunder. For purposes of
this Section 5.4, payments will be calculated by use of the return multiples
specified in Section 1.72-9 of the Regulations. Life-expectancy will be
calculated at the
time distribution first commences and payments for any 12-consecutive month
period will be based on such life expectancy less the number of whole years
passed since the distribution first commenced.
5.5 Designation of Beneficiary.
--------------------------
In the case of an unmarried Participant or a married Participant whose
spouse consents in accordance with Section 5.3(e), such Participant shall have
the right, by written notice to the Employer, to designate or to change a
Beneficiary to receive any benefit payable under the Plan with respect to such
Participant in the event of his death. If benefits are payable in a form other
than a Joint and Survivor Annuity and if no such designation is in effect on a
Participant's death or if the designated Beneficiary has predeceased the
Participant, his Beneficiary shall be his Surviving Spouse, if any, or if the
Participant has no Surviving Spouse, his estate.
5.6 Withdrawal of Contributions.
---------------------------
Any Participant who has made or is considered as having made contributions
on behalf of himself pursuant to Section 4.2 above may, with his spouse's
consent, if any, upon 30 days, written notice filed with the Trustee by the
Employer, have paid to him all or any portion of the lesser of the amounts
specified in clauses (a) and (b) below:
(a) the fair market value of the Fund Shares purchased with the aggregate
amount of such
contributions (but exclusive of any earnings thereon); or
(b) the aggregate amount of such contributions (but exclusive of any
earnings thereon and any portion thereof used to purchase current insurance
protection for a Participant).
Before making payment to a Participant under this Section 5.6, the Trustee
must be supplied with a written statement signed by the Employer or the
Participant certifying the amounts of any such portions.
5.7 Payments Due under Contracts. Upon the death of a Participant, any
----------------------------
payments which are due or which may become due under a Contract shall be paid in
accordance with the terms of the Contract.
SECTION 6. Trust.
-----
6.1 Custody of Fund Shares.
----------------------
All contributions under the Plan except that portion, if any, allocated to
premiums on Contracts purchased by the Employer shall be paid over to the
Trustee to be held by the Trustee in trust and in accordance with the Trust
Agreement.
6.2 Trust Agreement.
---------------
The Trust Agreement shall provide:
(1) That all the contributions, including rollover contributions, to the
Trust Fund (including all earnings
thereon) shall be applied to the purchase of full and fractional I.I.I. Shares
or V.E.F. Shares, as directed in writing by the Employer with respect to
Employer contributions or as directed in writing by the Participant with respect
to his voluntary contributions,
(2) That all earnings received on I.I.I. Shares shall be reinvented in
I.I.I. Shares and all earnings on V.E.F. Shares shall be reinvested in V.E.F.
Shares of the same mutual fund that paid such earnings,
(3) That the shareholder of record of all Fund Shares shall be the Trustee
or its nominee or nominees. Each Participant shall be the beneficial owner of
all Fund Shares held in and credited to his account under the Trust Fund, and
(4) That a Participant shall be eligible to exercise the Exchange
Privilege, subject to the limitations, terms and conditions set forth in the
Exchange Application and the current prospectuses of International Investors
Incorporated or the Van Eck Funds.
6.3 Purchase of Contracts.
---------------------
Subject to Section 6.4, a portion of the contributions otherwise payable by
the Employer for a Participant pursuant to Section 4.1 may, if elected by the
Employer, be used to pay premiums on non-transferable fixed or variable annuity
contracts, retirement income policies or term, ordinary or endowment life
insurance policies purchased and held by the Employer for the benefit of the
Participant who shall
be the named insured. The Employer shall substitute a bank as trustee or
custodian of the Contracts if the Employer is notified by the IRS that such
substitution is required because the holder of the Contracts is not keeping such
records or making such returns or rendering such statements as are required by
law.
Neither the Trustee nor INTERNATIONAL INVESTORS INCORPORATED nor VAN ECK
FUNDS shall be deemed to have endorsed any Insurance Company as a suitable
issuer of any such Contract under the Plan.
No Participant may borrow against the cash surrender value of a Contract,
and any dividends on a Contract shall be used for the purchase of additional
benefits under the Contract or held by the Insurance Company at interest for the
benefit of the Participant under the terms of the Contract or the rules of the
Insurance Company. A Contract may include waiver of premium for disability or
accidental death benefits (double indemnity) riders.
The Contracts must provide that proceeds will be payable to the Trustee;
however, the Trustee shall be required to pay over all proceeds of the Contracts
to the Participant's Benefit in accordance with the distribution provisions of
the Plan. A Participant's Surviving Spouse will be the beneficiary of the
proceeds in all circumstances unless an election has been made in accordance
with Section 5.3(e) of the Plan.
In the event of any conflict between the terms of the Plan and the terms of
any Contract, the Plan provisions shall control.
6.4 Payment of Premiums on Contracts.
--------------------------------
Premium payments for Contracts shall be remitted by the Employer directly
to the Insurance Company. To the maximum extent permitted by law, the Trustee,
INTERNATIONAL INVESTORS INCORPORATED and VAN ECK FUNDS shall not be liable for
any amounts payable under a Contract or for any error by the Employer in
remitting premiums.
The maximum aggregate amount which may be used pay the premiums for term
insurance under any Contract or Contracts shall be less than 25 percent of the
aggregate contributions paid by the Employer for the insured Participant and the
maximum aggregate premiums paid for ordinary or whole life insurance shall be
less than 50 percent of the aggregate contributions so paid. If both ordinary
life and term insurance are purchased on the life of any Participant, the sum of
the term insurance premium plus one-half of the ordinary life premium may not
exceed 25 percent of the Employer's contribution made on behalf of such
Participant. If retirement income (or endowment) Contracts are purchased on
behalf of Any Participant, the death benefit under the Contract shall not be
greater than 100 times the anticipated monthly annuity provided under such
Contract. If, on the ground that a Participant is a substandard risk, an
Insurance Company
refuses to issue a policy on his life at standard rates but will issue one at
higher rates, a Contract may be purchased under the Plan in a reduced face
amount if necessary so that the foregoing limits on total premiums are observed.
It shall be the duty of the Employer to compare (i) the total premiums paid
or about to be paid on any Contracts for a Participant with (ii) the total
Employer contributions for the Participant including the estimated Employer
contributions to be made on his account for the remainder of the year, and with
the cooperation of the Participant to effect such modification of the Contracts
for the Participant as is necessary to the end that the Employer contributions
used to pay premiums do not exceed the foregoing limits on total premiums. If
such modification cannot be effected with the cooperation of the Participant,
the Employer shall not use any further portion of its contributions to pay
premiums with respect to the Participant until payment would be within the
foregoing limits. Subject to the Joint and Survivor Annuity requirements of
Section 5.3, any Contract purchased pursuant to Section 6.3 providing insurance
on a Participant's life will be converted to cash or an annuity or distributed
to the Participant upon commencement of benefits.
Notwithstanding the foregoing provisions of this Section 6.4, the entire or
remaining premium for an annuity contract purchased for distribution pursuant to
Section 5.3(a) may be paid in one lump-sum. For purposes of this
Section 6.4, ordinary life insurance contracts are Contracts with both
nondecreasing death benefits and nonincreasing premiums.
SECTION 7. Maximum Amount of Allocation.
----------------------------
7.1 If the Participant does not participate in, and has never participated
in, any other qualified plan or a welfare benefit fund, as defined in Section
419(e) of the Code, maintained by the Employer, the amount of Annual Addition
which may be allocated under this Plan on a Participant's behalf for a
Limitation Year shall not exceed the lesser of the Maximum Permissible Amount or
any other limitation contained in this Plan.
7.2 If, in addition to this Plan, the Participant is covered under any
other qualified defined contribution plan or plans (all of which are qualified
Master or Prototype Plans), or a welfare benefit fund, as defined in Section
419(e) of the Code, maintained by the Employer, the amount of Annual Addition
which may be allocated under this Plan on a Participant's behalf for a
Limitation Year shall not exceed the lesser of:
(a) The Maximum Permissible Amount, reduced by the sum of any Annual
Additions allocated to the Participant's accounts for the same Limitation Year
under such other defined contribution plans and welfare benefit funds, or
(b) Any other limitation contained in this Plan.
7.3 Prior to the determination of the Participant's actual Compensation
for a Limitation Year, the Maximum Permissible Amount may be determined on the
basis of the Participant's estimated annual Compensation for such Limitation
Year. Such estimated annual Compensation shall be determined on a reasonable
basis and shall be uniformly determined for all Participants similarly situated.
Any Employer contributions based on estimated annual Compensation shall be
reduced by any Excess Amounts carried over from prior Limitation Years.
7.4 As soon as is administratively feasible after the end of a Limitation
Year, the Maximum Permissible Amount for such Limitation Year shall be
determined on the basis of the Participant's actual Compensation for such
Limitation Year.
7.5 If a Participant's Annual Additions under this Plan and all such other
plans result in an Excess Amount, such Excess Amount shall be deemed to consist
of the amounts most recently allocated except that Annual Additions attributable
to a welfare benefit fund will be deemed to have been allocated first regardless
of the actual allocation date.
7.6 If an Excess Amount was allocated to a Participant on an Allocation
Date of this Plan which coincides with an Allocation Date of another plan, the
Excess Amount attributed to this Plan will be the product of:
(a) The total Excess Amount allocated as of such date (including any
amount which would have been allocated except for the limitations of Section 415
of the Code) times
(b) The ratio that (i) the amount allocated to the Participants an of such
date under this Plan bears to (ii) the total amount allocated as of such date
under all qualified defined contribution plans (determined without regard to the
limitations of Section 415 of the Code).
7.7 If, pursuant to the foregoing provisions, there is an Excess Amount
with respect to a Participant for Limitation Year attributable to this Plan,
such Excess Amount shall be disposed of as follows:
(a) First, any voluntary Participant contributions, to the extent that the
return would reduce the Excess Amount, shall at the written election of the
Participant as communicated to the Trustee in accordance with procedures
established by the Employer, be returned to him. Any nondeductible Employer
contributions on behalf of a self-employed individual will, at the direction of
the Employer, be returned to the Employer within one year after the deduction is
disallowed.
(b) In the event that the Participant is in the Service of the Employer at
the end of the Limitation Year, then any portion of such Excess Amount which
constitutes
Employer contributions must not be distributed to the Participant, but shall be
reapplied to reduce future Employer contributions under the Plan for the next
Limitation Year (and for each succeeding Limitation Year, as necessary) for such
Participant, so that in each such Limitation Year, the sum of actual Employer
contributions plus the reapplied amount shall equal the amount of Employer
contributions which would otherwise be allocated to such Participant's account.
(c) In the event that the Participant is not in the Service of the
Employer at the end of the Limitation Year or in the event that the Participant
is not entitled to have an Employer contribution allocated to his account for
the next Limitation Year, then such Excess Amount must not be distributed to the
Participant, but shall be reapplied to reduce future Employer contributions for
all remaining Participants.
If an Excess Amount exists at any time during a Limitation Year, it shall
receive allocations of investment earnings or losses.
7.8 If the Employer also maintains another plan which is a qualified
defined contribution plan other than a Master or Prototype Plan, Annual
Additions allocated under this Plan on behalf of any Participant shall be
limited in accordance with the provisions of Sections 7.2, 7.5 and 7.6, as
though the other plan were a Master or Prototype Plan,
unless the Employer provides other limitations pursuant to Item 13(a) of the
Adoption Agreement.
7.9 If the Employer maintains, or at any time maintained, a qualified
defined benefit plan covering any Participant in this Plan, the sum of the
Participant's Defined Benefit Fraction and Defined Contribution Fraction will
not exceed 1.0 in any Limitation Year. The Annual Additions which may be
credited to the Participant's account under this Plan for any Limitation Year
will be limited in accordance with Item 13(b) of the Adoption Agreement.
7.10 For purposes of Section 7 of the Plan, the following terms shall have
the following meanings:
(a) "Annual Addition" means the sum of the following amounts which,
without regard to this Section 7, would have been allocated or credited to a
Participant's account for a Limitation Year:
(i) all Employer contributions made on his behalf,
(ii) all forfeitures, and
(iii) all voluntary Participant contributions.
For purposes of this Section, (i) amounts reapplied to reduce the Employer
contributions under Sections 7.7(b) and 7.7(c) shall be treated as Employer
contributions, (ii) effective April 1, 1984, amounts allocated to an individual
medical account, as defined in Section 415(l)(2) of the Code, which is part of a
defined benefit plan maintained by the Employer
and (iii) effective January 1, 1986, amounts derived from contributions paid or
accrued in taxable years ending on or after such date, which are attributable to
post-retirement medical benefits allocated to the account of a Key Employee, as
defined in Section 419A(d)(3), under a welfare benefit fund, as defined in
Section 419(e), maintained by the Employer, shall be treated as Annual Additions
to a defined contribution plan.
Nothwithstanding the foregoing provisions of this Section 7.10(a), in
determining the maximum Annual Addition for any Plan Year beginning before
January 1, 1987, the Annual Addition shall not be recomputed to treat all
voluntary contributions as an Annual Addition.
(b) "Maximum Permissible Amount" means, with respect to any Participant for
a Limitation Year, the lesser of (i) $30,000, or, if greater, one-fourth ( 1/4)
of the defined benefit dollar limitation set forth in Section 415(b)(1)(A) of
the Code as in effect for such Limitation Year or (ii) 25 percent of the
Participant's Compensation for the Limitation Year. If a short Limitation Year
is created because of an amendment changing the Limitation Year to a different
twelve-consecutive month period, the Maximum Permissible Amount for the short
Limitation Year shall be the lessor of (i) $30,000, or, if greater, one-fourth
(1/4) of the defined benefit dollar limitation set forth in Section 415(b)(1)(A)
of the Code as in effect for such Limitation Year, multiplied by a fraction,
the numerator of which is the number of months in the short Limitation Year and
the denominator of which is 12, or (ii) 25 percent of the Participant's
Compensation for the short Limitation Year.
(c) "Excess Amount" means the excess of the Participant's Annual Addition
for a Limitation Year over the Participant's Maximum Permissible Amount (or, if
applicable, such amount as reduced as required by Section 7.2(a)), less any
administrative charges allocable to such excess.
(d) "Limitation Year" means a calendar year (or, if different, the Plan
Year). The Limitation Year for all qualified plans of the Employer shall be
identical. If the Limitation Year is amended to a different 12-consecutive month
period, the new Limitation Year must begin on a date within the Limitation Year
in which the amendment is made.
(e) "Allocation Date" means the date as of which all or any portion of an
Annual Addition is allocated or credited to a Participant's account under this
Plan for a Limitation Year. An Annual Addition made in a subsequent Limitation
Year is deemed allocated or credited as of the last day of the preceding
Limitation Year if it is made (i) for such preceding Limitation Year and (ii)
not later than the time prescribed by law (including any extensions) for filing
the Employer's Federal income tax return for the Employer's fiscal year
coincident with which such Limitation Year ends.
(f) "Employer" means the Employer under this Plan and any Affiliate of such
Employer.
(g) "Defined Benefit Fraction" means a fraction, the numerator of which is
the sum of the Participant's projected annual benefits under all the defined
benefit plans, as defined in Section 414(j) and 415(k) of the Code (whether or
not terminated) maintained by the Employer, and the denominator of which is the
lesser of (i) 125 percent of the dollar limitation in effect for the Limitation
Year under Section 415(b)(1)(A) of the Code or (ii) 140 percent of the
Participant's average compensation for his high three consecutive years within
the meaning of Section 415(b)(3) of the Code for such Limitation Year. For
purposes of this Section 7.10(g), projected annual benefit means the benefit
(adjusted to an actuarially equivalent straight life annuity or qualified joint
and survivor annuity in accordance with the Regulations) to which the
Participant would be entitled under the terms of a defined benefit plan assuming
(i) the Participant will continue in employment until the later of his current
age or such plan's normal retirement age and (ii) the Participant's Compensation
for the current Limitation Year and all other relevant factors used to determine
benefits under such plan will remain constant for all future Limitation Years.
Notwithstanding the above paragraph, if the Participant was a participant
in one or more defined benefit plans maintained by the Employer which were in
existence on July 1,
1982, the denominator of this fraction will not be less than 125 percent of the
sum of the annual benefits under such plans which the Participant had accrued as
of the later of September 30, 1983, or the end of the last Limitation Year
beginning before January 1, 1983. The preceding sentence applies only if the
defined benefit plans individually and in the aggregate satisfied the
requirements of Section 415 of the Code as in effect at the end of the 1982
Limitation Year. For purposes of this paragraph, a Master or Prototype Plan with
an opinion letter issued before January 1, 1983, which was adopted by the
Employer on or before September 30, 1983, is treated as a plan in existence on
July 1, 1982.
(h) "Defined Contribution Fraction" means a fraction, the numerator of
which is the sum of the Annual Additions to the Participant's account under all
the defined contribution plans (whether or not terminated) maintained by the
Employer for the current and all prior Limitation Years (including the Annual
Additions attributable to the Participant's nondeductible employee contributions
to all defined benefit plans, whether or not terminated, maintained by the
Employer and the Annual Additions attributable to all welfare benefit funds, as
defined in Section 419(e) of the Code, maintained by the Employer), and the
denominator of which is the sum of the maximum aggregate amounts for the current
and all prior Limitation Years with the Employer (regardless of whether a
defined contribution plan was maintained by the
Employer). The maximum aggregate amount in any Limitation Year is the lesser of
125 percent of the dollar limitation in effect under Section 415(c)(1)(A) of the
Code or 140 percent of the amount which may be taken into account under Section
415(c)(1)(B) of the Code with respect to the Participant for such year. If the
Employee was a Participant in one or more defined contribution plans maintained
by the Employer which were in existence on July 1, 1982, the numerator of this
fraction will be adjusted if the sum of this fraction and the Defined Benefit
Fraction would otherwise exceed 1.0 under the terms of this Plan. Under the
adjustment, an amount equal to the product of (1) the excess of the sum of the
fractions over 1.0 times (2) the denominator of this fraction, will be
permanently subtracted from the numerator of this fraction. The adjustment is
calculated using the fractions as they would be computed as of the later of
September 30, 1983, or the end of the last Limitation Year beginning before
January 1, 1983. This adjustment also will be made if at the end of the last
Limitation Year beginning before January 1, 1984, the sum of the fractions
exceeds 1.0 because of accruals or additions that were made before the
limitations of this article became effective to any plans of the Employer in
existence on July 1, 1982. For purposes of this paragraph, a Master or Prototype
Plan with an opinion letter issued before January 1, 1983, which is adopted by
the Employer on or
before September 30, 1983, is treated as a plan in existence on July 1, 1982.
SECTION 8. Top-Heavy Provisions.
--------------------
8.1 The Plan will be considered a Top-Heavy Plan for any Plan Year if it
is determined to be a Top-Heavy Plan as of the last day of the preceding Plan
Year (or, with respect to the first Plan Year, the last day of such Plan Year).
Notwithstanding any other provisions in the Plan, the provisions of this Section
8 shall apply and supersede all other provisions in the Plan during each Plan
Year with respect to which the Plan is determined to be a Top-Heavy Plan.
8.2 For purposes of this Section 8 the following terms shall have the
meanings set forth below:
(a) "Aggregation Group" shall mean the group composed of each qualified
retirement plan of the Employer or an Affiliate in which a Key Employee is a
participant or participated at any time during the determination period
(regardless of whether the qualified retirement plan has terminated) and each
other qualified retirement plan of the Employer or an Affiliate which enables a
plan of the Employer or an Affiliate in which a Key Employee is a participant to
satisfy Section 401(a)(4) or 410 of the Code. In addition, the Employer may
choose to treat any other qualified retirement plan in which a Key Employee is a
Participant as a member of
the Aggregation Group if such Aggregation Group will continue to satisfy
Sections 401(a)(4) or 410 of the Code with such plan being taken into account.
(b) "Key Employee" shall mean a "Key Employee as defined in Section
416(i)(1) and (5) of the Code and the Regulations promulgated thereunder.
(c) "Non-Key Employee" shall mean a "Non-Key Employee" as defined in
Section 416(i)(2) of the Code and the Regulations promulgated thereunder.
(d) "Top-Heavy Plan" shall mean for any Plan Year beginning after December
31, 1983, the Plan if any of the following conditions exists:
(1) If the Top-Heavy Plan Ratio for the Plan exceeds 60 percent and the
Plan is not part of any Aggregation Group.
(2) If the Plan is a part of an Aggregation Group and the Top-Heavy Ratio
for the group of plans exceeds 60 percent.
(e) "Top-Heavy Ratio" shall mean, if the Employer maintains one or more
defined contribution plans (including any Simplified Employee Pension Plan) and
the Employer has not maintained any defined benefit plan which during the five
year period ending on the determination date(s) has or has had accrued benefits,
for the Plan alone or for the Aggregation Group, a fraction, the numerator of
which is the sum of
the account balances of all Key Employees as of the determination date(s)
(including any part of any account balance distributed in the five year period
ending on the determination date(s)), and the denominator of which is the sum of
all account balances (including any part of any account balances distributed in
the five year period ending on the determination date(s)), both computed in
accordance with Section 416 of the Code and the Regulations promulgated
thereunder. Both the numerator and denominator of the Top-Heavy Ratio are
adjusted to reflect any contribution not actually made as of the determination
date, but which is required to be taken into account on that date under Section
416 of the Code and the Regulations promulgated thereunder. If the Employer
maintains one or more defined contribution plans (including any Simplified
Employee Pension Plan) and the Employer maintains or has maintained one or more
defined benefit plans which during the five year period ending on the
determination date(s) has or has had any accrued benefits, the Top-Heavy Ratio
for any Aggregation Group as appropriate is a fraction, the numerator of which
is the sum of account balances under the aggregated defined contribution plan or
plans for all Key Employees, and the present value of accrued benefits under the
aggregated defined benefit plan or plans for all Key Employees as of the
determination date(s) and the denominator of which is the sum of the account
balances under the aggregated defined contribution plan or plans for all
Participants, and the present value of accrued benefits under the defined
benefit plan or plans for all Participants as of the determination date(s), all
determined in accordance with Section 416 of the Code and the Regulations
promulgated thereunder. The accrued benefits under a defined benefit plan in
both the numerator and denominator of the Top-Heavy Ratio are adjusted for any
distribution of an accrued benefit made in the five year period ending on the
determination date. For purposes of this Section, the value of account balances
and the present value of accrued benefits will be determined as of the most
recent valuation date that falls within or ends with the 12-month period ending
on the determination date, except as provided in Section 416 of the Code and the
Regulations promulgated thereunder for the first and plan years of a defined
benefit plan. The account balances and accrued benefits of an individual who has
not performed services for an Employer maintaining the Plan at any time during
the five year period ending on the determination date will be disregarded. The
accrued benefit of any Employee shall be determined under the method which is
used for accrual purposes for all plans of the Employer, or if there is no such
method, then as if such benefit accrued not more rapidly than the slowest
accrual rate permitted under Section 411(b)(1)(C) of the
Code. The calculation of the Top-Heavy Ratio, and the extent to which
distributions, rollovers, and transfers are taken into account will be made in
accordance with Section 416 of the Code and the Regulations promulgated
thereunder. Deductible employee contributions will not be taken into account for
purposes of computing the Top-Heavy Ratio. When aggregating plans the value of
account balances and accrued benefits will be calculated with reference to the
determination dates that fall within the same calendar year. For purposes of
this Section 8.2, present value shall be based only on the interest and
mortality rates specified in the defined benefit plan, if any, maintained by the
Employer.
(f) "Valuation Date" shall mean the date elected by the Employer as of
which account balances are valued for purposes of calculating the Top-Heavy
Ratio.
8.3 Subject to the provisions of Section 8.4, for each Plan Year that the
Plan is a Top-Heavy Plan, the Employer contribution (including forfeitures and
contributions attributable to salary reduction or similar arrangements)
allocable to the account of each Participant who is in Service at the end of the
Plan Year and who is not a Key Employee shall not be less than the lesser of (1)
3% of such Participant's Compensation, or (ii) in the case where the Employer
has no defined benefit plan which designates this Plan to satisfy Section 401 of
the Code, the largest percentage of Employer contributions and forfeitures, as a
percentage of the Key Employee's Compensation, allocated on behalf of any Key
Employee for the Plan Year. For each Plan Year in
which the paired plans are Top-Heavy Plans, the Employer will provide a minimum
contribution equal to 3% of total Compensation for each non-Key Employee who is
entitled to a minimum contribution under both paired defined contribution plan
=001 and defined contribution plan =002. For purposes of the Plan, the phrase
"paired plans" shall refer to the Profit Sharing and the Money Purchase Plans
provided for under the Plan which also are referred to as defined contribution
plan =001 and defined contribution plan =002, respectively.
8.4 (a) For each Plan Year that the Plan is a Top-Heavy Plan, 1.0 shall be
substituted for 1.25 as the multiplicand of the dollar limitation in determining
the denominator of the Defined Benefit Fraction and of the Defined Contribution
Fraction for purposes of Section 7 of the Plan.
(b) If, after substituting 90% for 60% wherever the latter appears in
Section 416(g) of the Code, the Plan is not determined to be a Top-Heavy Plan,
the provisions of Section 8.4(a) shall not be applicable if the minimum Employer
contribution (including forfeitures) allocable to the account of any Participant
who is not a Key Employee as specified in Section 8.3 is determined by
substituting "4" for "3".
8.5 If, with respect to a Non-Key Employee who benefits in a Plan Year
under both a defined contribution and defined benefit plan which are Top Heavy
Plans maintained by the Employer, a top heavy minimum benefit is not provided
for such Plan Year under both plans, then such determination for
such Plan Year shall be made in conformity with the comparability analysis
described in Q&A M-12 of Section 1.416-1 of the Regulations. Such analysis shall
be modified, where a factor of 1.25 is utilized for such Plan Year in connection
with the satisfaction of the limitations set forth in Section 415(e) of the
Code, in accordance with the last sentence of Q&A M-14 of Section 1.416-1 of the
Regulations.
8.6 The Employer shall, to the extent permitted by the Code and in
accordance with the Regulations, apply the applicable provisions of this Plan,
including any alternative provided under Item 13(c) of the Adoption Agreement,
to take into account the benefits payable and the contributions made under any
other plans maintained by the Employer or any Affiliates which are qualified
under Section 401(a) of the Code to prevent inappropriate omissions or required
duplication of minimum benefits or contributions.
SECTION 9. Amendment and Termination.
-------------------------
9.1 By Employer. The Employer may at any time and from time to time
-----------
modify, amend or terminate the Plan in whole or in part (including retroactive
amendments) by delivering to the Trustee and each Insurance Company a written
copy of such modification, amendment or termination signed by the Employer;
provided, however (a) the Employer shall have no power to amend or terminate the
Plan in such manner as would cause or permit any part of the Trust Fund
(other than such part as may be required for the payment of taxes or expenses
incurred in the administration of the Plan or as may be required to satisfy any
proper charge of the Trustee pursuant to the Trust Agreement) to be diverted to
purposes other than for the exclusive benefit of Participants, their Surviving
Spouses or their Beneficiaries, or as would cause or permit any portion of such
assets to revert to or become the property of the Employer, (b) the Employer
shall not have the right to eliminate an optional form of distribution or modify
or amend the Plan retroactively in such a manner as to deprive any Participant,
Surviving Spouse or Beneficiary of any benefit to which he was entitled under
the Plan by reason of contributions made by the Employer, or of any payment
option thereof, prior to the modification or amendment unless such modification
or amendment is necessary to conform the Plan to, or satisfy the conditions of,
any law, governmental regulation or ruling, or to permit the Plan and Trust Fund
to meet the qualification requirements of the Code, and (c) any such retroactive
modification, amendment or termination either must be accompanied by an opinion
of counsel that it is necessary or advisable to conform the Plan to, or satisfy
the conditions of, any such law, regulation or ruling or to permit the Plan and
Trust Fund to meet the requirements for qualification under the Code, or must be
consented to by the Trustee. However, if the Employer amends any provision of
this Plan other than pursuant to an election
permitted in the Adoption Agreement or pursuant to an amendment initiated by
INTERNATIONAL INVESTORS INCORPORATED pursuant to Section 9.2 below, such
Employer shall no longer participate in this Master or Prototype Plan, and the
Employer's Plan will be considered to be an individually designed program. If
the Employer's Plan fails to attain or retain qualification, such Plan will no
longer participate in this Master or Prototype Plan and will be considered to be
an individually designed program. If at any time upon failure of the Employer to
correspond with the Trustee or for other reasonable cause the Trustee determines
in good faith that the Employer has abandoned the Plan, it may treat the Plan as
terminated by the Employer.
If the Plan is amended to provide for other than full and immediate
vesting, or the Plan is amended in any way that directly or indirectly affects
the computation of a Participant's non-forfeitable percentage, each Participant
with at least 3 Years of Service with the Employer may elect, within a
reasonable period after the adoption of the amendment, to have his non-
forfeitable percentage computed under the Plan without regard to such amendment.
The period during which the election may be made shall commence with the date
the amendment is adopted and shall end on the latest of:
(i) 60 days after the amendment is adopted;
(ii) 60 days after the amendment become effective; or
(iii) 60 days after the Participant is issued written notice of the
amendment by the Employer.
9.2 Delegation of Right to Amend.
----------------------------
The Employer by its adoption of the Plan delegates to INTERNATIONAL
INVESTORS INCORPORATED the Employer's right to modify or amend the Plan subject
to the limitations set forth in Section 9.1 above, and the Employer shall be
deemed to have consented to any modification or amendment so made. The Employer
shall be furnished notice of any amendment so made and, upon the Employer's
written request, a copy of the amendment.
9.3 Automatic Termination. The Plan shall terminate upon the death of the
---------------------
proprietor, if the Employer is a sole proprietorship, or upon the termination of
the partnership, if the Employer is a partnership, unless upon such death or
termination a successor to the Business elects to continue the same and such
continuation is approved by the Trustee.
9.4 Procedure upon Termination. Upon termination of the Plan any and all
--------------------------
assets remaining in the Trust Fund for the benefit of Participants shall be
distributed by the Trustee to such Participants in accordance with amounts
credited to their accounts as of the date of such termination (together with any
earnings subsequently accrued thereon). Such distributions shall be in Fund
Shares or in cash or
other property in one or more of the ways permitted in Section 5.3, as directed
by the Participant (or, in the absence of such direction by the Participant, as
determined by the Trustee). In addition, upon the termination of the Plan all
Contracts held by the Employer pursuant to the Plan shall be delivered to the
respective Participants, provided that such a Contract delivered to a
Participant who is, or has been, a Key Employee, as defined in Section 8.2(b),
at any time the Plan is, or has been, considered a Top-Heavy Plan, as, defined
in Section 8.2(d), shall provide that the Participant shall not in any way
receive cash thereunder or therefor in excess of his own contributions before he
attains age 59 1/2, except in the event of his prior disability.
SECTION 10. Miscellaneous.
-------------
10.1 Status of Participants.
----------------------
(a) Neither the establishment of the Plan and Trust Fund nor any
modification thereof, nor the creation of any account thereunder, nor the
payment of any benefits, shall be construed as giving to any Participant or any
other person any legal or equitable right against the Employer, or the Trustee
or any Insurance Company, except as herein provided, and, in no event, shall the
terms of employment of any Employee or Participant be modified or in any way
affected by the adoption of the Plan.
(b) All disputed claims for benefits under the Plan shall be submitted to,
and within a reasonable period of time decided by, one person designated in
writing by the Employer. Written notice of the decision on each such claim shall
be furnished reasonably promptly to the claimant. If the claim is wholly or
partially denied, such written notice shall set forth an explanation of the
specific findings and conclusions on which such denial is based. A claimant may
review all pertinent documents and may request a review by the Employer of such
a decision denying the claim. Such a request shall be made in writing and filed
with the Employer within a reasonable period of time, as specified by the
Employer in writing from time to time, after delivery to said claimant of
written notice of said decision. Such written request for review shall contain
all additional information which the claimant wishes the Employer to consider.
The Employer may hold any hearing or conduct any independent investigation which
it deems necessary to render its decision, and the decision on review shall be
made as soon as possible after the Employer's receipt of the request for review.
Written notice of the decision on review shall be promptly furnished to the
claimant and shall include specific reasons for such decision. For all purposes
under the Plan, such decisions on claims (where no review is requested) and
decisions on review (where review is requested) shall be final, binding and
conclusive on all interested persons as to
participation and benefit eligibility, the Employee's amount of Compensation or
Earned Income and as to any other matter of fact or interpretation relating to
the Plan.
10.2 Administration and Enforcement.
------------------------------
The Plan shall be administered by the Employer, who shall be the named
fiduciary and the plan administrator and who shall have the sole authority to
enforce the Plan and the Trust Agreement on behalf of any and all persons having
or claiming any interest under the Plan or Trust Agreement and shall be
responsible for the operation of the Plan in accordance with its terms;
provided, however, that the Employer's administrative powers and duties may be
delegated to a committee established for that purpose by the Employer, in which
case the committee shall be the named fiduciary and plan administrator. The
Employer shall establish a funding policy for the Plan, shall determine the time
and manner of payment of benefits pursuant to Section 5 and shall determine all
questions arising out of the administration, interpretation and application of
the Plan, which determinations, subject to Section 10.1, shall be conclusive and
binding on all persons. The Employer shall so administer the Plan as to maintain
the Plan as a qualified plan within the meaning of Section 401 of the Code.
10.3 Transfers to or from Other Qualified Plans.
------------------------------------------
(a) With the consent of the Trustee, the Employer may cause to be
transferred (directly or indirectly, including by rollover from a conduit
individual retirement account in accordance with Section 408(d) of the Code and
the Regulations thereunder) to the Trust Fund all or any of the assets held
(whether by a trustee, custodian or otherwise) under any other plan maintained
for the benefit of any of the Participants which plan is represented by the
Employer to the Trustee as satisfying the applicable requirements of Section
401(a) of the Code. Any such assets so transferred shall be In the form of cash
and accompanied by written instructions from the Employer which shall be
conclusive upon the Trustee, naming the Participants for whose benefit such
assets have been transferred and showing separately the respective contributions
by the Employer and by the Participants and the current value of the assets
attributable thereto. Appropriate adjustment will be made to the amount of
contributions otherwise required or permitted under Section 4 for the Plan Year
in which such transfer occurs, on account of contributions for such Plan Year
under such other plan.
(b) The Employer, subject to the provisions of the Trust Agreement, may
request in writing that the Trustee transfer assets held in the Trust Fund for
the account of a Participant or Participants to another custodian or trustee of
any other plan maintained by the Employer for the benefit
of such Participant or Participants, provided that any such Participant who was
an Owner-Employee under the Plan is treated as an owner-employee under such
other plan, and provided that the requirements of Section 401(a) of the Code or
successor provisions of law are satisfied by such other plan. The assets so
transferred shall be accompanied by written instructions from the Employer
naming the persons for whose benefit such assets have been transferred and
showing separately the respective contributions by the Employer and by the
Participants and the current value of the assets attributable thereto. Upon such
transfer the provisions of the qualified plan to which such transfer is made
shall govern and the provisions of this Plan shall have no further effect. Any
transfer from the Plan to another plan pursuant to this paragraph may, subject
to such restrictions, include a transfer of Contracts from the Employer.
(c) In the event of any merger or consolidation of the Plan with, or
transfer in whole or in part of the assets and liabilities of the Trust Fund to
another trust fund held under any other plan of deferred compensation maintained
or to be established for the benefit of all or some of the Participants of this
Plan, the assets of the Trust Fund applicable to such Participants shall be
transferred to the other trust fund only if each Participant would (if either
this Plan or the other plan then terminated) receive a benefit immediately after
the merger, consolidation or transfer which
is equal to or greater than the benefit he would have been entitled to receive
immediately before the merger, consolidation or transfer if this Plan had then
terminated.
10.4 Limitation on Liability.
-----------------------
To the maximum extent permitted by law, neither the Trustee nor
INTERNATIONAL INVESTORS INCORPORATED nor the VAN ECK FUNDS shall have any
liability with respect to money transferred by the Employer to an Insurance
Company pursuant to the Plan, and neither the Trustee nor INTERNATIONAL
INVESTORS INCORPORATED nor the VAN ECK FUNDS shall be responsible for the
validity of any Contract.
The Trustee shall have no responsibility to verify the accuracy of any
information supplied by an Insurance Company, and, to the maximum extent
permitted by law, the Trustee shall not incur any liability for its distribution
of any inaccurate information supplied by any Insurance Company.
10.5 Allocation of Charges.
---------------------
Any income taxes or other taxes of any kind whatsoever that may be levied
or assessed upon or in respect of the assets of the Plan, or the income arising
therefrom, any transfer taxes incurred in connection with the investment and
reinvestment of the Trust Fund and all other administrative expenses incurred by
the Trustee in the performance of its duties, including fees for legal services
rendered to the Trustee, and the Trustee's compensation shall be paid and
charged as provided in the Trust Agreement.
10.6 Condition of Plan and Trust.
---------------------------
It is a condition of the Plan and the Trust Fund, and each Employee by
participating herein expressly agrees, that he shall look solely to the assets
of the Trust Fund and any Contracts purchased for him pursuant to the Plan for
the payment of any benefit to which he is entitled under the Plan.
10.7 Necessity of Qualification.
--------------------------
The Plan in established with the intent that it shall qualify under Section
401 of the Code. Notwithstanding any other provision contained herein, if it is
determined by the IRS upon the application for initial qualification that the
Plan does not so qualify, all contributions made hereunder prior to such
determination, or the Fund Shares or Contracts purchased therewith, and any
income earned thereon, shall be returned within one year after the date such
initial qualification is denied proportionately to the persons contributing the
same; and the Plan shall be considered to be rescinded and of no force and
effect unless such determination can be cured by a retroactive amendment
pursuant to Section 401(b) of the Code.
10.8 Inalienability of Benefits.
---------------------------
Except as pursuant to the terms of a Qualified Domestic Relations Order, no
amount payable at any time under the Plan and the Trust shall be subject in any
manner to
alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge,
attachment, charge or encumbrance of any kind nor in any manner be subject to
the debts or liabilities of any person and any attempt to so alienate or subject
any such amount, whether presently or thereafter payable, shall be void. For
purpose of this Section 10.8, "Qualified Domestic Relations Order" means any
judgment, decree or order (including approval of a property settlement
agreement) which has been determined by the Employer in accordance with
procedures established under the Plan, to constitute a qualified domestic
relations order within the meaning of Section 414(p)(1) of the Code.
10.9 Benefits Provided by Contract.
-----------------------------
If the payment of any benefit under the Plan is provided for by a Contract
the payment of such benefit shall be subject to all the provisions of such
Contract and this Plan.
10.10 Payments to Minor or Incompetent.
--------------------------------
If the Employer shall find that any person to whom any amount is payable
under the Plan is unable to care for his affairs because of disability, or is a
minor, or has died, then any payment due him or his estate (unless a prior claim
therefor has been made by a duly appointed legal representative) may be paid to
his spouse, a child, a relative, an institutions maintaining or having custody
of such person or
any other person deemed by the Employer to be a proper recipient on behalf of
such person otherwise entitled to payment. Any such payment shall be a complete
discharge of the liability therefor of the Plan and the Trust Fund.
10.11 Segregation.
------------
If the Employer's Plan become disqualified, the Trustee shall segregate the
trust assets attributable to such Employer from the other assets of the Trust
Fund.
10.12 Status of International Investors Incorporated and Van Eck Funds.
-----------------------------------------------------------------
Neither INTERNATIONAL INVESTORS INCORPORATED nor VAN ECK FUNDS shall be
considered a party to the Plan and both of them and the Trustee shall be fully
protected in relying upon all information concerning the Plan and the
Participants which is shown on the Adoption Agreement or in subsequent notices
by the Employer. Neither INTERNATIONAL INVESTORS INCORPORATED nor VAN ECK FUNDS
shall have any duty or obligation to see to the application of funds paid by the
Employer to the Trustee or to an Insurance Company nor shall they be fiduciaries
with respect to the Plan.
10.13 Headings.
--------
The headings of Sections are included solely for convenience of reference,
and if there is any conflict between such headings and the text of the Plan, the
text shall control.
10.14 Adoption Agreement Part of Plan.
-------------------------------
The information set forth in the Adoption Agreement shall be part of the
Plan as if set forth fully herein.
10.15 Governing Law.
-------------
Except as preempted by the Act, the Plan shall be governed by and
construed, administered and enforced according to the laws of the State of
Missouri.
[To be typed on the stationery of
III and Van Eck Funds]
[Date]
Dear Employer:
As you know, certain changes have been made to the Retirement Plan for
Self-Employed Individuals, Partnerships and Corporations Using Shares of
International investors Incorporated or the Van Eck Funds (previously referred
to as the "Keogh Plan" but now referred to as the "Retirement Plan") by
operation of the Tax Reform Act of 1986, the Omnibus Budget Reconciliation Act
of 1987, the Technical and Miscellaneous Revenue Act of 1988 and other changes
in the law. The Retirement Plan has recently been amended to reflect these
required changes. A copy of the plan document for the Retirement Plan as amended
is available upon request.
Briefly, the more important amendments to the Retirement Plan are as
follows:
(1) For plan years beginning after December 31, 1988, compensation in
excess of $200,000 (as adjusted for the cost of living) may not be taken into
account.
(2) Effective for services provided after December 31, 1986, the
exception for leased employees from participation in the Retirement Plan is
narrowed to add the requirements that leased employees not exceed 20% of an
employer's non-highly compensated workforce and that the leased employee be
covered under a money purchase pension plan with a non-integrated contribution
rate of 10% of compensation (not 7%, as formerly required).
(3) For plan years beginning after December 31, 1987, a qualified plan
generally may not exclude employees from participation on account of age.
(4) For plan years beginning after December 31, 1988, the requisite
number of years of service to participate may not exceed two.
(5) For plan years beginning after December 31, 1986, average after-
tax voluntary contributions made by certain highly compensated employees may not
exceed a proportion of the average of such contributions made by nonhighly
compensated employees.
(6) With certain exceptions, distributions to a participant must
generally begin no later than April 1 of the calendar year after the year the
participant attains age 70 1/2, regardless of when the participant retires.
(7) For plan years beginning December 31, 1986, all of a participant's
voluntary contributions are counted as annual additions for purposes of the
maximum limitations on contributions under Code Section 415.
(8) Beginning January 1, 1990, net earnings of self-employed
individuals for purposes of plan contributions based on such earnings, must
generally be reduced by 1/2 of such individuals, self-employment taxes.
The above brief overview of the amendments to the Retirement Plan is
not intended to be a complete explanation of the changes, which may vary
according to an employer's particular circumstances. Some additional
clarifications have been made which do not significantly change the Retirement
Plan. Each employer is solely responsible for the procedural, nondiscrimination
and other qualification requirements applicable to the Retirement Plan under the
Internal Revenue Code, the Employee Retirement Income Security Act of 1974 and
other applicable law.
It is not necessary to execute a new application. Unless a written
objection is received by Investors Fiduciary Trust Company, P.O. Box 407, Kansas
City, Missouri 64141 from you within thirty (30) days from the date of this
letter, you shall be deemed to have consented to the Retirement Plan amendments.
Should you have any questions on these amendments please call Toll
Free at (800) 221-2220 or in New York collect at (212) 687-5200.
International Investors Incorporated and Van Eck
Funds
By: ____________________________________________
John C. Van Eck, President
EXHIBIT C
INTERNATIONAL INVESTORS INCORPORATED
VAN ECK FUNDS
Profit Sharing Plan Adoption Agreement
INSTRUCTIONS
------------
To establish a Profit Sharing Plan, please complete and sign the following
Adoption Agreement and mail it, together with the initial contribution (checks
should be made payable to Investors Fiduciary Trust Company), to:
Investors Fiduciary Trust Company
P.O. Box 407
Kansas City, Missouri 64141
The Employer named below hereby establishes a PROFIT SHARING PLAN (the "Plan")
pursuant to the Internal Revenue Code of 1986, as amended, and the Employee
Retirement Income Security Act of 1974, as amended, in accordance with the terms
of the PLAN DOCUMENT OF THE RETIREMENT PLAN FOR SELF-EMPLOYED INDIVIDUALS,
PARTNERSHIPS AND CORPORATIONS USING SHARES OF INTERNATIONAL INVESTORS
INCORPORATED OR THE VAN ECK FUNDS, on pages 11 to 23 of this booklet, as amended
from time to time (the *Plan Document"), and the related TRUST AGREEMENT, on
pages 24 to 27 of this booklet, as amended from time to time, which the Employer
has carefully reviewed. The Employer acknowledges receipt of a copy of the cur
rent prospectus(es) and statements of additional information of the mutual
fund(s) in which contributions to the Plan are to be invested. The Employer
certifies as correct the following information which is part of the Plan
Document as if it were set forth fully therein, and the Plan Document shall be
supplemented and modified by the terms and conditions contained in this Adoption
Agreement. All defined terms used herein have the meanings ascribed to them in
the Plan.
1. Retirement Plan of _______________________________________________________
(Name of Employer)
2. Employer's Business Address ______________________________________________
(City, State and Zip Code)
3. Nature of Employer's Business ____________________________________________
4. [ ] Sole Proprietorship [ ] Partnership [ ]Corporation
5. Employer's Federal Tax Identification No. ________________________________
6. Effective Date of Adoption or Amendment __________________________________
7. Fiscal year for Federal income tax purposes ("Plan Year"):
[_] Calendar year [_] Other (Specify below)
From ______________________________ to _______________________________
(First month) (Last month)
8. [The following need not be completed unless the Plan Year is other than a
calendar year (see Section 7.10(d) of the Plan Document).] Employer's
Limitation Year ends _______________________________________________
(Month and Day)
9. (a) The Employer will make contributions:
[_] without regard to Net Profit.
[_] with regard to Net Profit, as described below:
For each Plan Year in which the Employer has Net Profit (defined as
the current or accumulated earnings of the Employer before Federal and
State taxes and contributions to this or any other qualified pension,
profit sharing or stock bonus plan, determined under generally
accepted accounting principles) derived from the Business that exceeds
$15,000 (or such other limit as is specified below), the Employer will
contribute out of its Net Profit on behalf of each Participant the
amount specified in (b) below.
[The following need not be completed unless the Employer wishes to
specify a level of Net Profit above which contributions to the Plan
will be required other than $15,000.]
$_________is substituted in place of $15,000 in the above sentence.
(b) [The following need not be completed unless the Employer wishes to
specify, for Plan Years in which it makes a contribution pursuant to
(a) above, a rate of contribution on behalf of each Participant which
is less than 15 percent of Earned Income or Compensation.]
For each Plan Year in which the Employer is required to make a
contribution pursuant to (a) above, the Employer shall contribute in
cash to the Plan:
(i) on behalf of each Owner-Employee who is a Participant, an amount
equal to 15 percent (or such other percentage as is specified
below) of his Earned Income derived from the Business: and
(ii) On behalf of each other Participant, the lesser of (A) the
applicable percentage under subparagraph (i) of his Compensation
(or Earned Income derived from the Business) for the Plan Year,
or (B) that percentage of his Compensation (or Earned Income
derived from the Business) which will equal the highest
percentage of Earned Income derived from the Business contributed
on behalf of any Owner-Employee.
___% is substituted in place of 15 percent in subparagraph (i) above
[This subsection (b) is subject to the maximum limitation of Annual
Additions described in Section 7 of the Plan Document.]
10. [If the following is not completed, the period of Service required for
participation in the Plan is 2 Years of Service or such lesser number of
years that the Employer has been in the Business. The period of Service
required for participation may only be reduced , not increased.]
___ Years of Service is substituted as the period of Service prescribed in
Section 3.1 of the Plan Document. If the Years of Service selected is or
includes a fractional year, an Employee will not be required to complete
any specified number of Hours of Service to receive credit for such
fract1onal year.
11. [If the following is not completed, Hours of Service will be credited on
the basis of each hour actually worked. If the Employer wishes to specify a
different method of crediting Hours of Service, one of the following
methods may be selected, which method shall be applied to all Employees
covered by the Plan.]
Hours of Service will be credited on the basis of:
[_] days worked: if an Employee would be credited with at least one Hour
of Service during a day, the Employee will be credited with 10 Hours
of Service for that day.
[_] weeks worked: if an Employee would be credited with at least one Hour
of Service during a week, the Employee will be credited with 45 Hours
of Service for that week.
[_] months worked: if an Employee would be credited with a least one Hour
of Service during a month, the Employee will be credited with 190
Hours of Service for that month.
12. [If the following is not completed, the survivor portion of the Joint and
Survivor Annuity payable to the spouse of a Participant to whom it applies
and who fails to elect otherwise will be 5OZ of that payable to the
Participant while alive.)
The survivor portion of the Joint and Survivor Annuity shall be ___% [not
less than 50 nor greater than 100] of the amount of the annuity payable
during the joint lives of the Participant and the spouse unless the
Participant elects a different percentage.
13. [THE FOLLOWING MUST BE COMPLETED IF THE EMPLOYER MAINTAINS ANY OTHER
QUALIFIED PENSION, PROFIT SHARING OR STOCK BONUS PLANS.]
(a) If the Employer maintains other qualified defined contribution plans
which are not Master or Prototype Plans, the Annual Addition which may
be credited to any Participant's account under this Plan for any
Limitation Year will be limited as follows:
[_] In accordance with Sections 7.2, 7.3, 7.4, 7.5, 7.6 and 7.7 of the
Plan Document.
[_] The attached provisions will apply and will limit total Annual
Additions to the Maximum Permissible Amount in a manner that precludes
Employer discretion. [Attach applicable language on a separate sheet.]
(b) If the Employer maintains. or at any time maintained. one or more
qualified defined benefit pension plans, the sum of the Defined
Contribution Fraction and the Defined Benefit Fraction (as defined in
Sections 7.10(g) of the Plan Document) with respect to any Participant
for a Limitation Year may not exceed 1.0. If the Employer maintains or
maintained such plans, the 1.0 limitation will be met as fo11ows:
[_] By limiting the Annual Additions to this Plan for the Limitation
Year so that the sum of the Defined Contribution Fraction and the
Defined Benefit Fraction does not exceed 1.0.
[_] The attached provisions will apply and will specify the 1.0
limitation in a manner that precludes Employer discretion.
(Attach applicable language on a separate sheet.)
(c) If the Employer maintains other qualified pension. profit sharing or
stock bonus plans required to be aggregated with this Plan for
purposes of Section 416 of the Internal Revenue Code (the top-heavy
rules), the minimum required contribution under this Plan for years in
which it is top-heavy will be calculated in accordance with Section
8.4 of the Plan Document, unless the Employer wishes to designate
another method which prevents inappropriate omissions or required
duplication of minimum contributions or benefits. [Attach applicable
language on a separate sheet if desired.]
14. For purposes of computing the Top-Heavy Ratio, the Valuation Date shall be
________ [designate date] of each year.
15. The Employer (i) hereby appoints Investors Fiduciary Trust Company, or its
successor. as Trustee of the Plan; and (ii) agrees that the annual service
fees of the Trustee, currently $10.00 per Participant per calendar year,
may be deducted from the assets in the account of each Participant before
the end of the calendar year, which fees may be changed upon notice to the
Employer.
Enclosed is a check payable to Investors Fiduciary Trust Company, as Trustee, as
the initial payment of contributions to the Trust Fund under the Plan, as
amended
from time to time, to be invested and credited to the accounts of Participants
in accordance with the attached Profit Sharing Contribution Schedule.
The Employer will promptly notify the Trustee in writing of any changes in the
attached schedule of Participants.
Additional series of the Van Eck Funds may be established. Subsequent Employer
contributions will be invested as directed in writing by the Employer and
subsequent voluntary contributions will be invested as directed in writing by
the Employee or the Employer on behalf of the Employee.
An Employer who has ever maintained or who later adopts any plan (including,
after December 31, 1985. a welfare benefit fund. as defined in Section 419(e) of
the Internal Revenue Code, which provides post-retirement medical benefits
allocated to separate accounts for key employees, as defined in Section
419A(d)(3) of the Internal Revenue Code) in addition to this Plan (other than
the paired Money Purchase Plan (#002) available under the Plan Document (#01))
may not rely on the opinion letter when issued by the National Office of the
Internal Revenue Service as evidence that this Plan is qualified under Section
401 of the Internal Revenue Code. If an Employer who adopts or maintains
multiple plans wishes to obtain confirmation that its plan(s) are qualified,
application for a determination letter should be made to the appropriate Key
District Director of Internal Revenue.
This Profit Sharing Plan Adoption Agreement may be used only in conjunction with
the Plan Document. Failure to properly fill out this Adoption Agreement may
result in your Plan not being qualified for tax purposes. You will be informed
of any amendments to or discontinuance or abandonment of the Plan. If you have
any questions, you can contact the Plan sponsor. International Investors
Incorporated, at 122 East 42nd Street, New York, New York 10168, (212)687-5200,
outside of New York (800)221-2220.
Date: _______ Name of Employer: _______________________________________________
(please print)
By: ____________________________________________________________________________
(Signature of Sole Proprietor, General Partner or Authorized Corporate Officer)
Acceptance of the appointment of Investors Fiduciary Trust Company as Trustee
and the establishment of the Trust Fund shall be effective upon receipt by the
Trustee of the Employer's check.
________________________________________________________________________________
INVESTMENT DEALER INFORMATION
[Dealer completes. This is not a part of the Plan or Trust. Print or type.]
Name of Dealer Firm: Name and Number of Dealer's Representative:
_______________________ _________________________________________________
Branch office Address of Dealer's Representative:
_________________________________________________
PROFIT SHARING CONTRIBUTION SCHEDULE
------------------------------------
Initial Contributions
---------------------
Total
Social Proprietor Owner- Initial
PARTICIPANT'S NAME Security or Partner Emp1oyee Employer/ Type of Contri-
---------- --------
Please Print Number Yes No Yes No Voluntary* Fund** bution
-------------------------------------------------------------------------------
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
Total initial contributions to be invested in shares of International
Investors Incorporated or the Van Eck Funds: $________
[If additional space is needed. please attach additional sheets.]
________________________
* Designate as E (Employer Contribution) or V (Voluntary Contribution)
** Use the following abbreviations to designate the Fund in which the
contribution should be invested. If a participant's contribution is to
more than one Fund, use a separate line for each portion of the
contribution:
International Investors Incorporated - III
World Trends Fund - WTF
Gold Resources Fund - GRF
U.S. Government Money Fund - USF
World Income Fund - WIF
INTERNATIONAL INVESTORS INCORPORATED
VAN ECK FUNDS
Money Purchase Plan Adoption Agreement
INSTRUCTIONS
------------
To establish a Money Purchase plan, please complete and sign the following
Adoption Agreement and mail it, together with the initial contribution (checks
should be made payable to Investors Fiduciary Trust Company), to:
Investors Fiduciary Trust Company
P.O. Box 407
Kansas City, Missouri 64141
The Employer named below hereby establishes a MONEY PURCHASE PLAN (the "Plan")
pursuant to the Internal Revenue Code of 1986, as amended, and the Employee
Retirement Income Security Act of 1974, as amended, in accordance with the terms
of the PLAN DOCUMENT OF THE RETIREMENT PLAN FOR SELF-EMPLOYED INDIVIDUALS.
PARTNERSHIPS AND CORPORATIONS USING SHARES OF INTERNATIONAL INVESTORS
INCORPORATED OR THE VAN ECK FUNDS, on pages 11 to 23 of this booklet, as amended
from time to time (the "Plan Document"), and the related TRUST AGREEMENT, on
pages 24 to 27 of this booklet, as amended from time to time, which the Employer
has carefully reviewed. The Employer acknowledges receipt of a copy of the
current prospectus(es) and statements of additional information of the mutual
fund(s) in which contributions to the Plan are to be invested. The Employer
certifies as correct the following information which is part of the Plan
Document as if it were set forth fully therein, and the Plan Document shall be
supplemented and modified by the terms and conditions contained in this Adoption
Agreement. All defined terms used herein have the meaning ascribed to them in
the Plan.
1. Retirement Plan of _______________________________________________________
Name of Employer)
2. Employer's Business Address ______________________________________________
(City, State and Zip Code)
3. Nature of Employer's Business ____________________________________________
4. [ ] Sole Proprietorship [ ] Partnership [ ] Corporation
5. Employer's Federal Tax Identification No. ________________________________
1 Effective Date of Adoption or Amendment __________________________________
7. Fiscal year for Federal income tax purposes ("Plan Year"):
[_] Calendar Year [_] Other (Specify below)
From ______________________________to ____________________________________
(First month) (Last month)
8. [The follow1ng need not be completed unless the Plan is other than a
calendar year (see Section 7.10(d) of the Plan Document).] Employer's
Limitation Year ends _____________________________________________________
(Month and Day)
9. [The following need not be completed unless the Employer wishes to specify
a rate of contribution on behalf of each Participant which is other than
percent of Earned Income or Compensation. The Employer may specify a rate
of contribution which is lesser or greater than 15 percent, but no less
than 3 percent nor more than 25 percent, of Earned Income or Compensation.]
For each Plan Year the Employer shall contribute in cash an amount equal to
15 percent (or such other percentage as is specified below) of each
Participant's Earned Income or Compensation derived from the Business.
____% (not less than 3% nor more than 25%) is substituted in place of 15
percent in the above sentence.
[This subsection (b) is subject to the maximum limitation on Annual
Additions described in Section 7 of the Plan Document.]
10. [If the following is not completed, the period of Service required for
participation in the Plan is 2 Years of Service or such lesser number of
years that the Employer has been in the Business. The period of Service
required for participation may only be reduced, not increased.]
______ Years of Service is substituted as the period of Service prescribed
in Section 3.1 of the Plan Document. If the Years of Service selected is or
includes a fractional year, an Employee will not be required to complete
any specified number of Hours of Service to receive credit for such
fractional year.
11. [If the following is not completed, Hours of Service will be credited on
the basis of each hour actually worked. If the Employer wishes to specify a
different method of crediting Hours of Service, one of the following
methods may be selected, which method shall be applied to all Employees
covered by the Plan.]
Hours of Service will be credited on the basis of:
[_] days worked: if an Employee would be credited with at least one Hour
of Service during a day, the Employee will be credited with 10 Hours
of Service for that day.
[_] weeks worked: if an Employee would be credited with at least one Hour
of Service during a week, the Employee will be credited with 45 Hours
of Service for that week.
[_] months worked: if an would be credited with at least one Hour of
Service during a month, the Employee will be credited with 190 Hours
of Service for that month
12. [If the following is not completed, the survivor portion of the joint and
Survivor Annuity payable to the spouse of a Participant to whom it applies
and who fails to elect otherwise will be 50% of that payable to the
Participant while alive.]
The survivor portion of the Joint and Survivor Annuity shall be ___% (not
less than 50 nor greater than 100) of the amount of the annuity payable
during the joint lives of the Participant and the spouse unless the
Participant elects a different percentage.
13. [THE FOLLOWING MUST BE COMPLETED IF THE EMPLOYER MAINTAINS ANY OTHER
QUALIFIED PENSION, PROFIT SHARING OR STOCK BONUS PLANS.)
(a) If the Employer maintains other qualified defined contribution plans
which are not Master of Prototype Plans, the Annual Addition which may
be credited to any Participant's account under the Plan for any
Limitation Year will be limited as follows:
[_] In accordance with Sections 7.2, 7.3, 7.4, 7.5, 7.6 and 7.7 of
the Plan Document.
[_] The attached provisions will apply and will limit total Annual
Additions to the Maximum Permissible Amount in a manner that
precludes Employer discretion. [Attach applicable language on a
separate sheet.]
(b) If the Employer maintains, or at any time maintained, one or more
qualified defined benefit pension plans, the sum of the Defined
Contribution Fraction and the Defined Benefit Fraction (as defined in
Sections 7.10(h) and (i) of the Plan Document) with respect to any
Participant for a Limitation Year may not exceed 1.0. If the Employer
maintains or maintained such plans, the 1.0 limitation will be met as
follows:
[_] By limiting the Annual Additions to this Plan for the Limitation
Year so that the sum of the Defined Contribution Fraction and the
Defined Benefit Fraction does not exceed 1.0.
[_] The attached provisions will apply and will specify the 1.0
limitation in a manner that precludes Employer discretion.
(Attach applicable language on a separate sheet.]
(c) If the Employer maintains other qualified pension, profit-sharing or
stock bonus plans required to be aggregated with this Plan for
purposes of Section 416 of the Internal Revenue Code (the top-heavy
rules), the minimum required contribution under this Plan for years in
which it is top-heavy will be calculated in accordance with Section
8.4 of the Plan Document, unless the Employer wishes to designate
another method which prevents inappropriate omissions or required
duplication of minimum
contributions or benefits. [Attach applicable language in a separate
sheet if desired.]
14. For purposes of computing the Top-Heavy Ratio, the Valuation Date shall be
__________ [designate date] of each year.
15. [The following need not be completed unless the Employer intends to apply
for a waiver of the minimum funding requirements under Section 412(d)
Internal Revenue Code.]
The following language satisfies the requirements of Revenue Ruling 78-223
in the case of a waiver of the minimum funding requirements: ___________
[Attach separate sheet if necessary.]
16. The Employer (i) hereby appoints Investors Fiduciary Trust Company, or its
successor, as Trustee of the Plan; and (ii) agrees that the annual service
fees of the Trustee, currently $10.00 per Participant per calendar year,
may be deducted from the assets in the account of each Participant before
the end of the calendar year, which fees may be changed upon notice to the
Employer.
Enclosed is a check payable to Investors Fiduciary Trust Company, as Trustee, as
the initial payment of contributions to the Trust Fund under the Plan, as
amended from time to time, to be invested and credited to the accounts of
Participants in accordance with the attached Money Purchase Contribution
Schedule.
The Employer will promptly notify the Trustee in writing of any changes in the
attached schedule of Participants.
Additional series of the Van Eck Funds may be established. Subsequent Employer
contributions will be invested as directed in writing by the Employer and
subsequent voluntary contributions will be invested as directed in writing by
the Employee or the Employer on behalf of the Employee.
An Employer who has ever maintained or who later adopts any plan (including,
after December 31, 1985, a welfare benefit fund, as defined in Section 419(e) of
the Internal Revenue Code, which provides post-retirement medical benefits
allocated to separate accounts for key employees, as defined in Section
419A(d)(3) of the Internal Revenue Code) in addition to this Plan (other than
the paired Profit Sharing Plan (#001) available under the Plan Document (#01))
may not rely on the opinion letter issued by the National Office of the Internal
Revenue Service as evidence that this Plan is qualified under Section 401 of the
Internal Revenue Code. If an Employer who adopts or maintains multiple plans
wishes to obtain confirmation that its plan(s) are qualified, application for a
determination letter should be made to the appropriate Key District Director of
Internal Revenue.
This Monthly Purchase Plan Adoption Agreement may be used only in conjunction
with the Plan Document. Failure to properly fill out this Adoption Agreement may
result in your Plan not being qualified fur tax purposes. You will be informed
of any amendments to or discontinuance or abandonment of the Plan. If you have
any questions, you can contact the Plan sponsor, International Investors
Incorporated, at 122 East 42nd Street, New York, New York 10168, (212)687-5200,
outside of New York (800)221-2220.
Date: _________ Name of Employer: ____________________________________________
(please print)
By: ___________________________________________________________________________
(Signature of Sole Proprietor, General Partner or Authorized Corporate Officer)
Acceptance of the appointment of Investors Fiduciary Trust Company as Trustee
and the establishment of the Trust Fund shall be effective upon receipt by the
Trustee of the Employer's check.
________________________________________________________________________________
INVESTMENT DEALER INFORMATION
[Dealer completes. This is not a part of the Plan or Trust. Print or type.]
Name of Dealer Firm: Name and Number of Dealer's Representative:
______________________ _________________________________________________
Branch Office Address of Dealer's Representative:
_________________________________________________
EX-99.14D | Last Page of 88 | TOC | 1st | Previous | Next | ↓Bottom | Just 88th |
---|
MONEY PURCHASE CONTRIBUTION SCHEDULE
Initial Contributions
---------------------
Total
Social Proprietor Owner- Initial
PARTICIPANT'S NAME Security or Partner Emp1oyee Employer/ Type of Contri-
---------- --------
Please Print Number Yes No Yes No Voluntary* Fund** bution
-------------------------------------------------------------------------------
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
/ /
______________________________________________________________________________
Total initial contributions to be invested in shares of International
Investors Incorporated or the Van Eck Funds: $________
[If additional space is needed. please attach additional sheets.]
________________________
* Designate as E (Employer Contribution) or V (Voluntary Contribution)
** Use the following abbreviations to designate the Fund in which the
contribution should be invested. If a participant's contribution is to
more than one Fund, use a separate line for each portion of the
contribution:
International Investors Incorporated - III
World Trends Fund - WTF
Gold Resources Fund - GRF
U.S. Government Money Fund - USF
World Income Fund - WIF
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
---|
This ‘485APOS’ Filing | | Date | | First | | Last | | | Other Filings |
---|
| | |
| | 3/2/99 |
Filed on: | | 3/1/99 | | | | | | | NSAR-B |
| | 1/1/98 | | 30 |
| List all Filings |
8 Subsequent Filings that Reference this Filing
↑Top
Filing Submission 0000950130-99-001141 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help —
Fri., Mar. 29, 9:41:35.2am ET