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-99.14C — Registrant’s Form of Simplified Employee Plan
EX-99.14C | 1st Page of 29 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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INFORMATION CONCERNING SIMPLIFIED EMPLOYEE PLANS
What is a SEP?
--------------
A Simplified Employee Plan (the "SEP") is an arrangement designed to
provide an employer with a simplified means of making contributions towards your
retirement income. Under the SEP, your employer may contribute on your behalf to
an Individual Retirement Account ("IRA") investing in shares of International
Investors Incorporated or Van Eck Funds, or to some other IRA established by
you.
The IRA to which your employer contributes is referred to as a SEP-IRA. You
own and control your SEP-IRA, and SEP contributions become your property as soon
as they deposited. Contributions (plus earnings) made by your employer are
generally not includible in your gross income until payments are made to you
from your SEP-IRA.
What is a Salary Reduction SEP?
-------------------
Under the SEP, your employer may give you the option of having up to $7,000
of your annual compensation contributed to your SEP-IRA. If you elect to reduce
your salary and have such amount contributed to your SEP-IRA, the amounts
contributed (plus any earnings) will not be taxable until you withdraw them from
the IRA. Your employer is not permitted to offer you this salary reduction
option if more than 25 employees were employed by your employer at any time
during
the year preceding the year for which the option is offered. In addition, at
least one-half of all employees must elect to have contributions made to their
SEP-IRAs.
The information provided here with respect, to SEPs generally applies to
SEPs which contain a salary reduction feature unless otherwise indicated.
Participation in the SEP
------------------------
If your employer maintains a SEP, the law states that you must be eligible
to receive a contribution for the year if you are at least 21 years of age, have
performed service for the employer for any period of time (however short) during
three of any of the immediately preceding five years, and have received at least
$300 in total compensation from the employer during the year. Your employer's
SEP may contain less restrictive requirements.
If your employer's SEP contains a salary reduction arrangement, you will be
eligible to elect to have your employer contribute up to $7,000 of your annual
compensation to your SEP-IRA.
Employer Contributions
----------------------
The amounts your employer contributes and the amounts, if any, you elect to
defer pursuant to a Salary Reduction Arrangement (if available) are not included
in your
gross income and are not subject to income tax until withdrawn from your SEP-
IRA.
Your employer will determine the amount of the employer contribution to be
made to your SEP-IRA based on a percentage of your total compensation, up to a
maximum compensation level of $200,000. Under the SEP there is no requirement
that an employer maintain a particular level of contributions and it is possible
that for a given year no employer contributions will be made on an employee's
behalf. If your employer does make a contribution, however, the same percentage
of compensation will be contributed for all eligible employees. Your employer
cannot contribute an amount which is more than 15 percent of your compensation
to your SEP-IRA in any year, and can never contribute more than $30,000 a year
to your SEP-IRA.
If your employer permits, contributions can be made pursuant to a Salary
Reduction Arrangement. Contributions under a Salary Reduction Arrangement cannot
exceed $7,000 for any one year. All contributions, whether made by your employer
or made pursuant to a salary reduction arrangement, are subject to the maximum
limitations (15% of compensation or $30,000, whichever is less) discussed above.
The law requires that an employer contribute on behalf of all employees who
have satisfied the eligibility requirements, even if they terminated employment
for any reason (including death) during the year. To comply with this provision
and to avoid adverse tax consequences, your employer will require you to
establish an IRA. If you do not establish an IRA, your employer may establish
one for you.
If for any year your employer determines that the SEP is "Top Heavy",
meaning that contributions on behalf of "key employees" (as defined in the
Internal Revenue Code), exceed 60 percent of the total contributions for all
other employees, your employer must make a contribution to your SEP-IRA in an
amount equal to at least 3% of your compensation, notwithstanding any
contributions already made on your behalf through a Salary Reduction
Arrangement.
How Contributions are Allocated
-------------------------------
Assume that the employer elects to make a SEP contribution for a year equal
to 15% of each participant's compensation. The law contains a $30,000 ceiling on
SEP contributions which also must be recognized. The contributions would be
allocated as follows:
[Download Table]
Compensation SEP Contribution
Participant A $ 10,000 $ 1,500
B 30,000 4,500
C 50,000 7,500
D 100,000 15,000
E 150,000 22,500
F* 200,000 30,000
G* 400,000 30,000
*[Remember that the maximum contribution to a SEP-IRA for the year is $30,000
and that only a maximum of $200,000 in compensation can be used in calculating
the contribution for any year.]
May I Make Additional Contributions to my SEP-IRA?
--------------------------------------------------
Even if you employer contributes to your SEP-IRA in any year, you may still
contribute up to $2,000 or 100% of your compensation, whichever is less, either
to your SEP-IRA or another IRA. These contributions may be tax-deductible to
some extent if your income is below certain levels. The limitations on tax
deductions for non-SEP contributions to your SEP-IRA are contained in the
disclosure statement which accompanies your III/VEF IRA.
Excess Contributions and Excess Salary Deferrals
------------------------------------------------
Contributions made by your employer (including contributions under a Salary
Reduction Arrangement) to your SEP-IRA which exceed the permissible limits set
forth in Employer Contributions on P. __ (known as "excess contributions") are
----------------------
includible for federal income tax purposes in your gross income in the year
contributed. You should withdraw such excess contributions, plus any earnings,
by the due date (including extensions) for filing your income tax return in
order to avoid the imposition of a 6% penalty tax on the excess amount and its
earnings for each year these amounts remain in your SEP-IRA. Amounts withdrawn
cannot be transferred or rolled over to another IRA.
In addition, Salary Reduction Contributions which exceed $7,000 (known as
"excess deferrals") are includible for federal income tax purposes in your gross
income in the
year contributed. You should withdraw such excess deferrals, plus any earnings,
by April 15 of the year following the year for which the deferral was made in
order to avoid the imposition of a 6% penalty tax on the excess amount and its
earnings for each year these amounts remain in your SEP-IRA. Excess deferrals
which are withdrawn from your SEP-IRA cannot be transferred or rolled over to
another IRA.
The $7,000 limit applies to all Salary Reduction Arrangements you may have
with any employer or employers. If this limit is exceeded due to contributions
made on your behalf to another retirement plan or arrangement under a different
salary reduction arrangement, you may choose whether to receive a distribution
of the excess from this SEP-IRA or from any other plan or arrangement to which
Salary Reduction contributions have been made.
If you have both excess contributions and excess deferrals, the amount of
excess deferrals you withdraw by April 15 will reduce your excess contributions.
Withdrawals from a SEP-IRA
--------------------------
It is possible for you to withdraw funds from your SEP-IRA and within 60
days place such funds in another SEP-IRA or IRA without becoming obligated to
pay taxes. This is called a "rollover" and may not be done without penalty more
frequently than once a year. However, there are no restrictions on the number of
times you may make "transfers" if you
arrange to have such funds transferred between the custodians or trustees, so
that you never have possession. You should be aware that IRAs other than the IRA
into which your employer contributes may provide different rates of return and
may have different terms, including restrictions an transfers or withdrawal of
funds..
If you do not want to leave SEP contributions in any IRA, you may withdraw
them at any time, subject to the provisions of the SEP-IRA document, but any
amounts withdrawn will be included in your income and subject to income tax.
Also, if withdrawals occur before attainment of age 59-1/2, and are not made on
account of death or disability, you may be subject to the imposition of an extra
10% penalty tax.
What if I am Covered under another Plan?
----------------------------------------
The maximum contribution (including amounts representing salary reductions)
which may be made on your behalf under all SEPs under which you are covered in
any year is equal to the lesser of 15% of your total compensation or $30,000.
Any contribution made by you or your employer(s) that is more than this yearly
deduction limitation may be withdrawn without penalty by the due date (including
extensions) for filing your income tax return (normally April 15th), and is
includible in your gross income. Any excess amounts (plus earnings) that remain
in your SEP-IRA after
this time are subject to a 6% penalty tax for each year these amounts remain in
your SEP-IRA.
If you are covered under this SEP and one or more qualified defined
contribution or defined benefit pension plans, special rules may limit the
amount which may be contributed on your behalf in that year. You should consult
your employer if you think you may be affected by these rules.
Tax Treatment of SEP-IRA Distributions
--------------------------------------
SEP-IRA distributions are not eligible for capital gains treatment or for
the special 5-year averaging treatment which may be available for lump sum
distributions from other qualified pension benefit plans.
Distributions from a SEP-IRA are subject to Federal income tax withholding
unless the employee elects not to have withholding apply.
If distributions from all IRAs and employer sponsored retirement plans
exceed $150,000 in any year, the employee may be subject to a special 15% tax on
the excess.
Additional Information
----------------------
In addition to the information contained in this document, your employer
must provide you with the following information:
(1) At the time you become eligible to participate in the SEP, the
employer or plan administrator
must inform you in writing that a SEP agreement has been adopted and
state which employees may participate, how employer contributions are
allocated and who can provide you with additional information.
(2) The employer or plan administrator must notify you in writing of all
employer contributions to your SEP-IRA (this information must he
supplied by January 31 of the year following the year the contribution
is made or 30 days after the contribution is made, whichever is
later).
(3) If the SEP your employer maintains permits Salary Reduction
Arrangements, your employer must inform you as to how you may make,
change or terminate any amounts you elect to have contributed to your
SEP-IRA pursuant to this arrangement.
(4) If your employer amends the SEP, or replaces it with another SEP, your
employer or plan administrator must furnish a copy of the amended or
new SEP (with a clear written explanation of its effect) to you within
30 days of the date the new SEP or the amendment becomes effective.
(5) If the employer selects, recommends or substantially influences the
IRAs into which your
SEP contribution will be deposited, the employer or plan administrator
must furnish a clear written explanation of the terms of those IRAs at
the time you become eligible to participate (such information may also
be provided by the financial institution which maintains the IRA). The
explanation must include information about the terms of those IRAs
such as restrictions on a participant's ability to rollover, transfer,
or withdraw funds from the IRAs (including restrictions that allow
rollovers or withdrawals but reduce the earnings of the IRAs or impose
other penalties).
(6) If the employer selects, recommends, or substantially influences the
employee to choose a specific IRA and the IRA prohibits the withdrawal
of funds, the employer or plan administrator may be required to
provide the employee with additional information. Regulations
promulgated by the Department of Labor under Title 1 of the Employee
Retirement Income Security Act of 1974, as amended, should be
consulted in this regard.
Additional Information Provided by the Financial Institution
------------------------------------------------------------
III/VEF or any other financial institution which sponsors your SEP-IRA will
provide you with a disclosure statement which contains the following items of
information in plain, nontechnical language:
(1) the statutory requirements which relate to your SEP-IRA;
(2) the tax consequences which follow the exercise of various options and
what those options are;
(3) Participation eligibility rules, and rules on the deductibility and
nondeductibility of retirement savings;
(4) the circumstances and procedures under which you may revoke your SEP-
IRA, including the name, address, and telephone number of the person
designated to receive notice of revocation;
(5) explanations of when penalties may be assessed against you because of
specified prohibited or penalized activities concerning your SEP-IRA;
and
(6) financial disclosure information which:
(a) either projects value growth rates of your SEP-IRA under various
contribution and retirement schedules, or describes the method of
computing and allocating
annual earnings and charges which may be assessed;
(b) describes whether, and for what period, the growth projections
for the SEP-IRA are guaranteed, or a statement of the earnings
rate and terms on which the projection is based;
(c) states the sales commission to be charged in each year expressed
as a percentage of $1,000; and
(d) states the proportional amount of any nondeductible life
insurance which may be a feature of your SEP-IRA.
In addition to this disclosure statement, the financial institution is
required to provide you with a financial statement of your SEP-IRA account each
year. It may be necessary to retain and refer to statements for more than one
year in order to evaluate the investment performance of your SEP-IRA.
See IRS Publication 590, available at most IRS offices, for a more complete
explanation of the disclosure requirements.
INTERNATIONAL INVESTORS INCORPORATED/VAN ECK FUNDS
SIMPLIFIED EMPLOYEE PLAN
------------------------
Article I. Purpose
-------
1.1 This Simplified Employee Plan (the "SEP") is intended to provide
simplified employee pensions to eligible Employees of the Employer in accordance
with the requirements of Section 408(k) of the Internal Revenue Code of 1986, as
amended from time to time. The Employer may contribute towards the retirement
income of its Employees as follows: (1) by an arrangement which permits
Employees to defer a portion of their annual compensation and receive a
corresponding contribution to individual retirement accounts established on
their behalf, (2) by Employer contributions to such individual retirement
accounts based on a uniform percentage of each Employee's Compensation or (3) by
both of the foregoing methods.
The provisions of the SEP, as set forth herein, shall apply only to
eligible Employees who are actively employed by the Employer on or after the
Effective Date.
Article II. Definitions
-----------
As used in the SEP, the following terms shall have the following meanings,
unless the context clearly indicates to the contrary:
"Adoption Agreement" means the document by which the provisions of the SEP
are adopted by the Employer. The Adoption Agreement is an integral part of the
SEP.
"Code" means the Internal Revenue Code of 1986, as now in effect or as
hereafter amended. All citations to Sections of the Code are to such Sections as
they may from time to time be amended or renumbered.
"Compensation" means wages, salaries, professional fees or other amounts
derived from or received for personal service actually rendered (including but
not limited to, commissions, tips and bonuses) and earned income, as defined in
Section 401(c)(2) of the Code for self-employed individuals within the meaning
of Section 401(c)(1) of the Code, but does not include contributions by the
Employer to the SEP or to any other qualified pension benefit plan or any other
amounts not includible in gross income. Compensation for any Plan Year shall not
include amounts in excess of $200,000.
"Effective Date* means the date upon which the Employer executes the
Adoption Agreement or the date specified by the Employer in the Adoption
Agreement.
"Employee" means any individual in the employ of the Employer, including
any common-law employee and any self-employed partner or proprietor. Employee
shall also include all employees of any employer required to be aggregated with
the Employer under Section 414(b)(c) or (m) of the Code and leased employees as
defined in Section 414(n) of the Code, excluding any (i) nonresident alien
employee who has received no earned income from sources within the United States
and (ii) any employee included in a unit of employees covered by a negotiated
collective bargaining agreement which does not provide for his participation in
the SEP.
"Employer" means the corporation, partnership or proprietorship set forth
in the Adoption Agreement.
"Nonelective Contributions" means all contributions other than Salary
Reduction Contributions.
"Participant" means each eligible Employee who participates in the SEP in
accordance with Section 3.1 and the Adoption Agreement.
"Plan Year" means the calendar year unless otherwise specified in the
Adoption Agreement.
"Salary Reduction Arrangement" means an arrangement by which the Employee
agrees to a reduction in salary in exchange for Employer contributions to his
SEP-IRA.
"Salary Reduction Contributions" means contributions to a Participant's
SEP-IRA under a Salary Reduction Arrangement.
"SEP" means this Simplified Employee Plan, as the same may be amended from
time to time.
"Simplified Employee Plan Individual Retirement Account" or "SEP-IRA" means
the International Investors Incorporated/Van Eck Funds Individual Retirement
Account or any other individual retirement established under Section 408(a) of
the Code or individual retirement annuity established under Section 408(b) of
the Code and approved by International Investors Incorporated or Van Eck Funds.
"Service" means any work performed by an Employee for the Employer,
including work performed as a self-employed individual, for any period of time
during the Plan Year. For purposes of determining whether an Employee satisfies
the Service requirement for participation in the SEP as set forth in Section
3.1, employment with any member of a controlled group of corporations with the
Employer (within the meaning of Section 414(b) of the Code), any trade or
business which is under common control with the Employer (within the meaning of
Section 414(c) of the Code) and any member of an affiliate with the Employer
(within the meaning of Section 414(m) of the Code) shall be treated as Service
with the Employer
Article III. Participation
-------------
3.1 Each Employee who:
(1) has attained age 21;
(2) has performed Service for the Employer during at least three of
the immediately preceding five calendar years; and
(3) received at least $300 in compensation, from the Employer for the
Plan Year shall be enrolled as a Participant in the SEP.
The Adoption Agreement may provide for less restrictive participation
requirements.
3.2 An Employer may make contributions pursuant to Salary Reduction
Arrangements only if:
(1) the Employer maintaining the arrangement had no more than 25
Employees in its employ at any time during the preceding year;
(2) all eligible Employees have the right to participate in this
arrangement; and
(3) at least 50 percent of the Employees of the Employer elect to
defer amounts pursuant to the Salary Reduction Arrangement.
Article IV. Contributions: Allocations
--------------------------
4.1 Each Plan Year the Employer shall determine whether or not it will
make contributions under the SEP for that Plan Year. The amount of such
contribution shall be determined in the sole discretion of the Employer and set
forth in writing.
4.2(a) Nonelective Contributions to each Participant's SEP-IRA shall be
limited for any Plan Year to the lesser of (i) 15 percent of Compensation or
(ii) $30,000. Such contributions shall be allocated to each and every
Participant's SEP-IRA on the basis of the same percentage of Compensation for
each Participant. Amounts contributed may not discriminate in favor of any
highly compensated Employee (as defined in Section 414(q) of the Code).
(b) Salary Reduction Contributions shall be limited to the lesser of (i)
15 percent of Compensation or (ii) $7,000. Amounts contributed will not be
treated as discriminating in favor of any highly compensated employee (as
defined in Section 414(q) of the Code), if the percentage of total compensation
elected to be deferred by each eligible highly compensated employee does not
exceed the average of the deferral percentages of all other eligible Employees
multiplied by 1.25.
(c) In no event may the total Nonelective and Salary Reduction
Contributions made to a Participant's SEP
IRA for the Plan Year exceed the lesser of (i) $30,000 or(ii) 15 percent of
Compensation.
(d) If, for any Plan Year, the Employer determines that the SEP is "Top
Heavy," the Employer shall make a Nonelective Contribution to the SEP-IRA off
each individual Participant who is not a "Key Employee" (as defined in Section
416(i) of the Code), in an amount equal to at least 3 percent of each such
Participant's Compensation. A SEP will be Top Heavy for the Plan Year if
contributions (including Salary Reduction Contributions) on behalf of Key
Employees exceed 60 percent of the total contributions for all other Employees.
4.3(a) Contributions for the Plan Year shall be paid into the SEP-IRA of
each Participant no later than the date upon which such Employer's tax return
(including any extensions thereof) is required to be filed. The Employer must
notify each Participant in writing of all contributions made to such
Participant's SEP-IRA by the later of (i) January 31 following the end of the
Plan Year for which a contribution is made or (ii) 30 days after a contribution
is made.
(b) If the Participant has not selected and opened a SEP-IRA by the date
referred to in paragraph 4.3(a), the Employer shall select and open a SEP-IRA in
the name of, and on behalf of the Participant, and shall deposit any
contributions for such Plan Year in such SEP-IRA no later than such date.
Article V. Benefits
--------
5.1 All contributions made under the SEP by the Employer on behalf of each
Participant shall be fully vested and nonforfeitable at all times.
5.2 The rights of a Participant relating to amounts contributed to the
Participant's SEP-IRA by the Employer shall be subject to any terms and
conditions contained in such SEP-IRA, and shall not be determined by this SEP or
by the Employer.
5.3 In the event of a Participant's death, the distribution of the
Participant's interest in the SEP-IRA shall be governed by the terms and
conditions of the SEP-IRA.
Article VI. Administration
--------------
6.1 The Employer shall have the authority to control and manage the
operation and administration of the SEP and shall be responsible for its
operation in accordance with its terms. The Employer shall, in its sole
discretion, determine all questions arising out of the administration and
interpretation of the SEP.
6.2 The Employer shall make all determinations as to the eligibility of
any individual to become a Participant hereunder and as to the amount of any
contributions made to a Participant's SEP-IRA for any Plan Year.
6.3 The Employer shall be the "Named Fiduciary" for operation and
administration of the SEP and the "Plan Administrator". The Employer is hereby
designated as agent for service of legal process.
Article VII. Amendment and Termination
-------------------------
7.1 By adopting this SEP, the Employer delegates to International
Investors Incorporated or Van Eck Funds the power to amend the SEP, including
the Adoption Agreement, and the Employer shall be deemed to have consented to
such amendment. Each Employer shall be furnished with a copy of any such
amendment.
7.2. The Employer may at any time amend any elective provision of the SEP
as contained in the Adoption Agreement by executing a revised Adoption
Agreement.
7.3 Neither the Employer, International Investors Incorporated or Van Eck
Funds shall have the power to amend the SEP, including the Adoption Agreement,
in any manner which would cause or permit any part of the Employer contributions
to be used for, or diverted to, any purposes other than for the exclusive
benefit of Participants or their beneficiaries, unless such amendment is
necessary to conform this SEP to any law, regulation or ruling or to meet the
requirements of the Code or any amendment thereof.
7.4 The Employer may at any time terminate this SEP by a written
instrument properly authorized and executed on behalf of the Employer or by
establishing a new SEP.
7.5 In the event of the dissolution, liquidation, merger, consolidation or
reorganization of the Employer, the SEP shall automatically terminate unless the
successor to the Employer elects to continue this SEP by written instrument
properly authorized and executed on behalf of such successor. In such event, the
successor to the Employer shall be substituted for the Employer under the SEP
for all purposes.
SIMPLIFIED EMPLOYEE PLAN OF ___________________________
SALARY REDUCTION ARRANGEMENT
Subject to the provisions of the Simplified Employee Plan, I hereby
authorize and request that the following amount be withheld from each of my
payroll checks, commencing with the check for the next payroll period:
-----------------------------------------------------------------
(1) an amount equal to __% of my salary
for each payroll period
or
(2) the stated amount of $________ for
each payroll period.*
-----------------------------------------------------------------
*Not more than 15% of compensation or $7,000 total per year.
______________________________ _____________________________________
Date Signature
RIDER 2-A
Investors Fiduciary Trust Company is authorized to honor telephone instructions
to exchange shares of any Participating Fund for shares of any other
Participatinq Fund in accordance with the terms of the Exchange Privilege.
Instructions will be honored only if they include the social security or tax
identification number and the shareholder account number of the Owner and are
received prior to the close of business of the New York Stock Exchange.
RIDER 2-B
If any beneficiary fails to survive, the remaining beneficiary or
beneficiaries will receive all amounts payable from the IRA as a result of the
individual's death in the same proportion as the Percentage of Distributions of
the surviving beneficiaries bear to each other. In the absence of designation,
or failure of all beneficiaries to survive, all amounts shall be paid to the
estate of the individual.
RIDER 2-C
If none of the designated primary beneficiaries survive the individual, the
following contingent beneficiary or beneficiaries will receive all amounts
payable from the IRA:
RIDER 2-D
To establish a Simplified Employee Plan Individual Retirement Account,
please complete and sign the Application. Please provide your Social Security
Number. Please mail the Application along with two checks payable to Investors
Fiduciary Trust Company, as Trustee, one in the amount of your initial
contribution and the second in the amount of $10.00, representing the
fiduciary's fee to:
Investors Fiduciary Trust Company
P.O. Box 407
Kansas City, Missouri 64141
Acceptance of the appointment of the Trustee and the establishment of the
Account shall be effective upon receipt by the Trustee of your check.
RIDER 2-E
2. By Employer on behalf of Employee:
I hereby (i) establish an IRA on behalf of the employee named above (the
"employee") in accordance with the terms of the Trust Agreement; (ii) appoint
Investors Fiduciary Trust Company, or its successor, as Trustee of the IRA;
(iii) agree that current annual service fees of the Trustee may be deducted from
account assets before the end of the calendar year, which fees may be changed
upon notice to the Owner of the account; (iv) acknowledge that I have delivered,
to the employee, in person or by depositing in the U.S. mails, addressed to his
or her last known address as set forth above, a copy of the SEP Booklet,
including the Trust Agreement and the "Individual Retirement Account Disclosure
Statement," together with a copy of the current prospectus(es) and statements of
additional information of the mutual fund(s) in which this contributions is to
be invested; (v) agree, on behalf of myself and my successors and assigns, and
on behalf of the employee, his executors, administrators, heirs, beneficiaries
and assigns, that payment in accordance with the beneficiary designation made by
the employee or with the provisions of the Individual Retirement Account Trust
Agreement shall constitute a release of the Trustee, International Investors
Incorporated, Van Eck Funds, Van Eck Management Corporation, Van Eck Associates
Corporation and any director, trustee, officer, employee or agent thereof from
any further claim or obligation, on account of any amounts payable under the
Trust Agreement.
Name of Employer: ____________________________________________
Signature of Authorized Agent: _______________________________
Date: ____________________
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SIMPLIFIED EMPLOYEE PLAN
ALLOCATION FORMULA NOTICE
TO: All Eligible Employees
RE: Allocation Formula Under The Simplified Employee Plan of
________________________________.
Contributions pursuant to the Simplified Employee Plan will be made
for (check one) [_] calendar year 19__ or [_] employer's taxable year ending
_________________, 19__ to employees who will attain at least ___ (not over 21)
years of age during such year and who have performed service for the employer
during no less than ___(not to exceed three) years of the immediately preceding
five years, at the rate of ___% (not to exceed the lesser of 15% of total
compensation or $30,000) of total compensation of each such employee (excluding
compensation in excess of $200,000 and the amount of the contribution
hereunder).
Date:_____________________ ______________________________
Employer
By:___________________________
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