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Subscribers | 2003 |
Retirement Plan [Amendment No. 27]
Retirement Plan [Amendment No. 27] (13K)
Doc #309802: Click preview link for longer preview.
AMENDMENT NO. 27
TO THE
UPS RETIREMENT PLAN
WHEREAS, United Parcel Service of America, Inc. ("UPS") and its affiliated
corporations established the UPS Retirement Plan ("Plan") for the benefit of
their eligible employees, in order to provide benefits to those employees upon
their retirement, disability, or death, effective as of September 1, 1961;
WHEREAS, the Plan, as adopted and amended from time to time, was amended
and restated in its entirety, effective as of January 1, 1976, to comply with
the Employee Retirement Income Security Act of 1974;
WHEREAS, the Plan has been amended on a number of occasions since January
1, 1976, the most recent being Amendment No. 26; and
WHEREAS, it is desired to amend the Plan to reflect the merger of certain
assets and liabilities of the Overseas Partners Ltd. And Subsidiaries Retirement
Plan and related trust into the Plan effective as of March 1, 2002.
NOW THEREFORE, pursuant to the authority vested in the Board of Directors
by Section 7.1 of the Plan, the UPS Retirement Plan is hereby amended as
follows:
1. The Plan is hereby amended effective as of March 1, 2002 to add a new
Article XIV which reads as follows:
ARTICLE XIV - SPECIAL OPL RETIREMENT BENEFIT
Section 14.1 Special OPL Retirement Benefit. Notwithstanding any
other provision in this Plan, the provisions in this Article XIV
shall apply to the terms of the participation of any Grandfathered
OPL Participant to the extent that such provisions are different
from or supplement the provisions otherwise set forth in this Plan.
Section 14.2 Definitions.
(a) "Compensation" generally has the same meaning set forth in
Section 1.1(y); however, for a Grandfathered OPL Participant
who completes an Hour of Service as an Employee on or after
March 1, 2002 determined without regard to this Section 14.2,
Compensation shall also include remuneration actually paid by
OPL to such Grandfathered OPL Participant for the applicable
year to the extent such remuneration was included as
{PAGE}
"compensation" under the OPL Plan.
(b) "Employer Company" generally has the same meaning set forth in
Section 1.1(b); however, solely with respect to a
Grandfathered OPL Participant, OPL also shall be considered an
Employer Company.
(c) "Grandfathered OPL Participant" means a former participant in
the OPL Plan who is listed on Appendix H.
(d) "Hour of Service" generally has the same meaning set forth in
Section 1.1(n); however, for a Grandfathered OPL Participant
who completes an Hour of Service as an Employee on or after
March 1, 2002 determined without regard to this Section 14.2,
an Hour of Service shall also include an hour of service with
OPL and any employer that would be considered a single
employer with OPL under Section 414(b), (c), (m) and (o) of
the Code to the extent such hour of service was included as an
"hour of service" under the OPL Plan.
Solely for purposes of entitlement to retiree medical benefits
under Article XII, including the determination of whether such
Grandfathered OPL Participant is a Grandfathered Retired
Participant, each Grandfathered OPL Participant shall be
deemed to have an Hour of Service for each "hour of service"
he or she was credited with under the OPL Plan.
(e) "OPL" means the Overseas Partners Ltd, Overseas Partners
Capital Corporation and any other employer that participated
in the OPL Plan on March 1, 2002.
(f) "OPL Minimum Benefit" means the protected minimum benefit
described in Section 14.4(b).
(g) "OPL Plan" means the Overseas Partners Ltd. and Subsidiaries
Retirement Plan, as amended and restated effective as of
January 1, 2000, and as further amended through April 15,
309802
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Subscribers | 2003 |
Retirement Plan [Amendment No. 28]
Retirement Plan [Amendment No. 28] (39K)
Doc #309803: Click preview link for longer preview.
AMENDMENT NO. 28
TO THE
UPS RETIREMENT PLAN
WHEREAS, United Parcel Service of America, Inc. ("UPS") and its affiliated
corporations established the UPS Retirement Plan ("Plan") for the benefit of
their eligible employees, in order to provide benefits to those employees upon
their retirement, disability, or death, effective as of September 1, 1961; and
WHEREAS, the Plan, as adopted and amended from time to time, was amended
and restated in its entirety, effective as of January 1, 1976, to comply with
the Employee Retirement Income Security Act of 1974; and
WHEREAS, the Plan has been amended on a number of occasions since January
1, 1976, the most recent being Amendment No. 27; and
WHEREAS, this amendment of the Plan is adopted to reflect certain
provisions of the Economic Growth and Tax Relief Reconciliation Act of
2001("EGTRRA"), to increase the number of consecutive Breaks in Service that
will result in a loss of prior credit from 5 to 6, to cap service for the
Disability Retirement benefit at 35 years, to provide a methodology for
crediting Hours of Service to non-management employees who are paid on a basis
other than hourly (e.g. sleeper teams), to clarify that the definition of
Compensation excludes retention bonuses, referral bonuses and certain
settlements to provide for benefit accruals for eligible employees of UPS
Aviation Technologies, Inc. under the Plan formula or the UPS Pension Plan
formula, whichever produces the greatest benefit, to conform the Plan to the
Department of Labor claims regulations, to reflect past service credit for
certain former employees of Rollins Logistics, Inc., Rollins Dedicated Carriage
Services, Inc. and Rollins Transportation Systems, Inc., to clarify the list of
Employer Companies in Appendix G;
NOW THEREFORE, pursuant to the authority vested in the Board of Directors
by Section 7.1 of the Plan, the UPS Retirement Plan is hereby amended as
follows:
1. SECTION 1.1(L)(2) AND (4), BENEFIT SERVICE, SECTION 2.1, ELIGIBILITY
REQUIREMENTS, SECTION 6.2(B), BREAK IN SERVICE FOR VESTING PURPOSES, HEREBY ARE
AMENDED EFFECTIVE AS OF JANUARY 1, 2001 TO CHANGE "FIVE" TO "SIX" SO THAT
SERVICE IS DISREGARDED FOLLOWING SIX CONSECUTIVE BREAKS IN SERVICE INSTEAD OF
FIVE CONSECUTIVE BREAKS IN SERVICE.
{PAGE}
2. SECTION 1.1(L)(4), DEFINITION OF BENEFIT SERVICE, IS HEREBY AMENDED EFFECTIVE
AS OF JANUARY 1, 2001 TO READ AS FOLLOWS:
(4) Benefit Service with respect to a Disabled Participant whose retirement
benefits commence after December 31, 2000 shall be calculated in accordance with
the applicable table in subparagraph (1) above, but there shall be included as
Benefit Service all years and months while the Participant is a Disabled
Participant and while the Participant continues to be "totally disabled" for
purposes of the UPS Income Protection Plan (or a successor long term disability
plan), as amended from time to time, determined as if such Disabled Participant
had worked at least 1500 Hours of Service in each calendar year and at least 216
Hours of Service in each month in excess of a calendar year; provided, however,
the total Benefit Service created under this Section 1.1(l)(4) to a Disabled
Participant when aggregated with his actual Benefit Service under Section
1.1(l)(1)-(3) shall not exceed thirty-five (35) years. For the purpose of this
paragraph (4), a "Disabled Participant" means a Participant who, as of the time
of his or her termination of employment with all Employer Companies, has (A)
five Years of Service, (B) is a full-time Employee and (C) is and continues to
be "totally disabled" for purposes of the UPS Income Protection Plan (or a
successor long term disability plan), as amended from time to time.
3. SECTION 1.1(N), DEFINITION OF HOUR OF SERVICE, IS HEREBY AMENDED EFFECTIVE
FOR EMPLOYEES WHO COMPLETE AT LEAST ONE HOUR OF SERVICE ON OR AFTER JANUARY 1,
2003 TO READ AS FOLLOWS:
(n) "Hour of Service" means each hour for which an employee is paid
or entitled to be paid for the performance of duties for an Employer Company or
a Related Employer; each hour for which an employee is paid or entitled to be
paid by an Employer Company or a Related Employer for periods during which no
duties are performed due to vacation, holiday, illness, short-term disability or
incapacity pursuant to which payments are received in the form of salary
continuation or from a short-term disability plan or worker's compensation plan
sponsored by the Employer Company or a Related Employer or to which the Employer
Company or a Related Employer contributes, layoff, jury duty, military duty
which gives rise to reemployment rights under Federal law, or paid leave of
absence (including a period where an employee remains on salary continuation
during a period of illness or incapacity); each hour for which back pay is
awarded or agreed to by an Employer Company or a Related Employer if not already
credited under this sentence; and each hour for periods during which an employee
is on an unpaid leave of absence.
Notwithstanding any of the foregoing, no more than 1040 Hours of
Service will be credited to a Participant for any single continuous period
during which the employee performs no duties; and no credit shall be given for a
payment which is made or due under a plan maintained solely for the purpose of
complying with unemployment compensation or disability insurance laws or which
solely reimburses an employee for medical or medically related expenses incurred
by the employee; provided, however, Hours of Service shall be credited as
required under the Uniformed Services Employment and Reemployment Rights Act of
1994 effective December 12, 1994.
2
{PAGE}
A payment shall be deemed to be made by or due from the Employer
Company whether made by or due from the Employer Company directly or indirectly
through a trust fund, insurer or other entity to which the Employer Company
contributes or pays premiums, regardless of whether such contributions are for
the benefit of particular employees or are on behalf of a group of employees in
the aggregate. Stated generally, Hours of Service credited to a Participant
during a period of absence as described above shall be credited at the same rate
at which the Participant would have normally been credited with Hours of Service
but for the absence; provided however, that the crediting of Hours of Service
shall in all events be consistent with the terms of Department of Labor
Regulations, Section 2530.200b-2 and 3.
Notwithstanding the foregoing provisions of this Section 1.1(n) and,
except as provided below, only for the purpose of determining whether a Break in
Service has occurred under Section 2.1 or Section 6.2 of the Plan, there shall
be treated as Hours of Service, with respect to a Participant who is an Employee
309803
|
Carriage
As referenced in this Retirement Plan [Amendment No. 28]:
Carriage
Services, Inc – Plan to the
Department of Labor claims regulations, to reflect past service credit for
certain former employees of Rollins Logistics, Inc., Rollins Dedicated Carriage
Services, Inc . and Rollins Transportation Systems, Inc., to clarify the list of
Employer Companies in Appendix G;
NOW THEREFORE, pursuant to the authority vested
_____________
Carriage Services, Inc – 10.12 Former Rollins Employees. Notwithstanding any contrary
provision of this Plan, any Employee who was employed by Rollins Logistics, Inc.
Rollins Dedicated Carriage Services, Inc . or Rollins Transportation Systems,
Inc. (each, "Rollins") and is identified on Appendix E as a "transfer employee"
pursuant to Section 5.7
_____________
Carriage Services, Inc – Asset Purchase Agreement dated November
12, 1999 by and among Worldwide Dedicated Services, Inc., Rollins Truck Leasing
Corp., Rollins Logistics, Inc. Rollins Dedicated Carriage Services, Inc . and
Rollins Transportation Systems, Inc. shall receive credit for all service
completed with Rollins or any person that directly or indirectly through
_____________
dt 287276
;
| |
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Subscribers | 2002 |
Retirement Plan [Amendment No. 26]
Retirement Plan [Amendment No. 26] (42K)
Doc #309866: Click preview link for longer preview.
AMENDMENT NO. 26
TO THE
UPS RETIREMENT PLAN
WHEREAS, United Parcel Service of America, Inc. ("UPS") and its
affiliated corporations established the UPS Retirement Plan ("Plan") for the
benefit of their eligible employees, in order to provide benefits to those
employees upon their retirement, disability, or death, effective as of
September 1, 1961;
WHEREAS, the Plan, as adopted and amended from time to time, was
amended and restated in its entirety, effective as of January 1, 1976, to
comply with the Employee Retirement Income Security Act of 1974;
WHEREAS, the Plan has been amended on a number of occasions since
January 1, 1976, the most recent being Amendment No. 25; and
WHEREAS, it is desired to amend the Plan further to conform the Plan
to any additional changes required by the General Agreement on Tariffs and
Trade, the Uniformed Services Employment and Reemployment Rights Act of 1994,
the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997,
the Internal Revenue Service Restructuring and Reform Act of 1998, and the
Community Renewal Tax Relief Act of 2000 (collectively, "GUST"), and to make
certain other changes.
NOW THEREFORE, pursuant to the authority vested in the Board of
Directors by Section 7.1 of the Plan, the UPS Retirement Plan is hereby amended
as follows:
1. Section 1.1(j) is hereby amended effective as of July 1, 1988 to
substitute "except the Thrift Plan and any other cash or deferred plan
described in Section 401(k) of the Code or the UPS Qualified Stock
Ownership Plan" where "except the UPS Thrift Plan" appears in the
text.
2. Section 1.1(j) is hereby amended effective as of January 1, 1994 to
read as follows:
(j) "Employee" means (1) an individual who is employed by a
domestic Employer Company described in Section 1.1(o)(1), or
(2) a United States citizen transferred from employment with a
domestic Employer Company to employment with a foreign
Employer Company described in Section 1.1(o) hereof, neither
of whose terms and conditions of employment are governed by a
collective bargaining agreement to which the Employer Company
is a party, unless the collective bargaining agreement
expressly provides for coverage under this Plan (for periods
after January 1, 1992, changes to the Plan's benefit formula
shall not apply to employees subject to a collective
bargaining agreement and participating in this
-1-
{PAGE}
Plan except to the extent so provided in the applicable
collective bargaining agreement), and neither of whom is an
active participant on whose behalf contributions are being
made by the Employer Company under any other qualified pension
or retirement plan, except the Thrift Plan and any other cash
or deferred plan described in Section 401(k) of the Code or
the UPS Qualified Stock Ownership Plan.
Notwithstanding the foregoing, any individual who becomes an
Employee for the first time as a result of employment with an
Employer Company which first elected to participate in this
Plan as of January 1, 1985, or later, shall not be considered
an Employee until such individual has completed one Year of
Service during or after the first Plan Year for which the
Employer has agreed to participate.
The term "Employee" shall not include an individual employed
as a leased employee as that term is defined in Code Section
414 (n) (2).
Under no circumstances will an individual who performs
services for a Employer Company, but who is not classified on
the payroll as an employee of the Employer Company, for
example, an individual performing services for a Employer
Company under a leasing arrangement, be treated as an
Eligible Employee even if such individual is treated as an
"employee" of a Employer Company as a result of common law
principals or the leased employee rules under Section 414(n)
of the Code. Further, if an individual performing services
for a Employer Company is retroactively reclassified as an
employee of a Employer Company for any reason, such
reclassified individual shall not be treated as an Eligible
Employee for any period prior to the actual date (and not the
effective date) of such reclassification unless the Employer
Company determines that retroactive reclassification is
necessary to correct a payroll classification error.
3. Section 1.1(l) is hereby amended effective as of January 1, 2001 to
read as follows:
(l) "Benefit Service" under the Plan means, subject to the
special rules described below, the number of a Participant's
years (including fractions of a year) of (i) employment as an
Employee, within the meaning of Section 1.1(j), with one or
more Employer Companies, and (ii) employment with one or more
Employer Companies, but not as an Employee, provided that
such employment precedes the Participant's period of
employment as an Employee. No Benefit Service credit will be
given with respect to service with an Employer Company which
follows a Participant's period of employment as an Employee,
unless the Participant subsequently becomes an Employee and
earns at least one month of Benefit Service in such capacity.
-2-
{PAGE}
(1) Years and months of Benefit Service shall be
determined based on Hours of Service earned by a
Participant in the capacities described above in
accordance with the following charts:
(A) For any Participant without at least one
Hour of Service as an Employee on or after
January 1, 1992:
{TABLE}
{CAPTION}
Hours of Service in Months of
Each Calendar Year Benefit Service
{S} {C}
Less than 1000 0 months
1000 - 1050 6 months
1051 - 1200 7 months
1201 - 1350 8 months
1351 - 1500 9 months
1501 - 1650 10 months
1651 - 1800 11 months
1801 or over 12 months
{/TABLE}
(B) For a Participant with at least one Hour of
Service as an Employee on or after January
1, 1992:
{TABLE}
{CAPTION}
Hours of Service in Months of
Each Calendar Year Benefit Service
{S} {C}
Less Than 125 0 months
125 - 249 1 month
250 - 374 2 months
375 - 499 3 months
500 - 624 4 months
625 - 749 5 months
750 - 874 6 months
875 - 999 7 months
1000 - 1124 8 months
1125 - 1249 9 months
1250 - 1374 10 months
1375 - 1499 11 months
1500 - over 12 months
{/TABLE}
-3-
{PAGE}
Participants eligible for Benefit Service
credit in accordance with this subparagraph
(B) shall receive such credit with respect
to Hours of Service both preceding and
following January 1, 1992.
(2) If a Participant with no vested interest, as
determined under Section 6.1, incurs one or more
consecutive Breaks in Service:
(A) Service credit before such Break in Service
shall not be taken into account for
purposes of calculating years of Benefit
Service in accordance with this subsection
1.1(l) until the Participant completes one
Year of Service after the Break in Service;
and
(B) Service credit prior to the Break in
Service shall not be taken into account for
purposes of calculating years of Benefit
Service in accordance with this subsection
1.1(l) if the number of consecutive Breaks
in Service equals or exceeds the greater of
(i) the aggregate number of the
Participant's Years of Service (excluding
Years of Service not required to be taken
into account by reason of any prior Breaks
in Service), or (ii) five.
(3) Benefit Service with respect to a Participant
309866
|
UPS
As referenced in this Retirement Plan [Amendment No. 26]:
United Parcel
Service, Inc – and bonus pay, and
including the value of awards made pursuant to the UPS Managers'
Incentive Plan or management incentive awards under the United Parcel
Service, Inc . Incentive Compensation Plan. Compensation shall not
include any other payments received by the Participant, including, but
not limited to, the following, notwithstanding
_____________
United Parcel Service, Inc – from any health and
welfare or other benefit program or plan maintained
by an Employer Company or a Related Employer other
than the United Parcel Service, Inc . Incentive
Compensation Plan for management incentive awards
thereunder.
(2) Disability payments from an insurance carrier, a
state disability insurance fund, this Plan
_____________
United Parcel Service, Inc – to which an Employer Company or a Related Employer
contributes.
(9) Income attributable to awards under the UPS Stock
Option Plan or the United Parcel Service, Inc .
Incentive Compensation Plan other than management
incentive awards.
In no event shall the Compensation of any
participant taken into account under the
_____________
dt 318797
;
| United Parcel Service of America, Inc.
|
| Preview
Subscribers | 2001 |
Retirement Plan [Amendment No. 24]
Retirement Plan [Amendment No. 24] (8K)
Doc #309964: Click preview link for longer preview.
AMENDMENT NO. 24
TO THE
UPS RETIREMENT PLAN
WHEREAS, United Parcel Service of America, Inc. ("UPS") and its
affiliated corporations established the UPS Retirement Plan ("Plan") for the
benefit of their eligible employees, in order to provide benefits to those
employees upon their retirement, disability, or death, effective as of September
1, 1961;
WHEREAS, the Plan, as adopted and amended from time to time, was
amended and restated in its entirety, effective as of January 1, 1976, to comply
with the Employee Retirement Income Security Act of 1974;
WHEREAS, the Plan has been amended on a number of occasions since
January 1, 1976, the most recent being Amendment No. 23; and
WHEREAS, it is desired to amend the Plan further to increase the level
of the benefit that will be automatically paid out in lump sum from $3,500 to
$5,000 and to incorporate new assumptions for determining such lump sum benefit
effective for lump sums paid on or after January 1, 2000.
NOW THEREFORE, pursuant to the authority vested in the Board of
Directors by Section 7.1 of the Plan, the UPS Retirement Plan is hereby amended
as follows:
1. Article I is hereby amended effective as of January 1, 2000 to add the
following new definition in Section 1.1(ff):
(ff) "Applicable Interest Rate" means
(1) for lump sum benefits paid before January 1, 2000,
"Applicable Interest Rate" shall mean the lesser of (i) 6% or (ii) the
interest rate or rates which would be used, as of the date distribution
commences, by the Pension Benefit Guaranty Corporation for purposes of
determining the present value of a Participant's benefits under the
Plan if the Plan had terminated on the date distribution commences with
insufficient assets to provide benefits guaranteed by the Pension
Benefit Guaranty Corporation on that date; and
(2) for lump sum benefits paid on or after January 1,
2000, the
{PAGE} 2
"Applicable Interest Rate" shall be as described in Section 417(e)(3)
of the Code for the "lookback month" preceding the "stability period"
that includes the date the distribution is made. The term "lookback
month" means August, which is the fifth month preceding the first day
of the stability period containing the date of distribution. The term
"stability period" means the calendar year in which the distribution is
made. Notwithstanding the foregoing, for distributions made on or after
January 1, 2000 and before July 1, 2001, the Applicable Interest Rate
means the lesser of (i) the "applicable interest rate" as described in
309964
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| Preview
Subscribers | 2001 |
Retirement Plan [Amendment No. 25]
Retirement Plan [Amendment No. 25] (101K)
Doc #309965: Click preview link for longer preview.
AMENDMENT NO. 25
TO THE
UPS RETIREMENT PLAN
WHEREAS, United Parcel Service of America, Inc. ("UPS") and its
affiliated corporations established the UPS Retirement Plan ("Plan") for the
benefit of their eligible employees, in order to provide benefits to those
employees upon their retirement, disability, or death, effective as of September
1, 1961;
WHEREAS, the Plan, as adopted and amended from time to time, was
amended and restated in its entirety, effective as of January 1, 1976, to comply
with the Employee Retirement Income Security Act of 1974;
WHEREAS, the Plan has been amended on a number of occasions since
January 1, 1976, the most recent being Amendment No. 24; and
WHEREAS, it is desired to amend the Plan further to make various
changes to the benefit formula and the distribution options under the Plan
effective, generally, January 1, 2001.
NOW THEREFORE, pursuant to the authority vested in the Board of
Directors by Section 7.1 of the Plan, the UPS Retirement Plan is hereby amended
as follows:
1. Section 1.1(a) is hereby amended effective as of January 1, 2001 to
read as follows:
(a) "Company" means all of the following corporations
collectively:
(1) United Parcel Service of America, Inc.; and
(2) any corporation or trade or business that is
considered to be a single employer with United Parcel Service of
America, Inc., under Code Section 414(b), (c), (m) or (o).
2. Section 1.1(b) is hereby amended effective as of January 1, 2001 to
read as follows:
(b) "Employer Company" means any Company described in
Section 1.1(a) which (1) is listed as an Employer Company in Appendix G
or (2) by action of its board of directors has elected to participate
in this Plan with the consent of United Parcel Service of America, Inc.
An entity shall cease to be an Employer Company when it
{PAGE} 2
withdraws from the Plan in accordance with Section 7.2 or when it
ceases to be a Company.
3. Section 1.1(n) is hereby amended effective as of January 1, 2001 to
read as follows:
(n) "Hour of Service" means each hour for which an
employee is paid or entitled to be paid for the performance of duties
for an Employer Company or a Related Employer; each hour for which an
employee is paid or entitled to be paid by an Employer Company or a
Related Employer for periods during which no duties are performed due
to vacation, holiday, illness, short-term disability or incapacity
pursuant to which payments are received in the form of salary
continuation or from a short-term disability plan or worker's
compensation plan sponsored by the Employer Company or a Related
Employer or to which the Employer Company or a Related Employer
contributes, layoff, jury duty, military duty which gives rise to
reemployment rights under Federal law, or paid leave of absence
(including a period where an employee remains on salary continuation
during a period of illness or incapacity); each hour for which back pay
is awarded or agreed to by an Employer Company or a Related Employer if
not already credited under this sentence; and each hour for periods
during which an employee is on an unpaid leave of absence.
Notwithstanding any of the foregoing, no more than
1040 Hours of Service will be credited to a Participant for any single
continuous period during which the employee performs no duties; and no
credit shall be given for a payment which is made or due under a plan
maintained solely for the purpose of complying with unemployment
compensation or disability insurance laws or which solely reimburses an
employee for medical or medically related expenses incurred by the
employee; provided, however, Hours of Service shall be credited as
required under the Uniformed Services Employment and Reemployment
Rights Act of 1994 effective December 12, 1994.
A payment shall be deemed to be made by or due from
the Employer Company whether made by or due from the Employer Company
directly or indirectly through a trust fund, insurer or other entity to
which the Employer Company contributes or pays premiums, regardless of
whether such contributions are for the benefit of particular employees
or are on behalf of a group of employees in the aggregate. Stated
generally, Hours of Service credited to a Participant during a period
of absence as described above shall be credited at the same rate at
which the Participant would have normally been credited with Hours of
Service but for the absence; provided however, that the crediting of
Hours of Service shall in all events be consistent with the terms of
Department of Labor Regulations, Section 2530.200b-2 and 3.
Notwithstanding the foregoing provisions of this
Section 1.1(n) and, except as provided below, only for the purpose of
determining whether a Break in Service has occurred under Section 2.1
or Section 6.2 of the Plan, there shall be treated as Hours of Service,
with respect to a Participant who is an Employee on or after January 1,
1985, and who is absent from work (i) by reason of the pregnancy of the
Participant, (ii) by reason of the birth of a child of the Participant,
(iii) by reason of the placement of a child with the
2
{PAGE} 3
Participant in connection with the adoption of a child by the
Participant, or (iv) for purposes of caring for a child of the
Participant immediately following its birth or placement, either:
(1) the Hours of Service which otherwise,
normally would have been credited to such Participant but for the
absence, or
(2) if the Plan is unable to determine the
number of Hours of Service described in (1), eight hours per day of
absence.
No credit will be given with respect to any pregnancy or placement of a
child unless the Participant complies with any reasonable request which
the Committee may make for information needed to establish (i) the
reason for the Participant's absence or (ii) the number of days of
absence attributable to a reason for which Hours of Service will be
credited under this paragraph. No more than 501 Hours of Service shall
be credited to a Participant by reason of any one pregnancy or
placement and no Hours of Service shall be credited under this
paragraph if such Hours of Service also are credited under the first
paragraph of this Section 1.1(n).
In determining the Hours of Service for an Employee
classified on the payroll as a part-time employee for which specific
records of hours are not kept, an Employee shall be credited with 190
Hours of Service for each regularly-scheduled calendar work month on or
after January 1, 2000 in which such Participant would, under the rules
described above, have earned at least one Hour of Service. Prior to
January 1, 2000, such Participant shall be credited with 108 Hours of
Service for each such month.
In determining the Hours of Service for an Employee
classified on the payroll as a full-time employee for which specific
records of hours are not kept, an Employee shall be credited with 216
309965
|
UPS
As referenced in this Retirement Plan [Amendment No. 25]:
United Parcel Service, Inc – and bonus pay, and including the value of awards made
pursuant to the UPS Managers' Incentive Plan or management incentive
awards under the United Parcel Service, Inc . Incentive Compensation
Plan. Compensation shall not include any other payments received by the
Participant, including, but not limited to, the following,
notwithstanding
_____________
United Parcel Service, Inc – from any health and welfare or other benefit
program or plan maintained by an Employer Company or a Related Employer
other than the United Parcel Service, Inc . Incentive Compensation Plan
for management incentive awards thereunder.
(2) Disability payments from an insurance
carrier, a state disability insurance fund, this Plan
_____________
United Parcel Service, Inc – to which an Employer Company or a Related Employer
contributes.
(9) Income attributable to awards under the UPS
Stock Option Plan or the United Parcel Service, Inc . Incentive
Compensation Plan other than management incentive awards.
5
{PAGE} 6
For the purpose of calculating a Participant's
accrued benefit for
_____________
United Parcel Service, Inc – United Parcel Service General Services Co.
UPS Aviation Services, Inc.
UPS International General Services Co.
UPS Procurement Services Corporation
UPS Worldwide Forwarding, Inc.
United Parcel Service, Inc . (Ohio)
BT Realty Holdings, Inc.
United Parcel Service, Inc. (NY)
BT Realty Holdings II, Inc.
UPS Latin America, Inc.
RPA POINTS
ALTERNATIVE
_____________
United Parcel Service, Inc – Inc.
UPS International General Services Co.
UPS Procurement Services Corporation
UPS Worldwide Forwarding, Inc.
United Parcel Service, Inc. (Ohio)
BT Realty Holdings, Inc.
United Parcel Service, Inc . (NY)
BT Realty Holdings II, Inc.
UPS Latin America, Inc.
RPA POINTS
ALTERNATIVE POINTS: 20 per year of Benefit Service
ALTERNATIVE-PLUS
_____________
dt 318889
;
| United Parcel Service of America, Inc.
|
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Subscribers | 2003 |
Employee Retirement Plan
Employee Retirement Plan (230K)
Doc #355805: Click preview link for longer preview.
===============================================================================
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
===============================================================================
(AMENDED AND RESTATED EFFECTIVE JULY 1, 2001)
(EXECUTION DATE: DECEMBER 31, 2001)
J.B. HUNT TRANSPORT SERVICES, INC.
LOWELL, ARKANSAS
{PAGE}
{Table}
{Caption}
J.B. HUNT TRANSPORT SERVICES, INC. EMPLOYEE RETIREMENT PLAN
TABLE OF CONTENTS
{S} {C}
ARTICLE/SECTION PAGE
PREAMBLE..........................................................................................................v
ARTICLE I - DEFINITIONS .......................................................................................1
Section 1.01 - Non-Gender Clause..........................................................................1
Section 1.02 - Accounts...................................................................................1
Section 1.03 - Affiliate..................................................................................1
Section 1.04 - Age........................................................................................1
Section 1.05 - Beneficiary................................................................................1
Section 1.06 - Board of Directors.........................................................................1
Section 1.07 - Break in Service...........................................................................1
Section 1.08 - Code.......................................................................................2
Section 1.09 - Company....................................................................................2
Section 1.10 - Compensation...............................................................................2
Section 1.11 - Deductible Employee Contribution Account...................................................3
Section 1.12 - Deductible Employee Contributions..........................................................3
Section 1.13 - Effective Date.............................................................................3
Section 1.14 - Employee...................................................................................3
Section 1.15 - Employer or Employers......................................................................4
Section 1.16 - Employer Matching Contribution Account.....................................................4
Section 1.17 - Employer Matching Contributions............................................................4
Section 1.18 - Employment (or Reemployment) Commencement Date.............................................4
Section 1.19 - ERISA or Act...............................................................................4
Section 1.20 - Forfeiture.................................................................................4
Section 1.21 - Highly Compensated Employee................................................................4
Section 1.22 - Hour of Service............................................................................5
Section 1.23 - Leased Employee............................................................................7
Section 1.24 - Non-Highly Compensated Employee............................................................7
Section 1.25 - Normal Retirement Age......................................................................7
Section 1.26 - Participant................................................................................7
Section 1.27 - Plan.......................................................................................7
Section 1.28 - Plan Administrator.........................................................................7
Section 1.29 - Plan Year..................................................................................7
Section 1.30 - Retirement Committee.......................................................................7
Section 1.31 - Rollover Account...........................................................................7
Section 1.32 - Rollover Contributions.....................................................................7
Section 1.33 - Salary Reduction Contribution Account......................................................8
Section 1.34 - Salary Reduction Contributions.............................................................8
Section 1.35 - Termination of Employment or Terminates Employment.........................................8
Section 1.36 - Totally and Permanently Disabled or Total and Permanent Disability.........................8
Section 1.37 - Trust or Trust Agreement...................................................................8
{/Table}
i
{PAGE}
{Table}
{Caption}
{S} {C}
Section 1.38 - Trust Fund.................................................................................8
Section 1.39 - Trustee....................................................................................8
Section 1.40 - Valuation Date.............................................................................8
Section 1.41 - Years of Eligibility Service...............................................................8
Section 1.42 - Years of Vesting Service...................................................................9
ARTICLE II - PARTICIPATION IN THE PLAN........................................................................10
Section 2.01 - Eligibility to Participate................................................................10
Section 2.02 - Administrative Procedures.................................................................11
Section 2.03 - Plan and Trust Binding....................................................................11
Section 2.04 - Duration of Participation.................................................................11
ARTICLE III - CONTRIBUTIONS...................................................................................12
Section 3.01 - Salary Reduction Contributions............................................................12
Section 3.02 - Employer Matching Contributions and Forfeitures...........................................13
Section 3.03 - Rollover Contributions....................................................................13
Section 3.04 - Change Suspension of Contributions........................................................14
Section 3.05 - Maximum Deductible Contributions; Mistaken and Non-Deductible Contributions...............15
Section 3.06 - Limitation on Allocation of Employer Contributions........................................15
Section 3.07 - ACP Test on Employer Matching Contributions...............................................19
Section 3.08 - ADP Test on Section 401(k) Contributions..................................................22
Section 3.09 - Special Prohibited Multiple Use Rule......................................................24
Section 3.10 - Employer Special Section 401(k) Contributions.............................................26
ARTICLE IV - ACCOUNTS OF PARTICIPANTS.........................................................................27
Section 4.01 - Trust Fund Valuation......................................................................27
Section 4.02 - Adjustment of Accounts....................................................................27
Section 4.03 - Trustee's and Retirement Committee's Determinations Binding...............................27
Section 4.04 - Investment of Accounts....................................................................27
ARTICLE V - DISTRIBUTIONS UNDER THE PLAN......................................................................31
Section 5.01 - Valuation of Accounts for Distribution....................................................31
Section 5.02 - Distributable Event; Vesting; Forfeitures.................................................31
Section 5.03 - Forms of Distribution.....................................................................33
Section 5.04 - Cash-Out of Benefits; Consent Requirement for Immediately Distributable Benefits..........35
Section 5.05 - Restoration by the Employers..............................................................36
Section 5.06 - Withdrawals by Participants...............................................................37
Section 5.07 - Loans to Participants.....................................................................39
Section 5.08 - Limitation on Timing of Distributions.....................................................42
Section 5.09 - Required Distributions....................................................................42
Section 5.10 - Alternate Payment of Death Benefits.......................................................43
Section 5.11 - Distributions Under Qualified Domestic Relations Orders...................................43
Section 5.12 - Transfer of Interest......................................................................44
{/Table}
ii
{PAGE}
{Table}
{Caption}
{S} {C}
ARTICLE VI - THE PLAN ADMINISTRATOR AND RETIREMENT COMMITTEE..................................................46
Section 6.01 - Plan Administrator and Retirement Committee...............................................46
Section 6.02 - Term and Compensation of Retirement Committee.............................................46
Section 6.03 - Claims Procedure..........................................................................46
Section 6.04 - Power and Duties of the Retirement Committee..............................................47
Section 6.05 - Directing Payments........................................................................48
Section 6.06 - Non-Discrimination........................................................................48
Section 6.07 - Legal Counsel.............................................................................48
Section 6.08 - Indemnification...........................................................................48
Section 6.09 - Required Vote, Records....................................................................48
ARTICLE VII - THE TRUST FUND AND THE TRUSTEE..................................................................49
Section 7.01 - Trust Agreement...........................................................................49
Section 7.02 - Trust Fund................................................................................49
Section 7.03 - Non-Reversion; Exclusive Benefit Clause...................................................49
Section 7.04 - Removal of Trustee........................................................................49
Section 7.05 - Powers of Trustee.........................................................................49
Section 7.06 - Trust Agreement Part of Plan..............................................................49
Section 7.07 - Trustee's Settlement of Accounts..........................................................49
Section 7.08 - Investment Procedures.....................................................................49
ARTICLE VIII - AMENDMENT AND TERMINATION......................................................................51
Section 8.01 - Amendment.................................................................................51
Section 8.02 - Termination; Discontinuance of Contributions, Partial Termination.........................51
Section 8.03 - Distribution of Accounts Upon Termination: Discontinuance of Contributions; Partial
Termination.............................................................................51
Section 8.04 - Amendment to Vesting Schedule.............................................................52
ARTICLE IX - MISCELLANEOUS PROVISIONS.........................................................................53
Section 9.01 - Plan Merger, Consolidation or Transfer of Assets..........................................53
Section 9.02 - Spendthrift Clause........................................................................53
Section 9.03 - Plan Voluntary............................................................................53
Section 9.04 - Reservation of Right to Suspend or Discontinue Contributions..............................53
Section 9.05 - Non-Guarantee of Employment...............................................................53
Section 9.06 - Governing Law.............................................................................54
Section 9.07 - Facility of Payment.......................................................................54
Section 9.08 - Fiduciaries...............................................................................54
Section 9.09 - Allocation of Fiduciary Responsibilities..................................................54
Section 9.10 - Successor Employers.......................................................................54
Section 9.11 - Missing Persons...........................................................................55
Section 9.12 - Severability Clause.......................................................................55
Section 9.13 - Text of Plan Document Controls............................................................55
Section 9.14 - Plan and Trust Expenses...................................................................55
{/Table}
iii
{PAGE}
{Table}
{Caption}
{S} {C}
ARTICLE X - PARTICIPATION BY AFFILIATES OF THE COMPANY........................................................56
Section 10.01 - Adoption by Affiliates...................................................................56
Section 10.02 - Amendment................................................................................56
ARTICLE XI - TOP HEAVY PROVISIONS.............................................................................57
Section 11.01 - Additional Definitions...................................................................57
Section 11.02 - Application..............................................................................59
Section 11.03 - Special Vesting Rule.....................................................................60
Section 11.04 - Special Minimum Contributions............................................................61
{/Table}
iv
{PAGE}
J.B. HUNT EMPLOYEE RETIREMENT PLAN
PREAMBLE
Effective January 1, 1980, the Board of Directors of J.B. Hunt Transport, Inc.
established the J.B. Hunt Employee Profit Sharing Plan (the "Original Plan").
Effective January 1, 1987 (and effective November 1, 1987 with respect to
provisions pertaining to the new Internal Revenue Code Section 401(k) cash or
deferred arrangement), J.B. Hunt Transport, Inc. amended and restated the
Original Plan in its entirety to be known as the J.B. Hunt Employee Retirement
Plan (the "Second Plan").
Effective January 1, 1989, J.B. Hunt Transport, Inc. amended and restated the
Second Plan in its entirety, which plan continued to be known as the J.B. Hunt
Employee Retirement Plan (the "Third Plan").
Thereafter, J.B. Hunt Transport, Inc. adopted Amendment No. One to the Prior
Plan, effective January 1, 1989.
On or about September 1, 1990, J.B. Hunt Transport Services, Inc. (hereinafter
referred to as the "Company" or as an "Employer") assumed the role of Plan
Sponsor.
Effective January 1, 1995, the Company adopted an amendment and restatement in
its entirety of the Third Plan which became the J.B. Hunt Transport Services,
Inc. Employee Retirement Plan (the "Prior Plan").
Effective July 1, 2001, except as otherwise stated herein, the Prior Plan is
hereby amended and restated in its entirety, which shall continue to be known as
the J.B. Hunt Transport Services, Inc. Employee Retirement Plan (the "Plan").
The purpose of the Plan is to provide additional incentive and retirement
security for eligible employees of the Company by permitting contributions to
the Plan that are tax-deferred under Section 401(k) of the Internal Revenue Code
of 1986 (the "Code") which will also be matched by contributions made by the
employers.
It is intended that the Plan shall be approved and qualified by the Internal
Revenue Service as a profit sharing plan which satisfies the pertinent
requirements of the Code with respect to employee plans and trusts (i) so that
certain contributions made under the Plan shall be tax deferred under Section
401(k) of the Code, (ii) so that the employers may deduct for federal income tax
purposes their contributions to the Trust Fund, (iii) so that the employer
contributions so made and the income of the Trust Fund will not be taxable to
the Participants as income until received, and (iv) so that the income of the
Trust Fund shall be exempt from federal income tax.
This instrument is an amendment, restatement, and continuation of the Prior Plan
which is intended to conform to the changes required by the Uniformed Service
Employment and Reemployment Rights Act of 1994, the Uruguay Round Agreements Act
of 1993, the Small Business Job Protection Act of 1996, and the Taxpayer Relief
Act of 1997 and other applicable laws, regulations, and administrative
authority.
Therefore, the effective date of this Plan is July 1, 2001, except as otherwise
stated in the Plan.
355805
|
J.B. Hunt
As referenced in this Employee Retirement Plan:
J.B. HUNT TRANSPORT SERVICES, INC – {DOCUMENT}
{TYPE}EX-99.1
{SEQUENCE}6
{FILENAME}d03788exv99w1.txt
{DESCRIPTION}AMENDED AND RESTATED RETIREMENT PLAN
{TEXT}
{PAGE}
EXHIBIT 99.1
===============================================================================
J.B. HUNT TRANSPORT SERVICES, INC .
EMPLOYEE RETIREMENT PLAN
===============================================================================
(AMENDED AND RESTATED EFFECTIVE JULY 1, 2001)
(EXECUTION DATE: DECEMBER 31, 2001)
J.B. HUNT TRANSPORT SERVICES, INC.
LOWELL, ARKANSAS
{PAGE}
{Table}
{Caption}
J.B. HUNT
_____________
J.B. HUNT TRANSPORT SERVICES, INC – AND RESTATED RETIREMENT PLAN
{TEXT}
{PAGE}
EXHIBIT 99.1
===============================================================================
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
===============================================================================
(AMENDED AND RESTATED EFFECTIVE JULY 1, 2001)
(EXECUTION DATE: DECEMBER 31, 2001)
J.B. HUNT TRANSPORT SERVICES, INC .
LOWELL, ARKANSAS
{PAGE}
{Table}
{Caption}
J.B. HUNT TRANSPORT SERVICES, INC. EMPLOYEE RETIREMENT PLAN
TABLE OF CONTENTS
{S} {C}
ARTICLE/SECTION PAGE
PREAMBLE..........................................................................................................v
ARTICLE I - DEFINITIONS .......................................................................................1
Section
_____________
J.B. HUNT TRANSPORT SERVICES, INC – HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
===============================================================================
(AMENDED AND RESTATED EFFECTIVE JULY 1, 2001)
(EXECUTION DATE: DECEMBER 31, 2001)
J.B. HUNT TRANSPORT SERVICES, INC.
LOWELL, ARKANSAS
{PAGE}
{Table}
{Caption}
J.B. HUNT TRANSPORT SERVICES, INC . EMPLOYEE RETIREMENT PLAN
TABLE OF CONTENTS
{S} {C}
ARTICLE/SECTION PAGE
PREAMBLE..........................................................................................................v
ARTICLE I - DEFINITIONS .......................................................................................1
Section 1.01 - Non-Gender Clause..........................................................................1
Section 1.02 - Accounts...................................................................................1
_____________
J.B. Hunt Transport Services, Inc – Employee Retirement Plan (the "Third Plan").
Thereafter, J.B. Hunt Transport, Inc. adopted Amendment No. One to the Prior
Plan, effective January 1, 1989.
On or about September 1, 1990, J.B. Hunt Transport Services, Inc . (hereinafter
referred to as the "Company" or as an "Employer") assumed the role of Plan
Sponsor.
Effective January 1, 1995, the Company adopted an amendment and restatement in
its
_____________
J.B. Hunt Transport Services,
Inc – as an "Employer") assumed the role of Plan
Sponsor.
Effective January 1, 1995, the Company adopted an amendment and restatement in
its entirety of the Third Plan which became the J.B. Hunt Transport Services,
Inc . Employee Retirement Plan (the "Prior Plan").
Effective July 1, 2001, except as otherwise stated herein, the Prior Plan is
hereby amended and restated in its entirety, which shall continue
_____________
dt 1324300
| |
| Preview
Subscribers | 2003 |
Employee Retirement Plan
Employee Retirement Plan (21K)
Doc #355806: Click preview link for longer preview.
EGTRRA AMENDMENT
TO THE J. B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Pursuant to authority vested in the undersigned, the J. B. Hunt
Transport Services, Inc. Employee Retirement Plan (the "Plan") is hereby amended
as set forth below. This amendment (the "Amendment") of the Plan is adopted to
reflect certain provisions of the Economic Growth and Tax Relief Reconciliation
Act of 2001 ("EGTRRA").
PREAMBLE
1. Adoption and Effective Date of . . .
355806
|
J.B. Hunt
As referenced in this Employee Retirement Plan:
J.B. HUNT TRANSPORT SERVICES, INC – amounts may be distributed.
Except as otherwise provided in this Amendment, the Plan is hereby
ratified and confirmed in all respects.
EXECUTED as of the 24th day of April, 2002.
J.B. HUNT TRANSPORT SERVICES, INC .,
an Arkansas corporation
By /s/ JERRY W. WALTON
--------------------------------
EVP FINANCE & ADMINISTRATION,
CFO, RETIREMENT COMMITTEE CHAIR
--------------------------------
7
{/TEXT}
{/DOCUMENT}
_____________
dt 1324301
| |