May-June 2011 - The International Organization of Masters, Mates ...

6) Section 6.07(a) is amended, effective as of January 1, 2009,
by adding the following paragraph at the end thereof:
Notwithstanding any other provision of the Plan, all distributions
will be made in accordance with the requirements
of sections 1.401(a)(9)-1 through 1.401(a)(9)-9 of the regulations
under section 401(a)(9) of the Internal Revenue Code,
including the incidental benefit requirements of section
401(a)(9)(G).
AMENDMENT NO. 3 TO THE
M.M. & P. INDIVIDUAL RETIREMENT
ACCOUNT PLAN
THIRD RESTATED REGULATIONS
The Masters, Mates & Pilots 401(k) Arrangement is amended,
effective as of November 1, 2010, as follows:
1. Article I (Definitions) is amended by the addition of
Sections 1.34 and 1.35, to read as follows:
Section 1.34 Matching Contribution Account
The term “Matching Contribution Account” means the
portion of a Participant’s Tax Deferred Savings Account
established to hold Matching Contributions made with
respect to his elective deferrals in accordance with
Section 2.3(f).
Section 1.35 Matching Contribution
The term “Matching Contribution” means an Employer
contribution that is contingent upon a Participant’s
making of an elective deferral under Section 2.3.
2. Article II (Eligibility and Participation), Section 2.3
(Participation and Deferral Elections) is amended by the
addition of a new Paragraph (f), to read as follow:
(f) If so provided in its Collective Bargaining Agreement,
an Employer shall make Matching Contributions in
the amount required by the Agreement. Matching
Contributions with respect to elective deferrals during
any Plan Year must be forwarded to the Fund no
later than twelve (12) months after the end of that year
(or sooner, if required by the Agreement). Matching
Contributions may be made only for Employees covered
by collective bargaining. Matching Contributions are
fully vested at all times.
3. Article III (Tax-Deferred Savings Accounts), Section 3.1
(Creation of Accounts) is amended by modifying the last
sentence to read as follows:
Within a Participant’s Tax-Deferred Savings Account,
Sections 3.2 and 3.3 shall be applied separately to
his Pre-Tax Contribution Account, his Matching
Contribution Account and his Roth Account.
4. Article III (Tax-Deferred Savings Accounts), Section 3.4
(Investment Options) is amended by adding the following
sentence to the end of Paragraph (b):
A Participant may make separate investment elections
for (a) his Pre-Tax Contribution Account and Matching
Contribution Account, in combination, and (b) his Roth
Account.
5. Article IV (Benefit Payments), Section 4.2 (Benefit Upon
Retirement) is amended by adding the following sentence at
the end thereof:
The Participant’s election with respect to his Pre-Tax
Contribution Account will also apply to his Matching
Contribution Account.
6. Article IV (Benefit Payments), Section 4.6 (Benefits Due
to Financial Hardship) is amended by adding the following
sentence to the end of Paragraph (c):
Hardship withdrawals may not be made from Matching
Contribution Accounts.
7. Article IV (Benefit Payments), Section 4.8 (Loans to
Participants) is amended by modifying Paragraph (a) to read
as follows:
The principal of the loan may not be less than $1,000
and may not exceed the lesser of (1) $50,000, reduced
by the Participant’s highest outstanding indebtedness
to the Plan during the preceding 12 month period or
(2) 50% of the Participant’s interest in his Tax Deferred
Savings Account (excluding his Matching Contribution
Account), reduced by any outstanding indebtedness to
the Plan at the time when the loan is made.
AMENDMENT NO. 14 TO THE
M.M. & P. VACATION PLAN REGULATIONS
1) Article II (Benefits and Eligibility), Section 2.06 (Bank Days)
is amended by adding the following new paragraph at the
end of that section to read as follows:
“Notwithstanding anything herein to the contrary,
effective for all Covered Employment on and after
September 23, 2010, all Employees may elect to bank up
to 60 days of their vacation benefits earned while taking
a minimum of 30 days of vacation except as otherwise
provided herein.”
2) Article II (Benefits and Eligibility), Section 2.07 (Banking of
Overtime Converted Days) is amended effective September
23, 2010, by replacing the number “45” with the number
“60”.
May - June 2011 - 18 - The Master, Mate & Pilot