HP LaserJet 4****D2004f 1.0 LOCKED
build.cSelectDoc;cFont:Name$=Times,Size#=11;
build.cSelectDoc;cFontHeaderFooter:name$=Times,size#=11;
build.cSelHeaderFooter:name$=Times,size#=11;
****D21326 1.0 UNMODIFIED
build.cSelectDoc;cJustifyLeftRightParas;
****D21182 1.0 UNMODIFIED
<01uS>PECKHAM INDUSTRIES, INC.<\01uS>
****D21183 1.0 UNMODIFIED
<01uT>DEFERRED COMPENSATION PROFIT SHARING THRIFT PLAN<\01uT>
****D21181 1.0 UNMODIFIED
SUMMARY PLAN DESCRIPTION
EFFECTIVE JANUARY 1, 1999
****D20088 2.0 UNMODIFIED
<R09<R10>
TABLE OF CONTENTS
I.PLAN INFORMATION
A.Employer/Named Fiduciary 1
B.Plan name 1
C.Plan number 1
D.Plan Year 1
E.Type of Plan 1
F.Plan Administrator 1
G.Legal Process 2
H.Nondiscretionary Trustee 2
I.Normal Retirement Age 2
J.Effective Date 2
II.PARTICIPATION IN THE PLAN
A.What eligibility requirements must I satisfy in order to participate in the Plan 2
B.When is my Plan entry date 2
C.Are there any categories of employees who are not eligible to participate 3
D.If I return to employment after I terminate employment with the Employer, when do I participate in the Plan 3
III.SERVICE RULES
A.What is an Hour of Service 3
B.What is a Year of Service for eligibility purposes 3
IV.CONTRIBUTIONS
A.What contributions may I make to the Plan 4
B.What contributions will the Employer make to the Plan 4
C.What conditions must I satisfy to share in the Employer contribution 5
D.What is the Plan's definition of compensation 5
E.What is the limit on the amount which the Employer may allocate to my account 5
F.May I make rollover contributions to the Plan 5
V.VESTING REQUIREMENTS
A.How do I determine my vested interest in the Plan 6
B.What happens to the non-vested portion of my balance if I terminate employment 6
VI.BENEFIT PAYMENTS
A.After I terminate Employment (including retirement), when will I commence receiving payments from the Plan 7
B.What forms of benefit payment are available 8
VII.IN-SERVICE DISTRIBUTIONS
A.Upon what events may I withdraw amounts from my Plan account balance before I terminate employment with the Employer 9
B.What events constitute a financial hardship 10
C.What conditions are applicable if I request a hardship distribution 10
VIII.DISABILITY BENEFITS
A.What benefits are available to me if I am disabled 10
B.What is the definition of disability 10
IX.DEATH BENEFITS
A.If I die before receiving my entire benefit, what will my beneficiary receive 10
B.If I am married, may I name a beneficiary other than my spouse 11
X.TAX TREATMENT OF DISTRIBUTIONS
A.How do the Federal income tax laws apply to Employer contributions to the Plan 12
B.How do the Federal income tax laws apply to Plan distributions 12
C.What special tax benefits are available with respect to Plan distributions 12
D.May the Employer amend the Plan 12
E.What effect will Plan termination have on my account balance 12
F.What are my ERISA rights under the Plan 12
G.What duties does ERISA impose on the individuals operating the Plan 13
H.If I disagree with the Plan Administrator's determination of my benefit, what is the procedure for filing a claim under the Plan 13
I.Is there any Plan provision which affects a retired participant, separated participant with vested benefits or a beneficiary receiving benefits 14
XI.PARTICIPANT LOANS
A.Does the Plan permit participant loans 14
XII.PARTICIPANT DIRECTION OF INVESTMENT
A.Does the Plan permit a participant to direct the investment of his/her account balance 14
EXHIBITS
A. Loan Policy 15
<01yY<\01yY>
****D20015 1.0 UNMODIFIED
<R09<R10>
<N01>I<\N01>. PLAN INFORMATION
<R10>
<N02>A<\N02>. Employer/Named Fiduciary. The legal name, address, telephone number and Federal employer identification number of the Employer are:
<01ui>Peckham Industries, Inc. EIN: 13-1724577
Harborview Terminals, Inc. 13-3584564
Peckham Asphalt Resale Co. 13-2940776
Patterson Materials Corp. 13-327580
James Reed Sales, Inc. 13-3643915
Barjac Realty Co. 13-2671221
Peckham Road Corp. 13-3493213
Patterson Blacktop Corp. 13-3493214
Peckham Materials Corp. 14-1470013
New England Reclamation, Inc. 13-3865311<\01ui>
20 Haarlem Avenue<\01uj>
<01uk>White Plains<\01uk>, <01ul>New York<\01ul> <00kZ>10603<\00kZ>
<00ka>(914) 949-2000<\00ka>
****D20914 1.0 MODIFIED
The Employer has established a retirement plan ("Plan") to supplement your income upon retirement. In addition to retirement benefits, the Plan may provide benefits in the event of your death or disability or in the event of your termination of employment prior to normal retirement. If after reading this summary you have any questions, please ask the Plan Administrator. We emphasize this summary plan description is a highlight of the more important provisions of the Plan. If there is a conflict between a statement in this summary plan description and in the Plan, the terms of the Plan control.
****D20016 1.0 UNMODIFIED
<N02>B<\N02>. Plan name. The name of the Plan is: <01nN>Peckham Industries, Inc.<\01nN> <01nO>Deferred Compensation Profit Sharing Thrift Plan<\01nO<01uU<\01uU<01uV<\01uV<01uW<\01uW>.
****D20017 1.0 UNMODIFIED
<N02>C<\N02>. Plan number. The Plan's identification number is: <022j>002<\022j>.
****D20018 2.0 UNMODIFIED
<N02>D<\N02>. Plan Year. The Plan Year is the period on which the Plan maintains its records: <01un>the 12 consecutive month period ending every December 31<\01un>.
****D20028 1.0 UNMODIFIED
<N02>E<\N02>. Type of Plan. The Plan is commonly known as a <01uo>401(k) Profit Sharing Plan<\01uo>.
****D2009T 1.0 UNMODIFIED
Under this Plan, there is no fixed dollar amount of retirement benefits. Your actual retirement benefit will depend on the amount of your account balance at the time of retirement. Your account balance will reflect the annual allocations, the period of time you participate in the Plan and the success of the Plan in investing and reinvesting the assets of the trust fund. Furthermore, a governmental agency known as the Pension Benefit Guaranty Corporation (PBGC) insures the benefits payable under plans which provide for fixed and determinable retirement benefits. The Plan does not provide a fixed and determinable retirement benefit. Therefore, the PBGC does not include this Plan within its insurance program.
****D20029 1.0 UNMODIFIED
<N02>F<\N02>. Plan Administrator. The Employer is the Plan Administrator. The name of the person the Employer has designated to assist as Plan Administrator is: <01xO>Mr. Thomas J. Vitti<\01xO>. You may contact <01xO>Mr. Thomas J. Vitti<\01xO> at the Employer's address. The Plan Administrator is responsible for providing you and other participants information regarding your rights and benefits under the Plan. The Plan Administrator also has the primary authority for filing the various reports, forms and returns with the Department of Labor and the Internal Revenue Service.
****D20019 1.0 UNMODIFIED
<N02>G<\N02>. Legal Process. The name of the person designated as agent for service of legal process and the address where a processor may serve legal process upon the Plan are:
<01up>Mr. Thomas J. Vitti
Peckham Industries, Inc.<\01up>
<01uq>20 Haarlem Avenue<\01uq>
<01ur>White Plains, New York 10603<\01ur>
A legal processor also may serve the Plan Administrator or the Trustee.
****D20915 1.0 MODIFIED
The Plan permits the Employer to appoint a Committee to assist in the administration of the Plan and the selection of the investments allowed under the Plan. The Committee has the responsibility for making all discretionary determinations under the Plan and for giving distribution directions to the Trustee. If the Employer does not appoint a Committee, the Plan Administrator assumes these responsibilities. The members of the Committee may change from time to time. You may obtain the names of the current members of the Committee from the Plan Administrator.
****D20020 1.0 MODIFIED
<N02>H<\N02>. Nondiscretionary Trustee
<01us>Chase Bank of Texas, N.A.<\01us>
Chase Retirement Solutions
<01ut>P. O. Box 2558, 10-1111F-342<\01ut>
<01uu>Houston, Texas 77252-8342<\01uu>
The nondiscretionary Trustee will hold all amounts the Employer contributes to it in a trust fund and is responsible for the administration and management of the trust fund. The nondiscretionary Trustee, acting as a directed Trustee, invests the trust fund subject to your direction of the investments allowed by the Named Fiduciary, Advisory Committee and/or appointed Investment Manager. Upon the direction of the Committee, the nondiscretionary Trustee will make all distribution and benefit payments from the trust fund to participants and beneficiaries. The nondiscretionary Trustee will maintain trust fund records on a Plan Year basis.
****D20021 1.0 UNMODIFIED
<N02>I<\N02>. Normal retirement age. Normal retirement age under the Plan is age <01uv>65<\01uv<01wj<\01wj>.
****D200Fg 1.0 UNMODIFIED
<N02>J<\N02>. Effective Date
****D200Fh 1.0 UNMODIFIED
The provisions of your Plan <01wv>became<\01wv> effective on<01o8<\01o8> <01oA>January 1, 1989<\01oA>, which is called the Effective Date of the Plan.
****D200Fi 1.0 UNMODIFIED
The amended and restated provisions of your Plan become effective on <01o9>January 1, 1999<\01o9>.
****D21564 1.0 UNMODIFIED
<N01>II<\N01>. PARTICIPATION IN THE PLAN
<R02<R10>
<N02>A<\N02>. What eligibility requirements must I satisfy in order to participate in the Plan?
You will be eligible to participate in the Plan if you <01uw>have attained age 21<\01uw> <01ux>and<\01ux> <01uy>have completed one Year of Service<\01uy>.<0267<\0267<01wx<\01wx>
****D2004n 1.0 UNMODIFIED
<N02>B<\N02>. When is my Plan entry date?
Your Plan entry date is <01uz> the first day of the month<\01uz> <01v1>immediately following<\01v1> the date you meet the eligibility requirements.
****D2005W 1.0 UNMODIFIED
<N02>C<\N02>. Are there any categories of employees who are not eligible to participate?
****D2005Y 2.0 UNMODIFIED
Yes. The following Employees will not be eligible to participate in your Plan:
****D20834 1.0 UNMODIFIED
Union Employees whose benefits are the subject of good faith bargaining.
****D2005e 1.0 UNMODIFIED
Leased Employees.
****D2005h 1.0 UNMODIFIED
<N02>D<\N02>. If I return to employment after I terminate employment with the Employer, when do I participate in the Plan?
****D2005i 2.0 UNMODIFIED
If you terminate employment after becoming a participant in the Plan and later return to employment, you will re-enter the Plan on your re-employment date. Also, if you terminate employment after satisfying the Plan's eligibility conditions but before actually becoming a participant in the Plan, you will become a Participant in the Plan on the later of your scheduled entry date or your reemployment date.
****D2005j 1.0 UNMODIFIED
<N01>III<\N01>. SERVICE RULES
<R02<R03<R10>
****D2005k 1.0 UNMODIFIED
<N02>A<\N02>. What is an Hour of Service?
****D2005l 1.0 UNMODIFIED
An Hour of Service has a special meaning for Plan purposes. To become eligible to participate in the Plan, to advance on the vesting schedule or to share in the allocation of Employer contributions for a Plan Year, the Plan requires you to complete a minimum number of hours of service during a specified period. The sections covering eligibility to participate, vesting and employer contributions explain this aspect of the Plan in the context of those topics. However, hour of service has the same meaning for all purposes of the Plan. You will be credited with an Hour of Service for:
****D2005m 1.0 UNMODIFIED
(<N03>a<\N03>) each hour for which you are directly or indirectly compensated by your Employer for the performance of duties during the Plan Year;
****D2005n 1.0 UNMODIFIED
(<N03>b<\N03>) each hour for which you are directly or indirectly compensated by your Employer for reasons other than performance of duties (such as vacation, holidays, sickness, disability, lay-off, military duty, jury duty or leave of absence during the Plan Year); and
****D2005o 1.0 UNMODIFIED
(<N03>c<\N03>) each hour for back pay awarded or agreed to by your Employer.
****D2005p 1.0 UNMODIFIED
You will not be credited for the same Hours of Service both under (a) or (b), as the case may be, and under (c).
****D2005s 1.0 UNMODIFIED
<N02>B<\N02>. What is a Year of Service for eligibility purposes?
****D2005u 1.0 UNMODIFIED
The Plan defines "Year of Service" as a 12-month eligibility service period in which you work at least <01vB>1000<\01vB> hours for the Employer. The first eligibility service period starts on your first day of employment with the Employer. For example, if you begin work on February 15 and work <01vB>1000<\01vB> hours from that February 15 through the following February 14, you would complete one Year of Service. After the first 12-month eligibility service period, the Plan will measure your eligibility service period on a Plan Year basis. In the prior example, the second 12-month period would begin with the first Plan Year starting after your February 15 employment date and other 12-month periods would be the following Plan Years. The Plan will need to measure more than one 12-month period, for example, if you do not complete a Year of Service in the first 12-month period.
****D20063 1.0 UNMODIFIED
<N01>IV<\N01>. CONTRIBUTIONS
<R02<R03<R10>
****D21504 1.0 UNMODIFIED
<N02>A<\N02>. What contributions may I make to the Plan?
****D21505 2.0 UNMODIFIED
This Plan includes a "401(k) arrangement," under which you may elect to have the Employer contribute a portion of your compensation to the Plan. The contributions the Employer makes under your election are "elective deferrals." The Committee will allocate your elective deferrals to a separate account designated by the Plan as your Deferral Contributions Account.
****D21506 2.0 UNMODIFIED
As a Participant in the Plan, you may enter into a salary reduction agreement with the Employer. The Committee will give you a salary reduction agreement form which will explain your salary reduction options. The Employer will withhold from your pay the amount you have agreed to have the Employer contribute as elective deferrals.
****D21507 2.0 UNMODIFIED
Your salary reduction agreement remains in effect until you revoke the agreement. You may revoke your salary reduction agreement <025P>as of any payroll period<\025P>. If you revoke your salary reduction agreement, you may file a new agreement effective <025Q>the first day of the following month<\025Q>. You may increase or decrease your salary reduction percentage or dollar amount <025R>as of the first day of each month<\025R>. Your salary reduction contributions for the Plan Year <025X>may not exceed 15% of your compensation and must equal at least 1% of your compensation<\025X>.
****D21517 2.0 UNMODIFIED
For any calendar year, your elective deferrals may not exceed a specific dollar amount determined by the Internal Revenue Service. If your elective deferrals for a particular calendar year exceed the dollar limitation in effect for that calendar year, the Plan will refund the excess amount, plus any earnings (or loss) allocated to that excess amount. If you participate in another "401(k) arrangement" or in similar arrangements under which you elect to have an employer contribute on your behalf, your total elective deferrals may not exceed the dollar limitations in effect for that calendar year. The Form W-2 you receive from each employer for the calendar year will report the amount of your elective deferrals for that calendar year under that employer's plan. If your total exceeds the dollar limitation in effect for that calendar year you should decide which plan you wish to designate as the plan with the excess amount. If you designate this Plan as holding the excess amount for a calendar year, you must notify the Committee of that designation by March 1 of the following calendar year. The Trustee then will distribute the excess amount to you, plus earnings (or loss) allocated to that excess amount.