SUMMARY PLAN DESCRIPTION
MA lERIAL MODIFICATIONS
This is a Summary of Material Modifications regarding the Taft Broadcasting Company Provident Fund (“Plan”). This is merely a summary of the most important changes to the Plan and information contained in the Summary Plan Description (“SPD”) previously provided to you. It supplements and amends that SPD so you should retain a copy of this document with your
copy of the SPD. If you have any questions, contact the Administrator. If there is any discrepancy between the terms of the Plan, as modified, and this Summary of Material Modifications, the provisions of the Plan will control.
SUMMARY OF CHANGES
Military Service. If you are a veteran and are reemployed under the Uniformed Services Employment and Reemployment Rights Act of 1994, your qualified military service may be considered service with the Employer. There may also be benefits for employees who die or become disabled while on active duty. Employees who receive wage continuation payments while in the military may benefit from law changes effective in 2009. If you think you may be affected by these rules, ask the Plan Administrator for further details.
[ ] Distributions for deemed severance of employment. If you are on active duty for more than 30 days, then the Plan treats you as having severed employment for distribution purposes. This means that you may request a distribution from the Plan. If you request a distribution on account of this deemed severance of employment, then you are not permitted to make any contributions to the Plan for 6 (six) months after the date of the distribution.
[ ] Differential pay. If you receive wage continuation payments (referred to as differential pay), then the Plan will generally only treat these amounts as Compensation for salary deferral purposes.
What is the Employer profit sharing contribution and how is it allocated?
Profit sharing contribution. Each year, your Employer may make a discretionary profit sharing contribution to the Plan. Your share of any contribution is determined below.
Allocation conditions. You will always share in the profit sharing contribution regardless of the amount of service you complete during the Plan Year provided you are employed on the last day of the plan year.