PROVIDENT FUND SUMMARY

NOTICE TO INTERESTED PARTIES

 

All participants and beneficiaries under Taft Broadcasting Company Provident Fund:

 

EIN/PN: 76-0629024

 

The employer has reserved the right to amend the above plan document and is required by the Department of Labor (DOL) to submit a notice of any amendment to the DOL and the plan participants.

 

Following is a Summary of the Material Modifications made to the above plan’s Summary Plan Description effective May 15, 2012.

 

Can I withdraw money from my account while working?

 

In-service distributions. You may be entitled to receive an in-service distribution. However, this distribution is not in addition to your other benefits and will therefore reduce the value of the benefits you will receive at retirement. This distribution is made at your election and will be made in accordance with the forms of distributions available under the Plan.

 

Conditions. Generally you may receive a distribution from the Plan prior to your termination of employment provided you satisfy any of the following conditions:

 

  • you have reached age 59½

 

Also, the law restricts any in-service distributions from certain accounts which are maintained for you under the Plan before you reach age 59 1/2. These accounts are the ones set up to receive your salary deferral contributions and other Employer contributions which are used to satisfy special rules for 401(k) plans (such as safe harbor contributions). Ask the Administrator if you
need more details.

 

Limitations. The following limitations apply to in-service distributions:

 

  • The minimum amount of a pre-retirement distribution is $500.
  • No more than 2 distribution(s) may be made to a Participant during a Plan Year.

 

This notice should be attached to your copy of the Summary Plan Description.

 

SUMMARY PLAN DESCRIPTION
MATERIAL MODIFICATIONS
I
INTRODUCTION

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.

 

II
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.

 

How do I participate in the Plan?

 

Provided you are not an Excluded Employee, you may begin participating under the Plan once you have satisfied the eligibility requirements and reached your “Entry Date.” The following describes the eligibility requirements and Entry Dates that apply.
You should contact the Administrator if you have questions about the timing of your Plan participation.

 

Salary Deferrals

 

Excluded Employees. If you are a member of a class of employees identified below, you are an Excluded Employee and you are not entitled to participate in the Plan for purposes of salary deferrals. The Excluded Employees are:

 

  • Special Project Employees
  • Miller Crosswell, Sr.

 

Eligibility Conditions. You will be eligible to participate for purposes of salary deferrals when you have completed 1 Hours of Service within your first 1 month(s) of employment. If you do not complete 1 Hours of Service within your first 1 month(s) of employment, then you will have satisfied the service requirement if you are credited with a Period of Service.

 

However, you will actually enter the Plan once you reach the Entry Date as described below.

 

Entry Date. For purposes of salary deferrals, your Entry Date will be the date on which you satisfy the eligibility requirements.

 

Matching Contributions

 

Excluded Employees. If you are a member of a class of employees identified below, you are an Excluded Employee and you are not entitled to participate in the Plan for purposes of matching contributions. The Excluded Employees are:

 

  • Special Project Employees
  • Miller Crosswell, Sr.

 

Eligibility Conditions. You will be eligible to participate for purposes of matching contributions when you have completed 1 Hours of Service within your first 1 month(s) of employment. If you do not complete 1 Hours of Service within your first 1 month(s) of employment, then you will have satisfied the service requirement if you are credited with a Period of Service.
However, you will actually enter the Plan once you reach the Entry Date as described below.

 

Entry Date. For purposes of matching contributions, your Entry Date will be the date on which you satisfy the eligibility
requirements.

Profit Sharing Contributions

Excluded Employees. If you are a member of a class of employees identified below, you are an Excluded Employee and you are not entitled to participate in the Plan for purposes of profit sharing contributions. The Excluded Employees are:

 

  • Special Project Employees
  • Miller Crosswell, Sr.

 

Eligibility Conditions. You will be eligible to participate for purposes of profit sharing contributions when you have completed 1 Hours of Service within your first 1 month(s) of employment. If you do not complete 1 Hours of Service within your first 1 month(s) of employment, then you will have satisfied the service requirement if you are credited with a Period of Service. However, you will actually enter the Plan once you reach the Entry Date as described below.

 

Entry Date. For purposes of profit sharing contributions, your Entry Date will be the date on which you satisfy the eligibility requirements.

 

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.