F-1 Morse Bros., Inc. Employee’s Profit-Sharing Plan and Trust
Eligibility to participate in the Harris Corporation Supplemental Executive Retirement Plan (SERP) during the next annual open enrollment period. This IRS non-qualified retirement plan preserves your ability to make pre-tax contributions, and receive employer match contributions (after one year of service) above the qualified IRS limits and in accordance with the plan terms.
To the extent the participant has a Roth elective deferral account, an employee nondeductible contribution account, or after-tax contributions of either type for which there is separate accounting under his rollover/transfer account, such funds shall be distributed in the order listed before any fully taxable distribution is made to satisfy the minimum distribution requirement. After the exhaustion of such accounts, distributions shall be debited from a participant's accounts to the extent funded in accordance with the following order of preference: rollover/transfer account, qualified nonelective contribution account, profit sharing account, employer matching contribution account, employee 401(k) elective deferral account.
“Replacement Profit Sharing Agreement” has the meaning set forth in [Section 6.11].
The employer shall make a separate profit sharing contribution for the plan year with respect to each allocation formula as described below. The trustee shall be notified by the employer in writing as to the amount being contributed with respect to each formula. Forfeitures for the plan year shall be allocated under allocation formula # below. For this purpose, the following allocation formulas shall be used:
Vesting: An affected Participant shall be fully vested in the amounts transferred from the merged plan in connection with the plan merger, with the balance of such Participant’s Account being vested in accordance with Section 4.2 of the Plan. Any profit sharing contributions made on the behalf of an affected Participant shall be subject to a three-year cliff vesting schedule.
The attainment of age 59½ in the case of a profit sharing plan.
Eligible Class of Employees – All employees of the employer except those described below shall be eligible for purposes of receiving a profit sharing allocation if employed in the following categories: Salaried Employee, Level I Department Manager, Foreman, Corporate Lead Person, Corporate Department Assistant, Corporate Administrative Assistant, Corporate Reorder Buyer, or Corporate Architectural Draftsperson.
We use these parameters only to provide incentive to our officers and employees who participate in our Executive Officer Cash Profit Sharing Plan and our Cash Profit Sharing Plan. You should not draw any inference whatsoever from these parameters about our future financial performance. You should not take these parameters as projections or guidance of any kind.
The provisions of this Section apply to a Participant in a Profit Sharing Plan or 401(k) Profit Sharing Plan to the extent el ected in the Adoption Agreement. However, unless otherwise permitted pursuant to Regulation §1.411(d) -4, this Section shall not apply with respect to amounts that are transferred directly or indirectly (i.e., other than by a rollover) to this Plan from a defined b enefit plan, money purchase pension plan, target benefit plan, or stock bonus or profit sharing plan which is subject to the survivor annuity requirements of Code §§401(a)(11) and 417.
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