Article 10 – Miscellaneous Provisions

10.1 Information to Be Furnished

A Participant shall furnish the Trustees with any information or proof that they may deem necessary and reasonable in order to administer the terms of this Plan.

10.2 Savings Clause

If any provisions of the Plan are held to be illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced as if such illegal and invalid provisions had never been inserted in the Plan.

10.3 Maximum Annual Additions

Notwithstanding any other provision of this Plan, under EGTRRA Section 631 and Internal Revenue Code § 414(v), if applicable, the annual addition that may be contributed or allocated to a Participant’s Account under the Plan for any limitation year shall not exceed the lesser of: (a) $40,000, as adjusted for increases in the cost-of-living under Internal Revenue Code § 415(d); or (b) 100 percent (100%) of the Participant’s compensation, within the meaning of Internal Revenue Code § 415(c)(3), for the limitation year. The compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service (within the meaning of Internal Revenue Code § 401(h) or § 419A(f)(2)) which is otherwise treated as an annual addition.

The provisions of this Article 10.3 shall be interpreted in accordance with Internal Revenue Code § 415 and applicable regulations, which are incorporated herein by reference.

10.4 Eligible Rollover Distributions

1. Direct Rollover. Effective for distributions payable on and after January 1, 1993, a Participant entitled to a distribution or surviving spouse entitled to a distribution may elect to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan in a Direct Rollover. Notwithstanding the foregoing, distributions less than $200 per calendar year are not eligible for Direct Rollover.
   
   
2. Eligible Rollover Distribution. An Eligible Rollover Distribution is any distribution of all or any portion of the balance to the credit of the Participant or surviving spouse, provided that an Eligible Rollover Distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the surviving spouse, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Internal Revenue Code § 401(a)(9); and the portion of any distribution that is not includible in gross income.
   
   
3. Eligible Retirement Plan. Effective January 1, 2002, in the case of distributions made to a Participant, an Eligible Retirement Plan is an individual retirement account described in Internal Revenue Code § 408(a), an individual retirement annuity described in Internal Revenue Code § 408(b), an annuity plan described in Internal Revenue Code § 403(a), a qualified trust described in Internal Revenue Code § 401(a), an annuity contract described in Internal Revenue Code § 403(b), or an eligible plan under Internal Revenue Code § 457(b) which is maintained by an eligible employer described in Internal Revenue Code § 457(e)(1)(A), that accepts the Eligible Rollover Distribution. The definition of Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a Qualified Domestic Relations Order.
   
   
4. Direct Rollover. A Direct Rollover is a payment by the Plan to the Eligible Retirement Plan specified by the Participant or surviving spouse.
   
   
5. Limit on Distributions. A Participant or surviving spouse may split an Eligible Rollover Distribution which is greater than $500, by receiving a portion as a Direct Rollover and receive direct payment of the balance, provided that the amount to be distributed as a Direct Rollover must be at least $500. Only one Direct Rollover shall be allowed with respect to each distribution.

10.5 Veterans Rights Upon Reemployment

Notwithstanding any provision of this plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Internal Revenue Code § 414(u).

10.6 Pension Enhancement Option

A Participant electing a lump sum payment under Article 4.2 may request transfer of all or part of the vested Individual Account, but not less than $10,000, to the Carpenters Retirement Plan of Western Washington (“Retirement Plan”) for the purpose of providing additional monthly retirement income from the Retirement Plan. Transfer of benefits is contingent upon acceptance of the transfer by the Trustees of the Retirement Plan. Amounts transferred to the Retirement Plan shall be held and distributed pursuant to the terms of that plan.

10.7 Transfers From Other Qualified Plans

With the consent of the Trustees, amounts may be transferred from other qualified plans, provided that the trust from which such funds are transferred permits the transfer to be made, and the transfer will not, in the opinion of the Trustees, jeopardize the tax-exempt status of the Plan or Trust. The Plan shall only accept amounts transferred from other qualified plans on behalf of a Participant which are:

1. Amounts transferred to this Plan directly from another qualified plan; or
2. Lump-sum distributions received from a Participant from another qualified plan which are eligible for tax-free rollover to a qualified plan and which are transferred by the Participant to this Plan within sixty (60) days following his receipt thereof.

Prior to accepting any transfers from a qualified plan, the Trustees may require the Participant to establish that amounts to be transferred meet the requirements of this Article and Internal Revenue Code § 402.

Amounts transferred shall be held pursuant to the terms of the Plan, and allocated to the Rollover Subaccount of the Participant on whose behalf the transfer was made. A Participant’s Rollover Subaccount may not be withdrawn by or paid to a Participant, in whole or in part, except as provided in Article 2.7.

For purposes of this Article, the term “qualified plan” shall mean a tax-qualified plan under Internal Revenue Code § 401(a).