Plan Details

1. Eligible Automatic Contribution Arrangement (EACA).

2. Qualified Automatic Contribution Arrangement (QACA).

3. Eligibility requirements for employee elective and employer matching contributions: age 21 and 6 months of service.

4. Initial deferral contribution rate is 3%.

5. If an employee is already contributing to the Adopting employer’s plan, at a rate higher than zero percent (0%), the employee’s deferral rate will not change and the employee will not be subject to contribution escalation.

6. For all eligible non-deferring employees, the employees will automatically be enrolled in the Plan at the initial deferral rate of 3% and the rate will be subject to escalation, unless the employee makes an affirmative election to change his or her contribution rate.

7. Matching contribution is 100% of first 1% deferred and 50% of next 5% deferred for a total minimum match of 3.5%.

Example: Mary earns $30,000 in compensation during calendar year 2007. Mary makes a salary deferral contribution of 6% of her compensation. Her employer will make a matching contribution equal to $1,050. Match: $300 + $750 = $1,050 Math: (($30,000 x 1%) + ($30,000 x 5% x 50%)) = $1,050

8. Matching contributions are 100% vested after 2-yrs of service (2-yr cliff).

9. 2-yr cliff vesting schedule service requirements are 1000 hours of service during a 12-month consecutive computation period based on a calendar year.

10. Qualified Default Investment Alternative (QDIA): Each employee is defaulted into a Vanguard Target Date Fund.  Once an employee logs into the ABG Participant site, the participant may change from the Vanguard Target Date Fund to a risk based asset allocation model, or they may design their own model.

11. Online notices:

a. Qualified Automatic Contribution Arrangement (QACA).
b. Qualified Default Investment Alternative (QDIA).
c. Safe Harbor notice.

12. Online Summary Plan Description (SPD).