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Plan Document

Does each bank need its own Plan Document?

Yes. Each Bank or controlled group of affiliated banks of other entities, by agreeing to participate in the Trust, establishes its own Plan. Form documents are provided. These forms must be carefully completed to reflect the Bank's benefits and should be reviewed by the Bank's own legal counsel.

The Employee Retirement Income Security Act of 1974, as amended ("ERISA") and other laws require a comprehensive system of documentation and procedures for a Plan funded through the Trust. This section is a brief guide both to the law and to the documents and procedures which the Trust has made available for use by each participating Bank.

What constitutes the Plan Document?

The completed form Plan Document and the booklets and any other materials incorporated by reference for each component benefit plan constitute the Plan Document.

What if the Bank already has a Plan Document?

Completion of the new form Plan Document will supersede the old Plan Document. Keep prior documents in permanent Plan files.

Do participants have a right to see the Plan Document?

Yes. A copy of the Plan Document and certain other information must be made available to participants and beneficiaries upon written request. Each Plan Sponsor, as Plan Administrator, is responsible for complying with these requirements for its Plan.

Adoption of Plan by a "Single Employer"

What is a "single employer"?

A single employer is a Bank that has no affiliates covered under the Trust. See What is an "affiliate"? for the definition of an affiliate.

How does a "single employer" complete the form Plan Document?

The Board of Directors of the Bank should adopt resolutions approving adoption of the Plan Document. (See sample resolutions.) The "Plan Sponsor" is the Bank that maintains the Plan.
Fill in the Plan Sponsor's corporate name on the blank lines on the title page and page 1 of the Plan Document.
Fill in the Plan Sponsor's (Bank's) name, employer identification number, and location (city) on the execution page at the end of the Plan Document.
Complete Appendix E to reflect benefits for current employees and note Plan Sponsor's name on last page.
Complete Appendix M if a Bank is a small employer opting out under the Medicare Secondary Payer rules. Refer to Plan Document Section 4.2
Appendix R and Appendix D are not required. Complete Appendix R or Appendix D if Retiree or Director benefits are offered (include Plan Sponsor's name). Remember that Director and Retired Director benefits can only be offered by an employer that offered them under the Trust as of December 31, 1997 and only to Directors who were covered as of December 31, 1997.
An authorized officer should sign and date the execution page on the Plan Document and all related Appendices.
A copy of each Bank's executed Plan Document and all related Appendices should be sent to the Trust.

Adoption of Plan by a Group of Related Employers

How does a Plan maintained by a group of related employers ("Controlled Group") of Banks and affiliates complete the form Plan Document?

The Board of Directors of each entity participating in the Plan should adopt resolutions approving adoption of the Plan Document. (See sample resolutions.)
If the Plan is maintained for employees of a controlled group of banks or other entities owned by a bank holding company, the bank holding company ("parent corporation") generally will be the Plan Sponsor. Using the parent corporation as the Plan Sponsor, start by completing as instructed under Section 2.a above, as if for a single employer.
Each participating employer (except the Plan Sponsor) should complete an Appendix A.
The authorized officer of the participating employer dates and signs Appendix A. Appendix A must be sent to the Plan Sponsor.
The Plan Sponsor must retain it in their records and provide a complete Plan Document, including Appendices E, M, R, or D as applicable, and all Appendix As, to each participating employer.
A copy of the Controlled Group's executed Plan Document, Appendices A and E, and Appendices M, R, and D, as appropriate, should be sent to the Trust.

Changes to Plan Document After Adoption

What happens if a Plan Document, benefits, or employer is changed?

The Plan Document and any affected Appendices must be amended as appropriate if the Plan Document terms are affected by a change. These changes also may require revisions to the Summary Plan Description (SPD)

If a new employer is added to the group of employers or a participating employer ceases to participate, the Board of Directors of the Plan Sponsor and the new (or exiting) employer should execute a corporate resolution authorizing the new employer's participation or the exiting employer's cessation of participation (adding or termination benefits). Appendix A must be amended if a new employer is added to the group of employers participating in the Plan. Send a copy of the executed Appendix A to the Trust. If an employer is terminated, execute a revised Appendix A by noting the removal of the pages (include any effective date of removal), keep the removed pages in your permanent files. Keep the remaining pages. Send a copy of the removed pages to the Trust with a note about their removal.

Corporate resolutions also should be executed to authorize other changes to a Plan. The revised documents should be signed and dated and a copy sent to the Trust. The originals should be retained by the Plan Sponsor.

What if a Plan Sponsor, Bank, or other employer name changes?

The applicable documents should be re-executed.