20.16 | Merger of the EarthLink 401(k) Plan |
(a) | Merger. Effective as of July 1, 2017, the EarthLink 401(k) (the "EarthLink Plan") shall be merged into and made a part of the Plan, and the trust fund maintained in connection with the EarthLink Plan shall be added to the assets of the Trust Fund to be disposed of under the terms, conditions, and provisions of the Plan and Trust. On and after July 3, 2017, the general provisions of the Plan shall govern with respect to the interests under the EarthLink Plan of all persons except (i) as otherwise expressly provided in this Section 20.16 and (ii) to the extent the general provisions of the Plan |
(1) | On or after a Participant's Settlement Date, single sum payment. |
(2) | On or after a Participant’s Settlement Date, installments for purposes of the required minimum distribution rules under Section 401(a)(9) of the Code, but only for Participants (or Beneficiaries) who have commenced installments prior to July 3, 2017. |
(3) | In-service withdrawals of account balance upon attainment of age 59-1/2. |
(4) | In-service withdrawals of amounts attributable to rollover contributions at any time. |
(b) | Accounts. As of July 3, 2017, Separate Accounts shall be established in accordance with the provisions of Section 11.07 in the name of each person who as of July 3, 2017 was a participant or beneficiary with an interest under the EarthLink Plan (and for whom a Separate Account had not already been established). As of the date the assets of the trust fund of the EarthLink Plan are received by the Trustee and deposited in the Trust Fund, there shall be credited to each such Separate Account or Sub-Account, as applicable, the value of such person's prior separate account or sub-account of the corresponding type under the EarthLink Plan as certified to the Plan Administrator by the plan administrator of the EarthLink Plan. |
(c) | Vesting. Employees who were actively employed by the EarthLink Shared Services, LLC as of February 27, 2017, are 100% fully vested in amounts attributable to the EarthLink Plan. Any other person who was a participant under the EarthLink Plan is subject to the vesting schedule as in effect under the EarthLink Plan as in effect on July 3, 2017 for amounts attributable to the EarthLink Plan. For ease of reference, amounts attributable to matching non-safe harbor contributions and non-elective non-safe harbor contributions under the EarthLink Plan are subject to the following vesting schedule: 1 year of vesting service - 25% vested, 2 years of vesting service - 50% vested, 3 years of vesting service - 75% vested, and 4 years of vesting service - 100% vested. Amounts attributable to the EarthLink Plan are forfeited as provided under the EarthLink Plan as in effect on July 3, 2017. For ease of reference, forfeitures occur when a terminated participant’s entire vested account has been distributed (or after 5 consecutive vesting breaks in service, if earlier. Forfeitures shall be applied against the Employer Contribution obligations in Article XIII. |
(d) | Forfeitures. If a person who was a participant under the EarthLink Plan (i) incurred a forfeiture under the EarthLink Plan prior to July 3, 2017 (and such forfeiture has not been restored) or incurs a forfeiture of amounts attributable to the EarthLink Plan on or after July 3, 2017, (ii) resumes employment as an Employee under the Plan, and (iii) would have had the forfeiture restored under the EarthLink Plan as in effect |
(e) | Beneficiary Designations. Effective as of July 3, 2017, each beneficiary designation under the EarthLink Plan shall be void and have no further effect. Article XVII shall apply to determine the beneficiary with respect to the Separate Accounts or Sub-Accounts established under Section 20.16(b) (or previously established under the Plan). |
(f) | Loans. Effective as of July 3, 2017, participant loans under the EarthLink Plan shall become loans under the Plan and shall count toward the maximum number of loans under the Plan. No participant loan under the EarthLink Plan, however, shall be defaulted so as to reduce the total number of loans to the maximum permitted under the Plan. |
WINDSTREAM SERVICES, LLC | |
By: | /s/ Mary Michaels |
Title: Member of the Benefits Committee | |