Pioneer Funds Retirement Plans

Transcription

1 z Pioneer Funds Retirement Plans Pioneer Uni-K Plan Adoption Agreement Booklet l Opinion Letter l Amendment Summary l Instructions for Completing Uni-K Plan Adoption Agreement l Uni-K Plan Adoption Agreement Important Note: A copy of the completed Adoption Agreement must be returned to Pioneer.

2 IRS Opinion Letter Below is the Internal Revenue Service opinion letter approving the form of the Pioneer Uni-K Plan. 1

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4 Uni-K Plan Amendment Summary Commonly Asked Questions 3 If I am the only person in my plan do I still have to amend it? Yes. All qualified retirement plans, including Pioneer s Uni-K Plan, must be amended for these changes. If I stop making contributions to my Uni-K Plan, do I still need to update the plan? Yes. The plan must be updated to comply with recent law changes whether or not you continue to make contributions to the plan. Why must Uni-K Plan documents be restated? The Pension Protection Act of 2006 (PPA) and subsequent guidance made significant changes that affect qualified plan operations. Although many of the provisions are already in effect, the Internal Revenue Service (IRS) had not required a formal restatement of all existing plans until now. The IRS is now requiring that all qualified retirement plan documents be replaced with updated documents that incorporate the new laws. What steps must I take to amend and restate my Uni-K Plan? The enclosed restatement kit is designed to help you successfully update your plan. 1. Review, complete, and sign the enclosed Uni-K Plan Standardized Adoption Agreement. You are encouraged to review the Adoption Agreement with your attorney or competent tax advisor. 2. a. Please Complete the enclosed PPA Response Form in its entirety b. Complete the Uni-K Standardized Adoption Agreement (pages 6 9 of the enclosed Pioneer Uni-K Plan Adoption Agreement Booklet) c. Return the original PPA Response Form, along with a copy of the completed and signed Pioneer Uni-K Standardized Adoption Agreement (pages 6-9) to Pioneer in the enclosed, postage-paid envelope. We ask that these materials be returned to Pioneer with 15 days of receipt. You may return the completed forms in the enclosed, postage-paid envelope or via overnight mail. For overnight mail, please use the following address: Pioneer Funds DCPIO-PLAN DESIGN Attn: DCS Mail Extraction 30 Dan Road Canton, MA Note: Please do not include any contributions, additional instructions or inquiries, as they will not be acted upon. 3. File the enclosed document components (completed and signed Uni-K Plan Adoption Agreement, updated basic plan document, and the enclosed IRS opinion letter) with your other Uni-K Plan documents. Note: Uni-K is only designed to cover business owner(s) and spouse(s). If you have hired or are considering hiring any full-time (employees who work more than 1,000 hours per year), non-owner employees, the Uni-K Plan is no longer an appropriate choice for your business. A number of additional IRS and DOL requirements must be met when your plan includes employees. Please contact your financial advisor for information on plans that may be better suited to meet your businesses growing needs. What is the deadline for signing a new Adoption Agreement? You should restate your plan as soon as possible, however, the deadline for restating calendar-year Uni-K Plans for PPA provisions is April 30, If you continue to operate your plan in accordance with the old plan document provisions, you will not be operating your plan in compliance with the new rules. This will potentially result in the disqualification of your Plan and subject you to severe tax consequences.

5 Uni-K Plan Amendment Summary Commonly Asked Questions (Continued) What is the IRS Opinion Letter that is included in my Uni-K Basic Plan Document booklet? An Opinion Letter is a letter issued by the IRS to Pioneer confirming that it has approved the form of the prototype plan documents that we sponsor and provide to you as an adopting employer. We are required to provide a copy of this letter to you so that you will be certain that the plan document we provide has been reviewed and approved by the IRS. An employer whose plan has been reviewed and approved by the IRS is generally said to have reliance. Essentially, reliance is the employer s automatic assurance that the plan documents meet the requirements of the tax laws and regulations that apply to qualified retirement plans. Is any additional IRS review required for my plan documents? You may apply to the IRS to review your plan document after you complete the elective provisions on the adoption agreement. Upon review and approval, the IRS would issue a letter directly to you as the adopting employer. This letter is called a Determination Letter and provides you with assurance that the IRS has reviewed and approved your plan documents as they have been completed by you. An IRS determination letter is never required; however, obtaining a determination letter may be advisable if you maintain more than one plan or if you maintain a nonstandardized plan. You are encouraged to discuss this with your attorney or competent tax advisor to determine whether you should apply for a determination letter. If I intend to discontinue operating my qualified plan before the April 30, 2016, deadline, must I still restate it? No. There is no requirement to restate your plan if your plan will be discontinued (i.e., a plan termination) and will be liquidated before the amendment deadline. The plan documents must, however, be completely up-to-date before termination or the IRS could disqualify your plan, resulting in adverse tax consequences. Plans may wish to restate to the newly approved documents as all the language in these documents has been approved by the IRS, while the good-faith amendments for the EGTRRA document have not been approved by the IRS. Must I amend my plan if I opened it in 2015? To determine if you must amend and restate your Uni-K Plan, examine the Pioneer Uni-K Plan Adoption Agreement that you completed when you established your plan. If the Adoption Agreement reflects PPA in the upper-right hand corner, then no further action is required on your part. You have adopted the most recent version of the plan. Otherwise, you must amend and restate your plan. Are these materials available on your website? Yes. Go to us.pioneerinvestments.com and look for Uni-K PPA documents under the Download Forms tab. There you will find all of the associated pieces required to update your plan. What if I still have questions? If you have any questions, please contact Pioneer s Employer Sponsored Plan Department at (Monday through Friday from 8:00 AM to 7:00 PM EST). 4

6 Instructions For Completing Adoption Agreement These instructions are designed to help you, the Employer, along with your tax advisor, amend and restate your Plan. Use these instructions as a general guide as they are not intended as a substitute for a tax advisor. We recommend that you obtain the advice of your tax advisor before you sign the Adoption Agreement. The words and phrases that are capitalized are terms that may be found in the Plan Document. Employer Information The Adopting Employer s Federal Tax Identification Number (EIN) is the tax identification number assigned to your business. If your business does not have an EIN, complete and file an IRS Form SS-4 to obtain a number. The Plan Sequence Number is used for annual reporting to the IRS. You should use the same number you have been using for the Plan you are updating. Section 1: Effective Dates Part B. Existing Plan Amendment or Restatement Date The restatement Effective Date is generally the first day of the Plan Year in which this Adoption Agreement is signed. Notwithstanding the foregoing, Effective Dates for certain items (e.g., PPA and other government pronouncements) are governed by the dates specified in the Basic Plan Document. Section 2: Eligibility Part A. Age and Years of Eligibility Service Age Requirement - There are no items to complete. Years of Eligibility Service Requirement - Fill in the number of years of service (no more than one year) that an Employee must complete to be eligible to become a Participant in the Plan. Hours Required for Eligibility Purposes - Insert the number of Hours of Service required constituting a year of service for eligibility purposes. The number cannot be more than 1,000. Part B. Employees Employed as of Effective Date At the time when the original plan was established, did you allow existing Employees to enter into the Plan, who as of the Effective Date, did not otherwise meet the Plan s Eligibility Requirements? If no option is selected, Option 2 shall be deemed to be selected Section 3: Contributions There are no items to complete. Section 4&5: Vesting and Forfeitures, Distributions And Loans To Participants There are no items to complete. Section 6&7: Definitions And Miscellaneous There are no items to complete. Section 8: Trustee Part A.3. Limited Trustee Employer may complete and sign this section or leave blank. Section 9: Employer Signature Please sign and date this section. Supply name and title of individual signing. 5

7 Pioneer Funds Retirement Plans PPA Uni-K Standardized Adoption Agreement Employer Information Name of Adopting Employer Street Address City State Zip Code Telephone Plan Sequence Number Adopting Employer s Federal Tax Identification Number Adopting Employer s Tax Year End (Specify month and day) Name of Plan Related Employers If the Adopting Employer is part of a controlled group of corporations (as defined in Code section 414(b) as modified by Code section 415(h)), a group of commonly controlled trades or businesses (as defined in Code section 414(c) as modified by Code section 415(h)) or an affiliated service group (as defined in Code section 414(m)) of which the Adopting Employer is a part, or any other entity required to be aggregated with the Adopting Employer pursuant to Code section 414(o), then all Related Employers of the Adopting Employer will participate in this Plan. 1 Effective Dates Complete A or B New Plan Effective Date This is the initial adoption of a 401(k) profit sharing plan by the Adopting Employer. The Effective Date of this Plan is. (Must be on or after January 1, 2007.) Note: The Effective Date is usually the first day of the Plan Year in which this Adoption Agreement is signed and may not be earlier than such date. Elective Deferrals, however, cannot be made available before the later of the date this Adoption Agreement is signed or the date specified above for Elective Deferrals. Existing Plan Amendment or Restatement Date (This is an amendment or restatement of an existing qualified plan.) The Initial Plan Document was effective on. This Plan is a frozen Plan effective on. If this Plan is a frozen Plan, no Employer Contributions may be made to the Plan with respect to Compensation earned on or after the Effective Date that the Plan is frozen. In addition, no additional contributions (e.g., rollover, transfer) may be accepted by the Plan on or after the date that the Plan is frozen. Depending on the facts and circumstances surrounding the freezing of the Plan, other Plan provisions may be affected (e.g., availability of loans.) The Effective Date of this amendment or restatement is. (Must be on or after January 1, 2007.) Note: Specifying an amendment or restatement Effective Date as any day other than the first day of the Plan Year following the Plan Year in which this Adoption Agreement is signed may result in a reduction or elimination of accrued benefits, violating Code section 411(d)(6). Notwithstanding the foregoing, Effective Dates for certain items (e.g., PPA and other legislative and regulatory guidance) are governed by the terms specified in the Basic Plan Document. 2 Eligibility Complete A and B A. Age and Eligibility Service 1. Age Requirement An Employee will be eligible to become a Participant in the Plan after attaining age Eligibility Service Requirement. An Employee will be eligible to become a Participant in the after completing Years of Eligibility Service (enter 0 or 1). Note: If no Eligibility Service Requirement is completed, no service will be required. 3. Hours Required For Eligibility Purposes. Hours of Service shall be required to constitute a Year of Eligibility Service (no more than 1,000). Note: If a Year of Eligibility Service is required and no hours are specified, 1,000 hours will be required. B. Employees Employed as of a Specified Date Will an Employee listed below (other than an Employee who is part of an excluded class of Employees) and employed on (specify a month, day, and year) who has not otherwise met the age and eligibility service requirements be considered to have met those requirements and be #4212 (Pioneer) (4/2013) 2014 Ascensus, Inc. 6

8 eligible to become a Participant in the Plan for purposes of becoming a Contributing Participant (and thus eligible to make Elective Deferrals) or receiving an allocation of any Employer Profit Sharing Contributions, as applicable, made pursuant to Section Three of the Adoption Agreement (select one)? Option 1: Yes. Employees subject to the waiver (define classifications and prior employers): Option 2: Not applicable. Note: If no option is selected, Option 2 will apply. If Option 1 is selected but no date is specified, no additional age and eligibility service waivers will apply. If Option 1 is selected but no Employees are specified, all Employees employed on the specified date will be subject to the waiver. This age and eligibility service waiver may be used either when this Plan is adopted or when the Plan is subsequently amended (e.g., to add one or more types of contributions, to add a previously excluded group of Employees). C. Entry Date Entry dates shall be the first day of the Plan Year and the first day of the seventh month of the Plan Year. Except as otherwise provided for in subsection B above (regarding employees employed as of a specified date), each Employee will become a Participant on the first Entry Date coinciding with or following the date the Employee satisfies the eligibility requirements of Plan Section Contributions A. Elective Deferrals Authorization of Elective Deferrals Both Pre-Tax Elective Deferrals and Roth Elective Deferrals will be permitted under this Plan. Note: A Contributing Participant s combined Pre-Tax and Roth Elective Deferrals during their taxable year will not exceed the limit contained in Code section 402(g) in effect at the beginning of such taxable year. B. Employer Profit Sharing Contributions Employer Profit Sharing Contributions, if any, will be allocated to all Qualifying Participants pursuant to the pro rata allocation formula. 4 & 5 Vesting And Forfeitures, Distribution And Loans There are no elections required for Section 4. (Vesting and Forfeitures) and Section 5. (Distributions and Loans). Refer to the Basic Plan Document for information regarding these Sections. 6 & 7 Definitions And Miscellaneous Permissible Investments The assets of the Plan shall be invested only in those investments approved by Pioneer Investment Management, Inc. (see fund application). There are no elections required for Section 6. (Definitions) and Section 7 (Miscellaneous). Refer to the Basic Plan Document for information regarding these Sections. 7 #4212 (Pioneer) (4/2013) 2014 Ascensus, Inc.

9 8 Trustee And/Or Custodian A. Trustee 1. Trustee Appointment a. Trustee (Select one.) Option 1: Option 2: Option 3: Financial Organization as Trustee. Individual Trustee. Not applicable, a Trustee is not required to be named for this Plan (select one). Suboption (a): Plan assets are invested solely in annuity contracts or insurance policies provided by an Insurer. Name of Insurer Address Telephone Signature Title Suboption (b): This Plan is exempt from the trust requirements under ERISA section 403 (e.g., the Plan covers one or more selfemployed individuals as defined in Code section 401(c)(1)). Note: If Suboption (b) is selected, a Custodian must be named in Part B below. b. Type of Trustee Will the Trustee of this Plan be a Directed or Discretionary Trustee (select one)? Option 1: Directed Trustee. Option 2: Discretionary Trustee. Option 3: Not applicable, Option 3 was selected in Part 1(a) above. c. Trustee Signature Note: If you are an individual Trustee and no Limited Trustee is named in Part A, item 3 below you will also be deemed to be a Limited Trustee. Name of Trustee: Pioneer Investment Management USA Inc. Address: 60 State Street, Boston, MA Telephone: Signature Title Senior Vice President Name (type or print name if different from name of Trustee above) Tracy Connelly 2. Trustee Agreement If a Trustee is designated in Part A, item 1 above, which trust agreement will apply to the Plan (select one)? Option 1: Trust provisions contained in Plan Section Eight. Option 2: Separate executed trust agreement attached hereto. Note: If no option is selected, Option 1 will apply. If Option 2 is selected, the attached trust agreement must be on file with the IRS for use by the Prototype Document Sponsor listed in Section Nine below. If Option 2 is selected and a Limited Trustee is named below, the separate trust agreement will not replace Plan Section Limited Trustee The Limited Trustee appointed solely for the purposes of ensuring the timely collection and deposit of Employer Contributions will be: Option 1: The individual Trustee named above. Option 2: The party named below. Name of Limited Trustee Address Telephone Signature Title Name (type or print name if different from name of Trustee above) Note: A Trustee, including a Limited Trustee, must be an individual or corporation. A corporate Trustee must be a bank, trust company, broker, dealer, or clearing agency as defined in Labor Regulation section (a)-1(b). #4212 (Pioneer) (4/2013) 2014 Ascensus, Inc. 8

10 B. Custodian (Both a Custodian and Trustee may be appointed for the Plan. This Part B must be completed if the Plan is exempt from the Trustee requirements under ERISA section 403 and neither a Trustee nor an Insurer is appointed in Part A, item 1 above.) 1. Custodian Appointment Financial Organization Not Applicable Address Not Applicable Signature Not Applicable Type Name (type or print) Title Not Applicable Not Applicable 2. Custodial Agreement If a Custodian is designated in Part B, item 1 above, which custodial agreement will apply to the Plan (select one)? Option 1: Custodial provisions contained in Plan Section Eight. Option 2: Separate executed custodial agreement attached hereto. Note: If no option is selected, Option 1 will apply. If Option 2 is selected and the separate custodial agreement is being used in place of a trust agreement under Code section 401(f), the attached custodial agreement must be on file with the IRS for use by the Prototype Document Sponsor listed in Section Nine below 9 Employer Signature Important: Please read before signing. Prototype Document Sponsor Name of Prototype Document Sponsor: Pioneer Investment Management USA Inc. Address: 60 State Street, Boston, MA Telephone: Authorized Employer Signature I am an authorized representative of the Adopting Employer named above and I state the following: 1. I acknowledge that I have relied upon my own advisors regarding the completion of this Adoption Agreement and the legal tax implications of adopting this Plan; 2. I understand that my failure to properly complete this Adoption Agreement may result in disqualification of the Plan; 3. I understand that the Prototype Document Sponsor will inform me of any amendments made to the Plan and will notify me should it discontinue or abandon the Plan; and 4. I have received a copy of this Adoption Agreement, the corresponding Basic Plan Document and, if applicable, any separate trust or custodial agreement used in lieu of the trust/custodial agreement contained in the Basic Plan Document. Signature of Adopting Employer Date Signed Print Name Title Note: The Adopting Employer may rely on an opinion letter issued by the Internal Revenue Service as evidence that the Plan is qualified under Code section 401 except to the extent provided in Revenue Procedure An Employer who has ever maintained or who later adopts any plan (including a welfare benefit fund, as defined in Code section 419(e), which provides post-retirement medical benefits allocated to separate accounts for key employees, as defined in Code section 419A(d)(3), or an individual medical account, as defined in Code section 415(l)(2) in addition to this Plan may not rely on the opinion letter issued by the Internal Revenue Service with respect to the requirements of Code sections 415 and 416. If the Employer who adopts or maintains multiple plans wishes to obtain reliance with respect to the requirements of Code sections 415 and 416, application for a determination letter must be made to Employee Plans Determinations of the Internal Revenue Service. The Employer may not rely on the opinion letter in certain other circumstances, which are specified in the opinion letter issued with respect to the Plan or in Revenue Procedure This Adoption Agreement may be used only in conjunction with Basic Plan Document #03. 9 #4212 (Pioneer) (4/2013) 2014 Ascensus, Inc.

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12 Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, Massachusetts Underwriter of Pioneer mutual funds, Member SIPC 2015 Pioneer Investments us.pioneerinvestments.com