Retirement Savings Plan Summary Plan Description

4.2 Employee Contributions

In addition to Employer contributions, Participants are allowed to make Employee contributions (sometimes referred to as elective deferral or 401(k) contributions) to their Account. Each Participant may select a deferral classification as of January 1 of each new year which determines the amount of the Participant's hourly wage that is paid into the Participant's Account instead of paid in cash. A Participant may elect any whole dollar hourly deferral amount from zero to $8.00.

The maximum amount of Employee contributions that may be made to your Account for 2015 is $18,000, though that limit is increased by a "catch-up" amount of $6,000 (for a total of $24,000) if you will have attained at least age 50 by December 31, 2015. Although Employee contributions reduce a Participant's wages for income tax purposes, they are still subject to Social Security and Medicare taxes.

Each year, in late November or early December, Participants will be asked to complete a form on which the desired hourly deferral amount may be elected. That form must generally be returned to the Plan Office by a specified date in early December if any change from the prior year is to be made for the next year. The Plan Office will take care of notifying your Employer of any wage deferral election changes you submit. If you are later dispatched to another signatory employer, your dispatch form will reflect your current elective deferral amount. Only one elective deferral amount may be implemented in any one year. Once you elect to defer a portion of your wages and the elective deferral amount is implemented, it will be honored by employers from one year to the next until it is changed or revoked in early December for the next year.

Excess Deferrals. The annual limit on Employee contributions ($18,000 for 2015) applies to all 401(k) and other elective deferral plans in which you may participate. Thus, it is possible that elective deferrals to your Account, when combined with elective deferrals to an account which you may have in another plan in which you participate, will exceed the limit. If that occurs, you should notify the Plan Office by March 1 after the close of the year and request that Plan to issue you a refund of the excess deferrals (plus any earnings) by April 15 in order to avoid adverse tax consequences. Any excess deferrals returned to you must then be included in your gross taxable income for the year to which the excess deferrals relate.