AMSEC Employees 401(k) Profit Sharing Plan - Benefits Connect

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Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request acopy of Plan documents or the latest annual report from the Plan and do not receive them within 30days, you may file suit in federal court. In such a case, the court may require the Plan Administratorto provide the materials and pay you up to $110 a day until you receive the materials, unless thematerials were not sent for reasons beyond the control of the Plan Administrator. If you have a claimfor benefits that is denied or ignored, in whole or in part, you may file suit in state or federal court. Inaddition, if you disagree with the Plan’s decision or lack thereof concerning the qualified status of adomestic relations order, you may file suit in federal court. If it should happen that Plan fiduciariesmisuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seekassistance from the U.S. Department of Labor, or you may file suit in federal court. The court willdecide who should pay court costs and legal fees. If you are successful, the court may order the personyou sued to pay these costs and fees. If you lose, the court may order you to pay these costs and feesif, for example, it finds your claim is frivolous.Assistance with Y our QuestionsIf you have any questions about the Plan, you should contact Vanguard or the AMSEC Director ofHuman Resources.If you have any questions about this statement or about your rights under ERISA, or if you needassistance in obtaining documents from the AMSEC Director of Human Resources, you shouldcontact the nearest office of the Employee Benefits Security Administration, U.S. Department ofLabor, listed in your telephone directory or the Division of Technical Assistance and Inquiries,Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution AvenueN.W., Washington, DC 20210. You may also obtain certain publications about your rights andresponsibilities under ERISA by calling the publications hotline of the Employee Benefits SecurityAdministration.X. MISCELLANEOUS TOPICSH ow Does T his P lan A ffect M y Social Secur ity B enefit?Your Social Security benefit is not altered in any way by the Plan. Also, you will continue to haveSocial Security amounts withheld from your “gross” salary, that is, your salary unreduced by SalaryDeferral contributions made under this Plan.W hat if I R eceive an O ver payment of B enefits?Although every effort is made to ensure benefit payments are correct, AMSEC reserves the right tocorrect any errors that are made and to recover any overpayment made to you or your beneficiary.This right includes the authority to offset future benefits or seek repayment by you or your beneficiaryof any overpayment.March 201125AMSEC SPD
W hat A r e the F eder al I ncome T ax C onsequences?As a general rule the amounts contributed to the Plan need not be currently reported as taxable incometo you when contributed to the Plan. Moreover, the earnings or increases in value of your Accounts, ifany, are not taxed to you currently.W hat Ar e the T ax C onsequences Pr ior to Distribution of B enefits?a. You are not subject to federal income tax on AMSEC’s contributions to the Plan at the time thecontributions are made.b. You are not subject to federal income tax on any income or appreciation with respect to yourAccounts under the Plan until distributions are made (or deemed to be made).c. You and AMSEC are not subject to federal employment taxes on AMSEC’s contributions to thePlan, except as set forth below with respect to certain employer contributions to this Plan.d. The Plan is not subject to federal income tax on the contributions by AMSEC and is not subject tofederal income tax on any income or realized gains, assuming that the Plan does not realize anyunrelated business taxable income.W hat Ar e the T ax C onsequences of Distr ibutions?Distributions from the Plan are subject to federal income tax under special, complex rules that applygenerally to distributions from tax-qualified retirement plans. In general, a single distribution from thePlan is taxable in the year of receipt at regular ordinary income rates (on the full amount of thedistribution), unless the distributee is eligible for and elects either:(1) To make a qualifying “rollover” of the amount distributed to an IRA or another qualified plan, or(2) To utilize 10-year averaging or partial capital gains taxation of the distribution.Although it is generally no longer tax-favored, a lump-sum distribution may be eligible for favorabletaxation under a special transition rule, described below. A “lump-sum distribution” for purposes ofeligibility for 10-year averaging or capital gains treatment is defined as a distribution of your entirevested interest under the Plan within one taxable year:(1) On account of your death or other separation from service, or(2) On account of your qualifying disability, or(3) After you reached age 59½.For purposes of this definition, distributions from the Plan or any other 401(k) or profit-sharing planmust be aggregated. Under the special transition rule, an individual who reached age 50 on January 1,1986 may make a one-time election of 10-year averaging (at 1986 rates) and may elect to have the pre-1974 portion of the distribution taxed at 1986 capital gains rates. The special 10-year averagingtreatment, as well as partial capital gains treatment, of lump-sum distributions is applicable to a lumpsumdistribution from the Plan only if all other lump-sum distributions (whether or not from the sameMarch 201126AMSEC SPD
Page 1: AMSEC LLCSummary Plan DescriptionAM
Page 4 and 5: THIS DOCUMENT CONSTITUTES PART OF A
Page 7 and 8: III. RETIREMENTW hen C an I R etir
Page 9 and 10: if an employee receives a plan dist
Page 11 and 12: Information regarding the current i
Page 13: Although a brokerage account offers
Page 17 and 18: F ailur e T o R epayIf you fail to
Page 19 and 20: HardshipWithdrawalAfter-TaxWithdraw
Page 21 and 22: Do I F or feit A ny B enefits if M
Page 23 and 24: you are fully vested in your Accoun
Page 25 and 26: VII. PLAN TERMINATION INSURANCEA r
Page 27: • Finally, liens against Plan fun
Page 31 and 32: certain federal unemployment taxes.
Page 33: 3. PLAN SPONSOR(May be served with

AMSEC Employees 401(k) Profit Sharing Plan - Benefits Connect

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