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EXHIBIT 10.24
MANDATORY DISTRIBUTION AMENDMENT
(Code Section 401(a)(31)(B))
to the
Metropolitan Life Insurance Co.
Defined Contribution Prototype Plan & Trust
Basic Plan Document No.03
ARTICLE I
APPLICATION OF AMENDMENT
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1.1
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Effective
Date . Unless a later
effective date is specified in Article III of this Amendment, the
provisions of this Amendment will apply with respect to
distributions made on or after March 28, 2005.
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1.2
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Precedence.
This Amendment supersedes any inconsistent provision of the
Plan.
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1.3
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Adoption by
prototype sponsor. Except as otherwise provided herein, pursuant to
authority granted by Section 5.01 of Revenue 2005-16, Metropolitan
Life Insurance Co. adopts this amendment on behalf of all adopting
employers.
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ARTICLE II
DEFAULT PROVISION: AUTOMATIC ROLLOVER
OF AMOUNTS OVER $1,000
Unless the Employer otherwise
elects in Article III of this Amendment, the provisions of the Plan
concerning mandatory distributions of amounts not exceeding $5,000
are amended as follows:
In the event of a mandatory
distribution greater than $1,000 that is made in accordance with
the provisions of the Plan providing for an automatic distribution
to a Participant without the Participant’s consent, if the
Participant does not elect to have such distribution paid directly
to an “eligible retirement plan” specified by the
Participant in a direct rollover (in accordance with t
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