EXHIBIT 4.7
EXHIBIT 4.7
FIRST AMENDMENT
TO
IDAHO POWER
COMPANY EMPLOYEE SAVINGS PLAN
The Idaho
Power Company Employee Savings Plan, amended and restated as of
October 1, 2000 (revised) (the “Plan”), is hereby
further amended to comply with the Economic Growth and Tax Relief
Reconciliation Act of 2001 (“EGTRRA”), and to make such
other revisions as are set forth below. The amendments
set forth herein shall be effective as of January 1, 2002 or as
otherwise provided below.
1.
The following paragraph is inserted into the Plan immediately
following the last paragraph of the “Introduction”
section:
“The
Plan has been further amended, effective as of January 1, 2002, to
reflect certain provisions of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (“EGTRRA”). This
amendment is intended as good faith compliance with the
requirements of EGTRRA pursuant to IRS Notice 2001-42 and IRS
Notice 2001-57. The good faith EGTRRA amendments herein
are to be construed in accordance with EGTRRA and the guidance
issued thereunder. This amendment shall supersede the
provisions of the Plan to the extent those provisions are
inconsistent with the provisions of these good faith
amendments. The Company intends to further amend the
Plan to reflect EGTRRA requirements and certain EGTRRA options
after evaluating additional guidance issued by the Internal Revenue
Service.”
2. Section
1.10 is amended, effective as of January 1, 2001, by revising the
last sentence of the first paragraph to read as follows:
“A
Participant’s Compensation shall include Deferral
Contributions under this Plan and any deductions under Code section
125 or 129 and shall include amounts that are not includable in an
employee’s gross income by reason of Code section
132(f).”
3. Section
1.10.1 is amended by deleting the reference to
“$160,000” and replacing it with
“$200,000.”
4. Section
1.17 is amended in its entirety to read as follows:
“”Eligible
Retirement Plan” means an individual retirement account
described in Code sections 408(a) or 408(b), an annuity plan
described in Code sections 403(a) or 403(b), a qualified trust
described in Code section 401(a) and an eligible plan under Code
section 457(b) which is maintained by a state, political
subdivision of a state or any agency or
instrumentality
of a state or political subdivision of a state and which agrees to
separately account for amounts transferred into such a plan from
this Plan. This definition of Eligible Retirement Plan
shall also apply in the case of a distribution to a surviving
spouse, or to a spouse or former spouse who is the alternate payee
under a QDRO.”
5. Section
1.18 is amended by adding the following additional language at the
end of this section:
“Notwithstanding
the foregoing, a portion of a distribution shall not fail to be an
Eligible Rollover Distribution merely because the portion consists
of After-Tax Contributions which are not includable in gross
income. However, such portion may be transferred only to
an individual retirement account or annuity described in Code
sections 408(a) or (b), or to a qualified defined contribution plan
described in Code sections 401(a) or 403(a) that agrees to
separately account for amounts so transferred, including separately
accounting for the portion of such distribution which is includable
in gross income and the portion of such distribution which is not
so includable.”
6. Section
1.33 is amended in its entirety to read as follows:
“
Qualified Plan ” means an employee benefit plan that
is qualified under Code sections 401(a) or
403(a).”
7. Section
3.2.1 is amended in its entirety to read as follows:
“3.2.1
Limit on Deferral Contributions
(a) A
Participant’s Deferral Contributions for any taxable year of
such Participant shall not exceed the dollar limitation contained
in Code section 402(g) in effect for such taxable year except to
the extent permitted under Section 3.2.1(b) and Code section
414(v). For purposes of this Section and except as
otherwise provided in this Section, a Participant's Deferral
Contributions shall include (i) any employer contribution made
under any qualified cash or deferred arrangement as defined in Code
section 401(k) to the extent not includable in gross income for the
taxable year under Code section 402(e)(3) (determined without
regard to Code section 402(g)), (ii) any employer contribution to
the extent not includable in gross income for the taxable year
under Code section 402(h)(1)(B) (determined without regard to Code
section 402(g)), and (iii) any employer contribution
to purchase an
annuity contract under Code section 403(b) under a salary reduction
agreement within the meaning of Code section
312(a)(5)(D).
(b) A
Participant who is eligible to make Deferral Contributions under
the Plan and who has attained age 50 before the close of the Plan
Year shall be eligible to make catch-up contributions in accordance
with, and subject to the limitations of, Code section
414(v). Such catch-up contributions shall not be taken
into account for purposes of the provisions of the Plan
implementing the required limitations of Code sections 402(g) or
415. The Plan shall not be treated as failing to satisfy
the provision of the Plan implementing the requirements of Code
sections 401(k)(3), 410(b) or 416 by reason of making such catch-up
contributions.”
8. Section
3.5 is hereby amended in its entirety to read as
follows:
“Rollover
Contributions shall be permitted, subject to the provisions of this
Section. The Administrator may direct the Trustee to
accept, in accordance with procedures approved by the
Administrator, all or part of an Eligible Rollover Distribution for
the benefit of a Participant from (i) the Participant, (ii) another
Qualified Plan, including, in a trustee-to-trustee transfer,
After-Tax Contributions to that plan, (iii) an annuity contract
described in Code section 403(b), (iv) an individual retirement
account or annuity as defined in Code sections 408(a) or 408(b)
that is eligible to be rolled over and otherwise would be
includible in gross income, or (v) an eligible plan under Code
section 457(b) which is maintained by a state, political
subdivision of a state, or any agency or instrumenta
