EXHIBIT 4.8
EXHIBIT 4.8
SECOND
AMENDMENT TO
IDAHO POWER
COMPANY EMPLOYEE SAVINGS PLAN
The Idaho
Power Company Employee Savings Plan, amended and restated as of
October 1, 2000, and amended by the First Amendment thereto (the
“Plan”), is further amended to permit Roth
(after–tax) deferral contributions and certain other changes,
effective April 1, 2006.
1. Section
6.1 is amended to read:
Participants
shall be fully vested in their Deferral Contribution, After Tax
Contribution, Rollover Contribution, and Roth
Accounts. A Participant shall have a 100% vested and
nonforfeitable interest in his or her Matching Contribution Account
upon completion of one year of service. A year of
service for this purpose is a cumulative twelve month period
commencing with the Participant’s first date of
employment.”
2. A
new section 6.2 is hereby added to read:
Any balance in
the Matching Contribution Account of a Participant who terminates
his or her employment before being fully vested shall be forfeited,
and shall be used to reduce the Employer’s Matching
Contributions under the Plan during the Plan Year following the
Plan Year in which the forfeiture arose.”
3. Section
7.8.2 is amended by adding the following new
subparagraphs:
“(f)
Payments for burial or funeral expenses for the Participant’s
deceased parent, spouse, children or dependents; or
(g) expenses
for repair of damage to the Participant’s principal residence
that would qualify for the casualty deduction under Code §165
(without regard to the 10% of AGI threshold).”
4. There
is hereby added a new Section 7.15 to read:
“
Installment Distributions
In lieu of a
lump sum distribution as provided in Section 7.3 and 7.4, and
subject to the limitations in Article 12, a Participant may elect
to receive distribution of his or her Account
