CTS
Corporation
Form
10-K
EXHIBIT
(10)(bb)
to
the CTS Corporation Pension Plan
(Amended and Restated Effective May 1, 2006
and
dated February 4, 2005)
Whereas, CTS Corporation (the "Company") maintains the
CTS Corporation Pension Plan (the "Merged Plan") for the benefit of
its eligible employees;
Whereas, the Merged Plan has been amended and restated
effective May 1, 2006 and most recently dated February 4,
2005;
Whereas, under section 9.1 of the Merged Plan, the
Company reserves the right to amend, modify, suspend, or terminate
the Merged Plan at any time by resolution of the Board of
Directors; and
Whereas, the Electromechanical Division of the Company
maintains the CTS Corporation Retirement Plan as adopted by the
Electromechanical Division (the "Electromechanical Division Plan")
(as amended and restated effective March 1, 2005 and most recently
dated February 4, 2005);
Whereas, the Company maintains the CTS Corporation
Retirement Plan, (the "Corporate Plan") (as amended and
restated effective March 1, 2005 and most recently dated February
4, 2005);
Whereas, effective December 31, 2008, the Company will
merge the Electromechanical Division Plan and the Corporate Plan
into the Merged Plan;
Whereas, the assets and liabilities of the
Electromechanical Division Plan and the Corporate Plan will be
transferred to the Merged Plan on or about December
31,2008;
Whereas, under section 9.1 of the Merged Plan, the
Company reserves the right to amend, modify, suspend, or terminate
the Merged Plan at any time by resolution of the Board of
Directors; and
Whereas, the Company desires to amend the Merged Plan to
reflect the merger and make an amendment to bring the Merged Plan
into documentary compliance.
Now,
therefore, the Merged Plan is amended as follows, effective
December 31, 2008, unless otherwise provided:
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Effective as of
December 31, 2008, Appendix E to the Merged Plan shall be
established and shall consist of the pre-merger Electromechanical
Plan document (as amended and restated effective March 1, 2005 and
most recently dated February 4, 2005) and shall represent a
complete set of provisions applicable to employees and participants
to which Appendix E applies.
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Effective as of
December 31,2008, Appendix F to the Merged Plan shall be
established and shall consist of the pre-merger Corporate Plan
document (as amended and restated effective March 1, 2005 and most
recently dated February 4, 2005) and shall represent
a complete set of provisions applicable to employees and
participants to which Appendix F applies.
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3.
Section 1.1 of the Merged Plan is amended in its entirety as
follows:
"1.1
Establishment of the Plan
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On August 13,
1957, CTS Corporation established a pension plan, and as may
be amended from time to time, was known as the "CTS
Corporation Salaried Employees' Pension Plan" (hereinafter
referred to as the "Plan").
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The Company,
through its Resistor Network Division, also maintains the CTS
Corporation Retirement Plan as adopted by the Resistor Network
Division (the "Resistor Network Division Plan"). The Company,
through its Asheville Division, Electromechanical Group, further
maintains the CTS Corporation Retirement Plan, as adopted by
the Asheville Division, Electromechanical Group (the
"Asheville Division Plan"). The Resistor Network Division Plan and
the Asheville Division Plan was merged into the Plan as of
December 31, 2002. The assets and liabilities of the Resistor
Network Division Plan and the Asheville Division Plan were merged
into this Plan at such time. The post-merger surviving plan was
renamed the CTS Corporation Pension Plan (the "Plan," effective
December 31, 2002), and applies to certain salaried and hourly
employees who satisfy the requirements for
participation.
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(c )
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The Company,
through its Electromechanical Division, also maintains the CTS
Corporation Retirement Plan as adopted by the Electromechanical
Division (the "Electromechanical Division Plan"). The Company,
further maintains the CTS Corporation Retirement Plan (the
"Corporate Plan"). The Electromechanical Division Plan and the
Corporate Plan will be merged into this Plan as of December 31,
2008. The assets and liabilities of the Electromechanical
Division Plan and the Corporate Plan will be merged into this
Plan at such time. The post-merger Plan applies to certain salaried
and hourly employees who satisfy the requirements for
participation.
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Effective as of
the 2008 merger, the Merged Plan document shall contain new
Appendix E, which shall be the prior Electromechanical Division
Plan document and shall represent a complete set of provisions
applicable to employees and participants to which Appendix E
applies. Also effective as of the merger, the Merged Plan document
shall contain new Appendix F, which shall be the prior Corporate
Plan document and shall represent a complete set of provisions
applicable to employees and participants to which Appendix F
applies.
Notwithstanding
the foregoing, the Merged Plan contained in this document and
Appendix A through F is intended to be a "single plan" as such term
is defined IRS regulation section 1.414(l)-l(b)(l). All of the
assets of the Merged Plan shall be available to prov
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