Attached files
file | filename |
---|---|
10-Q - FORM 10-Q - PIEDMONT NATURAL GAS CO INC | g22378e10vq.htm |
EX-31.2 - EX-31.2 - PIEDMONT NATURAL GAS CO INC | g22378exv31w2.htm |
EX-10.1 - EX-10.1 - PIEDMONT NATURAL GAS CO INC | g22378exv10w1.htm |
EX-32.1 - EX-32.1 - PIEDMONT NATURAL GAS CO INC | g22378exv32w1.htm |
EX-31.1 - EX-31.1 - PIEDMONT NATURAL GAS CO INC | g22378exv31w1.htm |
EX-32.2 - EX-32.2 - PIEDMONT NATURAL GAS CO INC | g22378exv32w2.htm |
Exhibit 10.2
INSTRUMENT OF AMENDMENT FOR
PIEDMONT NATURAL GAS COMPANY, INC.
401(k) PLAN
THIS INSTRUMENT OF AMENDMENT (this Instrument) is made and entered into as of the
17th day of December, 2009, by PIEDMONT NATURAL GAS COMPANY, INC., a North Carolina corporation
(the Company).
Statement of Purpose
The Company maintains the Piedmont Natural Gas Company, Inc. 401(k) Plan (the Plan).
The Company desires to amend the Plan to comply with the requirements of the Pension Protection
Act of 2006 and to make certain other changes. In Section 9.01 of the Plan the Company has
reserved the right to amend the Plan in whole or in part at any time.
NOW, THEREFORE, the Company does hereby declare that the Plan is amended to read as follows:
1. Effective as of January 1, 2009, Section 1.19 of the Plan is amended to add the following
exclusions:
(c) Any person employed by a division, organizational unit or
classification of employees to which the Plan has not been extended;
(d) Any person whose compensation, hours of work or conditions of
employment are determined by a collective bargaining agreement that does not
expressly provide for coverage of such employee by the Plan after good faith
bargaining on retirement benefits between the Company and the union or other
organization which represents such person;
(e) Any person who is regularly employed outside the United States and
who is on the payroll of a facility located outside the United States; or
(f) Any person who is classified as part-time or temporary under the
personnel policies of the Company; provided that such person shall
become an Employee as of the first day of the pay period following the date
such Employee completes one-thousand (1,000) Hours of Service during a Plan
Year. In the event a part-time or temporary employee becomes an Employee
pursuant to this subparagraph (f), such Employee
shall remain an Employee for all future periods of service, regardless of
such Employees status as a part-time or temporary employee and regardless
of whether the Employee again completes one-thousand (1,000) Hours of
Service during a Plan Year, as long as such Employee otherwise meets the
definition of Employee. For purposes of this subparagraph (f), part-time
shall mean an employee who is regularly scheduled to work less than twenty
(20) hours per week.
2. Effective as of January 1, 2009, the second full sentence of Section 3.01(e)(3) of the Plan
is amended in its entirety to eliminate gap period income and shall read as follows:
Any Employee Savings Contributions made for that Participant as of such Valuation Date
subject to such reduction (and any earnings or losses attributable thereto only to the
extent required by the Code) shall be refunded to such Participant by April 15 of the
immediately following calendar year, or as soon as possible thereafter.
3. Effective as of January 1, 2009, a new Section 5.15 of the Plan is added to provide for an
affirmative election for minimum required distributions and shall read as follows:
5.15 Required Minimum Distributions for Certain Plan Years. A
Participant or Beneficiary who has attained the age 70 1/2 and would have been required
to receive required minimum distributions for a year but for the enactment of Code
Section 401(a)(9)(H) (Waived Distributions), and who would have satisfied
that requirement by receiving such Waived Distributions, will not receive those
distributions for any calendar year in which such distributions are waived pursuant
to Code Section 401(a)(9)(H) unless the Participant or Beneficiary chooses to receive
such distributions. Participants and Beneficiaries described in the preceding
sentence will be given the opportunity to elect to receive the Waived Distributions.
4. Effective as of January 1, 2009, the definition of Eligible Retirement Plan in Section
11.02(b) is amended to provide that rollovers to a Roth Individual Retirement Account are
permissible by adding the following sentence to the end thereof:
Effective for distributions after December 31, 2007, eligible retirement
plan shall also include a Roth IRA described in Code Section 408A(b), the terms of
which permit the acceptance of a direct rollover from a qualified plan.
5. Effective as of January 1, 2009, the definition of Distributee in Section 11.02(c) is
amended to clarify that Direct Rollovers only are permitted to non-spouse beneficiaries and shall
read as follows:
A Distributee includes an Employee, a former Employee, an Employees or former
Employees surviving Spouse, the Employees or former Employees Spouse or former
Spouse who is the alternate payee under a qualified domestic relations order, as
defined in Section 414(p) of the Code. For distributions on or after January 1,
2007, a non-spouse beneficiary who is a designated beneficiary under Code Section
401(a)(9)(E) and the regulations thereunder may elect a direct rollover, of all or
any portion of an eligible rollover distribution within the meaning of Code Section
402(c)(4) to such non-spouse beneficiary, to an individual retirement account
established for this purpose. Any such distribution made prior to January 1, 2007
is not subject to the direct rollover requirements of Code Section 401(a)(31),
including Code Section 401(a)(31)(B), the notice requirements of Code Section 402(f)
or the mandatory withholding requirements of Code Section 3405(c). A non-spouse
Beneficiary who receives a distribution from the Plan is not eligible for a 60-day
rollover.
6. Except as expressly or by necessary implication amended hereby, the Plan shall continue in
full force and effect.
IN WITNESS WHEREOF, the Company has caused this Instrument to be executed as of the day and
year first above written.
PIEDMONT NATURAL GAS COMPANY, INC.
By: /s/ Kevin M. OHara
Name: Kevin M. OHara
Title: Sr. V.P. Corporate & Community Affairs
Name: Kevin M. OHara
Title: Sr. V.P. Corporate & Community Affairs
Company