Independent is required to provide a Summary of Material Modifications to the 401(k) Plan for the new plan year that begins July 1.
To: Participants and Beneficiaries of Independent Newsmedia Inc. USA 401(k) Profit Sharing Plan
From: Independent Newsmedia Inc. USA
Re: Summary of Material Modifications
Date: June 6, 2012
This is to inform you of recent changes to our Plan.
This is a summary of said changes. Please file this "Summary of Material Modifications" with your Summary Plan Description (the booklet that explains your Plan). If you would like to see the full text of the changes, you may inspect the Plan Document or receive a copy of the changes as explained in the "ERISA Rights" section of your Summary Plan Description.
The Plan Administrator has amended your plan, as follows, effective as of July 1, 2012:
If a terminated participant does not make an election to receive his or her distribution as a lump sum or eligible rollover, and his or her vested account balance is greater than $1,000 but less than $5,000, the Plan Administrator may pay the vested account balance to an Individual Retirement Account (IRA) as selected by the Plan Administrator.
If you have any questions on this Summary or the amendments to your plan, contact your Plan Administrator:
Independent Newsmedia Inc. USA
110 Galaxy Drive
Dover, DE 19901
inipayroll@newszap.com; or (800) 426-4192
