Your Plan has a customized Summary
`Plan Description (SPD) that was provided
`by your Plan Administrator1. Please
`contact your Plan Administrator if you
`have questions.
`
`
`1 Great-West Retirement Services is not responsible for its content and maintenance.
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`Great-West Retirement Services®
`401(k) Plan Loan Administration Policy
`Coleman Cable Inc. Union 401(K) Plan 339436-01
`
`Article I. Eligibility
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`Section 1.01 Only active employees who participate in a defined contribution
`plan that allows for participant loans may request a loan. The participant
`requesting a plan loan must have a minimum vested account balance of $2,000
`to be eligible.
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`Article II. Cost
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`Section 2.01 A loan setup and implementation fee may be assessed to the plan
`prior to loans being offered to participants. The loan setup fee may vary from
`plan to plan.
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`Section 2.02 A loan origination fee in the amount of $75 shall be deducted from
`the loan amount approved.
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`Section 2.03 An administrative fee of $50 per year/per loan, deducted quarterly
`at a rate of $12.50, will be assessed to the participant’s account until the loan is
`paid in full.
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`Section 2.04 If a participant requests their loan check to be sent express
`delivery, an additional $25.00 charge will be assessed against the loan check
`amount.
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`Article III. Minimum and maximum loan amounts
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`Section 3.01 The minimum loan amount that a participant may request is
`$1,000.
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`Section 3.02 The maximum loan amount that a participant may request is
`$50,000 or 50% of the vested account balance, whichever is less. The $50,000
`maximum loan amount is reduced by the highest loan balance during the past 12
`months minus the loan balance on the date a new loan is made.
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`Section 3.03 If a participant has an outstanding loan through another qualified
`plan, 403(b) plan or 457 plan maintained by the same employer, the maximum
`loan amount available must be reduced by the highest outstanding loan balance
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`Corporate 401(k) Loan Policy
`Rev. 12/03/03
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`1
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`Jiawei et al. Exhibit 1027 Page 27
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`during the past 12 months. The participant is responsible for ensuring that the
`aggregated loan amount on all plans sponsored by the same employer is the
`lesser of $50,000 or 50% of the vested account balance.
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`Article IV. Number of loans permitted
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`Section 4.01 The number of loans a participant may have outstanding at one
`time is one (1) as long as: (a) the loan repayments are submitted via payroll
`deduction. Loans may not be refinanced.
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`Article V. Loan Initiation
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`Section 5.01 Loans are initiated when the participant applies for a loan via the
`Web site or KeyTalk®. The Promissory Note and Loan Check are combined into
`one document, eliminating the need to return the signed Promissory Note prior to
`issuing the Loan Check. By endorsing the check, the participant agrees to the
`terms of the Note and the repayment obligation.
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`Section 5.02 Plans will be required to accept the Loan Administration Policy prior
`to loans being made available. The Loan Administration Policy will allow
`participants to initiate and complete a loan request electronically without the plan
`administrator’s signature.
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`Article VI. Distribution of loan amount
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`Section 6.01 Loan distribution amounts will be prorated across all available
`money types as follows: 1. non-fixed fund(s); 2. guaranteed interest fund(s)
`excluding guaranteed certificate fund(s); 3. guaranteed certificate fund(s),
`liquidating the certificate(s) closest to maturity first.
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`Article VII. Types of loans available
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`Section 7.01 A General Purpose Loan has a term of twelve to sixty (12-60)
`months. No reason or documentation (other than a signed promissory note) is
`required when a participant requests a General Purpose Loan. The interest rate
`for this type of loan is fixed for the life of the loan. The interest rate is 1% over
`the Prime Rate published in the Wall Street Journal on the first business day of
`the month the loan is originated.
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`Article VIII. Interest
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`Section 8.01 Interest paid on loans is not income tax deductible.
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`Corporate 401(k) Loan Policy
`Rev. 12/03/03
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`2
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`Jiawei et al. Exhibit 1027 Page 28
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`Article IX. Payment Requirements
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`Section 9.01 Scheduled payments must be made by payroll deduction. Loan
`repayments will be allocated to the participant’s account according to current
`allocation percentages on ISIS.
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`Section 9.02 Once a new loan has been initiated, the appropriate payroll
`department will be sent a paper amortization schedule or an electronic file to
`begin loan payments. Loan repayments must begin on time or the loan
`payments will be in arrears. If loan payments are not caught up in time, the loan
`may default. Loan default results in adverse tax consequences to the participant.
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`Section 9.03 Loans are in arrears and delinquent when any payment is missed.
`A late loan payment notice will be issued after the end of the calendar quarter in
`which the payment is delinquent. If the loan is not paid up-to-date by the end of
`the calendar quarter after the calendar quarter in which a payment is first
`delinquent, the loan will be in default. In that event, the entire outstanding loan
`balance, consisting of the missed payments, remaining principal and all acrued
`but unpaid interest, will be reported to the IRS as taxable income on a Form
`1099-R for the year in which the loan default occurs.
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`Section 9.04 Despite any grace periods permitted with respect to late loan
`payments, if a loan has not been fully repaid by the end of its term, the
`outstanding balance will be treated as a “deemed distribution” and will be
`reported to the IRS as taxable income. Thereafter, no further efforts will be made
`to collect on the loan.
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`Section 9.05 If the participant has a loan that defaulted at any time in the past,
`the participant will not be permitted to take a new loan until the defaulted loan
`has been repaid. Participants may not refinance a loan that has previously
`defaulted.
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`Section 9.06 If a participant does not elect to treat an outstanding loan as a
`taxable distribution when a distributable event occurs, any outstanding loan
`amount will reduce the amount available for partial distribution(s). An amount
`equal to the outstanding loan balance (principal and interest) must remain in the
`investment account until the loan is fully repaid. This restriction does not apply to
`distributions due to plan approved hardships.
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`Section 9.07 Participants who leave service prior to the end of the loan term will
`be required to pay off the loan at severance of employment as provided by the
`plan. A former participant may avoid treatment of an unpaid loan as a deemed
`distribution and reporting of income to the IRS by paying the loan balance by the
`end of the grace period via a cashier’s check or money order. Non-payment will
`force a deemed distribution and reporting of taxable income for the year the
`deemed distribution occurs.
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`Corporate 401(k) Loan Policy
`Rev. 12/03/03
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`3
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`Jiawei et al. Exhibit 1027 Page 29
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`Section 9.08 The participant’s outstanding loan balance will be offset upon
`receiving any type of distribution after severance of employment. As required by
`federal tax regulations, a participant’s defaulted loan will remain on the books
`until a qualifying event occurs, even though income has been reported to the
`IRS.
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`Section 9.09 All outstanding loan principal and accrued interest shall be treated
`as a distribution from the plan when Great-West Retirement Services is notified
`of a participant’s death. A deceased participant’s loan may not be transferred or
`assumed by the participant’s beneficiary(ies). If a particpant’s loan has not been
`repaid as of the date of the participant’s death, any distributions made from the
`deceased participant’s plan account will be made net of any outstanding loan
`obligations. The amount of the outstanding loan as of the participant’s date of
`death will be tax reported as a distribution to the participant or to the participant’s
`estate as applicable.
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`Section 9.10 Partial lump sum loan repayments, via a cashier’s check or money
`order, are permitted to catch up on a past-due amount or to reduce the principal
`amount of the loan. If a participant remits a partial payment, the payment will be
`paid to principal and interest of any payment amount due and any future payment
`due within 30 days. Thereafter, any additional payment amount will be applied to
`principal. The scheduled payment amount will not change.
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`Section 9.11 When a participant takes a leave of absence of not longer than 1
`year, either without pay from the employer or at a rate of pay that is less than the
`amount of the installment payments required under the terms of the loan, the
`plan should provide leave of absence information for a leave start and stop
`dates. The loan may be reamortized when the participant returns from leave to
`pay the loan in full by the maturity date of the loan, or, if later, within five (5) years
`of the date the loan was first made.
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`If the participant takes a military leave of absence, the interest rate on the loan
`may be reduced to 6%, if the interest rate on the loan is greater than 6%, during
`the leave period not to exceed 5 years. Upon the participant’s return from
`military leave, the term of the loan may be extended by the term of the military
`leave, not to exceed 5 years, and the loan will be reamortized.
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`Article X. Early Loan Payoff
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`Section 10.01 A loan can be paid in full at any time in the form of a cashier’s
`check or bank money order. The participant may obtain a loan payoff quote via
`KeyTalk®. The loan payoff quote is valid for 15 days from the date it is obtained.
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`Article XI. Changes in Law
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`Corporate 401(k) Loan Policy
`Rev. 12/03/03
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`4
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`Section 11.01 Future tax laws regarding plan loans will be incorporated into this
`Loan Administration Policy and the Promissory Note.
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`Article XII. Enforcement
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`Section 12.01 Great-West Retirement Services is required to enforce these
`rules. This Loan Administration Policy has been developed to comply with the
`requirements of Internal Revenue Code section 72(p) and the federal Treasury
`regulations thereunder, as amended from time to time.
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`Corporate 401(k) Loan Policy
`Rev. 12/03/03
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`5
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`Jiawei et al. Exhibit 1027 Page 31
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`SUMMARY OF MATERIAL MODIFICATIONS TO THE
`COLEMAN CABLE UNION 401(K) PLAN
`
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`
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`This Summary describes changes to the Coleman Cable Union 401(k) Plan (the "Plan")
`which are effective as of the dates listed below and are not reflected in the 2009 version
`of the Summary Plan Description ("SPD") for the Plan. This Summary is being provided
`to you in accordance with the Employee Retirement Income Security Act (“ERISA”).
`You should keep this Summary with your copy of the Plan’s SPD.
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`The following new language is added to the end of Article I on page 2.
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`Military Service. If you are a veteran and are reemployed under the Uniformed
`Services Employment and Reemployment Rights Act of 1994, your qualified military
`service may be considered service with the Employer. There may also be benefits for
`employees who die or become disabled while on active duty. Employees who receive
`wage continuation payments while in the military may benefit from law changes effective
`in 2009. If you think you may be affected by these rules, ask the Plan Administrator for
`further details.
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`Distributions for deemed severance of employment. If you are on active duty for
`more than 30 days, then the Plan treats you as having severed employment for
`distribution purposes. This means that you may request a distribution from the Plan. If
`you request a distribution on account of this deemed severance of employment, then
`you are not permitted to make any contributions to the Plan for 6 (six) months after the
`date of the distribution.
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`
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`BLOOMFIELD 45246-1 1088759v1
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`Jiawei et al. Exhibit 1027 Page 32