Benefit Plans Administrators

BPAS is a third party administrator engaged by [redacted] to administer the Company's 401(k) plan (the " [redacted] 401(k) Plan"}This plan is bound by the requirements of the Internal Revenue Code and [redacted] -the set of regulations that govern qualified retirement plansFor the reasons set forth below, we have acted appropriately based on the terms of the [redacted] 401(k) Plan and Mr [redacted] 's requestOn August 21, 2015, we received a distribution Election Form from Mr [redacted] who was a participant in the [redacted] 401(k) plan Below is the timeline for the distribution of funds to Mr [redacted] : Monday, August 17, 2015: Election Form signed by Mr [redacted] Friday, August 21, 2015: Election Form received by BPASWednesday, August 26, 2015: Account liquidated (three business days following receipt of form, per process)Thursday, August 27, 2015: Proceeds from account sent to Mr [redacted] via checkWe understand that Mr[redacted] is concerned because we sent him a distribution check rather than transfer funds to another securities accountWe also understand he is displeased that the market changed during the three days in which his request was processed in accordance with the [redacted] 401(k) PlanBased upon the following factors, we have acted appropriately pursuant to the terms of the [redacted] 401(k) Plan: As a contract administrator for the [redacted] 401(k) Plan, BPAS is obligated to follow the terms of the Plan document, including with respect to the processing of distributionsSimilar to common industry practice, the [redacted] 401(k) Plan does not allow for in-kind distributionsUnder the Plan terms, which we serve as the administrator for, distributions are in cash only, and cannot be distributed by "direct transfer of securities," whether pursuant to a participant's wishes or if manually written on a distribution form by the participantTherefore, we sent the funds directly to Mr [redacted] as required by the [redacted] 401(k) Plan documentThe manner of the distribution is set forth in the Election FormIt states that "Checks will be mailed directly to the participant for delivery to the appropriate person/institution." The associated cover letter and instructions also clearly state: "Distribution requests may take several business days after we receive signed and completed paperwork from you." Mr [redacted] signed the Election Form which contained the manner of distribution and his signature indicated that he understood and agreed that the distribution would be completed in the manner set forth in the Election FormWe have reviewed the facts and circumstances of Mr [redacted] 's distribution, including the timeline, terms of the Plan document, and the Election Form submitted by Mr [redacted] , and determined that we have acted in accordance with the terms of the [redacted] 401(k) Plan and our obligations as its administrator It is a challenge as a plan participant to choose the correct time to elect a distribution and, at times, the timing of the distribution and reinvestment may yield unfavorable resultsWe realize that August and early September were extremely turbulent times in the investment marketsUnfortunately, Mr [redacted] elected to make his distribution during this time and the direction of future investment markets is never known to any participant at any timeIt is not the obligation of the plan administrator to indemnify participants against future investment losses, especially because the timing of such distributions and reinvestments are at the discretion of the plan participantAt BPAS,we strive to provide superior service to our clients and their employee participantsWe understand the emotions that come from negative and volatile stock markets and hope that our explanation helps clarify our process with respect to 401(k) plan distribution requestsThank you for allowing us an opportunity to respond to Mr [redacted] 's submissionIf you require any additional information or wish to discuss this matter further, please contact me at ###-###-####Sincerely, Paul NPresident

BPAS is a third party administrator engaged by [redacted] to administer the Company's 401(k) plan (the "[redacted] 401(k) Plan"}. This plan is bound by the requirements of the Internal Revenue Code and [redacted] -the set of regulations that govern qualified retirement plans. For the reasons set...

forth below, we have acted appropriately based on the terms of the [redacted] 401(k) Plan and Mr. [redacted]'s request. On August 21, 2015, we received a distribution Election Form from Mr. [redacted] who was a participant in the [redacted] 401(k) plan.  Below is the timeline for the distribution of funds to Mr. [redacted]: Monday, August 17, 2015: Election Form signed by Mr. [redacted]. Friday, August 21, 2015: Election Form received by BPAS. Wednesday, August 26, 2015: Account liquidated (three business days following receipt of form, per normal process). Thursday, August 27, 2015: Proceeds from account sent to Mr. [redacted] via check. We understand that Mr.[redacted] is concerned because we sent him a distribution check rather than transfer funds to another securities account. We also understand he is displeased that the market changed during the three days in which his request was processed in accordance with the [redacted] 401(k) Plan. Based upon the following factors, we have acted appropriately pursuant to the terms of the [redacted] 401(k) Plan: As a contract administrator for the [redacted] 401(k) Plan, BPAS is obligated to follow the terms of the Plan document, including with respect to the processing of distributions. Similar to common industry practice, the [redacted] 401(k) Plan does not allow for in-kind distributions. Under the Plan terms, which we serve as the administrator for, distributions are in cash only, and cannot be distributed by "direct transfer of securities," whether pursuant to a participant's wishes or if manually written on a distribution form by the participant. Therefore, we sent the funds directly to Mr. [redacted] as required by the [redacted] 401(k) Plan document. The manner of the distribution is set forth in the Election Form. It states that "Checks will be mailed directly to the participant for delivery to the appropriate person/institution." The associated cover letter and instructions also clearly state: "Distribution requests may take several business days after we receive signed and completed paperwork from you." Mr. [redacted] signed the Election Form which contained the manner of distribution and his signature indicated that he understood and agreed that the distribution would be completed in the manner set forth in the Election Form. We have reviewed the facts and circumstances of Mr. [redacted]'s distribution, including the timeline, terms of the Plan document, and the Election Form submitted by Mr. [redacted], and determined that we have acted in accordance with the terms of the [redacted] 401(k) Plan and our obligations as its administrator.  It is a challenge as a plan participant to choose the correct time to elect a distribution and, at times, the timing of the distribution and reinvestment may yield unfavorable results. We realize that August and early September were extremely turbulent times in the investment markets. Unfortunately, Mr. [redacted] elected to make his distribution during this time and the direction of future investment markets is never known to any participant at any time. It is not the obligation of the plan administrator to indemnify participants against future investment losses, especially because the timing of such distributions and reinvestments are at the discretion of the plan participant. At BPAS,we strive to provide superior service to our clients and their employee participants. We understand the emotions that come from negative and volatile stock markets and hope that our explanation helps clarify our process with respect to 401(k) plan distribution requests. Thank you for allowing us an opportunity to respond to Mr. [redacted]'s submission. If you require any additional information or wish to discuss this matter further, please contact me at ###-###-####. Sincerely, Paul N. President