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Termination of 401(k) Plan
[08.30.08] -- The Aloha Airlines, Inc. 401(k) plan has terminated effective July 1, 2008. No further contributions (including any applicable deferral contributions) will be made to the Plan on your behalf on or after the Plan's termination date. Upon termination of the Plan, if you were not already fully vested in your account balance under the Plan you became fully vested in your total account balance.
It is suggested that you make your decision regarding your distribution options from the Plan within 30 DAYS FROM THE DATE YOU RECEIVED YOUR NOTICE OF PLAN TERMINATION. You may elect a cash distribution, an eligible rollover (including a rollover to a Fidelity Advisor - IRA), or a combination cash distribution and eligible rollover. You should have received a Participant Distribution Notice which provides information regarding the forms of payment available under the Plan and the tax consequences of the different distribution options. Please also refer to the Special Tax Notice Regarding Plan Payments which should have been attached to your Participant Distribution Notice for more information regarding federal income tax withholding and rollovers.
As you know, the plan has used the service of Peter Backus and Davin Kubo or Morgan Stanley as advisors to the plan. You may contact either of them to discuss your individual situations, or may contact an investment advisor of your choice. You can reach Peter at (808) 525-6064 or Davin at (808) 525-6905.
If you do not make a decision regarding your payment option and initiate your distribution by calling Fidelity at (800) 294-4015, by December 1, 2008, Fidelity Investments has been instructed to close your account and send you a cash distribution as soon as is administratively feasible after December 1, 2008. If you receive your distribution as a cash distribution, mandatory 20% federal taxes will be withheld and you may be assessed a 10% early withdrawal penalty from the IRS if you are under age 591/2. Please refer to the Special Tax Notice Regarding Plan Payments that is attached to the Participant Distribution Notice for more information regarding federal income tax withholding and rollovers.
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