Note 1–Description of the Plan
following is a brief description of the Ball Corporation 401(k) and
Employee Stock Ownership Plan (the “Plan”). Participants
should refer to the Plan Document or the Summary Plan Description
for more complete information.
The Plan is a defined contribution plan established on September 1,
1983. Ball Corporation (the “Company”) is the Plan’s Sponsor and
the Plan was administered by the Employee Benefits Administration
Committee (“EBAC”). On March 4, 2020, the EBAC was absorbed into
the Global Pension Benefits Committee (“GPBC”), and the GPBC became
the administrator of the Plan. The Plan was amended and restated on
July 1, 1989, under the rules of The Internal Revenue Code of 1986,
as amended (“IRC”), Section 401(k), to add an employee stock
ownership (the “ESOP”) feature which was qualified under IRC
Sections 401(a) and 4975(e)(7). The Plan was most recently amended
and restated effective January 1, 2015.
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). The Plan is not
insured by the Pension Benefit Guaranty Corporation.
Effective January 1, 2020, the Plan was amended to update the
definition of eligible earnings for one location.
On December 20, 2019, the Setting Every Community Up for Retirement
Enhancement Act (“SECURE Act”) was passed into law. The SECURE Act
allows participants turning age 70 ½ during 2020 or subsequent to
defer required minimum distributions until age 72. The Plan has
adopted the provisions of the SECURE Act and has amended the Plan
effective January 1, 2020.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic
Security Act (“CARES Act”) was passed into law. The CARES Act
expands the ability of certain 401(k) plan participants to
withdraw, penalty free, funds from their vested retirement plan
accounts (up to $100,000), increases the participant loan limit to
$100,000, and delays loan repayments for up to one year, subject to
the certain participant eligibility criteria. The Plan adopted the
provisions of the CARES Act related to expanded ability of
withdrawals and allowed for delayed loan repayments for up to one
year if requested by participants. The Plan will later be amended
to include these provisions.
Effective December 31, 2020, the Rexam Retirement Savings Plan for
Collectively Bargained Employees (the “Rexam Plan”) was merged into
the Plan. To facilitate this transition, participants of the Rexam
Plan were not able to direct or diversify investments to their
accounts, change address, make unscheduled loan payments, or obtain
a loan or distribution from their prior plan accounts from December
28, 2020 through the week of January 10, 2021. Net assets of
approximately $43 million were transferred into the Plan, which
included participant investment balances and loan balances of
approximately $42 million and $1 million, respectively.
Trustee and Recordkeeper of the Plan
The Trustee of the Plan is Vanguard Fiduciary Trust Company (the
“Trustee” or “Vanguard”). The Trustee holds all assets of the Plan
in accordance with provisions of the agreement with the Company.
Vanguard is also the recordkeeper of the Plan.
All U.S. salaried and hourly employees of the Company, who are over
18 years of age and are in participating subsidiaries, are eligible
to participate in the Plan. Eligibility to participate in the Plan
begins with the first day of employment. An eligible employee who
does not make an election about his or her participation in the
Plan is automatically enrolled 30 days after his or her eligibility
date. Temporary and occasional workers must complete a year of
service, as defined in the Plan Document, prior to being