BV Retirement Program Summary Plan Description

BLACK & VEATCH RETIREMENT PROGRAM
SUMMARY PLAN DESCRIPTION

Jul y 2014

TABLE OF CONTENTS

PURPOSE OF SUMMARY ................................................................................................................................... 1
WHO TO CONTACT FOR INFORMATION .............................................................................................................. 1
OVERVIEW ...................................................................................................................................................... 1
ELIGIBILITY ..................................................................................................................................................... 2
HOW TO ENROLL ............................................................................................................................................. 2
Employee Contributions ................................................................................................................... 2
Automatic Enrollment ....................................................................................................................... 3
Discretionary Retirement Contributions Enrollment ......................................................................... 3
PARTICIPANT SERVICES................................................................................................................................... 4
WHAT YOU CAN SAVE ..................................................................................................................................... 4
Pretax Contributions ......................................................................................................................... 4
Roth 401(k) Contributions ................................................................................................................ 5
Maximum Contribution Amounts ...................................................................................................... 5
Save More for Tomorrow (SMarT) Program .................................................................................. 5
How to Change or Suspend Contributions ...................................................................................... 5
Individual Retirement Account (IRA) Contributions ....................................................................... 5
CONTRIBUTIONS BY BLACK & VEATCH ............................................................................................................. 5
Matching Contributions .................................................................................................................... 5
Discretionary Retirement Contributions ........................................................................................... 6
ROLLOVER FROM FORMER EMPLOYERS QUALIFIED PLAN ................................................................................ 7
INCOME TAX DEFERRAL FOR RETIREMENT PROGRAM ACCOUNTS ..................................................................... 7
HOW YOUR MONEY GROWS ............................................................................................................................ 7
SELF-DIRECTION OF INVESTMENT FUNDS ......................................................................................................... 7
HOW TO CHANGE INVESTMENT FUNDS ............................................................................................................. 8
NonBlack & Veatch Company Stock Fund Investments ................................................................ 8
Investment in the Black & Veatch Company Stock Fund ................................................................ 8
LOANS FROM YOUR ACCOUNT ......................................................................................................................... 9
WITHDRAWAL OF FUNDS WHILE STILL EMPLOYED ............................................................................................ 9
After-Tax Contributions .................................................................................................................... 9
Financial Hardship Withdrawals ..................................................................................................... 10
VESTING RULES OF THE RETIREMENT PROGRAM ............................................................................................ 10
PAYMENT OF BENEFITS ................................................................................................................................. 11
Payment After Termination of Employment ................................................................................... 11
Payment Upon Retirement, Death or Total Disability .................................................................... 11
When You May Receive Payment ................................................................................................. 12
Forms of Benefit Payment.............................................................................................................. 12
INCOME TAXES AND WITHHOLDING FROM YOUR PAYMENTS ............................................................................ 13
Mandatory Withholding on Payments to You ................................................................................. 13
60-Day Rollover Option .................................................................................................................. 13
Voluntary Withholding .................................................................................................................... 14
Penalty Tax on Early Withdrawals ................................................................................................. 14
Qualified Roth 401(k) Distributions ................................................................................................ 14
Surviving Spouses, Alternate Payees and Other Beneficiaries ..................................................... 14
MILITARY SERVICE BENEFITS, RIGHTS AND FEATURES ................................................................................... 14
Makeup Contributions for Military Leave ........................................................................................ 14
Loan Interest for Long-Term Military Leave ................................................................................... 14
Military Death Benefits ................................................................................................................... 15
RIGHT TO FORFEITURE REINSTATEMENT ........................................................................................................ 15
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LEGAL CONTRIBUTION LIMITATIONS ............................................................................................................... 15
ASSIGNMENT OF BENEFITS ............................................................................................................................ 15
AMENDMENT AND TERMINATION OF THE RETIREMENT PROGRAM ..................................................................... 15
RETIREMENT PROGRAM TERMINATION INSURANCE ......................................................................................... 15
FILING A CLAIM FOR BENEFITS....................................................................................................................... 16
YOUR RIGHTS AS A RETIREMENT PROGRAM PARTICIPANT .............................................................................. 16
ADMINISTRATION ........................................................................................................................................... 17
OTHER RETIREMENT PROGRAM INFORMATION ................................................................................................ 18
APPENDIX A: LOAN PROVISIONS ...................................................................................................................... 1
Administration of the Loan Program ................................................................................................ 1
Procedure for Applying for Loans .................................................................................................... 1
Limits on Type and Amount of Loans .............................................................................................. 1
Criteria for Loan Approval ................................................................................................................ 1
Determination of Interest Rates ....................................................................................................... 1
Type of Loan Collateral .................................................................................................................... 1
Repayment Upon Termination of Employment ................................................................................ 2
Missed Payments ............................................................................................................................. 2
APPENDIX B: PARTICIPANTS WITH FORMER TRA, LTD. PROFIT SHARING AND 401(K) ACCOUNTS ..................... 1
APPENDIX C: PARTICIPANTS WITH FORMER FORTEGRA, INC. 401(K) PROFIT SHARING PLAN AND
TRUST ACCOUNTS ........................................................................................................................................... 1

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BLACK & VEATCH RETIREMENT PROGRAM
SUMMARY PLAN DESCRIPTION

PURPOSE OF SUMMARY
This booklet is called a Summary Plan Description (SPD or Summary), and it is meant to describe
highlights of the Black & Veatch Retirement Program (the Retirement Program) in understandable
language. It is not, however, meant to be a complete description of the Retirement Program, nor is it
meant to interpret, extend or change the provisions of the Retirement Program in any way. Likewise, this
information is not intended to be a substitute for specific individualized tax, legal or investment planning
advice. Where specific advice is necessary or appropriate, you should seek consultation with a qualified
tax advisor, CPA, financial planner or investment manager.

Capitalized terms in this Summary have specific meanings as defined in the Retirement Programs plan
document. If there is a conflict between this SPD and the Retirement Program plan document, the
provisions of the Retirement Program control your right to benefits. A copy of the Retirement Programs
plan document and related documents are on file with the Plan Administrator and are available for
viewing upon request. Also, no provision of the Retirement Program or this SPD is intended to give you
the right to continued employment or to prohibit changes in the terms or conditions of your employment. If
you have any questions that are not addressed in this Summary, you can contact the Plan Administrator
during normal business hours.

WHO TO CONTACT FOR INFORMATION

Parti cipant Services
Automated services are available 24 hours a day, 7 days a week. 800-777-4015 (English)
800-680-4015 (espaol)
To speak to a Participant Services Representative, call any business
day between 7 a.m. and 9 p.m. Central time. You will need your
Personal Identification Number (PIN) and your Login ID. Follow the
prompts to be connected with someone who can assist you.

Black & Veatch Employee Service Center
General Information 913-458-BVHR (2847)
Toll-Free Line 866-898-BVHR (2847)

OVERVIEW
The Retirement Program is a defined contribution plan, which was established in accordance with
applicable provisions of federal laws and regulations, including the Employee Retirement Income Security
Act of 1974 (ERISA) and the Internal Revenue Code (IRC or Code), Section 401(k). Therefore, the
Internal Revenue Service (IRS) and the U.S. Department of Labor consider the Retirement Program a
qualified plan. This status provides certain tax advantages to the Retirement Programs participants as
described in this Summary Plan Description.

The Retirement Program was created as a result of the merger of the Black & Veatch Employee Savings
Plan (the ESP) and the Black & Veatch Profit Sharing Plan (the PSP) with an effective date of
Aug. 19, 2005.

The ESP was adopted in 1972 as an after-tax savings plan. In 1985, a 401(k) feature was added as an
option and participants could contribute to pretax and after-tax accounts. On J an. 1, 1989, the ESP was
amended to accept only pretax contributions. In 2009, a Roth 401(k) feature was added as an option for
participants to once again contribute to their accounts on an after-tax basis. The Roth 401(k) account is
Black & Veatch Retirement Program 1 7/23/2014
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separate from your previous after-tax accounts. The PSP was originally adopted by Black & Veatch in
1977. Under the PSP, your benefits were funded entirely by Black & Veatch.

The Retirement Program offers favorable income tax advantages on your contributions as well as
company contributions and investment income. The pretax feature allows you to set aside a portion of
your eligible compensation before income taxes, thereby sheltering that income from current taxation.
This enables you to obtain the maximum level of savings with the smallest reduction in take-home pay.
You also have the option to set aside contributions using the Roth 401(k) contribution feature. Roth
401(k) contributions are deducted from your eligible compensation after federal and state income taxes
are calculated. At retirement, you will be able to withdraw these after-tax contributions, and the earnings
on these contributions are tax-free (certain criteria must be met for the earnings to be tax-free).

Your contributions, along with matching and Discretionary Retirement (formerly Profit Sharing)
contributions from Black & Veatch, enable you to accelerate your retirement savings. When you retire or
terminate your employment, your Retirement Program funds may qualify for special tax treatment or for
rollover to an IRA account or to another employers qualified retirement plan.

ELIGIBILITY
Active professionals of Black & Veatch Holding Company and the following affiliated companies are
eligible to participate in the Retirement Program:

Black & Veatch Holding Company
Black & Veatch Corporation
Black & Veatch International
Black & Veatch Special Projects Corporation
B&V Puerto Rico (U.S. citizens and green card holders)
infraManagement Group (iMG)
Overland Contracting Inc. (non-craft professionals paid biweekly
Black & Veatch Construction, Inc. (non-union, non-craft professionals paid biweekly)

Participation in the Retirement Program is excluded for (a) leased employees; (b) employees who are
represented by a collective bargaining agreement; (c) any employee who is not (i) a United States citizen,
(ii) lawfully admitted for permanent residence in the United States, or (iii) classified as a U.S. Domestic
on the Employer's payroll system; (d) any person who is deemed to be an independent contract worker by
his Employer; (e) any employee of a construction-based entity who is employed in a craft job
classification, which includes, but is not limited to, laborers, electricians, millwrights, carpenters and
equipment operators, and (f) any person classified by the Employer as an intern and hired or rehired
after March 31, 2013.
Please note that if you are hired, but then terminate employment before you complete the service
requirements to be eligible for Discretionary Retirement, but then are re-employed on or after J anuary 1,
2013, the period for computing your Year of Eligibility Service will be determined as of the later of 12
consecutive months following your original date of employment (your Anniversary Date) or your date of
re-hire.

HOW TO ENROLL
Employee Contributions
You are immediately eligible to enroll in the salary reduction portion of the Retirement Program. You may
contribute from 1 percent to 50 percent of your eligible compensation as a pretax and/or Roth 401(k)
contribution to your account. Your pretax contributions will be allocated to your Salary Redirection
Contribution Account, and your Roth 401(k) contributions will be allocated separately to your Roth
Contribution Account. Once you enroll in the salary reduction portion of the Retirement Program, you are
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eligible to receive matching contributions. For every $1 you contribute to the Retirement Program (up to 6
percent), Black & Veatch will add 50 cents as a company matching contribution.

You may indicate the percentage of your pay that you want deducted each payroll period as a pretax
and/or Roth 401(k) contribution to the Retirement Program on your behalf. You will also need to indicate
how you wish to have your contributions invested. Once you have been enrolled, your elections will
remain in effect until you make a change.

Signing up for the Retirement Program is easy. You can enroll in the Retirement Program by going online
to www.401kaccess.com/BVRetirement seven days a week, 24 hours a day. Simply select the enroll
option. All you need to initially enroll is your Social Security Number (SSN). If you need assistance, you
can call Participant Services at 800-777-4015 (English) or 800-680-4015 (espaol) Monday through
Friday, 7 a.m. to 9 p.m. Central time. Once you enroll, your payroll deductions will begin as soon as
administratively feasible.

Please note that upon your enrollment in the Retirement Program, an auto-generated password will be
created and sent to you at your home or mailing address so you can access your account on an ongoing
basis. You will be prompted to personalize your password the first time you use your auto-generated
password.

Automatic Enrollment
You have 45 days following your date of hire to opt out of the Retirement Program or to make your own
contribution and investment elections. If you are a new professional, you are automatically enrolled in the
Retirement Program at a pretax contribution rate of 3 percent of eligible compensation unless you choose
to opt out, or you elect to contribute at a percentage other than the automatic 3 percent. Your contribution
rate will automatically increase 1 percent each year on the date of your automatic enrollment until you
reach 6 percent. If you do not make an investment election, your contributions will be invested in the
Retirement Programs default investment fund. Any contributions made through automatic enrollment are
allocated to your Salary Redirection Contribution Account and are also eligible for a matching contribution
of 50 cents for every $1 contributed. Matching contributions are allocated separately to your Employer
Pre-Tax Matching Account.

Even though you may be automatically enrolled in the Retirement Program, you may opt out of the
automatic enrollment feature at any time or change the percentage of pretax contributions made on your
behalf.

If you wish to withdraw automatic contributions that are made to the Retirement Program, you have a
short period of time in which you may make a withdrawal. You must make the request within 90 days of
the first pay date they were contributed to the Retirement Program on your behalf. Generally, after the
next payday, the balance of your account, increased for investment earnings or decreased by losses, will
be withdrawn from your account and paid to you. However, you will lose any company matching
contributions made to your account on any automatic contributions you withdraw.

Discretionary Reti rement Contributions Enrol lment
You are not required to enroll in the Retirement Program to receive Discretionary Retirement
contributions. You will become eligible for Discretionary Retirement contributions on your Anniversary
Date. Notwithstanding the foregoing, employees who are eligible to participate in the Enspiria Unit
Incentive Plan adopted in connection with the closing of the Stock Purchase Agreement by and among
Black & Veatch Corporation, Enspiria Solutions, Inc. and certain other parties dated March 16, 2010, are
not eligible to share in Discretionary Retirement contributions prior to April 1, 2013.

Example: If you were hired as a full-time employee on J une 7, 2012, you would be eligible to
receive a Discretionary Retirement contribution beginning on the pay date following J une 7, 2013.
If a Discretionary Retirement contribution is to be made for 2013, your contribution would be
calculated using your eligible compensation paid between J une 7, 2013, and Dec. 31, 2013.

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PARTICIPANT SERVICES
Schwab Retirement Plan Services Company provides administrative services for the Retirement
Program.
1
You may obtain information regarding the Retirement Program and administration by calling
Participant Services at 800-777-4015 (English) or 800-680-4015 (espaol).

The automated information on your account is available every day, 24 hours a day. You will be able to
speak directly with a Participant Services Representative Monday through Friday, from 7 a.m. to 9 p.m.
Central time.

Parti cipant Internet Site. After your initial enrollment, you will receive an auto-generated password at
your home or mailing address. The first time you log on with it, you will be asked to personalize your Web
password. You will also be required to change your account number from your SSN when you log on to
the website or call Participant Services. An account number changed from your SSN is referred to as your
Web ID.

You may access your account and perform a variety of transactions using the Internet. Internet
access to your account information is available from your computer via the website at
www.401kaccess.com/BVRetirement. You will need your account number (Web ID) and Web password.

WHAT YOU CAN SAVE
You may have a combination of both pretax contributions and Roth 401(k) contributions; however, the
combined total of both of these contributions for a year cannot exceed the Code Section 402(g) dollar
limit for the calendar year ($17,500 for the 2014 calendar year).

Pretax Contributions
You may make pretax contributions to the Retirement Program from 1 percent through 50 percent of your
eligible compensation. For this purpose, eligible compensation consists of your base salary, overtime,
bonus, and shift differential. For every $1 (up to 6 percent) that you contribute to the Retirement Program,
the company will match 50 cents.

To illustrate how your retirement savings can grow, assume your annual contributions equal $2,000 and
the company matching contributions equal $1,000, for a total annual contribution to your account of
$3,000. Assuming the contribution rate remains the same over the years, here is what could happen to
that $3,000 at various rates of return:

Years Contributions ($) 8 percent ($) 10 percent ($) 12 percent ($)
1 3,000 3,117 3,150 3,184
5 15,000 18,404 19,424 20,516
10 30,000 45,843 51,418 57,847
15 45,000 86,752 104,116 125,775
20 60,000 147,744 190,918 249,377
30 90,000 374,249 569,393 883,527
40 120,000 877,727 1,596,223 2,983,173

These figures demonstrate the power of tax-deferred compounding. Your actual investment return, of
course, will not be constant from year to year. There is no assurance that your money will grow at any of
the rates shown, but the table is an example of what could be accumulated.

1
Schwab Retirement Plan Services Company (Schwab) provides recordkeeping and related services with respect to retirement
plans and has provided this communication to you as part of the recordkeeping services it provides to the Plan. This Summary
Plan Description is not affiliated with, sponsored by, or endorsed by Schwab. It has not been reviewed by Schwab, and Schwab
makes no representations about its contents.
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Roth 401(k) Contributions
You may contribute from 1 percent to 50 percent of your pay as a Roth 401(k) contribution. Your Roth
401(k) contributions are deducted from your pay after taxes have been withheld. This means these
contributions will not be taxed again when you receive the money. If you receive a qualified distribution,
any investment earnings on your Roth 401(k) contributions will not be taxed when you receive the money.

Maximum Contribution Amounts
You may contribute a maximum of 50 percent of your eligible compensation to the Retirement Program.
However, federal law imposes additional restrictions on employer-sponsored plans such as the
Black & Veatch Retirement Program, including:

Contributions may be limited to lower percentages if necessary for the Retirement Program to
comply with federal nondiscrimination rules.
The total annual contribution (combination of both pretax and Roth 401(k) contributions) you
may make is limited to $17,500 in 2014. The IRS adjusts this limit periodically.
Catch-up contributions are permitted for professionals age 50 and older before the close of the
Plan Year. This allows professionals who contribute the annual maximum ($17,500 in 2014) to
contribute an additional $5,500 (in 2014). Catch-up contributions are not matched by
Black & Veatch. You must make a separate contribution election to make catch-up
contributions. You may elect to make catch-up contributions as a pretax contribution, a Roth
401(k) contribution or a combination of both.
The combined annual total of your contributions and Black & Veatch contributions to the
Retirement Program is limited to the lesser of 100 percent of your annual compensation or
$52,000 for 2014.
The Retirement Program cannot recognize compensation in excess of $260,000 in 2014
for purposes of company contributions. This amount may be adjusted in future years for
cost-of- living increases.

Save More for Tomorrow ( SMarT ) Program
You can participate in the SMarT program, which enables you to save smarter in an easy and automatic
way. Through the SMarT program, you make the commitment to have your pretax and/or Roth 401(k)
contribution percentage rates automatically increase by a percentage such as 1, 2 or 3 percent on an
annual basis (the maximum allowable deferral rate is 50 percent). The change will occur on or around the
date you select, and the increase will occur each calendar year until you decide to stop the automatic
increases.

How to Change or Suspend Contributions
To change, stop or restart your contributions to the Retirement Program, call Participant Services and
follow the prompts, which will guide you through the process, or follow the prompts to speak to a
Participant Services Representative. You may also make the change on the participant website at
www.401kaccess.com/BVRetirement. Any changes you make will be effective as soon as administratively
possible.

Individual Retirement Account ( IRA ) Contributions
Federal law prohibits the Retirement Program from accepting IRA contributions for taxable years that
began on or after J an. 1, 1987. However, IRA funds for 1986 and previous years may remain in the
Retirement Program until your Retirement Program funds are distributed.

CONTRIBUTIONS BY BLACK & VEATCH
Matching Contributions
For every $1 you contribute to the Retirement Program (up to 6 percent), Black & Veatch will add 50
cents, up to the annual maximum, as a matching contribution. Employer matching contributions will be
allocated to your Employer Pre-tax Matching Account. Please note that the company does not match
catch-up contributions. The company currently intends to make matching contributions quarterly,
generally on the last Friday of each calendar quarter.
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Example: Assume your annual eligible compensation is $26,000, and you elect to contribute 6
percent to the Retirement Program. Your contribution will be $1,560 per year, and Black & Veatch
will contribute $780 per year.

Example: Assume your annual eligible compensation is $26,000, and you contribute 8 percent to
the Retirement Program. Your contribution will be $2,080 per year, and the company will
contribute $780, which is 50 percent of the first 6 percent you contributed.

The Retirement Program permits matching contributions by the company to be made in cash, in shares of
Black & Veatch Company Stock or in a combination of both. Currently, each quarter you may choose to
receive your future company matching contributions in Black & Veatch Company Stock, or direct a portion
or all of it into other investments. Your election will carry forward each quarter until you change it. If you
do not make an investment election for company matching contributions, your matching contribution will
be made in Black & Veatch Company Stock. Any match made in the form of Black & Veatch Company
Stock may not be transferred to other investments. In addition, any future matching contributions you
direct to other investments may not be transferred into the Black & Veatch Company Stock Fund.

In order to receive a company matching contribution for any calendar quarter, you must be employed on
the last business day of that quarter, unless you separate from service due to death, disability or qualified
retirement (age 59 with 10 Years of Service or age 65).

Black & Veatch may also make a true-up matching contribution. This is a matching contribution made by
the company in order to meet the matching contribution levels defined in the Plan to effect a true
12-month matching contribution for those professionals who elect to maximize their salary reduction
contributions for the Plan Year in a period less than 12 months.

A true-up matching contribution may be made on behalf of professionals who meet the annual
contribution limit during the Plan Year and/or on behalf of any other professionals who are determined by
Black & Veatch, on a uniform and nondiscriminatory basis, to be entitled to a true-up matching
contribution.

To receive a true-up matching contribution, professionals must be employed on the last business day of
the true-up period, unless the professional terminates employment due to their death, disability or
attainment of their qualified Retirement (age 591/2 with 10 Years of Service or age 65).

Discretionary Reti rement Contributions
Black & Veatch may also make Discretionary Retirement contributions to the Retirement Program at its
sole discretion, the timing and amount of which may vary from year to year. Effective J anuary 1, 2011,
Discretionary Retirement contributions will be allocated in the ratio that your compensation for the Plan
Year bears to the total annual compensation of all professionals eligible to receive a Discretionary
Retirement contribution. This means that the amount allocated to each eligible professionals
Discretionary Retirement Account will, as a percentage of compensation, be the same. For example, if
the contribution is equal to 3 percent of all eligible professionals compensation, then that is the amount
that will actually be allocated to each eligible professionals Discretionary Retirement Account.

Your first years Discretionary Retirement contribution by the company will be based on your eligible
compensation paid following the date you become eligible to participate in the Discretionary Retirement
portion of the Retirement Program. (See Eligibility section for details)

The Retirement Program permits Discretionary Retirement contributions to be made in cash, in shares of
Black & Veatch Company Stock or in a combination of both. In order to receive a Discretionary
Retirement contribution for the calendar year, you must have met the eligibility requirements, have been
credited with at least 1,000 Hours of Service during the year, and be employed on the last business day
of that year unless you separate from service due to death, disability or qualified retirement (age 59 with
10 Years of Service or age 65).

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ROLLOVER FROM FORMER EMPLOYERS QUALIFIED PLAN
The Retirement Program will accept rollovers from qualified retirement vehicles, subject to the following
provisions:

The rollover must be a direct transfer from the qualified retirement plan of a former employer, a
conduit IRA, or a 403(b) or 457 account.
Once the rollover is complete, it is treated like an employee contribution and is subject to the
provisions of the Retirement Program. The rollover amount will be fully vested and is not eligible
for a company matching contribution.

For a list of information and forms required to begin the rollover process, call Participant Services at
800-777-4015 (English) or 800-680-4015 (espaol) and follow the prompts to speak with a Participant
Services Representative.

INCOME TAX DEFERRAL FOR RETIREMENT PROGRAM ACCOUNTS
The Retirement Program has been designed to meet certain IRC requirements to qualify for special tax
advantages. You are not taxed on your contributions or the companys contributions to your account as
long as they stay in your account. Nor are you taxed on the investment earningsinterest, dividends or
market gainsas long as that money stays in the Retirement Program. You pay no taxes on your pretax
contributions and earnings until you actually collect your money. You pay no taxes on your Roth 401(k)
contributions when they are distributed to you. The earnings on your Roth 401(k) contributions will not be
taxable when withdrawn if they are part of a qualified distribution. To be a qualified distribution, the
distribution must be due to your disability or death or the distribution must be made after you attain age
59, and the distribution must be made after the five-year period that begins with the first taxable year in
which you made a designated Roth 401(k) contribution to the Retirement Program.
Because tax laws are complex and subject to change, you should consult a tax advisor before you
receive any Retirement Program money. Professional advice may help you avoid unnecessary tax
liability.

To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice
contained in this communication (including any attachments) is not intended or written to be used, and
cannot be used, for the purpose of (i) avoiding penalties under the IRC, or (ii) promoting, marketing or
recommending to another party any matters addressed herein.

HOW YOUR MONEY GROWS
Your share of the gains and losses on your investments (other than the Black & Veatch Company Stock
Fund) is allocated to your account each business day. The Black & Veatch Company Stock Fund will be
valued at least once per year, and the current intent is to value it quarterly. Your Retirement Program
quarterly statement may be viewed on the participant website, www.401kaccess.com/BVRetirement.

SELF-DIRECTION OF INVESTMENT FUNDS
ERISA imposes certain duties on the parties responsible for the operation of the Retirement Program.
These parties, called fiduciaries, have a duty to invest plans in a prudent manner. However, an exception
exists for plans that comply with ERISA Section 404(c) that permits participants to exercise control over
the assets in their accounts and choose from a broad range of investment alternatives. The Retirement
Program is intended to be a Section 404(c) plan with respect to the assets subject to your investment
direction. This means that you, and not the Retirement Program fiduciaries, are responsible for the
investment decisions relating to those assets. The rules regarding the investment direction of assets are
described below.

You decide how your contributions and earnings on those contributions are to be invested. They
may be invested in one or more of the investment funds offered by the Retirement Program,
except that they may not be invested in the Black & Veatch Company Stock Fund except as
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noted below. If you do not make an investment election, your contributions will be invested in
the Retirement Programs default investment fund.

Each quarter you may choose to receive your future company matching contributions in the
Black & Veatch Company Stock Fund or direct a portion or all of it into other investments. Your
election will carry forward each quarter until you change it. If you do not make an investment
election regarding matching contributions, your match will default to the Black & Veatch
Company Stock Fund.

Company contributions directed to the Black & Veatch Company Stock Fund may not be
transferred out of the Black & Veatch Company Stock Fund. Conversely, future company
contributions you direct to other investments may not be transferred to the Black & Veatch
Company Stock Fund.

From time to time, you will be provided a list of investment funds that are currently offered under the
Retirement Program. You can call Participant Services to request free prospectuses and rates of return.
An investment profile describing the Black & Veatch Company Stock Fund is also available for your
review. You may access the investment profile on the Black & Veatch iNET, or contact Human Resources
for a paper copy.

You have 30 days from the date of the first written statement confirming your investment directions to
advise Participant Services in writing that your investment direction was not properly implemented. If you
fail to notify Participant Services within such 30-day period, you will be deemed to have selected the
investments that were implemented until you make another investment election.

HOW TO CHANGE INVESTMENT FUNDS
NonBlack & Veatch Company Stock Fund Investments
To make transfers between the investment funds available through the Retirement Program
(excluding the Black & Veatch Company Stock Fund), you may access the participant website at
www.401kaccess.com/BVRetirement or call Participant Services at 800-777-4015 (English) or
800-680-4015 (espaol). You will need your account number (Web ID) and password. You can elect to
redirect your investments for your existing assets, redirect future contributions or both. You can call at any
time, 24 hours a day, seven days a week. If you call on a business day before 3 p.m. Central time, the
transaction will be completed at the close of that business day. If you call later in the day or on a non-
business day, the transaction will be completed at the close of the next business day. If you need
assistance with the process, you can call on any business day between 7 a.m. and 9 p.m. Central time,
and follow the prompts to talk with a Participant Services Representative.

Certain investment funds may impose specific restrictions regarding market timing. Please refer to each
fund prospectus for details.

Investment in the Black & Veatch Company Stock Fund
You are permitted to direct all or any portion of your accounts attributable to company contributions made
in cash prior to J an. 1, 1999, and earnings on those contributions, into or out of the Black & Veatch
Company Stock Fund. It is currently intended that transfers will be allowed on a quarterly basis. Your
investment election will be implemented based on the fair market value of the Black & Veatch Company
Stock Fund, determined by an independent appraiser as of the valuation date. If you choose to invest a
portion of your accounts in the Black & Veatch Company Stock Fund, your other investments will be
liquidated on a pro rata, or proportionate, basis. If you choose to transfer a portion of your account out of
the Black & Veatch Company Stock Fund, the proceeds will be invested in proportion to your investment
election then in effect for future contributions.

Currently, each quarter you may choose to receive your future company matching contributions in the
Black & Veatch Company Stock Fund or direct a portion or all of it into other investments. If you do not
make an investment election, your matching contributions will be invested in the Black & Veatch
Company Stock Fund. Any match invested in the Black & Veatch Company Stock Fund may not be
SPD v.5

transferred to other investments. In addition, any future matching contributions you direct to other
investments may not be transferred into the Black & Veatch Company Stock Fund.

REMEMBER: An investment in the Black & Veatch Company Stock Fund is subject to significant risks.
Before making any investment decision regarding the Black & Veatch Company Stock Fund, you should
read the investment profile available on the companys intranet or by calling Human Resources at
913-458-BVHR (2847) or 866-898-BVHR (2847).

LOANS FROM YOUR ACCOUNT
The Retirement Program, in accordance with current federal laws and regulations, allows you to borrow
from the portion of your account attributable to your pretax and/or Roth contributions, rollover
contributions and company matching contributions, and related earnings. You may borrow up to 50
percent of your vested accrued account balance attributable to your pretax contribution account, Roth
401(k) account, rollover contribution account and pretax matching account. Your Discretionary Retirement
Account will not count toward the calculation of the maximum amount you may borrow. Amounts
invested in the Black & Veatch Company Stock Fund will count toward calculation of the maximum
amount you may borrow, but will not be withdrawn to fund the loan. Loans must be at least $1,000 and
cannot exceed $50,000.

If you have had a previous loan within the 12-month period preceding your current application, the
maximum amount you may borrow may be reduced in accordance with the Tax Reform Act of 1986, as
amended. You may not have more than two loans outstanding at any one time.

Loans are repaid by payroll deductions over a maximum period of five years. A fixed rate of interest is
charged, based upon the treasury rate plus 4 percent. Your repayments, including interest, are deposited
back into your Retirement Program account. Loan payments are made after taxes are deducted from your
earnings. Repayment of all or part of a loan may be made in advance of the scheduled time without a pre-
payment penalty.

In the event that one or more loan payments are not made when due as provided in the Promissory Note
and the Truth-In-Lending Disclosure, or in the event of the termination of your employment before the
loan is paid in full, then at the option of the trustee the entire unpaid loan balance, including principal and
accrued interest, will become immediately due and payable, and the loan will be considered to be in
default if not paid in full within 30 days following notice. For further information, see Missed Payments
in Appendi x A.

The time required for processing a loan may vary according to your individual circumstances. Information
regarding loan rules and procedures may be obtained by calling Participant Services. See Appendi x A:
Loan Provisions for additional information about loans.

WITHDRAWAL OF FUNDS WHILE STILL EMPLOYED
After-Tax Contributions
Any after-tax contributions made prior to 1989 or employee deductible (IRA) contributions you may have
contributed in accordance with the prior provisions of the Retirement Program, including earnings on
those contributions, may be withdrawn at any time while you are still employed (without proof of financial
hardship).
2

Amounts that you direct to be withdrawn will be charged against each of your accounts in a sequence
determined by the Retirement Program in accordance with applicable federal laws and regulations. The
withdrawal will be taken from your investment funds on a pro rata basis. To obtain further information, you
may talk with a Participant Services Representative weekdays from 7 a.m. to 9 p.m. Central time. Simply
call 800-777-4015 (English) or 800-680-4015 (espaol) and follow the prompts to be connected with
someone who can assist you.

2
Special withdrawal rules apply to accounts transferred from the former TRA, Ltd. Profit Sharing and 401(k) and the former
Fortegra, Inc. 401(k) Profit Sharing Plan accounts. See Appendices B and C for further information.
SPD v.5

Financial Hardship Withdrawals
The Retirement Program allows you to take a withdrawal from your account to pay for a financial hardship
as long as you are actively employed. To qualify for a hardship withdrawal, you must certify that the
amount requested is needed to satisfy an immediate and heavy financial need, and that other resources
are not reasonably available to meet the need. The following are included in federal regulations as
constituting immediate and heavy financial need, and documentation must be provided. No other
categories are recognized.

Medical expenses for yourself, your dependents or noncustodial child
Purchase (excluding mortgage payments) of a principal residence for yourself
Payment of tuition and related educational fees and room and board expenses for
postsecondary education for the next 12 months for yourself, your spouse, your children or your
dependents
Payment necessary to prevent eviction from your principal residence or foreclosure on the
mortgage of your principal residence
Burial or funeral expenses for your deceased parent, spouse, child or dependent
Repair to damage to your principal residence that would qualify for the casualty deduction under
IRC Section 165

IRS regulations also require that you must have obtained all available distributions and loans from your
employers plans. You must also suspend salary reduction contributions to the Plan for a period of six
months. Amounts invested in the Black & Veatch Company Stock Fund are not eligible for hardship
withdrawals, and the sources available for a hardship withdrawal are restricted to the sources listed
below, in the following order:

Your Rollover Contribution Account
Your vested Employer After-Tax Matching Account, excluding the portion of such account (if
any) credited to your Participant Directed ESOP Sub-Account under such account
Your Salary Redirection Contribution Account (excluding any earnings after December 31,
1988)
An amount equal to the amount of your Roth Contribution Account (exclusive of earnings) on
and after April 24, 2009
Your vested Employer Pre-Tax Matching Account, excluding the portion of such account (if any)
credited to your Participant Directed ESOP Sub-Account under such account
The portion of the hardship withdrawal that is attributable to your Roth 401(k) contributions will not be
taxable. However, the portion of the hardship withdrawal that is attributable to earnings on your Roth
401(k) contributions will be taxable if the Roth 401(k) contributions have not been in the Retirement
Program for at least five years and if you are not age 59 at the time you receive your hardship
withdrawal. For information or forms, call Participant Services at 800-777-4015 (English) or 800-680-4015
(espaol).

VESTING RULES OF THE RETIREMENT PROGRAM
If you terminate your employment and withdraw any of your contributions prior to the vesting date of the
matching contributions and/or Discretionary Retirement contributions, those contributions, and the
investment earnings on them, will be forfeited.

Matching contribution amounts become 100 percent vested when you reach three Years of Service. A
Year of Service is defined as a calendar year in which you have been credited with at least 1,000 Hours
of Service.

If you are a non-exempt professional, your Hours of Service are calculated on your actual hours worked.
If you are an exempt professional, your Hours of Service are calculated on an equivalency method. You
SPD v.5

will receive credit for 45 Hours of Service per week if you work at least one hour during that week. If you
were an exempt professional who was participating in the Retirement Program on March 20, 2009, the
date the Retirement Program adopted the equivalency method, and had three or more Years of Service
but were not 100 percent vested, the Hours of Service you will be credited with will be the greater of your
actual hours worked or the hours calculated under the equivalency.
3

Discretionary Retirement contributions are vested as follows:

Vesting Schedul e for
Contributions Before
Jan. 1, 2007
Your Years of
Service
Vesting Schedul e for
Contributions After
Jan. 1, 2007
0 01 0
0 2 20 percent
20 percent 3 40 percent
100 percent 7 or more 100 percent

Example: Assume you were employed on March 1, 2004, and worked full-time until your
termination of employment on J uly 10, 2008. Your contributions (and related earnings)
made prior to J an. 1, 2007, would be 60 percent vested, since you would have been
credited with 1,000 Hours of Service or more in each of five calendar years. If those
contributions and earnings totaled $5,000, you would be entitled to receive 60 percent of
$5,000, or $3,000. Your contributions (and related earnings) made after J an. 1, 2007,
would be 80 percent vested. If your contributions and earnings totaled $3,000, you would
be entitled to receive 80 percent of $3,000, or $2,400.

An alternative vesting schedule may apply if the Retirement Program becomes top-heavy. Generally,
the Retirement Program will be considered top-heavy if 60 percent or more of the account balances under
the Retirement Program are maintained on behalf of certain key employees.

PAYMENT OF BENEFITS
Payment After Termination of Employment
If your employment is terminated for any reason other than death, disability or qualified retirement, you
will be entitled to the full value of the vested portion of your Retirement Program account.

Payment Upon Retirement, Death or Total Disability
Notwithstanding the vesting rules previously described, company matching and Discretionary Retirement
contributions become fully vested when any of the following occurs:

The professional ends employment with the company due to a qualified retirement, defined as
(1) attainment of age 59 and completion of 10 Years of Service; or (2) attainment of age 65.
While an active employee of the company, the professional dies.
While an active employee of the company, the professional becomes totally and permanently
disabled.

Permanent and Total Disability or merely Disability is defined by the Retirement Program document as
a total and presumably permanent incapacity resulting from personal injury or sickness, whether or not
occupationally related, which prevents a Participant from engaging in any substantial occupation or
3
Special vesting rules apply to accounts transferred from the former TRA, Ltd. Profit Sharing and 401(k) accounts. See Appendix B
for further information.

SPD v.5

employment for remuneration or profit. The determination as to whether a Participant is Disabled shall be
based solely on evidence that the Participant has furnished to the Plan Administrator certification of such
Disability from a licensed doctor of medicine on a form to be provided by the Plan Administrator.

If you die, then your entire account balance will be paid to your Beneficiary. If you are married at the time
of your death, your spouse will be the Beneficiary unless you have elected otherwise. To designate a
beneficiary other than your spouse, you must complete a paper beneficiary form and your spouse must
consent in writing, with his or her signature witnessed by a notary. If you are not married, you may
designate your Beneficiary online at www.401kaccess.com/BVRetirement.

In the event no valid designation of beneficiary exists, or if your Beneficiary is not alive at the time of your
death, your account will be paid in the following order of priority to:

Your surviving spouse
Your surviving children, in equal shares
Your estate

When You May Receive Payment
If the vested total of your Retirement Program account is less than $1,000, the payment will be made to
you or your named Beneficiary approximately 90 days following termination of your employment. If your
vested account balance totals $1,000 or more, you may either take distribution of your funds or defer the
distribution to a later date. However, you cannot elect to defer the distribution to a date later than April 1
of the year following the year in which you reach age 70 or retire from the company, whichever is later.
4

If you take a distribution at any time during or after the year in which you reach age 70, then
Black & Veatch will be required to pay a portion of the distribution directly to you. This required minimum
distribution will not be subject to the 20 percent mandatory tax withholding, but you may elect whether to
have federal income taxes withheld. The balance of taxable Retirement Program funds may then be
rolled over.

Payment to the spouse of a deceased professional will be made no later than the end of the year in which
the professional would have reached age 65 unless the Beneficiary elects to defer receipt of payments.
Payment to a non-spouse Beneficiary will be made at the earliest date permitted by the Retirement
Program. It is advisable that a Beneficiary seek tax advice before electing a death benefit distribution, as
these rules are complex.

If you retire and then immediately return to work part-time, you are not eligible for a distribution. Before
you may receive a distribution, you must undergo a bona fide separation from service. A change to part-
time employment does not qualify as such a separation.

Forms of Benefit Payment
Your vested benefits under the Retirement Program may be paid in the following distribution forms at your
(or your Beneficiarys) direction:

In one lump sum payment (in-kind payments are not permitted);
In partial payments of any amount from time to time; or
In quarterly, semi-annual or annual installments (which need not be equal installments) over a
period not exceeding 5 years.

.Any installment or partial payment shall be drawn pro rata from all investment accounts. If you or your
Beneficiary elect installments, the frequency, amount or duration of the installments may be changed,
4
For the 2009 Plan Year, a Participant or Beneficiary who would have been required to take a required minimum distribution from
the Retirement Program did not receive the required minimum distribution unless the Participant or Beneficiary affirmatively
elected to receive the distribution.
SPD v.5

cancelled or accelerated at any time, but may not extend the period of distribution to exceed five years
from the date of the first installment.

There are two methods of payment of your Retirement Program account:

Direct rollover, in which payment of your taxable funds is made to either an individual retirement
account or to another qualified employer plan
Payment directly to you

Payment in a Direct Rol l over. If you choose a direct rollover, your payment will not be taxed in the
current year and no income tax will be withheld. Your payment will be made directly to your IRA or, if you
choose, to another employer plan that accepts your rollover. Your payment will be taxed later when you
take it out of the IRA or the employer plan.

There are some amounts that are not eligible for rollover. These include:

Required minimum distributions
Financial hardship withdrawals

For distributions made after J anuary 1, 2008, the portion of your distribution attributable to non-Roth
401(k) contributions may be rolled over to a Roth IRA. Please see the Special Tax Notice you will receive
with your distribution for the rules and tax implications for this type of rollover.

Payment Directly to You. You may elect to have the payment made directly to you. However, if some or
all of the funds are taxable, you may be subject to income tax withholding from your payment, as
described below.

INCOME TAXES AND WITHHOLDING FROM YOUR PAYMENTS
Mandatory Withholding on Payments to You
If taxable funds eligible for rollover are paid directly to you, rather than as a direct rollover, the Retirement
Program is required by law to withhold 20 percent of that amount for federal income taxes. Taxes become
due on the payment for the year in which you received it unless, within 60 days, you roll it over to an IRA
or another plan that accepts rollovers. If you do not roll it over, special tax rules, such as five- or 10-year
averaging or capital gains treatment, may apply.

For example, if your eligible rollover distribution is $10,000, only $8,000 will be paid to you because the
Retirement Program must withhold $2,000 as income tax. However, when you prepare your income tax
return for the year, you will report the full $10,000 as a payment from the Retirement Program. You will
report the $2,000 as tax withheld, and it will be credited against any income tax you owe for the year.

Depending on the state in which you live, the Retirement Program may be required to withhold an amount
for state income taxes, may allow you to elect whether you want state income tax withholding, or may not
allow any state income tax withholding.

60-Day Rollover Option
If an eligible rollover distribution is made payable to you, you can still decide to roll over all or part of it to
an IRA or another employer plan that accepts rollovers, but you must make the rollover within 60 days
after you receive the payment. However, if you want to roll over your Roth 401(k) contributions (the
contribution basis) to another employer plan, it must be done via a direct rollover to the other plan. It
cannot be distributed to you and then subsequently rolled over to the employers plan. The portion of your
payment that is rolled over will not be taxed until you take it out of the IRA or the employer plan.

You can roll over up to 100 percent of the eligible rollover distribution, including an amount equal to the
20 percent that was withheld. To roll over 100 percent, you must find other money within the 60-day
period to contribute to the IRA or the employer plan to replace the 20 percent that was withheld. On the
other hand, if you roll over only the 80 percent that you received, you will only be taxed on the 20 percent
that was withheld.
SPD v.5

Voluntary Withholding
If any portion of the payment is not an eligible rollover distribution but is taxable, the mandatory
withholding rules described above do not apply. In this case, you will complete a form to indicate whether
you want taxes withheld.

Penalty Tax on Earl y Withdrawals
If a payment is made directly to you before you reach age 59 and you do not roll it over, then, in
addition to the regular income tax, you may have to pay an extra tax equal to 10 percent of the taxable
portion of the payment. The additional tax does not apply to your payment if:

You receive the payment because you separate from service with the company during or after
the year you reach age 55; or
You receive payment because you retire due to disability; or
The funds you withdraw are used to pay certain medical expenses.

See IRS Form 5329 for more information on the additional 10 percent tax.

Because tax laws are complex and subject to change, you are encouraged to consult a tax advisor before
deciding which payment option is best for you.

Qualified Roth 401(k) Distributions
If a distribution from your Roth 401(k) Contribution account is a qualified distribution, then neither the
original contribution nor the earnings on those contributions are taxable, and there will be no 10 percent
early withdrawal penalty tax.

To be a qualified distribution, the distribution must be due to your disability or death or a distribution made
on or after you attain age 59, and the distribution must be made after the five-year period that begins
with the first taxable year in which you made a designated Roth 401(k) contribution to the Retirement
Program.

Surviving Spouses, Alternate Payees and Other Beneficiaries
In general, the rules summarized above that apply to professionals also apply to payments to surviving
spouses of professionals and to spouses or former spouses who are alternate payees under a qualified
domestic relations order. Some of those rules also apply to a deceased professionals Beneficiary who is
not a spouse.

If a non-spouse Beneficiary receives a payment from the Plan because of the professionals death, the
only rollover option the non-spouse Beneficiary may make is a direct rollover to an inherited IRA.
Payments from the inherited IRA will not be subject to the 10 percent additional income tax on early
distributions. The non-spouse Beneficiary is required to receive required minimum distributions from the
inherited IRA.

MILITARY SERVICE BENEFITS, RIGHTS AND FEATURES
Makeup Contributions for Military Leave
The Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) has expanded
benefits rights to participants who take military leaves. Specifically, it provides for participants returning to
work with Black & Veatch Holding Company or another participating employer from a qualified leave of
absence to make up any missed salary reduction contributions.

If you elect to make up the contributions, they will be deducted from your paycheck and the contributions
are eligible for the corresponding company match. Additionally, any Discretionary Retirement
contributions made while you were on a qualified leave of absence will be allocated to your account.

Loan Interest for Long-Term Military Leave
Participants on long-term military leave may be eligible for a reduced interest rate on participant loans
and should contact Participant Services at 800-777-4015 (English) or 800-680-4015 (espaol) for details.
SPD v.5

Military Death Benefits
A participant who dies on or after J anuary 1, 2007 while performing qualified military service will be
treated as if the participant (a) resumed employment with us on the day before he died and then
(b) terminated employment with us on the day he died. This means that the participants Beneficiary will
receive the same death benefit that he would have received had the professional died while he was still
an active employee. The participants period of qualified military service will also be counted in
determining his vested Account balance.

Qualified military service is, generally speaking, service in the uniformed military services by any
individual who is entitled to USERRA reemployment rights with respect to such service.

RIGHT TO FORFEITURE REINSTATEMENT
If you incurred a forfeiture of matching contributions by taking an in-service withdrawal of your previously
taxed contributions, you may repay the entire amount of matched contributions withdrawn. The forfeited
amount would then be restored to your account.

If you incur a forfeiture of the non-vested portion of your account(s) at termination of employment and are
subsequently rehired before incurring five consecutive One Year Breaks in Service (a Retirement
Program year in which you fail to earn 500 Hours of Service), you may, within five years following your
reemployment, repay the entire amount of that distribution. The forfeited amount would then be restored
to your account.

Restoration of forfeited amounts may be made in Black & Veatch Company Stock, cash or a combination
of both at the companys discretion. Upon request, Human Resources will provide specific information on
your status.

LEGAL CONTRIBUTION LIMITATIONS
Federal rules limit the total annual amount that can be credited to a participant in defined contribution
plans, such as the Black & Veatch Retirement Program. These limitations may involve a few Retirement
Program participants. Human Resources will inform you if your account is affected.

ASSIGNMENT OF BENEFITS
Your account balance may not be assigned, sold or pledged as collateral. In addition, your creditors may
not attach, garnish or otherwise interfere with your account. However, your account may be subject to a
court order or qualified domestic relations order (QDRO) issued at the time of a divorce that may contain
provisions assigning a portion of your account to your former spouse or dependent. There is a charge of
$500, split between the participant and alternate payee, for processing a QDRO.

AMENDMENT AND TERMINATION OF THE RETIREMENT PROGRAM
Black & Veatch expects to continue the Retirement Program indefinitely, but the company reserves the
right to amend or discontinue the Retirement Program in its sole and absolute discretion. If the
Retirement Program were ever terminated, you would automatically be fully vested in your accounts. Your
accounts would then either (1) continue to be held in trust until your termination of employment,
retirement or death; or (2) be paid to you or your Beneficiary after a review of the Retirement Program
termination by the IRS.

RETIREMENT PROGRAM TERMINATION INSURANCE
The Pension Benefit Guaranty Corporation (PBGC) insures certain benefits under defined benefit
pension plans in the event of plan termination. However, the Black & Veatch Retirement Program is a
defined contribution plan, which is not covered by pension plan termination insurance.

SPD v.5

FILING A CLAIM FOR BENEFITS
If you believe an error has been made in determining your benefits, then you or your Beneficiary may
make a request for any Retirement Program benefits to which you believe you are entitled. Any such
request should be in writing and should be made to the Administrative Committee.

If the Administrative Committee determines the claim is valid, then you will receive a statement describing
the amount of benefit, the method(s) of payment, the timing of distributions and other information relevant
to the payment of the benefit.

If your claim is wholly or partially denied, the Administrative Committee will provide you with notification of
the Retirement Programs adverse determination. This notification will be provided to you within a
reasonable period of time, but not later than 90 days (or 45 days in the case of a disability claim) after the
receipt of your claim by the Administrative Committee. If special circumstances warrant an extension, the
time period will be extended an additional 90 days (or 30 days in the case of a disability claim).

If your claim has been denied and you want to submit your claim for review, you must file your claim for
review, in writing, with the Administrative Committee no later than 60 days (or 180 days in the case of a
disability claim) after you have received written notification of the denial. If you or your duly authorized
representative fails to file such appeal within the 60- or 180-day time period, you shall be deemed to have
waived any right to appeal the denial of the claim.

Within 60 days (or 45 days in the case of a disability claim) after receipt of a request for review, the
Administrative Committee will provide you with notification of its decision. If special circumstances warrant
an extension, a decision will be rendered within 120 days (or 90 days in the case of a disability claim)
after receipt of the request for review.

Limitations on Legal Acti on Against the Reti rement Program. If you have a claim for benefits that is
denied or ignored, in whole or in part, you may file suit in a state or federal court. However, in order to do
so, you must have exhausted all of your appeal rights as set forth above and you must file the lawsuit no
later than 90 days after a decision on final review is furnished to you.

YOUR RIGHTS AS A RETIREMENT PROGRAM PARTICIPANT
As a participant in the Retirement Program, you are entitled to certain rights and protections under the
Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Retirement
Program participants are entitled to:

a. Examine, without charge, at the Administrative Committees office and at other specified
locations, all documents governing the Retirement Program, including insurance contracts and
collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed
by the Retirement Program with the U.S. Department of Labor and available at the Public
Disclosure Room of the Employee Benefits Security Administration.

b. Obtain, upon written request to the Administrative Committee, copies of documents governing the
operation of the Retirement Program, including insurance contracts and collective bargaining
agreements, and copies of the latest annual report (Form 5500 Series) and updated summary
plan description. The Administrative Committee may make a reasonable charge for the copies.

c. Receive a summary of the Retirement Programs annual financial report. The Administrative
Committee is required by law to furnish each participant with a copy of this summary annual
report.

In addition to creating rights for Retirement Program participants, ERISA imposes duties upon the people
who are responsible for the operation of the Retirement Program. The people who operate your
Retirement Program, called fiduciaries of the Retirement Program, have a duty to do so prudently and in
the interest of you and other Retirement Program participants and beneficiaries. No one, including your
employer or any other person, may fire you or otherwise discriminate against you in any way to prevent
you from obtaining a pension benefit or exercising your rights under ERISA.
SPD v.5

If your claim for a pension benefit is denied or ignored in whole or in part, you have a right to know why
this was done, to obtain copies of documents relating to the decision without charge, and to appeal any
denial, all within certain time schedules.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a
copy of Retirement Program documents or the latest annual report from the Retirement Program and do
not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require
the Administrative Committee to provide the materials and pay you up to $110 a day until you receive the
materials, unless the materials were not sent because of reasons beyond the control of the Administrative
Committee.

If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state
or federal court. In addition, if you disagree with the Retirement Programs decision or lack thereof
concerning the qualified status of a domestic relations order or a medical child support order, you may file
suit in federal court. You and your beneficiaries can obtain, without charge, a copy of the QDRO
procedures from the Administrative Committee.

If it should happen that the Retirement Programs fiduciaries misuse the Retirement Programs money, or
if you are discriminated against for asserting your rights, you may seek assistance from the U.S.
Department of Labor, or you may file suit in a federal court. The court will decide who should pay court
costs and legal fees. If you are successful, the court may order the person you have sued to pay these
costs and fees. If you lose, the court may order you to pay these costs and fees if, for example, it finds
your claim is frivolous.

If you have any questions about the Retirement Program, you should contact the Administrative
Committee. If you have any questions about this statement or about your rights under ERISA, or if you
need assistance in obtaining documents from the Administrative Committee, you should contact the
nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in the
telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security
Administration, U.S. Department of Labor, 200 Constitution Ave., N.W., Washington, D.C. 20210. You
may also obtain certain publications about your rights and responsibilities under ERISA by calling the
publications hotline of the Employee Benefits Security Administration.

ADMINISTRATION
As the Retirement Program Administrator, the Administrative Committee of the Retirement Program shall
have the exclusive authority to construe and interpret the Retirement Program and determine all
questions that arise under the Retirement Program, including without limitation questions regarding
eligibility to participate and eligibility for and the amount of any benefits payable under the Retirement
Program.

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OTHER RETIREMENT PROGRAM INFORMATION
ERISA requires that certain information be provided to Retirement Program participants in this
Summary. Most of the required information is contained in the main body of this Summary. The following
additional information also fulfills ERISA requirements.

Retirement Program Plan Information
Retirement Program Sponsor: Black & Veatch Holding Company
11401 Lamar Ave.
Overland Park, KS 66211
913-458-2000
Retirement Program Administrator: Administrative Committee
Contact: Committee Chair
Employer Identification Number: 43-1603954
Retirement Program Number: 002
Retirement Program Plan Year: J an. 1 to Dec. 31
Retirement Program Management
Person responsible for day-to-day
administration of the Reti rement
Program:
HR Manager, Retirement & Financial
Planning
11401 Lamar Ave.
913-458-2000
Person to contact regardi ng claim
appeals or to receive all l egal notices
(service of l egal process may al so be
made on the Trustee or the Retirement
Program Admini strator):
Chair, Administrative Committee
Chief Human Resources Officer
11401 Lamar Ave.
913-458-2000
Trustees: Charles Schwab Bank
5

211 Main St., 14th Floor
San Francisco, CA 94105
(Trustee with respect to the assets of the
Retirement Program other than the
Black & Veatch Company Stock Fund)

GreatBanc Trust Company
801 Warrenville Rd., Ste. 500
Lisle, IL 60523
(Trustee with respect to the Black & Veatch
Company Stock Fund held by the
Retirement Program)

LGL81085BLV01-00
MK#00118377
5
Schwab Retirement Plan Services Company and Charles Schwab Bank are separate but affiliated companies and subsidiaries of
The Charles Schwab Corporation. Trust, custody and deposit products and services are available through Charles Schwab Bank.
Schwab Retirement Plan Services Company provides recordkeeping and related services with respect to retirement plans and
has provided this communication to you as part of the recordkeeping services it provides to the Plan. This Summary Plan
Description is not affiliated with, sponsored by, or endorsed by Schwab Retirement Plan Services Company or Charles Schwab
Bank (together referenced as Schwab). It has not been reviewed by Schwab, and Schwab makes no representations about its
contents
SPD v.5

APPENDIX A:
LOAN PROVISIONS

Federal regulations require that loan programs be administered in accordance with specific Retirement
Program provisions, including a detailed listing of the following information:

Admini stration of the Loan Program
Loans under the Black & Veatch Retirement Program are administered under the direction of the
Retirement Programs Administrative Committee.

Procedure for Appl ying for Loans
To apply for a loan, call Participant Services at 800-777-4015 (English) or 800-680-4015 (espaol) and
follow the prompts to speak to a Participant Services Representative, or you may apply for a loan via the
participant website at www.401kaccess.com/BVRetirement. A loan set-up fee of $50 will be assessed to
your account.

Limits on Type and Amount of Loans
You are not required to state the reason for the loan request or the use that will be made of the funds.
The amount of the loan must be at least $1,000, but may not be more than the lesser of 50 percent of
your vested account balance attributable to your pretax and/or Roth 401(k) contributions and earnings,
rollover contributions and earnings, and company matching contributions and earnings or $50,000
reduced by the excess (if any) of the highest loan balance that existed during the one-year period ending
on the day before the date the new loan is made, over the outstanding balance of any loan on the date
the loan is to be made. Amounts invested in the Black & Veatch Company Stock Fund will count toward
calculation of the maximum amount you may borrow, but will not be withdrawn to fund the loan.

Criteri a for Loan Approval
The following criteria are considered in the approval or denial of a loan request:

You must be an active professional.
Your pretax/and or Roth 401(k) contributions, rollover contributions and vested company
matching contributions, and related earnings, must be at least $2,000.
The amount of the loan must be no more than 50 percent of the pretax and/or Roth
contributions, rollover contributions and vested company contributions, and related earnings, in
your account.
The maximum term of any loan will be five years.
You may have a maximum of two loans outstanding at any time.

Determination of Interest Rates
The interest rate will be equal to the treasury rate plus 4 percent on the first day of the month in which the
loan is requested. Once an interest rate is assigned to a loan, it will remain unchanged for the duration of
the loan. Each participant borrows from his or her own account. Therefore, the portion of your account
outstanding as a loan will earn the rate of return charged for the loan.

Professionals on long-term military leave may be eligible for a reduced interest rate on participant loans
and should contact Participant Services for details.

Type of Loan Coll ateral
The only type of collateral which may be used to secure a loan is your pretax and/or Roth contributions,
rollover contributions and vested company matching contributions, and related earnings, in your account.
The loan will be taken from your sub-accounts in the following order: Salary Redirection Contribution
Account, Rollover Contribution Account and Salary Redirection Employer Matching Account. The funds
will be withdrawn from these sub-account investments on a pro rata basis.

SPD v.5

Repayment Upon Termination of Employment
If your employment has been terminated, you may elect to pay the full balance of the loan, continue
making regular payments on the outstanding loan balance, or request a distribution of your Retirement
Program funds. At the time of a distribution of the account, any outstanding loan balance would be offset
against the distribution and included in the taxable income you receive from the Retirement Program.

If your vested retirement account balance totals $1,000 or more, you may elect to receive a distribution of
the Retirement Program funds or to delay the distribution. If you choose to delay distribution, you may
make regular payments so the loan is paid within the original repayment period.

If you elect to continue paying your outstanding loan balance, regular payments must be made by way of
ACH payments directly from your bank account. If you want to continue making payments by way of ACH,
you must sign up for this option within 30 days of your termination of employment or your loan will be
defaulted and offset from your account.

Contact Participant Services at 800-777-4015 (English) or 800-680-4015 (espaol) for more information
on your repayment options.

Missed Payments
Loans for active professionals are repaid by payroll deduction. If you fail to make a scheduled payment
due to termination of employment or any other reason, the loan may be declared to be in default.

You may make up an overdue loan payment by a cashiers check and resume regular loan
payments by payroll deduction. If you do not resume regular loan payments, the loan will be
declared to be in default. The unpaid loan is treated as a deemed distribution (see definition
below) for income tax purposes. It is not a distribution of your accrued benefit.
If you are on leave for a period of not more than 12 months, you are not required to make
payments while on leave. However, upon your return to work, the loan will be reamortized
(payments will be increased) so the loan is paid within the original repayment period.
If you are on leave for a period of more than 12 months or, for some reason other than
termination, do not make regular payments or a lump-sum payment, the unpaid loan will be
treated as a deemed distribution (see definition below) for income tax purposes. It is not a
distribution of your accrued benefit.
If you terminate employment and do not take immediate distribution and do not make regular
loan payments (for the remaining period of the loan) or payment in full, the unpaid loan will be
offset against your account assigned as security and will be treated as a taxable distribution
from a qualified retirement plan.

Deemed di stribution means the loan balance will be subject to current income taxes and a possible
early withdrawal penalty. Interest charges that accrue after a deemed distribution are not included in your
income. However, the accrued interest on a loan that is deemed distributed is still counted toward the
maximum loan amount available for a new plan loan under IRC Section 72(p)(2)(A).

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APPENDIX B:
PARTICIPANTS WITH FORMER TRA, LTD. PROFIT SHARING
AND 401(K) ACCOUNTS

The TRA, Ltd. Profit Sharing and 401(k) Plan and Trust (the TRA Plan) was merged into the
Black & Veatch Employee Savings Plan on April 1, 1997. With respect to the funds transferred from the
TRA Plan, certain exceptions will be made to the provisions outlined elsewhere in this Summary Plan
Description.

Former TRA Plan participants:

Are 100 percent vested in all transferred accounts
May elect to withdraw all or any portion of their TRA After-Tax Contribution Account at any time
May elect to withdraw all or any portion of their TRA Pre-Tax Contribution Account after
attaining age 59

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APPENDIX C:
PARTICIPANTS WITH FORMER FORTEGRA, INC.
401(K) PROFIT SHARING PLAN AND TRUST ACCOUNTS

The Fortegra, Inc. 401(k) Profit Sharing Plan and Trust (the Fortegra Plan) was merged into the
Black & Veatch Retirement Program on March 1, 2006. With respect to the funds transferred from the
Fortegra Plan, certain exceptions will be made to the provisions outlined elsewhere in this Summary Plan
Description.

Former Fortegra Plan participants:

May elect to withdraw all or any portion of their Fortegra Rollover Contribution Account at any
time
May elect to withdraw all or any portion of their Fortegra Pre-tax Contribution Account after
attaining age 59

LGL81085BLV01-00
MK#00118377
SPD v.5

BV Retirement Program Summary Plan Description

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