Resolution 1983-37 - Laserfiche WebLink

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APPENDIX A CITY OF LOUISVILLE ("EMPLOYER") DEFERRED C:OMPENSATION PLAN I. INTRODUCTION The Employer hereby establishes the Employer's Deferred include any amount excludable from gross income under this Plan or any other plan described in section 457(b) of the Compensation Plan, hereinafter referred to as the "Plan." The Plan Internal Revenue Code, any amount excludable from gross consists of the provisions set forth in this document income under section 403(b) of the Internal Revenue Code, The primary purpose of this Plan is to provide retirement income or any other amount excludable from gross income for and other deferred benefits to the Employees of the Employer in federal income tax purposes, Includible Compensation shall accordance with the provisions of section 457 of the Internal be determined without regard to any community property Revenue Code of 1954, as amended. laws, This Plan shall be an agreement solely between the EmploYE!r 2.07 Joinder Agreement: An agreement entered into between an and participating Employees. Employee and the Employer, including any amendments or II. DEFINITIONS modifications thereof. Such agreement shall fix the amount of Deferred Compensation, specify a preference among the 2.01 Account: The bookkeeping account maintained for each investment alternatives designated by the Employer, Participant reflecting the cumulative amou nt of the designate the Employee's Beneficiary or Beneficiaries, and Participant's Deferred Compensation, including any income, incorporate the terms, conditions, and provisions of the Plan gains, losses, or increases or decreases in market value by reference. attributable to the Employer's investment of the Participant's 2.08 Normal Compensation: The amount of compensation which Deferred Compensation, and further reflecting any distribu- would be payable to a Participant by the Employer for a tions to the Participant or the Participant's Beneficiary and taxable year if no Joinder Agreement were in effect to defer any fees or expenses charged against such Participant's compensation under this Plan. Deferred Compensation, 2.09 Normal Retirement Age: Age 70, unless the Participant has 2.02 Administrator: The person or persons named to carry Clut elected an alternate Normal Retirement Age by written certain nondiscretionary administrative functions under the instrument delivered to the Administrator prior to Separation Plan, as hereinafter described. The Employer may remove from Service. A Participant's Normal Retirement Age any person as Administrator upon 60 days advance notice in determines (a) the latest time when benefits may commence writing to sUGh person, in which case the Employer shall under this Plan (unless the Participant continues employ- name another person or persons to act as Administrator. The ment after Normal Retirement Age), and (b) the period during Administrator may resign upon 60 days advance notice in which a Participant may utilize the catch-up limitation of writing to the Employer, in which the case the Employer shall Section 5.02 hereunder, Once a Participant has to any extent name another person or persons to act as Administrator, utilized the catch-up limitation of Section 5.02, his Normal 2.03 Beneficiary: The person or persons designated by the Retirement Age may not be changed. A Participant's alternate Normal Retirement Age may not Participant in his Joinder Agreement who shall receive any be earlier than the earliest date that the Participant will benefits payable hereunder in the event of the Participant's become eligible to retire and receive unreduced retirement death. benefits under the Employer's basic retirement plan covering 2.04 Deferred Compensation: The amount of Normal Compensa- the Participant and may not be later than the date the tion otherwise payable to the Participant which the Participant attains age 70. If a Participant continues Participant and the Employer mutually agree to defer employment after attaining age 70, not having previously hereunder. any amount credited to a Participant's Account by elected an alternate Normal Retirement Age, the Participant's reason of a transfer under Section 6,03, or any other amount alternate Normal Retirement Age shall not be later than the which the Employer agrees to credit to a Participant's mandatory retirement age, if any, established by the Account Employer, or the age at which the Participant actually 2.05 Employee: Any individual who provides services for the separates from service if the Employer has no mandatory Employer, whether as an employee of the Employer or as an retirement age, If the Participant will not become eligible to independent contractor, and who has been designated by the receive benefits under a basic retirement plan maintained by Employer as eligible to participate in the Plan. the Employer, the Participant's alternate Normal Retirement Age may not be earlier than attainment of age 55 and may not 2.06 Includible Compensation: The amount of an Employee's be later than attainment of age 70. compensation from the Employer for a taxable year that is 2.10 Participant: Any Employee who has joined the Plan pursuant attributable to services performed for the Employer and that is includible in the Employee's gross income for the taxable to the requirements of Article IV, year for federal income tax purposes; such term does not 2.11 Plan Year: The calendar year. 1