Resolution 1983-37 - Laserfiche WebLink

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\ 2.12 Retirement: The first date upon which both of the following plan). For purposes of this ~_.;tion 5.02, a Participant's shall have occurred with respect to a Participant: Separation Includible Compensation for the current taxable year shall be from Service and attainment of Normal Retirement Age, deemed to include any Deferred Compensation for the 2.13 Separation from Service: Severance of the Participant's taxable year in excess of the amount permitted under the employment with the Employer. A Participant shall Ibe ,Normal Limitation, and the Participant's Includible Com pen- deemed to have severed his employment with the Employer sation for any prior taxable year shall be deemed to exclude for purposes of this Plan when, in accordance with tine any amount that could have been deferred under the Normal established practices of the Employer, the employment Limitation for such prior taxable year. relationship is considered to have actually terminated. In tine 5.03 Section 403(b) Annuities: For purposes of Sections 5.01 and case of a Participant who is an independent contractor of tine 5.02, amounts contributed by the Employer on behalf of a Employer, Separation from Service shall be deemed to have Participant for the purchase of an annuity contract described occurred when the Participant's contract under which in section 403(b) of the Internal Revenue Code shall be services are performed has completely expired and treated as if such amounts constituted Deferred Compensa- terminated. there is no foreseeable possibility that the tion under this Plan for the taxable year in which the Employer will renew the contract or enter into a new contract contribution was made and shall thereby reduce the for the Participant's services, and it is not anticipated that the maximum amount that may be deferred for such taxable year, Participant will become an Employee of the Employer. VI. INVESTMENTS AND ACCOUNT VALUES III. ADMINISTRATION 6.01 Investment of Deferred Compensation: All investments of 3.01 Duties of Employer: The Employer shall have the authority to Participants' Deferred Compensation made by the Employer, make all discretionary decisions affecting the rights or including all property and rights purchased with such amounts and all income attributable thereto, shall be the sole benefits of Participants which may be required in the property of the Employer and shall not be held in trust for administration of this Plan, Participants or as c,ollateral security for the fulfillment of the 3.02 Duties of Administrator: The Administrator, as agent for the Employer's obligations under the Plan, Such property shall Employer, shall perform nondiscretionary administrative be subject to the claims of general creditors of the Employer, functions in connection with the Plan, including the and no Participant or Beneficiary shall have any vested maintenance of Participants' Accounts, the provision of interest or secured or preferred position with respect to such periodic reports of the status of each Account and the property or have any claim against the Employer except as a disbursement of benefits on behalf of the Employer in general creditor. accordance with the provisions of this Plan. 6.02 Crediting of Accounts: The Participant's Accou nt shall reflect the amount and value of the investments or other property IV. PARTICIPATION IN THE PLAN obtained by the Employer through the investment of the 4.01 Initial Participation: An Employee may become a Participant Participant's Deferred Compensation. It is anticipated that the Employer's investments with respect to a Participant will by entering into a Joinder Agreement prior to the beginning conform to the investment preference specified in the of the calendar month in which the Joinder Agreement is to Participant's Joinder Agreement, but nothing herein shall be become effective to defer compensation not yet earned. construed to require the Employer to make any particular 4.02 Amendment of Joinder Agreement: A Participant may amend investment of a Participant's Deferred Compensation. Each an executed Joinder Agreement to change the amount of Participant shall receive periodic reports, not less frequently compensation not yet earned which is to be deferred than annually, showing the then-current value of his (including the reduction of such future deferrals to zero) or to Account. change his investment preference (subject to such restric- tions as may result from the nature or terms of any investment 6.03 Acceptance of Transfers: Pursuant to an appropriate written made by the Employer), Such amendment shall become agreement. the Employer may accept and credit to a effective as of the beginning of the calendar month Participant's Account amounts transferred from another commencing after the date the amendment is executed, A employer within the same State representing amounts held Participant may at any time amend his Joinder Agreement to by such other employer under an eligible State deferred change the designated Beneficiary and such amendment compensation plan described in section 457 of the Internal shall become effective immediately. Revenue Code. Any such transferred amount shall not be treated as a deferri'll subject to the limitations of Article V, V. LIMITATIONS ON DEFERRALS provided however, that the actual amount of any deferral 5.01 Normal Limitation: Except as provided in Section 5,02, the under the plan from which the transfer is made shall be taken maximum amount of Deferred Compensation for any into account in computing the catch-up limitation under Participant for any taxable year shall not exceed the lesser of Section 5,02, $7,500.00 or 33 1/3 percent of the Participant's Includible 6.04 Employer Liability: In no event shall the Employer's liability to Compensation for the taxable year. This limitation will pay benefits to a Participant under Article VI exceed the value ordinarily be equivalent to the lesser of $7,500,00 or 25 of the amounts credited to the Participant's Account; the percent of the Participant's Normal Compensation. Employer shall not be liable for losses arising from 5.02 Catch-up Limitation: For each of the last three (3) taxable depreciation or shrinkage in the value of any investments years of a Participant ending before his attainment of Normal acquired under this Plan, Retirement Age, the maximum amount of Deferred Compensation shall be the lesser of: (1) $15,000 or (2) the VII. BENEFITS sum of (i) the Normal Limitation for the taxable year. and (ii) 7.01 Retirement Benefits and Election on Separation from that portion of the Normal Limitation for each of the prior taxable years of the Participant commencing after 1978 Service: Except as otherwise provided in this Article VII. the during which the Plan was in existence and the Participant distribution of a Participant's Account shall commence was eligible to participate in the Plan (or in any other plan during the second calendar month after the close of the Plan established under section 457 of the Internal Revenue Code Year of the Participant's Retirement, and the distribution of by an employer within the same State as the Employer) less such Retirement benefits shall be made in accordance with the amount of Deferred Compensation for each such prior one of the payment options described in Section 7,02, taxable year (including amounts deferred under such other Notwithstanding the foregoing. the Participant may irrevo- 2