Agenda Packets - 1983/09/12 - Laserfiche WebLink

Home Browse Search

APPENDIX A CITY OF MOUNDS VIEW ("EMPLOYER") DEFERRED COMPENSATION PLAN 1. INTRODUCTION the Employer horeby establishes IN! Employees Delerted Compensation Plan. heremallor referred to as Ilia "Plan."The Plan consists of II!e provisions set Imlh in this document. The primary purpose of this Plan is to provide retirement income and other deterred benefits to the Employees of the Employer in accordance with the provisions of section 457 of the Internal Revenue Code of 1954. as amended. This Plan shall be an agreement solely between the Employer and participating Employees. 11. DEFINITIONS 2.01 Account: The bookkeeping account maintained for each Participant reflecting the cumulative amount of the Parlicipanl's Doforrod Compensation, including any income. gains, losses, or increases or decreases in market value attributable to Iho Employee s invoslmonl of the Participant's Deterred Compensation, and further reflecting any dislribu- lions to the Participant or the Participant's Beneficiary and any fees or expenses charged against such Participant's Dclarred Compensation, 2.02 Administrator: The person or persons named to carry out certain nondiscrotionary administrative functions under the Plan, as hereinafter described. The Employer may remove any person as Administrator upon 60 days advance notice in writing to such person, in which case the Employer shall name another person or persons to act as Administrator. The Administrator may resign upon 60 days advance notice in writing to the Employer, in which the case the Employer shall name another person or persons to act as Administrator. 2.03 Beneficiary: The person or persons designated by the Participant in his Joinder Agreement who shall receive any benefits payable hereunder in the event of the Participant's death. 2.04 Deferred Compensation: The amount of Normal Compensa- tion otherwise payable to the Participant which the Participant and the Employer mutually agree to defer hereunder, any amount credited Toa Parlicipanl'sAccounl by reason of a transfer under Section 6.03, or any other amount which the Employer agrees to credit to a Participant's Account. 2.05 Employee; Any Individual who provides services for the Employer, whether as an employee of the Employer or as an Independent contractor, and who has been designated by the Employer as eligible to participate in the Plan. 2.05 Includible Compensation: The amount of an Employee's compensation from the Employer lot a fixable year that is attributable to services performed for the Employer and that Is Includible In the Employee's gross income for Ilia taxable year for federal Income lax purposes: such term does nor include any amount excludable from gross income under this Plan or any other plan described in section 4571b) of the Internal Revenue Code, any amount excludable from gross income under section 403(b) of the Internal Revenue Code, or any other amount excludable from gross income for federal Income lax purposes. Includible Compensation shall be determined without regard to any community properly laws. 2.07 Joinder Agreement: An agreement entered Into between an Employee and the Employer, including any amendments or modifications thereof. Such agreement shall fix the amount of Deterred Compensation, specify a preference among the investment alternatives deslgnaled by the Employer, designate the Employee's Beneficiary or Beneficiaries, and incorporate the terms, conditions, and provisions of the Plan by reference. 2.08 Normal Compensation: The amount of compensation which would be payable to a Participant by the Employer for a taxable year if no Joinder Agreement were in effect to defer compensation under this Plan. 2.09 Normal Retirement Age: Age 70, unless the Participant has elected an alternate Normal Retirement Age by written instrument delivered to the Administrator prior to Separation from Service. A Participant's Normal Retirement Age determines (a) the latest time when benefits may commence under this Plan (unless the Participant continues employ- ment after Normal Retirement Age), and (b) the period during which a Participant may utilize the catch-up limitation of Section 5.02 hereunder. Once a Participant has to any extent utilized the catch-up limitation of Section 5.02. his Normal Retirement Age may not be changed. A Participant's alternate Normal Retirement Age may not be earlier than the earliest date that the Participant will become eligible to retire and receive unreduced retirement benefits under the Employer's basic retirement plan covering The Participant and may not be later than the date the Participant atlains age 70. II a Participant continues employment after attaining age 70. not having previously elected an alternate Normal Retirement Age, the Participant's alternate Normal Retirement Age shall not be later than the mandatory retirement age, if any, established by the Employer, or the age at which the Participant actually separates from service If the Employer has no mandatory retirement age. It the Participant will not become eligible to receive benefits under a basic retirement plan maintained by the Employer, the Participant's alternate Normal Retirement Age may not be earlier than attainment of age 55 and may not be later Than attainment of age 70. 2.10 Participant: Any Employee witches joined the Plan pursuant to the requirements of Article IV. 2.11 Plan Year: The calendar year