Agenda Packets - 1983/09/12 - Laserfiche WebLink

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2.12 Retirement: Tire first data upon which both of the following shall have occur red will% raspect to a Par he inner Separation hum Sutvico line internment of Normal Ihnnenienl Age 2.13 Separation from Service: Severance of the I'adtcipinl's enpfoymenl with Ilia Employer A P:ilicipanl shall be deemed to have severed his employment with the Employer lot purposes of this Plan when. in accordance with Ilia established practices of Ilia Employer. the employment relationship is considered to have aclually terminated. In the case of a Participant who is an independent contractor of Ilia Employer, Separation tram Service shall he deemed to have occurred when the Participant's contract under which services are performed has completely expired and terminated. there is no foreseeable possibility that the Employer will renew the contract or enter into a newconliact lot the Participant's services, and it is nor anticipated that the Participant will become an Employee of the Employer. Ill. ADMINISTRATION 3.01 Duties of Employer: The Employer shallhavetheauthontyro make all discretionary decisions affecting Ilia rights or benehls of Participants which may be required in the administration of this Plan. 3.02 Dulles of Administrator. The Administrator, as agent for the Employe, shall perform nondiscrettonary administrative functions in connection with the Plan, including the maintenance of Participants' Accounts. the provision of periodic reports of the status of each Account and the dwhinsmntral of benefits et behalf of IOa Employer in accordance with the provisions of this Plan. it, PARTICIPATION IN THE PLAN 4.01 Initial Participation: An Employee may hecome a Pauttctpant by entering into a Joinder Agreement prior to the beginning of the calendar month in which tee Joinder Agreement is to become effective to defer compensation not yet earned. 4.02 Amendment of Joinder Agreement: A Participant may intend an executed Joinder Agreement to change the amount of compensation not yet earned which is to be deterred (including the reduction of such luluradelerrals to zero) or to change his investment preference (subject to such tesuic- lions as may result from the nature or terms of any investment nmde by the Employer). Such amendment shall become eflectiva as of the beginning of the calendar month commencing after the date the amendment is executed. A Participant may at any time amend his Joinder Agreement to change the designated Beneficiary and such amendment shall become effective immediately. V. LIMITATIONS ON DEFERRALS 5.01 Normal Unillellon: Except as provided in Section 5.02. the maximum amount of Deferred Compensation for any Participant for any taxable year shall not exceed lhelesserol 57.500.00 or 33 113 percent of the Participant's Includible Compensation for the taxable year. This [initiation will ordinarily be equivalent to the lesser of $7.500.00 or 25 percent of the Participant's Normal Compensation. 5.02 Catch-up Limllellon: For each of Ilia last three (3) taxable years of a Parlicipant ending before his allammenl of Normal Retirement Ago, the maximum amount of Deterred Compensation shall be Ilia fusser of; (I) $15,000 or (2) the sum of (t) the Normal Limdalion for Ilia taxable year, and (it) that portion of the Normal Limitation for each of the prior taxable years of the Participant commencing after 1978 during which the Plan was in existence and Ilia Participant was eligible to participate in Ito Plan (or in any other plan established under section 457 of Ilia Internal Revenue Code by an employer within the same Stale as the Employer) loss Ilia amount of Deferred Compensation lot each such prior taxable year (including amounts deterred under such other plan) For purposes of this Section 5.02. a Participant's Includible Compensation for the current taxable your shall be demrrad to include any Deferred Compensation for the taxable year in excess of the amount permitted under the Normal Llmilahon, and the Participant's Includible Compon- solion lot any prior taxable year shall be deemed to excli, any amount Ilia[ could have been deferred under the Not Limitation for such Prior taxable year, 5.03 Section 403(b) Annuities: For purposes of Sections 5.01 and 502, amounts contrbaled by the Employer on behalf of a Participant lot the purchase of an annuity contract described in section 403(b) of the Internal Revenue Code shall be treated as II such amounts constituted Deferred Compensa- tion under this Plan for the taxable year to which the contribution was made and shall thereby reduce the maximum amount that may be deferred for such taxable year, VI. INVESTMENTS AND ACCOUNT VALUES 6.01 Investment of Deferred Compensation: All investments of Pailicipanls' Deferred Compensation made by the Employer, including all property and rights purchased with such amounts and all income attributable Iherelo, shall be the sole property of the Employer and shall not be held in trust for Participants or as collateral security for the fulfillment of the Employer's obligations under the Plan. Such property shall be subject to The claims of general creditors of the Employer, and no Participant or Beneficiary shall have any vested nnmest orsecured or preferred position with respect To such property or have any claim against the Employer except as a general creditor. 6.02 Crediting of Accounts: The Participant's Account shall reflect the amount and value of the investments or other properly obtained by The Employer through the investment of the Participant's Deferred Compensation. It is anticipated that The Employer's investments with respect to a Parlicipantt wi conform to the investment preference specified in Participant's Joinder Agreement, but nothing herein shad construed to require the Employer to make any panic investment of a Participant's Deterred Compensation. Each Participant shall receive periodic reports, not less frequently than annually, showing the then -current value of his Account. 6.03 Acceptance of Transfers: Pursuant to an appropriate written agreement, the Employer may accept and credit to a Participant's Account amounts transferred from another employer within the same State representing amounts hold by such other employer under an eligible Stale deferred compensation plan described in section 457 of the Internal Revenue Code. Any such transferred amount shall not be Treated as a deferral subject to the limitations of Article V, provided however, that the actual amount of any deferral under the plan from which the transfer is made shall be taken into account in computing the catch-up Inflation under Section 5.02. 6.04 Employer Liability: In no event shall the Employers liability to pay ben aliIs to a Participant under Article VI exceed the valus of tiro amounts credited to the Participant's Account; the Employer shall not be liable for losses arising from depreciation or shrinkage in the value of any investments acquired under this Plan. VII. BENEFITS 7,01 Retirement Benefits and Election on Separation from Service: Except as otherwise provided in this Article VII, the dtstrbution of a Participant's Account shall comma during the second calendar month after the close of the Year of the Participant's Retirement, and the dfordenco alribull such Retirement benefits shall be made In ace one of the payment options described in Section 7.02. Nolwilhstanding the foregoing, Ilia Participant may prove-