1989.06.05 RESO 1989-0013 - Laserfiche WebLink

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Awrla.E a yon SM Dudw of Empioyir: TI» Employs shell Mea to aulho * esti d discretionary eIa alone afftc I the rim or beneals of Participants which may bs ro**W in the adrninistntion of this Plan. •tiectlon SA2 OuMee of AdmarA@Mdor: The AdminisiroW w spent for the Employer mf W parbrm norbiapetionrry adminpbatiN Mxictiara in oonrats lion with the Ptah. *olhdrtg the mmalntenaot d Participant' Accowta, the provision dp W o 9c, tapott on the sh" d each Account and the dh;bmuew trent d benalb an behaff of the Employer in aooadanoe with the provisions to this PUn ARTICLE M MRI7CIMTION N TME PLAN seP He - 4Ai btilhi FaAklpsttotc M Employee may become a Participm by enlark inti a Joinder AW"mort prior b the beginning d the a►Nnder morin in which the Joinder Agreement is to became effective to older mom. perestion not yet caned• !action 4.02 Ansndmsnt of Joinder Agnmemtent: A Participant may amend an rscuiod Joinder Agreement todhange the ammomurt ofcompormw tion not yet earned which M b bt deleted (ncluft the reduclin d much *Ane clob W bsro)crib chop his investmentV al a mce(mubjectbsuch wstniclions as may n * tiom the nature or an. of any inmpmsnt made by the Employ". Such amendment enol become effective as of the begin seting d the 1,81 Cie month eorlvMcing ager the dm the amendmerrt is asaW. A Participant may at any time amend his Jokier Agreement to dhangiohe deeipnaled Bendoiery. and such amendment enol bmcars effac fve imroadwely. MWICLE V. Lit UTATIONS OF OEFERRALs Secdon SM Nomlaf LbrJUdIon: Eucept at provided in Section 502. the tthaAnwun anount of Dol med Componalmon for any Participant for any taa ser shall n ct sensed the taper d 87.500:00 or 33% percent d the Par- sntt badU*M Camperestion for the taxable yea Tlhi; imtt W WIDOW by be equivalent to the lesser d 87A00:00 or 25 percent of is Partiaperht's Olen. Ccmpenhson nh. IMetton SA2 Oaleft-W LNniledoti: For each of the last tree (3) ramble yeas of a Parbovent ending t; old tws ataMment of Normal Retirement Ape, Ow maximW amount d Delmmed Commpe action Mai be the leper of (t) SISA 0 at (2) tit sum of @ the Normal Limitation for the amble year, and #Q that portion of the Normal LirrArion for each of the prior taxable years of yht Participant eommoneitg a«•r ?'u ol;ur+g which the Pru► vitt in on Vere tions any) duke: .a plan was subject b the imitations astforth in section 507. err ~ . r. ::at was aipib s to participate into Pan (or in any other plan eswoma~ce under smrim th 457 of the Internal Revs met Code by an employer within the same Side as the Empl%" in asap d the amount of Odemed Compensation for each such prior taxable vast �nhdudng anhohutt deterred under suchother pion* For purpose drove Sancta 502. a Partiaptnt's Includible Comptnsebon for the current amble year to bed to include any Deft ned Compo ettion for lhe babe yea in eeops d the amount permitted under the Normal UrARtion. and t o Pan cipant's *dudble Compen swon for any prior amble vie Mall be deemed b seclude any am mixt tel could have been dtMrred under the Namur Linni ation for such prior amble year: >tectlott 5A3 section 4M) AnwAMw: For purposes dSectiore SOt ad 502. amounts Contributed by the Employs an behat of a Participant for the purchase of an arrwutty contract described in section 103(b) of the Nterrel Atvenuo Cods"los located as ff much amounts Constituted Delertad Com - 0 -Ii-9 nt under tiffs Pion for the taxable year in which the Contribution was nr^he and shd thereby reduce the madmum amount that may be deterred nth amble year secaon GAt Msve Wwd of Defsnted Cagwwo tion: All investments of Patidpants: Waned Compensation made by the Employer - Iclud 19 ON Prot - "and f rot`aband+ with such Wr ohuts and d income attibutabte therotu Shall be the solo property of the Employer and shall not be held in Iua for Participants or as colateral security for the AAM met of the Employart 0131911- f m nuderthe Pte►. Such property thea be subject to the Celine of general aedbrs d the ErtploM and no ft liogm a Beneficiary shil hose any vested Inlsrw or secued a prelerred position with tamped to such properly or Mrs any cairn against the Employer ecept a a general ao*Ax section SM Cndlttnp of Accounts: The Participant's Pwourht shell teI 1M amount and value of the investments or other property obtained by the Employer through the investment d the Pantidpw tlr Delerred Compenptiom E is an6ap•ted that the Employart NvnM wft with l: e, to a Participant wit conlo nnm b the investment prelerenot mpeciied in the Pa icipantt Joinder AWeement, but nothing herein Mai be M*rud to require the Employer to malt any pwkubr investment da Plr*#w tt DsbrW Ctmper Beam Each Participant shat too" periotic "Ports. not lea *squmrdy then annudy. sthowm► ing the lher►axrent value of his A counl. Section 6.03 wansfem- A banels will be accepted from an eipible goo deterred compensation plan maintained by another employer and etadted b a Participant's AcCaut under This Pion. The Employer may tagvMe each doa,meration from the predecessor plan as it deems necessary to dtecar alt the franeler to confirm that much plan is an eapibk %mite r1mil - tow pe wation pan within the meaning of section 457 d the lnterrhal Pavenxn Cods; andlo assure that tranders ata provided for under much pan. Any such trues tined amount Md not be tnsated me dol rral skim b the irnkmions of AW* V. a opt that. for purposes of applying the imitations of Section SM and 502. an amount dek during any axW* year under the plan from which the t ansler i<aoapbd shall bs treated as t it had been deterred under this Plan durm much taxable year and compensation paid by the translator ennployer shall be treed as t It had been paid by the Employes Section 5.04 Employer LMbUW. M no asnt shd the Employer's bd ty b pay l , ilk b a PantiapM under Attica VI sicced the value dthe amohuts credited b the Participant'sAccount: the Employershit not be fable for bees aiming from depnciotion a ml ittiags into value d cry irwssarrherts acquired under this Plan. Batton TAI ReWemsM senMb and section on sepatadon fhtm Service: Except as otsrwiss provided in this Aside Vi, the tipnibution of a Participant's Aeoour4 shay commence a dung the second calendar nronth War the dome of the Plan liar of the Participant's Rebroment. and the *Wo- bution d such Re6tament henmitm Mea be made in accordance with one of the payment opbont deet^and in Section 7W. Notwitetandwg the brego imp. the Padcipant may irrevocably OW within 00 days Wow% separation *om Service to hoe the distribution d' I , Commence on a date other them that described in tem pteoeting emntmnoe which is at Mea 80 days alter the dais such election is delivered in wrbV to the Employer and forwarded Ito, the Administrator but not tate thew W days after the dose of tee Pion Aar of the Participant's atioinmtnt of Normal Rstinament Age or Separation from Strvioe, whichever is bw section TA2 Payment Options: As provided in Sections 70 and 7A5• a Participant may elect b hoe the value of hit Account distributed in acca- danoe with one Of the b &MV payment options. provided that such option it conmim ll with the imilefts sat bMh in Section 7A3. 1a) Equal monthly. quarterly. amiannual or annual payment; in an amort Chosen by aro Participant. continuing unlif his Account is eeahauaed: One lurnp mum tom: Iq APprownsmY agxW mohthly. %Aft y, semi annual or amid paymea aladated b continue for a period Pt moms by tee Participant: (CO Payments equal fo psymenls made bytha immuer do retirement annuity Poky acquired by the Employer. (a) Any other payment option aMcUd by the Panliaipant and agreed to bis the Employes A Pa *Ow tt leetiorh d e ptytim option mus ba made atMea 30 days bolas the payment of betheits is to Corm enco 0 a Participant tail; to make a timely election Of a payment option, be all,, Mea be pad monthly under option (c) above for a penod of ave years. Section TA3 Limitation on OpMona: No payment option may be selected by the Participant under Section 722 unless the present value of the payments b the Peticipant. dotem W*d as d the date benefits cammenoo. eemeds 50 percm Of the value of the Partecipentt Accohut as Of the date bene'ot