HomeMy WebLinkAboutRES 21-01 RESOLUTION NO. 21-01
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY
OF APACHE JUNCTION, ARIZONA, ADOPTING A SUPPLEMENTAL
DEFINED CONTRIBUTION PLAN SPONSORED THROUGH NATIONWIDE
FOR ALL CITY ELIGIBLE OFFICERS AND EMPLOYEES
ADMINISTERED THROUGH THE ARIZONA STATE RETIREMENT
SYSTEM.
WHEREAS, on December 22, 1993, the mayor and city council
("Council") passed Ordinance No. 884 establishing a policy
related to the use of Internal Revenue Code § 457 Retirement
Funds and Resolution No. 93-23 establishing a deferred
compensation plan for the City of Apache Junction ("City")
administered by the United States Conference of Mayors which
endorsed the Nationwide 457 plan.; and
WHEREAS, on March 6, 1996, Council passed Resolution No .
96--05 establishing a deferred compensation plan offered through
the International City Managers Association Retirement
Corporation ("ICMA") ; and
WHEREAS, can November 4, 2003, Council passed Resolution No
03-05 authorizing establishment of a governmental profit-sharing
plan and trust adoption agreement known as a "401 (A) " plan
offered. through ICMA; and
WHEREAS, on March 15, 2016, Council passed Resolution No.
16-08 authorizing renewal of the 401 (A) plan and trust adoption
agreement with ICMA as required under federal law; and
WHEREAS, Council desires to make avail-able to its employees
other financial retirement planning alternatives, such as the
Nationwide Retirement Solutions supplemental salary deferral
plan ("SSDP") for eligible City officers and employees to be
administered by the Arizona State Retirement System ("ASRS")
under Article 2, Chapter 5, Title 38 of the Arizona Revised
Statutes (see Exhibit A) .
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA AS FOLLOWS .
1) The City of Apache Junction hereby adopts the Nationwide SSDP
established by ASRS pursuant to A.R.S . § 38-781, for eligible
City officers and employees, more fully set forth in Exhibit A.
RESOLUTION NO. 21-01
PAGE 1 OF 2
2) This SSDP shall be a deferred salary retirement plan in
addition to the other available plans currently offered by the
City for eligible employees .
3) The city manager and his designees are hereby authorized and
directed to take any and all steps, including, without
limitation, execution of documents and agreements, necessary to
carry out the purpose and intent of this resolution.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, ARIZONA, THIS DAY OF 2021 .
SIGNED AND ATTESTED TO THIS DAY OF 2021 .
CHIP WILSON
Mayor
ATTEST:
elf P J 4NN F�R P A,1,
City Clerk
APPROVED AS TO FORM:
(41-19-21
RICHARD J. STERN
City Attorney
RESOLUTION NO. 21-01
PAGE 2 OF 2
EXHIBIT A
(Name�/'�mp►at�r,
DEFERRED COMPENSATION L LIC EMPLOYEES
457 GOVERNMENTAL PLAN AND TRUST
Document provided as a courtesy or.
Nationwide'
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Retirement :Soluaons
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457 Governmental Plan and Trust
457 GOVERNMENTAL PLAN AND TRUST
The Employer adopts this 457 1.06 "Code"means the Internal Revenue Code
Governmental Plan and Trust. The Plan is intended of 1986,as amended.
to be an "eligible deferred compensation plan" as
defined in Code §457(b) of the Internal Revenue 1.07 "Compensation" for purposes of
Code of 1986 ("Eligible 457 Plan"). The Plan allocating Deferral Contributions means the
consists of the provisions set forth in this plan employee's wages, salaries, fees for professional
document and is applicable to the Employer and each services, and other amounts received without regard
Employee who elects to participate in the Plan. If the to whether or not an amount is paid in cash for
personal services actually rendered in the course of
Employer adopts this Plan as a restated Plan in employment with the Employer,to the extent that the
substitution for, and in amendment of, an existing amounts are includible in gross income (or to the
plan, the provisions of this Plan, as a restated Plan, extent amount would have been received and
apply solely to an Employee on or after the execution includible in gross income but for an election under
of this Plan. The Plan is effective as to each Code §§ 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B),
Employee upon the date he/she becomes a Participant 402(k), and 457(b), including an election to defer
by entering'into and filing with the Employer or the Compensation under Article 111. See Section 1.16 as
Administrative Services Provider a Participation to Compensation for an Independent Contractor,
Agreement or an Acknowledgement Form/Card. Compensation also includes any amount that the
Internal Revenue Service in published guidance
ARTICLE I declares to constitute compensation for purposes of
DEFINITIONS an Eligible 457 Plan.
1.01 "Account"means the separate Account(s) (A) Elective Contributions. Compensation under
which the Administrative Services Provider or the Section 1.07 includes Elective Contributions.
Trustee maintains under the Plan for a Participant's "Elective Contributions" are amounts excludible
Deferred Compensation.The Administrative Services from the Employee's gross income under Code
Provider or Trustee may establish separate Accounts §§125, 132(f)(4), 402(e)(3), 402(h)(1)(B), 403(b),
for multiple Beneficiaries of a Participant to facilitate 408(p) or 457, and contributed by the Employer, at
required minimum distributions under Section 4.03 the Employee's election, to a cafeteria plan, a
based on each Beneficiary's life expectancy. qualified transportation fringe benefit plan, a 401(k)
arrangement, a SARSEP, a tax-sheltered annuity, a
1.02 "Accounting Date"means the last day of SIMPLE plan or a Code§457 plan,
the Plan Year.
(B) Dirferential wage payments. For years
1.03 "Acknowledgement Form/Card" means beginning after December 31,2008, (i)an individual
the application to the Administrative Services receiving a differential wage payment,as defined by
Provider to participate in the Plan when the Plan is a Code§3401(h)(2),shall be treated as an employee of
Social Security replacement plan. the employer making the payment;(il)the differential
wage payment shall be treated as compensation; and
1.04 "Administrative Services Provider" (iii)the plan will not be treated as failing to meet the
means Nationwide Retirement Solutions, Inc. which requirements of any provision described in Code
acts as the third party administrative services §414(u)(1)(C) by reason of any contribution or
provider appointed by the Employer to carry out benefit which is based on the differential Wage
nondiscretionary administrative functions for the payment,
Plan.
1.08 "Deferral Contributions" means Salary
1.05 "Beneficiary" means a person who the Reduction Contributions, Nonelective Contributions
Plan or a Participant designates and who is or may and Matching Contributions. The Employer or the
become entitled to a Participant's Account upon the Administrative Services Provider (if applicable) in
Participant's death. A Beneficiary who becomes applying the Code § 457(b) limit will take into
entitled to a benefit under the Plan remains a account Deferral Contributions in the Taxable Year
Beneficiary under the Plan until the Beneficiary has in which deferred. The Employer or Administrative
received full distribution of his/her Plan benefit. A Services Provider (if applicable) in determining the
Beneficiary's right to (and the Administrative amount of a Participant's Deferral Contributions
Services Provider's or a Trustee's duty to provide to disregards the net income, gain and loss attributable
the Beneficiary) information or data concerning the to Deferral Contributions,
Plan does not arise until the Beneficiary first
becomes entitled to receive a benefit under the Plan. 1.09 "Deferred Compensation"means as to a
Participant the amount of Deferral Contributions,
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Rollover Contributions and Transfers adjusted for 1.19 "Nonelective Contribution" means an
allocable net income,gain or loss,in the Participant's Employer fixed or discretionary contribution not
Account. made as a result of a Participation Agreement and
which is not a Matching Contribution.The Employer
LIO "Effective Date" of this Plan is the date may provide for nonelective contributions.
indicated on the execution line unless the Code,
Treasury regulations, or other applicable guidance 1.20 "Normal Retirement Age" means the
provides otherwise. age designated by the Participant unless the
Employer designates in writing a Normal Retirement
1,11 "Employee" means an individual who Age. The Normal Retirement Age designated by the
provides services for the Employer,as a common law Participant or Employer shall be no earlier than age
employee of the Employer. See Section 1.16 65 or the age at which Participants have the right to
regarding potential treatment of an Independent retire and receive, under the basic defined benefit
Contractor as an Employee. pension plan of the Employer(or a money purchase
plan in which the Participant also participates if the
1.12 "Employer" means an employer who Participant is not eligible to participate in a defined
adopts this Plan by executing the Plan. benefit plan), immediate retirement benefits without
actuarial or similar reduction because of retirement
1.13 "Employer Contribution" means before some later specified age. The Normal
Nonelective Contributions or Matching Retirement Age also shall not exceed age 70Yz.
Contributions.
Special Ride for Eligible Plans of Qualified
1.14 "Excess Deferrals" means Deferral Police at- F-h-efighters. A Participant who is a
Contributions to an Eligible 457 Plan for a qualified police officer or firefighter as defined under
Participant that exceed the Taxable Year maximum Code §415(b)(2)(H)(ii)(I) may designate a Normal
limitation of Code§§457(b)and(c)(18). Retirement Age between age 40 and age 70 Vz.
1.15 "Includible Compensation" means, for 1.21 "Participant" is an Employee who elects
the Employee's Taxable Year, the Employee's total to participate in the Plan in accordance with the
Compensation within the meaning of Code § provisions of Section 2.01 or an individual who has
415(c)(3) paid to an Employee for services rendered previously deferred Compensation under the Plan by
to the Employer. Includible Compensation includes a Participation Agreement and has not received a
Deferral Contributions under the Plan, compensation complete distribution of his/her Account.
deferred under any other plan described in Code
§457, and any amount excludible from the 1.22 "Participation Agreement" means the
Employee's gross income under Code §§401(k), agreement to enroll and participate in the Plan that is
403(b), 125 or 132(f)(4) or any other amount completed by the Participant and provided to the
excludible from the Employee's gross income for Administrative Services Provider. The Participation
Federal income tax purposes. The Employer will Agreement is the agreement, by which the Employer
determine Includible Compensation without regard to reduces the Participant's Compensation for
community property laws. contribution to the Participant's Account.
1.16 "Independent Contractor" means any 1.23 "Plan"means the 457 plan established or
individual who performs service for the Employer continued by the Employer in the form of this Plan
and who the Employer does not treat as an Employee and (if applicable) Trust Agreement. All section
or a Leased Employee. The Employer may permit references within the Plan are Plan section references
Independent Contractors to participate in the Plan.To unless the context clearly indicates otherwise,
the extent that the Employer permits Independent
Contractor participation, references to Employee in 1.24 "Plan Entry Date" means the date an
the Plan include Independent Contractors and which an Employee completes and files a
Compensation means the amounts the Employer pays Participation Agreement with the Administrative
to the Independent Contractor for services. Services Provider.
1.17 "Leased Employee" means an Employee 1.25 "Plan Year"means the calendar year,
within the meaning of Code§414(n).
1.26 "Rollover Contribution" means the
1.18 "Matching Contribution" means an amount of cash or property which an eligible
Employer fixed or discretionary contribution made or retirement plan described in Code §402(c)(8)(B)
forfeiture allocated on account of Salary Reduction distributes to an eligible Employee or to a Participant
Contributions. The Employer may provide for in an eligible rollover distribution under Code
matching contributions. §402(c)(4) and which the eligible Employee or
Participant transfers directly or Indirectly to an
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Eligible 457 Plan. A Rollover Contribution includes (2) Independent Contractor. An Independent
net income, gain or loss attributable to the Rollover Contractor has a Severance from Employment when
Contribution. A Rollover Contribution excludes the contract(s) under which the Independent
after-tax Employee contributions, as adjusted for net Contractor performs services for the Employer
income,gain or loss. expires (or otherwise terminates), unless the
Employer anticipates a renewal of the contractual
1.27 "Salary Reduction Contribution"means relationship or the Independent Contractor becoming
a contribution the Employer makes to the Plan an Employee.The Employer anticipates renewal if it
pursuant to a Participation Agreement. intends to contract for the services provided under the
expired contract and neither the Employer nor the
1.28 "Service" means any period of time the Independent Contractor has eliminated the
Employee is in the employ of the Employer. In the Independent Contractor as a potential provider of
case of an Independent Contractor, Service means such services under the new contract. Further, the
any period of time the independent Contractor Employer intends to contract for services conditioned
performs services for the Employer on an only upon the Employer's need for the services
independent contractor basis. An Employee or provided under the expired contract or the
Independent Contractor terminates Service upon Employer's availability of funds. Notwithstanding
incurring a Severance from Employment. the preceding provisions of this Section 1.28, the
Administrative Services Provider will consider an
(A) Qunlified Military Service. Service includes Independent Contractor to have incurred a Severance
any qualified military service the Plan must credit for from Employment: (a)if the Administrative Services
contributions and benefits in order to satisfy the Provider or Trustee will not pay any Deferred
crediting of Service requirements of Code§414(u),A Compensation to an Independent Contractor who is a
Participant whose employment is interrupted by Participant before a date which is at least twelve
qualified military service under Code§414(u)or who months after the expiration of the Independent
is on a leave of absence for qualified military service Contractor's contract (or the last to expire of such
under Code §414(u) may elect tomake additional contracts)to render Services to the Employer,and(b)
Salary Reduction Contributions upon resumption of if beford the applicable twelve-month payment date,
employment with the Employer equal to the the Independent Contractor performs Service as an
maximum Deferral Contributions that the Participant Independent Contractor or as an Employee, the
could have elected during that period if the Administrative Services Provider or Trustee will not
Participant's employment with the Employer had pay to the Independent Contractor his/her Deferred
continued (at the same level of Compensation) Compensation on the applicable date.
without the interruption of leave, reduced by the
Deferral Contributions, if any, actually made for the (3) Uniformed Services, for purposes of
Participant during the period of the interruption or distributions to an individual in the uniformed
leave.This right applies for five years following the services,such individual will be treated as incurring a
resumption of employment(or,if sooner,for a period Severance from Employment during any period the
equal to three times the period of the interruption or individual is performing service in the uniformed
leave). The Employer shall make appropriate make- services described in Code § 3401(h)(2)(A).
up Nonelective Contributions and Matching However, the plan will not distribute the benefit to
Contributions for such a Participant as required under such an individual without that individual's consent,
Code §414(u). The Plan shall apply limitations of so long as the individual is receiving differential
Article III to all Deferral Contributions under this wage payments.
paragraph with respect to the year to which the
Deferral Contribution relates, If an individual elects to receive a distribution
under this provision,the individual may not make an
(B) "Continuous Service" means Service with the elective deferral or employee contribution during the
Employer during which the Employee does not incur 6-month period beginning on the date of the
a Severance from Employment. distribution.
(C) "Severance from Employment." 1.29 "State' means(a) one of the 50 states of
the United States or the District of Columbia,or(b)a
(1) Employee. An Employee has a Severance political subdivision of a State, or any agency or
from Employment when the Employee ceases to be instrumentality of a State or its political subdivision.
an Employee of the Employer. A Participant does A State does not include the federal government or
not incur a Severance from Employment if, in any agency or instrumentality thereof,
connection with a change in employment, the
Participant's new employer continues or assumes 1.30 "Taxable Year"means the calendar year
sponsorship of the Plan or accepts a Transfer of Plan or other taxable year of a Participant.
assets as to the Participant.
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457 Governmental Plan and Trust
1.31 "Transfer" means a transfer of Eligible the Administrative Services Provider an
457 Plan assets to another Eligible 457 Plan which is Acknowledgement Fon-a/Card and thereby consent to
not a Rollover Contribution and which is made in a reduction of salary by the amount of the Deferral
accordance with Section 9.03. Contribution specified in the Acknowledgement
Form/Card. Allocations to the Participant's Account
1,32 "Trust" means the Trust created under must equal at least 7.5% of the Participant's
the adopting Employer's Plan. The Trust created and Compensation or such other minimum amount as
established under the adopting Employer's Plan is a shall be required for the Plan to be considered a
separate Trust, independent of the trust of any other retirement system under Code §3121(b)(7)(F) and
Employer adopting this Eligible 457 Plan and is Treas. Reg. §31.3121(b)(7)-2, and the reduction in
subject to Article VIII. the Participant's salary shall begin no earlier than the
first pay period commencing during the first month
1.33 "Trustee" means the person or persons after the date on which the Acknowledgement
designated by the Employer to serve in the position Form/Card is filed with the Administrative Services
of Trustee. Provider.
ARTICLE II (C) Takeover Plans,If the Plan is a restated Plan,an
PARTICIPATION IN PLAN Employee who participated in the predecessor plan
shall become a Participant in the Plan upon the
2.01 ELIGIBILITY. Each Employee becomes Employer's execution of the enabling documents for
a Participant in the Plan as soon as he/she completes this Plan. Allocations to each such Participant's
and files a Participation Agreement, If this Plan is a Account must equal at least 7.5%of the Participant's
restated Plan, each Employee who was a Participant Compensation, or such other minimum amount as
in the Plan on the day before the Effective Date shall be required for the Plan to be considered a
continues as a Participant in the Plan. retirement system under Code §3121(b)(7)(F) and
Treas. Reg. §31,3121(b)(7)-2, and the reduction in
2.02 PARTICIPATION UPON RE- the Participant's salary shall begin immediately
L_QYMENT. A Participant who incurs a thereafter.
Severance from Employment will re-enter the Plan as
a Participant on the date of his/her re-employment, ARTICLE III
DEFERRAL CONTRIBUTIONS/LIMITATIONS
2.03 SPECIAL ELIGIBILITY PROVISIONS
FOR PARTICIPANTS IN A PLAN USED A A 3.01 AMOUNT
SOCIAL SECURITY REPLACE T PLAN.
Notwithstanding any provision to the contrary, the (A) Contribution Formula.For each Plan Year,the
provisions of this Section 2.03 will apply if the Employer will contribute to the Plan the amount of
Employer elects in a written agreement with the Deferral Contributions the Employee elects to defer
Administrative Services Provider to use the Plan as a under the Plan.
Social Security replacement plan. If the Plan is used
as a Social Security replacement plan,the provisions (B) Return of Contributions. The Employer
of Sections 4,05(a)and 5.03 will not apply. contributes to this Plan on the condition its
contribution is not due to a mistake of fact. If any
(A) Eligibility to participate for new Employees, Participant Salary Reduction Contribution is due to a
A new Employee shall,as a condition of employment mistake of fact, the Employer or the Trustee upon
participate in the Plan sign and file with the written request from the Employer will return the
Administrative Services Provider an Participant's contribution, within one year after
Acknowledgement Form/Card and thereby payment of the contribution.
consenting to a reduction of salary by the amount of
the Deferral Contribution specified in the The Trustee may require the Employer to furnish it
Acknowledgement Form/Card. Contributions to the whatever evidence the Trustee deems necessary to
Participant's Account must equal at least 7.5%of the enable the Trustee to confirm the amount the
Participant's Compensation, or such other minimum Employer has requested be returned is properly
amount as shall be required for the Plan to be returnable.
considered a retirement system under Code
§3121(b)(7)(F)and Treas.Reg.31,3121(b)(7)-2, and (C) Time of Payment of Contribution. An
the reduction in the Participant's salary shall begin Employer will deposit Salary Reduction
immediately thereafter. Contributions to the Trust within a period that is not
longer than is reasonable for the administration of
(B) Eligibility to participate for current Participant Accounts, Neither the Administrative
Employees. An Employee who is newly eligible to Services Provider nor the Trustee is responsible for
participate in the Plan shall, prior to becoming the delay of deposits of Salary Reduction
eligible to participate in the Plan, sign and file with Contributions caused by the Employer.
4 mo
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reason of Qualified Military Service(as described in
3.02 SALARY REDUCTION CONTRIBU- Code§414(u)(1))to the extent those payments do not
TION5. The Plan does not apply any limitations on exceed the amounts the individual would have
Salary Reduction Contributions other than the received if the individual had continued to perform
limitations applicable under the Code. services for the Employer rather than entering
(A) Deferral from Sick, Vacation and Back Pay. Qualified Military Service.
Participants may make Salary Reduction Limitation on Post-Severance Compensation. Any
Contributions from accumulated sick pay, from payment of Compensation paid after Severance of
accumulated vacation pay or from back pay. Employment that is not described in Section
3.02(C)(1) or 3.02(C)(2) is not Post-Severance
(B) Application to Leave of Absence and Compensation, even if payment is made by the later
Disability. The Participation Agreement will of 2% months after Severance from Employment or
continue to apply during the Participant's leave of by the end of the calendar year that includes the date
absence or the Participant's disability (as the of such Severance of Employment.
Employer shall establish), if the Participant has
Compensation other than imputed compensation or 3.03 NORMAL LIMITATION. Except as
disability benefits. provided in Sections 3,04 and 3.05, a Participant's
maximum Deferral Contributions (excluding
(C) Post-severance deferrals limited to Post- Rollover Contributions and Transfers)under this Plan
Severance Compensation. Deferral Contributions for a Taxable Year may not exceed the lesser of.
are permitted from an amount received following
Severance from Employment only if the amount is (a) The applicable dollar amount as
Post-Severance Compensation. specified under Code §457(e)(15) (or, beginning
January 1, 2006) such larger amount as the
Post-Severance Compensation defined. Post- Commissioner of the Internal Revenue may
Severance Compensation includes the amounts prescribe),or
described in (1) and (2) below, paid after a
Participant's Severance from Employment with the (b) 100% of the Participant's Includible
Employer, but only to the extent such amounts are Compensation for the Taxable Year,
paid by the later of 2%months after Severance from
Employment or the end of the calendar year that 3.04 NORMAL RETIREMENT AGE
includes the date of such Severance from CATCH-UP CONTRIBUTION. For one or more of
Employment. the Participant's last three Taxable Years ending
before the Taxable Year in which the Participant
(1) Regular pay.Post-Severance Compensation attains Normal Retirement Age, the Participant's
includes regular pay after Severance of Employment maximum Deferral Contributions may not exceed the
if: (1) the payment is regular compensation for lesser of-
services during the Participant's regular working
hours, or compensation for services outside the (a) Twice the dollar amount under Section 3.03
Participant's regular working hours(such as overtime normal limitation,or(b)the underutilized limitation.
or shift differential), commissions, bonuses, or other
similar payments; and (il) the payment would have (A) Underutilized Limitation, A Participant's
been paid to the Participant prior to a Severance from underutilized limitation is equal to the sum of(i)the
Employment if the Participant had continued in normal limitation for the Taxable Year, and (ii) the
employment with the Employer. normal limitation for each of the prior Taxable Years
of the Participant commencing after 1978 during
(2) Leave cashouts. Post-Severance which the Participant was eligible toparticipate in the
Compensation inch(des leave cashouts if those Plan and the Participant's Deferral Contributions
amounts would have been included in the definition were subject to the normal limitation or any other
of Compensation if they were paid prior to the Code § 457(b) limit, less the amount of Deferral
Participant's Severance from Employment, and the Contributions for each such prior Taxable Year,
amounts are payment for unused accrued bona fide excluding age 50 catch-up contributions,
sick, vacation, or other leave, but only if the
Participant would have been able to use the leave if (B) Multiple 457 Plans. If the Employer maintains
employment had continued, more than one Eligible 457 Plan, the Plans may not
permit any Participant to have more than one Normal
(3)Salary continuation payments for military Retirement Age under the Plans.
service Participants. Post-Severance Compensation (C) Pre-2002 Coordination. In determining a
includes payments to an individual who does not Participant's underutilized limitation, the
currently perform services for the Employer by
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coordination rule in effect under now repealed Code the Administrative Services Provider and Trustee
§457(c)(2) applies. Additionally, the normal must treat the Employee as a limited Participant (as
limitation for pre-2002 Taxable Years is applied in described in Rev. Rul, 96-48 or in any successor
accordance with Code§457(b)(2)as then in effect. ruling). If a limited Participant has a Severance from
Employment prior to becoming a Participant in the
3.05 AGE 50 CATCH-UP Plan, the Trustee will distribute his/her Rollover
CONTRIBUTION. All Employees who are eligible Contributions Account to the limited Participant in
to make Salary Reduction Contributions under this accordance with Article TV.
Plan and who have attained age 50 before the close of
the Taxable Year are eligible tomake age 50 catch- (C) Separate Accounting. If an Employer permits
up contributions for that Taxable Year in accordance Rollover Contributions, the Administrative Services
with,and subject to the limitations of,Code§414(v). Provider must account separately for: (1) amounts
Such catch-up contributions are not taken into railed into this Plan from an eligible retirement plan
account for purposes of the provisions of the plan (other than from another Eligible 457 plan); and (2)
implementing the required limitations of Code§457. amounts rolled into this Plan from another Eligible
If, for a Taxable Year, an Employee makes a catch- 457 Plan. The Administrative Services Provider for
up contribution under Section 3.04, the Employee is purposes of ordering any subsequent distribution
not eligible to make age 50 catch-up contributions from this Plan may designate a distribution from a
under this Section 3.05, A catch-up eligible Participant's Rollover Contributions as coming first
Participant in each Taxable Year is entitled to the from either of(1)or(2) above if the Participant has
greater of the amount determined under Section 3.04 both types of Rollover Contribution Accounts.
or Section 3.05 catch-up amount plus the Section
3.03 normal limitation, 3.09 DISTRIBUTION OF EXCESS
DEFERRALS, In the event that a Participant has
3.06 CONTRIBUTION ALLOCATION. The Excess Deferrals, the Plan will distribute to the
Administrative Services Provider will allocate to Participant the Excess Deferrals and allocable net
each Participant's Account histher Deferral income,gain or loss, in accordance with this Section
Contributions. 3.09.
3.07 ALLOCATION CONDITIQN_S.The Plan The Administrative Services Provider will distribute
does not impose any allocation conditions, Excess Deferrals from an Eligible 457 Plan as soon
as is reasonably practicable following the
3.08 ROLLOVER CONTRIBUTIONS, The Administrative Services Provider's or Employer's
Plan permits Rollover Contributions, determination of the amount of the Excess Deferral.
(A) Operational Administration. The Employer, (A) Plan Aggregation. If the Employer maintains
operationally and an a nondiscriminatory basis, may more than one Eligible 457 Plan,the Employer must
elect to permit or not to permit Rollover aggregate all such Plans in determining whether any
Contributions to this Plan or may elect to limit an Participant has Excess Deferrals.
eligible Employee's right or a Participant's right to
make a Rollover Contribution. If the Employer (13) Individual Limitation. If a Participant
permits Rollover Contributions,any Participant(or as participates in another Eligible 457 Plan maintained
applicable, any eligible Employee), with the by a different employer, and the Participant has
Employer's written consent and after filing with the Excess Deferrals, the Administrative Services
Trustee the form prescribed by the Administrative Provider may, but is not required, to correct the
Services Provider,may make a Rollover Contribution Excess Deferrals by making a corrective distribution
to the Trust. Before accepting a Rollover from this Plan.
Contribution, the Trustee may require a Participant
(or eligible Employee) to furnish satisfactory 3.10 DOLLAR LIMITS, The table below
evidence the proposed transfer is in fact a"Rollover shows the applicable dollar amounts described in
Contribution" which the Code permits an employee paragraph 3.03(a)and limitations on age 50 catch-up
to make to an eligible retirement plan,The Trustee,in contributions described in Section 3.05. These
its sole discretion, may decline to accept a Rollover amounts are adjusted after 2006 for changes in the
Contribution of property which could: (1) generate cost-of-living to the extent permitted in Code §
unrelated business taxable income; (2) create 415(d).
difficulty or undue expense in storage,safekeeping or
valuation; or (3) create other practical problems for
the Trust.
(B) Pre-Participation Rollover. If an eligible
Employee makes a Rollover Contribution to the Trust
prior to satisfying the Plan's eligibility conditions,
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30 days before the date the Participant first would be
Applicable Age 50+Catch-up eligible to commence payment of the Participant's
Year Dollar Contribution Account, The Administrative Services Provider must
— Amount Limitation furnish to the Participant a form for the Participant to
2002 $11,000 $1,000 elect the time and a method of payment.
2003 $12,000 $2,000
2004 $13,000 $3,000 4.03 REQUIRED MINIMUM DISTRIBU-
2005 1 $14,000 4 000 TIONS. The Administrative Services Provider may
206 15,000 $5,000 not distribute nor direct the Trustee to distribute the
Participant's Account, nor may the Participant elect
any distribution his/her Account, under a method of
ARTICLE TV payment which, as of the required beginning date,
TIME AND METHOD OF does not satisfy the minimum distribution
PAYMENT OF BENEFITS requirements of Code § 401(a)(9) or which is not
consistent with applicable Treasury regulations.
4.01 DISTRIBUTION (A) General Rules.
RESTRICTIONS. Except as the Plan provides
otherwise, the Administrative Services Provider or (1) Precedence. The requirements of this
Trustee may not distribute to a Participant his/her Section 4.03 will take precedence over any
Account prior to the Participant's Severance from inconsistent provisions of the Plan.
Employment, the calendar year in which the
Participant attains age 70YS, or such other event for (2) Requirements of Treasury Regulations
which federal legislation is enacted or regulatory Incorporated. All distributions required under this
relief granted permitting the Plan to make Section 4.03 will be determined and made in
distributions to qualifying Participants. accordance with the Treasury regulations under Code
§401(a)(9).
(A) Distribution of Rollover Contributions.To the
extent the Employer permits Rollover Contributions (B)Time and Manner of Distribution
(but not Transfers) to this Plan, a Participant may
receive a distribution of such Rollover Contributions (1) Required Beginning Date. The
without regard to the restrictions found in this Participant's entire interest will be distributed, or
Section 4.01. begin to be distributed,to the Participant no later than
the Participant's required beginning date.
4.02 Tl AND METHQD OF PAYMENT
OF ACCOUNT' The Administrative Services (2) Death of Participant Before Distribution
Provider, or Trustee at the direction of the Begins. If the Participant dies before distributions
Administrative Services Provider, will distribute to a begin, the Participant's entire interest will be
Participant who has incurred a Severance from distributed,or begin to be distributed,no later than as
Employment the Participant's Account under one or follows:
any combination of payment methods elected by the
Participant. The Participant may elect one of the (a) Spouse Designated Beneficiary. If the
following methods of payment: (1) lump sum Participant's surviving spouse is the Participant's
payment, (2) partial lump sum payment, (3) sole designated Beneficiary, distributions to the
installment, or (4) an annuity. In no event will the surviving spouse will begin by December 31 of the
Administrative Services Provider direct(or direct the calendar year immediately following the calendar
Trustee to commence) distribution, nor will the year in which the Participant dies,or by December 31
Participant elect to have distribution commence,later of the calendar year in which the Participant would
than the Participant's required beginning date, or have attained age 70%,if later.
under a method that does not satisfy Section 4.03,
(b) Non-Spouse Designated Beneficiary. If
Subject to any restrictions imposed by the the Participant's surviving spouse is not the
Participant's investment providers and the Participant's sole designated Beneficiary, then,
Administrative Services Provider,the Participant: (1) distributions to the designated Beneficiary will begin
may elect to commence distribution no earlier than is by December 31 of the calendar year immediately
administratively practical following Severance from following the calendar year in which the Participant
Employment; (2) may elect to postpone distribution died.
of his/her Account to any fixed or determinable date (c) No Designated Beneficiary. If there is
including, but not beyond, the Participant's required no designated Beneficiary as of September 30 of the
beginning date; and (3) may elect the method of year following the year of the Participant's death,the
payment. A Participant may elect the timing and Participant's entire interest will be distributed by
method of payment of his/her Account no later than
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December 31 of the calendar year containing the fifth Participant's and spouse's birthdays in the
anniversary of the Participant's death, distribution calendar year.
(d) Death of Spouse. If the Participant's (2) Lifetime Required Minimum
surviving spouse is the Participant's sole designated Distributions Continue Through Year or
Beneficiary and the surviving spouse dies after the Participant's Death, Required minimum
Participant but before distributions to the surviving distributions will be determined under this Section
spouse begin, this Section 4,03(B)(2) other than 4.03(C)beginning with the first distribution calendar
Section 4,03(B)(2)(a), will apply as if the surviving year and up to and including the distribution calendar
spouse were the Participant. year that includes the Participant's date of death.
For purposes of this Section 4.03(B)and Section (D) Required Minimum Distributions after
4.03(D), unless Section 4.03(B)(2)(d) applies, Participant's Death.
distributions are considered to begin on the
Participant's required beginning date, If Section (1) Death On or After Distributions Begin,
4.03(B)(2)(d) applies, distributions are considered to
begin on the date distributions are required to begin (a) ParticiRant Survived by Designated
to the surviving spouse under Section 4.03(B)(2)(a). Ams—ficji—aa.If the Participant dies on or after the date
If distributions under an annuity purchased from an distributions begin and there is a designated
insurance company irrevocably commence to the Beneficiary, the minimum amount that will be
Participant before the Participant's required distributed for the distribution calendar year of the
beginning date (or to the Participant's surviving Participant's death is obtained by dividing the
spouse before the date distributions are required to Participant's account balance by the remaining life
begin to the surviving spouse under Section expectancy of the Participant. The Participant's
4.03(13)(2)(a),the date distributions are considered to remaining life expectancy is calculated using the
begin is the date distributions actually commence. attained age of the Participant as of the Participant's
birthday in the calendar year of death. For each
(3) Forms of Distribution. Unless the distribution calendar year after the year of the
Participant's interest is distributed in the form of an Participant's death,the minimum amount that will be
annuity purchased from an insurance company or in a distributed is the quotient obtained by dividing the
single sum on or before the required beginning date, Participant's account balance by the remaining life
as of the first distribution calendar year distributions expectancy of the Participant's designated
will be made in accordance with Sections 4.03(C) Beneficiary,
and 4.03(D).If the Participant's interest is distributed
in the form of an annuity purchased from an (b) No Designated Beneficiary. If the
insurance company, distributions thereunder will be Participant dies on or after the date distributions
made in accordance with the requirements of Section begin and there is no designated Beneficiary as of
4.01(a)(9)of the Code and the Treasury regulations. September 30 of the calendar year after the calendar
year of the Participant's death, the minimum amount
(C) Required Minimum Distributions during that will be distributed for each distribution calendar
Participant's Lifetime, year after the calendar year of the Participant's death
is the quotient obtained by dividing the Panicipant's
(1) Amount of Required Minimum account balance by the Participant's remaining life
Distribution for Each Distribution Calendar Year, expectancy calculated using the attained age of the
During the Participant's lifetime, the minimum Participant as of the Participant's birthday in the
amount that will be distributed for each distribution calendar year of death, reduced by one for each
calendar year is the lesser of subsequent calendar year,
(a) ULT. The quotient obtained by (2) Death before Date Distributions Begin.
dividing the Participant's account balance by the
number in the Uniform Life Table set forth in Trees. (a) Participant Survived by Designated
Reg. §1.401(a)(9)-9, using the Participant's attained Beneficiary. If the Participant dies before the date
age as of the Participant's birthday in the distribution distributions begin and there is a designated
calendar year;or Beneficiary, the minimum amount that will be
distributed for each distribution calendar year after
(b) Younger Spouse. If the Participant's the year of the Participant's death is the quotient
sole designated Beneficiary for the distribution obtained by dividing the Participant's account
calendar year is the Participant's spouse,the quotient balance by the remaining life expectancy of the
obtained by dividing the Participant's account Participant's designated Beneficiary, determined as
balance by the number in the Joint and Last Survivor provided in Section 4.03(D)(1).
Table set forth in Trees. Reg. §1,401(a)(9)-9, using
the Participant's and spouse's attained ages as of the
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(b) No Designated Beneficiary. If the the Plan either in the valuation calendar year or in the
Participant dies before the date distributions begin distribution calendar year if distributed or transferred
and there is no designated Beneficiary as of in the valuation calendar year,
September 30 of the year following the year of the
Participant's death, distribution of the Participant's (5) Required beginning date. A Participant's
entire interest will be completed by December 31 of required beginning date is the April I of the calendar
the calendar year containing the fifth anniversary of year following the later of. (1) the calendar year in
the Participant's death. which the Participant attains age 7M, or (2) the
calendar year in which the Participant retires or such
(c) Deat
h of Surviving Spouse Before other date under Code§401(a)(9)by which required
Distributions to Surviving Spouse Are Required to minimum distributions must commence.
Pni:n. If the Participant dies before the date
distributions begin,the Participant's surviving spouse (F) General 2009 waiver.The requirements of Code
is the Participant's sole designated Beneficiary, and § 401(a)(9) and the provisions of the Plan relating
the surviving spouse dies before distributions are thereto, will not apply for the distribution calendar
required to begin to the surviving spouse under year 2009.
Section 4.03(13)(2)(a), this Section 4.03(D)(2) will
apply as if the surviving spouse were the Participant. (1) Special rule regarding waiver period. For
purposes of Code § 401(a)(9) and the provisions of
(E) Definitions the Plan relating thereto: (a) the required beginning
date with respect to any individual will be determined
(1) Designated Beneficiary. The individual without regard to this Article IV for purposes of
who is designated as the Beneficiary under the Plan applying Code § 401(a)(9) for distribution calendar
and is the designated beneficiary under Code years other than 2009; and (b) if the 5-year rule of
§401(a)(9)and Treas,Reg.§1.401(a)(9)-I,Q&A-4. Code § 401(a)(9)(B)(ii) applies, the 5-year period
described therein shall be determined without regard
(2) Distribution calendar year. A distribution to calendar year 2009.
calendar year means a calendar year for which a
minimum distribution is required. For distributions (2) Eligible rollover distributions.If all or any
beginning before the Participant's death, the first portion of a distribution during 2009 is treated as an
distribution calendar year is the calendar year eligible rollover distribution but would not be so
immediately preceding the calendar year which treated if the minimum distribution requirements
contains the Participant's required beginning date. under Code § 401(a)(9) had applied during 2009,
For distributions beginning after the Participant's then the Plan will not treat such distribution as an
death, the first distribution calendar year is the eligible rollover distribution for purposes of the direct
calendar year in which the distributions are required rollover rules of Code § 401(a)(31), the notice
to begin under Section 4,03(B)(2). The required requirements of Code §402(f), or the 20%
minimum distribution for the Participant's first withholding requirement of Code§3405(c).
distribution calendar year will be made on or before
the Participant's required beginning date. The (3) Participant may elect.The Plan will permit
required minimum distribution for other distribution an affected Participant to elect whether to receive
calendar years, including the required minimum his/her RMD distribution for 2009. If the Participant
distribution for the distribution calendar year in falls to notify the Administrative Services Provider of
which the Participant's required beginning date his/her waiver,the Plan will distribute the 2009 RMD
occurs, will be made on or before December 31 of to the Participant.
that distribution calendar year.
4.04 DEATH BENEFITS. Upon the death of
(3) Life expectancy. Life expectancy as the Participant, the Administrative Services Provider
computed by use of the Single Life Table in Treas. must pay or direct the Trustee to pay the Participant's
Reg.§1.401(a)(9)-9. Account in accordance with Section 4.03. Subject to
Section 4.03,a Beneficiary may elect the timing and
(4) Participant's account balance. The method of payment in the same manner as a
account balance as of the last valuation date in the Participant may elect under Section 4.02, if such
calendar year immediately preceding the distribution elections apply.
calendar year(valuation calendar year) increased by
the amount of any contributions made and allocated In the case of a death occurring on or after
or forfeitures allocated to the account balance as of January 1, 2007, if a participant dies while
dates in the valuation calendar year after the performing qualified military service (as defined in
valuation date and decreased by distributions made in Code § 414(u)), the survivors of the Participant are
the valuation calendar year after the valuation date, entitled to any additional benefits(other than benefit
The account balance for the valuation calendar year accruals relating to the period of qualified military
includes any Rollover Contributions or Transfers to service)provided under the Plan as if the participant
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had resumed and then terminated employment on not made or received an allocation of any Deferral
account of death. Contributions under the Plan during the two-year
4.05 DISTRIBUTIONS PRIOR TO 5EYBIL- period ending on the date of distribution;and(3)the
_ Participant has not received a prior distribution under
ANC E FROM EMPLOYMENT Notwithstanding this Section 4.05(B),
the Section 4.01 distribution restrictions, the Plan
permits the following in-service distributions in (C) Distribution of Rollover Contributions. A
accordance with this Section, Participant may request and receive distribution of
his/her Account attributable to Rollover
(A) Unforeseeable Emergency. In the event of a Contributions (but not to Transfers) before the
Participant's unforeseeable emergency, the Participant has a distributable event under Section
Administrative Services Provider may make a 4.01.
distribution to a Participant who has not incurred a
Severance from Employment. 4.06 DISTRIBUTIONS UNDER QUALIFIED
DOMESTIC RELATIONS ORDERS (QDROs).
An unforeseeable emergency is a severe Notwithstanding any other provision of this Plan,the
financial hardship of a Participant or Beneficiary QDRO provisions will apply. The Administrative
resulting from: (1) illness or accident of the Services Provider (and any Trustee) must comply
Participant, the Participant's Beneficiary, or the with the terms of a QDRO, as defined in Code §
Participant's spouse or dependent(as defined in Code 414(p),which is issued with respect to the Plan.
§ 152, and, for taxable years beginning on or after
January 1,2005,without regard to Code§ 152(b)(1), (A) Time and Method of Payment. This Plan
(b)(2),and (d)(I)(B)); (2) loss of the Participant's or specifically permits distribution to an alternate payee
Beneficiary's property due to casualty; (3) the need under a QDRO at any time, notwithstanding any
to pay for the funeral expenses of the Participant's contrary Plan provision and irrespective of whether
spouse or dependent(as defined in Code§ 152, and, the Participant has attained his/her earliest retirement
for taxable years beginning on or after January 1, age(as defined under Code§414(p))under the Plan.
2005,without regard to Code§ 152(b)(1),(b)(2),and Nothing in this Section 4.06 gives a Participant a
(d)(1)(11)); or (4) other similar extraordinary and right to receive distribution at a time the Plan
unforeseeable circumstances arising from events otherwise does not permit nor authorizes the alternate
beyond the Participant's or Beneficiary's control.The payee to receive a form of payment the Plan does not
Administrative Services Provider will not pay the permit.
Participant or the Beneficiary more than the amount
reasonably necessary to satisfy the emergency need, (B) QDRO Procedures. Upon receiving a domestic
which may include amounts necessary to pay taxes or relations order, the Administrative Services Provider
penalties on the distribution, The Administrative promptly will notify the Participant and any alternate
Services Provider will not make payment to the payee named in the order,in writing,of the receipt of
extent the Participant or Beneficiary may relieve the the order and the Plan's procedures for determining
financial hardship by cessation of deferrals under the the qualified status of the order. Within a reasonable
Plan, through insurance or other reimbursement, or period of time after receiving the domestic relations
by liquidation of the individual's assets to the extent order, the Administrative Services Provider must
such liquidation would not cause severe financial determine the qualified status of the order and must
hardship. notify the Participant and each alternate payee, in
writing, of the Administrative Services Provider's
The Participant's Beneficiary is a person who a determination. The Administrative Services Provider
Participant designates as a"primary beneficiary"and must provide notice under this paragraph by mailing
who is or may become entitled to a Participant's Plan to the individual's address specified in the domestic
account upon the Participant's death. relations order,
A Participant's unforeseeable emergency event (C) Accounting, If any portion of the Participant's
includes a severe financial hardship of the Account Balance is payable under the domestic
participant's primary Beneficiary under the Plan,that relations order during the period the Administrative
would constitute an emergency event if it occurred Services Provider is making its determination of the
with respect to the participant's spouse or dependent qualified status of the domestic relations order, the
as defined under Code§ 152, Administrative Services Provider may maintain a
separate accounting of the amounts payable. If the
(B) De minimis distribution, A Participant may Administrative Services Provider determines the
elect to receive a distribution of his/her Account order is a QDRO within 18 months of the date
where: (1) the Participant's Account (disregarding amounts first are payable following receipt of the
Rollover Contributions) does not exceed $5,000 (or domestic relations order, the Administrative Services
such other amount as does not exceed the Code § Provider will distribute or will direct the Trustee to
411(a)(]1)(A)dollar amount); (2) the Participant has distribute the payable amounts in accordance with the
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QDRO, If the Administrative Services Provider does ("direct rollover"),may roll over all or any portion of
not make its determination of the qualified status of his/her distribution to an individual retirement
the order within the 1 -month determination period, account the Beneficiary establishes for purposes of
the Administrative Services Provider will distribute receiving the distribution. In order to be able to roll
or will direct the Trustee to distribute the payable over the distribution, the distribution otherwise must
amounts in the manner the Plan would distribute if satisfy the definition of an eligible rollover
the order did not exist and will apply the order distribution,
prospectively if the Administrative Services Provider
later determines the order is a QDRO. (1) Certain requirements not applicable.
Although a non-spouse Beneficiary may roll over
To the extent it is not inconsistent with the directly a distribution,commencing with distributions
provisions of the QDRO,the Administrative Services after December 31, 2009, the distribution will be
Provider may segregate or may direct the Trustee to subject to the direct rollover requirements of Code§
segregate the QDRO amount in a segregated 40 1(a)(3 1) (including the automatic rollover
investment account. The Administrative Services provisions of Code § 401(a)(31)(13)), the notice
Provider or Trustee will make any payments or requirements of Code § 402(f) and the mandatory
distributions required under this Section 4.06 by withholding requirements of Code § 3405(c), If a
separate benefit checks or other separate distribution non-spouse Beneficiary receives a distribution from
to the alternate payee(s). the Plan,the distribution is not eligible for a"60-day"
rollover.
(D) Permissible QDROs.A domestic relations order
that otherwise satisfies the requirements for a (2) Trust Beneficiary, If the participant's
qualified domestic relations order(" DO")will not named Beneficiary is a trust, the Plan may make a
fail to be a QDRO: (1) solely because the order is direct rollover to an individual retirement account on
issued after, or revises, another domestic relations behalf of the trust, provided the trust satisfies the
order or QDRO; or(11) solely because of the time at requirements to be a designated beneficiary within
which the order is issued,including issuance after the the meaning of Code§401(a)(9)(E).
annuity starting date or after the participant's death.
(3) Required minimum distributions not
4.07 DIRECT ROLLOVER QF ELIGIBLE eligible for rollover.A non-spouse Beneficiary may
ROLLOVER DISTRIBUTIONS — GOVERN- not roll over an amount which is a required minimum
MENTAL PLAN. distribution,as determined under applicable Treasury
regulations and other Revenue Service guidance. If
(A) Participant Election. A Participant (including the participant dies before his/her required beginning
for this purpose, a former Employee) may elect, at date and the non-spouse Beneficiary rolls over to an
the time and in the manner the Administrative IRA the maximum amount eligible for rollover, the
Services Provider prescribes, to have any portion of Beneficiary may elect to use either the 5-year rule or
his/her eligible rollover distribution from the Plan the life expectancy rule, pursuant to Treas. Reg. §
paid directly to an eligible retirement plan specified 1.401(a)(9)-3, A-4(c), in determining the required
by the Participant in a direct rollover election. For minimum distributions from the IRA that receives the
purposes of this election, a"Participant" includes as non-spouse Beneficiary's distribution,
to their respective interests, a Participant's surviving
spouse and the Participant's spouse or former spouse (D) Definitions. The following definitions apply to
who is an alternate payee under a QDRO. this Section:
(B) Rollover and Withholding Notice. At least 30 (1) Eligible rollover distribution. An eligible
days and not more than 180 days prior to the rollover distribution is any distribution of all or any
Trustee's distribution of an eligible rollover portion of a Participant's Account,except an eligible
distribution, the Administrative Services Provider rollover distribution does not include: (a) any
must provide a written notice (including a summary distribution which is one of a series of substantially
notice as permitted under applicable Treasury equal periodic payments (not less frequently than
regulations)explaining to the distributee the rollover annually)made for the life(or life expectancy)of the
option, the applicability of mandatory 20% federal Participant or the joint lives (or joint life
withholding to any amount not directly rolled over, expectancies)of the Participant and the Participant's
and the recipient's right to roll over within 60 days designated Beneficiary, or for a specified period of
after the date of receipt of the distribution("rollover ten years or more;(b)any Code§40 1(a)(9)required
notice"). minimum distribution; (c) any unforeseeable
emergency distribution; and (d) any distribution
(C) Non-spouse Beneficiary rollover right. A non- which otherwise would be an eligible rollover
spouse Beneficiary who is a"designated beneficiary" distribution, but where the total distributions to the
under Code § 401(a)(9)(E) and the regulations Participant during that calendar year are reasonably
thereunder, by a direct trustee-to-trustee transfer expected to be less than$200.
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of normal retirement age, has experienced a
(2) Eligible retirement plan. An eligible Severance from Employment as a Public Safety
retirement plan is an individual retirement account Officer with the Employer.
described in Code§ 408(a),an individual retirement
annuity described in Code § 408(b),an annuity plan (2) Public safety officer. A "Public Safety
described in Code § 403(a), a qualified plan Officer"has the same meaning as in§ 1204(9)(A)of
described in Code § 401(a), an annuity contract(or the Omnibus Crime Control and Safe Streets Act of
custodial agreement) described in Code § 403(b),or 1968(42 U.S.C.§3796b(9)(A)).
an eligible deferred compensation plan described in
Code § 457(b) and maintained by an Employer (3) Qualified health Insurance premiums.The
described in Code§ 457(e)(1)(A),which accepts the to "qualified health insurance premiums" means
Participant's, the Participant's spouse or alternate premiums for coverage for the Eligible Retired Public
payee's eligible rollover distribution. For Safety Officer,his/her spouse,and dependents,by an
distributions made after December 31, 2007, a accident or health plan or qualified long-term care
Participant or Beneficiary may elect to roll over insurance contract(as defined in Code§7702B(b)).
directly an eligible rollover distribution to a Roth
IRA described in Code§408A(b). ARTICLE V
ADMINISTRATIVE SERVICES PROVIDER-
(3) Direct rollover. A direct rollover is a DUTIES
payment by the Plan to the eligible retirement plan
specified by the distributee. 5.01 TERM/VACANCY.The Administrative
Services Provider will serve until his/her successor is
(4) Mandatory distribution. The appointed, In case the Employer has not appointed a
Administrative Services Provider is directed to make successor Administrative Services Provider, the
a mandatory distribution,which is an eligible rollover Employer will exercise any and all duties of the
distribution, without the Participant's consent Administrative Services Provider pending the filling
provided that the Participant's Account is less than of the vacancy.
$1,000. A distribution to a Beneficiary is not a
mandatory distribution. 5.02 DUTIES The Administrative Services
Provider will have the following duties:
(5) 401(a)(31)(B) Effective Date. The §
401(a)(31)(B) Effective Date is the date of the close (a) To create administrative forms necessary
of the first regular legislative session of the for the proper and efficient administration of
legislative body with the authority to amend the Plan the Plan provided the forms are not
that begins on or after January 1,2006. inconsistent with the terms of the Plan;
4.08 QEQjlj2`N TO DEDUCT FROM (b) To enforce the terms of the Plan and its
DISTRIBUTION. For distributions in taxable years procedures, including this document and such
beginning after December 31, 2006, an Eligible other documents related to the Plan's
Retired Public Safety Officer may elect annually for operation;
that taxable year to have the Plan deduct an amount
from a distribution which the Eligible Retired Public (c) To make, at the direction of the
Safety Officer otherwise would receive and include Participant or Beneficiary or pursuant to
in income.The plan will pay such deducted amounts Section 4,07(D)(4), distributions of an
directly to the provider as described in Section Account;
4.08(A).
(d) To review in accordance with the Plan's
(A) Direct payment, The Plan will pay directly to procedures respecting a claim for(or denial of
the provider of the accident or health insurance plan a claim for)a benefit under the Plan;
or qualified long-term care insurance contract the
amounts the Eligible Retired Public Safety Officer (e) To fumish the Employer with information
has elected to have deducted from the distribution. which the Employer may require fort or
Such amounts may not exceed the lesser of$3,000 or other purposes;
the amount the Participant paid for such taxable year
for qualified healthcare premiums, and which (f) To make distributions 'on account of
otherwise complies with Code§402(1), unforeseeable emergency in accordance with
the Plan's procedures;
(B) Definitions.
(g) To accept Deferral Contributions,
(1) Eligible retired public safety officer, An Employer Contributions, and Rollover
"Eligible Retired Public Safety Officer" is an Contributions;
individual who, by reason of disability or attainment
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(h) To accept Transfers; The Administrative Services Provider will continue
to allocate net income,gain and loss to a Participant's
(i) To accept Participant or, in the case of a Account subject to an installment distribution, until
deceased Participant, Beneficiary direction of the Account is fully distributed.
investment;
5.07 AQQQUNT CHARGED The
To comply with any reporting and Administrative Services Provider will charge all
disclosure rules applicable to the Plan; distributions made to a Participant or to his/her
Beneficiary, or transferred under Section 9.03 from
(k) To make loans to Participants if elected by his/her Account, against the Account of the
the Employer; Participant when made,
(1) To appoint agents to act for and in 5.08 PARTICIPANT DIRECTION OF
performing its third party administrative INVESTMENT. Subject to the terms and conditions
services to the Plan;and required by the Administrative Services Provider and
the Trustee,if any,a Participant will have the right to
(m) To undertake any other action the direct the investment or re-investment of the assets
Administrative Services Provider deems comprising the Participant's Account. The
reasonable or necessary to provide third party Administrative Services Provider will account
administrative services to the Plan, separately for the Participant-directed Accounts.The
Participant's right to direct investment does not give
5,03 LOANS TO PARTICIPANTS. The the Participant any vested interest or secured or
Employer may elect to permit the Administrative preferred position with respect to assets over which
Services Provider and/or Trustee to make Plan loans he/she has investment responsibility.
to Participants by executing a participant to
program document with the Administrative Services 5.09 VESTING / SUBSTANTIAL RISK OF
Provider. Any loan by the Plan to a Participant shall FORFEITUM. Each Participant's Account will be
be made in compliance with Code § 72(p). If Plan immediately 100%vested,
loans are permitted, the Administrative Services
Provider, with the approval and direction of the 5.10 PRESERVATION OF ELIGIBLE PLAN
Employer, may establish, amend or terminate from STATUS. The Employer may take any such
time to time, nondiscriminatory administrative necessary and appropriate action to preserve the
procedures for administering loans. Such loan status of the Plan as an Eligible 457 Plan,
procedures must be a written document and must
include: (1)the procedure for applying for a loan;(2) 5.11 LIMITED LIABILITY. The Employer
the criteria for approving or denying a loan; (3) the will not be liable to pay plan benefits to a Participant
limitations, if any,on the types and amounts of loans in excess of the value of the Participant's Account as
available; and (4)the events constituting default and the Administrative Services Provider determines in
the steps the Plan will take to preserve Plan assets in accordance with the Plan terms. The Employer, the
the event of default. Any administrative procedures Administrative Services Provider,or the Trustee will
adopted under this Section 5.03 shall be construed as not be liable for losses arising from depreciation or
part of the Plan. shrinkage in the value of any investments acquired
under this Plan.
5.04 INDIVIDUAL ACQOUNT� / RECORDS.
The Administrative Services Provider will maintain a 5.12 LOST PARTICIPANTS, If the
separate Account in the name of each Participant to Administrative Services Provider is unable to locate
reflect the value of the Participant's Deferred any Participant or Beneficiary whose Account
Compensation under the Plan. becomes distributable (a "lost Participant"), the
Administrative Services Provider will apply the
5.05 VALUE OF PARTICIPANT'S provisions of this Section 5.12.
ACCOUNT.'Me value of each Participant's Account
consists of his/her accumulated Deferred (A) Attempt to Locate.The Administrative Services
Compensation, as of the most recent Accounting Provider will attempt to locate a lost Participant and
Date or any later date as the Administrative Services may use one or more of the following methods: (1)
Provider may determine. provide a distribution notice to the lost Participant at
his/her last known address by certified or registered
5.06 ALLOCATION OF hMT INCOME.GAIN mail;(2)use the IRS letter forwarding program under
OR LOSS As of each Accounting Date (and each Rev. Proc. 94-22, (3) use a commercial locator
other valuation date determined under Section 5,04), service, the internet or other general search method;
the Administrative Services Provider will adjust (4) use the Social Security Administration or PBGC
Accounts to reflect net income, gain or loss, if any, search program;or(5)use such other methods as the
since the last Accounting Date or Account valuation. Administrative Services Provider believes prudent.
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designation of Beneficiary and,upon the Participant's
(B) Failure to Locate. If a lost Participant is not filing the form with the Administrative Services
located after 6 months following the date the Provider,the form revokes all designations filed prior
Administrative Services Provider first attempts to to that date by the same Participant. Provided the
locate the lost Participant using one or more of the Administrative Services Provider has been provided
methods described in Section 5.12(A), the reasonable notice thereof, a divorce decree, or a
Administrative Services Provider may employ the decree of legal separation, revokes the Participant's
unclaimed property processes of the state of the lost designation, if any, of his/her spouse as his/her
Participant's last known address. Neither the Beneficiary under the Plan unless:(a)the decree or a
Administrative Services Provider nor the Trustee QDRO provides otherwise;or(b)the Participant has
shall be responsible for restoring the Account re-designated his/her former spouse as Beneficiary
(including potential gains) if a lost Participant whose following the date of the divorce decree, or other
Account was deposited with a state later makes a decree of legal separation. The foregoing revocation
claim for his/her Account. provision (if applicable) applies only with respect to
a Participant whose divorce or legal separation
(C) Nonexclusivity and Uniformity.The provisions becomes effective on or following the date the
of this Section 5.12 are intended to provide Employer executes the Plan.
permissible but not exclusive means for the
Administrative Services Provider to administer the 6.02 NO BENEFICIARY DESIGNATION
Accounts of lost Participants, The Administrative If a Participant falls to name a Beneficiary in
Services Provider may utilize any other reasonable accordance with Section 6.01, or if the Beneficiary
method to locate lost Participants and to administer named by a Participant predeceases the Participant,
the Accounts of lost Participants, including such then the Administrative Services Provider will pay
methods as the Revenue Service or other regulatory the Participant's remaining Account to the
agency may in the future specify.The Administrative Participant's estate.
Services Provider will apply Section 5.12 in a
reasonable manner,but may in determining a specific If the Beneficiary survives the Participant, but
course of action as to a particular Account, dies prior to distribution of the Participant's entire
reasonably take into account differing circumstances Account,the Trustee will pay the remaining Account
such as the amount of a lost Participant's Account, to the Beneficiary's estate unless: (1) the
the expense in attempting to locate a lost Participant, Participant's Beneficiary designation provides
the Administrative Services Provider's ability to otherwise; or (2) the Beneficiary has properly
establish and the expense of establishing a rollover designated a Beneficiary. A Beneficiary only may
IRA,and other factors. The Administrative Services designate a Beneficiary for the Participant's Account
Provider may charge to the Account of a lost Balance remaining at the Beneficiary's death,and the
Participant the reasonable expenses incurred under Beneficiary's designation otherwise complies with
this Section 5.12 and which are associated with the the Plan terms. The Administrative Services
lost Participant's Account. Provider will direct a Trustee if applicable as to the
method and to whom the Trustee will make payment
5.13 PLAN CORRECTION. The under this Section 6.02.
Administrative Services Provider, as directed by the
Employer, may undertake such correction of Plan 6.03 PARTICIPATION AQREEMENT.
errors as the Employer deems necessary, including
but not limited to correction to maintain the Plan's (A) General. A Participant must elect to make
status as an "eligible deferred compensation plan" Salary Reduction Contributions on a Participation
under the Code. Agreement form the Administrative Services
Provider provides for this purpose, The Participation
ARTICLE VI Agreement must be consistent with the procedures of
PARTICIPANT ADMINISTRATIVE the Administrative Services Provider, The
PROVISIONS Participation Agreement may impose such other
terms and limitations as the Employer or
6.01 BENEFICIARY DESIGNATION.
A Administrative Services Provider may determine.
Participant from time to time may designate, in
writing, any person(s) (including a trust or other (B) Election Timing. A Participation Agreement
entity), contingently or successively, to whom the may not take effect earlier than the first day of the
Administrative Services Provider or Trustee will pay calendar month following the date the Participant
the Participant's Account (including any life executes the Participation Agreement and as to
insurance proceeds payable to the Participant's Compensation paid or made available in such
Account) in the event of death. A Participant also calendar month.However, if an Employee is eligible
may designate the method of payment of his/her to become a Participant during the Employee's
Account, The Administrative Services Provider will calendar month of hire,the Employee may execute a
prescribe the form for the Participant's written Participation Agreement on or before the date he/she
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becomes an Employee, effective for the month in Plan distribution is not able to care for his/her affairs
which he/she becomes an Employee, because of a mental condition, a physical condition,
or by reason of age, the Administrative Services
(C) Sick,Vacation and Back Pay. If the Employer Provider or the Trustee may make the distribution to
adopts a policy that permits Participants to make the Participant's or- Beneficiary's guardian,
Salary Reduction Contributions from accumulated conservator, trustee, custodian (including under a
sick pay, from accumulated vacation pay or from Uniform Transfers or Gifts to Minors Act) or to
back pay, a Participant who will incur a Severance his/her attorney-in-fact or to other legal
from Employment may execute a Participation representative upon furnishing evidence of such
Agreement before such amounts are paid or made status satisfactory to the Administrative Services
available provided:(i)such amounts are paid or made Provider and to the Trustee. The Administrative
available before the Participant incurs the Severance; Services Provider and the Trustee do not have any
and(ii)the Participant is an Employee in that month. liability with respect to payments so made and
neither the Administrative Services Provider nor the
(D) Modification of Participation Agreement, A Trustee has any duty tomake inquiry as to the
Participation Agreement remains in effect until a competence of any person entitled to receive
Participant modifies it or ceases to be eligible to payments under the Plan.
participate in the Plan. A Participant may modify
his/her Participation Agreement by executing a new ARTICLE Vill
Participation Agreement. Any modification will MISCELLANEOUS
become effective no earlier than the beginning of the
calendar month commencing after the date the 7.01 h!O ASSIGNMENT QR ALIENATION.A
Participant executes the new Participation Participant or Beneficiary does not have the right to
Agreement. Filing a new Participation Agreement commute, sell, assign, pledge, transfer or otherwise
will revoke all Participation Agreements filed prior to convey or encumber the right to receive any
that date. The Employer or Administrative Services payments under the Plan or Trust and the
Provider may restrict the Participant's right to modify Administrative Services Provider and the Trustee will
his/her Participation Agreement in any Taxable Year, not recognize any such anticipation, assignment, or
alienation. The payments and the rights under this
6.04 PERSONAL DATA !Q ADMTN- Plan are non-assignable and nontransferable,Subject
ISTRATIVE SERVICES PROVIDER. Each to Section 8.15, a Participant's or Beneficiary's
Participant and each Beneficiary of a deceased interest in the Trust is not subject to attachment,
Participant must furnish to the Administrative garnishment, levy, execution or other legal or
Services Provider such evidence,data or information equitable process.
as the Administrative Services Provider considers
necessary or desirable for the purpose of 7.02 EFFECT ON OTHER PLANS.This Plan
administering the Plan. The provisions of this Plan does not affect benefits under any other retirement,
are effective for the benefit of each Participant upon pension,or benefit plan or system established for the
the condition precedent that each Participant will benefit of the Employer's Employees, and
furnish promptly full, true and complete evidence, participation under this Plan does not affect benefits
data and information when requested by the receivable under any such plan or system, except to
Administrative Services Provider, provided the the extent provided in such plan or system.
Administrative Services Provider advises each
Participant of the effect of his failure to comply with 7.03 WORD USAGE. Words used in the
its request. masculine will apply to the feminine where
applicable, and wherever the context of the Plan
6.05 ADDRESS FOR NOTIFICATION. Each dictates,the plural will be read as the singular and the
Participant and each Beneficiary of a deceased singular as the plural.
Participant must file with the Administrative Services
Provider from time to time, in writing, his/her 7.04 STATE LAW.The laws of the state of the
address and any change of address. Any Employer's principal place of business will
communication, statement or notice addressed to a determine all questions arising with respect to the
Participant, or Beneficiary, at his/her last address provisions of this Prototype Plan,except to the extent
filed with the Administrative Services Provider,or as Federal law supersedes State law.
shown on the records of the Employer, binds the
Participant, or Beneficiary, for all purposes of this 7.05 EMPLOYMENT NOT gIJA TF,131).
Plan. Nothing contained in this Plan, or any
modification or amendment to the Plan, or in the
6.06 PARTICIPANT OR BENEFICIARY IN- creation of any Account, or the payment of any
CAPACITATED. If evidence is submitted to the benefit, gives any Employee, Participant or
Administrative Services Provider which supports an Beneficiary any right to continue employment, any
opinion that a Participant or Beneficiary entitled to a legal or equitable right against the Employer, the
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Administrative Services Provider, the Trustee, any
other Employee of the Employer, or any agents 8.02 ACCEPTANCE The
thereof except as expressly provided by the Plan. Trustee accepts the Trust created under the Plan and
agrees to perform the duties and obligations imposed,
7.06 NOTICE, DESIGNAT19N, ELECTION, The Trustee must hold in trust under this Article VIII,
CONSENT AND WAIVER. All notices under the all Deferred Compensation until paid in accordance
Plan and all Participant or Beneficiary designations, with the Plan terms.
elections,consents or waivers must be in writing and
made in a form acceptable to the Administrative 8.03 RECEIPT OF CONTRIBUTIONS. The
Services Provider. To the extent permitted by Trustee is accountable to the Employer for the funds
Treasury regulations or other applicable guidance, contributed to it by the Employer or the
any Plan notice, election, consent or waiver may be Administrative Services Provider, but the Trustee
transmitted electronically. Any person entitled to does not have any duty to see that the contributions
notice under the Plan may waive the notice or shorten received comply with the provisions of the Plan.
the notice period except as otherwise required by the
Code. 8.04 FULL MEST POWERS. 'Me
Trustee is authorized and empowered,but not by way
7.07 LIMITATIONS ON TRANSFERS AND of limitation, to exercise and perform the following
EXCHANGES, The Employer and the duties:
Administrative Services Provider may adopt
procedures to govern Participant elections and (a) To invest any part or all of the Trust in
directions concerning a Participant's, Beneficiary's, any common or preferred stocks,open-end or closed-
or Alternate Payee's investment specifications and end mutual funds, put and call options traded on a
may impose limitations on transfers and exchanges national exchange, United States retirement plan
from one investment option with the Plan to another, bonds, corporate bonds, debentures, convertible
These procedures shall be in addition to any debentures, commercial paper, U. S. Treasury bills,
established by investment providers to the Plan. The U. S. Treasury notes and other direct or indirect
Employer and the Administrative Services Provider obligations of the United States Government or its
may decline to implement any investment agencies,improved or unimproved real estate situated
instructions for a Participant, Beneficiary, or in the United States, limited partnerships, insurance
Alternate Payee where either deems appropriate. contracts of any type, mortgages, notes or other
property of any kind, real or personal, and to buy or
7.08 EMPLOYER RESPONSIBILIEL—ffiR sell options on common stock on a nationally
DISTRIBUTION OF PLAN R11LATED recognized options exchange with or without holding
INFORMATION, The Employer will distribute all the underlying common stock, as a prudent person
Plan related amendments, restated plan documents, would do under like circumstances. Any investment
and deferred compensation plan tax related made or retained by the Trustee in good faith will be
documentation to the Administrative Service proper but must be of a kind constituting a
Providers when there are multiple Administrative diversification considered by law suitable for trust
Service Providers of the Plan. investments;
7.09 USE OF PLAN ASSETS THAT ARE (b) To retain in cash so much of the Trust as
NOT ATTRIBUTABLE TO AN ACCOUNT. If the it may deem advisable to satisfy liquidity needs of the
Plan receives money that is not attributable to an Plan and to deposit any cash held in the Trust in a
Account, then the Employer will direct the bank account at reasonable interest;
Administrative Services Provider as to the use of
these amounts. Examples include,but are not limited (c) To invest, if the Trustee is a bank or
to, money received by the Plan as part of a similar financial institution supervised by the United
settlement, litigation award or fee reimbursement. States or by a State, in any type of deposit of the
The Employer may use these amounts to offset Plan Trustee (or a bank related to the Trustee within the
expenses or may allocate these amounts to meaning of Code §414(b)) at a reasonable rate of
Participants or as it deems appropriate interest or in a common trust fund as described in
Code §584, or in a collective investment fund, the
provisions of which the Trust incorporates by this
ARTICLE Vill reference, which the Trustee (or its affiliate, as
TRUST PROVISIONS defined in Code§1504)maintains exclusively for the
collective investment of money contributed by the
8.01 APPLICATION.The provisions of bank (or its affiliate) in its capacity as Trustee and
this Article Vill apply only if the Employer has not which conforms to the rules of the Comptroller of the
elected to substitute another trust, custodial accounts Currency;
or annuity contracts in lieu of the Trust established
under this Article Vill.
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457 Governmental Plan and Trust
(d) To manage, sell, contract to sell, grant
options to purchase, convey, exchange, transfer, (n) To furnish to the Employer and the
abandon, improve, repair, insure, lease for any to Administrative Services Provider an annual statement
even though commencing in the future or extending of account showing the condition of the Trust and all
beyond the term of the Trust,and otherwise deal with investments, receipts, disbursements and other
all property, real or personal, in such manner, for transactions effected by the Trustee during the Plan
such considerations and on such terms and conditions Year covered by the statement and also stating the
as the Trustee decides; assets of the Trust held at the end of the Plan Year,
which accounts will be conclusive on all persons,
(e) To credit and distribute the Trust as including the Employer and the Administrative
directed by the Administrative Services Provider of Services Provider,except as to any act or transaction
the Plan.The Trustee will not be obliged to inquire as conceming which the Employer or the
to whether any payee or distributee is entitled to any Administrative Services Provider files with the
payment or whether the distribution is proper or Trustee written exceptions or objections within 90
within the terms of the Plan, or as to the manner of days after the receipt of the accounts;and
making any payment or distribution.The Trustee will
be accountable only to the Administrative Services (o) To begin, maintain or defend any
Provider for any payment or distribution made by it litigation necessary in connection with the
in good faith on the order or direction of the administration of the Trust, except that the Trustee
Administrative Services Provider; will not be obliged or required to do so unless
(f) To borrow money, to assume 8.05 RECORDS AND STATEMENTS. The
indebtedness, extend mortgages and encumber by records of the Trustee pertaining to the Trust will be
mortgage or pledge; open to the inspection of the Employer at all
reasonable times and may be audited from time to
(g) To compromise, contest, arbitrate or time by any person or persons as the Employer may
abandon claims and demands; specify in writing. The Trustee will furnish the
Administrative Services Provider whatever
(h) To have with respect to the Trust all of information relating to the Trust the Administrative
the rights of an individual owner,including the power Services Provider considers necessary,
to exercise any and all voting rights associated with
Trust assets, to give proxies, to participate in any 8.06 FEES AND EXPENSES FROM FUND
voting trusts,mergers, consolidations or liquidations, The Trustee will receive reasonable annual
to tender shares and to exercise or sell stock compensation in accordance with its fee schedule as
subscriptions or conversion rights; published from time to time, The Trustee will pay
from the Trust all fees and expenses the Trustee
(i) To lease for oil, gas and other mineral reasonably incurs in its administration of the Trust,
purposes and to create mineral severances by grant or unless the Employer pays the fees and expenses.
reservation; to pool or unitize interest in oil,gas and
other minerals; and to enter into operating 8.07 PROFESSIONAL AGENTS.The Trustee
agreements and to execute division and transfer may employ and pay from the Trust reasonable
orders; compensation to agents, attorneys, accountants and
other persons to advise the Trustee as in its opinion
0) To hold any securities or other property may be necessary. The Trustee may delegate to any
in the name of the Trustee or its nominee, with agent, attorney, accountant or other person selected
depositories or agent depositories or in another form by it any non-Trustee power or duty vested in it by
as it may deem best, with or without disclosing the the Trust, and the Trustee may act or refrain from
trust relationship; acting an the advice or opinion of any agent,
attorney,accountant or other person so selected.
(k) To perform any and all other acts in its
judgment necessary or appropriate for the proper and 8.08 DISTRIBUTION QF GASH QR
advantageous management, investment and PROPE&TY, The Trustee may make distribution
distribution of the Trust; under the Plan in cash or property,or partly in each,
at its fair market value as determined by the Trustee.
(1) To retain any funds or property subject to
any dispute without liability for the payment of 8.09 RESIGNATION AND REMOVAL. The
interest,and to decline to make payment or delivery Trustee or the Custodian may resign its position by
of the funds or property until a court of competent giving written notice to the Employer and to the
jurisdiction makes a final adjudication; Administrative Services Provider. The Trustee's
notice must specify the effective date of the Trustee's
(in) To file all tax returns required of the resignation, which date must be at least 30 days
Trustee;
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following the date of the Trustee's notice, unless the impose such conditions, limitations and other
Employer consents in writing to shorter notice, provisions as the Trustee may deem appropriate and
as are consistent with the Administrative Services
The Employer may remove a Trustee or a Provider's policy. The Trustee will report to the
Custodian by giving written notice to the affected Administrative Services Provider the net income,
party. The Employer's notice must specify the gain or losses incurred by each Participant directed
effective date of removal which date must be at least Account separately from the net income, gain or
30 days following the date of the Employer's notice, losses incurred by the general Trust during the Trust
except where the Employer reasonably determines a Year,
shorter notice period or immediate removal is
necessary to protect Plan assets. 8.13 THIRD PARTY RELIANCE No person
dealing with the Trustee will be obliged to see to the
8.10 SUCCESSOR TRUSTEE, proper application of any money paid or property
delivered to the Trustee, or to inquire whether the
(A) Appointment.In the event of the resignation or Trustee has acted pursuant to any of the terms of the
the removal of a Trustee, where no other Trustee Trust. Each person dealing with the Trustee may act
continues to service, the Employer must appoint a upon any notice, request or representation in writing
successor Trustee if it intends to continue the Plan.If by the Trustee, or by the Trustee's duly authorized
two or more persons hold the position of Trustee, in agent, and will not be liable to any person
the event of the removal of one such person, during whomsoever in so doing. The certificate of the
any period the selection of a replacement is pending, Trustee that it is acting in accordance with the Trust
or during any period such person is unable to serve will be conclusive in favor of any person relying on
for any reason, the remaining person or persons will the certificate.
act as the Trustee. If the Employer fails to appoint a
successor Trustee as of the effective date of the 8.14 MALIDITY QF ANY TRUST
Trustee resignation or removal and no other Trustee PROVISION. If any clause or provision of this
remains, the Trustee will treat the Employer as Article Vill proves to be or is adjudged to be invalid
having appointed itself as Trustee and as having filed or void for any reason,such void or invalid clause or
the Employer's acceptance of appointment as provision will not affect any of the other provisions
successor Trustee with the former Trustee. of this Article Vill and the balance of the Trust
provisions will remain operative,
(B) Automatic Successor. Any corporation which
succeeds to the trust business of the Trustee, or 8.15 EXCLUSIVE BENEFIT The Trustee will
results from any merger or consolidation to which the hold all the assets of the Trust for the exclusive
Trustee is a party,or is the transferee of substantially benefit of the Participants and their Beneficiaries and
all the Trustee's assets, will be the successor to the neither the Employer nor the Trustee will use or
Trustee under this Trust. The successor Trustee will divert any part of the corpus or income of the Trust
possess all rights,duties and powers under this Trust for purposes other than the exclusive benefit of the
as if the successor Trustee were the original Trustee. Participants and Beneficiaries of the Plan. The
Neither the Trustee nor the successor Trustee need Employer will not have any right to the assets held by
provide notice to any interested person of any the Trustee and the Trust assets will not be subject to
transaction resulting in a successor Trustee. The the claims of the Employer's creditors or, except as
successor Trustee need not file or execute any provided in Section 4.06, of the creditors of any
additional instrument or perform any additional act to Participant or Beneficiary, No Participant or
become successor Trustee. Beneficiary shall have any right to sell, assign,
transfer or otherwise convey his/her Account or any
8.11 VALUATION OF TRUST. The Trustee interest in his/her Deferred Compensation.
will value the Trust as of each Accounting Date to Notwithstanding the foregoing, the Administrative
determine the fair market value of the Trust assets. Services Provider may pay from a Participant's or
The Trustee will value the Trust on such other date(s) Beneficiary's Account the amount the Administrative
the Administrative Services Provider may direct. Services Provider finds is lawfully demanded under a
levy issued by the Internal Revenue Service with
8.12 PARTICIPANT DIRECTION OF respect to that Participant or Beneficiary or is sought
INVESTMENT. Consistent with the Administrative to be collected by the United States Government
Services Provider's policy adopted under Section under a judgment resulting from an unpaid tax
5.02(l),the Trustee may consent in writing to permit assessment against the Participant or Beneficiary.
Participants in the Plan to direct the investment to the The Trust created under the Employer's Plan is
Trust assets. The Administrative Services Provider irrevocable and its assets will not inure to the benefit
will advise the Trustee of the portion of the Trust of the Employer.
credited to each Participant's Account under the Plan,
and subject to such Participant direction, As a 8.16 SUBSTITUTION OF CUSTODIAL
condition of Participant direction, the Trustee may ACCOUNT OR _AhEW= CONTRACT. The
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457 Governmental Plan and Trust
Employer may elect to use one or more custodial amendments are necessary to continue the Plan as an
accounts or annuity contracts in lieu of or in addition Eligible 457 Plan.
to the Trust established in this Article V111.Any such
custodial account or annuity contract must satisfy the 9.02 TERMINATION I FREEZING OF
requirements of Code §457(g)(3) and applicable PLAN. The Employer has the right, at any time, to
Treasury regulations. terminate this Plan or to cease (freeze) further
Deferral Contributions to the Plan.Upon termination
8.17 GROUP TRUST AUTHORITY. Not- or freezing of the Plan, the provisions of the Plan
withstanding any contrary provision in this Plan, the (other than provisions permitting continued Deferral
Trustee may, unless restricted in writing by the Contributions) remain operative until distribution of
Administrative Services Provider, transfer assets of all Accounts. Upon Plan termination, the
the plan to a group trust that is operated or Administrative Services Provider or Trustee shall
maintained exclusively for the commingling and distribute to Participants and Beneficiaries all
collective investment of monies provided that the Deferred Compensation as soon as is reasonably
funds in the group trust consist exclusively of trust practicable following termination.
assets held under plans qualified under Code section
401(a), individual retirement accounts that are 9.03 196haF-ERS. The Plan: (a)may accept
exempt under Code section 408(e), and eligible a Transfer of a Participant's Account in another
governmental plans that meets the requirements of employer's Eligible 457 Plan, or(b) may Transfer a
Code section 457(b). For this purpose, a trust Participant's (or Beneficiary's) Account in this Plan
includes a custodial account that is treated as a trust to the another employer's Eligible 457 Plan. The
under Code section 401(o or under Code section other plan involved in the Transfer must provide for
457(g)(3),For purposes of valuation,the value of the Transfers. The Participant or Beneficiary, after the
interest maintained by the Plan in such group trust Transfer will have Deferred Compensation in the
shall be the fair market value of the portion of the recipient plan at least equal to his/her Deferred
group trust held for Plan, determined in accordance Compensation in the transferring plan immediately
with generally recognized valuation procedures. before the Transfer, Any Transfer also must comply
with applicable Treasury regulations, and in
ARTICLE IX particular Trees. Reg. §§1,457-10(b)(2) as to post-
AMENDMENT,TERMINATION,TRANSFERS severance transfers between Eligible 457 Plans;
1.457-10(b)(3) as to transfers of all assets between
9.01 AMENDMENT BY EMPLOYER Eligible 457 Plans;and 1.457-10(b)(4)as to transfers
SPONSOR. The Employer has the right at any time between Eligible 457 Plans of the same Employer.
and from time to time: The Administrative Services Provider will credit any
Transfer accepted under this Section 9.03 to the
(a) To amend this Plan and Trust Agreement in Participant's Account and will treat the transferred
any manner it deems necessary or advisable in order amount as a Deferral Contribution for all purposes of
to continue the status of this Plan as an Eligible 457 this Plan except such Transfer will not be treated as a
Plan;and Deferral Contribution subject to the limitations of
Article 111. The Plan's Transfer of any Participant's
(b) To amend this Plan and Trust Agreement in or Beneficiary's Account under this Section 9.03
any other manner, including deletion, substitution or completely discharges the Employer, the
modification of any Plan or Trust. Administrative Services Provider,the Trustee and the
Plan from any liability to the Participant or
The Employer must make all amendments in Beneficiary for any Plan benefits.
writing, The Employer may amend the Plan by
addenda, by separate amendment, or by restatement 9.04 PURCHASE OF PERMISSIVE
of the Plan. Each amendment must state the date to SERVICE CREDIT A Participant,prior to otherwise
which it is either retroactively or prospectively incurring a distributable event under Article IV,may
effective. The Employer also may not make any direct the Trustee to transfer(as of January 1,2002,
amendment that affects the rights, duties or or later) all or a portion of his/her Account to a
responsibilities of the Trustee or the Administrative governmental defined benefit plan (under Code
Services Provider without the written consent of the §414(d)) for (a) the purchase of permissive service
affected Trustee or the Administrative Services credit (under Code §415(n)(3)(A)) under such plan,
Provider. or (b) the repayment of contributions and earnings
previously refunded with respect to a forfeiture of
The Employer will accept amendments from service credited under the plan (or under another
the Administrative Services Provider (including governmental plan within the same State) to which
adoption of a substitute Plan and Trust)without being Code §415 does not apply by reason of Code
required to re-execute the Plan, provided that the §415(k)(3).
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457 GavernmentnI Plan and Trust
IN WITNESS WHEREOF,the undersigned has executed this Plan and Trust to become effective the *n— day of
5 CF-P T ZM 6 E'er 20 15for the:
n_,)AtL
#454S 5UfiPL"GhjENWl`E_ S A%Cy WjC*L ?&AgssA
(Plan Name)
By:
(signature)
(printed name)
gA7tU-Mvr 1146-Cirvit y q.4,5 a 3
(titictrole)
20 1/10
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...............