2011-02-23 CC Packet - Laserfiche WebLink

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457 Governmentai Plan and Trust 457 GOVERNMENTAL PLAN AND TRUST The Employer adopts this 457 1.06 "Code" means the Internal Revenue Code �I 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 Em lo er ado ts this Plan as a restated Plan in personal services actually rendered in the cowrse of P y p employment with the Employer, to the extent that the substitution for, and in amendment of, an existing �ounts 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(�(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 III. See Section 1.16 as Administrative Services Provider a Participation to Compensarion 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 DEFI1vITIONS 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 maiptains 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 ar Trustee may establish separate Accounts §§125, 132(fl(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 ta�c-sheitered annuity, a 1.02 "Accounting Date" means the last day of SIlViPLE plan or a Code § 457 plan. the Plan Year. (B) Differential wage payments. For yeazs 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; (ii) 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 I 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 �d Matching Contributions. The Employer or the become entitled to a Participant's Account upon the Administrative Services Provider (if applicable) in I 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 Taacable Year Beneficiary under the Plan until the Beneficiary has in which deferred. The Employer or Administrative I received full distribution of his/her Plan benefit. A Services Provider (if applicable) in determining the Beneficiary's right to (and the Administrative �nount of a Participant's Deferral Contributions I � 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, I � Copyright 2010 SunGazd 1/10 1 � 10