2011-02-23 CC Packet - Laserfiche WebLink

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457 Governmental Plan and Trust Rollover Contributions and Transfers adjusted for 1.19 "Nonelecrive 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 1.10 "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 sha11 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. T'he Normal Nonelective Contributions or Matching Retirement Age also shall not exceed age 70'/z. Contributions. Special Rule for Eligible Plans of Qualified 1.14 "Excess Deferrals" means Deferral Police or Firefighters. 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 (e)(18). Retirement Age between age 40 and age 70'/2. , 1.15 "Includible Compensation" means, for 1.21 KParticipant" 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 I 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 Confibutions under the Plan, compensation complete disMbution of his/her Account . i 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( fl(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 Empioyer will Agteement is the agreement, by which the Emgloyer , 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 Inaependent 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 on 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 f°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 Coniributions. 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 2 1/10 11