2011-02-23 CC Packet - Laserfiche WebLink

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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 Aclrnowledgement Form/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/Cazd. 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 ELIGIBII.ITY. 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 EMPLOYMENT. A Participant who incurs a thereafter. Severance from Employment will re-enter the Plan as '� a Participant on the date of his/her re-empioyment. ARTICLE III DEFERRAL CONTRIBUTIONS/LIMITATIONS � 2.03 SPECIAI. ELIGIBILITY PROVISIONS FOR PARTICIPANTS IN A PLAN USED AS A 3.01 AMOUNT. I SOCIAL SECURITY REPLACEMENT PLAN Notwithstanding any provision to the contrary, the (A) Contribution Formula. For each Plan Year, the � provisions of this Seciion 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 urider 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 shali, 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 Defemal Contribution specified in the T'he 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 � retumable. considered a retirement system under Code §3121(b)(7)(F) and Treas. Reg. 31.3121(bx7)-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 Empioyee who is newly eiigible 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 1/t0 13