2011-02-23 CC Packet - Laserfiche WebLink

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'� 457 Governmental Plan and Trust reason of Qualified Military Service (as described in 3.02 SALARY REDUCTION CONTRIBU- Code §414(u)(1)) to the extent those payments do not TIONS. 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 hmitations applicable under the Code. services for the Employer rather than entering � Qualified Military Service. (A) Deferral from Sick, Vacation and Back Pay. 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'/z 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 Compensarion. 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. s ecified under Code 457 e 15 p § ( )( ) (or, beginning January 1, 2006) such larger amount as the Post-Severance Compensation defined. Post- Commissioner of the Intemal 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'/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 T�able Years ending before the Taxable Year in which the Participant (1) Regular pay. Post-Severance Compensation attains Normal Retirement Age, the ParticipanYs includes regular pay after Severance of Employment m�imum Deferral Contributions may not exceed the if: (i) the payment is regular compensation for lesser o£ 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 normai limitation, or (b) the underutilized limitation. or shift differential), commissions, bonuses, or other similar payments; and (ii) 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 T�able Years of the Participant commencing after 1978 during (2) Leave cashouts. Post-Severance which the Participant was eligible to participate in the Compensation includes 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 Defenal Participant's Severance from Employment, and the Contributions for each such prior T�able 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 pernrit any Participant to have more than one Normal (3) Salary continuation payments for military Retirement Age under the Plans. service ParHcipants. Post-Severance Compensation includes payments to an individual who does not �C) Pre-2002 Coordinallon. In determining a , currently perform services for the Employer by 1'articipant's underutilized limitation, the �O Copyright 2010 SunGard 1/10 5 14 . _ _