2011-02-23 CC Packet - Laserfiche WebLink

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457 Governmental Plan and Trust coordination rule in effect under now repealed Code the Administrative Services Provider and Trustee §457(c)(2) applies.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 Ta�cable 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 CONTRIBUT'ION. All Employees who are eligible Contributions Account to the limited Participant in to make Salary Reduction Contributions under this accordance with Article N. Plan and who have attained age 50 before the close of the Taxabie Year are eligible to make age 50 catch- (C) Separate Accoundng. 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 rolled into this Plan from an eligible retirement plan account for purposes of the provisions of the plan (other than from another Eligible 457 pIan); 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 T�able Year is entitled to the from either of (i) 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 DISTRIBUT'ION 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 ParticipanYs Account his/her Deferral income, gain or loss, in accordance with this Section Contributions. 3.09. I 3.07 ALLOCATION CONDITIONS. The Plan The Administrative Services Provider will distribute I does not impose any allocation conditions. Excess Deferrals from an Eligible 457 Plan as soon I as is reasonably practicable following the 3.08 ROLLOVER CONTRIBiJTIONS. The Administrative Services Provider's or Employer's ! Plan permits Rollover Contributions. determination of the amount of the Excess Deferral. I (A) Operational Administration. T'he Employer, (A) Plan Aggregation. ff the Employer maintains I operationally and on a nondiscriminatory basis, may more than one Eligible 457 Plan, the Employer must ' elect to permit or not to permit Roliover 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 (B) 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 conect the Services Provider, may make a Rollover Contribution Excess Deferrals by making a conective distribution to the Trust. Before accepting a Rollover from this Plan. Contribution, the Trustee may reyuire a Participant (or eligible Employee) to furnish satisfactory 3.I0 DOLLAR LIlVIITS. T'he table below evidence the proposed transfer is in fact a"Rollover shows the applicable dollaz 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 t�able income; (2) create 415(d}. di�culty 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, 6 1/10 15