2011-02-23 CC Packet - Laserfiche WebLink

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457 Governmental Plan and Trust of normal retirement age, has experienced a (2) Eligible retirement plan. An eligible Severance from Employment as a Public Safety retirement plan is an individual retirement account Officer with the Employer. described in Code § 408(a), an individual retirement annuity described in Code § 408(b), an annuity plan (2) Public safety officer. A"Public Safety described in Code § 403(a), a qualified pian Officer" has the same meaning as in § 1204(9)(A) of described in Code § 401(a), an annuity contract (or the Omnibus Crime Control and Safe Streets Act of custodial agreement) described in Code § 403(b), or 1968 (42 U.S.G § 3796b(9)(A)). an eligible deferred compensation plan described in Code § 457(b) and maintained by an Employer (3) Qualified health insurance premiams. The described in Code § 457(e)(1)(A), which accepts the term "qualified health insurance premiums" means Participant's, the Participant's spouse or alternate premiums for coverage for the Eligible Retired Public payee's eligible rollover distribution. For Safety Officer, his/her spouse, and dependents, by an distributions made after December 31, 2007, a accident or health plan or qualified long-term care Participant or Beneficiary may elect to roll over insurance contract (as defined in Code § 7702B(b)). directly an eligible rollover distribution to a Roth IRA described in Code § 408A(b). ARTICLE V ADMINISTRATIVE SERVICES PROVIDER - (3) Direct rollover. A direct rollover is a DUTIES payment by the Plan to the eligible retirement plan specified by the distributee. SA1 TERM / VACANCY. The Administrative Services Provider will serve untii his/her successor is (4) Mandatory distributioa. The appointed. In case the Employer has not appointed a Administrative Services Provider is directed to make successor Administrative Services Provider, the a mandatory distribution, which is an eligible rollover Employer will exercise any and all duties of the , distribution, without the Participant's consent Administrative Services Provider pending the filling � provided that the Participant's Account is less than of the vacancy. � $1,000. A distribution to a Beneficiary is not a ' mandatory distribution. 5.02 DiTTIES. The Administrative Services �� Provider will have the following duties; i (5) 401(a)(31)($) Effective Date. The § � 401(a)(31)(B) Effective Date is the date of the close (a) To create administrative forms necessary ' of the first regular legislative session of the for the proper and efficient administration of � legislative body with the authority to amend the Plan the Plan provided the forms are not i that begins on or after January 1, 200b. inconsistent with the terms of the Plan; ! 4.08 ELECTION TO DEDUCT FROM (b) To enforce the terms of the Plan and its , DISTRIBUT'ION. For distributions in taxable years procedures, including this document and such beginning after December 31, 2006, an Eligible other documents related to the Plan's ' Retired Public Safety Officer may elect annually for operation; that ta�cable year to have the Plan deduct an amount from a distribution which the Eligible Retired Public (c) To make, at the direction of the Safety Officer otherwise would receive and include Participant or Beneficiary or pursuant to in income. The plan will pay such deducted amounts Section 4.07(D)(4}, distributions of an directly to the provider as described in Section Account; , 4.08(A). (d) To review in accordance with the Plan's (A) Direct paymen� The Plan will pay directly to procedures respecting a claim for (or denial of the provider of the accident or health insurance plan a claim for) a benefit under the Plan; or qualified long-term caze insurance contract the amounts the Eligible Retired Public Safety Officer (e) To furnish the Employer with information has elected to have deducted from the distribution. which the Employer may require for tax or Such amounts may not exceed the lesser of $3,000 or other purposes; the amount the Participant paid for such taacable year for qualified healthcaze premiums, and which (fl To make distributions on account of otherwise complies with Code § 402(1). unforeseeable emergency in accordance with the Plan's procedures; (B) Definitions. (g) To accept Deferral Contributions, (1) Eligible retired public safety officer. An Employer Contributions, and Rollover "Eligible Retired Public Safety Officer" is an Contributions; individual who, by reason of disability or attainment 12 1/�0 21