2011-02-23 CC Packet - Laserfiche WebLink

Home Browse Search

457 Governmental Plan and Trust (h) To accept Transfers; The Administrative Services Provider will continue , to allocate net income, gain and loss to a Participant's (i) To accept Participant or, in the case of a Account subject to an installment distribution, until deceased Participant, Beneficiary direction of the Account is fully distributed. investment; 5.07 ACCOUNT CHARGED The (j) To comply with any reporting and Administrative Services Provider wili charge ail disclosure rules applicable to the Plan; distributions made to a Participant or to his/her �� Beneficiary, or transferred under Section 9.03 from (k) To make loans to Participants if elected by his/her Account, against the Account of the the Employer; Participant when made. ' (1) To appoint agents to act for and in 5.08 PARTICII'ANT DIIZECTION OF performing its third party administrative INVEST'MENT. Subject to the terms and conditions services to the Plan; and required by the Administrative Services Provider and the Trustee, if any, a Participant will ha�e the right to (m) To undertake any other action the direct the investment or re-investment of the assets Administrative Services Provider deems comprising the Participant's Account. The reasonable or necessary to provide third party Administrative Services Provider will account administrative services to the Plan. separately for the Participant-directed Accounts. The Participant's right to direct investment does not give 5.03 LOANS TO PARTICIPANTS. The the Participant any vested interest or secured or Employer may elect to permit the Administrative preferred position with respect to assets over which Services Provider andlor Trustee to make Plan loans he/she has investment responsibility. to Participants by executing a participant loan program document with the Administrative Services 5. 09 VESTING / SUBSTANTIAL RISK OF Provider. Any loan by the Plan to a Participant shall FORFEITURE. Each Participant's Account will be be made in compliance with Code § 72(p). If Plan immediately 100% vested. loans are permitted, the Administrative Services Provider, with the approval and direction of the 5.10 PRESERVATION OF ELIGIBLE PLAN Employer, may establish, amend or terminate from STATUS. The Employer may take any such time to time, nondiscriminatory administrative necessary and appropriate action to preserve the procedures for administering loans. Such loan status of the Plan as an Eligible 457 Plan. procedures must be a written document and must include: (1) the procedure for applying for a loan; (2) 5.11 LIMTTED LIABILTTY. The Employer the criteria for approving or denying a loan; (3) the will not be liable to pay plan benefits to a Participant limitations, if any, on the types and amounts of loans in excess of the value of the Participant's Account as available; and (4) the events constituting default and the Administrative Services Provider determines in the steps the Plan will take to preserve Plan assets in accordance with the Plan terms. The Employer, the the event of default. Any administrative procedures Administrative Services Provider, or the Trustee will adopted under this Section 5.03 shall be construed as not be liable for losses arising from depreciation or part of the Plan. shrinkage in the value of any inveshnents acquired under this Plan. 5.04 INDNIDUAL ACCOUNTS / RECORDS. The Administrative Services Provider will maintain a 5.12 LOST PARTICIPANTS If the separate Account in the name of each Participant to Administrative Services Provider is unable to locate reflect the value of the Participant's Deferred any Participant or Beneficiary whose Account Compensation under the Plan. becomes distributable (a "lost Participant"), the Administrative Services Provider will apply the 5.05 VALUE OF PARTICIPANT'S provisions of this Section 5.12. ACCOUNT. The value of each Participant's Account consists of his/her accumulated Defened (A) Attempt to Locate. The Administrative Services Compensation, as of the most recent Accounting Provider will attempt to locate a lost Participant and Date or any later date as the Administrative Services may use one or more of the following methods: (1) Provider may determine. provide a distribution notice to the lost Participant at his/her last known address by certified or registered 5.06 ALLOCATION OF NET INCOME, GAIN mail; (2) use the IRS letter forwarding program under OR LOSS. As of each Accounting Date (and each Rev. Proc. 94-22; (3) use a commercial locator other valuation date determined under Section 5.04), service, the internet or other general search method; , the Administrative Services Provider will adjust (4) use the Social Security Administration or PBGC Accounts to reflect net income, gain or loss, if any, search program; or (5) use such other methods as the since the last Accounting Date or Account valuation. Administrative Services Provider believes prudent. �O Copyright 2010 SunGard 1/10 13 � 22