2004-08-25 WS & CC Meeting - Laserfiche WebLink

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457 Plan and Trust Document which a Participant may utilize the 457 Catch-Up Dollar Limitation of Section 5.02(b) hereunder. Once a Participant hM ro any extent utilized the catch-up limitation of Section 5.02(b), his Normal Redremenr Age may hot be changed. A Participant's alternate Normal Retirement Age may not be earlier than the earliest date that the Participant will become eligible to retire and receive immediate, unteduced retirement benefits under the Employer's basic defined benefit retirement plan covering the Participant (or a money purchase pension plan in which the Participant also participates if the Participant is not eligible to participate in a defined benefit plan), and may not be later than the date the Participant will attain age 70-1/2. If a Participant continues employment after attaining age 70-112, not having previously elected an alternate Normal Retirement Age, the Participant's alternate Normal Retirement Age shall not be later than the mandatory retirement age, if any, established by the Employer, or the age at willch the Participant actually has a Severance Event if the Employer has no mandatory retirement age. If the Participant will not become eligible to receive benefits under a basic defined benefit tetirement plan (or money purchase pension plan, if applicable) ma;nwned by the Employer, the Participant's alternate Normal Retirement Age may not be earlier than 65 and may not be later than age 70-112. In the event the Plan has Participants that illdude qualified police or firefighters (as defined under Section 415 (b) (2) (H) (ii) (I) of the Code), a normal retirement age may be designated for such qualified police or firefighters that is not earlier than age 40 or later than age 70-112. Alternatively, qualified police or firefighters may be permitted to designate a normal retirement age that is between age 40 and age 70-112. 2.16 Participant: Any Employee who has joilled the Plan pursuant to the requirements of Article N. For purposes of section 6.11 of the Plan, the term Participant includes a former Employee of the Employer. 2.17 Percentage Limitation: 100 percent of the participant's Induillble Compensation available to be contributed as Deferred Compensation for the taxable year. 2.18 Plan Year: The calendar year. 2.19 Retirement: The first date upon which both of the following shall have occurred wjth respect to a participant: Severance Event and atta;nment of age 65. 2.20 Severance Event: A severance of the Participant's employment wjth the Employer wjtilln the meaning of Section 457(d) (1) (A) (ii) of the Code. In general, a Participant shall be deemed to have experienced a Severance Event for purposes of tills Plan when, in accordance wjth the established practices of the Employer, the employment relationsillp is considered to have actually terminated. In the case of a Participant who is an independent contractor of the Employer, a Severance Event shall be deemed to have occurred when the Participant's contract under which services are performed. has completely expired and terminated, there is no foreseeable possibiliry that the Employer will renew the contract or enter inro a new contract for the Participanr's services, and it is nor anticipated that the Participant will become an Employee of the Employer, or such other events :is may be permitted under the Code. .' ~ ....' ", .~. -~. "..;,'.; ". 3