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

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-=~~~~-"""~":""''':''-~'-----'---------'''--'-~-'-'-----'---- .- .~:"'-~_.-""'-~'--_"':-_. - -- . ,";' ~n;~E::~'':IT 457 Plan and Trust Document , 2.21 Trust: The Trust created under Article V1 oEthe Plan which shall consist of all compensation deferred under the Plan, plus any income and gains thereon, less any losses, expenses and distributions to Participants and Beneficiaries. Article III. Administration 3.01 Duties of the Employer: The Employer shall have the authority to make all discretionary decisions affecting the rights or benefits of Participants which may be required in the administration of this Plan. The Employer's decisions shall be afforded the maximum deference permitted by applicable law. - 3.02 Duties of Administrator: The Administrator, as agent for the Employer, shall perform nondiscretionary administrative functions in connectiori with the Plan, including the maintenance of Participants' Accounts, the provision of periodic reports of the status of each Account, and the disbursement of benefits on behalf of the Employer in accordance with the provisions of this Plan. Article N. Participation in the Plan 4.01 Initial Participation: An Employee may become a Participant by entering into a Joinder Agreement prior to the beginning of the calendar month in which the Joinder _ Agreement is to become effective to defer compensation not yet earned, or such other date as may be permitted under the Code. A new employee may defer compensation in the calendar month during which he or she first becomes an employee if a Joinder Agreement is entered into on or before the first day on which the employee performs services for the Employer. 4.02 Amendment of Joinder Agreement: A Participant may amend an executed Joinder Agreement to change the amount ofIncludible Compensation not yet earned which is to be deferred (including the reduction of such future deferrals to zero). Such amendment shill become effective as of the beginning of the calendar month commencing after the date the amendment is executed, or such other date as may be permitted under the Code. A Participant may at any time amend his or her Joinder Agreement to change the designated Beneficiary, and such amendment shall become effective immediately. Article V. Limitations on Deferrals 5.01 Normal Limitation: Except;lS provided in Section 5.02, the maximum amount of Deferred Compensation for any Participant for any taxable year, shall not exceed the lesser of the Dollar Limitation or the Percentage Limitation. 5.02 Catch-Up Limitations: (a) Catch-up Contributions for Participants Age 50 and Over: A Participant who has attained the age of 50 before the close of the Plan Year, and with respect to whom no other elective deferrals may be made to the Plan for the Plan Year by reason of the Normal Limitation of Section 5.01, may enter into a Joinder Agreement to make elective deferrals in addition to those permitted by the Normal Limitation in an amount not to exceed the lesser of (1) the applicable "'--' .-,.;,. '--"":. :' i . ~.~ '. '.' ~ . ~ . 4