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

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457 Plan and Trust Document dollar amount as defined in Section 414(v) (2) (B) of the Code, as adjusted for the cost-of-living in accor(!ance with Section 414(v)(2)(C) of the Code, or (2) the excess (if any) of (i). the Participant's compensation (as defined in Section 415(c)(3) of the Code) for the year, over (ii) any other elective deferrals of the Participant for such year which are made without regard to this Section 5.02(a). An additional contribution made pursuant to this Section 5.02(a) shall not, with respect to the year in which the contribution is made, be subject to any otherwise . applicable limitation contained in Section 5.01 above, or be taken into account in applying such limitation to other contributions or benefits under the Plan or any other plan. This Section 5.02(a) shall not apply in any year to which a higher limit under Section 5.02(b) applies. (b) Last Three Years Catch-up Contribution: For each of the last three (3) taxable years for a Participant ending before his or her attainment of Normal Retirement Age, the maximum amount of Deferred Compensation shall be the lesser of: (1) the 457 Catch-Up Dollar Limitation, or (2) the sum of (i) the Normal Limitation for the taxable year, and (ii) the Normal Limitation for each prior taxable year of the Participant commencing after 1978 less the amount of the Participant's Deferred Compensation for such prior taxable years. A priot taxable year shall be taken into account undet the preceding sentence only if (x) the Participant was eligible to participate in the Plan for such year, and (y) compensation (if any) deferred under the Plan (or such other plan) was subject to the Normal Limitation. 5.03 Sick, Vacation and Back Pay: If the Employer so elects, a Participant may defer all or a portion of the value of the Participant's accumulated sick pay, accumulated vacation pay and/or back pay, provided that such deferral does not cause total deferrals on behalf of the Participant to exceed the Dollar Limitation or Percentage Limitation (including any Catch- up Dollar Limitation) for the year of deferral. The election to defer such sick; vacation and/or back pay must be made pursuant to a Joinder Agreement entered into before the beginning of the month in which the amounts would otherwise be paid or made available to the Participant, and the Participant must be an Employee in that month. In the case of sick, vacation and back pay that is payable before the Participant has a Severance Event, the preceding requirements. are deemed to be satisfied if the Joinder Agreement providing for the deferral is entered into before the amount is currently available. 5.04 Other Plans: Notwithstanding any provision of the Plan to the contrary, the amount excludible from a Participant's gross income under this Plan or any other eligible deferred compensation plan under Section 457(b) of the Code shall not exceed the limits set forth in Sections 457(b) and 414(v) of the Code. 5.05 Excess Deferrals: Any amount that exceeds the maximum Dollar Umitation or Percentage Limitation (including any applicable Catch-Up Dollar Limitation) for a taxable year, shall constitute an excess deferral for that taxable year. Any excess deferral shall be distributed in accordance with the requirements fat excess deferrals under the Code and Section 1.457-4(e) of the Income Tax Regulations. 5