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

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457 Plan and Trust Document (3) Distributee: A distributee includes an employee or former employee. In addition; the employee's or former employee's surviving spouse and the employee's or former employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributeeswith regard to the interest of the spouse or' former spouse. (4) Direct Rollover: A direct rollover is a payment by the plan to the eligible retirement plan specified by the distributee. 6.12 Trustee-to-Trustee Transfers to Purchase Permissive Service Credit: All or a portion of a Participant's Account may be transferred direcdy to the trustee of a defined benefit governmental plan (as defined in Section 414(d) of the Code) if such transfer is (A) fot the purchase of petmissive service credit (as defmed in Section 415(n)(3)(A) of the Code) under such plan, or (B) a repayment to which Section 415 of the Code does not apply by reason of subsection (k)(3) thereof, within the meaning of Section 457(e)(17) of the Code. 6.13 Treatment of Distributions of Amounts Previously Rolled Over From 401 (a) and 403(b) Plans and IRAs. For purposes of Section net) of the Code, a distribution from this Plan shall be treated as a distribution from a qualified retirement plan described in Section 4974(c)(1) of the Code to the extent that such distribution is attributable to an amount transferred to an eligible deferted compensation plan from a qualified retirement plan (as defined in Section 4974(c) of the Code). 6.13 Employer Liability. In no event shall the Employer's liability to pay benefits to a Participant under this Plan exceed the value of the amounts credited to the Participant's Account; neither the Employer nor the Administrator shall be liable for losses arising from depreciation or shrinkage in the value of any investments acquired under this Plan. Article VII. Benefits 7.01 Retirement Benefits and Election on Severance Event: (a) General Rule: Except as otherwise provided in this Article VII, the distribution of a Participant's Accounr shall commence as of a Participant's Automatic Distribution Date, and the disrribution of such benefits shall be made in accordance with one of the payment options described in Section 7.02. Notwithstanding the foregoing, but subject to the following paragraphs of this Section 7.01, the Participant may elect following a Severance Event to have the distribution of benefits commence on a fixed determinable date other than that described in the preceding sentence, but not later than April I of the year following the year of the Participant's Retirement or attainment of age 70-1/2, whiChever is later. The Participant's right to change his or her election with , respect to commencement of the distribution of benefits shall not be restrained by this Section 7.01. Notwithstanding the foregoing, the Administrator, in order to ensure the orderly administration of this provision, may establish a deadline after which such election to defer the commencement of distribution of benefits shall not be allowed. 11 L_