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

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.--~,-~,..~---,,-_.--. 457 Plan and Trust Document Employee has designated, at or prior to the time of making the contribution, as a contribution to which this Article applies. 9.03 Deemed IRA Trust Requirements: This Article shall satisfy the trust requirement under Section 408(q) of the Code and the regulations thereto. IRAs established pursuant to this Article shall be held in one or more trusts or custodial accounts (the "Deemed IRA Trusts"), whicb shall be separate from the Trust established under the Plan to hold contributions other than Deemed IRA contributions. The Deemed IRA Trusts shall satisfy the applicable requirements of Sections 408 and 408A of the Code, which requirements are set forth in seerion 9.05 and 9.06, respectively, and shall be established with a trustee or. custodian meeting the requirements of Section 408(a) (2) of the Code ("Deemed IRA Trustee"). To the extent that the assets of any Deemed IRAs established pursuant to this Article are held in a Deemed IRA Trust satisfYing the requirements of this Section 9.03, such Deemed IRA Trust, and any amendments thereto, is hereby adopted as a trust maintained under this Plan with respect to the assets held therein, and the provisions of such Deemed IRA Trust shall control so long as any assets of any Deemed IRA are held thereunder. 9.04 Reporting Duties: The Deemed IRA Trustee shall be subject to the reporting requirements of Section 408(i) of the Code with respeer to all Deemed IRAs that are established and maintained under the Plan. 9.0S Deemed Traditional IRA Requirements: Deemed IRAs established in the form of traditional IRAs shall satisfy the following requirements: (a) Exclusive Benefit. The Deemed IRA account shall be established for the exclusive beneflt of an Employee or his or her Beneficiaries. (b) Maximum Annual Contributions. (1) Except in the case of a rollover contribution (as permitted by Sections 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3) and 4S7(e) (16) of the Code), nO contributions will be accepted unkss they are in cash, and the total of such contributions shall not exceed: $3,000 for any taxable year beginning in 2002 through 2004; $4,000 for any taxable year beginning in 200S through 2007; and $S,OOO for any taxable year beginning in 2008 and years thereafter. After 2008, the limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Section 219(b)(S)(C) of the Code. Such adjustments will be in multiples of $SOO. (2) In the case of an Employee who is 50 or older, the annual cash contribution limit is increased by: $500 for any taxable year beginning in 2002 through 2005; and $1,000 for any taxable year beginning in 2006 and years thereafter. (3) No contributions will be accepted under a SIMPLE IRA plan established by any employer pursuant to Section 408(p) of the Code. Also, no transfer or 18