Laserfiche WebLink
Section 5.3. Assignment. In any case, the employee shall be entitled to <br />irrevocably assign all benefits under this Plan and any policy(ies) owned pursuant to this Plan. In <br />such event, the employee shall retain no incidents of ownership thereto, and the assignee shall have <br />all such rights. <br /> <br /> Section 5.4. Taxation. It is the City's intent that the benefits provided herein be <br /> <br />excludable by the employee to the extent provided under {}79 and {}125 of the Internal Revenue <br />Code, as amended or supplemented, except to the extent the term cost of such insurance above <br />$50,000 shall be taxable to the employee pursuant to Table 1 of the Regulations under Internal <br />Revenue Code {}79, and all provisions herein shall be interpreted consistently with this intent. <br /> <br /> Section 5.5. Waiting Period. Subject to the entry date limitation of Section <br /> <br />5.6 below, a Participant shall not be eligible for a life insurance benefit under this Plan until the <br />insurance contemplated by this Plan is actually obtained or made available by the City. <br /> <br /> Section 5.6. Entry Date. An employee who becomes eligible after the Effective <br />Date of this Plan may be enrolled on January 1. <br /> <br /> ARTICLE VI <br /> <br />Administration & Finances <br /> <br /> Section 6.1. Named Fiduciary. The City shall be the named fiduciary and <br />shall be responsible for the management and control of the operation and administration of the Plan <br />(including any and all decisions pertaining to the granting or denial of benefit claims and any and <br />all decisions pertaining to the review of denials of benefit claims). The City may delegate, assign <br />or contract out all or any portion of its responsibilities for administration of the Plan. <br /> <br /> Section 6.2. Amendment. The Plan may be amended at any time, and from <br /> <br />time to time, by a written instrument executed by a duly authorized official of the City provided <br />such amendment is communicated to those participants participating in this Plan by posting a notice <br />on the City's bulletin board or a mailing to their address last known to the City. <br /> <br /> Section 6.3. Powers of the City. The City shall have the powers which are <br />necessary to administer the Plan, including, without limitation, the power: <br /> <br />(a) To interpret the provisions of the Plan. <br /> <br /> 7 <br />12/11/91 <br /> <br /> <br />