Agenda - Council - 02/25/1986 - Laserfiche WebLink

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("EMPLOYER") DEFERRED COMPENSATION PLAN I. INTRODUCTION The Employer hereby estabhshes Ihs Employer's Deferred Compensahon Plan. heremallef relerrecl to as Ihs "Plan "'[he Plan consists Of Ihs prov~s,ons sol forth in Ih~s document '[he primary purpOSe gl this Plan is tO provide rehremenl income and other deterred benehts to the Employees Of the Employer in accordance with the prowsions gl sechon 457 Of Ihs Internal Revenue Code of 1954. as amended This Plan shall be an agreemenl solely belwe~n the Employer and partic,pahng Employees ii. DEFINITIONS 2.01 Account: The bookkeeping 8ccounl maintained for each Participant reflecting the cumulative amount of th~ Participant's Deter[ed C. ompensation, including any income. gains, losses, or Increases or decreases in market value atlributable Io the Employer's investment of the Participant's Deferred Compensation, and further refiechng an). distribu- tions lo the Participant or the Parlicipanl's Benehciary and any fees or expenses charged against such Participant's Delerred Compensation. 2.{)2 AdminlItrator. '[he person or persons named to carry OUt certai, n nondtscrehonary admmislrahve funchons under the Plan. as hereinafler described The Employer ma)' remove any person as Administrator upon 60 days advance notice in wriling to such person, in which case the Employer shall name another person or persons lo act as Administrator.'i'he Adminislralor may resign upon 60 days advance notice in writing to the Employer, in which Ihs case the Employer shall name another person or persons tO act as Admimstralor. 2.03 Beneficial: The person or persons designateC by the Participant in his Joinder Agreement who shall receive any benefits payable hereunder in the event of the Pa,ticipant's death. 2.04 Deferred Compensation: The amounl of Norma~ Compensa- lion otherwise payable 1o the Participant which the Participant and the Employer mutually agree to defer hereunder, any amounl credited to a Participant's Account by reason of a transfer under Section 603. or any other amount which the Employer agrees to credit to a P'`rticipant's Account. 2.g5 Employee: Any individual who provides services for lhe Employer. whether as an employee o! the Employer or as an independent contractor, and who has been designated by the ~.mployer as eligible to parhcipale tn the Plan. 2.06 Inctudibl~ Compensation: The amount o! an Employee's compensahon from Ihs Employer lot a laxable yea, Ihat is atlributable tO services performed lot Ihs Employer and Ihal ts includ~ble in Ihs Employee's gross income for Ihs laxable year Ior federal income lax purposes: luCh te~m Odes not InClude any amount e~cludable from gross income under Ih*s Plan Or any other plan described m lechon 457(b} of Ihs Internal Revenue Code. any amount excludable I~om gross income under se:hon 403{.b) dj the Inlernal Revenue Code. or any oth~' amount excludable Irom gross income for federal income tax purposes Includ~ble Compensahon shall be determine0 wilhoul regard lo '`ny commumly properly laws 2.07 Jolnder Agreement: An agreement enlered into belwe~.-.'~ an Employee and the Employer. including any amenclment5 or modd~cahonsthereof Such agreemenlshallhx Iheamount ol Deterrec~ C, ompensahon, specify a preference among the investment a~ternahves designated by the designate Ihs Employee's Beneficiary or Benehciaries. and incorporate the terms, conditions. -,nd provisions o! the P,an by reference 2.08 Normal Co, mpensalion: The amount of compensalion which would be payable Io a Partic~panl by the Employer lc)' a taxable yea' it no Joinder Agreement were in ettecl Io d~fer compensahon under this Plan. 2.09 Norn'~t Retire. merit Age: Age 70. untess the Participant has elected an alternate Normal Retirement Age by wrmen instrumenl dei,vered Io the AdmJnislrator prior Id Separal,on from Service A Participant's Normal Retirement Age determines (a} the latest time when benefits may commence under this P~an (unless the Participant continues employ- ment after Norms! Retireme nt Age). and (b) t he period during which a Parl~c~par, t may utilize the catch-up limitahor, of Sechon 5 02 hereunder. Once a Parhcipant has to any exte'~! utilize3 th~. Catch-up limitation of Section 5.02. his Norms; Retirement Age may not be changed A Participant'S alternate Normal Retirement Age ma)' not be earlier that, the earhest date that the Participant become el~g;b:e lo retire and receive unreduced retireme'?, beholds undo' the Employer's basic rehrement plan covering the Participa'~t and may not be later than the date the Participant altains age 70 If a Participant continues employment alter attaining ~ge 70, not having previously elecled an alternate Normal Relirement Age, the Participant's alternate Normal Retirement Age shall not be later than the mandatory relirement age. if any. eslabhshed by the Employer. o, the age a', which the Participant aclua~iy separates fro~ service if the Employer has no mandatory retirement age If the Participant will not become eligible to receive benehts under a basic relirement plan radials,ned by the Employer. the Participanl's Wlernate Normal Relirement Age may not be esther than attainmenl Of age 55 and may rot be later than attainment of age 70 2.10 Participant: An). Employe.~ who has/dined the Plan pursua~ to the requ, ements gl Article iV 2.11 INan ~ear; '[he calendar year