Agenda - Council - 03/25/1986 - Laserfiche WebLink

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I I I I 5. Employer corqribubons and Ernployee contribu- tions, if any, shall be contributed to the Trust in ac- cordance w~lh the following paymenl schedule: n~ ch _p.~y Lo.l_l_ per i od IF. I I I I I I I I EARNff4GS Earnings, which form the basis for computing Employ- er contributions and Emptoyee contributions, if re- quired, are defined as the Participant's base salary or wages, before applying any salary reduction agreed to by the Participant pursuant to a plan described in Sections 457' or 403(b) of the Code, plus the following (check whichever is applicable, if any): n/a [] Overtime ~ Bonuses [] Employer contributions (other than salary reduc- tion amounts) under Section 457 of the Code [] Other extraordinary remuneration VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to 1) the minimum vesting require- merits as noted and 2) the concurrence of the Plan Administrator. Years of Specified Minimum Service Percent Vesting Completed Vesting Requirements' ' Zero -&O0 % No minimum On ~ __ % No minimum Two __ % No minimum Three __ % No minimum Four __ % Not less than 40% Five . % Not tess than 45°,/o Six __ % Not less than 50°,/0 Seven __ 0,,5 Not less than 60% Eight .. % Not less than 70% Nine __ % Not less than 80°/0 Ten __ % Not less than 90% Eleven or more 100 % Must equal 100% (*'These minimum vesting requirements conform to the IRS's Four-Forty Schedule, which is the most re- strictive schedule for which an advance determination ruling for qualification will be issued by the IRS without a pre-test for non. discrimination.) 2 H, INVES~/MEIq'I OPTION (check one) The following applies to Employer Contr,b'~' Mandatory Employee Contribut ons All Employee Contributions and Deduclib;e Emp;oyee Contributions (DECs) are not subject to restrictions. L-_ A Part,.~ipant may direct his/her investmert only ~r, an investment option which provides a guaramee of principal ,.~ A Participant may direct his/her investr,~,ent of no: more than % in an investrr mt opt~o~ which does not provide any guarantee cf principal ×.'~ A Participant may direct his/her investment, with- out restriction, among various investment options available under the Trust. ~ Specify any other investment restrictions: WITHDRAWAL UPON SEPARATION 1. Upon separation from service for reason other than death, Disability or a~aJnment of Normal Retireme,3t Age, the Participant may elect to commence receiv- ing benefits from the following accounts, without regard to age: a) Employ6. Contribution Account (Nonforfeitable In- terest) ~ Yes [3 No b) Participant Contribution Account (if applicable) ×:?,.~ Yes F3 No c) Portable Benefits Account ~ Yes ~ No 2. If "no" to any of the above, the earliest age is · -,/,, , at which the Employer will allow a dis- trlbut~on from the Employer Contribution Account, the Portable Benefits Account, and/or the Partici- pant Contribution Account, if applicable. Notwithstanding Section 1(2) above, a distribution shall be made pursuant to Section 8.05 of th9 Plan, De Minimis Accounts. Further, the Participant shall be entitled to make a rollover contribution pursuant to Section 8.03 of the Plan. J. Loans are permitted under the Plan as provided in Article Xl. XJ~ Yes [] No