Agenda - Council - 07/22/1980 - Laserfiche WebLink

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"Participant~means any individual who has lied in this plan as provi'ded in Section 4 and has not had a complete distribution of his or her deferred compensation account. (n) ."PaS period", means a regular accounting period established by the employer for measuring and paying compensation earned by employees. (o) "Plan" means the Minnesota Public Employees' Deferred Compensation Plan as set forth herein and as it may be amended from time to time. (p) "Prior plan" means the Minnesota Deferred Compensation Plan, approved by the Attorney General and filed with the Secretary of State and the Con~nissioner of Administration, November 24, 1975 and any plans established thereunder by political sub- divisions of the State of Minnesota. (q) "Projected retirement date" means a date established to allow deferral of underutilized amounts according to the provisions of Section 4.4. Only one projected retirement date may be designated and is to be designated on a form approved by the director. (r) "Termination of service" means the permanent severance of the participant's employment relationship with the employer by means of: retirement; discharge (provided all appellate pro- cesses have been exhausted or tolled); resignation (provided seniority or continuous service is interrupted); permanent layoff; expiration or nonrenewal of appointment or term of office; nonreelection; or such other form of permanent severance as may be provided by appropriate law, contract or rules and regulations. For purposes of this definition, a break in employment for a period of less than 30 days shall not be considered a termination of service. (s) "Taxable sear" means the calendar year beginning January I and ending on December 31. 2.2 Gender and number. Except when otherwise indicated by the con- text, any masculine terminology therein shall also include the feminine and neuter and vice-versa, and the definition of any terms herein in the singu- lar may also include the plural. Section 3. Responsibilities of the director The director has the full power and authority to administer the plan and promulgate, adopt, amend or revoke internal management procedures which are con- sistent with, and necessary to implement and maintain, this plan. The employer or the director on behalf of the employer may enter into a writ- ten agreement with each participant. Such written agreement and other applica- tion forms shall be in a form and-manner:as prescribed by.the-director-and shall set forth the obligations contained in this plan, the amounts of compensation to be deferred, and such other information as the director deems necessary to admin- ister the plan. -3-