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

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Pa~npi~lets describing s plan and outlining the o~ and oppor- tunities available shall be prepared under the direction of the director, and made available to eligible employees. Copies of the plan will be made available upon request. Individual account statements shall be made available to each participant at least annually. Section 4. Participation in the plan 4.1 Eligibility. All employees who are receiving compensation on or after the date the plan becomes effective, and who have not revoked earlier par- ticipation pursuant to Section 4.6 during the most recent taxable year, shall be eligible to become participants in accordance with Section 4.2. 4.2 Enrollment. Any employee eligible to participate in accordance with Section 4.1 may become a participant by agreeing with the employer in writing, on a form approved by the director, to a deferment of his or her compen- sation in accordance with Sections 4.3 and 4.4. The deferment will con, hence with the first full pay period following 30 days from the date the application is pro- perly completed by the employee and accepted by the employer or director acting for the employer. The application shall also specify an investment preference for the deferred compensation. 4.3 Minimum deferment. The minimum amount which may be deferred shall be ten dollars ($10.00) per pay period. The amounts to be deferred must be stated in whole dollars. If the application indicates any amount which includes cents, the cents will be disregarded. 4.4 Maximum deferment. The total amount of deferred compensation during any taxable year shall not exceed the limits provided in Sections 4.4(a) and (b) below: (a) 33-1/3% of includable compensation or $7,500 whichever is less; or (b) Each participant may designate a projected retirement date to be on or after normal retirement age. For each of three taxable years preceding his or her projected retirement date, a participant may defer an amount equal to the limits set forth in Section 4.4(a) plus an additional amount equal to the dif- ference between the amount of compensation which could have been deferred under this plan, and the amount which was deferred. In no event, however, can the deferral exceed $15,000 for any taxable year. If a participant also participates in or h~s amounts contributed by the employer for the purchase of a tax-sheltered annuity or mutual fund shares held in a custodial account, and part or all of such contributions are excludable under Section 403(b) of the Internal Revenue Service Code, the contributions excludable under Section 403(b) reduce the maximums established in Sections 4.4(a) and (b) above. In no event can deferrals exceed an employee's compensation less deductions for FICA, any other taxes, pension contributions and other mandatory deductions. -4-