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dollal~ an,~,u ~o be withheld corresponding new pay period <br />length which will result in approximately the same annual amount <br />being withheld. <br /> <br />(d) Maximum deduction <br /> <br />The employer shall insure compliance with the maximum deferment set <br />forth in section 4.4. If the amount deducted exceeds the maximum <br />deferment set forth in Section 4.4, the amount of subsequent deduc- <br />tions for the remainder of the taxable year shall be adjusted to <br />conform to the maximum-deferment allowed for the year. If it is <br />not possible to correct the total deduction by year end, the <br />overage shall be refunded. <br /> <br />Section 5. <br /> <br />Participants' accounts, investments and distributions <br /> <br />5.1 Deferred compensation accounts and valuation. <br /> <br />(a) Participants' accounts <br /> <br />An investment account shall be established for each participant <br />which shall be the basis for any distributions payable to the <br />participant under Section 5.5. Each participant's account shall <br />be credited with the amount of any compensation deferred and <br />received less the administrative charge set forth in Section 5.1(d) <br />and shall be further credited or debited, as applicable, with any <br />increase or decrease resulting from investments pursuant to Section <br />5.3, credited or debited with any investment expenses, if appli- <br />cable, debited for the amount of any distribution, and credited <br />initially with the value on the effective date of this plan of any <br />bookkeeping account maintained under the prior plan. <br /> <br />(b) Financial responsibility of the employer <br /> <br />The funds and assets paid into the deferred compensation <br />account may be invested in approved investments as provided by <br />Minn. Stat S 352.96, Subd. 2, until distributed in accordance with <br />Section 5.4, 5.5, and 5.6 of this plan. <br /> <br />The employer shall not be responsible for any loss due.to the <br />investment or failure of investment of funds and assets in <br />said deferred compensation account, nor shall the employer be <br />required to replace any loss whatsoever which may result <br />from said investments. <br /> <br />(c) Accounting dates and investment fund valuation <br /> <br />The supplemental investment account is to be valued by the board <br />as of each accounting date in accordance with the provisions of <br />Minn. Stat. SS 11.18 and 11.19. Any withdrawals or distributions <br />shall be made in cash. The amount paid upon such withdrawal or <br />distribution shall be based upon the account's value as of the - <br />accounting date. <br /> <br />-6- <br /> <br /> <br />