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

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The allowed distribution shall be payable by a method determined by the employer or the director acting for the employer and commence as soon as possible after notice to the participant of approval. 5.8 Designation of beneficiary. A participant may designate a beneficiary to receive payment of the participant's deferred compensation in the event of his or her death. With respect to deferred compensation in the supplemental investment account, only a singular beneficiary may be designated. If the designated beneficiary predeceases the employee or dies before receiving payment, a lump sum payment shall be made to the participant's estate. Such beneficiary designation shall be in writing and must be filed with the director prior to the death of the participant. If no designation of beneficiary is f~led with the director, the beneficiary shall be the surviving spouse, or if none, a lump sum payment shall be made to the participant's estate. 5.9 Leave of absence. Any participant who is granted a leave of absence by the employer may continue to be a participant in this plan as long as the leave of absence is approved by the employer. If an approved leave of absence is terminated by the employer or employee without the resumption of the employment relationship, the participant shall be treated as having a termination of service under this plan. Section 6. Miscellaneous 6.1 Nonassi§nability. The contract entered into between the employer and a participant through this plan and the benefits, proceeds or payments thereunder cannot be sold, assigned, pledged, commuted, transferred or otherwise conveyed by any employee, participant or beneficiary. An attempt to assign or transfer shall not be recognized and shall impose no liability upon the employer. Except as otherwise required by law, any deferred compensation monies withheld pursuant to this plan shall not be subject to attachment, garnish- ment, or execution, or to transfer'by operation of law in the event of bankruptcy or insolvency of the participant or otherwise. 6.2 Headings and subheadings. The headings and subheadings in this plan are inserted for the convenience of reference only and are to be ignored in any construction of the provisions hereof. 6.3 SeverabilitS. If any provision of this plan shall be for any reason invalid or unenforceable, the remaining provisions shall, neverthe- less, continue in effect and shall not be invalidated thereby. If the Internal Revenue Service finds any of the provisions of this plan to be inconsistent with section 457 of the code or other regulations of the United States Treasury the director shall have the authority to amend by administrative order any of the provisions of this plan to bring them into compliance with the code or regulations. 6.4 Conflicts. In the event any form or other document used in administering the plan conflicts with the terms of the plan, the terms of the plan shall prevail.. Section 7. Amendment of plan - 10-