Laserfiche WebLink
7.1 Amendment of plan. The director acting for the employer shall have <br />the authority to propose amendments to this plan from time to time consistent <br />with the provisions of Minn. Stat. S 352.96 and the code and regulations of the <br />U.S. Treasury. No amendment or modification shall adversely affect the rights <br />of participants or their beneficiaries to the receipt of compensation deferred <br />prior to such amendment or modification unless required by state or federal law <br />to maintain the tax status of the plan and any compensation previously deferred. <br /> <br /> 7.2 Prior plan. This plan constitutes a continuation of the Minnesota <br />Deferred Compensati'on Plan, approved by the Attorney General and filed with the <br />Secretary of State and the Con~nissioner of Administration, November 24, 1975. All <br />participants and any compensation deferred under the prior plan are, from the <br />effective date of this plan, governed by the terms of this plan subject to the <br />following provisions: <br /> <br />(a) <br /> <br />All deferrals elected under the prior plan shall continue <br />without further action as long as they are in compliance <br />with Sections 4.3 and 4.4. <br /> <br />(b) <br /> <br />Any investment requests made under the prior plan shall con- <br />tinue to apply to any deferrals made under this plan in accordance <br />with Section 5.3. <br /> <br />(c) <br /> <br />Any election of the method and time of distribution of benefits <br />made under the prior plan shall be void, and a participant or bene- <br />ficiary shall elect the form of distribution in accordance with <br />Sections 5.5 and 5.6 of this plan. <br /> <br />Section 8. <br /> <br />Applicable law <br /> <br /> This plan shall be construed, administered and governed in all respects <br />under and by the laws of the State of Minnesota, Minn Stat. S 352.96, and sec- <br />tion 457 of the code. <br /> <br />- 11 - <br /> <br /> <br />