Reso 2003-118 - Laserfiche WebLink

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amount not to exceed the lesser of (i) the applicable dollar amount as defined in Section 414(v)(2)(B) of the Code, as adjusted for the cost-of-living in accordance with Section 414(v)(2)(C) of the Codes, or (ii) the excess (if any) of (A) the Participant's compensation as defined in Section 415(c)(3) of the Code for the year, over (B) any other elective deferrals of the Participant for such year which are made without regard to this Section 5.2(b). An additional contribution made pursuant to this Section 5.2(b) shall not, with respect to the year in which the contribution is made, be subject to any otherwise applicable limitation contained in Section 5.2(x), or be taken into account in applying such limitation to other contributions or benefits under this Plan or any other plan. This Section 5.2(b) shall not apply in any year to which Section 5.2(c) applies. (c) For one or more of a Participant's last three Employment Periods ending before the Participant attains Normal Retirement Age the maximum amount a Participant may defer during the Employment Period shall not exceed the lesser of (i) twice the "applicable dollar amount" (as set forth in Section 5.2(x) above in effect for such Employment Period or (ii) the sum of the maximum amount for the Employment Period established in Section 4.2(x) above plus so much- of the maximum amount established for purposes of Section 4.2(x) for Employment Periods after the effective date of the Plan but before the current Employment Period as have not theretofore been used under Section 5.2(x). (d) The amount of Compensation that may be deferred by any Participant under the Plan in any taxable year shall not exceed the maximum amount as set forth in Section 5.2(x) as adjusted by any amounts under Section 5.2(b) or 5.2(c). (e) Notwithstanding any provision of the Plan to the contrary, the amount excludible from a Participant's gross income under this Plan or any other eligible deferred compensation plan under Section 456(b) of the code shall not exceed the limits set forth in Sections 457(b) and 414(v) of the Code. 3. Section 5.3 of the Plan is deleted in its entirety. Sections 5.4 through 5.6 of the Plan are renumbered Sections 5.3 through 5.5 respectively. All references to such sections throughout the Plan are amended accordingly. 4. Section 7.4(x) is hereby amended to read as follows: "(a) the value of the Participant's Account does not exceed $5,000 (or the dollar limit under Section 411(x)(11) of the Code if greater)." 5. New Sections 13 and 14 are hereby added to the Plan to read in their entirety as follows: "Section 13. Plan Transfers and Eligible Distribution Rollovers: 13.1 Out~oin~ Section 457 Plan to Plan transfers through Severance From Emplo i ent. If a Participant terminates employment with the Employer and accepts employment with another employer which maintains an eligible deferred compensation plan (as defined in Section 457 of the Code) and the new employer's plan accepts transfers, the Participant may transfer his account balance from the Plan to the plan maintained by the new employer.