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SAN LEANDRO ADMINISTRATIVE CODE TITLE 10 HUMAN RESOURCES Chapter 1 Deferred Compensation Plan (b) 33-1/3 percent (33'/3 %) of the participant's includible compensation. Provided, however, for the one (1) or more of the participant's last three (3) taxable years ending before he or she attains normal retirement age under the Plan, which shall not be later than sixty-five (65) years of age nor earlier than fifty (50) years of age, the ceiling set forth in paragraph (a) or (b) shall be the lesser of: (c) $15,000, or (d) The sum of (1) So much of the Plan ceiling established pursuant to paragraph (a) or (b) for the taxable year as has not theretofore been used under paragraph (a) or (b) or paragraph (c) or (d). &10.1.130: ADMINISTRATION OF THE PLAN. (a) The Plan shall be administered by the employer, who shall have the sole authority to enforce the Plan and shall be responsible for the operation of the Plan in accordance with its terms. The employer shall determine the time, manner, and amount of payments of benefits pursuant to § 10.1.135 and shall determine all questions arising out of the administration, interpretation, and application of the Plan, which determinations shall be conclusive and binding on all persons; provided that employer, unless there is a good reason to the contrary, will seek to accommodate participant's wishes in rendering such determinations. The employer may designate an administrator or administrators to act on its behalf in all areas of administration of the Plan, including execution of Adoption Agreements on behalf of employer and delegation of all or any part of its accounting responsibilities to any agent it may desire. No administrator shall be a participant of the Plan during any such time he is acting as such administrator. (b) The employer shall establish a deferred compensation fund to which all deferred compensation will be credited at such times as the compensation would have payable to individual employees if not a participant of the Plan. Separate book accounts will be established for each employee participant which will show all amounts of deferred compensation, investments made, shares required and earnings and gains on investments. Each book account will be valued at least annually on a method as outlined in subsection (c). (c) On executing the Participation Agreement, the employee shall designate his investment objective. The employee will invest compensation deferred in any assets that may be Deparhnent Responsible for Revision: Human Resources Chapter 10.1 04/19/1983 Page 3