My WebLink
|
Help
|
About
|
Sign Out
Home
Reso 2010-068
CityHall
>
City Clerk
>
City Council
>
Resolutions
>
2010
>
Reso 2010-068
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/10/2010 5:17:43 PM
Creation date
6/10/2010 5:17:41 PM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
6/7/2010
Retention
PERM
Document Relationships
8E Consent 2010 0607
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2010\Packet 2010 0607
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
44
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
exceed the limitation under the Limitations -Last Three Years Of Participation section, above, <br />for the year. <br />6.04. Distribution Of Excess Deferred Compensation. <br />A. The maximum amount of the Compensation that any individual may defer under Code <br />section 457(a) during any taxable year under the Plan and any other eligible deferred <br />compensation plans shall not exceed the limitation set forth in this Limitation On <br />Contributions And Benefits article. <br />B. If a Participant's Deferred Compensation for the calendar year would be more than the <br />amount permitted (Excess Deferred Compensation), the following provisions shall <br />apply: <br />1. Any direction for such Excess Deferred Compensation shall be invalid and <br />directed deferral shall not be made. <br />2. Notwithstanding any other provision of the Plan, Excess Deferred <br />Compensation under the Pian and any other Code section 457(b) eligible <br />deferred compensation plan(s) maintained by the Employer, computed without <br />regard to any other Code section 457(b) eligible deferred compensation plan(s) <br />maintained by any employer(s) other than the Employer, and any income <br />allocable to such amount shall be distributed from the Plan or such other <br />plan(s), as determined by the Administrator in its sole and absolute discretion, <br />as soon as administratively practicable after the Administrator determines that <br />the amount is Excess Deferred Compensation to the Participant to whose <br />Account Excess Deferred Compensation was assigned. <br />3. If Excess Deferred Compensation occurs solely because of combined De#erred <br />Compensation under (i) the Plan and any other Code section 457(b) eligible <br />deferred compensation plan(s) maintained by the Employer and (ii) any other <br />Code section 457(b) eligible deferred compensation plan(s) maintained by any <br />employer(s) other than the Employer, -the Plan (or any other Code <br />section 457(b) eligible deferred compensation plan(s) maintained . by the <br />Employer, as determined by the Administrator in its sole and absolute <br />discretion) may distribute the Excess Deferred Compensation and any income <br />allocable to such amount, as soon as administratively practicable after the <br />Administrator determines that the amount is Excess Deferred Compensation, to <br />each Participant to whose Account Excess Defen-ed Compensation was <br />assigned for the preceding calendar year. Each such Participant shall notify <br />the Employer or the Administrator of how much Excess Deferred <br />Compensation the Administrator should distribute from the Plan (or any other <br />Code section 457(b) eligible deferred compensation plan(s) maintained by the <br />Employer). in accordance with rules established by the Administrator. <br />ARTICLE 7. PARTICIPANT-DIRECTED INDIVIDUAL ACCOUNTS <br />7.01. Directed Individual Accounts Permitted. <br />The Administrator may, in its sole and absolute discretion, permit each Participant or <br />Beneficiary to direct the Trustee as to the investment of all or a portion of the Participant's <br />Accounts in any one or more of the investment options made available under the Plan by the <br />Advisory Committee. If such authorization is given by the Administrator, each Participant and <br />Beneficiary may, subject to a procedure established by the Administrator, in a uniform, <br />nondiscriminatory manner, direct the Trustee in writing to invest all or any portion of the <br />15 <br />
The URL can be used to link to this page
Your browser does not support the video tag.