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Reso 2010-068
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Reso 2010-068
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Last modified
6/10/2010 5:17:43 PM
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6/10/2010 5:17:41 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
6/7/2010
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PERM
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8E Consent 2010 0607
(Reference)
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\City Clerk\City Council\Agenda Packets\2010\Packet 2010 0607
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Participant's Beneficiary makes an election under this section, distributions will <br />be made in accordance with either the five (5)-year rule or the life expectancy <br />rule, as required by the preceding provisions of the Plan. <br />5. For purposes of this section, any amount paid to a child shall be treated as if it <br />had been paid to the surviving Spouse if such amount will became payable to <br />the surviving Spouse upon such child reaching majority or such other <br />designated event all as prescribed by the Secretary of the Treasury. <br />10.09. Distributions To Incapacitated Participants. <br />If the Administrator determines that a Participant or Benefrciary who is entitled to a payment <br />under the Pian is not able to care far his or her affairs due to a mental condition, a physical <br />condition, or by reason of age, the Administrator may make all benefit distributions to the <br />Participant's or Beneficiary's parent, guardian, conservator, trustee, custodian (including a <br />custodian under the Uniform Transfers to Minors Act or the Uniform Gifts To Minors Act) or to <br />his or her attorney-in-fact or other legal representative upon receiving evidence of such status <br />satisfactory to the Administrator, in its sole discretion. Payments made pursuant to the terms <br />of this Distributions To Incapacitated Participants section shall constitute a distribution to the <br />Participant or Beneficiary entitled thereto, and shall immediately discharge the Employer, <br />Administrator, Trustee, the Plan and the Trust of any further liability therefor. Neither the <br />Administrator nor the Trustee has a duty to inquire or investigate the competence of any <br />Participant or Beneficiary entitled to receive payments under the Plan. <br />10.10. Repayment Of Overpavment Of Benefits. <br />By accepting payment of benefits under this Plan, the Participant or Beneficiary receiving the <br />payment agrees that, in the event of overpayment, the Participant or Beneficiary will promptly <br />repay the amount of overpayment, without interest, upon notice by the Administrator; provided <br />that, if the Participant or Beneficiary has not repaid the overpayment within thirty (30) days <br />after notice: <br />A. The Participant or Beneficiary will also pay an amount equal to simple interest at the <br />rate of ten percent (10%) per annum (or the highest rate allowable, if less) on the <br />unpaid amount from the date of overpayment to the date of repayment, and, in <br />addition, will pay all legal fees, court costs and the reasonable time value of the <br />Trustee, Administrator or Employer, or any of their employees or agents, related to the <br />collection of such overpayment; and <br />B. The Administrator may deduct all or any portion of the overpayment, with interest, that <br />is not timely repaid, from any amount that would otherwise then be payable or that <br />may become payable, to the Participant or Beneficiary under the Plan. <br />10.11. Qualified Domestic Relations Order Pavments. <br />All rights and benefits, including elections, provided to a .Participant in this Plan shall be <br />subject to the rights afforded to any "alternate payee" under a "qualified domestic relations <br />order" as those terms are defined in Code section 414(p). Notwithstanding any other <br />provision of this Plan, a distribution may be made to an "alternate payee" pursuant to a <br />"qualified domestic relations order," as each term is defined in Code section 414(p), prior to <br />the times otherwise specified in this Plan, if the qualified domestic relations order requires <br />such a distribution, even if the Participant is not yet entitled to receive a distribution; provided, <br />however, that nothing contained in this provision nor such qualified domestic relations order <br />shall entitle a Participant to a distribution prior to the time as otherwise determined under the <br />2s <br />
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