Reso 2010-068 - Laserfiche WebLink

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CITY OF SAN LEANDRO 457fb) DEFERRED COMPENSATION PLAN ARTICLE 1. GENERAL 1.01. Plan Name. 1.02. 1.03. 1.04 The name of this Plan is the "City of San Leandro 457(b) Deferred Compensation Plan". Effective Date. The Plan is amended and restated to reflect recent legislative changes and prior Plan operation. The effective date of this amended and restated Plan is January 1, 2010, except for those provisions that are designed to bring the Plan into compliance with the final Treasury regulations under Code section 457(b) published on July 11, 2003 and April 5, 2007. Exclusive Benefit. It is the intention of the City of San Leandro (Employer) that the Plan and the Trust are created and maintained for the exclusive benefit of the eligible Employees and their Beneficiaries. Income Tax And ERISA Status. This Plan is intended to be an "eligible deferred compensation plan" as that term is defined in Code section 457(b), such that the Employees who participate in the Plan will have gross income by virtue of the operation of the Plan only in the taxable year in which amounts deferred under the Plan are paid to the participating Employees or their Beneficiaries. The Plan is intended to qualify as a governmental plan that is exempt from the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). However, the Plan is subject to the fiduciary standards set forth in Article 16 of the Califomia Constitution and in the Califomia Government Code applicable to Code section 457(b) plans. The Employer believes this Plan to be in compliance with all applicable sections of the Code. However, this Plan has not been submitted to the Intemal Revenue Service for approval and there is no assurance that the intended tax benefits under this Plan will be available. Neither the Employer, nor the Trustee, nor the Administrator, nor its designated representative makes any commitment or guarantee that any particular federal or State tax treatment will apply to, or be available to, any Participant. Each Participant, by accepting a benefit under this Plan, agrees to be liable for any taxes, tax penalties and interest that may be imposed by the Internal Revenue Service, or any other governmental agency, with respect to these benefits. 1.05. Assets Held In Trust. In accordance with Code section 457(g), all amounts of compensation deferred under this Plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property, or rights, shall be held in trust, in a custodial account described in Code section 401(f), or an annuity contract described in Code section 401(f) for the exclusive benefit of the participating Employees and their Beneficiaries.