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6 <br />GN - 150079 Specimen 457(b) Plan Document <br />GPLANLVL – CORRSPND Deferred Compensation Plan <br /> Ver 102011 <br />SECTION II <br />PARTICIPATION AND CONTRIBUTIONS <br />2.1 Eligibility <br />Each Employee shall be eligible to participate in the Plan and defer Compensation hereunder <br />immediately upon becoming employed by the Employer. <br />2.2 Election <br />An Employee may elect to become a Participant by executing an election to defer a portion of his <br />or her Compensation (and to have that amount contributed as an Annual Deferral on his or her <br />behalf) and filing such election with the Administrator. This participation election shall be made <br />on the deferral agreement provided by the Administrator under which the Employee agrees to be <br />bound by all the terms and conditions of the Plan. Any such election shall remain in effect until a <br />new election is filed. The Administrator may establish a mini mum deferral amount, and may <br />change such minimums from time to time. The deferral agreement shall also include designation <br />of investment funds and a designation of Beneficiary. The deferral agreement may also include a <br />Participant's designation that all or a portion of the Annual Deferral elected by the Participant <br />shall be treated as Roth Contributions. <br />(a) Special Deferral Election of Sick, Vacation, or Back Pay: A Participant who has not <br />had a Severance from Employment may authorize a special election to defer accumulated <br />sick pay, accumulated vacation pay, and back pay for any calendar month if an election <br />to defer is entered into before the beginning of the month in which the amounts would <br />otherwise be paid or made available and the Participant is an Employee on the date the <br />amounts would otherwise be paid or made available. For this purpose, Compensation that <br />would otherwise be paid for a payroll period that begins before Severance from <br />Employment is treated as an amount that would otherwise be paid o r made available <br />before an Employee has a Severance from Employment. In addition, a Participant who is <br />a former Employee may authorize a special election to defer accumulated sick pay, <br />accumulated vacation pay, and back pay that is paid by the later of 2 ½ months following <br />the date of the Participant's Severance from Employment or the end of the calendar year <br />in which the Severance from Employment occurred, provided that the special election to <br />defer is entered into before the amount is currently available. <br />(b) Special Deferral Election On Bonus Pay: Participant may authorize a special election <br />to defer on that portion of his or her Compensation that is attributable to any Employer <br />paid cash bonuses made for the Plan Year in an amount up to 100% of such bon us, in <br />which case the general deferral agreement under Section 2.2 shall not apply to that <br />portion of Compensation that is attributable to any Employer paid cash bonuses made for <br />the Plan Year. The Employer may designate the bonuses for which the special r eduction <br />authorization is available; provided, however, that such designation shall be made on a <br />uniform and non -discriminatory basis. These amounts may be deferred for any calendar <br />month only if an agreement providing for the special election to defer on bonus pay is <br />entered into before the beginning of the month in which the amounts would otherwise be <br />459