Laserfiche WebLink
10 <br />GN - 150079 Specimen 457(b) Plan Document <br />GPLANLVL – CORRSPND Deferred Compensation Plan <br /> Ver 102011 <br />(i) An amount equal to (A) the aggregate Section 3.1 limit for the current year plus <br />each prior calendar year beginning after December 31, 2001, during which the <br />Participant was an Employee under the Plan, minus (B) the aggregate amount of <br />Compensation that the Participant deferred under the Plan during such years, plus <br />(ii) An amount equal to (A) the aggregate limit referred to in Code Section 457(b)(2) <br />for each prior calendar year beginning after December 31, 1978, and before <br />January 1, 2002, during which the Participant was an Employee (determined <br />without regard to Sections 3.2 and 3.3 ), minus (B) the aggregate contributions to <br />Pre-2002 Coordination Plans (as defined in Section 3.4(c)) made by or on behalf <br />of the Participant for such years. <br />However, in no event can the deferred amount be more than the Participant's Compensation for <br />the year. <br />3.4 Special Rules <br />For purposes of this Section III, the following rules shall apply: <br />(a) Participant Covered By More Than One Eligible Plan . If the Participant is or has been a <br />participant in one or more other eligible plans within the meaning of Code Section <br />457(b), then this Plan and all such other plans shall be considered as one p lan for <br />purposes of applying the foregoing limitations of this Section III. For this purpose, the <br />Administrator shall take into account any other such eligible plan maintained by the <br />Employer and shall also take into account any other such eligible plan fo r which the <br />Administrator receives from the Participant sufficient information concerning his or her <br />participation in such other plan. <br />(b) Pre-Participation Years. In applying Section 3.3, a year shall be taken into account only if <br />(i) the Participant was eligible to participate in the Plan during all or a portion of the year <br />and (ii) Compensation deferred, if any, under the Plan during the year was subject to the <br />Basic Annual Limitation described in Section 3.1 or any other plan ceiling required by <br />Code Section 457(b). <br />(c) Pre-2002 Coordination Years . For purposes of Section 3.3(b)(ii)(B), "contributions to <br />Pre-2002 Co ordination Plans" means any employer contribution, salary reduction or <br />elective contribution under any other eligible Code Section 457(b) plan, or a salary <br />reduction or elective contribution under any Code Section 401(k) qualified cash or <br />deferred arrangement, Code Section 402(h)(1)(B) simplified employee pension <br />(SARSEP), Code Section 403(b) annuity contract, and Code Section 408(p) simple <br />retirement account, or under any plan for which a deduction is allowed because of a <br />contribution to an organization described in Code Section 501(c)(18), including plans, <br />arrangements or accounts maintained by the Employer or any employer for whom the <br />Participant performed services. However, the contributions for any calendar year are only <br />taken into account for purposes of Section 3.3(b)(ii)(B) to the exten t that the total of such <br />contributions does not exceed the aggregate limit referred to in Code Section 457(b)(2) <br />for that year. <br />463