Laserfiche WebLink
23 <br />GN - 150079 Specimen 457(b) Plan Document <br />GPLANLVL – CORRSPND Deferred Compensation Plan <br /> Ver 102011 <br />A Participant who receives a minimum distribution from the Plan for the 2009 <br />“distribution calendar year” is subject to the provisions of Section 6.9(b)(iii) and ma y not <br />elect to directly rollover such distribution to an "eligible retirement plan". <br />The provisions of this Section 6.6(f) are effective for minimum payments made for the <br />2009 "distribution calendar year" and do not include any m inimum payment that is made <br />in 2009, but is attributable to a different year (i.e., the participant reached his required <br />beginning date in 2008, but payment of the 2008 minimum is not made until 2009). <br />6.7 Payments to Minors and Incompetents <br />If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is adjudged <br />to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by <br />the Administrator, benefits will be paid to such person as the Admini strator or a court of <br />competent jurisdiction may designate for the benefit of such Participant or Beneficiary. Such <br />payments shall be considered a payment to such Participant or Beneficiary and shall, to the <br />extent made, be deemed a complete discharge of a ny liability for such payments under the Plan. <br />6.8 Procedure When Distributee Cannot Be Located <br />The Administrator shall make all reasonable attempts to determine the identity and address of a <br />Participant or a Participant's Beneficiary entitled to benefits under the Plan. For this purpose, a <br />reasonable attempt means (a) the mailing by certified mail o f a notice to the last known address <br />shown in the Administrator's records; (b) use of a commercial locator service, the internet or <br />other general search method; or (c) use such other methods as the Administrator believes <br />prudent. <br />If the Participant or Bene ficiary has not responded within 6 months, the Plan shall continue to <br />hold the benefits due such person until, in the Administrator ’s discretion, the Plan is required to <br />take other action under applicable law. <br />Notwithstanding the foregoing, if the Adminis trator is unable to locate a person entitled to <br />benefits hereunder after applying the search methods set forth above, then the Administrator, in <br />its sole discretion, may pay an amount that is immediately distributable to such person in a direct <br />rollover to an individual retirement plan designated by the Administrator. <br />6.9 Direct Rollover <br />(a) A Participant or spouse Beneficiary (or a Participant's spouse or former spouse who is the <br />alternate payee under a domestic relations order, a s defined in Code Section 414(p)) who <br />is entitled to an "eligible rollover distribution" may elect, at the time and in the manner <br />prescribed by the Administrator, to have all or any portion of the distribution paid <br />directly to an "eligible retirement plan" specified by the Participant or spouse Beneficiary <br />in a direct rollover. <br />(b) For purposes of this Section 6.9 , an "eligible rollover distribution" means any distribution <br />of all or any portion of a Participant's Account Balance, except that an eligible rollover <br />476