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1 <br />GN - 150079 Specimen 457(b) Plan Document <br />GPLANLVL – CORRSPND Deferred Compensation Plan <br /> Ver 102011 <br />457(b) PLAN DOCUMENT <br />DEFERRED COMPENSATION PLAN <br />PREAMBLE <br />Adoption of Plan <br />The City of San Leandro 457(b) Deferred Compensation Plan (hereinafter "the Plan"), an eligible <br />deferred compensation plan within the meaning of Section 457(b) of the Internal Revenue Code <br />of 1986, as amended (hereinafter the "Code"), of a State or loc al government as described in <br />Code Section 457(e)(1)(A), adopted by City of San Leandro (hereinafter the "Employer") <br />effective September 1, 2021. <br />Purpose of Plan <br />The primary purpose of this Plan is to permit Employees of the Employer to enter into an <br />agreement which will provide for deferral of payment of a portion of his or her current <br />compensation until death, retirement, severance from employment, or other event, in accordance <br />with the provisions of the Code Section 457(b), with other applicable provisio ns of the Code, and <br />in accordance with the General Statutes of the State. <br />Status of Plan <br />It is intended that the Plan shall qualify as an eligible deferred compensation plan within the <br />meaning of Code Section 457(b) sponsored by an eligible employer within the meaning of Code <br />Section 457(e)(1)(A), i.e., a State, political subdivision of a State, and agency or instrumentality <br />of a State or political subdivision of a State. <br />Tax Consequences of Plan <br />The Employer does not and cannot represent or guarantee that any particular federal or State <br />income, payroll, or other tax consequence will occur by reason of participation in this Plan. A <br />Participant should consult with his or her own counsel or other representative regarding all tax or <br />other consequences of partic ipation in this Plan. <br />454