Laserfiche WebLink
3 <br />GN - 150079 Specimen 457(b) Plan Document <br />GPLANLVL – CORRSPND Deferred Compensation Plan <br /> Ver 102011 <br />(a) Payments that, absent a Severance from Employment, would have been paid to the <br />Participant while the Participant continued in employment with the Employer, but only if <br />such payments constitute regular compensation for services during the Parti cipant's <br />regular working hours, compensation for services outside the Participant's regular <br />working hours (such as overtime or a shift differential), commissions, bonuses or other <br />similar compensation. <br />(b) Payments for accrued bona fide sick, vacation or o ther leave, but only if the Participant <br />would have been able to use the leave if employment had continued. <br />Any payment that is not described above shall not be considered Compensation if it is paid after <br />the date of the Participant's Severance from Employm ent, even if it is paid within 2 ½ months of <br />such date. Thus, for example, Compensation does not include severance pay. <br />For years beginning after December 31, 2008, (a) a Participant receiving a differential wage <br />payment, as defined by Code §3401(h)(2), by reason of qualified military service (within the <br />meaning of Code Section 414(u)), is treated as an Employee of the Employer making the <br />payment and (b) the differential wage payment is treated as Compensation. <br />An "Employee " means e ach natural person who is employed by the Employer as a common law <br />employee on a full time basis or on a part -time basis and any employee in an elected or <br />appointed position; provided, however, that the term Employee shall not include a leased <br />employee or any employee who is inclu ded in a unit of employees covered by a collective <br />bargaining agreement that does not specifically provide for participation in the Plan. <br />Any individual who is not treated by the Employer as a common law employee of the Employer <br />shall be excluded from Pla n participation even if a court or administrative agency determines that <br />such individual is a common law employee of the Employer, unless the Employer has included <br />the individual in Plan participation as an independent contractor. <br />An "Employer " means the eligible employer (within the meaning of Code Section 457(e)(1)) <br />that has adopted the Plan. In the case of an eligible employer that is an agency or instrumentality <br />of a political subdivision of a State within the meaning of Code Section 457(e)(1)(A), the term <br />Employer shall include any other agency or instrumentality of the same political subdivision that <br />has adopted the Plan. <br />"Includible Compensation" means, with respect to a taxable year, the Participant ’s <br />compensation as defined in Code Section 415(c)(3) and the regulations thereunder, for services <br />performed for the Employer. The amount of Includible Compensation is determined without <br />regard to any community property laws. <br />"Normal Retirement Age " means age 70 ½, unless the Participant has elected an alternate <br />Normal Retirement Age and delivered such election to the Administrator. Such date shall be no <br />earlier than the earliest date that the Participant will become eligible to retire and receive, under <br />the basic defined benefit pension plan of the Employ er (or a money purchase plan in which the <br />Participant also participates if the Participant is not eligible to participate in a defined benefit <br />plan) immediate retirement benefits without actuarial or similar reduction because of retirement <br />456