Agenda - 12-07-2009 - 4g - Laserfiche WebLink

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17 2.07 Deferred Cou~pensation. The amount of Includible Compensation otherwise payable to the Participant which the Participant and the Employer mutually agree to defer hereunder, any amount credited to a Participant's Account by reason of a transfer under Section 6.09 or 6.I0, a rollover under Section 6.11, or any other amount which the Employer agrees to credit to a Participant's Account. 2.08 Dollar Limitation. The applicable dollar amount within the meaning of Section 457(b)(2)(A} of the Code, as adjusted for the cost of-living in accordance with Section 457(e)(15) of the Code. 2.09 Employee. An}• individual who provides services for the Employer, whether as an employee of the Emplo}~cr or as an independent contractor, and who has been designated by the Employer as eligible to participate in the Plan. 2.10 Employer. instrumentality of the [State/Commomvealth] of 457(e){1)(A) of the Code. which is a politico[ subdivision, agency or ,described in Section 2.11 -457 Catch-Up Dollar Limitation. Twice the Dollar Limitation. 2.12 Includible Compensation. Includible Compensation of a Participant means "compensation," as defined in Section 415(c)(3) of the Code, for services performed for the Emplo}per. Includible Compensation shall be determined without regard to any community property laws. For purposes of a Participant's Joinder Agreement onl}~ attd not for purposes of the limitations in Article ~; Licludible Compensation shall include pre-tax contributions (excluding direct emplo}=er contributions) to an integral part trust of the employer providing retiree health care benefits. 2.13 Joinder Agreement. An agreement entered into between an Employee and the Employer, including an}~ amendments or modifications thereof. Such agreement shall fiz the amount of Deferred Compensation, specify a preference among the investment alternatives designated by the Employer, designate the Employee's Beneficiary or Beneficiaries, and incorporate the terms, conditions, and provisions of the Plan by reference. 2.I4 Norma[ Limitation. The maximum amount of Deferred Compensation for any Participant for any taxable year (other than amounts referred to in Sections 6.09, 6.10, and 6.11). 2.15 Normal Retirement Age. Age 70t/z, utiless the Participant Itas elected an alternate Normal Retirement tlge by written instrument delivered to the Administrator prior to a Severance Event. A Participant's Normal Retirement Age determines the period during which a Participant may utilize the 4S7 Catch-Up Dollar Limitation of Section 5.02(6) hereunder. Once a Participant has to any extent utilized the. catch-up Iimitation of Section 5.02(6), his Normal Retirement Age may not be changed. A Participant's alternate Normal Retirement Age may not be earlier than the earliest date that the Participant will become eligible to retire and receive immediate, unreduced retirement benefits under the Employer's basic defined benefit retirement plan covering the Participant (or a money purchase pension plan in which the Participant also participates if the Participant is not eligible to participate in a defined benefit plan), and may not be later titan the date the Participant will attain age 70th. If the Participant will not become eligible to receive benefits under a basic defined benefit retirement plan (or money purchase pension plan, if applicable) maintained by the Employer, the Participant's alternate Normal Retirement Age may not be earlier than 65 and may not be later than age 70t/z. In no event ma}~ a Participant's normal retirunent age be different than the normal retirement age under the Employer's other 457(6} plans, if any. In the e~etit the Plan has Participants that include qualified police or firefighters {as defined under Section 415(6}(2) (H}(ii)(I) of the Code), a normal retirement age may be designated for such qualified police or firefighters that is not earlier than age 40 or later than age 70t/z. Alternative(}; qualified police or firefighters may be permitted to designate a normal retirctnent age that is between age 40 and age 70%2. 2