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

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19 Article Y. Limitations on Deferrals 5.01 Normal Limitation. Except as provided in Section 5.02, the maximum amount of Deferred Compensation for any Participant for any Taxable year, shall not exceed the lesser of the Dollar Limitation or the Percentage Limitation. 5.02 Catch-Up Lunitations. (a) Catclrtrp Ca,:tributior:s for P~rrticipatrts Age SO acrd Over. A Participant ++~ho has attained the age of 50 before the close of the Plan fear, and with respect to whom no other elective deferrals may be made to the Plan for the Plan fear by reason of the Normal Limitation of Section 5.01, ma}' enter into a Joinder Agreement to make elective deferrals in addition to tl3osc permitted by the NormaLLimitation in an amount not to exceed the lesser of (1) The applicable dollar amount as defined in Section 4I4(v)(2){B) of the Code, as adjusted fvr the cost- of-living in accordance with Section 414(1)(2){C) of the Code; or (2) The excess (if an}'} of (i) The Participant's Includible Compensation for the }'car, or (ii) Any other elective deferrals of the Participant for such }'ear +vhich are made without regard to this Section 5.02(a). An additional contribution made pursuant ro this Section 5.02(x) shall not, `with respect to the }'ear in which the contribution is made, be subject to any otherwise applicable limitation contained in Section 5.01 above, or be taken into account in applying such limitation to other contributions or benefits under the Pla~i or any other plan. This Section 5.02(a} shalt not apply in any }'ear to which a higher linut under Section 5.02(b) applies. (b) Last T{~ree Years Catch-up ContriGztdort: For each of the last three (3) taxable years for a Participant ending before his or her attainment of Normal Retirement Age, the maxitnuin amount of Deferred Compensation shall be the lesser of (1} The 457 Catch-Up Dollar:Limitation, or (2) The sum of (i) The Normal Litnitatioti for the taxable year, and (ii} The Normal Limitation for each prior taxable year of the Participant commencing after 1978 less the amount of the Participant's Deferred Compensation for such prior taxable }ears. A prior taxable year shall be taken into account under the preceding sentence only if (x) the Participant was eligible to participate in the Plan for such year, and (y) compensation (if any) deferred under the Plan (or such other plan) was subject to the Nor-nal Limitation. 5.03 Sick, Vacation and Back Pay. If the Employer so elects, a Participant snag defer all or a portion of the value of the Participant's accumulated sick pay, accumulated vacation pa}' and/or back pa}; provided that such deferral does not cause total deferrals on behalf of the Participant to exceed the Dollar Linutation or Percentage Limitation (including any Catch-up Dollar Limitation) for the year of deferral. The election to defer such sick, vacation andlor back pay must be made in a manner and at a time permitted under Section 1.457-4(d) of the Income `Tax Regulations. For Plan Years begin~~ing before January 1, 2009, pursuant to proposed IRS regulations issued tinder Section 415 of the Code, the Plan may permit deferrals from compensation, including sick, vacation and back pa}; so long as the amounts are paid +vithin 2%z months following severance from employment and die other requiremettcs of Sections 4