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

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20 457(6) and 415 of the Code arc met. For Plan Years begitrning on or after January 1, 2009, pursuant to final IRS regulations issued under Section 415 of the Code, the Plan may permit deferrals from compensation, including sick, vacation and back pay; so long as the amounts are paid by the later of (i} 2t/z months following severance from employment, and (ii) the end of the calendar year that includes the date of such severance from employment, and the other requirements of Sections 457(6) and 4 15 of the Code arc ntet. Additionally; the agreemettt to defer such amounts must be entered into prior to the first day of the month in which the amounts otherwise would be paid or made available. SA4 Other Plans. Nonvithstandingnny provision of the Plan to the contrary; the amount excludible from a Participant's gross income under this Plan or any other eligible deferred compensation plate under Section 457(6) of the Code shall nor exceed the limits set forth in Sections 457(6) and 414(v) of the Code. S.OS Excess Deferrals. Any amount that exceeds the maximum Dollar Limitation or Percentage Limitation (including any applicable Catch-Up Dollar Limitation) for a taxable year, shall constitute art excess defertaI for that taxable yeax Any excess deferral shall be distributed in accordance with the requirements for excess deferrals under the Code and Section 1.457-4(e) of the Income Tax Regulations or other applicable Internal Revenue Service guidance. 5.06 Protection of Person Who Serves in a Uniformed Service. An Employee whose employment is interrupted by qualified military service under Section 4I4{u) of the Code or who is on leave of absence for qualified military service under Section 414(rt) of the Code may elect to contribute additional De€erred Compensation upon resumption of employment with the Employer equal to the maximum Deferred Compensation drat the Employee could have elected during that period if the Employee's employment with the Emplo}~er had continued (at the same level of Includible Compensation) without the interruption or leave, reduced by Deferred Compensation, if an}; actually made for the Employee daring the period of the interruption or leave. This right applies for five years following the resumption of employment (or, ifsootrcr, for a period equal to three times the period of the interruption or leave). Article VI. Trust and Investment of Accounts 6.01 Investment of Deferred Compensation. A Ti•ust is hereby created to hold all the assets of the Plan (except Deemed IRA contributions and earnings dtereon held pursuant to Article IX) for the exclusive benefit of Participants and Beneficiaries, except that expenses and taxes map be paid from die Trust as provided in Section 6.03. The trustee shall be the Emplo}~er or such other person that agrees to act in that capacity hereunder. 6.02 Investment Powers. Tire trustee or the Administrator, acting as agent for the trustee, shall have the powers listed in this Section with respect to investment ofTrust assets, except to the extent that the investment of Trust assets is directed b}~ Participants, pursuant to Section 6.05 or to the extent that such powers are restricted b}~ applicable law (a) To invest and reinvest theTrust without distinction bern~een principal and income in common or preferred stocks, shares of regulated investment companies and other mutual funds, bonds, loans, notes, debentures, certificates of deposit, contracts with insurance companies including but not limited to insurutce, individual or group annuity, deposit administration, guaranteed interest contracts, and deposits at reasonable rates of interest at banking institutions including but not Iitnited to savings accounts and certificates of deposit. Assets of the Trust may be im~ested in securities that involve a higher degree of risk than investments that have demonstrated their investment performance over an extended period of time. (b) To invest and reinvest all or ate}' part of the assets of the Trrtst in any common, collective or cammmingled trust fund that is maintained by a bank or other institution and that is available to Employee plans described tinder Sections 457 or 401 of the Code, or any successor provisions d~ercto, and during the period of time that an investment through any such medium shall exist, to the extent of participation of the Plans the declaration of crust of such commonly collective, or comtnuigled trust fund shall constitute a part of this Plan. (c) To invest and reinvest al! or any part of the assets of the Trust in an}~ group annuity; deposit admittisrration or guaranteed interest contract issued by an insurance compan}~ or other financial institution on a commingled