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

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24 include: any distribution that is one of a series of substantially egttal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distriburee and tlce distributee's designated beneficiar}; or for a specified period often years or more; any distribution to the extent such distribution is required under Sections 401(a)(9) and 457(d}(2) of the Code; and any distribution made as a result of an unforeseeable emergency of the employee. For purposes of distributions from other eligible retirement plans rolled over into this Plan, the term eligible rollover distribution shall not include the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities}, such as after-tax contributions. (2) Eligible Retirement Phar. An eligible retirement plan is an individual retirement account described in Section 408(x) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Sections 403(a) or 403(b} of the Code, a qualified trust described in Section 401 (a) of the Code, or an eligible deferred compensation plan described in Section 457{b} of the Code which is maintained by an eligible governmental employer described in Section 457(e)(1) (A) of the Code, that accepts the distributee's eligible rollover distribution. (3} Disnilirrtee: A distributee includes an employee or former emplo}'ee. In addition, the employee's or former emplo}'re's surviving spouse and the employee's or former employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, arc distriburees with regard to the interest of the spouse or former spouse. (4) Direct Rnllove~: A direct rollover is a pa}'ment b}'the plan to the eligible retirement plan specified by the distributee. G.I2 Trustee-to-Trustee Transfers to Purchase Permissive Service Credit. All or a portion of a Participant's Account may be transferred directly to the tntstee of a defined benefit governmental plan (as defined in Section 414(d) of the Code) if such transfer is (a) for the purchase of permissive service credit (as defined in Section 415(n)(3) (A) of the Code} under such plan, or (b) a repayment to which Section 415 of the Code does not apply by reason of subsection {k)(3) thereof, within the meaning of Section 457(e)(1~ of the Code. G.13 Treatment of Distributions of Amounts Previously Rolled Over Froth 401(x) and 403(b) Plans and IRAs. For purposes of Section 72(t) of the Code, a distribution from this Plan shall be treated as a distribution from a qualified retirement plan described in Section 4974(c)(I) of the Code to the extent that such distribution is attributable to an amount transferred to an eligible deferred compensation plan from a qualified retirement plan {as defined in Section 4974(c) of the Cade}, G,14 Employer Liability. In no event shall the Employer's liability to pay benefits to a Participant under this Plan exceed the value of the amounts credited to the Participant's Account; neither the Emplo}per nor the Adtninisrrator shall be liable for losses arising From depreciation or shrinkage in the value of any investments acquired under this Plan. Article VII. Benefits 7.01 Retirement Benefits and Election on Severance Event. {a} Gerrec~tl. Rule: Except as otherwise provided in this Article VII, the distribution of a Participant's Account shall commence as of a Participant's Automatic Distribution Date, and the distribution of such benefits shall be made in accordance with one of the payment options described in Section 7.02. Noawirhstanding the Foregoing, but subject to the following paragraphs of this Section 7.01, the Participant may elect following a Severance Event to have the distribution of benefits commence on a fixed determinable date other than that described in the preceding sentence, but not later dean April i of the year following rice year of the Participant's Retirement or attainment of age 70'/a, ~vl~ichever is later. The Participant's right to change his or her election with respect to commencement of the distribution of benefits shall not be restrained by this Section 7.01. 9