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

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30 (b) /j~QX117111111 Alllllutl Colltrib11t1011S. (1} Except in tht case of a rollover contribution (as permitted by Sections 402(c), 402(e}(6), 403(a){4}, 403(6)(8), 403(6}(10), 408(d}(3) and 457(e)(16) of the Code), no contributions will be accepted unless they are in cash, and the rota[ of such contributions shall nor exceed: $3,000 for any taxable year beginning in 2002 through 2004; $4,000 for an}• taxable year beginning in 2005 through 2007; and $5,000 for any taxable }•ear beginning in 2008 atzd years thereafter. tlfter 2008, the limit will be adjusted b}'the Secretary of the Treasury for cost-of-living-increases under Section 219{b)(5)(C) of the Code. Such adjustments will be in multiples of $500. (2) In the case of an Employee who is 50 or older, the annual cash. contribution limit is itzcreased by: $500 for any taxable year beginning in 2002 through 2005; and $1,000 for any taxable }'ear beginning in 2006 and thereafter. (3) No caitributions will be accepted under a SI:A4PLE IRA plan established by any emplo}'er pursuant to Section 408(p) of the Code. Also, no transfer or rollover of Funds attributable ra contriburions made by a particular employer under its SIMPLE IRA plan will be accepted from a SIMPLE IRA, that is an IRA used in conjunction with a SI1biPLE IRA plan, prior to the expiration of the 2-year period beginning on the date the Employee first participated in that employer's SIMPLE IRA plan. {c) Collectibles. If the Deemed IRA Trust acquires collectibles with within the meaning of Section 408(m) of the Code after December 31, 1981, Deemed IRA Trust assets wilt be treated as a distribution in an amount equal to the cost of such collectibles. (d} Life Irrsllrallce Cout~•acts. No part of the Deemed IRA Trust fluids will be invested in Life insurance contracts. (e) M%111)11UT~1 RCLIllI)'CC~D1SI77GRlf10t15. (1) Notwithstanduig an}• provision of this Decsned IRA to the contrar}; the distribution of the Employee's interest in the account shall be made in accordance with the requirements of Section 408(a)(6) of the Code and the Income Tax Regulations thereunder, the provisions of which are herein incorporated by reference. If distributions are made from an annuity contract purchased from an insurance company, distributions thereunder must satisfy the requirements oFQ&A-4 of Section 1.401(a)(9)-6T of die Income Tax Regulations (or Section 1.401(a)(9)-6 of the Income Tax Regulations, as applicable), rather than paragraphs (2), {3) and (4) below and Section 9A5(f). The minimum required distributions calculated for this IRA ma}' be withdrawn from another IRA of the Employee in accordance with QL~cA-9 of Section 1.408-8 of the Income Tax Regulations. {2) The entire value of the account of the Employee for whose benefit the account is maintained will commence to be distributed no later than the first day of April following the calendar year in which such Employee attains age 70'/z (the "required beginning date") over the life of such Employee or the lives of suds Employee and his or her Beneficiary: (3) The amount to be distributed each year, beginning with the calendar year in which the Employee attains age 70'/z and continuing through the }'ear of death shall not be less than the quotient obtained by dividing the value of the IRA (as determined under section 9.05(f)(3)) as of the end of the preceding year by the distribution period in tl~e Uniform Lifetime Table in Q&A 2 of Section 401(x) (9)-9 of the Income Tax Regulations, using the Employee's age of his or her birthday in the year. However, if the Employee's sole Beneficiary is lus or her surviving spouse and such spouse is more than l0 }'cars younger than dze Employee, then the distribution period is determined under the Jouir IS