RES 81140 - Laserfiche WebLink

SECTION 4. 3.9 "Includible Compensation" means compensation for services performed for Employer which is currently includible in gross income, but less any amounts deferred pursuant to a plan described in IRC Section 457 (including but not limited to this Plan) or IRC Section 403(b). 3.10 "Retirement" means retirement from service with the Employer which becomes effective on the first day of the calendar month after Participant meets the age and service requirements for retirement (including "early" or "late" retirement) specified fn the applicable retirement policies of the Employer. 3.11 "Disability" means the inability of a participant to engage in his usual occupation by reason of a medically determinable physical or mental impairment as determined by the Employer on the basis of advice from a physician or physicians. PARTICIPATION IN THE PLAN: Any Eligible Employee may elect to become a Participant in the Plan by executing and filing a Participation Agreement with the City Manager: An election to participate in the Plan shall become effective with respect to Compensation earned ' by the Participant during the calendar month next following the date of the Participant's election. Such election shall continue thereafter in full force and effect unless revoked by the Participant. 4.2 Each Participation Agreement shall specify the dollar amount, which is to be deferred pursuant to the Plan and to be withheld out of the Compensation otherwise payable to the Participant for each Payroll Period. The amount deferred each year may not exceed the lesser of $7,500 or 33-I/3% of Participant's Includible Compensation. Such deferred amounts shall be in equal installments totaling not less than ten dollars ($10.00) per Payroll Period. The annual minimu~ may be prorated during the inception year, or during a partial year for a new or newly eligible Employee for full Payroll Periods remaining in the first calendar years of participation. Notwithstanding the provisions of 4.2 herein, during any or all of the last 3 tax years ending before a Participant's normal retirement age the maximum a~ount deferred annually shall be the lesser or $15,000 or the sum of the maximum amount which can be deferred pursuant to paragraph 4.2 plus the difference between the amount which could have been deferred in prior years end the amount actually deferred pursuant to the Plan, A participant may revoke his election to participate in the Plan, end thereby terminate further deferra! of this Compensation, by executing and filing with the City Manager a notice of revocation -2-