RES 81140 - Laserfiche WebLink

SECTION 5. SECTION 6. at least thirty (30) days prior to the effective date ef revocation. A former Participant may not rejoin the Plan during the calendar month in which revocation occurred; however, he may elect to become a Participant for subsequent calendar months after a lapse of not less than twelve months. No amount shall he payable to an Employee upon revocation of his participation in the Plan unless otherwise provided for in SeCtion 7. 4.5 A Participant may change the amount of Compensation to be deferred in a subsequent calendar month by executing mad filing notice with the City Manager at least 30 days prior to the beginning of such month provided, however, that such change may be made not more than one time in a calendar year. 4.6 A Participant may designate in writing a Beneficiary to receive any benefits which may be payable under the Plan upon the death of such Participant. Designation of Beneficiary may be changed by notice in approved form executed and filed with the City Manager. DEFERRAL OF COMPENSATI6N: 5.1 During the period of participation, the Employer shall not pay the Participant his full compensation, but shall defer payment of such part of his Compensation as the Participant has specified in his ParticipationfAgreement. The Employer shall establish in its records an Individual Deferred Compensation Account ("IDC Account") for each Participant, and a summary of such IDC Accounts, to be identified as a General Deferred Compensation Account (,GDC Account"), to provide a convenient method of measuring its obligations to each and all Participants under the Plan. 5.2 Neither the existance of the Plan nor the IDC Accounts shall be deemed to create a trust, and the Employer shall at all times be the legal and beneficial owner of all assets of said IDC Accounts. Neither the existence of the Plan or the IDC Accounts shall entitle.any Participant, a beneficiary of any Participant, or a creditor of any Participant to a claim or lien against the assets of the IDC Accounts. The Participant and his beneficiary shall have only the right to receive benefits pursuant to the Plan. ADMINISTRATION OF THE PLAN: The Plan shall be administered by the City Manager or his designated appointee who shall have the sole authority to enforce the Plan and shall be responsible for the operation of the Plan in accordance with its terms, and shall determine all questions arising out of the administration, interpretation, and application of the Plan, which determinations shall be conclusive and binding on all persons. -3-