RES 81140 - Laserfiche WebLink

SECTION 8. SECTION 9. SECTION 10. 7.3 Unforseeable Emergency - In the event of an unforseeable emergency affecting a participant, where the withdrawal of funds would be necessary to prevent great hardship to the participant and the amount of withdrawal requested by the participant is only the amount necessary to meet the emergency, and is not reimbursed by insurance, a participant may apply to the employer for withdrawal of such amount from the Plan prior to retirement or termination of participant's employment with the city. For'purposes of administering this section unforseeable emergencies shall be limited to the following: catastrophic illness, flood, fire, earthquake, death in the family, or disabling injury. Any amount so approved hereunder for withdrawal shall be paid to praticipant in a lump sum, less any Federal or State Income Taxes required to be withheld. The withdrawal shall be effective at the later of the dates specified in a participant's application or the date approved by the employer. NONASSIGNABILITY: Subject to Section 9, to the fullest extent permitted by law, the interest of a participant in the contractual obligation of the employer, established by the Plan, shall not be assignable in whole or in part, directly or by operation of law or otherwise, in any manner and no right to interest of a participant in the employer's contractual obligation shall be liable for or subject to any obligation or liability of such participant. FACILITY OF PAYMENT: If any participant terminates his employment, or dies or retires, with an unpaid debt owing to the employer, and neglects or refuses to liquidate the debt by any other means when due and upon demand, the employer shall be entitled to collect the amounts due from the deferred compensation owed to the participant under the Plan. MISCELLANEOUS: 10. I Status of Participants - Neither the establishment of the Plan nor any modification thereof, nor the establishment of any book account, nor the payment of any benefits, shall be construed as giving to any participant or other person any legal or equitable right against the employer except as herein provided; and, in no event, shall the terms of employment of any employee or participant be modified or in any way affected hereby. 10.2 Condition of Plan - It is a condition of this Plan, and each employee by participating herein expressly agrees, that he shall look solely to the general assets of the employer for the payment of any benefit to which he is entitled under the Plan. 10.3 Governing Law - This Plan shall be construed, administered and enforced according to the laws of the State of California. -6-