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AGREEMENT FOR DEFERRED <br /> COMPENSATION PLAN <br /> Page 6 <br /> <br /> here, in accordance with California Government Code Section <br /> <br /> 16600 et. seq. <br /> <br /> VI. INSURANCE OF ACCOUNT(S) <br /> <br /> Sacramento Savings is a thrift institution whose accounts are <br /> insured by the Federal Savings and Loan Insurance Corporation <br /> (FSLIC), said insurance provides maximum insurance coverage of <br /> $100,000.00 for the interest of each participant in the <br /> Deferred Compensation Fund Account. Sacramento Savings a~rees <br /> that it will not take any action or permit any action which is <br /> in it°s control to be taken which would impair it's status as <br /> an insured institution during the term of this Agreement or any <br /> other extension thereof. <br /> <br />VII. PARTICIPANT ELIGIBILITY <br /> <br /> Eligible participants in the PLAN are those who are compensated <br /> for services rendered to AGENCY,'whether employee or <br /> independent contractor. Consistent with Internal Revenue <br /> Service Policy governing all such plans, discrimination <br /> favoring any segment of eligible participants is specifically <br /> prohibited. <br /> <br />VIII. ALLOWABLE CONTRIBUTIONS <br /> <br /> Pursuant to Internal Revenue Code Section 457, the maximum that <br /> may be deferred for a taxable year shall not exceed the lesser <br /> <br /> (i) $7,500~ or <br /> <br /> (ii) 55 1/5% of the participant's Includable Compensation. <br /> The term "Includable Compensation" means compensation <br /> for services performed for AGENCY which (taking into <br /> account Section 457 of Internal Revenue Service Code) <br /> <br /> <br />