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RES 85525
City of Pleasanton
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RES 85525
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10/1/2012 3:32:48 PM
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12/29/1999 6:57:15 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
11/5/1985
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, "I <br /> 2.12 ~letirement: The first date upon which both of the following plan). For purposes of this Section 5.02, a Participant's <br /> shall have occurred with respect tda Participant: Separation Includible Compensation for the current taxable year shall be <br /> from Service and attainment of Normal Retirement Age. deemed to include any Deferred Compensation for the <br /> 2.13 Separation from Service: Severance of the Participant's taxable year in excess of the amount permitted under the <br /> Normal Limitation, and the Participant's Includible Cornpen- <br /> employment with the Employer. A Participant shall be <br /> deemed to have severed his employment with the Employer sation for any prior taxable year shall be deemed to exclude <br /> for purposes of this Plan when, in accordance with the any amount that could have been deferred under the Normal <br /> established practices of the Employer, the employment Limitation for such prior taxable year. <br /> relationship is considered to have actually terminated. In the 5.03 Section 403(b) Annuities: For purposes of Sections 5.01 and <br /> case of a Participant who is an independent contractor of the 5.02, amounts contributed by the Employer on behalf of a <br /> Employer, Separation from Service shall be deemed to have Participant for the purchase of an annuity contract described <br /> occurred when the Participant's contract under which in section 403(b) of the Internal Revenue Code shall be <br /> services are performed has completely expired and treated as if such amounts constituted Deferred Compensa- <br /> terminated, there is no foreseeable possibility that the tion under this Plan for the taxable year in which the <br /> Employer will renew the contract or enter into a new contract contribution was made and shall thereby reduce the <br /> for the Participant's services, and it is not anticipated that the maximum amount that may be deferred for such taxable year. <br /> Participant will become an Employee of the Employer. <br /> VI. INVESTMENTS AND ACCOUNT VALUES <br /> <br />III. ADMINISTRATION 6.01 Investment of Deferred Compensation: All investments of <br /> Participants' Deferred Compensation made by the Employer, <br /> 3.01 DuliesofEmployer:TheEmployershallhavetheauthorityto including all property and rights purchased with such <br /> make all discretionary decisions affecting the rights or amounts and all income attributable thereto, shall be the sole <br /> benefits of Participants which may be required in the property of the Employer and shall not be held in trust for <br /> administration of this Plan. Participants or as collateral security for the fulfillment of the <br /> 3.02 Duties of Administrator: The Administrator, as agent for the Employer's obligations under the Plan. Such property shall <br /> Employer, shall perform nondiscretionary administrative be subject to the claims of general creditors of the Employer, <br /> functions in connection with the Plan, including the and no Participant or Beneficiary shall have any vested <br /> maintenance of Participants' Accounts, the provision of interest or secured or preferred position with respect to such <br /> periodic reports of the status of each Account and the property or have any claim against the Employer except as a <br /> disbursement of benefits on behalf of the Employer in general creditor. <br /> accordance with the provisions of this Plan. <br /> 6.02 Crediting of Accounls: The Participant's Account shall reflect <br /> the amount and value of the investments or other property <br />IV. PARTICIPATION IN THE PLAN obtained by the Employer through the investment of the <br /> Participant's Deferred Compensation. It is anticipated that <br /> 4.01 Initial Participation: An Employee may become a Participant the Employer's investments with respect to a Participant will <br /> by entering into a Jointier Agreement prior to the beginning conform to the investment preference specified in the <br /> of the calendar month in which the Joinder Agreement is to Participant's Joinder Agreement, but nothing herein shall be <br /> become effective to deter compensation not yet earned. construed to require the Employer to make any particular <br /> 4.02 Amendment of Jointier Agreement: A Participant may amend investment of a Participant's Deferred Compensation. Each <br /> an executed Joinder Agreement to change the amount of Participant shall receive periodic reports, not less frequently <br /> compensation not yet earned which is to be deferred than annually, showing the then-current value of his <br /> (including the reduction of such future deferrals tO zero) or to Account. <br /> change his investment preference (subject to such restric- <br /> tions as may result from the nature orterms of any investment 6.03 Acceptance of Transfers: Pursuant to an appropriate written <br /> made by the Employer). Such amendment shall become agreement, the Employer may accept and credit to a <br /> effective as of the beginning of the calendar month Participant's Account amounts transferred from another <br /> commencing after the date the amendment is executed. A employer within the same State representing amounts held <br /> Participant may at any time amend his Joinder Agreement to by such other employer under an eligible State deferred <br /> change the designated Beneficiary and such amendment compensation plan described in section 457 of the Internal <br /> shall become effective immediately. Revenue Code. Any such transferred amount shall not be <br /> treated as a deferral subject to the limitations of Article V, <br />V. LIMITATIONS ON DEFERRALS provided however, that the actual amount of any deferral <br /> under the plan from which the transfer is made shall be taken <br /> 5.01 Normal Limitation: Except as provided in Section 5.02, the <br /> into account in computing the catch-up limitation under <br /> maximum amount of Deferred Compensation for any <br /> Participant for any taxable year shall not exceed the lesser of Section 5.02. <br /> $7,500.00 or 33 1/3 percent of the Participant's Includible 6.04 Employer Liability: In no event shall the Employer's liability to <br /> Compensation for the taxable year. This limitation will pay benefits to a Participant underArticle VI exceed the value <br /> ordinarily be equivalent to the lesser of $7.500.00 or 25 of the amounts credited to the Participanrs Account; the <br /> percent of the Participant's Normal Compensation. Employer shall not be liable for losses arising from <br /> 5.02 Catch-up Limilalion: For each of the last three (3) taxable depreciation or shrinkage in the value of any investments <br /> years of a Participant ending before his attainment of Normal acquired under this Plan. <br /> Retirement Age, the maximum amount of Deferred <br /> Compensation shall be the lesser of: (1) $15,000 or (2) the VII, BENEFITS <br /> sum of (i) the Normal Limitation for the taxable year, and (ii) <br /> that portion of the Normal Limitation for each of the prior 7.01 Retirement Benefits and Election on Separation lrom <br /> taxable years of the Participant commencing after 1978 Service: Except as otherwise provided in this Article VII, the <br /> during which the Plan was in existence and the Participant distribution of a Participant's Account shall commence <br /> was eligible to participate in the Plan (or in any other plan during the second calendar month after the close of the Plan <br /> established under section 457 of the Internal Revenue Code Year of the Participanrs Retirement, and the distribution of <br /> by an employer within the same State as the Employer) less such Retirement benefits shall be made in accordance with <br /> the amount of Deferred Compensation for each such prior one of the payment options described in Section 7.02. <br /> taxable year (including amounts deferred under such other Notwithstanding the foregoing, the Participant may irrevo- <br /> <br /> 2 <br /> <br /> <br />
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