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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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cably elect within 60 days following Separation from Service Sections 7.01 or 7.06, a death benefit equal to the value of the <br /> to have the distribution of benefits cornmence on a date other Participant's Account shall be payable to the Beneficiary <br /> than that described in the preceding sentence which is at commencing no later than 60 days after the close of the Plan <br /> least 60 days after the date such election is delivered in Year in which the Participant would have attained Normal <br /> writing to the Employer and forwarded to the Administrator Retirement Age. Such death benefit shall be paid in a lump <br /> but not later than 60 days after the close of the Plan Year of sum unless the Beneficiary elects a different payment option <br /> the Participant's Retirement. within 90 days of the Participant's death. A Beneficiary who <br />7.02 Payment Options: As provided in Sections 7.01, 7.05 and 7.06, may elect a payment option pursuant to the provisions of the <br /> a Participant may elect to have the value of his Account preceding sentence shall betreatedasifhewereaParticipant <br /> for purposes of determining the payment options available <br /> distributed in accordance with one of the following payment under Section 7.02; provided, however, that the payment <br /> options, provided that such o. ption is consistent with the <br /> option chosen by the Beneficiary must provide for payments <br /> limitations set forth in Section 7.03: to the Beneficiary over a period no longer than the life <br /> (a) Equal monthly, quarterly, semi-annual or annual expectancy of the Beneficiary if the Beneficiary is the <br /> payments in an amount chosen by the Participant, Participant's spouse and must provide for payments over a <br /> continuing until his Account is exhausted; period not in excess of fifteen (15) years if the Beneficiary is <br /> (b) One lump sum payment; not the Participant's spouse. <br /> <br /> 7.06 Disability: In the event a Participant becomes disabled before <br /> (c) Approximately equal monthly, quarterly, semi-annual <br /> the commencement of Retirement benefits under Section <br /> or annual payments, calculated to continue for a period 7.01, the Participant may elect to commence benefits under <br /> certain chosen by the Participant; one of the payment options described in Section 7.02 on the <br /> (d) Payments equal to payments made by the issuer of a last day of the month following a determination of disability <br /> retirement annuity policy acquired by the Employer; by the Employer. The Participant's request for such <br /> (e) Any other payment option elected by the Participant determination must be made within a reasonable time after <br /> and agreed to by the Employer. the impairment which constitutes the disability occurs. A <br /> Participant shall be considered disabled for purposes of this <br /> A Participant's election of a payment option must be made at Plan if he is unable to engage in any substantial gainful <br /> least 30 days before the payment of benefits is to commence. activity by reason of any medically determinable physical or <br /> If a Participant fails to make a timely election of a payment mental impairment which can be expected to result in death <br /> option, benefits shall be paid monthly under option (c) above or be of long-continued and indefinite duration. The <br /> for a period of five years. disability of any Participant shall be determined in <br /> accordance with uniform principles consistently applied and <br />7.03 Limitation on Options: No payment option may be selected <br /> upon the basis of such medical evidence as the Employer <br /> by the Participant under Section 7.02 unless the present value deems necessary and desirable. <br /> of the payments to the Participant, determined as of the date <br /> benefits commence, exceeds 50 percent of the value of the 7.07 Unforeseeable Emergencies: In the event an unforeseeable <br /> Participant's Account as of the date benefits commence. emergency occurs, a Participant may apply to the Employer <br /> Present value determinations under this Section shall be to receive that part of the value of his account that is <br /> made by the Administrator in accordance with the expected reasonably needed to satisfy the emergency need. If such an <br /> return multiples set forth in section 1.72-9 of the Federal application is approved by the Employer, the Participant shall <br /> Income Tax Regulations (or any successor provision to such be paid only such amount as the Emplo.yer deems necessary <br /> regulations). to meet the emergency need. but payment shall not be made <br /> to the extent that the financial hardship may be relieved <br />7.0,1 Post-retirement Death Benefits: Should the Participant die through cessation of deferral under the Plan, insurance or <br /> after he has begun to receive benefits under a payment other reimbursement, or liquidation of other assets to the <br /> option, the remaining payments, if any, under the payment extent such liquidation would not itself cause severe financial <br /> option shall be payable to the Participant's Beneficiary hardship. An unforeseeable emergency shall be deemed to <br /> commencing within 60 days after the Adm inistrator receives involve only circumstances of severe financial hardship to the <br /> proof of the Participant's death, unless the Beneficiary elects Participant resulting from a sudden and unexpected illness or <br /> payment under a different payment option at least 30 days accident of the Participant or of a dependent (as defined in <br /> prior to the date that the first payment becomes payable to section 152(a) of the Internal Revenue Code) of the <br /> the Beneficiary. In no event shall the Employer or Participant, lossoftheParticipant'spropertyduetocasualty, <br /> Administrator be liable to the Beneficiary for the amount of or other similar and extraordinary unforeseeable circum- <br /> any payment made in the name of the Participant before the stances arising as a result of events beyond the control of the <br /> Administrator receives proof of death of the Participant. Participant. The need to send a Participant's child to college <br /> Notwithstanding the foregoing, payments to a Beneficiary or to purchase a new home shall not be considered <br /> shall not extend over a period longer than (i) the Beneficiary's unforeseeable emergencies. The determination as to <br /> life expectancy if the Beneficiary is the Participant's spouse whether such an unforeseeable emergency exists shall be <br /> or (it) fifteen (15) years if the Beneficiary is not the based on the merits of each individual case. <br /> Participant's spouse. If no Beneficiary is designated in the <br /> Joinder Agreement, or if the designated Beneficiary does not <br /> survive the Participant for a period of fifteen (15) days, then VIII. NON-ASSIGNABILITY <br /> the commuted value of any remaining payments under the No Participant or Beneficiary shall have any right to commute, <br /> payment option shall be paid in a lump sum to the estate of sell, assign, pledge, transfer or otherwise convey or encumber the <br /> the Participant. If the designated Beneficiary survives the right to receive any payments hereunder, which payments and <br /> Participant for a period of fifteen (15) days, but does not rights are expressly declared to be non-assignable and non- <br /> continue to live for the remaining period of payments under transferable. <br /> the payment option (as modified, if necessary, in conformity <br /> with the third sentence of this section), then the commuted IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT <br /> AGREEMENTS <br /> value of any remaining payments under the payment option <br /> shall be paid in a lump sum to the estate of the Beneficiary. This Plan serves in addition to any other retirement, pension, or <br /> benefit plan or system presently in existence or hereinafter <br />7.05 Pre-retirement Death Benefils: Should the Participant die established for the benefit of the Employer's employees, and <br /> before he has begun to receive the benefits provided by participation hereunder shall not affect benefits receivable under <br /> <br /> <br />
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