HomeMy WebLinkAbout1980 02 12-U.S. Conference of Mayors Deferred Compensation Program THE U. S. CONFERENCE OF MAYORS DEFERRED COMPENSATION PROGRAM
THE CITY OF "i ••; ;
EMPLOYEES DEFERRED COMPENSATION PLAN
ADMINISTRATIVE SERVICE AGREEMENT
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This Agreement effective as of 74'12 / L , 19 :'6 by and between the
City of': -5 (the "City "), acting through its l-fi`4n(e_.
on behalf of the City of i % ,�;,- ,` ,; S Employees Deferred Compensation Plan
(the "Plan "), Nationwide Life Insurance Company of Columbus, Ohio ( "Nationwide "),
and Public Employees Benefit Services Corporation, of 0 :clahoma City, Oklahoma
( "PEBSCO ").
Whereas, the City has established for the employees an "Eligible Deferred Compen-
sation Plan," as defined by Section 457 of the Internal Revenue Code; and
Whereas, the U. S. Conference of Mayors has received an affirmative Opinion of
Counsel that its prototype plan as provided the City as part of the U. S. Con-
. ference of Mayors Deferred Compensation Program, is in conformance with Section
457 of the Internal Revenue Code; and •
Whereas, PEBSCO proposes to accept the responsibility of Plan Coordinator, to
include the employee communication, enrollment of employee- participants, and
the performance of certain administrative payroll services; and
Whereas, Nationwide proposes to issue to the City its Group Retirement Fund
Contract to fund the Plan and to perform certain administrative services;
Now, therefore, in consideration of the promises contained herein, the parties
hereby mutually agree as follows:
1. -Acceptance of Contract. The City hereby submits the Application attached
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hereto as Exhibit A, and accepts Nationwide's Group Retirement Fund Contract
(the "Contract "), a specimen copy of which is attached hereto as Exhibit B.
The City shall be sole applicant for and owner of the Contract. The Contract
shall be the only group annuity contract offered under the Plan during the
term of this Agreement except as otherwise mutually agreed in writing between
the City, PEBSCO, and Nationwide.
The City further appoints PEBSCO as the Plan Coordinator, charged with the
duties and responsibilities set forth hereinbelow.
2. Performance Required of PEBSCO.
a. PEBSCO will provide the necessary technical assistance to the City's
payroll director and personnel to coordinate an administrative system
'compatible with the current structure of PEBSCO's payroll system.
b. PEBSCO will assist the City in establishing procedures for payroll re-
ductions to accurately reflect the deferral of compensation by Partici-
pants and for the transmission of such deferred amounts for investment
in the Nationwide Contract.
c. PEBSCO will reconcile the monies received to the detail data of partici-
pants upon receipt of the deferrals and reduction data for participants
from the City.
d. PEBSCO will instruct the depository agent to transmit amounts deferred
to Nationwide, on a monthly basis for investment credit.
e. PEBSCO will send to Nationwide a computer - readable tape of the detailed
data of the Participants whose deferrals are represented by such deposit.
PEBSCO shall safeguard the confidentiality of all Participant lists and
payroll data.
f. PEBSCO will be responsible for the enrollment and for the explanation of
participation . in the Plan and Nationwide's Contract to all participants.
As part of this function, PEBSCO will conduct group presentations for
the.City's employees to explain the tax consequences as well as the re-
strictions as contained under Section 457 of the Internal Revenue Code.
During the meeting, PEBSCO will answer any questions about the Plan and
the Nationwide Contract. PEBSCO personnel will also meet individually
with interested employees to answer questions and to assist in the com-
pletion and filing of Participation Agreements with the Plan Coordinator
and the City's payroll department.
g. PEBSCO will, with information provided by Nationwide, prepare any
necessary promotional materials for distribution to the City's employees,
which materials shall be submitted to Nationwide for approval prior to
use. The City reserves the right to review and modify any promotional
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materials. •
• h. PEBSCO will answer any questions for the City's payroll department through
its national service operations facility, with a toll -free telephone number.
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PEBSCO agrees to indemnify and hold harmless the City and its individual
officials for any loss arising from its failure to perform its duties and
services pursuant to the Agreement. •
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j. In the event MMBSCJ fails to perform any of its duties pursuant to the terms
of this agreement, the City has the option to terminate this agreement upon
30 days written notice to PEBSCO of its intent to terminate.
3. Performance Required of the City.
a. The City will provide the necessary support and cooperation to the program
so that all City employees will have the'opportunity to participate in the
Plan.
b. The City will provide PEBSCO with the necessary data and support for the
• development and coordination of the administrative system for the operation
and maintenance of the Plan.
c. The City will transmit the deferred amounts to the depository agent, and
supporting documents detailing the individual Participant deferrals to
PEBSCO, promptly after each pay period for processing. The City will
authorize PEBSCO to instruct the depository agent to transmit the deferred
amounts to Nationwide on a monthly basis, once the amounts are reconciled
to the payroll reduction data.
d. The City agrees that, after the crediting by Nationwide to the City of
the gross interest rate on the funds deposited in the Contract, and prior
to the crediting of the net interest rate to the accounts of Participants,
the City shall authorize Nationwide to pay, on its behalf, to PEBSCO, an
administrative fee equal, on an annual basis, to 0.35% of the City's funds
held under the Nationwide Contract, as compensation for PEBSCO's services
as set forth above. The payment of such fees to PEBSCO shall be on an
annual basis.
4. Performance Required of Nationwide.
a. Nationwide agrees to accept contributions under the Contract from the City
through the depository agent. Participant payments will be accompanied
by appropriate documentation on computer- readable tape(s) from PEBSCO.
Nationwide agrees that its procedures for receipt of funds, maintenance
of accounts and disbursements of funds will he compatible with the pro-
visions of the Plan Agreement or any amendments hereto made necessary for
the Plan to maintain its tax - favored status.
b. Nationwide will maintain an individual account in respect of each Parti-
cipant, whose deferrals are deposited in the Nationwide Contract and will
provide an annual individualized statement to each Participant, reflecting
both total contributions and accumulated value. Nationwide will also pro-
vide to the City an annual statement listing individual Participant account
values and total Contract value.
c. Nationwide will provide a special report prepared by an independent public
accounting firm concerning the financial data of the U. S. Conference
Program.
d. Nationwide agrees to disburse contract benefit amounts as provided for
by Participant elections under the Plan Agreement and the Contract, as
directed by the City from time to time and communicated to Nationwide
by the City or the Plan Coordinator, and to provide information at source
reporting as may be required by the Internal Revenue Service.
e. Nationwide will establish a full service operations facility, with a toll -
free telephone number, to provide a full range of Participant services.
f. Nationwide agrees to indemnify and hold harmless the City and its indivi-
dual officials for any loss arising from its failure to perform its duties
and service pursuant to the Agreement.
5. Term and Renewal. This Agreement shall be for a term of sixty (60) months
from the effective date and shall be renewable by the City at the end of the
original term, or at the end of any renewable term, by the City notifying
Nationwide and PEBSCO within six (6) months of the end of such term of its
intention to renew the Agreement; and if within three (3) months of the end
of any term, the City has failed to affirmatively renew the Agreement, but
has not provided Nationwide and PEBSCO with written notice of termination,
the Agreement shall automatically renew for an Additional thirty -six (36)
months; provided, however, that Nationwide and PEBSCO must accept in writing,
the affirmative or automatic renewal of the Agreement, within twenty (20) days
of such occurrence, in which case the renewal provisions of this paragraph
shall apply as if the Agreement was in the last year of its term.
The City agrees that in the event of the non - renewal of this Agreement, all
contributions invested by it under Nationwide's Contract, shall remain with
Nationwide until disbursed to the Participant or his beneficiary in accord-
ance with the Plan Agreement. The City further agrees that in the event of
non - renewal of this Agreement that it will not require those Participants
whose deferred compensation has been invested by the City in Nationwide's
Contract to change their investment index under the Plan Agreement, though
the City may permit the Participant to select alternative investment indexes
prospectively under the Plan Agreement.
6. Entire Agreement. This Agreement, along with the Contract, constitutes the
entire agreement between the parties and there are no other agreements,
except a General Agent Appointment and Administrative Service Agreement
between Nationwide and PEBSCO.
7. Applicable Law. This Agreement shall be construed in accordance with the
laws of the State of = L I_ . ; >:y
8. Effective Date. This Agreement shall be effective as of /
19
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement this
day of ,19
City of WINTER SPRINGS, FLORIDA
By I Ae•/
Troy ..
Title: MAYORI
Nationwide Life Insurance Company Public Employees Benefit Services Corporation
By By 460414444=W
Vice President
Title: Vice President
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U.S. CONFERENCE OF MAYORS DEFERRED COMPENSATION PROGRAM
THE
DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES
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The ' i hereby accepts.
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the U.S. Conference of Mayors deferred compensation program and
adopts and establishes the CT;' dr /1.)44/ - Deferred Compen-
sation Plan for Public Employees, (hereinafter called the Plan).
The Plan consists of the provisions set forth in this document,
and is applicable to each public employee who elects to
participate in the Plan. The Plan is effective as to each such
public employee upon the date he becomes a "PARTICIPANT" by
signing and filing the Participation Agreement referred to herein
with the Administrator.
ARTICLE I
Definitions
1.01. A definition of words and terms used in this Plan is
attached, entitled Exhibit "A ", and by this reference is made a
part of the Plan.
ARTICLE II .
Election to Defer Unearned Compensation
2.01. Compensation will be deferred for any calendar month
only if an agreement providing for such deferral is entered into
before the beginning of such month.
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2.02. Upon signing the Participation Agreement, the PARTICI-
PANT elects to participate in this Plan and consents to the
EMPLOYER deferring the amount specified in the Participation
Agreement from the PARTICIPANT'S gross compensation for each pay
period. The dollar amount deferred ( "deferred amount ") must equal
at least $20 per month.
2.03. The PARTICIPANT may revoke his election to participate
and may amend the amount of compensation to be deferred on his
investment specification by signing and filing with the Adminis-
trator a written revocation or amendment on a form and in the
procedural manner approved by the Administrator. Any such revo-
cation or amendment shall be effective prospectively only, and
shall cause no change in the allocation of amounts invested prior
to the filing date of the amendment or revocation.
2.04. The original election to participate shall be
effective for pay periods commencing during the first month after
the date on which the Participation Agreement is filed with the
Administrator.
Notice to ALL PARTICIPANTS to Read These Provisions
Providing Deferral Limitations and "Catch -Up"
Deferrals Under the Plan
2.05. Except as provided in section 2.06, the maximum that
may be deferred under the Plan for the PARTICIPANT'S taxable year
shall not exceed the lesser of (a) $7,500 or (b) 33 1/3% of the
PARTICIPANT'S includible compensation as provided in I.R.C. of
1954 § 457.
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2.06. For one or more of the PARTICIPANT'S last 3 taxable
years ending before he attains normal retirement age under the
Plan, the maximum deferral shall be the lesser of (a) $15,000 or
(b) the sum of i) the limitation established for purposes of
§ 2.05 of the Plan for the taxable year (determined without regard
to this section), plus ii) so much of the limitation established
under § 2.05 for taxable years before the taxable year as has not
heretofore been used under section 2.04 or 2.06 as provided in
I.R.C. of 1954 § 457.
ARTICLE III
Accounts and Reports
3.01 The EMPLOYER shall remit the deferred amount to the
Administrator or his designated agent. The Administrator shall
have no duty to determine whether the funds paid to him by the
EMPLOYER are correct nor to collect or enforce such payment.
3.02 For convenience and the facilitate an orderly adminis-
tration of the Plan, the Administrator shall maintain a deferred
account with respect to each PARTICIPANT. All assets of the Plan,
including all deferred amounts, property and rights purchased with
deferred amounts, 'and all income attributable to such deferred
amounts, property or rights, shall be the exclusive property of
the EMPLOYER and shall be subject to all the claims of creditors of
the EMPLOYER, without protection or preference.
3.03 Upon receipt of each deposit of deferred amounts by the
underwriter of the designated investment option made pursuant to
this Plan, the PARTICIPANT'S deferred account. shall be credited
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with the amount received. A written report of the status of the
PARTICIPANT'S deferred account shall be furnished at least
annually and within ninety (90) days after the end of each
calendar year.
3.04 All interest, dividends, charges for premiums and
administrative expenses, and changes in value due to market
fluctuations that would be applicable to each PARTICIPANT'S
deferred account had his deferred amount been invested in
accordance with his investment specification shall be credited or
debited to the account as they occur. Although the PARTICIPANT
has no control over the account, all credits to the PARTICIPANT'S
account shall be subject to and measured as if invested in the
PARTICIPANT'S then effective investment specification. All
reports to the PARTICIPANT shall be based on fair market value as
of the reporting date, as if the deferred amount had been invested
according to the PARTICIPANT'S investment specification.
3.05 Within ninety (90) days after the end of the calendar
year, the Administrator shall file with the EMPLOYER a written
report of the assets of the Plan, a schedule of all receipts and
disbursements and a report of all material transactions of. the
Plan during the preceding year. This report shall be in such form
and contz.in such other information as the EMPLOYER shall determine
or require. •
3.06 The Administrator's records shall be open to inspection
during normal business hours by the EMPLOYER or any PARTICIPANT,
or their designated representatives.
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3.07 The rights of the PARTICIPANT created .by this Plan
shall be that of a general creditor of the EMPLOYER-only and in an
amount equal to fair market value of the deferred account
maintained with respect to the PARTICIPANT determined as if the
deferred amounts had.been.invested pursuant to the PARTICIPANT'S
investment specification. The: PARTICIPANT acknowledges that his
rights are no greater than those of a general creditor of the
EMPLOYER and that in any suit for an accounting, to impose a
constructive trust, .or to recover any sum under this. Plan the
PARTICIPANT'S rights are limited to those of a general creditor of
the EMPLOYER. The EMPLOYER acknowledges that the Administrator is
the agent of the EMPLOYER.
ARTICLE IV
Investment of Deferred Amount
4.01 The deferred amount shall be delivered by the EMPLOYER
to the Administrator or his designated agent who shall transfer to
a specified investment underwriter such amount, to be paid to the
PARTICIPANT pursuant to Article V, as if such amounts were
invested in accordance with the PARTICIPANT'S investment specifi-
cation chosen from among those described in Attachment .B hereto.
4.02 The EMPLOYER shall only be required to use such invest-
ment specification as an index for determining the benefits to be
paid pursuant to Article V. The EMPLOYER shall be under no
obligation to invest the deferred amount in such investment
specification. All contracts and other evidences of the
investments of all assets under this Plan shall :be registered in
the name of the EMPLOYER which shall be the owner thereof.
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ARTICLE V
Benefits
5.01 Benefits shall be paid in accordance with this Article.
Benefits payable to the PARTICIPANT will be the equivalent of the
total benefits that would have been created had the deferred
amounts been invested as specified in Article IV hereof.
(a) Normal Retirement. Upon the PARTICIPANT attaining
normal retirement age, he may retire and receive the benefits
provided under this Plan. Such benefits shall be paid in accor-
dance with the payment option selected by the PARTICIPANT and
described in Attachment B hereto.
(b) Early Retirement. The EMPLOYEE may select early
retirement in accordance with the Employer's Retirement System and
receive the benefits provided under this Plan. Such benefits
shall be paid in accordance with the payment option selected by
the PARTICIPANT and described in Attachment B hereto.
(c) Late Retirement. If the PARTICIPANT continues his
employrnent•with the EMPLOYER after attaining normal retirement
age, all benefits payable under this Plan will be deferred
(whether or not the PARTICIPANT continues to defer additional stuns
under this Plan) until the PARTICIPANT retires or attains age
seventy (70) whichever occurs first.. At such time, such benefits
shall be paid in accordance with the payment option selected by
the PARTICIPANT and described in Attachment B hereto. No deferral.
of additional credits under this Plan may be made by the
PARTICIPANT after the month in which he attains age seventy (70).
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(d) Termination of Employment. If the PARTICIPANT
terminates his employment with the EMPLOYER, benefits shall be
paid in accordance with the payment options elected by the
PARTICIPANT and described in Attachment B hereto.
(e) Death. If the PARTICIPANT dies while employed
with the Employer and before retirement (early or normal) and
without termination of service benefits being paid to him under
this Plan, or the PARTICIPANT dies while benefits are being paid
to him under this Plan, and before such benefits have been
exhausted, the benefits payable under this Plan shall be paid to
his designated beneficiary in accordance with the settlement
option elected by the PARTICIPANT, or his Beneficiary, and
described in Attachment B hereto.
(f) Designated Beneficiary. The PARTICIPANT shall
have the right to file with the Administrator, a written benefi-
ciary or change of beneficiary form designating the person or
persons who shall receive the benefits payable under this Plan in
the event of the PARTICIPANT'S death. The form for this purpotie
shall be provided by the Administrator and will have no effect -
until it is signed, filed with the Administrator by the
PARTICIPANT, and accepted by the Administrator. If the
PARTICIPANT dies without having a beneficiary form on file, the
payments shall be made to the properly appointed fiduciary of the
PARTICIPANT'S probate estate. Provided, that if a fiduciary had
not been appointed and qualified within one hundred twenty (120)
days after the death, the payment may be made first, to a surviving
spouse, second, to a surviving child or children or third, to a
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surviving parent or parents. The PARTICIPANT accepts and acknow- -
ledges that he has the burden for executing and filing with the
Administrator, a proper beneficiary designation form.
(g) Method of Payment. The payment of benefits shall
begin on the first day of the month next following forty five (45)
days after the occurrence of the event that gives rise to the
beginning of the payment of benefits.
(h) • Short Term or Lump Sum Settlement. Notwith-
standing.anything in this Plan to the contrary, if at any time the
amount held in a PARTICIPANT'S deferred account has a credit
balance of .$2,000.00 or less, and for any reason other than
retirement or disability, the PARTICIPANT has ceased to be a
public employee, the Administrator may effect a lump sum settle-
ment.
(i) Payment and Settlement Options. Payment, method
of payment, and settlement options are available as provided by
each of the investment index options described in Attachment B
hereto..
5.02 Notwithstanding any other provisions herein, in the
event of "unforeseeable emergency ", such event being beyond the
control of the PARTICIPANT, a PARTICIPANT may request the Admin-
istrator to pay benefits to him immediately. If the application
for payment is approved by the Administrator, payment shall be
effected as of the first day of the month next following such
approval. Benefits to be paid shall be limited strictly to that
amount necessary to meet the emergency situation constituting
financial hardship. Any remaining benefits shall be paid in
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accordance with Paragraph 5.01 of this Plan. Payment of benefits
because of an "unforseeable emergency" shall include the
following: impending personal bankruptcy; unexpected and
unreimbursed major expenses resulting from illness, accident, or
disability of the PARTICIPANT or any dependent thereof; major
property loss or any other type of unexpected and unreimbursed
• personal expense of a major nature that would not normally be
budgetable. Foreseeable personal expenditures normally
budgetable, such as a down payment for a home, the purchase of an
automobile, college, or other educational expenses, etc., will not
constitute.a "unforeseeable emergency." The decision of the
Administrator concerning "unforeseeable emergency" shall be final.
.ARTICLE VI
Administration of Plan
6.01 The EMPLOYER may .at any time amend, modify, or
terminate this Plan with or without the consent of the PARTICIPANT
(or any beneficiary thereof) provided:
(a) That all amendments shall become effective on the
first day of the month following the giving of not less than forty .
five (0) days prior notice of the amendment. Notice shall be
deemed given when the amendment is posted in the office of the
Administrator. To the extent it is possible to do so, the Admin-
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istrator shall mail a copy of all amendments that become effective
during the year to the PARTICIPANT with his annual report. No
amendments shall deprive the PARTICIPANT of any of the benefits to
which he is entitled under this Plan with respect to deferred
amounts credited to his account prior to the effective date of the
amendment; and
(b) If the Plan is curtailed, terminated, or the
acceptance of additional deferred amounts suspended permanently,
the Administrator shall nonetheless be responsible for the
supervision and the payment of benefits resulting from amounts
deferred prior to the amendment, modification, or termination in
accordance with Article V. hereof.
6.02 Any companies that may issue any policies, contracts,
or other investment media used by the EMPLOYER or specified by the
PARTICIPANT, are not parties to this Plan and such companies shall
have no responsibility or accountability to the PARTICIPANT or his
beneficiary with regard to the operation of this Plan.
6.03 Participation in this Plan by a public employee shall
not be construed to give a contract of employment to the PARTICI-
PANT or to alter or amend an existing employment contract of the
PARTICIPANT, nor shall participation in this Plan be construed as
affording to the PARTICIPANT any representation or guarantee
regarding his continued employment.
6.04 The EMPLOYER and the Administrator do not represent or
guarantee that any particular Federal or State income, payroll,
personal property, or other tax consequence will occur because of
the PARTICIPANT'S participation in this Plan. The PARTICIPANT .
should consult with his own representative regarding all questions
of Federal or State income, payroll, personal property, or other
tax consequences arising from participation in this Plan.
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6.05 The Administrator may pay from deferred amounts the
amounts described in Attachment B hereto.
6.06 The Administrator shall have the power to appoint
agents to act and in the administration of this Plan and to
select depositories for the assets of this Plan.
6.07 Whenever used herein, the masculine gender shall
include the feminine and the singular shall include the plural
unless the provisions of the contract specifically require a
different construction.
6.08 The law of the State of the Employer shall apply in
determining the construction and validity of this Plan.
6.09 The rights of the PARTICIPANT under this Plan shall not
be subject to the rights of creditors of the PARTICIPANT or any
beneficiary, and shall be exempt from execution, attachment, prior
assignment, or any other judicial relief or order for the benefit
of creditors or other third persons.
6.10 It is agreed that neither the PARTICIPANT nor his -
beneficiary nor any other designee shall have any right to
commute, sell, assign, transfer, or otherwise convey the right to
receive any payments hereunder which payments and right thereto
are expressly declared to be.nonassignable and nontransferable,
6.11 This Plan, and any properly adopted amendment thereof,
shall constitute the total agreement or contract between the
EMPLOYER and the PARTICIPANT regarding the Plan. No oral state-
ment regarding the Plan may be relied upon by the PARTICIPANT.
6.12 This Plan and any properly adopted amendment, shall be
binding on the parties hereto and their ,respective heirs,
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administrators, trustees, successors, and assigns and on all
designated beneficiaries of the PARTICIPANT.
ARTICLE VII
Notice to ALL PARTICIPANTS to Read These Provisions
Providing Broad Powers and Absolute Safeguards
to the Employer
7.01 The EMPLOYER, or its authorized agent, the Administra-
tor, shall be authorized to resolve any questions of fact
necessary to decide the PARTICIPANT'S rights under this Plan and -
such decision shall be binding on the PARTICIPANT and any
beneficiary thereof.
7.02 The EMPLOYER, or its authorized agent, the Administra-
tor, shall be authorized to construe the Plan and to resolve any
ambiguity in the Plan.
7.03 The PARTICIPANT specifically agrees not to seek
recovery against the EMPLOYER, the Administrator or any other
• employee, contractee, or agent of the EMPLOYER or Administrator
for any loss sustained by the PARTICIPANT or his beneficiary, for
the non - performance of their duties, negligence, or any other
misconduct of the above named persons except that this paragraph
shall not excuse fraud or a wrongful taking by any person.
7.04 The EMPLOYER, or its : agents including the
Administrator, if in doubt concerning the correctness of their
action in making a payment of a benefit, may suspend the payment
until satisfied as to the correctness of the payment or the person
to receive the payment or allow the filing in ariy state court of
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competent jurisdiction', a suit in such form as they consider
appropriate for a legal determination of the benefits to be paid
and the persons to receive them. The EMPLOYER shall comply with
the final orders of the court in any such suit and the PARTICIPANT,
for himself and his beneficiary, consents to be *bound thereby
insofar as it affects the benefits payable under this Plan or the
method or manner of payment.
7.05 The EMPLOYER and its agents, including the
Administrator are hereby held harmless from all court costs and
all claims for attorneys' fees arising from any action brought by
the PARTICIPANT or any beneficiary thereof under this Plan or to
enforce his rights under this Plan, including any amendments
hereof.
7.06 The Administrator shall not be required to participate
in any litigation concerning the Plan except upon written demand
from the EMPLOYER. The Administrator may compromise, adjust or
affect settlement of litigation when specifically instructed to do
so by the EMPLOYER.
IN WITNESS WHEREOF, the undersigned has executed . th PJ.an
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this day of , 19
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EXHIBIT "A"
DEFINITIONS
The following terms shall, for purposes of this Plan and all
Exhibits thereto, have the meaning set forth herein.
1. EMPLOYER means, the or any of its
agencies, departments, subdivisions or instrumen-
talities, for whom services are performed by a
participant.
2. PUBLIC EMPLOYEE, means, any person, including
elected or appointed officials receiving any type
of compensation from the or any
of its agencies, departments, subdivision or
instrumentalities for whom services are rendered,
specifically including salaried employees,
independent contractors, etc.
3. ADMINISTRATOR means, the person, department, agency,
or organization appointed by the Employer to admin-
ister the Plan.
4. COMPENSATION means, all payments made to a public
employee by the Employer as remuneration for
services rendered, including salaries, fees, etc.
5. PLAN YEAR means, the twelve month period between
and , and each succeeding
twelve month period during the existence of this
Plan.
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6. BENEFICIARY means, the person properly designated
by a Participant to receive the Participant's
benefit. •
7. PARTICIPANT means, any public employee who partici-
pates under this Plan by signing the Participation
Agreement.
8. PARTICIPATION AGREEMENT means, the Application to
the Administrator to participate in the Plan which
is also entitled "Consent to Compensation Change."
9. NORMAL RETIREMENT AGE means, the age at which the
Employee is eligible to retire pursuant to the
Employer's Retirement System, by virtue of age,
length of service or both. In the absence of a
formal Employer's Retirement System, normal retire-
ment age shall mean 55.
10. INCLUDIBLE COMPENSATION means, for the purposes of
the limitations on deferral, compensation for
services performed which (taking into account
. amounts deferred under I.R.C. of 1954 §§ 457 and
403(b)) is currently includible in gross income. •
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