2001/12/26 Council Minutes - Laserfiche WebLink

December 26,2001 WHEREAS,the Employer desires to amend the Plan to confomi with changes in the federal law brought about by the Economic Growth and Tax Relief Reconciliation Act of2001 CEGTRRA'y,and WHEREAS,the Employer in good faith complies with the requirements of EGTRRA and guidance issued thereunder by adopting this amendment,and WHEREAS,his amendment shall supersede Ne provisions of the PRO to the extent Nose provisions are inconsistent with the provisions of WA amendment. NOW,THEREFORE,BE IT RESOLVED,Naz,of titre January I,2002,the Employer her Uy amends the Plan as follows: Contribution limit—The maximum amount a Padkipant may defer during a calendar year to this and/or any other Eligible Deferred Compensation than shall not exceed the lesser of(i)the applicable dollar amount as ser forth in Section 457(e)(15)of the Internal Revenue Code C'Code'y;or(A)100%of the Participant's Includible Compensation. Pre-Retirement Catch-Up Contribution—The maximum amount a Participant may defer under Section 457(0(3)of the Cade cash calendar year to this or any other Eligible Deferred Compensation Plan shall not exceed the loo 00(1)twice the applicable dollar limit as set forth in Section 457(0(15)of the Code;or(2)the applicable dollar limit set forth in Section 457(e))15)of the Code plus any Employer provided compensation eligible for deferral that was not defied for any prior taxable year which began after December 31,1978. Age 501-Catch-Up Contribution—AR Participants who have attained age 50 before the close of Ne plan year shall be eligible to make catch-op contributions in accordance with,and subject to the limitations of,Section 414(v) of the Code.Such contribution shall not,with respect to the year in which the contribution is made,be subject any othvavlse applicable limitation contained m Section 457 of the Code,or be taken into account in applying such limitations to other contributions or benefits under this Plan or any other plan.This provision shall not apply for any year in which Section 457(6)(3)of the Code applies. Rollover Contribution—An Employee may contribute a Rollover Contribution to the Plan.A Rollover Contribution is a Participant contribution or 573