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RESOLUTION 5440 <br /> A resolution amending the City of Everett Hartford Deferred Compensation Plan. <br /> WHEREAS, the City of Everett ("Employer") previously established a Deferred Compensation <br /> Plan ("Plan"); and <br /> WHEREAS, the Employer desires to amend the Plan to conform with the final 457 Treasury <br /> regulations ("regulations") issued in 2003; and <br /> WHEREAS, this amendment is intended as good faith compliance with the requirements of the <br /> regulations, and <br /> NOW THEREFORE, BE IT RESOLVED, that the Employer hereby amends the Plan by: <br /> A. replacing section 2.3 with the following: <br /> 2.3 Agreement Effective Date <br /> In general, an Employee must complete and file with the Employer a Participation Agreement <br /> prior to the month deferrals begin. Notwithstanding this requirement, the Employer may <br /> establish a cutoff date for receiving Participation Agreements as long as the cutoff is no later <br /> than the deadline provided in section 1.457-4(b) of the final 457 regulations and the cutoff date <br /> is applied in a nondiscriminatory manner. Thereafter, during each month in which the Employee <br /> is a Participant in the Plan, that portion of his said Compensation which is specified by the <br /> Employee in the Participation Agreement, shall be deferred and paid in accordance with the <br /> provisions of this Plan. <br /> B. deleting the following portion of section 2.6 and renumbering section 2.6(d) and 2.6(e) as <br /> 2.6(c) and 2.6(d) respectively: <br /> (c) The pre-retirement catch-up provision may not be used during the calendar year that the <br /> Participant ceases to be an Employee. <br /> C. replacing section 4.2, 7.2 and 7.3 with the following: <br /> 4.2 Unforeseeable Emergency Distribution <br /> A Participant may apply for a lump sum withdrawal of funds from the Plan in the event of an <br /> unforeseeable emergency. The Employer will evaluate the request for conformity with its <br /> interpretation of the applicable regulations. The decision of the Employer concerning whether <br /> an unforeseen emergency exists shall be final. <br /> An unforeseeable emergency is a severe financial hardship of the Participant or Beneficiary <br />