Resolution 5271 - Laserfiche WebLink

RESOLUTION 5271 A resolution amending the City of Everett Hartford Deferred Compensation Plan. WHEREAS, the City of Everett ("Employer") previously established a Deferred Compensation Plan ("Plan'); and WHEREAS, the Employer desires to amend the Plan to conform with the final and temporary Treasury regulations under 401(a)(9) of the Internal Revenue Code as published in the Federal Register of April 17, 2002, 74 FR 18987 and to conform with the technical corrections to the Economic Growth and Tax Relief Reconciliation Act of 2002 ("EGTRRA") contained in the Job Creation and Worker Assistance Act of 2002 ("Act"); and WHEREAS, this amendment is intended as good faith compliance with the requirements of the Act and guidance issued thereunder, and WHEREAS, this amendment shall supercede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment. NOW THEREFORE, BE IT RESOLVED, that effective January 1, 2002, the Employer hereby amends the Plan as follows: The following definitions are modified to read as follows: Includible Compensation - means compensation from the Employer, within the meaning of Code Section 415 c(3) and the regulations thereunder. Age 50+ Catch-Up Contribution - All Participants who have attained age 50 before the close of the plan year shall be eligible to make catch-up 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 to any otherwise applicable limitation contained in Section 456 of the Code or be taken into account in applying such limitations to other contributions or benefits under this Plan or any other plan. The maximum amount that may be deferred under this Plan for any calendar year by Participant eligible for both the pre-retirement catch-up contribution is the greater of the maximum amount that may be deferred under the contribution limit at Section 457(b)(2) of the Code, plus any age 50+ catch- up contribution allowed under this section, or the pre-retirement catch-up contribution limit at Section 457(b)(3) of the Code.