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/b <br /> RESOLUTION 5140 <br /> A resolution amending the City of Everett Hartford Deferred Compensation <br /> Plan. <br /> WHEREAS, the City of Everett ("Employer") previously established a Deferred <br /> Compensation Plan ("Plan"); and <br /> WHEREAS, the Employer desires to amend the Plan to conform with changes in the <br /> federal law brought about by the Economic Growth and Tax Relief Reconciliation Act of <br /> 2001 ("EGTRRA"); and <br /> WHEREAS, the Employer in good faith complies with the requirements of EGTRRA and <br /> guidance issued thereunder by adopting this amendment, and <br /> WHEREAS, this amendment shall supersede the provisions of the Plan to the extent <br /> those provisions are inconsistent with the provisions of this amendment. <br /> NOW THEREFORE, BE IT RESOLVED, that, effective January 1 , 2002, the Employer <br /> hereby amends the Plan as follows: <br /> Contribution Limit — The maximum amount a Participant may defer during a <br /> calendar year to this and/or any other Eligible Deferred Compensation Plan shall not <br /> exceed the lesser of: (i) the applicable dollar amount as set forth in Section 457(e)(15) <br /> of the Internal Revenue Code ("Code"); or (ii) 100% of the Participant's Includible <br /> Compensation. <br /> Pre-Retirement Catch-Up Contribution — The maximum amount a Participant <br /> may defer under Section 457(b)(3) of the Code each calendar year to this or any other <br /> Eligible Deferred Compensation Plan shall not exceed the lesser of: (1) twice the <br /> applicable dollar limit as set forth in Section 457(e)(15) of the Code; or (2) the applicable <br /> dollar limit as set forth in Section 457(e)(15) of the Code plus any Employer provided <br /> compensation eligible for deferral that was not deferred for any prior taxable year which <br /> began after December 31 , 1978. <br /> Age 50+ Catch-Up Contribution — All Participants who have attained age 50 <br /> before the close of the plan year shall be eligible to make catch-up contributions in <br /> accordance with, and subject to the limitations of, Section 414(v) of the Code. Such <br /> contribution shall not, with respect to the year in which the contribution is made, be <br /> subject to any otherwise applicable limitation contained in Section 457 of the Code, or <br /> be taken into account in applying such limitations to other contributions or benefits <br />