Resolution 5140 - Laserfiche WebLink

under this Plan or any other plan. This provision shall not apply for any year in which Section 457(b)(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 a direct rollover of an eligible rollover distribution as defined under Section 402(c)(4) of the Code. The Plan Administrator may require the Employee to certify, either in writing or in any other form permitted under rules promulgated by the IRS, that the contribution qualifies as a Rollover Contribution under the applicable provisions of the Code. If it is later determined that all or part of a Rollover Contribution was ineligible to be contributed to the Plan, the Plan Administrator shall direct that any ineligible amounts, plus earnings or losses attributable thereto (determined in a uniform and nondiscriminatory manner) be distributed from the Plan to the Employee as soon as administratively feasible. Separate accounting shall be maintained by the Plan Administrator for any Rollover Contributions not attributable to an Eligible Deferred Compensation Plan. Rollover Contributions will be nonforfeitable at all times. Distribution Eligibility — All references to "separation from service" contained in the Plan are hereby replaced with "severance from employment." Installment Payments — Upon becoming eligible for a distribution, a Participant may elect to receive so much of his or her Participant Account in installment payments made at least annually. A Participant may elect to vary the amount or frequency of any such payments at least once each calendar quarter. However, at no time may the installment payment period exceed the Participant's life expectancy. Distribution On or After Age 70-1/2 or Severance From Employment — Upon becoming eligible for a distribution, a Participant may elect to commence distribution of his or her Participant Account in accordance with the payment options available under the Plan. A Participant who wishes to receive a distribution must submit a request to the Plan Administrator. Upon a valid request, distribution will commence as soon as administratively feasible. Distribution On Account of the Participant's Death — In the event of the Participant's death, if distribution has not commenced prior to the death of the Participant: (a) a non-spousal beneficiary must either; (i) elect a distribution payable over a period not extending beyond the life expectancy of the beneficiary, commencing no later than the end of the calendar year following the calendar year in which the Participant died; or (ii) elect a single-sum payment to be made no later than the end of the calendar year which contains the fifth anniversary of the date of death