Resolution 4394 - Laserfiche WebLink

3.5 Regular Contributions. The regular contribution is the amount of compensation which may be deferred by a Participant subject to the following limitations: (a) Calendar Year Maximum. The maximum amount a Participant may defer during a calendar year shall not exceed the lesser of (i) $7,500 (as Adjusted) or (ii) 33-1/3% of the Participant's year to date includible compensation (typically 25% of the Participant's year to date gross taxable income from the Employer). (B) Pay Period Maximum. The maximum amount a Participant may defer during a pay period, when combined with previous deferrals during the calendar year, shall not exceed the lesser of (i) $7,500 (as Adjusted) or (ii) 33-1/3% of the Participant's year to date includible compensation (typically 25% of the Participant's year to date gross taxable income from the Employer). Section 5.2 of the Plan is amended to read as follows: 5.2 Distribution and Deferral. Distribution must follow the minimum distribution requirements of Sections 401 (1)(9) and 457 (d) of the Code and the regulations thereunder as they may be amended from time to time. There is a substantial penalty (federal excise tax) for not satisfying the minimum distribution requirements. Upon becoming eligible in accordance with Section 5.1 hereof, distribution is subject to the following guidelines: (a) A participant may elect to commence distribution in accordance with the distribution schedules set forth at Section 5.3 hereof. Unless the Participant fails to make any election or if the Participant elects a postponed distribution commencement date pursuant to Section 5.2(b) below, the Participant's Participation Account shall be, or shall commence to be, distributed not later than sixty (60) days after the close of the Plan Year in which the Participant's Participation Account becomes eligible for distribution. If a Participant fails to make an election, distribution shall commence in accordance with Section 5.5 hereof. (b) A participant may elect to postpone the commencement date specified in the election made pursuant to Section 5.2(a) to a later date if (i) such postponement election is made prior to the original commencement date specified in the election made pursuant to Section 5.2(a), and (ii) no other postponement election has been made pursuant to this Section 5.2(b); (c) A Participant may elect to postpone distribution, even after using the "catch up" provision. (d) If eligibility for distribution is on account of the Participant's death, distribution shall commence in accordance with Section 5.8 hereof.