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457(b) PLAN DOCUMENT <br /> DEFERRED COMPENSATION PLAN <br /> PREAMBLE <br /> Adoption of Plan <br /> The City of Everett Deferred Compensation Plan(hereinafter "the Plan"), an eligible deferred <br /> compensation plan within the meaning of Section 457(b)of the Internal Revenue Code of 1986,as <br /> amended(hereinafter the "Code"), of a State or local government as described in Code Section <br /> 457(e)(1)(A),adopted by City of Everett(hereinafter the "Employer") effective August 1, 2017. <br /> Purpose of Plan <br /> The primary purpose of this Plan is to permit Employees of the Employer to enter into an <br /> agreement which will provide for deferral of payment of a portion of his or her current <br /> compensation until death, retirement, severance from employment, or other event, in accordance <br /> with the provisions of the Code Section 457(b),with other applicable provisions of the Code, and <br /> in accordance with the General Statutes of the State. <br /> Status of Plan <br /> It is intended that the Plan shall qualify as an eligible deferred compensation plan within the <br /> meaning of Code Section 457(b) sponsored by an eligible employer within the meaning of Code <br /> Section 457(e)(1)(A),i.e.,a State,political subdivision of a State,and agency or instrumentality of <br /> a State or political subdivision of a State. <br /> Tax Consequences of Plan <br /> The Employer does not and cannot represent or guarantee that any particular federal or State <br /> income,payroll,or other tax consequence will occur by reason of participation in this Plan. A <br /> Participant should consult with his or her own counsel or other representative regarding all tax or <br /> other consequences of participation in this Plan. <br /> 1 <br /> GN- 107672 Specimen 457(b)Plan Document <br /> GPLANLVL—CORRSPND Deferred Compensation Plan <br /> Ver 102011 <br />