1996 AGN OCT 01 I22 - Laserfiche WebLink

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DEFERRED COMPENSATION PLAN OF CITY OF COLTON LINTRODUCTION In accordance with the provisions of SEC 501(1C) [BOARD RESOLUTION APPROVAL] and as provided in Section 457 o1 the Internal Revenue Code of 1986, CITY OF COLTON hereby establishes the Deferred Compensation Plan of CITY OF COLTON thereinafter referred to as the 'Plan.' Nothing contained in this Plan shall be deemed to constitute an employment agreement between any Participant and the Employer and nothing contained herein shall be deemed to give a Participant any right to be retained in the employ of the Employer. IL DEFINITIONS 2.01 ADMINISTRATOR'shall mean the person or persons, if any, appointed by the Employer to administer the Plan. 2.02 'BENEFICIARY' shall mean the persons or entities designated by a Participant pursuant to section 5.02. 2.03 'CODE' shall mean the Internal Revenue Code of 1986, as amended, or any future United States internal revenue law. References herein to specific section numbers shall be deemed to refer to corresponding provisions of any future United States internal revenue law. r `\ 2.04 'COMPENSATION'shall mean all payments made to an Employee by the Employer as remuneration for services rendered, including salaries and fees. 2.05 'DEFERRED COMPENSATION' shall mean the amount of Compensation not yet earned which the Participant and the Employer mutually agree will be deferred. 2.06 'EMPLOYEE'shall mean any employee who performs services for and receives any type of Compensation from the Employer for whom services are rendered. 2.07 EMPLOYER' shall mean CITY OF COLTON 2.08'INCLUDIBLE COMPENSATION' shall mean, for purposes of the limitation set forth in section 4.02, Compensation for services performed for the Employer that is currently includible in the Participant's gross income for Federal income tax purposes, determined without regard to any community property laws. Includible Compensation thus does not include Compensation excludible from the Participant's gross income under Section 457 of the Code as a result of deferrals under this Plan or under other provisions (for example, Sections 105(d), and 911) of the Code.