1992 AGN OCT 06 I10 - Laserfiche WebLink

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FICA - SUBSTITUTE DEFERRED COMPENSATION PLAN AGREEMENT This Agreement is effective this ist day of January 1993, by and between GREAT WESTERN BANK, a Federal Savings Bank, hereinafter referred to as GREAT WESTERN, and the CITY OF COLTON, hereinafter referred to as AGENCY. WHEREAS, AGENCY, pursuant to and in compliance with Sections 3121 (b) (7) (F) and 457 (b) of the Internal Revenue Code of 1986, has established a Deferred Compensation Plan, hereinafter referred to as PLAN; and WHEREAS, AGENCY desires to utilize GREAT WESTERN in the performance of certain services in connection with the administration of the PLAN; and WHEREAS, GREAT WESTERN desires to provide such services subject to the terms and conditions set forth herein; Now therefore, AGENCY and GREAT WESTERN agree as follows: 1. TERM: This Agreement shall remain in effect for a period of one year from the effective date hereof, and shall not be terminated prior to that time except for "Cause" as that term is hereinafter defined. For purposes of this Agreement, the term "Cause" shall mean the failure of either party to perform any or all of its obligations as defined herein. The non -defaulting party shall give the defaulting party written notice which shall specify the particulars of the default. If such default is not cured within sixty (60) days from the end of the month in which notice of default is given, the non -defaulting party may terminate the Agreement effective thirty (30) days after the end of the sixty (60) day period. For purposes of this Agreement, "Contract Year" shall mean the period of time between the effective date of the Contract, and the same day of the month in each succeeding year; the first Contract Year, however, shall be extended, if necessary in order to ensure that every Contract Year will end on the last day of a calendar month. Notwithstanding the above, this Agreement may be terminated by either party, with or without "Cause" as that term may be def ined herein, upon the giving of ninety (90) days written notice to the other party. 2. FUNDING: AGENCY may fund this Agreement by forwarding participant deferrals to GREAT WESTERN at such times as it may see fit. 1