2002 RES R-86-02 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28i RESOLUTION NO. R-86-02 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AMENDING THE LINCOLN NATIONAL CORPORATION DEFERRED COMPENSATION PLAN WHEREAS, in 1996, the City of Colton adopted a deferred compensation plan under Section 457 of the Internal Revenue Code, known as the LINCOLN NATIONAL CORPORATION DEFERRED COMPENSATION PLAN (the "Plan"); and WHEREAS, it is necessary for the City to amend the Pian to comply with applicable provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"), the Job Creation and Workers Assistance Act of 2002 ("JOCWA"), and proposed regulations issued by the Internal Revenue Service under Section 457 of the Internal Revenue Code; and City. WHEREAS, Chapter 08 of the Plan allows the Plan to be amended in whole or in part by the BE IT NOW THEREFORE RESOLVED AS FOLLOWS: SECTION 1. Amendment. 1. Section 02-6 is hereby amended in its entirety as follows: 02-6 Severance from Employment. "Severance from Employment" means the Participant's severance from employment with the Plan Sponsor for any reason, including death, retirement or disability and within the meaning of Section 402(e)(4)(A)(iii) of the Code. 2. Section 02-11 is hereby amended to add a new paragraph (3) as follows: Normal Retirement Age (3) Each Participant shall be entitled to elect an alternative retirement age for purposes of contribution additional deferrals pursuant to Chapter 04. In no event shall the Normal Retirement Age elected be earlier than age 50 or later than age 70 2. 3. Chapter 02 is hereby amended to add the following as a new Section 02-12: Eligible Plan. "Eligible Plan" means any eligible governmental deferred compensation plan as defined in Section 457(b) of the Code and includes this Plan, among others. 4. Subsection (1) of Section 04-2 (1) is hereby amended as follows: (1) Transfer to the Plan: If a Participant was formerly a participant in an Eligible Plan, then the Plan shall accept assets representing the value of such interest; provided, however, the Committee may require in its sole discretion that some or all of such interest be transferred in cash or its equivalent. Such amount shall be held, accounted for, administered, and otherwise treated in that same manner as compensation deferred by the Participant under the Plan except that only the amount, if any, transferred to the Plan which was deferred 080602 Reso Lincoln Life Pian Amendment.doc Page 1 of 10