HomeMy WebLinkAboutRES 4337CITY OF RENTON, WASHINGTON
RESOLUTION NO. 4337
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, ADOPTING A REVISED
457(b) DEFERRED COMPENSATION PLAN AGREEMENT, TO BE A MULTI -
EMPLOYER AGREEMENT AMONG THE CITY, THE RENTON REGIONAL FIRE
AUTHORITY (RRFA) AND TIAA; AND ADOPTING THE 457(B) INVESTMENT
COMMITTEE'S REVISED OPERATING GUIDELINES, WHICH FURTHER ESTABLISH
THE AUTHORITY AND FIDUCIARY RESPONSIBILITY OF THE COMMITTEE.
WHEREAS, in 2014 Council passed Resolution No. 4221, which established the Human
Resources and Risk Management Administrator as the coordinator of the City's 457(b) Deferred
Compensation Plan; and
WHEREAS, Resolution No. 4221 also granted the HRRM Administrator the authority to
establish and maintain on behalf of the City, an Investment Committee for the City's 457(b)
Deferred Compensation Plan (hereafter "457 Deferred Compensation Plan Committee"), and
WHEREAS, in 2015 Council passed Resolution No. 4269, which adopted the TIAA-CREF
Financial Services Company 457(b) Deferred Compensation Plan for the City of Renton; and
WHEREAS, in 2016 Council passed Resolution No. 4291 authorizing an interlocal
agreement with the RRFA to implement the Regional Fire Authority Plan approved by voters on
April 26, 2016; and
WHEREAS, the RRFA interlocal agreement became effective as of July 1, 2016,
establishing the RRFA as a separate entity from the City of Renton, and separating the City's Fire
Department from city employment, according to the terms of the agreement; and
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RESOLUTION NO. 4337
WHEREAS, the RRFA elected to participate in the City of Renton 457(b) Deferred
Compensation Plan, effective upon July 1, 2016, its date of separation from the City, as
memorialized in an RRFA memorandum dated October 3, 2016; and
WHEREAS, on November 15, 2017, the 457 Deferred Compensation Plan Committee
reviewed and approved an amended and restated multi -employer 457(b) Deferred
Compensation Plan (the "Plan"); and
WHEREAS, the 457 Deferred Compensation Plan Committee subsequently reviewed and
approved revised Operating Guidelines which establish in greater detail the scope of the
committee's authority and fiduciary responsibilities; and
WHEREAS, on March 12, 2018, the RRFA passed a resolution approving the Plan as a
multi -employer plan and providing that joint participation will continue until such date as the
RRFA or the City decides to terminate its participation in the Plan, with at least ninety days'
advance notice to the other entity;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
RESOLVE AS FOLLOWS:
SECTION I. The City Council hereby adopts the amended and restated 457(b) Deferred
Compensation Plan, consisting of the TIAA-CREF basic plan document and the City's and RRFA's
Adoption Agreement, as a multi -employer plan with the City and the RRFA, effective as of
November 1, 2017, and attached hereto as Exhibit A.
SECTION II. The City's participation in the Plan jointly with the RRFA will continue until
such date as the City or the RRFA decides to terminate its participation in the Plan, with at least
ninety days' advance notice to the other entity.
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RESOLUTION NO. 4337
SECTION III. The City Council hereby confirms the City's and RRFA's 457 Deferred
Compensation Plan Committee Operating Guidelines, effective as of February 21, 2018, attached
hereto as Exhibit B, and hereby authorizesthe Committee to make such subsequent amendments
or updates to the Operating Guidelines as may be necessary or desired, provided that such
amendments or updates remain consistent with the Plan.
PASSED BY THE CITY COUNCIL this 2nd
APPROVED BY THE MAYOR this 2nd
Approved as to form:
Shane Moloney, City Attorney
RES:1763:3/20/18:scr
day of April , 2018.
day of
L V 10.
V--Ilohtt�2w /"
Dens Law, Mayor
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RESOLUTION NO. 4337
EXHIBIT A
457(b) DEFERRED COMPENSATION PLAN
457(b) DEFERRED
COMPENSATION PLAN OF
CITY OF RENTON,
A GOVERNMENTAL
ORGANIZATION
Financial Services
Contents
ARTICLE I - DEFINITIONS...........................................................................................................1
1.1 Account Balance................................................................................................................1
1.2 Annual Deferral..................................................................................................................1
1.3 Adoption Agreement..........................................................................................................1
1.4 Beneficiary.........................................................................................................................1
1.5 Code..................................................................................................................................1
1.6 Compensation....................................................................................................................1
1.7 Deferred Compensation Agreement..................................................................................2
1.8 Differential Wage Payment................................................................................................2
1.9 Disabled or Disability.........................................................................................................2
1.10 Effective Date.....................................................................................................................2
1.11 Eligible Governmental Deferred Compensation Plan or Eligible Plan................................2
1.12 Eligible Employee..............................................................................................................2
1.13 Employee...........................................................................................................................3
1.14 Employer............................................................................................................................3
1.15Includible Compensation....................................................................................................3
1.16Investment Options............................................................................................................3
1.17Investment Sponsors.........................................................................................................3
1.18 Normal Retirement Age.....................................................................................................3
1.19 Participant..........................................................................................................................4
1.20 Plan....................................................................................................................................4
1.21 Plan Administrator..............................................................................................................4
1.22Plan Year...........................................................................................................................4
1.23 Restated Effective Date.....................................................................................................4
1.24 Severance from Employment.............................................................................................4
1.25 TIAA-CREF........................................................................................................................4
1.26Valuation Date...................................................................................................................4
ARTICLE II - PARTICIPATION IN THE PLAN..............................................................................4
2.1
Eligibility.............................................................................................................................4
2.2
Enrollment in the Plan........................................................................................................5
2.3
Information Provided by the Participant.............................................................................5
2.4
Contributions Made Promptly.............................................................................................5
2.5
Leave of Absence..............................................................................................................5
2.6
Disability.............................................................................................................................5
ARTICLE III - DEFERRAL OF COMPENSATION........................................................................5
3.1
Annual Deferrals................................................................................................................5
3.2
Modifications to Amount Deferred......................................................................................6
3.3
Deferral of Special Pay......................................................................................................6
3.4
Termination of Deferral...................................................... Error! Bookmark not defined.
3.5
Employer Non -Elective Contributions................................................................................6
3.6
Employer Matching Contributions......................................................................................6
3.7
Maximum Deferral..............................................................................................................6
3.8
Vesting...............................................................................................................................8
3.9
Plan -to -Plan Transfers to the Plan.....................................................................................8
3.10Acceptance of Rollover Contributions................................................................................8
3.11
Qualified Military Service...................................................................................................8
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ARTICLE IV - INVESTMENT OF CONTRIBUTIONS...................................................................9
4.1
Direction of Investment......................................................................................................9
4.2
Investment Changes..........................................................................................................9
ARTICLE V - DISTRIBUTIONS....................................................................................................9
5.1
Eligibility for Payment.........................................................................................................9
5.2
Small Balance In -Service Distributions............................................................................11
5.3
In-service Distributions from a Rollover Account..............................................................11
5.4
Small Balance Distributions at Severance from Employment..........................................11
5.5
Distribution Due to an Unforeseeable Emergency...........................................................12
5.6
Commencement of Distributions......................................................................................13
ARTICLE VI - FORM OF PAYMENT..........................................................................................13
6.1 Form of Payment.............................................................................................................13
6.2 Limits on Income Options Under an Annuity Contract.....................................................13
6.3 Minimum Amounts to be Distributed................................................................................14
6.4 Minimum Distribution Requirements During Participant's Lifetime...................................14
6.5 Election............................................................................................................................15
6.6 Failure to Make Election..................................................................................................15
ARTICLE VII - DEATH BENEFITS.............................................................................................15
7.1 Form of Payment.............................................................................................................15
7.2 Death Distribution Requirements.....................................................................................16
7.3 Death of Beneficiary Before Benefits Commence............................................................17
ARTICLE VIII - TRANSFERS AND ROLLOVERS......................................................................17
8.1 Plan -to -Plan Transfers from the Plan...............................................................................17
8.2 Permissive Service Credit Transfers................................................................................17
8.3 Direct Rollovers................................................................................................................18
ARTICLEIX - LOANS.................................................................................................................19
9.1
Availability........................................................................................................................19
9.2
Maximum Loan Amount...................................................................................................19
9.3
Terms of Loan..................................................................................................................20
9.4
Extended Loan Term for Leaves of Absence due to Military Service...............................20
9.5
Loan Default.....................................................................................................................20
ARTICLE X - ROTH ELECTIVE DEFERRALS...........................................................................21
10.1 General Application.........................................................................................................21
10.2 Separate Accounting.......................................................................................................21
10.3 Direct Rollovers and Roth Elective Deferral Account......................................................21
10.4 Definition of Roth Elective Deferrals...............................................................................22
ARTICLE XI - BENEFICIARY INFORMATION...........................................................................22
11.1 Designation.....................................................................................................................22
11.2 Failure to Designate a Beneficiary..................................................................................22
ARTICLE XII - PLAN ADMINISTRATION...................................................................................23
12.1 Plan Administration.........................................................................................................23
12.2 Accounts and Expenses.................................................................................................23
12.3 Mistaken Contribution.....................................................................................................23
12.4 Domestic Relations Orders.............................................................................................23
12.5 IRS Levy.........................................................................................................................24
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12.6 Procedure When Distributee Cannot be Located............................................................24
12.7 Payments to Minors and Incompetents...........................................................................24
ARTICLE XIII - AMENDMENT OR TERMINATION OF PLAN....................................................25
13.1 Amendment of Plan........................................................................................................25
13.2 Termination of Plan.........................................................................................................25
ARTICLE XIV - MISCELLANEOUS............................................................................................25
14.1 Plan Non-Contractual......................................................................................................25
14.2 Claims of Other Persons.................................................................................................25
14.3 Non-Assignability............................................................................................................25
14.4 Contracts.........................................................................................................................25
14.5 Pronouns.........................................................................................................................26
14.6 Representations..............................................................................................................26
14.7 Severability.....................................................................................................................26
14.8 Applicable Law................................................................................................................26
14.9 Trust Fund.......................................................................................................................26
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan 6/2013
INTRODUCTION
The purpose of the Plan is to provide deferred compensation for Eligible Employees covered
under the Plan. The Plan document and the Adoption Agreement are designated as constituting
parts of a plan intended to satisfy the requirements of an Eligible Governmental Deferred
Compensation Plan within the meaning of Section 457(b) of the Code, the regulations issued
thereunder, and other applicable law.
ARTICLE I - DEFINITIONS
1.1 Account Balance means the book entry account maintained with respect to each
Participant which reflects the value of the deferred Compensation credited to the
Participant, including the Participant's Annual Deferrals, any Compensation deferred
under the Plan by non -elective Employer contribution (either matching contributions or
non -elective contributions), the earnings or loss of the investment options held in the
Investment Options (net of investment option expenses) allocable to the Participant, any
transfers for the Participant's benefit, and any distribution made to the Participant or the
Participant's Beneficiary. Account Balance includes any account established under
Article III for rollover contributions and plan -to -plan transfers made for a Participant, any
account established under Article X for Roth Elective Deferrals, the account established
for a Beneficiary after a Participant's death, and any account or accounts established for
an alternate payee, as defined in Section 414(p)(8) of the Code. Subject to the terms of
the Investment Option, if a Participant has more than one Beneficiary at the time of the
Participant's death, then a separate Account Balance shall be maintained for each
Beneficiary.
1.2 Annual Deferral means the annual amount of Compensation that a Participant elects to
defer pursuant to a properly executed Deferred Compensation Agreement. Effective on
and after January 1, 2011 and if elected in the Adoption Agreement, Annual Deferral
includes a Roth Elective Deferral that is separately accounted for under the Plan.
1.3 Adoption Agreement means the separate agreement that is executed by the Employer
which sets forth the elective and certain non -elective provisions of the Plan. The Adoption
Agreement and this Plan document collectively constitute the Plan.
1.4 Beneficiary means the individual, trustee, estate, or legal entity entitled to receive
benefits under this Plan which become payable in the event of the Participant's death.
1.5 Code means the Internal Revenue Code of 1986, as now in effect or as hereafter
amended. All citations to sections of the Code are to such sections, as they may from
time to time be amended or renumbered, to the Treasury regulations issued thereunder
or to any applicable guidance issued by the IRS.
1.6 Compensation means, unless otherwise set forth in the Adoption Agreement, all cash
remuneration for services rendered to the Employer, including salary, wages, fees,
commissions, bonuses, overtime pay (collectively referred to as "regular pay") and that is
includible in the Participant's gross income for the calendar year plus amounts that would
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be cash remuneration for services to the Employer and includible in the Participant's
gross income for the calendar year but for an election under Section 457(b), 403(b),
401(k), 125, 132(f)(4), 401(k), 403(b) or 457(b) of the Code (including an election to defer
Compensation under Article III) or such other meaning as provided by Section 415(c)(3)
of the Code. Such term also includes regular pay received after Severance from
Employment if it is received within the later of two and one-half (2 1/2) months following
Severance from Employment or the end of the limitation year that includes the date of
Severance from Employment. To the extent elected in the Adoption Agreement, such
term shall also include unused accrued bona fide sick, vacation, and/or other leave
payments provided the Participant would have been entitled to use such leave had
employment continued and such amounts are received by the Plan within the later of two
and one-half (2 1/2) months after Severance from Employment or the end of the limitation
year that includes the date of Severance from Employment. Effective January 1, 2009,
the term Compensation includes Differential Wage Payments.
1.7 Deferred Compensation Agreement means the agreement between a Participant and
the Employer to defer receipt by the Participant of Compensation not yet paid or
otherwise made available. Such agreement shall state the Annual Deferral amount to be
withheld from a Participant's Compensation and shall become effective no earlier than
the first day of the month following execution of such agreement. Once executed and
received by the Plan Administrator, or its designee, the Deferred Compensation
Agreement shall be legally binding and irrevocable with regard to amounts paid or
otherwise made available while the Agreement is in effect.
1.8 Differential Wage Payment means any payment which is made by the Employer to an
Employee with respect to any period during which the Employee is performing service in
the uniformed services (as defined in chapter 43 of title 38 of the Code) while on active
duty for a period of more than thirty (30) days, and such payment represents all or a
portion of the wages the Employee would have received from the Employer if the
Employee were performing service for the Employer.
1.9 Disabled or Disability means the definition of disability in Section 72(m)(7) of the Code
as determined by the Employer.
1.10 Effective Date means the date set forth in the Adoption Agreement if this is a new Plan.
1.11 Eligible Governmental Deferred Compensation Plan or Eligible Plan means a plan
that constitutes an eligible governmental deferred compensation plan within the meaning
of Section 457(b) of the Code that is established and maintained by an employer that is a
Governmental employer and eligible to maintain a 457(b) deferred compensation plan.
1.12 Eligible Employee means any person who performs services for the Employer and who,
pursuant to the terms of the Adoption Agreement, is eligible to participate in this Plan.
Unless elected in Adoption Agreement, Eligible Employee shall not include any individual
who is deemed to be an independent contractor, as determined by the Plan Administrator
in its sole and absolute discretion. Eligible Employee shall not include any individual who
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is performing services for the Employer pursuant to an agreement that provides that such
individual shall not be eligible to participate in this Plan or other benefit plans of the
Employer. If any individual is not classified as an Eligible Employee by the Employer and
is subsequently reclassified as an Eligible Employee by any overriding governmental or
regulatory authority, such individual shall nevertheless be deemed to have become an
Eligible Employee prospectively only, effective as of the date of such reclassification (and
not retroactive to the date on which he or she was found to have first become eligible for
any other purposes), and then only if he or she otherwise satisfies the requirements of
this Plan.
1.13 Employee means any person, whether appointed or elected, who is employed by the
Employer as a common law employee, excluding any Employee who is included in a unit
of employees covered by a collective bargaining agreement that does not specifically
provide for participation in the Plan. The term Employee shall include any individual
classified by the Employer as an independent contractor of the Employer, in accordance
with its general administrative policies.
1.14 Employer means the entity that is a state, apolitical subdivision of a state, and any
agency or instrumentality of a state which has adopted this Plan and is named in the
Adoption Agreement.
1.15 Includible Compensation means with respect to a taxable year, the Participant's
compensation as defined in Section 415(c)(3) of the Code and the Treasury regulations
issued thereunder for services performed for the Employer. The amount of Includible
Compensation is determined without regard to any community property laws. Such term
shall include any amount that would be cash remuneration for services to the Employer
and includible in the Participant's gross income for the calendar year but for an election
under Section 457(b), 403(b), 401(k), 125, 132(f)(4), 401(k), 403(b) or 457(b) of the Code
(including an election to defer Compensation under Article III). Effective January 1, 2009,
Includible Compensation will include Differential Wage Payments made by the Employer
to a Participant.
1.16 Investment Options means the annuity contracts, custodial accounts, and other
investment options offered by TIAA-CREF and selected by the Plan Administrator as
investment options to be offered to Participants and Beneficiaries under the Plan.
Investment Options shall also include any other investment alternatives made available
by any other Investment Sponsor and designated pursuant to the terms of this Plan
document and the Adoption Agreement as being available for the purpose of allocating
contributions, rollovers, and/or transfers under this Plan.
1.17 Investment Sponsors means TIAA-CREF, any other insurance company, regulated
investment company, or other entity providing Investment Options under the Plan.
1.18 Normal Retirement Age means age 65 unless otherwise provided in the Adoption
Agreement.
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1.19 Participant means an Eligible Employee who becomes a Participant in the Plan in
accordance with Article II hereof. An individual shall cease to become a Participant at
such time as he or she no longer has any interest in contracts or accounts under the
Plan. An "Active Participant" means a Participant who is currently an Employee.
1.20 Plan means the 457(b) Deferred Compensation Plan set forth herein and in the Adoption
Agreement, as amended from time to time.
1.21 Plan Administrator means the individual(s) or committee appointed by the Employer to
administer the Plan. If the Employer fails to make such appointment, the Employer shall
be the Plan Administrator.
1.22 Plan Year means the twelve (12) consecutive month period designated by the Employer
in the Adoption Agreement.
1.23 Restated Effective Date means the date set forth in the Adoption Agreement if the Plan
is a restated plan.
1.24 Severance from Employment means the date the Participant dies, retires, or otherwise
severs employment with the Employer as determined by the Plan Administrator or its
designee (and taking into account guidance issued under the Code). To the extent
elected in the Adoption Agreement, such term shall also include a deemed Severance
from Employment during any period the Participant is performing services in the
uniformed services for a period of more than thirty (30) days.
1.25 TIAA-CREF means Teachers Insurance and Annuity Association and College Retirement
Equities Fund.
1.26 Valuation Date means any day that the New York Stock Exchange is open for trading.
ARTICLE II - PARTICIPATION IN THE PLAN
2.1 Eligibility.
(a) Eligible Employees. If this is a new plan, any Employee who is classified as an
Eligible Employee under the terms of the Adoption Agreement as of the Effective
Date shall be eligible to participate in the Plan on the Effective Date. If this is a
restated plan, each present Participant shall continue to be a Participant in the
Plan. Any other Employee who is classified as an Eligible Employee under the
terms of the Adoption Agreement as of the Restated Effective Date shall be
eligible to participate in the Plan on the Restated Effective Date.
(b) Non -Eligible Employees. If this is a new plan, any Employee who is not eligible
to participate in the Plan as of the Effective Date pursuant to paragraph (a) above,
shall be eligible to participate in the Plan upon classification as an Eligible
Employee. If this is a restated plan, any Employee who is not eligible to participate
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in the Plan as of the Restated Effective Date pursuant to paragraph (a) above,
shall be eligible to participate in the Plan upon classification as an Eligible
Employee.
2.2 Enrollment in the Plan. To participate in the Plan, each Eligible Employee shall
complete and remit the applicable enrollment forms, including a Deferred Compensation
Agreement, to the Plan Administrator or its designee. Enrollment shall be effective on or
after the first day of the month following the date the properly completed enrollment forms
are remitted to and accepted by the Plan Administrator or its designee. A newly hired
Eligible Employee may defer Compensation payable in the calendar month in which he or
she becomes an Employee if a Deferred Compensation Agreement is entered into on or
before the first day on which the Eligible Employee performs services for the Employer.
2.3 Information Provided by the Participant. Each Eligible Employee enrolling in the Plan
should provide to the Investment Sponsor or the Plan Administrator, as required, at the
time of initial enrollment, and later if there are any changes, any information necessary or
advisable for the Investment Sponsor or the Administrator, as appropriate, to administer
the Plan, including, without limitation, whether the Eligible Employee is a participant in
any other Eligible Plan.
2.4 Contributions Made Promptly. Annual Deferrals under the Plan shall be transferred to
the applicable Investment Option within a period that is not longer than is reasonable for
the proper administration of the Plan. In no event, shall any Annual Deferrals be
transferred to the applicable Investment Option later than fifteen (15) days following the
end of the month in which the amount would otherwise have been paid to the Participant.
2.5 Leave of Absence. Unless a Deferred Compensation Agreement is otherwise revised, if
a Participant is absent from work by paid leave of absence, Annual Deferrals under the
Plan shall continue to the extent Compensation continues.
2.6 Disability. A Disabled Participant may elect to make Annual Deferrals during any portion
of the period of his or her Disability to the extent that he or she has actual Compensation
(not imputed compensation and not disability benefits) from which to make deferrals to
the Plan and has not had a Severance from Employment.
ARTICLE III - DEFERRAL OF COMPENSATION
3.1 Annual Deferrals. If elected pursuant of the terms of the Adoption Agreement, an
Eligible Employee may elect to make Annual Deferrals to the Plan pursuant to a Deferred
Compensation Agreement with the Employer. Annual Deferrals may be made up to the
applicable annual limits under the Code or, or if less, the amount set forth in the Adoption
Agreement. Subject to the rules of the applicable Investment Sponsor, the Plan
Administrator may establish a minimum Annual Deferral amount and may change such
amount from time to time. The Deferred Compensation Agreement may also include a
designation of Investment Options and a designation of a Beneficiary. Any such election
shall remain in effect until a new election is filed.
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3.2 Modifications to Amount Deferred. A Participant may elect to change the amount of his
or her Annual Deferral with respect to future Compensation by submitting a new and
properly executed Deferred Compensation Agreement to the Plan Administrator or its
designee. Pursuant to the rules of the Investment Sponsor, if any, unless the new
Deferred Compensation Agreement specifies a later effective date, a change in the
amount of Annual Deferrals shall take effect as of the first day of the next following month
or as soon as administratively practicable thereafter.
3.3 Deferral of Special Pay. If elected in the Adoption Agreement, a Participant may elect to
defer accumulated bona fide sick, vacation, and/or other leave pay. These amounts may
be deferred for any calendar month only if an agreement providing for the Annual
Deferral is entered into before the beginning of the month in which the amounts would
otherwise be paid or made available.
3.4 Termination of Deferral. A Participant may terminate his or her participation election by
so notifying the Plan Administrator or its designee in using the administrative practices
specified by the Plan Administrator or its designee. Such administrative practices may
include electronic notice, if made available to Participants. Notwithstanding the
provisions in Section 3.2 above, any such termination shall take effect as soon as
administratively practicable following receipt by the Plan Administrator or its designee of
satisfactory notice of such revocation.
3.5 Employer Non -Elective Contributions. If elected in the Adoption Agreement, the
Employer shall make non -elective contributions (other than Employer matching
contributions, if any, made pursuant to Section 3.6, below) to the Plan on behalf of Active
Participants. No Participant shall have the right to elect to receive any amount contributed
pursuant to this Section 3.5 as cash in lieu of a contribution. All such non -elective
contributions shall be made at the rate or in the amount set forth in the Adoption
Agreement. Any non -elective contribution will reduce, dollar for dollar, the annual amount
the Participant can defer to the Plan and in no event shall the combined total of
Participant and Employer contributions exceed the maximum amount permitted by law.
3.6 Employer Matching Contributions. If elected in the Adoption Agreement, the Employer
shall make matching contributions (other than Employer non -elective contributions, if any,
made pursuant to Section 3.5, above) to the Plan on behalf of Active Participants who
make Annual Deferrals to the Plan pursuant to a Deferred Compensation Agreement. No
Participant shall have the right to elect to receive any amount contributed pursuant to this
Section 3.6 as cash in lieu of a contribution. All such matching contributions shall be
made at the rate or in the amount set forth in the Adoption Agreement and shall be based
on the amount of Annual Deferrals made by an Active Participant to the Plan during the
year. Any matching contribution will reduce, dollar for dollar, the annual amount the
Participant can defer to the Plan and in no event shall the combined total of Participant
and Employer contributions exceed the maximum amount permitted by law.
3.7 Maximum Deferral.
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(a) Primary Limitation. The maximum amount that may be contributed to the Plan
pursuant to Sections 3.1, 3.5, and 3.6 hereof on behalf of any Participant, other
than by means of a rollover or rollover or plan -to -plan transfer, shall not exceed
the lesser of: (1) the annual applicable dollar amount, as set forth in Section
457(e)(15) of the Code, or (2) 100% of the Participant's Includible Compensation
for the taxable year.
(b) Special Section 457 Catch -Up Limitation. If elected in the Adoption Agreement,
for one (1) or more of the last three (3) taxable years ending before the calendar
year of a Participant's attainment of Normal Retirement Age ("NRA"), the
Participant may utilize the catch-up provision under Section 457(b)(3) of the Code,
When special Section 457 catch-up is utilized, the maximum amount that may be
contributed to the Plan pursuant to Sections 3.1, 3.5, and 3.6 hereof on behalf of a
Participant, other than by means of a rollover or plan -to -plan transfer, shall be the
lesser of X or Y. X shall be, for any taxable year beginning on or after January 1,
2002, twice (2 times) the applicable dollar amount in effect under Section
457(b)(2)(A) of the Code for such year. Y shall be the sum of (i) the primary
limitation amount determined under Section 3.7(a), above, for the year, and (ii)
underutilized amounts, which is that portion of the primary limitation amount
determined under Section 3.7(a), above, that is not utilized by the Participant in
prior taxable years (beginning after 1978) in which the Participant was eligible to
participate in the Plan. The special Section 457 catch-up limitation is available to a
Participant during one (1) three (3)-year period only. If the Participant uses the
special Section 457 catch-up limitation and then postpones retirement or returns to
work after retirement, the Participant cannot utilize special Section 457 catch-up
again, even if he or she has underutilized amounts in the Plan or only utilized
special Section 457 catch-up in less than all of the three (3) years prior to the year
the Participant attained his or her NRA.
(c) Catch -Up Limitation For Individuals Age 50 or Older. To the extent permitted
by law and elected in the Adoption Agreement, the maximum Annual Deferral that
may be contributed pursuant to Section 3.1 for any individual who has attained the
age of 50, or older, before the close of a taxable year, shall be increased by the
applicable amount set forth in Section 414(v) of the Code. Notwithstanding the
immediately preceding sentence, contributions shall not be made in accordance
with this Section 3.7(c) during any year in which special Section 457 catch-up,
described in Section 3.7(b), provides a higher limitation.
(d) Coordination with Other Code Section 457(b) Plans. If a Participant
participates in more than one (1) Code Section 457(b) plan, all Code Section
457(b) plans are aggregated and the maximum deferral under all such plans shall
not exceed the applicable limit described in Section 3.7(a), above, or if the special
Section 457 or age 50 catch-up is utilized, the applicable limitation described in
Section 3.7(b) or (c), above).
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(e) Distribution of Excess Deferrals. To the extent that any amount deferred under
the Plan for any taxable year exceeds the limitations of this Section 3.7, any
excess deferrals will be distributed pursuant to the applicable provisions of the
Code, regulations, or other IRS guidance issued thereunder.
3.8 Vesting. A Participant shall be fully vested at all times in his or her accrued benefits
under this Plan. Such accrued benefits shall be non -forfeitable at all times.
3.9 Plan -to -Plan Transfers to the Plan. To the extent provided in the Adoption Agreement
and pursuant to the rules of each Investment Sponsor, a Participant, but not a
Beneficiary, may elect to make contributions that are transferred directly from the
Participant's prior employer's Eligible Governmental Deferred Compensation Plan under
Section 457(b) of the Code. Notwithstanding the foregoing, transfers shall be permitted
only to the extent (i) the transferor plan provides for such direct transfers, (ii) the receiving
plan provides for the receipt of plan -to -plan transfers, and (iii) the Participant will have an
amount deferred immediately after the transfer at least equal to the amount deferred with
respect to that Participant immediately before the transfer, and (iv) the Participant gives
written direction to the Employer or its designee in a satisfactory form to make such
transfer. The Plan Administrator may require such documentation from the other plan as
it deems necessary to effectuate the transfer in accordance with Section 457(e)(10) of
the Code and Section 1.457-10(b) of the Treasury regulations and to confirm that the
other plan is an eligible governmental plan as defined in Section 1.457-2(f) of the
Treasury regulations.
The amount so transferred shall be credited to the Participant's Account Balance and
shall be held, accounted for, administered and otherwise treated in the same manner as
an Annual Deferral by the Participant under the Plan, except that the transferred amount
shall not be considered an Annual Deferral under the Plan in determining the maximum
deferral limit under Section 3.7. Such funds and the accumulation generated from them
shall be fully vested and nonforfeitable at all times.
3.10 Acceptance of Rollover Contributions. If so provided in the Adoption Agreement and if
an Active Participant is entitled to receive, and elects to receive, an eligible rollover
distribution from any eligible retirement plan within the meaning of Section 402(c)(8)(B) of
the Code, each Investment Sponsor shall, subject to the rules of such Investment
Sponsor, accept such amount under this Plan, provided that the rollover to this Plan is
made either directly from another such plan or by the Active Participant within sixty (60)
days of the receipt of the distribution. Any such amounts rolled over from any such plan
shall be made in the form of cash only and accounted for separately upon acceptance as
a rollover under this Plan. Such funds and the accumulation generated from them shall
be fully vested and nonforfeitable at all times and shall not be considered when
calculating the maximum deferral limit under Section 3.7.
3.11 Qualified Military Service.
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(a) Notwithstanding any provision of this Plan to the contrary, contributions, benefits,
and service credit with respect to qualified military service will be provided in
accordance with Section 414(u) of the Code.
(b) A Participant whose employment is interrupted by qualified military service under
Section 414(u) of the Code or who is on a leave of absence for qualified military
service under Section 414(u) of the Code may elect to make additional Annual
Deferrals upon resumption of employment with the Employer equal to the
maximum Annual Deferrals that the Participant could have elected during that
period if the Participant's employment with the Employer had continued (at the
same level of Compensation) without the interruption or leave, reduced by the
Annual Deferrals, if any, actually made for the Participant during the period of the
interruption or leave. This right applies for five (5) years following the resumption
of employment (or, if sooner, for a period equal to three (3) times the period of the
interruption or leave).
ARTICLE IV - INVESTMENT OF CONTRIBUTIONS
4.1 Direction of Investment. A Participant may request that amounts contributed to the Plan
on his or her behalf be allocated among the available Investment Options available under
the Plan. The Investment Options shall include the Investment Options made available by
TIAA-CREF and any other approved Investment Sponsors. The initial allocation request
may be made at the time of enrollment. Once made, an investment allocation request
shall remain in effect for all subsequent contributions until changed by the Participant.
4.2 Investment Changes. A Participant may change any investment allocation made by
such Participant hereunder, or transfer existing accumulations to another Investment
Option available under the Plan, by submitting a written request to the Employer or its
designee on such form as may be required by the Employer or its designee. Any such
changes shall become effective as soon as administratively feasible after the Employer or
its designee receives a satisfactory written request.
ARTICLE V - DISTRIBUTIONS
5.1 Eligibility for Payment.
(a) Subject to the terms of the Investment Options, distribution of benefits from the
Plan shall be made no earlier than: (i) when the Participant has a Severance from
Employment (other than due to death), (ii) Plan termination, (iii) the Participant has
amounts separately held in a rollover account and, if elected in the Adoption
Agreement: (iv) the calendar year in which the Participant attains age 70-1/2, (v) in
the event of an approved financial hardship due to an Unforeseeable Emergency,
or (vi) the Participant is eligible for an in-service distribution of his or her small
Account Balance.
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(b) Notwithstanding the foregoing, if elected in the Adoption Agreement, with respecl
to amounts payable to a Participant who is classified as an independent
contractor, as determined by the Plan Administrator in its sole and absolute
discretion, no amount will be paid to the Participant before a date at least twelve
(12) months after the day on which the contract expires under which services are
performed for the Employer (or, in the case of more than one contract, all such
contracts expire); and no amount payable to the Participant on that date will be
paid to the Participant if, after expiration of the contract (or contracts) and before
that date, the Participant performs services for the Employer as an independent
contractor or an Employee.
(c) "Severance from Employment" means the termination of a Participant's
employment with the Employer for any reason including the Participant's death or
retirement.
(1) A Participant will be deemed to have incurred a Severance from
Employment without regard to whether such Participant continues in the
same job for a different employer following liquidation, merger,
consolidation, or other similar transaction.
(2) Pursuant to an election in the Adoption Agreement, "Severance from
Employment" for a Participant classified as an independent contractor shall
mean the cessation of services upon expiration of the contract (or in the
case of more than one contract, all contracts) under which services are
performed for the Employer provided the expiration constitutes a good -faith
and complete termination of the contractual relationship. Expiration will not
constitute a good -faith and complete termination of the contractual
relationship if the Employer anticipates a renewal of the contractual
relationship or the independent contractor becoming an Employee. For this
purpose, an Employer is considered to anticipate the renewal of the
contractual relationship with an independent contractor if it intends to
contract again for the services provided under the expired contract, and
neither the Employer nor the independent contractor has eliminated the
independent contractor as a possible provider of services under any such
new contract. Further, an Employer is considered to intend to contract again
for the services provided under an expired contract if the Employer's doing
so is conditioned only upon incurring a need for the services, the availability
of funds, or both.
(d) Special Considerations Relating to Military Service.
(1) Unless otherwise elected in the Adoption Agreement, a Participant who dies
(or becomes Disabled) on or after January 1, 2007, while performing
qualified military service will be treated as if he/she had resumed
employment with the Employer on the date preceding death (or Disability)
and terminated employment on the actual date of death (or Disability).
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(2) If elected in the Adoption Agreement and notwithstanding anything herein to
the contrary, a Participant shall be deemed as have had a Severance from
Employment during any period the individual is performing service, for thirty
(30) or more days, in the uniformed services described in Section
3401(h)(2)(A) of the Code, thereby enabling the Participant to take a
distribution, but if the Participant elects such a distribution, the Participant
may not make any Annual Deferrals to the Plan for a six-month period
beginning on the date of distribution.
(3) Unless otherwise elected in the Adoption Agreement, with respect to deaths
occurring on and after January 1, 2007, and in accordance with Section
401(a)(37) of the Code, any additional benefits (other than benefit accruals
relating to the period of qualified military service,) made available to the
Beneficiary of a Participant who dies while in the active employment of the
Employer shall be made available to the Beneficiary of an Active Participant
who is on leave and dies while performing qualified military service (as
defined in Section 414(u) of the Code). If the Employer elects to credit
Participants who die while performing qualified military service with benefit
accruals in the Adoption Agreement, any Employer contribution will comply
with Section 401(a)(37) of the Code.
5.2 Small Balance In -Service Distributions. Subject to the terms of the Investment Options
and if elected in the Adoption Agreement, a Participant may elect to receive an in-service
distribution of the Participant's benefit under the Plan if the following requirements are
met:
(a) excluding rollover contributions held in a separate account, the total amount of the
Participant's benefit under the Plan does not exceed $5,000 (or the dollar limit
under Section 411(a)(11) of the Code),
(b) the Participant has not previously received a distribution under this provision of the
Plan, and
(c) no amounts have been deferred under the Plan with respect to the Participant
during the two (2)-year period ending on the date of the in-service distribution.
5.3 In-service Distributions from a Rollover Account. If a Participant has a separate
account attributable to rollover contributions to the Plan, the Participant may at any time
elect to receive a distribution of all or any portion of the amount held in the rollover
account.
5.4 Small Balance Distributions at Severance from Employment. Subject to the terms of
the Investment Option and if elected in the Adoption Agreement, the Employer may direct
the Investment Sponsor to distribute the total amount payable to a Participant who has a
Severance from Employment in the form of a lump sum payment within sixty (60) days of
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the Participant's Severance from Employment, but only if the total amount does not
exceed $1,000. Further, if a Participant's Account Balance does not exceed $5,000 (or
the dollar limit under Section 411(a)(11) of the Code), the Employer may direct the
Investment Sponsor to distribute the total amount payable to a Participant in a direct
rollover to an individual retirement plan designated by the Employer or its designee. The
determination of whether a Participant's Account Balance exceeds the small balance
threshold shall be determined by including rollover contributions (and earnings
attributable thereto) within the meaning of Sections 402(e), 403(a)(4), 403(b)(8),
408(d)(3)(A)(ii), and 457(e)(16) of the Code.
5.5 Distribution Due to an Unforeseeable Emergency.
(a) If elected in the Adoption Agreement, a Participant, but not a Beneficiary after the
Participant's death, may request a distribution due to an "Unforeseeable
Emergency", as defined by Section 1.457-6(c)(2) of the Treasury regulations, by
submitting a written request to the Plan Administrator or its designee,
accompanied by evidence to demonstrate that the circumstances being
experienced qualify as an Unforeseeable Emergency. The Plan Administrator or
its designee shall have the authority to require such evidence, as it deems
necessary to determine if a distribution shall be warranted. If an application for a
distribution due to an Unforeseeable Emergency is approved, the distribution shall
be limited to an amount sufficient to meet the Unforeseeable Emergency.
(b) Unless defined otherwise by the Code or regulations, "Unforeseeable Emergency"
generally means a severe financial hardship to the Participant resulting from an
illness or accident of the Participant, the Participant's spouse, the Participant's
dependent (as defined in Section 152 of the Code without regard to Section
152(b)(1), (b)(2), and (d)(1)(13)) or the Participant's primary beneficiary, loss of the
Participant's property due to casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of
the Participant.
The circumstances that will constitute an Unforeseeable Emergency will depend
upon the facts of each case, but, in any case, payment may not be made to the
extent that such emergency is or may be relieved:
(1) through reimbursement or compensation by insurance or otherwise;
(2) by liquidation of the Participant's assets, to the extent that liquidation of
such assets would not itself cause severe financial hardship; or
(3) by cessation of deferrals under the Plan.
The purchase of a home and the payment of college tuition are not considered to
be an Unforeseeable Emergency. Imminent foreclosure of or eviction from the
Participant's primary residence, the need to pay for medical expenses, including
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prescription drug medication, or the need to pay the funeral expenses of the
Participant's spouse, the Participant's dependent, or the Participant's primary
Beneficiary may constitute an Unforeseeable Emergency.
5.6 Commencement of Distributions.
(a) Subject to the terms of the Investment Options, upon Severance from Employment
(other than due to death), a Participant may commence distribution of benefits at
any time following Severance from Employment by submitting a request to the
Investment Sponsor.
(b) Notwithstanding the provisions of Section 5.6(a) above, in no event shall
distribution of benefits commence with respect to any Participant later than the
April 1 st of the calendar year following the calendar year in which the Participant
attains age 701/2, or if later, the April 1 st of the calendar year following the
calendar year in which the Participant incurs a Severance from Employment.
ARTICLE VI - FORM OF PAYMENT
6.1 Form of Payment. To the extent permitted by the Investment Options, distributions to
Participants will be made in a single lump sum unless other distribution options are made
available by any Investment Sponsor and selected for use under the Plan. These
alternative distribution options may include:
(a) Single Life Annuity. An annuity payable in equal installments for the life of the
Participant that terminates upon the Participant's death.
(b) Joint Life Annuity. An annuity payable in equal installments for the joint lives of
the Participant and his or her Beneficiary.
(c) Fixed Period Payments. Payments for a fixed period subject to the terms or
limitations of the applicable Investment Sponsor or Investment Options.
(d) Any other annuity or withdrawal options as provided under the Investment Options
available under this Plan.
All forms of payments shall be subject to the limitations of the applicable Investment
Sponsor and its Investment Options.
6.2 Limits on Income Options Under an Annuity Contract. Distributions from an annuity
contract, if not made in a single lump sum, shall be made over a period that does not
exceed:
(a) the life of the Participant;
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(b) the lives of the Participant and his or her designated Beneficiary;
(c) a period certain not extending beyond the life expectancy of the Participant; or
(d) a period certain not extending beyond the life expectancies of the Participant and
his or her designated Beneficiary.
6.3 Minimum Amounts to be Distributed.
(a) If a Participant's retirement payments are to be distributed in a form other than a
single lump sum, the amount to be distributed each year, and the times those
amounts are paid, shall satisfy the requirements specified in Section 401(a)(9) of
the Code and the regulations issued thereunder.
(b) Notwithstanding the foregoing Section 6.3(a), a Participant or Beneficiary who
would have been required to receive required minimum distributions for 2009 but
for the enactment of Section 401(a)(9)(h) of the Code ("2009 RMDs"), and who
would have satisfied that requirement by receiving distributions that are (1) equal
to the 2009 RMDs or (2) one or more payments in a series of substantially equal
distributions (that include the 2009 RMDs) made at least annually and expected to
last for the life (or life expectancy) of the Participant, the joint lives (or joint life
expectancy) of the Participant and the Participant's designated Beneficiary, or for
a period of at least ten (10) years ("Extended 2009 RMDs"), will receive those
distributions for 2009 unless the Participant or Beneficiary chooses not to receive
such distributions. Participants and Beneficiaries described in the preceding
sentence will be given the opportunity to elect not to receive the distributions
described in this Section 6.3(b).
6.4 Minimum Distribution Requirements During Participant's Lifetime.
(a) Requirements of Code and Related Regulations Incorporated. All distributions
required under this Section 6.4 will be determined and made in accordance with
Section 401(a)(9) of the Code and the regulations issued thereunder.
(b) Time and Manner of Distribution.
(1) Required Beginning Date. The Participant's entire interest will be
distributed, or begin to be distributed, to the Participant no later than the
April 1 st of the calendar year following the calendar year in which the
Participant attains age 701/2, or if later, the April 1st of the calendar year
following the calendar year in which the Participant incurs a Severance from
Employment.
(2) Amount of Required Minimum Distribution for Each Distribution
Calendar Year. During the Participant's lifetime, the minimum amount that
will be distributed for each distribution calendar year will be determined
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under the applicable provisions of Section 401(a)(9) of the Code and the
Treasury regulations issued thereunder.
(3) Lifetime Required Minimum Distributions Continue through Year of
Participant's Death. Required minimum distributions will be determined
under this Section 6.4 beginning with the first (1 st) distribution calendar
year and up to and including the distribution calendar year that includes the
Participant's date of death. Any amount due but untaken in the year of
death, must be received by the Beneficiary, even if the Beneficiary elects to
delay payments under the five (5) year rule under Section 7.2(b).
6.5 Election. Subject to the rules of the Investment Sponsor and the form(s) of distribution
available under the Plan, a Participant or Beneficiary may elect the form of distribution of
his or her benefits and may revoke that election at any time at least thirty (30) days
before his or her benefits begin, or such other time as permitted by the Plan Administrator
or its designee, by notifying the Investment Sponsor in writing of his or her new election.
Unless otherwise set forth in the Adoption Agreement, all distributions of benefits paid
pursuant to the terms of this Plan shall be paid directly by the applicable Investment
Sponsor to the Participant or Beneficiary.
6.6 Failure to Make Election. If a Participant or Beneficiary fails to elect a form of payment
in a timely manner, to the extent permitted by the Investment Option, benefits shall be
paid in a single lump sum.
ARTICLE VII - DEATH BENEFITS
7.1 Form of Payment. Distributions to Beneficiaries will be made in a single lump sum to the
designated Beneficiary as soon as administratively feasible following the death of the
Participant unless the Beneficiary selects an alternative distribution option that is made
available by any other Investment Sponsor and selected for use under the Plan. These
alternative distribution options may include:
(a) Single Life Annuity. An annuity payable in equal installments for the life of the
Beneficiary that terminates upon the Beneficiary's death.
(b) Joint Life Annuity. An annuity payable in equal installments for the joint lives of
the Beneficiary and his or her beneficiary.
(c) Fixed Period Payments. Payments for a fixed period subject to the terms or
limitations of the applicable Investment Sponsor or Investment Options.
(d) Any other annuity or withdrawal options provided under the Investment Options.
All forms of payments shall be subject to the limitations of the applicable Investment
Sponsor and its Investment Options.
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7.2 Death Distribution Requirements. Notwithstanding any other provisions in this Section,
any distribution option selected by a Beneficiary must comply with the following
distribution provisions:
(a) Death After Distributions Begin. If the Participant dies after distribution of his or
her interest has commenced, the remaining portion of such interest shall continue
to be distributed at least as rapidly as the method of distribution being used prior to
the Participant's death.
(b) Death Before Distributions Begin. If the Participant dies before distribution of his
or her interest has commenced, distribution of the Participant's entire interest shall
be completed by the December 31 st of the calendar year containing the fifth (5th)
anniversary of the Participant's death, except to the extent that the recipient of
such benefits elects to receive distributions in accordance with (1) or (2) below:
(1) If any portion of the Participant's interest is payable to a designated
Beneficiary, distributions may be made in substantially equal annual
payments over the life of the designated Beneficiary, or over a period
certain not extending beyond the life expectancy of the designated
Beneficiary, and commencing no later than the December 31 st of the
calendar year immediately following the calendar year in which the
Participant died;
(2) If the designated Beneficiary is the Participant's surviving spouse, the date
distributions are required to begin in accordance with (1) above shall be the
December 31 st immediately following the calendar year in which the
Participant died or, if later, the December 31 st of the calendar year in which
the Participant would have attained age 701/2.
(3) If the Participant has not made an election pursuant to this Section 7.2 by
the time of his or her death, the Participant's designated Beneficiary must
elect the method of distribution no later than the earlier of (a) the December
31 st of the calendar year in which distributions would be required to begin
under this Section 7.2, or (b) the December 31 st of the calendar year which
contains the fifth (5th) anniversary of the date of death of the Participant. If
the Participant has no designated Beneficiary, or if the designated
Beneficiary does not elect a method of distribution, distribution of the
Participant's entire interest must be completed by the December 31 st of the
calendar year containing the fifth (5th) anniversary of the Participant's
death.
(c) For purposes of Section 7.2(b), if the surviving spouse dies after the Participant,
but before payments to such spouse begins, the provisions of Section 7.2(b) with
the exception of paragraph (2) shall be applied as if the surviving spouse were the
Participant.
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(d) For purposes of this Section 7.2, any amount paid to a child of the Participant will
be treated as if it had been paid to the surviving spouse if the amount becomes
payable to the surviving spouse when the child reaches the age of majority.
(e) For the purposes of this Section 7.2, distribution of a Participant's interest is
considered to begin on the Participant's required beginning date (or, if applicable,
the date distribution is required to begin to the surviving spouse). If distribution in
the form of an annuity irrevocably commences to the Participant before the
required beginning date, the date distribution is considered to begin is the date
distribution actually commences.
7.3 Death of Beneficiary Before Benefits Commence. In the event that a Beneficiary dies
after becoming entitled to receive benefits under this Plan but before distributions to the
Beneficiary have commenced, the benefits due such Beneficiary shall be paid to the
estate of the Beneficiary in a single lump sum payment as soon as administratively
feasible following the Beneficiary's death. No other distribution elections shall be
permitted.
ARTICLE VIII - TRANSFERS AND ROLLOVERS
8.1 Plan -to -Plan Transfers from the Plan.
(a) If elected in the Adoption Agreement and subject to the terms of the Investment
Option, any Participant (or Beneficiary upon the Participant's death) can elect to
have his or her Account Balance transferred to another Eligible Governmental
Deferred Compensation Plan (the "receiving plan") and the transfer satisfies the
applicable requirements of Section 1.457-10(b) of the Treasury regulations.
(b) Upon the transfer of assets under this Section 8.1, the Plan's liability to pay
benefits to the Participant or Beneficiary under this Plan shall be discharged to the
extent of the amount so transferred for the Participant or Beneficiary. The Plan
Administrator or its designee may require such documentation from the receiving
plan as it deems appropriate or necessary to comply with this Section 8.1 (for
example, to confirm that the receiving plan is an eligible governmental plan under
paragraph (a) of this Section 8.1, and to assure that the transfer is permitted under
the receiving plan) or to effectuate the transfer.
8.2 Permissive Service Credit Transfers.
(a) If elected in the Adoption Agreement, any Participant who participates in a tax -
qualified defined benefit governmental plan (as defined in Code Section 414(d))
that provides for the acceptance of plan -to -plan transfers with respect to the
Participant may elect to have any portion of the Participant's Account Balance
transferred from this Plan to the defined benefit governmental plan. A transfer
under this Section 8.2 may be made before the Participant has had a Severance
from Employment.
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(b) A transfer may be made under this Section 8.2 only if the transfer is either for (i)
the purchase of permissive service credit (as defined in Section 415(n)(3) of the
Code) under the receiving defined benefit governmental plan; or (ii) the repayment
of contributions and earnings related to a previous forfeiture of service credit under
the defined benefit governmental plan.
8.3 Direct Rol lovers. Notwithstanding any provision of the Plan to the contrary that would
otherwise limit a distributee's election under this provision, a "distributee" may elect, at
the time and in the manner prescribed by the Employer, to have all, or any portion of an
eligible rollover distribution paid directly to an eligible retirement plan specified by the
distributee in a direct rollover.
For purpose of implementing the requirements of this provision, certain terms contained
in this Section 8.3 shall be defined as follows:
(a) Eligible Rollover Distribution. An eligible rollover distribution is any distribution of
all or any portion of the Account Balance to the credit of the distributee, except that
an eligible rollover distribution does not include: any distribution that is one of a
series of substantially equal periodic payments (not less frequently than annually)
made for the life (or life expectancy) of the distributee or the joint lives (or joint life
expectancies) of the distributee and the distributee's designated Beneficiary, or for
a specified period of ten (10) years or more; any distribution to the extent such
distribution is required under Section 401(a)(9) of the Code; and any other
exception permitted by law or the Internal Revenue Service. Any amount that is
distributed on account of Unforeseeable Emergency shall not be an eligible
rollover distribution (and the distributee may not elect to have any portion of such a
distribution paid directly to an eligible retirement plan). For 2009 only, the following
shall also be treated as an eligible rollover distribution: 2009 RMDs and Extended
2009 RMDs as defined in Section 6.4(b) of the Plan.
(b) Eligible Rollover Distribution to a Roth IRA. Effective January 1, 2008, a
Participant or any designated Beneficiary of the Participant may elect to roll over
amounts in accordance with Section 408A(e) of the Code directly to a Roth IRA,
provided that for any taxable year prior to January 1, 2010, the provisions of
Section 408A(c)(3)(B) of the Code are satisfied.
(c) Eligible Retirement Plan. An eligible retirement plan is any plan within the meaning
of Section 402(c)(8)(B) of the Code that accepts the distributee's eligible rollover
distribution. An eligible retirement plan shall also mean an Eligible Plan under
Section 457(b) of the Code which is maintained by a state, political subdivision of
a state, or any agency or instrumentality of a state or political subdivision of a
state, and which agrees to separately account for amounts transferred into such
plan from this Plan. This definition of eligible retirement plan shall also apply in the
case of a rollover request for a distribution to a surviving spouse, or to a spouse or
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former spouse who is the alternate payee under a qualified domestic relation
order, as defined in Section 414(p) of the Code.
(d) Distributee.
(1) A distributee includes a Participant, a Participant's surviving spouse, a
Participant's former spouse who is the alternate payee under a qualified
domestic relations order, as defined in Section 414(p) of the Code, are
distributees with regard to the interest of the spouse or former spouse.
Effective beginning January 1, 2010, consistent with the provisions of Code
Section 402(c)(11), in the case of a distribution to a designated Beneficiary
for purposes of Code Section 401(a)(9) who at the time of the Participant's
death was neither the spouse of the Participant nor the spouse or former
spouse of the Participant who is an alternate payee under a domestic
relations order, a direct rollover is payable only to an individual retirement
account, Roth IRA or individual retirement annuity (IRA) that has been
established on behalf of the Beneficiary as an inherited IRA (within the
meaning of Section 408(d)(3)(C) of the Code).
(2) Although a non -spouse Beneficiary may directly rollover a distribution as
provided in this subsection (d), any distribution made before January 1,
2010, is not subject to the direct rollover requirements of Code Section
401(a)(31) (including Code Section 401(a)(31)(B), the notice requirements
of Code Section 402(f), or the mandatory withholding requirements of Code
Section 3405(c)). If a non -spouse Beneficiary receives a distribution from
the Plan, the distribution is not eligible for a "60-day" rollover.
ARTICLE IX - LOANS
9.1 Availability. If elected in the Adoption Agreement and subject to the terms of the
Investment Options, a Participant who is an Active Participant may apply for and receive
a loan from his or her Account Balance as provided in this Article IX. All loans must be
subject to the terms of the Investment Options available under the Plan from which they
are taken and subject to such rules and procedures as the Plan Administrator or its
designee may adopt. Any such loan must be available to all Participants on a reasonably
equivalent basis and may not be for an amount less than $1,000. All applications for a
loan shall be made to the Investment Sponsor sponsoring the Investment Option from
which the loan is taken. Absent any contrary provision in the loan agreement with the
Investment Sponsor or under the Investment Option, the terms of this Article IX will apply.
9.2 Maximum Loan Amount. No loan to a Participant hereunder may exceed the lesser of:
(a) $50,000, reduced by the greater of (i) the outstanding balance on any loan from
the Plan to the Participant on the date the loan is made or (ii) the highest
outstanding balance on loans from the Plan to the Participant during the one-year
period ending on the day before the date the loan is approved by the Investment
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Governmental 457(b) Deferred Compensation Plan
6/2013
Sponsor (not taking into account any payments made during such one-year
period), or
(b) one-half of the value of the Participant's vested Account Balance (as of the
Valuation Date immediately preceding the date on which such loan is approved by
the Investment Sponsor).
For purposes of this Section 9.2, any loan from any other plan maintained by the
Employer shall be treated as if it were a loan made from the Plan, and the Participant's
vested interest under any such other plan shall be considered a vested interest under this
Plan; provided, however, that the provisions of this paragraph shall not be applied so as
to allow the amount of a loan under this Section 9.2 to exceed the amount that would
otherwise be permitted in the absence of this paragraph.
9.3 Terms of Loan. The terms of the loan shall:
(a) require level amortization with payments not less frequently than quarterly
throughout the repayment period.
(b) require that the loan be repaid within five (5) years unless the Participant certifies
in writing to the Plan Administrator that the loan is to be used to acquire any
dwelling unit which, within a reasonable time, is to be used (determined at the time
the loan is made) as a principal residence of the Participant, in which case the
loan may be repaid over a period not greater than ten (10) years.
(c) provide for interest at a rate to be determined under the terms of the Investment
Option or the loan procedures of the Investment Sponsor.
9.4 Extended Loan Term for Leaves of Absence due to Military Service. The Plan may
suspend the obligation to repay a loan for any period during which a Participant is
performing military service in accordance with Section 414(u)(4) of the Code, even if the
service is not qualified military service as defined under the Uniformed Services
Employment and Reemployment Rights Act of 1994. Loan repayments must resume
upon the completion of the military service, and the loan must be repaid in full (including
interest that accrues during the period of military service) by amortization in substantially
level payments over a period that ends not later than five (5) years after the origination
date of the loan (unless the loan is for the purchase of a principal residence) plus the
period of the military service.
9.5 Loan Default. In the event that a Participant fails to make a loan payment under this
Article IX by the end of the calendar quarter following the calendar quarter in which the
loan payment was due, a default on the loan shall occur. Loan defaults shall be
administered in accordance with specific rules documented under the Investment Options
and the Code.
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TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
6/2013
ARTICLE X - ROTH ELECTIVE DEFERRALS
10.1 General Application. This Article X will apply to contributions beginning with the
effective date specified in the Adoption Agreement but in no event, before the first day of
the first taxable year beginning on or after January 1, 2011.
(a) As of the effective date under Section 10.1, the Plan will accept Roth Elective
Deferrals made on behalf of Participants. A Participant's Roth Elective Deferrals
will be allocated to a separate account maintained for such deferrals as described
in Section 10.2.
(b) Unless specifically stated otherwise, Roth Elective Deferrals will be treated as
Annual Deferrals for all purposes under the Plan.
10.2 Separate Accounting.
(a) Contributions and withdrawals of Roth Elective Deferrals will be credited and
debited to the Roth Elective Deferral account maintained for each Participant.
(b) The Plan will maintain a record of the amount of Roth Elective Deferrals in each
Participant's account.
(c) Gains, losses, and other credits or charges must be separately allocated on a
reasonable and consistent basis to each Participant's Roth Elective Deferral
account and the Participant's other accounts under the Plan.
(d) No contributions other than Roth Elective Deferrals and properly attributable
earnings will be credited to each Participant's Roth Elective Deferral Account.
10.3 Direct Rollovers and Roth Elective Deferral account.
(a) Notwithstanding Section 8.3, a direct rollover of a distribution from a Roth Elective
Deferral account under the Plan will only be made to another Roth Elective
Deferral account under an Eligible Governmental Deferred Compensation Plan
and only to the extent the rollover is permitted under the rules of Section 402(c) of
the Code or as otherwise permitted by law.
(b) Notwithstanding Section 3.11, unless otherwise provided by the Employer in the
Adoption Agreement, the Plan will accept a rollover contribution to a Roth Elective
Deferral account only if it is a direct rollover from another Roth Elective Deferral
account under an Eligible Governmental Deferred Compensation Plan and only to
the extent the rollover is permitted under the rules of Section 402(c) of the Code or
as otherwise permitted by law.
(c) Notwithstanding Section 8.3, if elected in the Addendum to the Adoption
Agreement and subject to the terms of the Investment Options, a Participant may
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TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
6/2013
elect an In -Plan direct rollover contribution of Annual Deferrals to the Participant's
designated Roth Elective Deferral account if the rollover contribution meets the
following requirements:
(1) the rollover is from a non -designated Roth account in the Plan;
(2) the rollover is because of an event that triggered the availability of a
distribution from the Plan;
(3) meets the rollover requirements of Section 402(c)(4) of the Code;
(d) Any eligible rollover distributions from a Participant's Roth Elective Deferral
account are taken into account in determining whether the total amount of the
Participant's Account Balances under the Plan exceeds the threshold amount for
purposes of distributions from the Plan pursuant to Section 5.4.
(e) If subject to any minimum threshold for distributions that are direct rollovers that
are imposed by the Plan Administrator or under the Investment Options, any
amount distributed from the Participant's Roth Elective Deferral account is treated
as a separate distribution from any amount distributed from the Participant's other
accounts in the Plan, even if the amounts are distributed at the same time.
10.4 Definition of Roth Elective Deferrals. A Roth Elective Deferral is an elective deferral
that is:
(a) Designated irrevocably by the Participant in the Deferred Compensation
Agreement as a Roth Elective Deferral that is being made in lieu of all or a portion
of the pre-tax Annual Deferrals the Participant is otherwise eligible to make under
the Plan; and
(b) Treated by the Employer as includible in the Participant's income at the time the
Participant would have received that amount in cash if the Participant had not
made an agreement to defer this Compensation.
ARTICLE XI - BENEFICIARY INFORMATION
11.1 Designation. A Participant shall have the right to designate a Beneficiary, and amend or
revoke such designation at any time prior to commencement of benefits, in writing and in
a form approved by the Plan Administrator, its designee, or the Investment Sponsor.
Such Beneficiary designations, amendments, or revocations will be maintained by the
Investment Sponsor and shall be effective upon satisfactory receipt by the Investment
Sponsor.
11.2 Failure to Designate a Beneficiary. Absent any procedures set forth by the Investment
Sponsor, benefits shall be paid to the Participant's estate if, prior to the date a Participant
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TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
6/2013
commences to receive payment of benefits under the Plan, the Participant has not
designated a Beneficiary or no designated Beneficiary survives the Participant and
benefits are payable following the Participant's death.
ARTICLE XII - PLAN ADMINISTRATION
12.1 Plan Administration. The Employer shall be responsible for appointing a Plan
Administrator to administer the Plan. The Plan Administrator may authorize a committee
comprised (to the extent possible) of not less than three (3) persons, to act collectively
with regard to administration of the Plan. The Plan Administrator shall have sole
discretionary responsibility for the interpretation of the Plan, enrolling Participants in the
Plan, sending contributions on behalf of each Participant to the applicable Investment
Sponsor, and for performing other duties required for the operation of the Plan. Any
action taken on any matter within the discretion of the Plan Administrator shall be made
in its sole and absolute discretion based on this Plan document and the Adoption
Agreement, and shall be final, conclusive, and binding on all parties. In order to discharge
its duties hereunder, the Plan Administrator shall have the power and authority to
delegate ministerial duties and to employ such outside professionals as may be required
for prudent administration of the Plan. The Plan Administrator shall also have authority to
enter into agreements on behalf of the Employer necessary to implement this Plan.
12.2 Accounts and Expenses. The Employer or the Investment Sponsor shall establish and
maintain book entry accounts on behalf of each Participant and Beneficiary after the
death of the Participant. Such accounts shall be valued in accordance with the rules of
the Investment Option, in which the accounts are invested. Each Participant shall receive
a written notice of his or her Account Balance following such valuation or valuations,
provided that such notice shall not be required to be given more than one time per
calendar quarter. Each Participant's Account Balance shall reflect the aggregate of his or
her Annual Deferrals, Employer non -elective contributions, Employer matching
contributions, and plan -to -plan transfers and rollovers, if any, and shall also reflect
investment experience attributable to such Account Balance and expense charges
applied to, and distributions made from, such Account Balance.
12.3 Mistaken Contribution. If any contribution (or any portion of a contribution) is made to
the Plan by a good faith mistake of fact, then within one (1) year after the payment of the
contribution, and upon receipt in good order of a proper request approved by the Plan
Administrator, the amount of the mistaken contribution (adjusted for any income or loss in
value, if any, allocable thereto) shall be returned directly to the Participant or, to the
extent required or permitted by the Plan Administrator, to the Employer.
12.4 Domestic Relations Orders. Notwithstanding Sections 14.3 and 14.9, if a judgment,
decree or order (including approval of a property settlement agreement) that relates to
the provision of child support, alimony payments, or the marital property rights of a
spouse or former spouse, child, or other dependent of a Participant is made pursuant to
the domestic relations law of any State ("domestic relations order" or "DRO"), then,
unless otherwise elected in the Adoption Agreement, the amount of the Participant's
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Governmental 457(b) Deferred Compensation Plan
6/2013
Account balance shall be paid in the manner and to the person or persons so directed in
the domestic relations order provided such domestic relations order is found to be
qualified under the provisions of Section 414(p) of the Code (" QDRO"). Payment shall be
made without regard to whether the Participant is eligible for a distribution of benefits
under the Plan. The Investment Sponsor shall establish reasonable procedures for
determining the status of any such decree or order and for effectuating distribution
pursuant to the domestic relations order. The Plan Administrator shall establish such
procedures, in the absence of any procedures established by the Investment Sponsor.
Effective April 6, 2007, a DRO that otherwise satisfies the requirements of a QDRO will
not fail to be a QDRO solely because (a) the order is issued after or revises another DRO
or QDRO, or (b) at the time the DRO is issued, including issuance after the starting date
for the Participant's selected or defaulted form of distribution or the Participant's death.
Any such DRO shall be subject to the same requirements and protections as any other
QDRO.
12.5 IRS Levy. Notwithstanding Sections 14.3 and 14.9, the Plan Administrator may pay from
a Participant's or Beneficiary's book entry account the amount that the Plan Administrator
finds is lawfully demanded under a levy issued by the Internal Revenue Service with
respect to that Participant or Beneficiary or is sought to be collected by the United States
Government under a judgment resulting from an unpaid tax assessment against the
Participant or Beneficiary.
12.6 Procedure When Distributee Cannot be Located. Absent any procedures from the
Investment Sponsors, the Plan Administrator shall make all reasonable attempts to
determine the identity and address of a Participant or a Participant's Beneficiary (the
"distributee") entitled to benefits under the Plan. For this purpose a reasonable attempt
means (a) the mailing by certified mail of a notice to the last known address shown on the
Employer's or Plan Administrator's records, (b) notification sent to the Social Security
Administration or the Pension Benefit Guaranty Corporation (under their program to
identify payees under retirement plans), and (c) the distributee has not responded within
six (6) months. If the Plan Administrator is unable to locate such person entitled to
benefits hereunder, or if there has been no claim has been made for such benefits, the
Plan shall continue to hold the benefits due such person.
12.7 Payments to Minors and Incompetents. Absent any procedures from the Investment
Sponsors, if a Participant or Beneficiary entitled to receive any benefits hereunder is a
minor or is adjudged to be legally incapable of giving valid receipt and discharge for such
benefits, or is deemed so by the Plan Administrator or the Investment Sponsor, the
Investment Sponsor shall make the distribution of benefits to the Participant's or
Beneficiary's guardian, conservator, custodian, attorney -in -fact, or to any other legal
representative adjudged to be appropriate upon receiving satisfactory evidence of such
status or a court order to that effect.
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TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
6/2013
ARTICLE XIII - AMENDMENT OR TERMINATION OF PLAN
13.1 Amendment of Plan. While it is expected that this Plan will continue indefinitely, the
Employer reserves the right at any time to amend or otherwise modify the Plan without
any liability for such action. No amendment shall increase the duties or responsibilities of
any Investment Sponsor without its prior consent thereto in writing.
13.2 Termination of Plan. The Employer shall have the right at any time to terminate the
Plan. No termination shall affect the amounts already deferred under the Plan. In order
for the Plan to be considered terminated, funds deferred under the Plan must be
distributed to all Plan Participants and Beneficiaries as soon as administratively
practicable after termination of the Plan, in accordance with the terms of the Investment
Option.
ARTICLE XIV - MISCELLANEOUS
14.1 Plan Non -Contractual. Nothing contained in this Plan will be construed as a
commitment or agreement on the part of any person to continue his or her employment
with the Employer, and nothing contained in this Plan will be construed as a commitment
on the part of the Employer to continue the employment or the rate of compensation of
any person for any period, and all Employees of the Employer will remain subject to
discharge to the same extent as if the Plan had never been put into effect.
14.2 Claims of Other Persons. The provisions of the Plan will in no event be construed as
giving any Participant or any other person, firm, corporation or other legal entity, any legal
or equitable right against the Employer, its officers, employees, directors or trustees,
except the rights as are specifically provided for in this Plan or created in accordance with
the terms and provisions of this Plan.
14.3 Non -Assignability. Except as otherwise provided in 12.4 and 12.5, the interest of each
Participant or Beneficiary under the Plan is not subject to the claims of the Participant's or
Beneficiary's creditors, and neither the Participant nor any Beneficiary shall have any
right to sell, assign, transfer, or otherwise convey the right to receive payments
hereunder or any interest under the Plan, which payments and interest are expressly
declared to be non -assignable and non -transferable.
14.4 Contracts. The terms of each Investment Option offered to Participants as an investment
option hereunder, the terms of a custodial agreement, or trust in which an Investment
Option may be held, any contract issued on behalf of a Participant, certificate issued to a
Participant, and any other written documents or instruments related to any such matters
are a part of the Plan as if fully set forth in the Plan document and the provisions of which
are hereby incorporated by reference into the Plan. In the case where there is any
inconsistency or ambiguity between the terms of the Plan and those of any contract,
certificate, custodial agreement, trust, or other such document or instrument if any,
funding the Plan, the terms of the contract, certificate, custodial agreement, trust, or other
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TIAA-CREF Financial Services
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6/2013
such document or instrument will control to the extent not inconsistent with the applicable
provisions of the Code and any applicable regulations issued thereunder.
14.5 Pronouns. Whenever used herein, the masculine pronoun is deemed to include the
feminine. The singular form, whenever used herein, shall mean or include the plural form
where applicable, and vice versa.
14.6 Representations. The Employer does not represent or guarantee that any particular
Federal or State income, payroll, personal property, or other tax consequence will result
from participation in this Plan. A Participant should consult with professional tax advisors
to determine the tax consequences of his or her participation. Furthermore, the Employer
does not represent or guarantee investment returns with respect to any Investment
Option and shall not be required to restore any loss which may result from such
investment or lack of investment.
14.7 Severability. This Plan document is intended to comply with the applicable provisions of
the Code, Treasury regulations, and other IRS guidance issued thereunder. To the extent
not inconsistent with Section 14.4, if any provision in this Plan document is inconsistent
therewith, the inconsistent provision shall be struck from the document and replaced with
the applicable provision from the Code, Treasury regulation, or any other applicable IRS
guidance. In addition, if a court of competent jurisdiction holds any provision of this Plan
to be invalid or unenforceable, the remaining provisions of the Plan shall continue to be
fully effective.
14.8 Applicable Law. This Plan shall be construed in accordance with applicable Federal law
and, to the extent otherwise applicable, the laws of the State in which the Employer is
located.
14.9 Trust Fund. To the extent the trust requirements of Section 457(g)(3) of the Code are not
satisfied through one or more annuity contracts or custodial agreements satisfying the
requirements of Section 401(f) of the Code, all amounts of deferrals and contributions to
the Plan, all property and rights purchased with such amounts, and all income attributable
to such amounts, property, or rights shall be held and invested in the "Trust Fund" in
accordance with this Plan and any trust agreement. The Trust Fund, and any subtrust
established under the Plan, shall be established pursuant to a written agreement that
constitutes a valid trust under the laws of the state in which the Employer is located. The
trustee shall ensure that all investments, amounts, property, and rights held under the
Trust Fund are held for the exclusive benefit of the Participants and their Beneficiaries.
The Trust Fund shall be held in trust pursuant to a trust agreement for the exclusive
benefit of Participants and their Beneficiaries and defraying reasonable expenses of the
Plan and of the Trust Fund. It shall be impossible prior to the satisfaction of all liabilities
with respect to Participants and their Beneficiaries, for any part of the assets and income
of the Trust Fund to be used for, or diverted to, purposes other than for the exclusive
benefit of Participants and their Beneficiaries.
1:
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
6/2013
IN WI NESS WHEREOF, this Plan Document has been executed this 1 day of
2017
CITY OF RENTON
By:
L—
Printed Name: -JA L4 01/ � w>
Title: 4w
27
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
6/2013
ADOPTION AGREEMENT
FOR THE ELIGIBLE
457(b) DEFERRED COMPENSATION
PLAN OF
CITY OF RENTON & RENTON
REGIONAL FIRE AUTHORITY, A
GOVERNMENTAL EMPLOYER
Financial Service
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
1. General Information
(A) Name of Governmental Employer: City of Renton & Renton Regional Fire Authority
(B) Address of Governmental Employer: 1055 S Grady Way
Renton, WA 98057
(C) Name of Plan:
(D) Federal Tax ID Number of
Governmental Employer:
(E) Plan Administrator's Name and
Address:
City of Renton & Renton Regional Fire Authority
Deferred Compensation Plan
91-6001271
457 Committee
1055 S. Grady Way, Renton, WA 98057
2. Effective Date / Restated Effective Date (Article I - Definitions)
(Select one)
(A) [ ] The Plan is a new plan. The Effective Date is
(B) [ X ] The Plan is a restated plan. The Restated Effective Date is 11/01/2017
The Plan's initial Effective Date was 07/01/2013
3. Plan Year (Article I - Definitions)
(Select all that apply)
Plan Year means:
(A) [ X ] The calendar year.
(B) [ ] The Plan Year is a twelve (12) month period beginning on and ending on
the following
(C) [ ] The initial Plan Year is a short Plan Year beginning on and ending on
. Thereafter, the Plan Year will be the twelve (12) month period selected in
Box 3(A) or Box 3(B) above.
4. Definition of Compensation (Article I - Definitions)
(Please make a selection in (A) and (B))
(A) [ ] Compensation is defined as W-2 wages (including differential wage payments)
[ ] Compensation will be defined as W-2 wages exclusive of the following:
[ X ] Compensation will be defined as follows: Base Pay
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
(B) If so selected, this amount also includes pay for accrued bona fide sick, vacation or other
leave pay (but not severance pay). (Note: Any such pay must be paid within the later of 2'/2
months following Severance from Employment or the end of the calendar year which
includes the date of Severance from Employment.)
[ X ] Yes, include. If yes, select which types of accrued leave pay will apply to the Plan.
(1) [ X ]Accrued bona fide sick pay
(2) [ X ]Accrued vacation pay
(3) [ X ]Other accrued leave pay (describe): Differential wage payment by reason of
qualified military service (within meaning of Code Section 404(u).
[ ] No, do not include.
5. Eligible Employee (Article I - Definitions)
(Select all that apply)
(A) [ ] All Employees of the Employer.
(B) [ X ] All Employees of the Employer, other than the following excluded Employees:
(1) [ X ] Leased Employees
(2) [ ] Salaried Employees
(3) [ ] Hourly Employees
(4) [ X ]Seasonal Employees
(5) [ X ]Temporary Employees
(6) [ X ] Independent Contractors
(7) [ ] Employees whose employment is governed by the terms of a collective
bargaining agreement between Employee representatives (within the meaning
of Code Section 7701(a)(46)) and the Employer, under which retirement
benefits were the subject of good faith bargaining.
(8) [ ] Other:
6. Contract Selection and Alternate Investment Sponsors (Article I - Definitions)
(A) Investment Options are any investments made available by either TIAA-CREF under its
contracts (including the use of TIAA-CREF or non-proprietary mutual funds) or any other
Investment Sponsor and selected for use under this Plan by the Employer, or its designee.
2
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
The contracts that will be offered by TIAA-CREF under the Plan are: (Select all that apply)
[ X ] TIAA Retirement Choice Plus Annuity Contract ("TIAA RCP") and CREF Retirement
Choice Plus Annuity Contract ("CREF RCP").
[ ] TIAA Retirement Choice Annuity Contract ("TIAA RC") and a CREF Retirement Choice
Annuity Contract ("CREF RC").
[ ] TIAA Stable Value Annuity Contract ("TIAA Stable Value") in conjunction with an RC
Contract. If this option is selected, the RC Contract will also be included in the
selection.
[ ] For plans in existence prior to January 1, 2013, TIAA Group Supplemental Retirement
Annuity Contract ("TIAA GSRX) and CREF Group Supplemental Retirement Annuity
Contract ("CREF GSRA").
(B) Alternate Investment Sponsors. (Select one)
[ X ] No, alternate Investment Sponsors are not available under the Plan. TIAA-CREF is the
sole Investment Sponsor under the Plan.
[ ] Yes, alternate Investment Sponsors are available under the Plan. (List alternate
Investment Sponsors)
7. Normal Retirement Age (Article I - Definitions)
(Please make a selection in (A) and if applicable, (8))
(A) General Rule. Other than provided in (B), Normal Retirement Age ("NRA") can be defined as
any age that is on or after the earlier of age 65 or the age at which a Participant can retire
and receive an unreduced benefit under the Employer's defined benefit plan (or if there is no
defined benefit plan or if Participants cannot participate in that plan, a money purchase
pension plan in which Participants also participate), and that is not later than age 70'/2.
Alternatively, an Eligible Plan may choose or permit participants to choose any NRA that is
within those ages.
(1) [ ] Normal Retirement Age will be age 65.
(2) [ ] Normal Retirement Age will be age
(3) [ ] Normal Retirement Age will be the age selected by each Participant.
(4) [ X ] Normal Retirement Age is defined as follows:
The age selected by each Participant, which may not be earlier than the minimum
age the participant has a right to retire under PERS without actuarial reduction
(B) Special Rule for Participants who are Police or Firefighters. Those Participants may
3
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
substitute age 40 for age 65 for the rules in (A).
(1) [ ] Normal Retirement Age will be age 40.
(2) [ ] Normal Retirement Age will be age
(3) [ ] Normal Retirement Age will be the age selected by each Participant.
(4) [ X ] Normal Retirement Age is defined as follows:
The age selected by each Participant, which may not be earlier than the minimum
age the participant has a right to retire under LEOFF without actuarial reduction
8. Annual Deferrals (Section 3.1)
(Select one)
(A) [ X ] Annual Deferrals may be made to the Plan up to the maximum amount permitted by
law.
(B) [ ] Annual Deferrals may be made to the Plan up to a maximum amount equal to
provided that in no event may such deferrals exceed the maximum amount
permitted by law.
(C) [ ] Annual Deferrals may only be made to this Plan up to the maximum permitted by law
after maximizing Elective Deferrals to the Employer's 403(b) plan.
(D) [ ] Annual Deferrals may not be made to the Plan.
9. Roth Elective Deferrals (Article X)
(Select one)
(A) [ X ] Roth Elective Deferrals may be made to the Plan up to the maximum amount permitted
by law.
(B) [ ] Roth Elective Deferrals may be made to the Plan up to a maximum amount equal to
, provided that in no event may such deferrals exceed the maximum
amount permitted by law.
(C) [ ] Roth Elective Deferrals may only be made to this Plan up to the maximum permitted by
law after maximizing Elective Deferrals to the Employer's 403(b) plan.
(D) [ ] Roth Elective Deferrals may not be made to the Plan.
10. Deferral of Special Pay (Section 3.3)
(Select one)
If selected below, a Participant may elect to defer accumulated sick pay, accumulated vacation
pay and other leave pay provided that in no event shall such deferrals to the Plan exceed the
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TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
maximum amount permitted by law.
[ X ] Yes, apply. (Question 4.(B) must also be checked, Yes.)
[ ] No, do not apply.
11.Age 50 Catch-up Contributions (Section 3.7(c))
(Select one)
If selected below, age 50 catch-up contributions may be made to the Plan up to the maximum
amount permitted by law.
[ X ] Yes, apply.
[ ] No, do not apply.
12. Special Section 457 Catch-up Limitation (Section 3.7(b))
(Select one)
If selected below, the special Section 457 catch-up contributions may be made to the Plan up to
the maximum amount permitted by law.
[ X ] Yes, apply.
[ ] No, do not apply.
13. Employer Non -Elective Contributions (Section 3.5)
Note: Any Employer contribution will reduce, dollar for dollar, the amount the Participant can defer
to the Plan and in no event shall the combined total of Participant and Employer contributions
exceed the maximum amount permitted by law.
(Select one)
[ ] The Employer will make non -elective contributions to the Plan on behalf of all Active
Participants in an amount equal to % of the Participant's Compensation.
[ X ] The Employer will make non -elective contributions to the Plan as follows (include a
description of the class(es) of Active Participants receiving the contribution and the amount
or if the contribution will be discretionary and only made to certain Active Participants as
designated by the Employer in its discretion):
Discretionary amount declared by Employer
[ ] The Employer will not make any non -elective contributions to the Plan.
14. Employer Matching Contributions (Section 3.6)
Note: Any Employer contribution will reduce, dollar for dollar, the amount the Participant can defer
to the Plan and in no event shall the combined total of Participant and Employer contributions
exceed the maximum amount permitted by law.
E
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
(Select one)
(A) [ ] The Employer will make matching contributions to the Plan on behalf of Active
Participants who make an Annual Deferral pursuant to a Deferred Compensation
Agreement in an amount equal to % of the Participant's Compensation that is
contributed to the Plan for the Plan Year.
(B) [ ] The Employer will make matching contributions to the Plan on behalf of Active
Participants who make an Annual Deferral pursuant to a Deferred Compensation
Agreement in an amount equal to % of the first % of the Participant's
Compensation that is contributed to the Plan for the Plan Year.
(C) [ ] The Employer will make matching contributions to the Plan as follows (include a
description of the class(es) of Active Participants receiving the contribution and the
amount or if the contribution will be discretionary and only made to certain Active
Participants as designated by the Employer in its discretion):
(D) [ X ] The Employer will not make any matching contributions to the Plan.
15. Plan -to -Plan Transfers to the Plan (Section 3.9)
(Select one)
Please note that, in general, direct plan -to -plan transfers to the Plan can only be made from
another Eligible Governmental 457(b) Deferred Compensation Plan and if the Participant is an
Eligible Employee of the Employer. No transfers to the Plan can be made by a Beneficiary.
(A) [ X ] Direct transfers may be made to the Plan from another Eligible Governmental 457(b)
Deferred Compensation Plan to the extent permitted by law.
(B) [ ] Direct transfers may be made to the Plan from another Eligible Governmental 457(b)
Deferred Compensation Plan, subject to the following limitations:
(C) [ ] Direct transfers may not be made to this Plan.
16. Plan -to -Plan Transfers from the Plan (Section 8.1)
(Select one)
Please note that, in general, direct plan -to -plan transfers from the Plan can only be made to
another Eligible governmental 457(b) Deferred Compensation Plan following the Participant's
Severance from Employment with the employer that maintained the transferor plan unless the
transfer is with respect to a Participant's Beneficiary.
(A) [ X ] Direct transfers from the Plan may be made to another Eligible Governmental 457(b)
Deferred Compensation Plan to the extent permitted by law.
(B) [ ] Direct transfers from the Plan may be made to another Eligible Governmental 457(b)
Deferred Compensation Plan, subject to the following limitations:
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TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
(C) [ ] Direct transfers from the Plan may not be made.
17. Transfers to Purchase Service Credits (Section 8.2)
(Select one)
If selected below, a Participant may request a transfer from this Plan to a defined benefit
governmental plan to purchase service credit.
[ X ] Yes, apply.
[ ] No, do not apply.
18. Rollover Contributions (Section 3.10)
(Select one)
Note: An Eligible Governmental 457(b) Deferred Compensation Plan cannot accept rollovers of
after-tax funds from another plan. If Roth Elective Deferrals are elected, an Eligible Governmental
457(b) Deferred Compensation Plan can accept rollovers of Roth Elective Deferrals from another
Eligible Governmental 457(b) Deferred Compensation Plan, or as otherwise permitted under the
Code.
(A) [ ] Rollovers to the Plan, including rollovers of Roth Elective Deferrals, are permitted to the
extent permitted by law.
(B) [ X ] Rollovers to the Plan, excluding rollovers of Roth Elective Deferrals, are permitted to the
extent permitted by law.
(C) [ ] Rollovers to the Plan are not permitted.
19.In-Service Distribution at Age 70'/z (Section 5.1(a))
(Select one)
If selected below, a Participant may receive a distribution of all or a portion of his or her benefit
upon attainment of age 70 '/2 prior to Severance from Employment.
[ X ] Yes, apply.
[ ] No, do not apply.
20. Unforeseeable Emergency (Section 5.5)
(Select one)
If selected below, a Participant may receive a distribution due to Unforeseeable Emergency prior
to Severance from Employment.
(A) [ X ] Yes, apply. If "Yes" is selected, please select who will be making the determination
approving an Unforeseeable Emergency:
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Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
(1) [ ] Employer/Plan Administrator
(2) [ ] Other Investment Sponsor/Third Party Administrator (name):
(3) [ X ]TIAA-CREF (only Employers with prior approval may elect this option)
(B) [ ] No, do not apply.
21. Small Balance In-service Distribution (Section 5.2)
(Select one)
If selected below, a Participant may receive an in-service distribution of all or a part of his or her
benefit if the total amount of the Participant's benefit is less than $5,000 (or the dollar limit under
Section 411(a)(11) of the Code) and the requirements of Section 5.2 of the Plan are satisfied.
[ X ] Yes, apply.
[ ] No, do not apply.
22. Small Balance Distributions (Section 5.4)
(Please select an option from (A) and (B))
(A) If selected below, small balance distributions of Account Balances of $1,000 or less will be
permitted.
[ X ] Yes, apply.
[ ] No, do not apply.
(B) If selected below, small balance distributions of Account Balances of $5,000 or less will be
distributed pursuant to Section 5.4, if permitted by an Investment Option.
[ ] Yes, apply.
[ X ] No, do not apply.
If small balance distributions are permitted, the Account Balance threshold will be determined by
including that portion of the Participant's Account Balance that is attributable to rollover
contributions (and earnings allocable thereto).
23. Special Severance from Employment Definition for Independent Contractors (Section
5.1(c)(2))
(Select one)
The special definition of "Severance from Employment" contained in Section 5.1(c)(2) of the Plan
will be applied to all Participants classified as independent contractors if selected below.
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
[ ] Yes, apply.
[ X ] No, do not apply.
24. Special Payment Date Restrictions for Independent Contractors (Section 5.1(b))
(Select one)
If selected below, the special payment date restrictions for independent contractors contained in
Section 5.1(b) will be applied.
[ ] Yes, apply.
[ X ] No, do not apply.
25. Loans (Section 9.1)
(Select one)
If selected below, a Participant will be permitted to receive a loan from the Plan.
[ ] Yes, apply.
[ X ] No, do not apply.
26. Qualified Domestic Relations Orders (Section 12.4)
(Select one)
If selected below, distributions pursuant to Qualified Domestic Relations Orders will be permitted
under the Plan.
[ X ] Yes, apply.
[ ] No, do not apply.
27. Special Considerations Relating to Military Service (Section 5.1(d))
(Please make a selection in (A), (8), and (C))
(A) Participants who have died or became Disabled while performing qualified military service
shall be treated as if they returned to employment the day preceding the date of death or
Disability and had a Severance from Employment on the date of death or Disability.
(Select one)
[ X ] Yes, apply to both deceased and Disabled Participants.
[ ] Yes, apply to deceased Participants.
[ ] No, do not apply.
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TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
6/2013
(B) Deemed Severance from Employment. If elected below, Participants who have been called
to active duty for thirty (30) or more days will be deemed as having a Severance from
Employment for purposes of receiving a distribution under the Plan. Any distribution under
this Section 5.1(d) requires a suspension of Annual Deferrals under the Plan for six (6)
months.
(Select one)
[ X ] Yes, apply.
[ ] No, do not apply.
(C) Credit for Benefit Accruals for Deceased Participants. If elected below, Participants who die
while performing qualified military service will be credited with service to the Employer for
the period of qualified military service. Any Employer contributions made to the Plan for
these Participants will comply with Section 401(a)(37) of the Code.
(Select one)
[ X ] Yes, apply.
[ ] No, do not apply.
By executing this Adoption Agreement, the Employer adopts the 457(b) Deferred Compensation Plan
described herein and in the Plan document. The selections and specifications contained in this
Adoption Agreement together with the terms, provisions and conditions provided in the Plan
document constitute the Plan.
It is understood that TIAA-CREF is not a party to the Plan and shall not be responsible for any tax or
legal aspects of the Plan. The Employer assumes responsibility for these matters.
The Employer acknowledges that it has counseled, to the extent necessary, with its attorney or other
tax advisor. The obligations of the Investment Sponsors shall be governed solely by the provisions of
its contracts and policies. TIAA-CREF shall not be required to inquire into any action taken by the
Employer or the Plan Administrator and shall be fully protected in taking, permitting or omitting any
action on the basis of the actions of the Employer or the Plan Administrator. TIAA-CREF shall incur
no liability or responsibility for carrying out actions as directed by the Employer or the Plan
Administrator.
The provisions you select in completing this Adoption Agreement will apply to your Plan as if they
were set forth in the Plan document. In completing this Adoption Agreement, you are urged to consult
with your attorney or tax advisor. TIAA-CREF does not and cannot provide legal or tax advice. Failure
to properly fill out the Adoption Agreement may result in the failure of your Plan to satisfy the
requirements of an eligible deferred compensation plan under Section 457(b) of the Internal Revenue
Code of 1986, as amended.
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Adoption Agreement
6/2013
IN WITNESS WHEREOF, this Adoption Agreement has been executed this
—November—, 2017.
Employer: City of Renton
By:
Printed Name: _Jay Covington
Title: Chief Administrative Officer—
Rentogiftgionall Fire Authority
By:
Printed Name: Rick Marshall
Title:
V4.02-4.02
Fire Chief
TIAA-CREF Financial Services
Governmental 457(b) Deferred Compensation Plan
Adoption Agreement
16th day of
6/2013
RESOLUTION NO. 4337
EXHIBIT B
CITY OF RENTON AND RENTON REGIONAL FIRE AUTHORITY
4S7 DEFERRED COMPENSATION PLAN COMMITTEE
OPERATING GUIDELINES
City of Renton and Renton Regional Fire Authority
457 Deferred Compensation Plan Committee
Operating Guidelines
Introduction
The 457 Deferred Compensation Plan Committee ("Committee") is an administrative committee
delegated certain authority with respect to the City of Renton and Renton Regional Fire Authority
Deferred Compensation Plan (the "Plan") by the City of Renton (City) and the Renton Regional Fire
Authority (RFA). The Committee has oversight responsibility for the Plan, primarily relating to: (a)
maintaining the Plan's design and administration in a manner that satisfies business needs and
complies with applicable law; and (b) offering a core set of investments that provide an opportunity
for participants to save income through contributions to individual participant accounts and the
earnings thereon on a tax -advantaged basis in accordance with Section 457 of the Internal Revenue
Code.
These Operating Guidelines describe the structure and responsibilities of the Committee.
It. Structure and Membership of the Committee
The Committee is comprised of four (4) members, three of whom occupy the position by job title
within the City, unless the City's Mayor has appointed another individual to that Committee position,
and one of whom is appointed by RFA.
City, Chief Administrative Officer, Committee Chair (or the Mayor's designee)
RFA, Fire Chief (or the RFA's designee)
3. City, Human Resource and Risk Management Administrator (or the Mayor's designee)
4. City, Administrative Services Department Administrator (or the Mayor's designee)
The Committee shall appoint a Secretary to be responsible for scheduling Committee Meetings,
collecting material for the meeting and distributing to all members, and taking Meeting minutes.
The following individuals, while not Committee members, are invited to regularly attend and
participate in Committee meetings in a non -voting capacity as representatives of their employee
groups and to provide advice and input to the Committee. As recognized representatives of the plan
members, the Committee will give full considerations to the input of this group.
1. Representative of Fire Union Local 864
2. Representative of AFSCME Local 2170 Bargaining Unit
3. Representative of Renton Police Guild Bargaining Unit
4. Representative of City employees without union affiliation, appointed by the Mayor
III. Plan Fiduciaries Roles and Responsibilities
The Committee is the named fiduciary and Plan Administrator, and acts with the authority and
discretion to control and manage the operations and administration of the Plan, and shall have all
powers necessary to accomplish these purposes. The Committee will perform its fiduciary duties
under the Plan solely in the interest of participants and their beneficiaries.
The responsibility and authority of the Committee shall include, but shall not be limited to, the
following:
• Construing the Plan and determining all questions that arise as to interpretations of Plan
provisions, including determination of eligibility of employees, method of payments, and
participation and benefits under the terms of the Plan.
457 Deferred Compensation Plan Committee Operating Guidelines Page 2 of 3
• Establishing rules and procedures by which the Plan will operate.
• Adopting amendments to the Plan which are deemed necessary or desirable to facilitate
administration of the Plan and/or to maintain or bring the Plan into compliance with
Internal Revenue Code Section 457 and regulations thereunder.
• Maintaining or compiling all records it determines to be necessary, appropriate, or
convenient regarding the administration of the Plan.
• Selecting and reviewing investment options under the Plan.
• Monitoring Plan fees and expenses which are charged to Plan assets and/or paid by Plan
participants, including, but not limited to, investment management fees, trustee fees and
fees paid to other Plan service providers.
• Ensuring the service providers of the Plan are providing education to Plan participants.
• Evaluating the performance of all service providers necessary or desirable for the
administration of the Plan including a consultant, a third -party administrator, a trustee or
trustees, a custodian, insurance companies, regulated investment companies and other such
service providers as shall be necessary or appropriate for the administration and operation
of the Plan.
• Establishing procedures for requests for proposals, criteria for acceptance and selection, and
making recommendations to the City Council related to the selection and termination of any
service provider.
• Administering the determination of all appeals under the Plan's claim procedures.
• Delegating any of its administrative responsibilities under the Plan, including the day-to-day
operations of the Plan, to one or more employees or to one or more persons or
organizations that it has employed to perform such administrative responsibilities.
In the exercise of its power and responsibilities as the named fiduciary with respect to selection of
investment options under the Plan, the Committee will have the power, authority and responsibility
for the following:
• Selecting the investment design features of the Plan; this includes establishing:
o The investment policy and objectives,
o The number and types of investment alternatives available to Plan participants, and
o Participant investment procedures;
• Appointing, monitoring and evaluating all investment fund options in accordance with
guidelines and benchmarks established within this document and consistent with applicable
laws.
IV. Standard of Care
When acting on behalf of the Plan, the Committee will meet the standard of care or conduct of a
fiduciary of the Plan, acting in the interest of participants and beneficiaries, in a manner that is
consistent with the terms of the Plan and applicable law.
V. Indemnification
The City will indemnify and hold harmless the members of the Committee appointed by the City from
and against any and all liabilities, costs and expenses, including attorneys' fees, incurred by such
persons as a result of any act, or omission to act, in connection with the performance of their duties,
responsibilities and obligations under the Plan and under the Code, other than such liabilities, costs
457 Deferred Compensation Plan Committee Operating Guidelines Page 3 of 3
and expenses as may result from the bad faith, willful misconduct or criminal acts of such persons or
to the extent such indemnification is specifically prohibited by the law. The City will have the
obligation to conduct the defense of such persons in any proceeding to which this paragraph applies.
The City may satisfy its obligation under this paragraph in whole or in part, through the purchase of a
policy or policies of insurance, but no insurer will have any rights against the City arising out of this
paragraph.
The RFA will indemnify and hold harmless the member of the Committee appointed by the RFA from
and against any and all liabilities, costs and expenses, including attorneys' fees, incurred by such
persons as a result of any act, or omission to act, in connection with the performance of their duties,
responsibilities and obligations under the Plan and under the Code, other than such liabilities, costs
and expenses as may result from the bad faith, willful misconduct or criminal acts of such persons or
to the extent such indemnification is specifically prohibited by the law. The RFA will have the
obligation to conduct the defense of such person in any proceeding to which this paragraph applies.
The RFA may satisfy its obligation under this paragraph in whole or in part, through the purchase of a
policy or policies of insurance, but no insurer will have any rights against the RFA arising out of this
paragraph.
VI. Binding Effect of Decisions
The Committee will conduct business by a majority vote of the four (4) Committee Members at a
meeting for which a proper quorum has been established. A quorum will be established if three (3)
of the members are present either in person or by proxy. A Member who is unable to attend may
give a written proxy to another member. A written proxy will be considered as an active member
being present for purposes of establishing a quorum.
Decisions of the Committee made in good faith upon any matter within the scope of its authority will
be final, conclusive and binding upon all persons, including participants and their legal representatives
or beneficiaries; but the City and the RFA will at all times, in giving effect to its decisions, act without
discrimination in favor of or against any participant, legal representative or beneficiary.
VII. Meetings
Committee meetings will be conducted at least one time per year, with the objective of meeting
quarterly, and are scheduled by the Secretary based on direction of the Committee Chair. The
Committee Secretary shall be responsible for collecting material from service providers necessary for
the meeting and distributing to all Members not less than one week prior to the meeting. Meeting
minutes will be taken by the Secretary and distributed to the Committee not less than one week prior
to the next Committee Meeting. Meeting Minutes are subject to the Public Records Act criteria and
as such, available upon request to Plan participants and to the General Public. Non-members may
attend meetings, in a non -voting capacity, at the invitation of a Committee member
Vill. Plan Documents
The Plan shall be governed by and administered under one or more plan documents and trust
agreements. These Plan documents and trust agreements, together with any other formal
documents maintained for the operation and administration of the Plan, shall be on file in the
permanent records of the Committee and shall be available for inspection by Plan participants
during business hours.
Approved by the 457 Deferred Compensation Plan Committee on Dot IS
By
Chair of the mittee