HomeMy WebLinkAboutAmendment 1 to Deferred Comp Playc
AMENDMENT NUMBER ONE
TO THE
DEFERRED COMPENSATION PLAN
OF THE
CITY OF CARMEL, INDIANA
EFFECTIVE DATE: October 27, 2014
The DEFERRED COMPENSATION PLAN OF THE CITY OF CARMEL, INDIANA,
originally effective May 15, 1981, and restated in its entirety effective November 1, 2013, is hereby
amended as follows:
By deleting Section 18 of the adoption agreement to the above- referenced Plan in its entirety and
by substituting in lieu thereof the following:
18. TIME AND METHOD OF PAYMENT OF ACCOUNT (4.02). The Plan will distribute to a Participant who incurs a
Severance from Employment his /her Vested Account as follows:
Timing. The Plan, in the absence of a permissible Participant election to commence payment later, will pay the Participant's
Account (Choose one of a. through e.):
a. [ ] Specified Date. days after the Participant's Severance from Employment.
b. [X] Immediate. As soon as administratively practicable following the Participant's Severance from Employment.
c. [ ] Designated Plan Year. As soon as administratively practicable in the Plan Year beginning afler
the Participant's Severance from Employment.
Normal Retirement Age. As soon as administratively practicable after the close of the Plan Year in which the
Participant attains Normal Retirement Age.
e. [ ] Specify:
d. [ ]
Method. The Plan, in the absence of a permissible Participant election, will distribute the Participant's Account under one of the
following method(s) of distribution (Choose one or more off through j. as applicable):
f [X] Lump sum. A single payment.
g. [X] Installments. Multiple payments made as follows: monthly, quarterly semi- annual or annual cash installments
h. [ ] Installments for required minimum distributions only. Annual payments, as necessary under Plan Section 4.03.
i. [ ] Annuity distribution option(s):
[X] Specify: partial withdrawals
I'articipant Election. [Plan Sections 4.02(A) and (B)] The Plan (Choose one ofk., I. or nt):
k. IX] Permits. Permits a Participant, with Plan Administrator approval of the election, to elect to postpone distribution
beyond the time the Employer has elected in a. through e. and also to elect the method of distribution (including a
method not described in f. through j. above).
I. [ ] Does not permit. Does not permit a Participant to elect the timing and method of Account distribution.
rn. [ ] Specify:
Mandatory Distributions. Notwithstanding any other distribution election, following Severance from Employment (Choose n.
or o):
n. [ J No Mandatory Distributions. The Plan will not make a Mandatory Distribution.
o. [X] Mandatory Distribution. If the Participant's Vested Account is not in excess of $5.000 (unless a different amount
selected below) as of the date of distribution. the Plan will make a Mandatory Distribution following Severance from
Employment.
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G76040 457(b)
I. [ ] Mandatory Distribution. if the Participant's Vested Account is not in excess of $ as of the date of
distribution. the Plan will make a Mandatory Distribution following Severance from Employment.
Exclusion of rollovers in determination of 55,000 threshold. In determining the $5,000 threshold (or other dollar threshold
above). rollover contributions will be:
p
4
[ ] included.
[X] excluded.
CITY OF CARMEL, INDIANA has caused its name to be signed by its duly authorized officer to
evidence adoption of this Plan amendment as of the date designated below.
CITY OF CARMEL, INDIANA
By —
Title Signature Page Attached
Date
Page 2 of 2
G76040 457(b)
CITY OF CARMEL, INDIANA
By and through its Board of Public Works and Safety
uhes Brainard, Presiding Officer
Lori Watsor hoard Member
ATTEST:
a,/
A L__
Dina Cordray, IA , Clerk- Treasurer
Sandra M Johnson
Deputy Clerk For
Da / /S ///
Date
Date
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