AUL Amendment No. 1 - Deferred Comp Plan •
AMENDMENT NUMBER 1
TO THE
DEFERRED COMPENSATION PLAN
OF THE CITY OF CARMEL, INDIANA
EFFECTIVE DATE: February 1,2013
The DEFERRED COMPENSATION PLAN OF THE CITY OF CARMEL, INDIANA,
originally effective May 15, 1981, and restated in its entirety effective January I, 2013, is hereby
amended as follows:
By deleting Section 4.05 of the adoption agreement to the above-referenced Plan in its entirety
and by substituting in lieu thereof the following:
4.02 TIME/METHOD OF PAYMENT OF ACCOUNT. 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. [Note: In a Tax-Exempt
Organization 457 Plan, the Employer may wish to designate a specific payment date. This date will be the
date upon which a Participant's Deferred Compensation is "made available"and therefore becomes
taxable to the Participant, absent a proper Participant election to defer payment.]
[XI (b) 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 after the
Participant's Severance from Employment.
[ ] (d) 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):
Method. The Plan, in the absence of a permissible Participant election of an alternative method, will
distribute the Participant's Account under one of the following method(s)of distribution (Choose one or
more of(D through Q) as applicable):
IX] (t) Lump sum. A single payment.
[X] (g) Installments. Multiple payments made as follows: Payments are made over a period certain in
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 (i)Annuity distribution option(s):
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G76040 457(b)
[X] (j) (Spec) The Plan will make mandatory distributions following Severance from Employment. The
mandatory distribution maximum is equal to S5,000. In determining the mandatory distribution threshold
Rollover Contributions are excluded.
Participant Election. [Plan Sections 4.02(A)and (B)] The Plan (Choose one of(k), (I) or (in)):
IX] (k) 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 pen-nit a Participant to elect the timing and method of Account
distribution.
[] (m) (Specify):
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
CARMEL CLA EPARTM NT OF PARKS AND RECREATION
By
Title
Date
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G76040 457(b)
CITY OF CARMEL, INDIANA
By and through its Board of Public Works and Safety
James Br ard, Presiding Officer Date
l/ —/ 7-43
M ry A urke, Board Member Date
9/i l//3
Lori Wats , oard Member Date
ATTEST:
W.14164
Diana Cordray, AMC, Clerk-Treasurer Date