03-1412 ICMA CIty Manager 457 Deferred Compensation Plan

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Code, and to assure rhar rransfers are ptovided for under such plan. The Employer may refuse ro accepr a rransfer in the form of assers orher than cash, unless rhe Employer and rhe Adminisrra- tor agree to hold such other assets under the Plan. Any such rransferred amount shall not be treated as a deferral subject to the limitations of Article V, except that, for purposes of applying the limitations of Sections 5.01 and 5.02, an amount deferred during any taxable year under the plan from which the transfer is accepted shall be rreated as if it has been deferred under this Plan during such taxable year and compensation paid by the transferor employer shall be treated as if it had been paid by the Employer. (b) Outgoing Transfers: An amount may be rransferred to an eligible deferred compensarion plan maintained by anorher employer, and charged ro a Participanr's Account under this Plan, if (i) the Participant has a Severance Event with the Employer and becomes an employee of the orher employer, (ii) the other employer's plan provides that such transfer will be accepted, and (iii) the Participant and the employers have signed such agreements as are necessary to assure that rhe Employer's liability to pay benefits to the Participant has been discharged and assumed by the other employer. The Employer may require such documentation from the orher plan as it deems necessary to effectuate the transfer, to confirm that such plan is an eligible deferred compensation plan within the meaning of Section 457(b) of the Code, and to assure that transfers are provided for under such plan. Such transfers shall be made only under such circumstances as are permit- ted under Section 457 of the Code and the regulations thereunder. 6.10 Eligible Rollover Distributions: (a) Effective Date: This Section 6.10 is effective January 1, 2002. (b) Incoming Rollovers: An eligible rollover distribution may be accepted from an eligible retire- ment plan maintained by another employer and credited to a Participant's Account under the Plan. The Employer may require such documentation from the disrributing plan as it deems necessary to effectuate the rollover in accordance with Section 402 of the Code and to confirm that such plan is an eligible retirement plan within the meaning of Section 402(c)(8)(B) of the Code. The Plan shall separately account for eligible rollover distributions from any eligible retirement plan that is nor an eligible deferred compensation plan described in Section 457(b) of the Code maintained by an eligible governmental employer described in Section 457(e)(l)(A) of Code. (c) Outgoing Rollovers: Notwithstanding any provision of the Plan to the conrrary that would otherwise limit a distributee's election under this Section, a disrributee may elect, at the time and in the manner prescribed by the Adminisrrator, to have any portion of an eligible rollover distri- bution paid directly to an eligible retirement pIon specified by the distributee in a direct rollover. (d) Definitions: (I) Eligible Rollover Distribution: An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any disrribution that is one of a series of sub- stantially equal periodic payments (not less frequently than annually) made for the lite (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the ')