03-1412 ICMA CIty Manager 457 Deferred Compensation Plan

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Article III. Administration 3.01 Duties of the Employer: The Employer shall have the authotiry to make all disctetionary decisions affecting the rights or benefits of Participants which may be required in the administtation of this Plan. The Employer's decisions shall be afforded the maximum deference permitted by applicable law. 3.02 Duties of Administrator: The Administrator, as agent for rhe Employer, shall petfotm nondiscrerionary adminisrrative functions in connection with the Plan, including the maintenance of Pat- ticipants' Accounts, the provision of periodic reports of the status of each Account, and the disbursement of benefits on behalf of the Employer in accordance with the provisions of this Plan. Article Iv. Participation in the Plan 4.01 Initial Participation: An Employee may become a Participant by entering into a Joindet Agreement prior to the beginning of the calendar month in which the Joinder Agreement is to become effective to defet compensation not yet earned, Ot such other date as may be permitted under the Code. 4.02 Amendment of Joinder Agreement: A Participant may amend an executed Joindet Agreement to change the amount of Normal Compensation not yet earned which is to be deferred (including the reduc- tion of such future deferrals to zero). Such amendment shall become effective as of the beginning of the calendar month commencing after the date the amendment is executed, or such othet date as may be pet- mitred under the Code. A Participant may at any time amend his or het Joinder Agreement to change the designated Beneficiary, and such amendment shall become effective immediately. Article V. Limitations on Deferrals 5.01 Normal Limitation: Except as provided in Section 5.02, the maximum amount of Deferred Com- pensation for any Participant fot any taxable year, shall not exceed the lesser of the Dollar Limitation or the Petcentage Limitation. 5.02 Catch-Up Limitations: (a) Catch-up Contributions for Participants Age 50 and Over: A Participant who has attained the age of 50 befote the close of the Plan Year, and with respect to whom no other elective defettals may be made to the Plan for the Plan Yeat by teason of the Notmal Limitation of Section 5.01, may entet into a Joindet Agteement to make elective deferrals in addition to those petmitted by the Norm;!l Limitation in an amount not to exceed the lesser of (I) the applicable doll at amount as defined in Section 414(v)(2)(B) of the Code, as adjusted for the cost-of-living in accordance with Section 414(v)(2)(C) of the Code, or (2) the excess (if any) of (i) the Participant's compen- sation (as defined in Section 415(c)(3) of the Code) for the yeat, over (ii) any other elective deferrals of the Participant for such yeat which are made without regard to this Section 5.02(a). An additional contribution made putsuant to this Section 5.02(a) shall not, with respect to the year in which the contribution is made, be subject to any otherwise applicable limitarion con- tained in Section 5.01 above. or be taken into account in applying sllch lin1itarion (0 other colltributions or bendlts under the Plan or any other plan. This Section 5.02(a) shall not apply in any year to which Section 5.02(b) applies. The provisions of this Section 5.02(a) of the Plan shall only apply on and after January I, 2002. 5 '-"""'-