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(1) An eligible employee may become a participant by executing a participation agreement and filing such participation agreement with the committee or its designee during an open change period. Such deferred amount shall hereinafter be referred to as "deferred compensation" and, except for distributions to alternate payees permitted under the plan and the terms of a qualified domestic relations order, shall only be paid to the employee and his or her beneficiaries at retirement, separation from service, death or upon the proven occurrence of an unforeseeable emergency as defined in IRS Code Section 457 and the regulations promulgated by the internal revenue service.

(2) The participation agreement may only be entered into during an open change period. Other changes in the agreement may be allowed only as provided in the plan. (Added by Ord. 84-120 § 2, Oct. 17, 1984; Amended by Ord. 02-085, Dec. 18, 2002, Eff date Jan. 1, 2003; Amended by Ord. 05-046, July 13, 2005, Eff date July 25, 2005).