1980-0828_CALIFORNIA FEDERAL SAVINGS & LOAN ASSN_Deferred Comp Deposit AgrA
DEFERRED COMPENSATION DEPOSITORY AGREEMENT
This Agreement is made and entered into this. " Fsr
day of , 1980 by and between City of San Juan
Capistrano, thereinafter called "San Juan Capistrano")', 32400
Paseo Adelanto, San Juan Capistrano, CA 92675, and CALIFORNIA
FEDERAL SAVINGS AND LOAN ASSOCIATION, 5670 Wilshire Boulevard, Los
Angeles, CA 90036.
San Juan Capistrano has established an employees' defer-
red compensation plan ("Plan"), a copy of which is attached hereto
as Exhibit "A." The Plan applies to any employee (Participant)
who executes and files with San Juan Capistrano a participation
agreement, a copy of which is attached hereto as Exhibit "B."
Cal Fed is a federally chartered savings and loan
association operating pursuant to Federal laws and regulations.
San Juan Capistrano and Cal Fed by this agreement will
set forth the manner by which San Juan Capistrano will deposit
Plan funds with Cal Fed, which in accordance with the require-
ments of the laws and rules and regulations of the United States
and the Federal Home Loan Bank Board, will accept such funds for
deposit and will account for such funds on a regular basis.
IN CONSIDERATION OF THE PROMISES HEREIN MADE, THE
PARTIES HERETO AGREE AS FOLLOWS:
1. Cal Fed agrees to accept for deposit funds
sent to it by San Juan Capistrano in accordance with the Plan,
and to establish and administer the accounts in accordance with
the provisions of the Plan and this agreement.
2. San Juan Capistrano shall have the same rights and
obligations in connection with any of such deposited funds (other
than interest rates as specified in section 4) as any other depositor
having the same type of savings account with Cal Fed.
3. Periodically, but not more than 27 times annually,
San Juan Capistrano will prepare and transmit one check represen-
ting the total amount of deferred income for all Participants for
whom a contribution is made for the period and a list indicating
the amount attributable to each Participant. Upon receipt Cal
Fed will promptly make the appropriate credits to the applicable
accounts. The title and ownership rights of all such funds
shall be vested in San Juan Capistrano. Notwithstanding any
allocations to individual Participants, such funds may be deposited
in one or more accounts standing in the name of San Juan Capistrano
as are necessary to achieve the highest yield consistent with
the sound administration of the Plan.
4. San Juan Capistrano will make its initial deposit
on the thirteenth of June, 1980. Thereafter deposits may be
made at any time. Cal Fed will establish a one month certificate
for funds deposited by San Juan Capistrano. The balance on
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deposit with Cal Fed during any consecutive one month period
must equal or exceed $100,000.00. The interest rate on the
certificate during each calendar month shall be fixed on the
last day of the preceding month and shall be the greater of:
(a) The prime rate of interest then being
charged by Cal Fed for single family home
loans, less 150 basis points;
(b) The average of the noncompetitive coupon
equivalent rates published in the Wall
Street Journal or an equivalent publi-
cation for each of the four most recent
weekly auctions preceding the first day
of each month for 26 -week Treasury Bills,
less 50 basis points.
(c) 8.48 annual rate credited to the account
monthly. (Equivalent to 8.85% annual
simple interest when compounded monthly.)
One hundred basis points equals 1% of interest. All
funds deposited between the 1st and 31st day of each month will
earn interest from date of deposit at the rate currently in effect
for all funds.
Interest will be credited at the end of each month.
Withdrawals and all other terms shall be governed by the rules
and regulations of the Federal Home Loan Bank Board. All accounts
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shall be entitled: "San Juan Capistrano." All earnings on said
account shall be automatically credited periodically to the
accounts in accordance with prevailing practice at Cal Fed.
Sub -accounts for purposes of determining the amount allocated
to each Participant shall be maintained by Cal Fed.
5. REPORTS. A report will be supplied to San Juan
Capistrano after each deposit showing a.breakdown by each Parti-
cipant. This report will be balanced against the check submitted
by San Juan Capistrano.
On a calendar quarterly basis, Cal Fed will pre-
pare a statement of activity on each account for each Participant.
On a calendar quarterly basis, Cal Fed will prepare a consolidated
statement of activity on all San Juan Capistrano accounts which
will be mailed to San Juan Capistrano. These statements will be
in the form set forth in Exhibit "C."
6. Cal Fed will, upon retirement or termination of a
Participant, prepare checks or payments as required upon the
direction of San Juan Capistrano.
7. At the request of San Juan Capistrano, Cal Fed will
praticipate in group meetings with San Juan Capistrano employees
during each enrollment period.
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8. Cal Fed will perform all the services set forth—
in this agreement free of any charges, fees, or commissions.
9. This agreement shall remain in force for a
period of three years from the date of execution. Upon expiration
of this Agreement, it shall be automatically renewed for periods
of one year each upon the same terms as set forth herein. San
Juan Capistrano may terminate this Agreement at any time upon
five (5) days written notice to Cal Fed. After expiration of the
first three years hereof, Cal Fed shall have the right to terminate
this Agreement at the end of any calendar quarter upon thirty (30)
days written notice to San Juan Capistrano.
10. Any written notice to be given by one party to
the other party hereunder shall be sent by first class mail,
postage prepaid, and shall be addressed to the applicable address
indicated below:
San Juan
Capistrano: City of San Juan Capistrano
32400 Paseo Adelanto
San Juan Capistrano, California 92675
Attention: Director of Finance
Cal Fed: California Federal Savings & Loan Association
5670 Wilshire Boulevard
Los Angeles, California 90036
Attention: Director, Deferred Compensation
Department
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EXECUTED THE DAY AND YEAR FIRST ABOVE WRITTEN.
CITY OF SAN JUAN CAPISTRANO
BY
{ 1
" � i Rcns✓«R
Title
BYIL�L�� �{
Title
CALIFORNIA FEDERAL SAVINGS AND LOAN
ASSOCIATION
BY
Charles E. Larsen, Director
Institutional Services
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B r/T
J. R. ichael Philbin
d Senior Vice President
EXHIBIT "A"
CITY OF SAN JUAN CAPISTRANO
DEFERRED COMPENSATION PLAN
SECTION 1. NAME. The name of this Plan is the City of San Juan
Capistrano Deferred Compensation Plan (hereinafter referred to
as the Plan).
SECTION 2. PURPOSE. The purpose of this Plan is to enable employees,
officials and officers of the City of San Juan Capistrano to enter
into agreements with the City of San Juan Capistrano to defer
portions of their compensation and to provide retirement, dis-
ability, and death benefits.
SECTION 3. DEFINITIONS. For the purpose of this Plan, certain words
or phrases used herein will have the following meanings:
3.1 "Employer" shall mean the City of San Juan Capistrano.
any (Per Council
3.2 "Employee" shall mean/maxagement employee, official or action of
officer of the City of San Juan Capistrano. 11/7/79)
3.3 "Participant" shall mean an employee who elects, pursuant
to the Plan, to defer a portion of compensation, and who
fulfills the requirements for participation in the Plan.
3.4 "Participation Agreement" shall mean the agreement executed
and filed by the employee with the City of San Juan Capistrano
pursuant to Section 4 of this Plan, in which the employee
elects to become a participant in the Plan.
3.5 "Beneficiary" shall mean any person, trust, corporation or
firm, or the estate of the Participant, or any combination
of the foregoing designated by a Participant to receive
benefits under the Plan. Designation shall be by written
instrument executed by the Participant unless otherwise
provided. Beneficiary may be singular or plural, primary
or contingent.
3.6 "Administrator" means the City of San Juan Capistrano and/or
other parties appointed by the City to administer the Plan.
3.7 "Compensation" shall mean the total of all amounts which
would be paid by the City to or for the benefit of an Employee
(if he/she were not a participant in the Plan) for actual
services for the period that he/she is a Participant.
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 2
3.8 "Deferred Compensation" shall mean the amount of compen-
sation not yet earned, which the Participant and the
City mutually agree shall be deferred in accordance
with the provisions of the Plan.
3.9 "Employment Year" means the calendar year, except that
the first year of an Employee hired in mid -year shall
be a short year, beginning with the date of employment
and ending on the date the employment year otherwise ends.
3.10 "Disability" means the inability of a participant to
engage in his usual occupation by reason of a medically
determinable physical or mental impairment as determined
by the Employer on the basis of advice from a physician
or physicians.
3.11 "Retirement" means retirement from service with the
Employer which becomes effective on the first day of
the calendar month after Participant meets the age and
service requirements for retirement (including "early"
or "late" retirement) specified in the applicable retire-
ment policies of the Employer.
3.12 "Payroll Period" means the work period for which a pay
check is issued.
3.13 "Includible Compensation" means compensation for services
performed for Employer which is currently includible
in gross income, but less any amounts deferred pursuant
to a plan described in IRC Section 457 (including but
not limited to this Plan) or IRC Section 403(b).
3.14 "Termination of Services" shall mean the severance of
the Participant's employment with the City of San Juan
Capistrano prior to retirement.
SECTION 4. PARTICIPATION IN THE PLAN.
4.1 Each Employee may elect to become a participant of the
Plan and defer payment of part of his compensation by
executing a written Participation Agreement and filing
it with the Plan Administrator. An election to parti-
cipate in the Plan shall become effective with respect
to compensation earned by the Participant during the
calendar month next following the date of the Partici-
pant's election. Such election shall continue thereafter
in full force and effect unless revoked by the Participant.
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 3
4.2 Each Participation Agreement shall specify the amount,
by dollar amount or by percentage of gross compensation,
which is to be deferred pursuant to the Plan and to be
withheld out of the compensation otherwise payable to
the Participant for each payroll period. The amount
deferred each year may not exceed the lesser of $7,500
or 33 1/3% of Participant's Includible Compensation.
Such deferred amounts shall be reasonably equal install-
ments totaling not less than ten dollars ($10.00) per
payroll period.
The annual minimum may be prorated during the inception
year, or during a partial year for a new or newly
eligible Employee, for full payroll periods remaining
in the first calendar year of participation.
4.3 Notwithstanding the provisions of 4.2 herein, during
any or all of the last three tax years ending before
a Participant's normal retirement age the maximum amount
deferred annually shall be the lesser of $15,000 or the
sum of the maximum amount which can be deferred pursuant
to paragraph 4.2 plus the difference between the amount
which could have been deferred in prior years and the
amount actually deferred pursuant to the Plan.
4.4 A Participant may revoke his election to participate
in the Plan, and thereby terminate further deferral
of his compensation, by executing and filing with the
Administrator a notice of revocation at least thirty
(30) days prior to the effective date of revocation.
Once terminated, a former Participant cannot rejoin
the Plan during the employment year in which termina-
tion occurred; however, he may elect to become a
Participant in subsequent employment years. No amounts
shall be payable to an Employee upon terminating his
participation in the Plan unless otherwise due pursuant
to Section 10.
4.5 A Participant may change the amount of compensation
to be deferred in a subsequent calendar month by exe-
cuting and filing notice with the Administrator at
least 30 days prior to the beginning of such month,
provided, however, that such change may be made not
more than one time in a calendar year.
4.6 P_ Participant may designate in writing a Beneficiary
to receive any benefits which may be payable under the
Plan upon the death of such Participant. Designation
of Beneficiary may be changed by notice in approved form
executed and filed with the Administrator.
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 4
SECTION 5. DEFERRAL OF COMPENSATION.
5.1 During the period of participation, the Employer shall
not pay the Participant his full compensation, but shall
defer payment of such part of his compensation as the
Participant has specified in his Participation Agreement.
The Employer shall establish in its records an Individual
Deferred Compensation Account ("IDC Account") for each
Participant, and a summary of such IDC Accounts, to be
identified as a General Deferred Compensation Account
("GDC Account"), to provide a convenient method of
measuring its obligations to each and all Participants
under the Plan.
5.2 Neither the existence of the Plan nor the IDC Accounts
shall be deemed to create a trust, and the Employer shall
at all times be the legal and beneficial owner of all
assets of said IDC Accounts.
5.3 Neither the existence of the Plan or the IDC Accounts
shall entitle any Participant, a beneficiary of any
Participant, or a creditor of any Participant to a claim
or lien against the assets of the IDC Accounts. The
Participant and his beneficiary shall have only the
right to receive benefits pursuant to the Plan.
SECTION 6. ADMINISTRATION OF THE PLAN.
6.1 The Plan shall be administered by the Administrator
under the direction of the City. The City of San Juan
Capistrano shall have full authority and power to adopt
the rules and regulations for the administration of the
Plan, and to interpret, amend, alter and revoke any rules
and regulations so adopted.
6.2 The employer shall establish a deferred compensation
fund to which all deferred compensation will be credited
at such times as the compensation would have been payable
to individual Employees if not a Participant of the Plan.
SECTION 7. INVESTMENTS. Acting for and in behalf of the City
of San Juan Capistrano, the Administrator, under the direction
of the City Treasurer, may transmit amounts in the IDC Accounts
to be invested and reinvested in a manner intended to increase
such resources, and the net interest, accumulation and incre-
ments thereon and credited and held in the Plan for the benefit
of the Participants, provided that such assets remain the
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 5
0
unrestricted assets of the City of San Juan Capistrano as
set forth in Section 8. The City of San Juan Capistrano
shall not be responsible for any loss due to the investment
or failure of investment of funds and assets of the Plan,
nor shall the City of San Juan Capistrano be required to
replace any loss whatsoever which may result from said
investments. In regard to such investments, written agree-
ments between the City and the institutions accepting funds
for investment shall contain at least the following provisions:
7.1 (a) Any investment of amounts in the IDC Accounts,
including earnings on such amounts, shall be made
according to written instructions of the Admini-
strator acting on behalf of the City Treasurer.
(b) The Employer shall be the legal and beneficial owner
of all amounts invested (as between City and Parti-
cipant). The City shall hold all certificates,
policies and other documents evidencing ownership
of the amounts invested, and shall maintain records,
including records of the IDC Account of each Parti-
cipant and the GDC Account.
(c) No less frequently than quarterly, the Employer
shall be furnished with written reports showing
the fair market value and/or the current balance
of the amount invested (including interest and
dividends accrued, if any), and amounts shown in
such reports shall be reflected in each Partici-
pant's IDC Account by the Employer.
(d) No less frequently than quarterly, each Partici-
pant shall be furnished with a statement showing
transactions, earnings and the current balance of
the amounts invested from his IDC Account.
(e) The City shall have the sole right to vote any
shares of stock or proxies which it may acquire
or be entitled to by investment of IDC Account
funds.
7.2 The Administrator shall record promptly and accurately
all transactions pertaining to Participant's Deferred
Compensation in their IDC Accounts, and Participant
shall be entitled to know the balance in his IDC Account
at least quarterly.
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 6
7.3 The City shall have the sole
Plan and shall be responsible
accordance with its terms.
authority to enforce the
for its operation in
7.4 The Employer shall determine all questions arising out
of the administration, interpretation and application
of the Plan. All determinations shall be conclusive
and binding.
7.5 Prior to the time specified in the Plan for payment to
Participant, each Participant shall elect the time,
manner and (if applicable) the amount of benefits to
be paid to him, or in the event of his death to his
Beneficiary, under the Plan. If no election is made,
payment may be made as a lump sum distribution.
7.6 In the event that the Employer should purchase an
annuity as a means of investment and distribution of
funds in a Participant's IDC Account, the Employer
shall be both the owner and the named Beneficiary of
such annuity contract.
7.7 If the Plan provides for more than one type of invest-
ment objective, a Participant may request a change in
preference of investment (as provided in Section 4.4).
Such request may be made only with respect to compen-
sation not yet earned and deferred. The Employer may,
but is not required to, honor such request. Nothing
contained in this Plan shall be construed as requiring
the Employer to invest deferred amounts or as limiting
the Employer's discretion with respect to making invest-
ments.
SECTION 8. ASSETS OF THE CITY OF SAN JUAN CAPISTRANO. All funds
and assets together with interest, accumulations and incre-
ments thereon of the Deferred Compensation Plan shall remain
an asset to the City of San Juan Capistrano and shall be
subject to the City of San Juan Capistrano ownership until
such time as the funds or assets of said Plan are distributed
to the Participant. The obligation of the City of San Juan
Capistrano to the Participant for payment of the Deferred
Compensation and increments thereon referred to in this Plan
is a contractural obligation only and Participants shall have
no preferred or specific interest by their participation.
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 7
SECTION 9. BENEFITS. The Employer shall pay to the Participant,
or to his Beneficiary if applicable, the amount in such
Participant's IDC Account as of the month-end following
the Participant's termination, retirement, total disability
or death. Distribution of benefits under the Plan will be
made, or if in installments shall commence, not later than
sixty (60) days after notice to the Administrator of the
occurrence of the events or birthday described in Section 9
unless otherwise specifically provided in the Participation
Agreement. All distributions shall be subject to any State
or Federal taxes required to be withheld. Payment shall be
made in accordance with the election made in the Participa-
tion Agreement, except in the event of hardship described
in Section 9.4.
Installment distributions shall be in approximately equal
installments which shall be intended to exhaust the balance
due Participant or Beneficiary at the expiration of the term
over which they will be made. Such installment amounts may
be adjusted from time to time to take into consideration
gains or losses, if any, from funds invested.
Notwithstanding the foregoing, if any method elected by the
Participant shall result in installment payments of less than
$25, the Employer shall make payments on an annual basis
aggregating installments otherwise due; or if the balance
due Participant or Beneficiary is less than $1,000, Employer
shall discharge its obligation by a lump sum payment.
9.1 Retirement: Upon retirement, the full benefits credited
to the Participant's IDC Account, plus or minus invest-
ment gains or losses, but less any Federal or State
taxes required to be withheld, shall be distributed
to a Participant in any one or more of the following
ways, as pre -elected at the time of enrollment:
(a) In a lump sum.
(b) In monthly, quarterly, or annual payments for a
designated period of not less than one year and
not more than the remaining years of the Partici-
pant's life expectancy, determined by the Admini-
strator in accordance with standard mortality tables
recognized for that purpose.
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 8
(c) Installment payments, equal to benefits which would
be payable to Employer under and pursuant to terms
of a retirement annuity policy or policies which
may be purchased at the time of Participant's retire-
ment, shall be paid to him in the event that Partici-
pant had pre -elected an annuity form providing for
such payments.
(d) In payments, under 9.1(a), 9.1(b) and 9.1(c), above,
postponed by pre-election at time of enrollment
until Participant reaches age (designate
age between 50 and 70).
9.2 Other Termination: In the event of termination before
retirement for reasons other than those specified in
Section 9.3 and Section 9.4, then the full benefits
credited to Participant's IDC Account, plus or minus
subsequent gains or losses, but less any Federal or State
taxes required to be withheld, shall be distributed to
him in any one or more of the following ways, pre -elected
at the time of enrollment:
(a) In a lump sum.
(b) In monthly payments over a period not to exceed
ten (10) years from date distribution begins.
(c) In payments, under 9.2(a) and 9.2(b) above, post-
poned by pre-election at time of enrollment until
Participant reaches age (designate age between
50 and 70).
9.3 Total Permanent Disability: In the event of the total
permanent disability of a Participant while he is an
Employee of the Employer, the Employer shall pay to
the Participant an amount equal to the balance of the
Participant's IDC Account, but less any Federal or State
taxes required to be withheld, as of the month-end
following the Employer's determination of such disability,
such amount to be paid in the manner pre -elected by the
Participant at the time of enrollment pursuant to the
options in Section 9.1, above.
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City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 9
9.4 Hardship: In the event of occurrence to the Participant
of an unforseeable emergency event to be determined by
the Employer in his sole discretion, the Employer may
pay to the Participant all or any portion of the amount
in such Participant's IDC Account as of the month-end
following the date when such determination is made, but
less any Federal or State taxes required to be withheld.
As used herein, emergency event shall mean only a real
emergency which has occurred, which is or was beyond
control of the Participant, and the occurrence of which
has or would cause the Participant great financial hard-
ship. The amount that will be paid out shall be limited
to the amount necessary to alleviate that hardship.
Any distribution under this section shall be deemed a
revocation under Section 4.4 and no further deferral
of compensation will be made unless Participant subse-
quently re-elects to participate as provided in 4.4.
9.5 Death: In the event of death of any Participant, either
before or after termination of employment, then the
full benefits credited to his IDC Account shall be dis-
tributed to his Beneficiary in a manner described in
Sections 9.1(a), 9.1(b) and 9.1(c) as pre -elected at
time of enrollment, but less any Federal or State taxes
required to be withheld.
SECTION 10. EMPLOYER PARTICIPATION. Notwithstanding any other
provision of this Plan, the Employer may make additional
deposits in the Deferred Compensation fund as additional
compensation for the services rendered by the Employee to
the Employer during an employment year.
SECTION 11. MISCELLANEOUS.
11.1 It is agreed that neither the Participant nor his
Beneficiary, nor any other designee, shall have any
right to commute, sell, assign, transfer, or otherwise
convey the right to receive any payments hereunder, which
payments and right thereto are expressly declared to be
non -assignable and non -transferable and, in the event
of any attempted assignment or transfer, the City of
San Juan Capistrano shall have no further liability
hereunder, nor shall any payments be subject to attach-
ment, garnishment or execution, or be transferable by
operation of law in event of bankruptcy, insolvency,
except to the extent otherwise provided by law, notwith-
standing the above clause.
City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 10
11.2 Each Participant herein expressly agrees for himself
and his Beneficiary that he shall look solely to the
general assets of the Employer for the payment of any
such benefit to which he may become entitled under the
Plan, and acknowledges that all amounts deferred here-
under shall be available to satisfy the general obli-
gations of the Employer.
11.3 The Plan has been adopted in the State of California
and shall be construed and governed and administered
in compliance with all applicable State law.
11.4 Captions used in the Plan are for the purpose of con-
venience only, and shall not limit, restrict or enlarge
the provisions of the Plan.
11.5 The Plan shall be binding upon and shall inure to the
benefit of the Employer, its successors and assigns,
all Participants and Beneficiaries, and their heirs,
and legal representatives.
11.6 As used in the Plan, the masculine or feminine or
neuter gender, and the singular or plural number shall
each be deemed to include the others unless the context
clearly indicates otherwise.
11.7 Any notice or other communication required or permitted
under the Plan shall be in writing and, if directed
to the Employer, shall be sent to the Administrator
at his principal office; and, if directed to a Parti-
cipant or a Beneficiary, shall be sent to such Partici-
pant or Beneficiary at his last -known address as it
appears on the Employer's records. Such notice shall
be deemed given when mailed.
11.8 Deductions for Participant's contributions to retire-
ment associations shall be made without reference to
amounts deferred pursuant to the Plan.
11.9 An approved leave of absence with pay shall not affect
agreements to participate in the Plan.
11.10 An approved leave of absence without pay shall be con-
sidered to be a temporary suspension of participation
in the Plan. Participation shall be automatically
reinstated as of the first day of the next pay period
subsequent to the termination of such leave of absence
status.
City of San Juan Capistrano
Employees' Deferred Compensation Plan
Page 11
11.11 The Employer shall make no loans or advances to the
Participant or Beneficiary based upon IDC Accounts,
described herein, or upon any other obligations under
the Plan.
SECTION 12. TERMINATION OF PLAN BY EMPLOYER. The Plan may be
amended or terminated by the Employer at any time, or the
Employer may, without amending or terminating the Plan, cease
to set aside assets under the Plan. No amendment or termina-
tion of the Plan, and no cessation of the setting aside of
assets by the Employer shall reduce or impair the rights of
any Participant or Beneficiary which may already have accrued.
12.1 If the Plan is terminated by the Employer, the Employer
may elect to distribute, in the same manner to all
Participants, amounts equal to the balance of their
IDC Accounts as of the month-end following such termina-
tion.
12.2 If Employer does not elect to pay accrued benefits on
termination of the Plan, he shall cease all deferrals
of compensation, but payments of benefits shall be made
pursuant to the applicable provisions of Section 9 of
the Plan and the irrevocable election of the various
Participation Agreements then in effect.
* 0
EXHIBIT "B"
CITY OF SAN JUAN CAPISTRANO
DEFERRED COMPENSATION PLAN
PARTICIPATION AGREEMENT
THIS AGREEMENT, made by and between the City of San Juan Capistrano,
hereinafter referred to as "Employer" and
hereinafter referred to as "Employee".
WHEREAS, the Employer has established a "Deferred Compensation Plan",
hereinafter referred to as the "Plan"; and,
WHEREAS, the Plan provides that an Employee, subject to the limita-
tions established in the Plan of the Employer, may elect to join and
become a Participant in the Plan upon executing and filing with the
Employer a Participation Agreement; and,
WHEREAS, the Employee desires to join and become a Participant in
the Plan.
NOW, THEREFORE, the Employer and the Employee agree as follows:
1. Employer has provided the Employee with a current copy of
the Plan.
2. Employee hereby elects to become a Participant in the Plan
and to defer payments pursuant to the Plan as follows:
a. Compensation per Payroll Period in the amount of
$ (not less than $240 per year).
or b. Compensation per Payroll Period in the percentage
amount of $ % (equivalent to not less than
$240 per year).
NOTE: The maximum amount of compensation that can be deferred
annually may not exceed the lesser of $7,500.00 or 33 1/3% of
Includible Compensation. (See Plan for further description.)
3. Employee agrees that his rights for the Deferred Compensation
shall be governed by all the terms and conditions of the Plan.
4. The Employee designates his investment objective to be interest
time deposits in savings and loan and banking accounts. Employer
may recognize this investment objective, but is not required
to do so.
5. Under Section 9 of the Plan, the Employee elects the following
distribution of benefits:
• •
City of San Juan Capistrano
Employees' Deferred Compensation Plan
Participation Agreement - Page 2
At Retirement:
Lump Sum
Installments payable over years (not to exceed
15 years)
Monthly Quarterly Annually
Installments payable for Years of Life Expectancy
(Number of years determined by Standard American mortality
tables.)
Annuity monthly
10 years certain & life annuity
Single life annuity
Election No. Postpone distribution to age
At Total Permanent Disabilitv:
Lump Sum
Installments payable monthly over years (not to
exceed 15 years)
Life Annuity monthly
At Death to Beneficiarv:
Lump Sum
Installments payable over years
Monthly Quarterly Annually
Annuity monthly
Life annuity
120 months certain & life
At Other Termination:
Lump Sum
Installments payable monthly over years (not to
exceed 15 years)
Election No. Postpone distribution to age
0
City of San Juan Capistrano
Employees' Deferred Compensation Plan
Participation Agreement - Page 3
6. The Employee designated the following persons as his benefi-
ciaries to receive, in the event of his death, any benefits
to which he is entitled under the Plan:
Name of Beneficiary
Address of Beneficiary
If more than one person is named as Beneficiary, any payments
to which they may be entitled shall be paid as follows:
Wholly to the person designated as the first Beneficiary
above, provide (she) (he) survives me, and if (she) (he)
does not survive me, in equal shares to the remaining
Beneficiaries who survive me.
or In equal shares, to such of the designated Beneficiaries
as shall then be living.
I hereby reserve the right to change or revoke this Beneficiary
designation without notice to any Beneficiary.
Dated , 19
Employee
City of San Juan Capistrano, California
Employer
LO
City Manager
I hereby agree to the designation of Beneficiary shown above. (Spouse
to sign only if not named above as sole first Beneficiary.)
Spouse of Employee Date
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