2016-002 - 457(b) Deferred Compensation Plan

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Eligible 457 Plan 17. NONELECTIVE CONTRIBUTIONS (1.19). The Nonelective Contributions under Election 5c. are made as follows: (Choose one): a. [ ] Discretionary - Pro -Rata. An amount the Employer in its sole discretion may determine. b. [ ] Fixed - Pro Rata. % of Compensation. C. [ ] Other. A Nonelective Contribution may be made as follows: Allocation Conditions. (3.08). To receive an allocation of Nonelective Contributions, a Participant must satisfy the following allocation condition(s) (Choose one of d. or e.): d. [ ] No allocation conditions. e. [ ] Conditions. The following allocation conditions apply to Nonelective Contributions (Choose one or more of 1. through 4.): Service condition. The Participant must complete the following number of months of Continuous Service during the Plan Year: 2. [ ] Employment condition. The Participant must be employed by the Employer on the last day of the Plan Year. 3. [ ] Limited Severance Exception. Any condition specified in 1. or 2. does not apply if the Participant incurs a Severance from Employment during the Plan Year on account of death, disability or attainment of Normal Retirement Age in the current Plan Year or in a prior Plan Year. 4. [ ] Specify: 18. TIME AND METHOD OF PAYMENT OF ACCOUNT (4.02). 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. b. [X] 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, will distribute the Participant's Account under one of the following method(s) of distribution (Choose one or more off. through j. as applicable): f. [X] Lump sum. A single payment. g. [ ] Installments. Multiple payments made as follows: h. [X] Installments for required minimum distributions only. Annual payments, as necessary under Plan Section 4.03. Annuity distribution option(s): j. [ ] Specify: Participant Election. [Plan Sections 4.02(A) and (B)] The Plan (Choose one of k., 1. or m.): k. [X] 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). 1. [ ] Does not permit. Does not permit a Participant to elect the timing and method of Account distribution. m [ ] Specify: Mandatory Distributions. Notwithstanding any other distribution election, following Severance from Employment (Choose n. or o.): n. [ ] No Mandatory Distributions. The Plan will not make a Mandatory Distribution. o. [X] Mandatory Distribution. If the Participant's Vested Account is not in excess of $5,000 (unless a different amount selected below) as of the date of distribution, the Plan will make a Mandatory Distribution following Severance from Employment. 1. [X] Mandatory Distribution. If the Participant's Vested Account is not in excess of $ 1000 as of the date of distribution, the Plan will make a Mandatory Distribution following Severance from Employment. 0 2013 6 Security Financial Resources, Inc.