2016-002 - 457(b) Deferred Compensation Plan

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Eligible 457 Plan Exclusion of rollovers in determination of $5,000 threshold. In determining the $5,000 threshold (or other dollar threshold above), rollover contributions will be: p. [X] included. q. [ ] excluded. 19. BENEFICIARY DISTRIBUTION ELECTIONS. Distributions following a Participant's death will be made as follows (Choose one of a. through d.): a. [X] Immediate. As soon as practical following the Participant's death. b. [ ] Next Calendar Year. At such time as the Beneficiary may elect, but in any event on or before the last day of the calendar year which next follows the calendar year of the Participant's death. C. [ ] As Beneficiary elects. At such time as the Beneficiary may elect, consistent with Section 4.03. d. f 1 Describe: [Note: The Employer under Election 19d. may describe an alternative distribution timing or afford the Beneficiary an election which is narrower than that permitted under Election 19c., or include special provisions related to certain beneficiaries, (e.g., a surviving spouse) However, any election under Election 19d. must require distribution to commence no later than the Section 4.03 required date.] 20. DISTRIBUTIONS PRIOR TO SEVERANCE FROM EMPLOYMENT (4.05). A Participant prior to Severance from Employment may elect to receive a distribution of his /her Vested Account under the following distribution options (Choose one of a. or b.): a. [ ] None. A Participant may not receive a distribution prior to Severance from Employment. b. [X] Distributions. Prior to Severance from Employment are permitted as follows (Choose one or more of]. through 4.): 1. [X] Unforeseeable emergency. A Participant may elect a distribution from his/her Account in accordance with Plan Section 4.05(A). 2. [X] De minimis exception. [Plan Section 4.05(B)) If the Participant: (i) has an Account that does not exceed $5,000; (ii) has not made or received an allocation of any Deferral Contributions under the Plan during the two -year period ending on the date of distribution; and (iii) has not received a prior Plan distribution under this de minimis exception, then (Choose one of a., b. or c.): a. [ ] Participant election. The Participant may elect to receive all or any portion of his/her Account. b. [X] Mandatory distribution. The Plan Administrator will distribute the Participant's entire Account. C. [ ) Hybrid. The Plan Administrator will distribute a Participant's Account that does not exceed $ and the Participant may elect to receive all or any portion of his /her Account that exceeds $ but that does not exceed $5,000. 3. [X] Age 70 1/2. A Participant who attains age 70 1/2 prior to Severance from Employment may elect distribution of any or all of his/her Account. 4. [ ] Specify: [Note: An Employer need not permit any in- service distributions. Any election must comply with the distribution restrictions of Code Section 457(d).1 21. ODRO (4.06). The QDRO provisions (Choose one of a., b. or c.): a. [X] Apply. b. [ ] Do not apply. C. [ ] Specify: 22. ALLOCATION OF EARNINGS (5.07(B)). The Plan allocates Earnings using the following method (Choose one or more of a. through f.): a. [X] Daily. See Section 5.07(13)(4)(a). b. [ ] Balance forward. See Section 5.07(13)(4)(b). C. [ ] Balance forward with adjustment. See Section 5.07(13)(4)(c). Allocate pursuant to the balance forward method, except treat as part of the relevant Account at the beginning of the Valuation Period % of the contributions made during the following Valuation Period: d. [ ) Weighted average. See Section 5.07(13)(4)(d). If not a monthly weighting period, the weighting period is e. [ ] Directed Account method. See Section 5.07(13)(4)(e). 0 2013 7 Security Financial Resources, Inc.