HomeMy Public PortalAbout09438 O R D I N A N C E NO. 9438 REPEALED BY ORD NO. 9630 - 7/13/95
AN ORDINANCE repealing Ordinance No. 8857 adopted
January 19, 1993 and enacting a new Ordinance in lieu thereof on
the same subject, establishing an amended and restated Deferred
Compensation Plan for employees of the Metropolitan St. Louis
Sewer District.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One: Ordinance No. 8557 adopted January 19,
1993, is hereby repealed, without, however, altering or
extinguishing the legal rights and obligations established by
such Ordinance.
Section Two: There is hereby established a restated
and amended Deferred Compensation Plan to comply with amendments
to Section 457 of the Internal Revenue Code of 1986, as amended.
METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFERRED COMPENSATION PLAN
Section 1: Purpose. The primary purpose of this
restated Metropolitan St. Louis Sewer District Deferred
Compensation Plan ("Plan") is to benefit those employees of the
Metropolitan St. Louis Sewer District who elect to participate by
permitting them to defer a portion of their compensation in order
to provide for retirement benefits and certain other
contingencies such as death, disability and unforeseeable
emergencies.
Section 2. Definitions. For purposes of this Plan,
certain terms shall have the following meanings:
2.1 "Administrator" shall mean the committee appointed
by the Employer pursuant to Section 10.
2.2 "Beneficiary" means the person or legal entity
named by a Participant, in accordance with procedures established
by the Administrator, to receive any payments payable under the
Plan in the event of the death of the Participant. In the manner
and within the limits prescribed by the Administrator, a
Participant may designate more than one Beneficiary to share a
benefit or to receive a benefit if one or more other
Beneficiaries should die before such benefit becomes payable.
Except as otherwise provided herein, if no Beneficiary is named,
or if no named Beneficiary is living or in existence at the time
a benefit is payable, the estate of the deceased Participant
-2-
34845.04 9-94
shall be the Beneficiary. A Participant may change or revoke a
Beneficiary designation at any time without the consent of the
Beneficiary, by filing with the administrator a new Beneficiary
designation. Any change of Beneficiary designation shall revoke
all prior Beneficiary designations made by that Participant.
2.3 "Benefit Settlement Election Form" shall mean the
form on which a Participant or his Beneficiary selects the form
in which his Book Account shall be paid and when payment shall
commence if the automatic provisions of Section 6.2 of the Plan
do not apply.
2.4 "Book Account" shall mean the separate bookkeeping
account established for each Participant and shall be composed of
all Sub-Book Accounts held for a Participant.
2.5 "Code" shall mean the Internal Revenue Code of
1986, as amended.
2.6 "Compensation" shall mean only base compensation
paid to the Participant by the Employer and which is attributable
to services performed for the Employer. Base compensation shall
not include commissions, overtime, or bonuses and shall be equal
to a Participant's biweekly salary as of January 1st of each
year, multiplied by twenty-six (26).
2.7 "Disability" shall mean a physical or mental
condition which renders the Participant incapable of continuing
in the employment of the Employer. An Employee shall be deemed
to be disabled when certified by a physician licensed by the
state of Missouri who is acceptable to the Employer.
2.8 "Effective Date of this Plan" shall mean the date
of the adopting ordinance.
2.9 "Eligible Plan" shall mean a plan which satisfies
the provisions of Code Section 457.
2.10 "Employee" shall mean any individual performing
services for the Employer as an Employee.
2.11 "Employer" shall mean the Metropolitan St. Louis
Sewer District.
2.12 "Entry Date" shall mean January 1st and July 1st
of each year.
-3-
34845.04 9-94
2.13 "Fund" shall mean the aggregate amounts of
Compensation deferred by Participants, including the income,
gains, and losses both realized or unrealized which accrue
thereon and any property in which such deferred Compensation is
invested.
2.14 "Includable Compensation" shall mean Compensation
for services performed for the Employer which is currently
includable in gross income, taking into account the provisions of
Code Section 457 and Chapter 1, Subtitle A of the Internal
Revenue Code of 1986, as amended.
2.15 "Investment" shall mean each of the properties in
which a Participant's deferred Compensation may be invested as
indicated by the Participant on the Participation Agreement
executed by him.
2.16 "Normal Retirement Age" shall mean any birthday
designated by a Participant provided (i) such birthday is between
his fifty-fifth and sixty-fifth birthday and (ii) the Participant
notifies the Assistant Administrator in writing at least three
(3) calendar years before the year in which such birthday will
occur that for purposes of this Plan such birthday shall be
deemed his Normal Retirement Age. If a Participant fails to make
such a designation, his Normal Retirement Age shall mean his
sixty-fifth (65th) birthday.
2.17 "Participant" shall mean any Employee who becomes
covered under this Plan in accordance with the terms of
Section 3. "Former Participant" shall mean a Participant who has
separated from service with the employer but who has a balance
remaining in his Book Account.
2.18 "Participation Agreement" shall mean the election
form on which an Employee agrees to defer his Compensation or to
indicate a change in investment instruction. The Participation
Agreement may also be referred to as the "Enrollment/Change
Form."
2.19 "Plan Ceiling Amount" shall mean the lesser of;
a. $7,500, or
b. 33-1/3% of the Participant's Includable
Compensation (which is generally equal to 25%
of the Participant's Compensation) for the
taxable year,
-4-
34845.04 9-94
reduced by the amount, if any, which is excludable from the
Participant's Federal gross income for that taxable year because
of a contribution made to (i) an annuity arrangement described in
Code Section 403(b), (ii) a qualified cash or deferred
arrangement described in Code Section 401(k)(2), (iii) a
simplified employee pension plan described in Code
Section 408(k), or (iv) an employee-funded pension plan described
in Code Section 501(c)(18).
2.20 "Plan Year" shall mean the calendar year.
2.21 "Required Beginning Date" means the later of
(i) April 1 of the calendar year immediately following the
calendar year in which the Participant attains age 70-1/2 or
(ii) April 1 of the calendar year following the calendar year in
which the Employee separates from service after attaining Normal
Retirement Age.
2.22 "Retirement" shall mean a severance of the
Employer-Employee relationship with the Employer on or after
attaining Normal Retirement Age.
2.23 "Separation From Service" shall mean a severance
of the Employer-Employee relationship with the Employer because
of death, Disability, Retirement, resignation or discharge within
the meaning of Code Section 402(e)(4)(A)(iii).
2.24 "Settlement Date" shall mean the Valuation Date
coinciding with or next preceding the date on which a
distribution is made to a Participant or his Beneficiary from the
Participant's Book Account.
2.25 "Sub-Book Account" shall mean the interest of a
Participant in an Investment of the Fund. Compensation deferred
under the Plan may be further segregated into contributions made
before January 1, 1990, and contributions made after that date if
the Administration so elects.
2.26 "Transferee Eligible Plan" shall mean an Eligible
Plan to which amounts deferred under this Plan are transferred.
2.27 "Valuation Date" shall mean December 31 of each
calendar year and any other date or dates as may be specified by
the Administrator.
Section 3. Eligibility.
-5-
34845.04 9-94
3.1 Any Employee is eligible to become a Participant
in the Plan provided he irrevocably elects to reduce and defer
his Compensation by signing a Participation Agreement.
3.2 Any eligible Employee may semi-annually elect to
reduce his Compensation provided such election is irrevocably
made on the Participation Agreement designated by the Employer
and delivered to the Administrator at least thirty (30) days
prior to the next following Entry Date to which the deferral
election applies. In the case of an individual who is employed
after the Effective Date of this Plan, however, such Employee
shall have an option to elect to defer some portion of his
Compensation provided such election is irrevocably made on or
before the first day the Employee begins to perform services for
the Employer. An Employee's election to defer Compensation shall
apply only to Compensation which is earned and which becomes
payable after the Employee has effectively executed a
Participation Agreement.
3.3 A Participant may revoke his election to
participate in the Plan and to discontinue deferral of his
Compensation by delivering to the Administrator written notice
thirty (30) days prior to the pay period to which the revocation
shall be effective; provided, however, once a Participant has
revoked his election to participate, he may not reinstate his
election until the next Entry Date and then only if an effective
Participation Agreement is delivered to the Administrator at
least thirty (30) days prior to the Entry Date to which the
reinstated election applies.
3.4 A Participant's failure to execute a new
Participation Agreement on or before June 1 and December 1 shall
constitute an affirmative ratification of the then effective
Participation Agreement.
Section 4. Maximum Deferral Amount.
4.1 Except as provided in Section 4.2, the maximum
amount of Compensation that a Participant may defer during the
Participant's taxable year shall not exceed the Plan Ceiling
Amount.
4.2 A Participant may make a one-time election to
defer in one (1) or more of each of the last three (3) taxable
years of the Participant ending before the Participant attains
Normal Retirement Age, the lesser of;
-6-
34845.04 9-94
a. $15,000, reduced by the amount, if any, which is
excludable from the Participant's Federal gross
income for that taxable year because of a
contribution made to (i) an annuity arrangement
described in Code Section 403(b), (ii) a qualified
cash or deferred arrangement described in Code
Section 401(k)(2), (iii) a simplified employee
pension plan described in Code Section 408(k), or
(iv) an employee-funded pension plan described in
Code Section 501(c)(18).
b. The underutilized limitation.
For purposes of this section the "underutilized limitation" shall
mean the sum of;
(i) The Plan Ceiling Amount for the taxable year of
the Participant, plus
(ii) The Plan Ceiling Amount for any prior taxable year
or years less the amount of Compensation deferred
under the Plan for such prior taxable year or
years.
A prior taxable year shall be taken into account under
subsection 4.2(b)(ii) only if;
(A) It began after December 31, 1978.
(B) The Participant was eligible during all or
any portion of the taxable year to
participate in this Plan, and
(C) The Compensation deferred (if any) under the
Plan during the taxable year was subject to
the Plan Ceiling Amount.
If during the three (3) taxable years of the Participant prior to
attaining Normal Retirement Age, a Participant increases his
deferral as provided herein and does not have a Separation From
Service on his Normal Retirement Age, in taxable years subsequent
to attaining Normal Retirement Age, the Participant may continue
to defer Compensation in an amount which does not exceed the Plan
Ceiling Amount.
Section 5. Book Accounts.
-7-
34845.04 9-94
5.1 The Administrator shall open and maintain a
separate bookkeeping account in the name of each Participant and
shall credit to such Book Account that amount of Compensation
which the Participant elects to defer.
5.2 As of the close of business on the Valuation Date,
the Administrator shall determine the fair market value of each
Investment of the Fund which shall reflect all additions to,
income earned or loss realized or unrealized by each Investment
since the last Valuation Date. The income, gains or losses
reflected in such valuation shall be allocated among the
Participants' Sub-Book Account in each Investment in the
proportion which the value of each Participant's Sub-Book Account
in the respective Investment at the end of the preceding
Valuation Date (increased by additional amounts of deferred
Compensation and decreased by any distributions) bears to the
aggregate value of all interest in such Investment as of the end
of the preceding Valuation Date. A Participant's Book Account
shall consist of the sum of all Sub-Book Accounts maintained for
the Participant.
5.3 Subject to the provisions of Section 13.1, a
Participant's interest in his Book Account shall be 100% vested.
Section 6. Benefits.
6.1 Except as provided in Section 7, benefits under
this Plan shall be payable only in the event of Separation from
Service. The benefit payable under the Plan shall be the
Participant's Book Account determined as of the Settlement Date.
6.2 Subject to the provisions of Section 6.7 and in
compliance with the provisions of Section 6.4 of this Plan, a
Participant's Book Account shall be paid either in the form of
(i) an annuity; (ii) in equal annual installments (not to exceed
fifteen); (iii) in a single lump sum, or (iv) in such other form
of distribution mutually agreed to by the distributee and the
Plan Administrator. The Participant may express a preference for
a form of distribution but the actual form of distribution shall
be subject to the approval of the Administrator. Distribution of
a Participant's Book Account shall commence sixty (60) days after
a Participant has a Separation from Service for any reason.
Subject to the provisions of Sections 6.5 and 6.6, a Participant
or his Beneficiary, as the case may be, may request a benefit
commencement date later than sixty (60) days after a Separation
from Service but the actual benefit commencement date shall be
subject to the approval of the Administrator. Such requests
-8-
34845.04 9-94
regarding form of payment and the benefit commencement date shall
be made on a Benefit Settlement Request Form delivered to the
Administrator not later than thirty (30) days after the
Participant has a Separation from Service for any reason and
before payment commences. If no request form is filed within
such thirty (30) day period, the Participant's Book Account shall
be distributed sixty (60) days after the Participant has a
Separation from Service in a single sum.
6.3 A Benefit Settlement Request Form which requests a
postponed benefit commencement date as provided in Section 6.2
shall be irrevocable upon delivery to the Administrator. If a
postponed benefit commencement date is requested, the
Participant, or Former Participant, need not select the method of
payment or if one is requested may change the method requested
until the date thirty (30) days preceding the date upon which
payments are to commence. Any form of benefit distribution
requested by the Participant, or Former Participant under this
Section 6.3 shall be indicated on a Benefit Settlement Request
Form submitted to the Administrator and shall be subject to
approval or disapproval of the Administrator.
6.4 Without regard to any other provision of this
Plan, no Participant's request to receive benefits hereunder
shall be effective unless pursuant to such request, benefits will
commence no later than the Required Beginning Date. Further, all
distributions under this Plan shall be made in accordance with
Code Section 401(a)(9) and the Income Tax Regulations promulgated
thereunder and the provisions of Code Section 401(a)(9) shall be
deemed to override any distribution option in this Plan which is
inconsistent therewith.
6.5 Subject to the provisions of Section 6.2, the
Benefit Settlement Request Form shall permit a Participant or
Former Participant (not a Beneficiary) to elect any one of the
following optional forms of settlement in lieu of a single sum
payment;
a. Straight Life Annuity - a monthly annuity payable
for as long as the recipient lives.
b. Period Certain and Life Annuity - a monthly
annuity payable for as long as the recipient
lives. If the recipient dies before receiving
payments for the certain period (60, 120, 180
months as selected by the recipient in the Benefit
Settlement Request Form) any remaining payments
-9-
34845.04 9-94
for the balance of the period certain shall be
paid to the recipient's beneficiary in a lump sum.
c. Installments - substantially equal annual
installments (not to exceed fifteen), the first of
which is payable on the benefit commencement date
selected by the Participant and subsequent
payments of which shall be made on each
anniversary of such benefit commencement date
until the full amount is distributed. Interest on
any deferred payments shall be paid at an average
rate equal to the ninety (90) day U.S. Treasury
Bill rate determined on a daily weighted average
basis during the period between installment
payments.
d. Such other form of distribution mutually agreed to
by the Participant or Former Participant and the
Plan Administrator.
Any form of settlement requested and approved hereunder must be
one that insures that as of the date on which distribution
commences, (a) the projected amount payable to a Participant or
Former Participant during his life expectancy exceeds two-thirds
(2/3) of the maximum amount that would have been payable to the
Participant or Former Participant if no provision were made for
payment to a Beneficiary; and (b) any amount not distributed to
the Participant during his life shall be distributed after the
Participant's death in a form at least as rapidly as the payment
method applicable during the life of the Participant. If a
Participant or Former Participant dies before benefits have
commenced, his Book Account shall either (i) be paid to his
Beneficiary in a single sum on a postponed payment date selected
by the Beneficiary or (ii) in three (3) annual installments
commencing on a date sixty (60) days after the Participant's
death.
6.6 If a Participant or Former Participant dies after
benefits commence and before the entire deferred amount is paid
to the Participant, the entire amount deferred must be paid to
the Beneficiary over;
a. The life of the Beneficiary (or any shorter
period) if the Beneficiary is the
Participant's surviving spouse, or
-10-
34845.04 9-94
b. In a single sum if the Beneficiary is not the
Participant's surviving spouse.
In all events, the benefit payable to a spousal
beneficiary shall commence on or before the later of
(i) December 31 of the calendar year immediately following the
calendar year in which the Participant died and (ii) December 31
of the calendar year in which the Participant would have attained
age 70-1/2. The benefit payable to a nonspousal beneficiary
shall commence no later than December 31 of the calendar year
immediately following the calendar year which contains the
Participant's date of death.
6.7 If the value of a Participant's Book Account on
the Settlement Date is less than twenty-five hundred dollars
($2,500), the full amount shall be paid to the Participant or his
Beneficiary in a single lump sum within sixty (60) days after the
Participant has a Separation from Service.
Section 7. Hardship.
In the event a Participant incurs an unforeseeable
emergency, the Participant may apply to the Assistant
Administrator for a lump sum distribution of part or all of his
Book Account as of the last Settlement Date. For purposes of
this emergency withdrawal option, an unforeseeable emergency
shall mean severe financial hardship to the Participant resulting
from a sudden and unexpected illness or accident of the
Participant or of a dependent (as defined in section 152(a) of
the Code) of the Participant, loss of the Participant's property
due to casualty or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of
the Participant. The circumstances that will constitute an
unforeseeable emergency will depend upon the facts and
circumstances, but an unforeseeable emergency shall not include
the need to send a Participant's child to college or the desire
to purchase a residence. A distribution of a Participant's Book
Account shall not be permitted to the extent that such
unforeseeable emergency may be relieved;
(i) through reimbursement or compensation by
insurance or otherwise;
(ii) by liquidation of the Participant's assets,
to the extent the liquidation of such assets
would not itself cause severe financial
hardship, or
-11-
34845.04 9-94
(iii) by cessation of deferrals under the Plan.
The final determination of whether a Participant has an
unforeseeable emergency, for which a distribution is permitted
under this Plan, shall be made by the Administrator.
Section 8. Plan to Plan Transfers
a. In the event a Participant has a Separation from
Service and commences employment with another entity which
maintains an Eligible Plan, Section 6 of this Plan shall not
apply and amount deferred by the Participant under this Plan
shall automatically be transferred to the Transferee Eligible
plan if;
(i) the Participant has a Separation from Service
with the Employer in order to accept
employment with the entity described
hereinabove; and
(ii) the Participant (or Former Participant as the
case may be) elects to participate in the
Transferee Eligible Plan not later than
thirty (30) days after the date on which he
has a Separation from Service with the
Employer.
b. If a Participant elects to transfer his Book
Account, or any portion thereof, to a Transferee Eligible Plan,
he shall notify the Administrator in writing no later than the
date on which he has a Separation of Service. Within thirty (30)
days of the aforementioned date, the Participant (or Former
Participant as the case may be) shall provide evidence of his
participation in the Transferee Eligible Plan. If such evidence
is satisfactory to the Administrator of this Plan, the
Administrator shall transfer his Book Account (or any portion
thereof as directed by the Participant) to the administrator of
the Transferee Eligible Plan.
c. This Plan shall accept transfers of amounts
deferred by an Employee under another Eligible Plan, provided
such amounts are received directly from the administrator of the
other Eligible Plan and the deferred amount is transferred in
cash or cash equivalents.
-12-
34845.04 9-94
Section 9. Nonassignability
The interest of any person in this Plan or in any
distribution to be made under the Plan shall not be assignable
either by voluntary or involuntary assignment or by operation of
law, including, but not by way of limitation, execution, levy,
garnishment, attachment, pledge, or in any other manner, but
excluding devolution by death or transfer due to mental
incompetency, and no right or interest of any person in the Plan
or in a Book Account shall be liable for, or subject to, any
obligation or liability of such person.
Section 10. Plan Administration
10.1 The Plan shall be administered by a committee of
four persons; The General Counsel, Secretary-Treasurer, the
Director of Personnel and the Director of Administration of the
Employer. The committee of four shall be referred to as the
Administrator; a subcommittee consisting of the Director of
Personnel and the Director of Administration shall be referred to
as the Assistant Administrator. The Administrator shall act as
the agent of the Employer in administering the Plan and shall be
solely responsible for its operation and enforcement. All
decisions of the Administrator shall be conclusive and binding on
all persons.
10.2 The Administrator shall have such duties and
powers as may be necessary to discharge its duties hereunder,
including, by way of example but not by way of limitation, the
following;
(a) To construe and interpret the provisions of the
Plan;
(b) To decide all questions of eligibility and
participation hereunder;
(c) To prescribe such rules and procedures as are
consistent with the provisions of the Plan and as are deemed
necessary and proper by the Administrator;
(d) To prepare and distribute, in such manner as the
Administrator determines to be appropriate, information
explaining the Plan;
-13-
34845.04 9-94
(e) To receive from the Employer and from Participants
such information as shall be necessary for the proper
administration of the Plan;
(f) To maintain and furnish to the Employer, upon
request, such reports with respect to the Administration of the
Plan as are reasonable and appropriate;
(g) To file with any state or federal authorities or
agencies such records and reports as may be required by law
regarding the Plan;
(h) To make recommendations to the Employer regarding
the employment of agents, attorneys, accountants, consultants or
other persons for such purposes as the Administrator considers
necessary or desirable;
(i) To review on an annual or periodic basis the
performance of investment alternatives offered under the Plan;
(j) To add or delete investment alternatives offered
under the Plan;
(k) Make recommendations to the Employer regarding
institution of legal action regarding matters pertaining to the
Plan;
(l) Maintain and be custodian of all records,
including financial records, relating to the Plan or to the Plan
Participants; and
(m) To do all such acts, take all such action and
exercise all such rights, although not specifically mentioned
herein, as the Administrator may deem necessary or convenient to
administer this Plan and to carry out the purposes of this Plan.
10.3 Any Employee who is a member of the
administrative committee may participate in the Plan but may not
participate in any discretionary action taken in connection with
his participation.
10.4 The Administrator may contract with an agent or
agents to implement the Plan and to perform some or all
administrative services in connection therewith. All contracts
for service shall be executed in the same manner as other
contracts between the District and third parties.
-14-
34845.04 9-94
10.5 The general administrative expenses shall be paid
by the Employer. Any expenses incurred in connection with the
selection of an Investment or an optional form of settlement
under Section 6.5, however, shall be borne by the Participant or
his Beneficiary, as the case may be. For purposes of this
Section, general administrative expenses shall include by way of
example but not by way of limitation, legal and accounting
expenses.
Section 11. Claims Procedures
a. If a Participant or his Beneficiary believes that
he is entitled to a benefit under this Plan such Participant or
Beneficiary shall file with the Assistant Administrator a written
claim for benefit on such forms and with such documentation as
the Assistant Administrator shall prescribe.
b. The Assistant Administrator shall consider and
decide any claim filed pursuant to (a), above, promptly upon
receipt. A claim shall be allowed only to the extent determined
by the Assistant Administrator. If such claim is denied, in part
or in full, the Assistant Administrator shall notify the claimant
in writing of such decision within 60 days after the receipt of
the claim. Such notice shall advise the claimant, in language
calculated to be understood by him, of the following;
(i) the specific reason or reasons for the denial
of the claim;
(ii) the pertinent Plan provision or provisions on
which the denial is based;
(iii) a description of any additional material or
information which will permit the claimant to
perfect the claim, together with an
explanation of why such material or
information is necessary; and
(iv) an explanation of the claim review procedure
provided by (c), below.
c. If a claimant receives notice that his claim for
benefits has been denied in whole or in part, he or his duly
authorized representative may, within 60 days after receipt of
notice of such denial;
-15-
34845.04 9-94
(i) Make written application for a review of the
decision. Such application shall be made on
a form specified by the Assistant
Administrator and shall be delivered to the
Assistant Administrator.
(ii) Review documents in the possession of the
Assistant Administrator which are pertinent
to the decision under review.
(iii) Submit, in writing, issues and comments on
the decision under review.
d. If review of a decision is requested pursuant to
(c)(1), above, such review shall be made by the Administrator who
shall review all relevant documents and other matters, including
matters submitted by the claimant. The decision on review shall
be made within 60 days after the receipt by the Assistant
Administrator of the request for review, or within 60 days after
the date on which the claimant submits written issues and
comments pursuant to (c)(iii) above, whichever is later. The
decision on review shall be in writing, shall include the
specific reasons for the decision, including references to
pertinent Plan provisions on which the decision is based, shall
be written in a manner calculated to be understood by the
claimant, and shall be final.
Section 12. Plan Amendment & Termination
12.1 The Employer reserves the right to amend the Plan
in whole or in part from time to time, by the enactment of an
ordinance by its Board of Trustees and the execution of a formal
amendment to the Plan, provided that any such amendment shall not
cause the Plan to become disqualified under Section 457 of the
Code or any other Section thereof. No amendment shall have the
effect of reducing or affecting the value of any Participant's
Book Account or any Participant's rights which have accrued under
the Plan prior to the amendment or termination of the Plan.
The Employer intends to continue the Plan indefinitely
but reserves the right to terminate it at any time. The Plan may
be terminated by the enactment of an ordinance by the Employer's
Board of Trustees and the execution of a formal amendment to the
Plan.
Section 13. General Provisions
-16-
34845.04 9-94
13.1 The Fund shall at all times remain the sole
assets of the Employer and subject to the claims of its general
creditors.
13.2 Neither this Plan, any Participation Agreement
Benefit Settlement Election Form or any Book Account shall be
deemed to create a trust or custodial account on behalf of or for
the benefit of any Participant or his Beneficiaries. A
Participant or his Beneficiary shall have no secured or preferred
interest in any assets of the Employer by reason of participation
in this Plan.
13.3 In construing the text of this Plan, the
masculine shall include the feminine, and the singular shall
include the plural and the plural the singular wherever the
context shall plainly so require.
13.4 This Plan is intended to meet the requirements
for qualification under Section 457 of the Code. Any
modification or amendment to the Plan may be made by the
Employer, retroactively if necessary, to establish and maintain
such qualification.
13.5 Any reference herein to any section of the Code
or to any other statute or law shall be deemed to include any
successor statute or law of similar import.
13.6 This Plan shall be governed and construed in
accordance with the Code and, to the extent they are not
inconsistent therewith, the laws of the State of Missouri.
Section Three: The amendments set out in this
ordinance shall be effective on January 1, 1991.
-17-
34845.04 9-94
The foregoing Ordinance was adopted January 12, 1995.