[Adopted 10-12-1994 by Ord. No. 1994-9 (Ch. 1, Part 6D, of
the 1990 Code)]
A.
The Township of Swatara ("employer") hereby establishes
the Deferred Compensation Plan ("plan") pursuant to § 457
of the Internal Revenue Code of 1986, as amended ("code"). The purpose
of the plan is to attract and retain certain individuals by permitting
them to enter into agreements with the employer which will provide
for the payment of deferred compensation on retirement or separation
from service as well as death benefits in the event of death before
or after separation.
B.
Nothing contained in this plan shall be deemed to
constitute an employment contract or agreement for services between
the participant and the employer nor shall it be deemed to give a
participant any right to be retained in the employ of, or under contract
to, the employer. Nothing herein shall be construed to modify the
terms of any employment contract or agreement for services between
a participant and the employer as this plan is intended to be a supplement
thereto.
[Amended 2-13-2002 by Ord. No. 2002-3]
As used in this article, the following terms
shall have the meanings indicated:
Any organization that has been approved by the employer to
provide services or investment product(s) to the employer under the
plan.
Beneficiary or beneficiaries of certain benefits of the plan designated by the participant in the participation agreement. Nothing herein shall prevent the participant from designating more than one beneficiary or primary and secondary beneficiaries or by changing the designation of a beneficiary. If two or more or less than all designated beneficiaries survive the participant, payments shall be made equally to all such beneficiaries, unless otherwise providing in the beneficiary designation. Elections made by a participant in the participation agreement shall be binding on any such beneficiary or beneficiaries except for the right of a beneficiary as provided in § 52-23D of this article. Upon the death of the participant, the employer will be responsible for notifying the designated institution of the beneficiary entitled to payments under this plan. It will not be the responsibility of the designated institution to determine the beneficiary hereunder.
The total annual remuneration for employment or contracted
services payable by the employer that would be included in the federal
gross income of the participant but for the participant's election
to participate in the plan.
The amount of compensation not yet earned, as designated
in the participation agreement which is made a part hereof, which
the participant and the employer mutually agree shall be deferred
in accordance with the provisions of this plan, subject to the following
limitations:
Normal limitation. The maximum amount that may
be deferred under the plan by a participant in a taxable year (except
to the extent of any catch-up deferrals) is increased to the lesser
of: the applicable dollar limits set forth in code § 457(e)(15)
of $11,000 in 2002, $12,000 in 2003, $13,000 in 2004, $14,000 in 2005,
$15,000 in 2006 and $15,000 as adjusted by the Secretary of the Treasury
for 2007 and years thereafter; or 100% of the participant's includible
compensation.
Special catch-up limitation. Catch-up contributions for the last three years prior to the year of normal retirement age. The dollar amount limit of the plan's catch-up contribution provisions pertaining to the participant's last three taxable years ending prior to, but not including, the year of the participant's elected normal retirement age is increased from $15,000 to twice the amount that could otherwise be contributed under the normal deferral limitation described in Subsection A above.
[Amended 9-8-2004 by Ord. No. 2004-6]
For purposes of Subsection B, above, a prior taxable year can be taken into account:
If the participant was eligible to participate
in the plan or any similar prior plan of the same employer or another
employer in the same state during any portion of any prior taxable
year since January 1, 1979.
If the compensation deferred, if any, under
such plan or the plan during such prior taxable years was subject
to a maximum deferral limitation as required by § 457 of
the code. A participant may elect to utilize the catch-up limitation
once in this plan, or any similar plan, notwithstanding the fact that
the participant utilizes the catch-up limitation in less than all
of the three eligible years.
Age 50-plus catch-up contribution for participants age 50 and over. The plan is amended to allow a participant who has attained age 50 before the close of any taxable year to make catch-up contributions in accordance with, and subject to the limitations of, code § 414(v), as follows: $1,000 in 2002, $2,000 in 2003, $3,000 in 2004, $4,000 in 2005, $5,000 in 2006 and $5,000 as adjusted by the Secretary of the Treasury for 2007 and years thereafter. Catch-up contributions may not be made under this Subsection D in any year where the catch-up provision under Subsection B applies.
[Amended 9-8-2004 by Ord. No. 2004-6]
As designated by a participant in the participation agreement,
any approved institution whose investment product is used for purposes
of measuring the benefits due that participant pursuant to the plan.
Any individual employee of the employer or any individual performing services for the employer by appointment, election or contract, who performs services for the employer for which compensation is paid and who meets the criteria set forth in § 52-21 of this article.
Swatara Township.
That amount of compensation includible in the participant's
federal gross income, reduced both by amounts of compensation deferred
under this plan or any other plan or arrangement pursuant to § 457
of the code, or otherwise, and also reduced by the following:
Employee salary reduction contributions to a
401(k) plan, simplified employee pension plan or cafeteria plan.
Employee contributions which are picked up by
the employer pursuant to code § 414(h).
Amounts contributed by the employer to an annuity
contract described in § 403(b) of the code, without regard
to any community property laws.
Any product issued by or obtained from an approved institution
for the purpose of satisfying the employer's obligations under the
plan.
For purposes of the catch-up limitation under the definition
of "deferred compensation," Subsection B, above, the normal retirement
age shall be 70 1/2 unless, prior to that time, another normal
retirement age is elected in writing by the participant. In selecting
an alternate normal retirement age, a participant can choose any age
which is:
Not earlier than the earliest age at which the
participant has the right to retire and receive unreduced retirement
benefits from the employer's basic pension plan.
Not later than the date the participant attains
age 70 1/2. Notwithstanding the above, a participant who continues
in the service of the employer after age 70 1/2, and has not
utilized the catch-up limitation, may elect a later normal retirement
age. Any such age elected, however, may not be later than the participant's
actual date of separation from service with the employer.
Any eligible individual who fulfills the eligibility and enrollment requirements of § 52-21 of this article.
A written agreement between the employer and a participant
setting forth certain provisions and elections relative to the plan,
establishing the amount of deferred compensation and the manner and
method of paying benefits under the plan, incorporating the terms
and conditions of the plan and establishing the participant's participation
in the plan.
The calendar year.
The severance of the participant's employment, employment
contract or agreement from services with the employer whereby the
participant thereafter is not providing services to the employer.
This provision shall be effective for severances from employment occurring
after December 31, 2001.
A.
This plan shall be administered by the employer. The
employer may appoint a committee ("committee") of one or more individuals
in the employment of the employer for the purpose of discharging the
administrative responsibilities of the employer under the plan. The
employer may remove a committee member for any reason by giving such
member 10 days' written notice and may thereafter fill any vacancy
thus created. The committee shall represent the employer in all matters
concerning the administration of the plan; provided, however, the
final authority for all administrative and operational decisions relating
to the plan remains with the employer.
B.
The committee shall have full power and authority to adopt rules and regulations for the administration of the plan, provided they are not inconsistent with the provisions of this plan, and § 457 of the code and any Treasury regulations promulgated thereunder; to interpret, alter, amend or revoke any rules and regulations so adopted; to make discretionary decisions under this plan such as called for in § 52-24 of this article; to demand satisfactory proof of the occurrence of any event that is a condition precedent to the commencement of any payment or discharge of any obligation under the plan; and to perform any and all administrative duties under this plan.
C.
A committee member shall be eligible to participate in the plan, but such person shall not be entitled to participate in discretionary decisions under § 52-24 of this article, relating to such person's own participation in the plan.
D.
The employer or committee acting on behalf of the
employer shall screen and approve any insurance company or other entity
seeking to sell an investment product or otherwise operate as an approved
institution under this plan. The employer may contract with an approved
institution:
(2)
To provide services under the plan for the convenience
of the employer including, but not limited to, the enrollment of eligible
individuals as participants on behalf of the employer, the maintenance
of individual or other accounts and other records, the making of periodic
reports and the disbursement of benefits to participants and beneficiaries.
A.
Eligibility. Any eligible individual who performs
services for the employer for which compensation is paid and who executes
a participation agreement with the employer is eligible to participate
in the plan.
B.
Enrollment in the plan.
(1)
To become a participant, an eligible individual must
agree to defer compensation not yet earned by entering into a participation
agreement. The participation agreement will become effective on the
first day of the second calendar month following the date on which
it is executed.
(2)
At the time of entering into or modifying the participation agreement hereunder, to defer compensation or at the time of reentry following a withdrawal under § 52-24 of this article, a participant must agree to defer a minimum amount of $600 annually.
(3)
A participant who defers compensation may not modify such agreement to change the amount deferred except with respect to compensation to be earned in a subsequent calendar month or except as provided in § 52-24 hereof, with respect to withdrawals. Any such modification will be effective on the first day of the second calendar month following the execution of the new participation agreement.
(4)
A participant may, at any time, revoke the participation
agreement to defer compensation with respect to compensation not yet
earned. The revocation is effective and the participant's full compensation
will be restored in the month subsequent to the month such revocation
is approved by the committee. The participant must notify the committee
in writing of such revocation at least 35 days prior to the beginning
of the calendar month for which such revocation is to be effective.
Amounts previously deferred shall be paid only as provided in this
plan.
(5)
A participant who has withdrawn from the plan, as set forth in § 52-24, or has revoked the participation agreement, as set forth in Subsection B(4), above, or who returns to perform services for the employer after a separation from service, may again become a participating in the plan and agree to defer compensation not yet earned by entering into a new participation agreement as provided in Subsection B(1), above.
(6)
Pursuant to procedures determined by the committee,
a participant may request that the employer change the designation
of the designated institution utilized by the employer to measure
its plan promise to the participant; provided, however, such a request,
whether executed or not, shall in no way interfere with the status
of the employer as the legal owner of any assets or contracts acquired
by the employer to support its obligation under this plan.
A.
The amount of any benefit payment to a participant
or beneficiary made pursuant to this plan shall be determined by the
value at the time of such payment of the investment product(s) described
below in accordance with elections in the participation agreement
and the provisions of this plan. The amount equal to the amount which
would have been payable to the employer under either an annuity contract
or life insurance policy issued to the employer by an approved institution
selected by the participant as the designated institution according
to the terms and conditions of the participation agreement. The amount
shall further be determined as if:
(1)
The participant is the annuitant under the annuity
contract or the insured under the life insurance policy or both.
(2)
The manner and method of payment is as specified in
the participation agreement.
(3)
The premium is equal to the participant's deferred
compensation as if such deferred compensation has been applied as
a premium to such annuity contract or life insurance policy within
a reasonable time subsequent to the reduction in the participant's
compensation as authorized and as specified in the participant's participation
agreement.
B.
The employer at its discretion may acquire an investment
product and invest amounts of deferred compensation in an investment
product in order to provide a fund from which it can satisfy its obligation
to make benefit payments pursuant to this plan. Any investment product
so acquired for the convenience of the employer shall be the sole
and exclusive property of the employer with the employer named as
owner and beneficiary; provided, further, such investment product
shall be held in trust or as collateral security for the benefit of
any participant or beneficiary.
C.
All amounts of compensation deferred under this plan,
all property and rights which may be purchased by the employer with
such amounts and all income attributable to such amounts, property
or rights to property shall remain the sole property and rights of
the employer without being restricted by the provisions of this plan
subject only to the claims of the employer's general creditors. The
obligation of the employer under this plan is purely contractual and
shall not be funded or secured in any way.
D.
The employer shall be liable to pay benefits under
this plan only to the extent of amounts that would have been available
under the investment product as measured by elections made in the
participation agreement and the employer shall not be responsible
for the investment or performance results of such investment product.
Furthermore, if an investment product is so acquired to measure benefits
payable under this plan, the value of any benefit shall be determined
by the factual value of the investment product at the time of benefit
payment, unaffected by any independent or arbitrary standard of calculation
with respect to such investment product.
[Amended 2-13-2002 by Ord. No. 2002-3]
A.
General benefit terms.
(1)
Payment.
(a)
Benefit payments to a participant or beneficiary
shall be made according to the manner and method of payment as elected
in the participant agreement, which election may be changed by a participant
or a beneficiary as appropriate and as allowed by the plan at any
time more than 30 days prior to the commencement of such benefit payments
pursuant to the participant agreement.
(b)
Subject to the restrictions on choice of benefit contained in Subsections A(2), A(3), B and C, below, the options available for selection by the participant or beneficiary as to the manner and method of payment are:
[1]
Lump sum.
[2]
Periodic payments for a designated period.
[3]
Periodic payments for life.
[4]
Periodic payments for life with a guaranteed
minimum number of payments.
[5]
Periodic payments for life of the participant
with continuation of the payments or a percentage of the payments
for the lifetime of the participant's spouse.
[6]
Such other option as the employer may, in its
sole discretion, offer to the participant prior to the commencement
of benefits.
(c)
Periodic payments may be monthly, quarterly,
semiannually or annually. The amount of each payment may be fixed
or fluctuate with the performance of the investment product.
(2)
In the absence of an election in the participant agreement as to the manner and method of such benefit payments as provided in Subsection A(1)(b), above, the employer shall make periodic payments to the participant or beneficiary as a distribution of the account in equal percentages over 10 years; provided, further, in no event shall payments to a beneficiary exceed: 1) the life expectancy of a beneficiary where such beneficiary is the surviving spouse of the participant; or 2) a period of 15 years or, if less, the life or life expectancy of the beneficiary where such beneficiary is not the surviving spouse of the participant.
(3)
In determining the amount of benefit payments, the minimum distribution incidental death benefit rule must be satisfied. This rule will be similar to the one contained in IRS proposed regulation [1.401(a)(9)-2]. To the extent that the payment required under this rule is greater than the amount determined under Subsection A(4), below, the greater amount must be paid.
(4)
Benefits under the plan must either: 1) be distributed
by April 1 of the calendar year following the calendar year in which
the participant attains age 70 1/2 or separates from service,
whichever occurs later; or 2) commence no later than April 1 of the
calendar year described in Item 1) and be made over the life of the
participant (or the lives of the participant and the participant's
beneficiary) or over a period not exceeding the life expectancy of
the participant (or the life expectancies of the participant and his
beneficiary).
(5)
Benefit payments to a participant or beneficiary shall
commence at the time provided in the plan, subject to an irrevocable
election by the participant or beneficiary as appropriate prior to
the time such benefits first become payable to defer the beginning
of such payments or a portion of such payments to a later date as
allowed by the plan and pursuant to the participant agreement.
(6)
Distributions payable over a period of more than one
year must be paid in substantially nonincreasing amounts (not less
frequently than annually).
(7)
For purposes of interpreting the provisions of the
plan, the committee shall only consider a participation agreement
signed by the participant or beneficiary, as appropriate, and submitted
to the committee.
B.
Benefits upon severance from employment. If severance from employment occurs prior to attainment of age 70 1/2, the employer shall begin benefit payments no earlier than 61 days and no later than 90 days following severance from employment; provided, however, the participant may irrevocably elect, within the one-hundred-twenty-day period ending 60 days after severance from employment, to defer the beginning of such payments, or any portion of such payments, to a date not later than the April 1 of the calendar year following the calendar year in which the participant attains age 70 1/2, as provided in the participation agreement. For participants severing from employment on or after attaining age 70 1/2, the employer shall begin benefit payments on the April 1 of the calendar year following the calendar year in which the participant severs from employment, in accordance with the provisions of Subsection A(4) to (6), above, and with the election made by the participant in the participation agreement.
C.
Benefits upon death after commencement of benefits.
(1)
Should the participant die at any time after benefit
payments have commenced, the employer shall commence payment to the
beneficiary of the balance remaining of such payments no earlier than
61 days following the death of the participant but in no event no
later than 90 days following the participant's death. Payments to
the beneficiary shall continue under the option selected by the participant
in the participation agreement.
(2)
If no beneficiary is designated as provided in § 52-19 of this article, or if no beneficiary survives the participant for a period of 30 days, then the employer shall pay to the estate of the participant a single lump sum amount equal to the current value of such remaining payments. If a beneficiary does not survive the period after the participant's death during which such payments to the beneficiary are to be made, the employer shall pay to the estate of that beneficiary a single lump sum amount equal to the current value of such remaining payments to that beneficiary.
D.
Benefits upon death prior to commencement of benefits.
(1)
Should the participant die at any time before benefit
payments have commenced, the employer shall commence benefit payments
to the beneficiary no earlier than 61 days following the participant's
death and no later than 90 days following the participant's death.
Such payments shall be made according to the manner and method provided
in the participation agreement or as selected by the beneficiary pursuant
to a revised participation agreement submitted to the committee more
than 30 days prior to the commencement of such benefit payments over
a period not to exceed:
(2)
However, the beneficiary may irrevocably elect within the sixty-day period subsequent to the participant's death to defer the beginning of such payments as described below. Subject to the limitations provided under Subsection D(1), above, the beneficiary may also elect to change the manner and method of benefit payments as allowed under the plan if such election is made more than 30 days prior to the date when such deferred benefits are to commence. The maximum deferral period is five years from the participant's date of death. Provided that, if the deferral of benefits extend beyond one year from the participant's date of death, the manner of payout elected must assure that the entire amount payable is distributed within five years of the participant's date of death. Notwithstanding the foregoing, if the participant's spouse is the beneficiary, the beginning of such payments can be deferred until the date the participant would have attained age 70 1/2.
(3)
If no beneficiary is designated as provided in § 52-19 of this article, or if no beneficiary survives the participant for a period of 30 days, the employer shall pay to the estate of the participant a single lump sum amount equal to the current value of any remaining payments. If a beneficiary does not survive the period after the participant's death during which such payments to the beneficiary are to be made, then the employer shall pay to the estate of that beneficiary a single lump sum amount equal to the current value of such remaining payments to that beneficiary.
A.
In the case of an unforeseeable emergency, a participant
may apply to the committee for withdrawal of an amount reasonably
necessary to satisfy the emergency need. If such application for withdrawal
is approved by the committee, the withdrawal will be effective at
the later of the date specified in the participant's application or
the date of approval by the committee. The approved amount shall be
payable in a lump sum within 30 days of such effective date or in
some other manner consistent with the emergency need as determined
by the committee. Emergency withdrawals may not be available subsequent
to commencement of certain benefit payments.
B.
For the purposes of this plan, the term "unforeseeable
emergency" means a 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 § 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. Withdrawals
for foreseeable expenditures normally budgetable, such as a down payment
on a home or purchase of an auto or college expenses will not be permitted.
The committee shall not permit withdrawal for unforeseeable emergency
to the extent that such hardship is or may be relieved:
C.
In no event shall the amount of a withdrawal for unforeseeable
emergency exceed the amount of benefits which would have been available
to the participant at the time of withdrawal. Notwithstanding any
other provision of this plan, if a participant makes a withdrawal
hereunder, the value of benefits under the plan shall be appropriately
reduced to reflect such withdrawal, and the remainder of any benefits
shall be payable in accordance with otherwise applicable provisions
of the plan.
A participant on an approved leave of absence
with or without compensation may continue to participate in the plan
subject to all the terms and conditions of the plan; provided, further,
compensation may be deferred for such participant if such compensation
continues while the participant is on an approved leave of absence.
Neither the participant nor any other person
shall have any right to commute, sell, assign, pledge, transfer or
otherwise convey or encumber the right to receive any payments hereunder,
which payments and rights thereto are expressly declared to be unassignable
and nontransferable. Nor shall any unpaid benefits be subject to attachment,
garnishment or execution for payment of any debts, judgments, alimony
or separate maintenance owned by the participant or any other person
or be transferable by operation of law in the event of bankruptcy
or insolvency of the participant or any other person.
A.
The employer may terminate or amend the provisions
of this plan at any time; provided, however, no termination or amendment
shall affect the rights of a participant or a beneficiary to the receipt
of benefits with respect to any compensation deferred before the time
of the termination or amendment, as adjusted for the investment experience
of the investment product of the designated institution prior to or
subsequent to the termination or amendment.
B.
Upon termination of the plan, the participants in
the plan will be deemed to have withdrawn from the plan as of the
date of such termination. The full compensation of all participants
will be thereupon restored on a nondeferred basis. The employer shall
not distribute plan benefits at the time of such termination; the
employer shall rather retain all amounts of deferred compensation
and shall only pay or dispose of plan benefits as otherwise provided
in the plan and according to the terms and conditions of the plan.
A.
This plan shall accept for transfer amounts of compensation
previously deferred pursuant to another "eligible" plan of deferred
compensation established pursuant to § 457 of the code maintained
by another employer.
B.
If the participant separates from service to accept
employment with or perform services for another employer which maintains
an "eligible" plan of deferred compensation pursuant to § 457
of the code, the amounts deferred under the plan shall, at the participant's
election, be transferred to such other "eligible" plan, provided such
other plan provides or is able to provide for the acceptance of such
amounts. The participant's election to transfer must be made prior
to the date benefits would otherwise become payable pursuant to the
terms of this plan.
The plan shall be construed under the laws of
the Commonwealth of Pennsylvania.
[Amended 2-13-2002 by Ord. No. 2002-3]
In addition to deferred compensation contributions,
the plan, to the extent permitted by the code, will accept direct
rollovers and contributions of eligible rollover distributions ("rollover
contributions") from:
A.
Qualified plans described in § 401(a) or
403(a) of the code;
B.
A tax-deferred annuity arrangement described in § 403(b)
of the code;
C.
Any other eligible plan under § 457(b) of
the code maintained by a state, political subdivision of a state or
any agency or instrumentality of a state or political subdivision
of a state; and
D.
Individual retirement accounts or annuities described
in §§ 408(a) and 408(b) of the code.
[Amended 2-13-2002 by Ord. No. 2002-3]
A.
Constructive receipt provisions repealed.
(1)
Provisions of the plan limiting the availability of
benefits until the expiration of a window election period following
a distribution triggering event; requiring an irrevocable election
by the participant or beneficiary as to benefit form and timing; and
requiring the payment of benefits in substantially nonincreasing amounts
are repealed.
(2)
Notwithstanding the irrevocable nature of their original
election, participants and beneficiaries currently receiving nonannualized
distributions or who have elected to defer commencement of distributions
to a date in 2002 or beyond and not elected an annuity form of payment
may make changes to their elections concerning benefit payment form
and timing.
B.
Fifteen-year limit on distributions to nonspousal
beneficiaries. The provision of the plan limiting the maximum period
over which plan benefits may be paid to a nonspousal beneficiary as
formerly required by code § 457(d)(2) is repealed.
C.
Distributable event not required for distribution
of rollover contributions and earnings. Notwithstanding the provisions
of the plan requiring a distributable event for the payment of deferred
compensation benefits, amounts attributable to rollover contributions
and the earnings thereon may be paid to the participant at any time,
upon the participant's election to receive such a distribution.
D.
Rollovers not counted against cashout limitation.
To the extent the plan has adopted an in-service small amount cashout
provision as permitted under code § 457(e)(9)(A), rollover
contributions shall be disregarded in applying such cashout provisions.
[Amended 2-13-2002 by Ord. No. 2002-3]
A.
Rollover permitted.
(1)
Notwithstanding any provision of the plan to the contrary,
a participant shall be permitted to elect to have any eligible rollover
distribution rolled directly to an "eligible retirement plan" specified
by the participant. The participant shall, in the time and manner
prescribed by the employer, specify the amount to be rolled over and
the "eligible retirement plan" to receive the rollover. Any portion
of a distribution which is not rolled over shall be distributed to
the participant.
(2)
For the purposes of this section, the term "eligible
rollover distribution" means any distribution of amounts other than
in a distribution form of substantially equal periodic payments over
life or life expectancy of the participant (or joint life or joint
life expectancies of the participant and the designated beneficiary)
or a distribution over a period certain of 10 years or more. Amounts
required to be distributed under code § 401(a)(9) and unforeseeable
emergency distributions are not eligible rollover distributions.
(3)
For the purposes of this section, the term "eligible
retirement plan" shall mean any other governmental 457(b) plan, a
403(b) program, a 401(a) qualified plan, an individual retirement
account as described in code § 408(a) and an individual
retirement annuity as described in code § 408(b).
B.
Written explanation of rollover eligibility provided.
Within a reasonable period of time in advance of making an eligible
rollover distribution from the plan, the plan's administrator shall
provide a written explanation of rollover eligibility to the recipient
as required by code § 402(f).
[Amended 2-13-2002 by Ord. No. 2002-3]
A.
Availability of plan amounts to purchase service credits.
To the maximum extent allowed under code § 457(e)(17), the
plan shall permit participants to direct transfers of their plan account
balances for the purchase of permissive service credit or to repay
contributions and earnings with respect to a previous forfeiture of
service credits under a code § 414(d) defined benefit governmental
plan.
B.
Domestic relations orders. As permitted under code
§ 414(p)(11), the plan shall recognize and give effect to
domestic relations orders that have been approved by the plan as such
in accordance with plan procedures. Amounts segregated for the accounts
of alternate payees pursuant to a plan-approved domestic relations
order shall be available for immediate distribution to the alternate
payee.
C.
Separate accounting for rollover contributions. To
the extent rollover contributions are accepted by the plan, the plan
shall separately account for such rollover contributions, including
a separate accounting for rollover contributions subject to the tax
on premature distributions under code § 72(t).
D.
Minimum required distributions. All minimum distributions
required to be made under the plan will be made in accordance with
code § 401(a)(9) and the regulations thereunder.
