PURPOSE
The purpose of the Plan is to encourage employees to make and
continue careers with the employer by providing employees with a convenient
way to save on a regular and long-term basis and thereby provide for
their retirement as set forth herein. The employer adopted this Plan
by complying with the procedures set forth in the regulations.
A participant’s benefit under the Plan is limited to the
Plan benefit, and the value of the Plan benefit will depend upon the
investment results achieved by the investment options in which the
participant chooses to invest. Each participant shall be 100% vested
at all times in his or her Plan benefit in accordance with the terms
of the Plan.
In accordance with Section 457 of the Code, all amounts of compensation
deferred or contributed under the Plan, all property and rights purchased
with such amounts and all income attributable to such amounts, and
all other property and rights are held in trust for the exclusive
benefit of participants and their beneficiaries and alternate payees
pursuant to the trust agreement.
The Plan and the trust agreement are intended to satisfy the
requirements for an eligible deferred compensation Plan under Section
457 of the Code applicable to governmental employers described in
Section 457(e)(1)(B) of the Code, and shall be construed and administered
accordingly. To the extent that any term of the Plan is inconsistent
with the provisions of Section 457 of the Code applicable to governmental
employers, the inconsistent term shall, to the fullest extent possible,
be treated for all purposes of the Plan as amended or reformed to
conform to the applicable provisions of Section 457 of the Code. Except
as otherwise provided herein, this amendment and restatement of the
Plan is effective as of the effective date.
When used herein, the following terms shall have the following
meanings:
Each separate account established and maintained for an account
participant under the plan, including, as applicable, each before-tax
deferral account, Roth account (if applicable), rollover account,
alternate payee account and beneficiary account.
Each participant, beneficiary, surviving spouse, alternate
payee or other individual with an account.
An administrative service agency as defined in the regulations
selected by the Committee to provide services in respect of the plan.
Any spouse, former spouse, child or other dependent of a
participant who is recognized by a qualified domestic relations order
as having a right to receive all, or a portion of, the plan benefit
with respect to such participant.
The account established for an alternate payee pursuant to
a qualified domestic relations order.
The aggregate of compensation deferred or contributed by
a participant pursuant to Sections 3.1 and 3.2, including before-tax
deferrals and Roth contributions (if applicable).
The account or accounts established under the plan to record
a participant's before-tax deferrals, and the income, gains and losses
credited thereto. A beneficiary account or alternate payee account
corresponding to the deceased or relevant participant's before-tax
deferrals may also be referred to as a before-tax deferral account.
That part of a participant's compensation which is deferred
into the plan and is not includable in the participant's taxable income
which, in the absence of a participant's election to defer such compensation
under Section 3.1, would have been paid to the participant and would
have been includable in the participant's taxable income.
The beneficiary or beneficiaries designated by a participant
or surviving spouse of a participant pursuant to Section 9 to receive
the amount, if any, payable under the plan upon the death of such
participant or surviving spouse.
The account established for a beneficiary in accordance with
Section 6.2.
Subject to Section 4.4(b), any day (measured in accordance
with state time) on which the New York Stock Exchange is open for
the trading of securities.
The Internal Revenue Code of 1986, as now in effect or as
hereafter amended, and the applicable Treasury regulations and rulings
thereunder. All citations to sections of the Code are to such sections
as they may from time to time be amended or renumbered.
The Deferred Compensation Committee appointed by the employer
in accordance with the regulations to act on behalf of employer to
administer the plan.
All compensation for services to the employer, including salary,
wages, fees, commissions and overtime pay that is includible in the
employee's gross income for each plan year under the Code;
Any differential wage payments defined in Code Section 3401(h)(2)
pursuant to the HEART Act; and
Any accumulated sick pay, accumulated vacation pay and back
pay paid to a participant by his or her employer, provided that such
accumulated sick pay, accumulated vacation pay and back pay is received
by the plan in accordance with the timing requirements of the Treasury
regulations promulgated under Section 457 of the Code.
An employee or former employee;
The surviving spouse of an employee or former employee; and
The spouse or former spouse of an employee or former employee,
but only to the extent such spouse or former spouse is an alternate
payee under a qualified domestic relations order and only with regard
to the interest of such spouse or former spouse.
Forty-five days following a participant's severance from
employment, or, to the extent that the Committee has designated a
different distribution waiting period under Section 8.1(e) of Schedule
A, the distribution waiting period as set forth in Section 8.1(e)
of Schedule A.
The earlier of:
August 4, 2015.
An individual retirement account described in Section 408(a)
of the Code;
An individual retirement annuity described in Section 408(b)
of the Code;
A qualified trust under Section 401(a) or 401(k) of the Code;
An annuity contract or custodial account described in Section
403(b) of the Code;
An eligible deferred compensation plan described in Section
457 of the Code that is maintained by a state, political subdivision
of a state, any agency or instrumentality of a state or political
subdivision of a state; and
A Roth IRA.
All or any portion of the balance of the plan to the credit
of a distributee or a beneficiary of a participant, except that an
eligible rollover distribution shall not include:
Any distribution that is:
One of a series of substantially equal periodic payments (not
less frequently than annually) made for the life (or life expectancy)
of the distributee or the joint lives (or joint life expectancies)
of the distributee and the distributee's beneficiary; or
For a specified period of 10 years or more;
Any distribution to the extent such distribution is required
under Section 401(a)(9) of the Code; or
Any distribution due to an unforeseeable emergency.
Any individual who receives compensation for services from
the employer, including any elected or appointed officer or employee
of the employer, and any employee who is included in a unit of employees
covered by a negotiated collective bargaining agreement that specifically
provides for participation in the plan. An employee shall not include
an independent contractor, a consultant or any other individual classified
by the employer as not eligible to participate in the plan.
The County of Rockland.
With respect to an employee who is eligible to enroll or
be enrolled in the plan, any payroll date on which such employee receives
compensation, or such other date or dates as the administrative service
agency may establish either in lieu of, or in addition to, such dates.
A financial organization as defined in the regulations selected
by the Committee to provide services in respect of the plan.
The Heroes Earnings Assistance and Relief Tax Act of 2008.
As defined in Section 457(e)(5) of the Code.
Each of the investment funds made available by the Committee
through the plan in accordance with Section 6.5(b).
Each of the investment funds and each other investment option
made available by the Committee through the plan in accordance with
Section 6.5(b).
Ninety days following the due date of a participant's scheduled
repayment of his or her plan loan, or, to the extent that the Committee
has designated a shorter loan grace period under Section 7.3(f) of
Schedule A, the Loan Grace Period as set forth in Section 7.3(f) of
Schedule A.
Twelve partial lump sum payments per plan year, or, to the
extent that the Committee has designated a different maximum annual
number of partial distributions under Section 8.1(c)(i) and (iii)
of Schedule A, the maximum annual number of partial distributions
as set forth in Section 8.1(c)(i) and (iii) of Schedule A.
One hundred dollars, or, to the extent that the Committee
has designated a different minimum installment amount under Section
8.1(c) of Schedule A, the minimum installment amount as set forth
in Section 8.1(c) of Schedule A.
One hundred dollars, or, to the extent that the Committee
has designated a different minimum lump sum amount under Section 8.1(c)(i)
and (iii) of Schedule A, the minimum lump sum amount as set forth
in Section 8.1(c)(i) and (iii) of Schedule A.
Any age designated by a participant within the following
parameters: (i) beginning (A) no earlier than the earliest age at
which the participant has the right to retire under the basic pension
plan, if any, in which the participant participates in connection
with his or her service to the employer and to receive immediate retirement
benefits without actuarial or similar reduction because of retirement
before some later age specified in such basic pension plan; or (B)
in the case of a participant who does not participate in such basic
pension plan, no earlier than age 65, and (ii) ending no later than
age 70 1/2. Notwithstanding the previous sentence, a participant
who is a qualified police officer or fire fighter [as defined under
Section 415(b)(2)(H)(ii)(I) of the Code] may designate a Normal Retirement
Age that is earlier than the earliest Normal Retirement Age described
above, but in no event may such Normal Retirement Age be earlier than
age 40. Notwithstanding anything in the plan to the contrary, a participant's
designation of a normal retirement age shall not control the date
that payment of such participant's benefits shall commence pursuant
to Section 8.
An employee or former employee who is not deceased and who
has an account or rollover account under the plan.
An agreement in writing or in such other form approved by
the Committee, pursuant to which the employee elects to reduce his
or her compensation for future enrollment dates and to have amounts
deferred or contributed into the plan on his or her behalf in accordance
with the terms of the plan.
The deferred compensation plan for employees of the employer,
as the same may be amended from time to time.
Has the meaning set forth in Section 6.5.
The calendar year.
Any judgment, decree or order, including approval of a property
settlement agreement, that has been determined by the administrative
service agency to meet the requirements of a qualified domestic relations
order within the meaning of Section 414(p) of the Code.
A qualified Roth contribution program as defined in Section
402A of the Code.
The rules and regulations promulgated by the Deferred Compensation
Board of the State of New York pursuant to § 5 of the State
Finance Law, as the same may be amended from time to time.
April 1 of the calendar year following the later of the calendar
year in which the participant: (a) attains age 70 1/2, or (b)
severs from employment.
The committee designated to review claims to rights or benefits
under the plan in accordance with Section 11.8 and requests for unforeseeable
emergency withdrawals under Section 7.
The account or accounts established and maintained in respect
of a participant or a beneficiary who is a participant's surviving
spouse or, if applicable, by a spousal alternate payee pursuant to
Section 5.2(c).
The amount contributed by a participant or a beneficiary
to a rollover account or, if applicable, by an alternate payee to
an alternate payee account, in accordance with Section 5.2, that the
administrative service agency has determined would qualify as an eligible
rollover distribution, other than a distribution consisting of contributions
to a Roth IRA, and which the administrative service agency has determined
may be contributed.
The account or accounts established under the plan to record
a participant's Roth contributions, and the income, gains and losses
credited thereto. A beneficiary account or alternate payee account
corresponding to the deceased or relevant participant's Roth contributions
may also be referred to as a Roth account.
Amounts contributed pursuant to Section 3.1 by a participant
to the extent that the Committee has resolved to implement a Roth
program pursuant to Section 3.1(c) of Schedule A, which amounts are:
Designated irrevocably by the participant at the time of the
contribution election as Roth contributions that are being made from
compensation pursuant to Section 3.1(c); and
Treated by the employer as includible in the participant's income
at the time the participant would have received that amount in compensation.
Has the meaning set forth in Section 408A of the Code.
A qualified Roth contribution program within the plan.
A transfer made into an account pursuant to Section 5.1.
A severance from employment with the employer within the
meaning of Section 457 of the Code.
The State of New York.
The survivor of a deceased participant to whom such participant
was legally married on the date of the participant's death.
The regulations promulgated by the Treasury Department under
the Code, as now in effect or as hereafter amended. All citations
to sections of the Treasury regulations are to such sections as they
may from time to time be amended or renumbered.
An agreement entered into in respect of the plan between
the Committee and one or more trustees pursuant to which all cash
and other rights and properties and all income attributable to such
cash and rights and properties are held in trust, as such agreement
may be amended from time to time.
The assets of the plan, including cash and other rights and
properties arising from amounts deferred or contributed, Section 457
transfers and rollover contributions which are held and administered
by the trustee pursuant to the trust agreement.
The trustee or trustees acting as such under the trust agreement,
and any successors thereto.
A:
Severe financial hardship to the participant resulting from
a sudden and unexpected illness or accident of the participant or
beneficiary, the participant's or beneficiary's spouse, or the participant's
or beneficiary's dependent;
Loss of the participant's or beneficiary's property because
of casualty; or
Other similar extraordinary or unforeseeable circumstances arising
as a result of events beyond the control of the participant or beneficiary.
A unit measuring the value of an account participant's proportionate
interest in an investment fund.
The provisions of the Uniformed Services Employment and Reemployment
Rights Act of 1994 contained in Chapter 43 of Title 38 of the United
States Code.
Each business day unless otherwise provided in the plan or
in an agreement between the committee and a financial organization.
