[Ord. 6/13/02]
Neither the creation of this Plan nor any amendment of it nor
the creation of any fund or amount nor the payment of benefits hereunder
shall be construed as giving any legal or equitable right to any Employee
or Participant against the Employer, its officers or Employees, or
against the Trustee, and all liabilities under this Plan shall be
satisfied, if at all, only out of the Trust Fund held by the Trustee.
Participation in the Plan shall not give any Participant any right
to be retained in the employ of the Employer, and the Employer hereby
expressly retains the right to hire and discharge any Employee at
any time with or without cause, as if the Plan had not been adopted,
and any such discharged Participant shall have only such rights or
interests in the Trust Fund as may be specified herein.
[Ord. 6/13/02]
In the case of any merger or consolidation of this Plan with,
or transfer of the assets or liabilities of the Plan to, any other
plan, the terms of such merger, consolidation or transfer shall be
such that each Participant would receive (in the event of termination
of this Plan or its successor immediately thereafter) a benefit which
is not less than he would have received in the event of termination
of this Plan immediately before such merger, consolidation or transfer.
[Ord. 5/18/00; Ord. 6/13/02]
Except as provided in Section 414(p) of the Code with respect
to "qualified domestic relations orders," the rights of any Participant
or his Beneficiary to any benefit or payment hereunder shall not be
subject to voluntary or involuntary alienation or assignment. Section
414(p) of the Code shall be deemed to apply to the Plan notwithstanding
that the Plan is a governmental plan pursuant to Section 414(d) of
the Code.
[Ord. 6/13/02]
In the event any benefit is payable to a minor or incompetent
or to a person otherwise under legal disability, or who is by sole
reason of advanced age, illness, or other physical or mental incapacity,
incapable of handling the disposition of his property, the Administrator,
in its sole discretion, may direct the Trustee to apply the whole
or any part of such benefits, directly to the care, comfort, maintenance,
support, education or use of such person or to pay or distribute the
whole or any part of such benefit to the spouse of such person, the
parent of such person, the guardian, committee or other legal representative,
wherever appointed, of such person, the person with whom such person
shall reside, any other person having the care and control of such
person or such person personally. The receipt of any such payment
or distribution so made shall be a complete discharge of liability
for Plan obligations.
[Ord. 6/13/02]
A Participant's rights shall be determined under the terms
of the Plan as in effect at his date of separation from eligible Service.
[Ord. 6/13/02]
The provisions of this Plan shall be construed under the laws
of the state of Rhode Island, except to the extent such laws are preempted
by Federal law.
[Ord. 6/13/02]
Wherever appropriate, the use of the masculine gender shall
be extended to include the feminine or neuter or vice versa; and the
singular form of words shall be extended to include the plural; and
the plural shall be restricted to mean the singular.
[Ord. 6/13/02]
The Article headings and Section numbers are included solely
for ease of reference. If there is any conflict between such headings
and numbers and the text of the Plan, the text shall control.
[Ord. 6/13/02]
This Plan may be executed in any number of counterparts, each
of which shall be deemed an original; said counterparts shall constitute
but one and the same instrument, which may be sufficiently evidenced
by any one counterpart.
[Ord. 6/13/02]
In the event that all or any portion of the distribution payable
to a Participant or to a Participant's Beneficiary hereunder
shall, at the expiration of five (5) years after it shall become payable,
remain unpaid solely by reason of the inability of the Administrator
to ascertain the whereabouts of such Participant or Beneficiary, after
sending a registered letter, return receipt requested, to the last
known address, and after further diligent effort, the amount so distributable
shall be forfeited and used to offset the Employer contributions to
the Plan. In the event a Participant or Beneficiary is located subsequent
to the forfeiture of his Accrued Benefit, such benefit shall be restored.
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IN WITNESS WHEREOF, the Employer, by its duly authorized officer,
has caused this Plan to be executed on the 13th day of June, 2002.
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TOWN OF LITTLE COMPTON
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/s/ By
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Jane P. Cabot, Town Council President
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Chairperson, Pension Committee
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