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2.05, For one or more of lhe PARTICIPANT'S last 3 taxable years ending before the attainment of Normal Refirement Age under the Plan, the maximum deferral shall be the lesser of: (e)$15,000 or (bi the limitation established for the taxable year under Section 2.04, plus the limitation established for purposes of SeCtion 2.04 for prior taxable years beginning after December 31, 1978, during which the PARTICIPANT was eligible to participate less the amount of Compensation deferred under the Plan for such prior taxable years. 200. In applying the deferral limitations of Sections 2.04 and 2.05, any amounts excluded from the PARTICIPANT'S gross Income for the faxable year under IRC Secfion 403(b), and, effective January 1, 1989, under IRC Sections 402(a)(8) and 402(h){1)(B) and deductible contributions to an organization described in IRC Section 501(c)(18), shall be treated as amounts deferred as provided in IRC Section 457(c). ARTICLE III EMPLOYER Contributions The EMPLOYER may contribute to the Plan for PARTICIPANTS. EMPLOYER contributions shall vest at the time such contributions are made, For purposes of administering Sections 2.04 and 2.05, EMPLOYER contributions shall apply toward the maximum deferral limits in the Plan Year that such contributions are made. ARTICLE IV Plan Transfers 4.01. If a PARTICIPANT terminates employment with the EMPLOYER and accepts employment with another employer which maintains an eligible deferred compensation plan (as defined in IRC Section 457) and tho new employer's plan accepts transfers, the PARTICIPANT may transfer his account balance from the Plan fo the plan maintained by the new employer. 4.02. Trans;ers from other eligible deferred compensation plans (as defined in IRC Section 457) to the Plan will be accepted at the PARTICIPANT'S request if such transfers are in cash or non* annuity products currently offered under the Plan. Any such transferred amount shall not be subject to the limitations of Section 2,04, provided, however, that the actual amount deferred during the calendar year under both plans shall be taken into account in calculating the deferral limitation for that year, For purposes of determining the limitation set forth in Section 2.05, years of eligibility to participate in the prior plan and deferrals under that plan shall be considered. ARTICLE V Designation of Beneficiary The PARTICIPANT shall have the right to file, with the Administrator, a written Beneficiary or change of Beneficiary form designating the person or persons who shall receive the benefits payable under this Plan in the event of the PARTICIPANT'S death. The form for this purpose shall be provided by the Administrator and will have no effect until it is signed, filed with the Administrator by the PARTICIPANT, and accepted by the Administrator. If the PARTICIPANT dies without having a Ber~eficiary form on fife, the benefits will be paid to the PARTICIPANT'S estate. The PARTICIPANT accepts and acknowledges that he has the burden for executing and liling with the Administrator a proper Beneficiary designation form. ARTICLE VI Accounts and Reports 6.01. THE EMPLOYER shall remit the amounts deferred to the Administrator or his designated agent. The Administrator shall have no duty to determine whether the funds paid to him by the EMPLOYER are correct, nor to collect or enforce such payment. 6.02. For convenience arid to facilitate an o.rderly administration of the Plan, the Administrator shall maintain a deferred account with respect to each PARTICIPANT. A written report of the status of the PARTICIPANT'S deferred account shall be furnished at least annually and within ninety (90) days after the end of each calendar year to the PARTICIPANT.