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AG19891204
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AG19891204
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Last modified
3/28/2003 9:14:29 AM
Creation date
11/27/2017 12:07:30 PM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/4/1989
Board
Board of Commissioners
Meeting Type
Regular
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8.04. Unforeseeable Emergency: Notwithstanding any other Provisions herein, In the event of an <br /> UnforeSeeable Emergency, a PARTICIPANT may request that benefils be paid to him ImmediatelY; <br /> provided, however, that payment of any such benefits after the Elected or Mandatory <br /> Commencement Date shall be subject to any limitations Specified bY an investment carrier. Such <br /> request shall be filed in accordance with procedures established pursuant to this Plan. If the <br /> application for payment is approved by the EMPLOYER or its designee, payments shall be effected <br /> within 45 days of such approval. Benefits fo be Paid shall be limited strictly to the amount necessary <br /> to meet the Unforeseeable Emergency constituling linancial hardship to the extent such <br /> UnfOreseeable EmergencY is not relieved: <br /> <br /> fa) through reimbursement or compensation by insurance or otherwise; <br /> <br /> (b) by liquidation of the PARTICIPANT'S assets, to the extent the liquidation of such assets <br /> would not itself cause financial hardship; or <br /> <br /> (c) by cessation of deferrals under the Plan. <br /> <br /> Foreseeable personal expenditures normally budgetable, such as a down payment on a home, the <br /> purchase of an automobile, college or other educational expenses, etc., will not constitute an <br /> Unforeseeable Emergency. The decision of the EMPLOYER or ifs designee concerning the payment <br /> of benefits under this Section shall be final. <br /> <br />ARTICLE IX <br />Administration of Plan <br />9.01. The Employer may at any time amend, modify, or terminate the Plan without the consent <br />of the PARTICIPANT (or any Beneficiary thereof). All amendments shall become effective forty-five <br />(45) days after the issuance of notice of the amendments by the Administrator to the EMPLOYER. <br />To the extent it is possible to do so, the Administrator shall mall an explanation of all amendments <br />that become effective during the year to the PARTICIPANT with his annual report. Ne amendments <br />shall deprive the PARTICIPANT of any of the benefits to which he is entitled under this Plan with <br />respect to deferred amounts credited to his account prior to the effective date of the amendment. <br /> <br />If the Plan is Curtailed, terminated, or the acceptance of additional deferred amounts suspended <br />permanently, the Administrator shall nonetheless be responsible for the supervision of the payment <br />of benefits resulting from amounts deferred prior to the amendment, modification, or termination <br />in accordance with Article VIII hereof. <br /> <br />9,02. Any companies that may issue any policies, coniracts, or other forms of investment media <br />used by the EMPLOYER or specified by the PARTICIPANT, are not parties to this Plan and such <br />companies shag have no responsibility or accountablility to the PARTICIPANT or his Beneficiary <br />with regard to the operation of this Plan. <br /> <br />9.03. Participation in this Plan by a Public Employee shall not be construed to give a contract <br />of employment to fhe PARTICIPANT or to alter or amend an existing employment contract of the <br />PARTICIPANT, nor shall participation in this Plan be construed as affording to the PARTICIPANT <br />any representation or guarantee regarding his continued employment. <br /> <br />9.04. The EMPLOYER and the Administrator do not represent or guarantee that any particular <br />Feder.a.I or State income, payroll, personal property, or other tax consequence will occur because <br />of the PARTICIP~ANT'S participation in this Plan. The PARTICIPANT should consult with his own <br />representative regarding all questions of Federal or State income, payroll, personal property, or <br />olher tax consequences arising from participation in this Plan. <br /> <br />9.05. The Administrator shall have the power to appoint agents to act for and in fha administration <br />of this Plan and to select depositories for the assets of this Plan. <br /> <br />9.06. Whenever used herein, the masculine gender shall include the feminine and the singular <br />shall include the plural unless the provisions of the Plan specifically require a different construction. <br /> <br />Page 6 (~- '!1~') DC-502-B t8-89) <br /> <br /> <br />
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