(A) Participant. An employee becomes a participant when he or she has executed and entered into a deferred compensation agreement with the employer.
(B) Enrollment in the Plan. An employee may become a participant as of the first day of any calendar month by entering into a deferred compensation agreement with respect to compensation not yet earned. A new employee may become a participant on the first day of employment by entering into a deferred compensation agreement on or before the first day of employment with respect to compensation not yet earned. The deferred compensation agreement shall defer compensation not yet earned, and each deferred compensation agreement must be made before the beginning of the month in which it is to become effective or, with respect to a new employee, on or before the first day of employment.
(C) Minimum deferral amount. At the time of entering into or amending a deferred compensation agreement hereunder, a participant must agree to defer a minimum periodic amount as specified by the Plan Administrator.
(D) Change in amount of deferred compensation or beneficiary. A participant may not amend or modify an executed deferred compensation agreement to change the amount of deferred compensation except with respect to compensation to be earned in the subsequent calendar month and provided that notice is given prior to the beginning of the month for which such change is to be effective. A participant may change the beneficiary designated in his or her deferred compensation agreement at any time by giving written notice to the Plan Administrator.
(E) Revocation of deferred compensation agreement. A participant may revoke his or her deferred compensation agreement and thereafter be restored to his or her normal compensation in the subsequent calendar month, by giving notice to the employer prior to the beginning of the month for which such revocation is to be effective.
(F) New deferred compensation agreement upon return to service or after revocation. A participant who returns to active service with the employer after a severance from employment, or who has revoked his or her deferred compensation agreement under division (E) above, may again become an active participant by executing a new deferred compensation agreement with the employer prior to the beginning of the calendar month as to which it is to be effective.
(G) Leave of absence; other absences. Compensation may continue to be deferred under this Plan with respect to a participant who is on an approved leave of absence from the employer with compensation, and all of the rules of this section shall apply with respect to making, amending, or revoking any deferred compensation agreement for such a participant.
(H) Deferrals after severance from employment, including sick, vacation, and back pay under an eligible plan. A participant who has not had a severance from employment may elect to defer accumulated sick pay, accumulated vacation pay, and back pay under this Plan in accordance with the requirements of Code § 457(b). These amounts may be deferred for any calendar month only if an agreement providing for the deferral is entered into before the beginning of the month in which the amounts would otherwise be paid or made available and the participant is an employee on the date the amounts would otherwise be paid or made available. Compensation that would otherwise be paid for a payroll period that begins before severance from employment is treated as an amount that would otherwise be paid or made available before an employee has a severance from employment. In addition, deferrals may be made for former employees with respect to compensation described in Treas. Reg. § 1.415(c)-2(e)(3)(ii) (relating to certain compensation paid within two and one-half months following severance from employment), compensation described in Treas. Reg. § 1.415(c)-2(g)(4) (relating to compensation paid to participants who are permanently and totally disabled), and compensation relating to qualified military service under Code § 414(u).
(Ord. 05-11, passed 10-18-2005)