(a) “Employer” or “City” means all offices, bureaus, and departments of the City of Los Angeles and includes therein departments which have control of their own definite revenues.
(b) “Employee” means any full-time employee or officer of the City or any member of one of the City’s retirement or pension plans, excluding the Pension Savings Plan, who performs services for the City.
(c) “Participant” means any employee who has fulfilled the requirements of enrollment in the Plan.
(d) “Beneficiary” means any person, trust, corporation, or firm, or any combination thereof, designated by a participant to receive benefits under the Plan.
(e) “Participation Agreement” means the agreement filed by an employee with the Administrator(s) in which the Employee elects to become a Participant in the Plan.
(f) “Compensation” means all wages or salaries to be paid to an Employee for services rendered including any amounts of Deferred Compensation that may be credited to the Participant’s Account. Compensation shall be taken into account at its present value and its amount shall be determined without regard to any community property laws.
(g) “Deferred Compensation” means that portion of an Employee’s compensation which said Employee has elected to defer in accordance with the provisions of this Deferred Compensation Plan, subject to the following limitations:
(1) The maximum amount that may be deferred under the Plan for the taxable year of a Participant shall not exceed the lesser of (1) $11,000 for the taxable year 2002, $12,000 for the taxable year 2003, $13,000 for the taxable year 2004, $14,000 for the taxable year 2005, and $15,000 for the taxable year 2006, and as adjusted for the cost-of-living in accordance with Internal Revenue Code Section 457 (e) (15) for taxable years beginning after December 31, 2006, or (2) any other applicable limitation established under the Internal Revenue Code related to the participant’s compensation or includible compensation.
(2) Provided, however, that for one or more of a Participant’s last three taxable years ending prior to either a Participant’s Normal or Deferred Retirement Date, the maximum amount that may be deferred under the Plan shall be the lesser of (1) twice the dollar amount of the applicable dollar limit for that taxable year as defined under (1) above, or (2) the sum of (i) the limitation in (1) above for the taxable year and (ii) the limitation under (1) above for any taxable year or years which began after December 31, 1982, and in which the participant was eligible to participate in the Plan less the amount of Compensation deferred under the Plan for any such prior taxable year or years. A Participant may only utilize this Subsection (2) once, whether under this Plan or any other Eligible Deferred Compensation Plan.
(3) Individuals who are age 50 or over prior to the end of a taxable year are eligible for an additional elective deferral which shall not exceed the lesser of $1,000 for the taxable year 2002, $2,000 for the taxable year 2003, $3,000 for the taxable year 2004, $4,000 for the taxable year 2005, and $5,000 for the taxable year 2006, and as adjusted for the cost-of-living in accordance with Internal Revenue Code Section 414(v)(2) for taxable years beginning after December 31, 2006, or (2) the excess (if any) of (a) the Participant’s compensation (as defined in Section 415(c)(3) for the year), over (b) any other elective deferral of the Participant for such year which are made without regard to this subsection.
(h) “Includible Compensation” means compensation as determined under Internal Revenue Code Section 457(e)(i).
(i) “Administrator” means the duly authorized designee contracted for that purpose to act as the employer’s agent. The Board may elect to contract with one or more Administrator(s).
(j) “Board” means the Board of Deferred Compensation Administration established by the City and operating according to the provisions of Section 4.1407. The Board is responsible for administration of the Plan.
(k) “Normal Retirement Date” refers to an age which is no later than age 70½ and no earlier than the earliest age at which a Participant has the right to retire under the Employer’s basic pension plan, without consent of the Employer, and to receive immediate retirement benefits without actuarial or similar reduction.
(l) “Deferred Retirement Date” means the date beyond the Normal Retirement Date specified in (k) which is designated by the participant. Such date shall not exceed the date on which the participant incurs a termination of employment.
(m) “Eligible Deferred Compensation Plan” has the meaning given it by Internal Revenue Code Section 457 and the regulations thereunder.
(n) “Investment Account” or “Account” means the account established for a Participant by the Board or the Administrator pursuant to Section 4.1405.
SECTION HISTORY
Added by Ord. No. 154,806, Eff. 2-13-81.
Amended by: Subsecs. (a), (b), (c), (e), (g), and (i) amended, Subsecs. (k), (l), and (m) added, Ord. No. 158,396, Eff. 11-14-83; Subsec. (j), Ord. No. 170,512, Eff. 6-10-95; Subsec. (g)(1), Ord. No. 172,105, Eff. 7-14-98; Subsecs. (b), (e), (f), (g), (h), (i), (j), (k) and (m) amended, Subsec. (n) added, Ord. No. 174,407, Eff. 2-28-02, Oper. 1-1-02.