If a participant terminates from City service in order to accept employment with another eligible employer (within the meaning of Section 457 of the Internal Revenue Code) which sponsors and “eligible deferred compensation plan” and if the participant so elects on a form provided by the City or its authorized delegate, no distribution of amounts credited to such participant’s account shall be made under this Plan but instead shall be transferred to the “eligible deferred compensation plan” of the new employer of such participant, provided that such plan specifically authorizes acceptance of amounts transferred in this manner. In the event that a participant has entered City service after having been a participant i another such “eligible deferred compensation plan”, the City will accept a transfer of funds from such other plan for credit to such participant’s Investment Account.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.