For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACCOUNT. The accounting entries for each affected participant or former participant, which entries represent the contributions made on such individual’s behalf prior to this amendment and restatement pursuant to the provisions of the Plan other than the predecessor of § 31.026(B) herein, the additions, earnings, losses, expenses, appreciation and depreciation allocated to said account and the withdrawals and distributions therefrom.
AFFILIATE. Any entity which is required to be aggregated with the participating employer for purposes of the qualification requirements of the Internal Revenue Code.
BENEFICIARY. The one or more persons designated in writing by a participant or former participant to receive, either individually or as a co-recipient or surviving co-recipient or a successor recipient, benefits under the Plan after the death of the participant or former participant. If no person has been designated as such beneficiary, or no designated beneficiary survives the participant or former participant, the beneficiary shall be the surviving person or persons in the first of the following classes of successive preference beneficiaries: the participant’s or former participant’s:
(1) Widow or widower;
(2) Descendants, per stirpes;
(3) Parents, in equal shares or the survivor of them;
(4) Surviving brothers and sisters, in equal shares; or
(5) The estate of the participant.
COMPENSATION.
(1) All amounts paid to an employee by his or her participating employer for the relevant period for services rendered which are of a character required to be reported on a Federal Income Withholding Tax Statement (Form W-2), increased by the amount subject to any salary reduction elections entered into by the employee under the Plan or any other deferred compensation Plan maintained by the participating employer or an affiliate, but excluding:
(a) Distributions or benefits under the Plan or any other trust, fund or Plan maintained to provide retirement, pension or similar benefits;
(b) Reimbursements for expenses; and
(c) Compensation paid in a form other than cash.
(2) Notwithstanding the foregoing, for Plan years beginning on or after January 1, 1989, an employee’s compensation in excess of $200,000 (as adjusted for cost of living changes in accordance with I.R.C. § 415(d)) for the Plan year shall be disregarded.
CONTINUOUS SERVICE. The aggregate of the periods of time elapsed between the date of an employee’s commencement of employment with a participating employer or affiliate and the date his or her employment with all participating employers and affiliates terminates by reason of quitting, retirement, death or discharge.
EMPLOYEE or EMPLOYEES. Any individual who is in an employee-employer relationship with a participating employer and who is not a member of a unit of employees covered by a collective bargaining agreement where retirement benefits were the subject of good faith bargaining between the participating employer and such unit, unless such collective bargaining agreement makes this Plan applicable to such individual.
FORMER PARTICIPANT. A participant who has:
(1) Retired from his employment with all participating employers and affiliates;
(2) Terminated his or her employment with all participating employers and affiliates or whose employment has been terminated by all participating employers and affiliates; or
(3) Died, whichever occurs first.
NORMAL RETIREMENT AGE. The date on which a participant or former participant attains age 62.
PARTICIPANT ACCOUNT. The accounting entries for each affected participant or former participant, which entries represent the contributions by such individual under § 31.026(B), the additions, earnings, losses, expenses, appreciation and depreciation allocated to said PARTICIPANT ACCOUNT and the withdrawals and distributions therefrom.
PARTICIPATING EMPLOYER. The Suburban Bus Division and the Metropolitan Commuter Railroad Division of the Regional Transportation Authority and such other related divisions or entities as the Committee may designate which assume the obligations of the Plan with respect to their eligible employees by the execution of appropriate agreements satisfactory in form to the Committee. The Metropolitan Commuter Railroad Division of the Regional Transportation Authority and any other related divisions or entities designated by the Committee shall become PARTICIPATING EMPLOYERS at such time as the Committee may specify.
PLAN. The Regional Transportation Authority 401(k) Plan as set forth herein and as amended from time to time.
PLAN COMMITTEE or COMMITTEE. The persons appointed and acting under § 31.027 to administer the Plan.
PLAN YEAR. The calendar year.
SETTLEMENT DATE. The trust fund valuation date next following that date upon which a participant becomes a former participant; provided, however, that if an individual becomes a former participant on a trust fund valuation date, the settlement date shall be deemed to be such trust fund valuation date.
TRUST. The Regional Transportation Authority 401(k) trust as set forth herein and as amended from time to time.
TRUST FUND. All the funds and other assets administered pursuant to this Plan and held by the Trustee in accordance with the terms of the trust.
TRUST FUND VALUATION DATE. A day as of which the trust fund is valued for purposes of valuing the accounts and participant accounts of participants and former participants. The trust fund valuation date shall be the last day in each quarter (March 31, June 30, September 30 and December 31) of the calendar year (in respect to which trust fund valuation date the value of all trust fund assets other than cash will be determined at fair market value as of the last business day of each quarter in such calendar year, subject to the provisions of § 31.028).
TRUSTEE or TRUSTEES. The persons appointed from time to time under § 31.027(E) to hold the assets of the trust fund in accordance with the terms of the trust. The initial Trustee of the Plan shall be the LaSalle National Bank.
(Ord. MET 88-24, passed 6-10-1988; Ord. MET 89-2, passed 1-13-1989)