For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AFFILIATE. Any entity which is affiliated with NIRC and is thereby required to be aggregated with NIRC under I.R.C. § 414 or any other applicable provision.
BENEFICIARY. Such person or persons entitled to receive benefits under the plan by reason of the death of a participant.
BOARD. The Board of Directors of NIRC, as from time to time constituted.
CODE. The Internal Revenue Code of 1954, being 26 U.S.C. §§ 1 et seq. and as from time to time amended. References to any section of the CODE shall include any successor provisions thereto.
COMPENSATION. When used in reference to a participant, means all amounts paid to such participant by the 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 participant under the plan or any other deferred compensation plan maintained by the employer, but excluding:
(1) Distributions or benefits under the plan or any other trust, fund or plan maintained to provide retirement, pension or similar benefits;
(2) Reimbursements for expenses; and
(3) Compensation paid in a form other than cash.
CONTINUOUS SERVICE. The time elapsed between the date of an employee’s commencement of employment with an employer or affiliate and such employee’s last severance from service with all employers and affiliates.
CURRENT OR ACCUMULATED EARNINGS AND PROFITS. The current (for any plan year) or accumulated (for all fiscal years of the employer) amounts received by the employer from all sources (including tax subsidies received by the employer) not utilized to pay expenses (excluding contributions to this plan) of the employer.
EMPLOYEE. Any individual employed by the employer in an employee-employer relationship.
EMPLOYER. NIRC and such other entities affiliated with NIRC as are designated by the Board as employers under this plan and which assume the obligations of the plan with respect to their employees by the execution of appropriate agreements satisfactory in form to the Board and the Trustees.
ENROLLMENT DATE. When used in reference to a participant, means the first day of such participant’s payroll period.
ERISA. The Employee Retirement Income Security Act of 1974, being 29 U.S.C. §§ 1001 et seq., as from time to time amended. References to any section of ERISA shall include any successor provisions thereto.
FUND. The trust fund held and maintained for the purpose of the plan under the terms of the trust.
NET GAIN or NET LOSS. The increases or decreases in the value of the investment funds, determined in accordance with § 33.066.
NIRC. The Northeast Illinois Regional Commuter Railroad Corporation.
PLAN. The Northeast Illinois Railroad Corporation Retirement Savings Plan, as set forth herein and as hereafter amended.
PLAN ADMINISTRATOR. The Committee or such other person or organization as may be appointed to administer the plan pursuant to § 33.136.
PLAN YEAR. The fiscal year of this plan and shall end on December 31 of each year.
SALARY DEFERRAL CONTRIBUTION ACCOUNT. When used in reference to a participant, means the record of the value of such participant’s interest in the fund attributable to the salary deferral contributions made on behalf of such participant, increased by the net gain and decreased by the net loss from time to time attributable thereto, less any withdrawals or distributions therefrom, all in accordance with the provisions, of the plan.
SEVERANCE FROM SERVICE. The date on which an employee of the employer or an affiliate quits, retires, is discharged or dies.
TRUST. The Northeast Illinois Railroad Corporation Retirement Savings Trust, as from time to time amended.
TRUSTEES. The Trustees appointed pursuant to the terms of the trust and includes also, to the extent pertinent, any predecessor or successor trustees of the trust.
VALUATION DATE. The last day of March, June, September and December of each calendar year.
(Ord. MET 86-13, passed 5-30-1986)