If, at a time when a distribution is required to be paid, any distribution cannot be paid because the payee cannot be located upon reasonable efforts (including services available from the IRS under Rev. Proc. 94-22 and services available from the Social Security Administration), the Plan Administrator may (but is not required to) direct each issuer or the agent to pay the deferred compensation into an interest-bearing FDIC-insured bank account opened in the payee’s name, taxpayer identifying number and then-current address of record according to the plan; and such deposit shall discharge the employer’s obligation to pay deferred compensation.
(Ord. NIRC 97-1, passed 1-15-1997)