To the extent that accounts that are funded by a plan-trust or other exclusive benefit arrangement in compliance with I.R.C. § 457(g), this plan may be merged or consolidated with, and such assets and liabilities may be transferred to, another eligible deferred compensation plan under I.R.C. § 457(b) but only if the transferee plan meets the requirements of I.R.C. § 457(g) and under the successor plan the deferred compensation with respect to each participant is at least equal to the deferred compensation the participant would have received if he or she had received a lump-sum distribution under the transferor plan immediately before the transfer, merger or consolidation.
(Ord. NIRC 97-1, passed 1-15-1997)