The plan is established and maintained with the intent that the plan always be an “eligible deferred compensation plan” within the meaning of I.R.C. § 457(b) and conform to the Internal Revenue Code’s requirements for treatment or recognition as such a plan. Therefore, the provisions of the plan shall be interpreted whenever possible to state provisions that conform to the applicable requirements of the Internal Revenue Code. When the Internal Revenue Code is amended or interpreted through subsequent legislation or regulations or other guidance of general applicability, the plan should be construed as stating provisions consistent with such amendment or interpretation of the applicable law.
(Ord. NIRC 97-1, passed 1-15-1997)