Whenever used in the plan-trust declaration, each of the following terms has the meaning stated below. Any term not defined by this plan-trust declaration that is defined by an investment or by a group-trust declaration has the meaning given by the investment or by the group-trust declaration. Any other capitalized term in this plan-trust declaration has the meaning given by the plan, or if not defined by the plan, the meaning given by the Internal Revenue Code or by applicable investment law.
ACCOUNT. Has the meaning given by the plan.
AGENT. Copeland Associates, Inc., together with its subsidiaries and affiliates that perform services regarding the plan and their successors, but only so long as the service agreement is in effect.
BENEFICIARY.
(1) Has the meaning given by the plan.
(2) The use of the term BENEFICIARY shall not constitute such person or entity as a beneficiary under the plan-trust.
BUSINESS DAY. Has the meaning given by the plan.
CONTRIBUTION.
(1) Has the meaning given by the plan.
(2) Generally, a contribution is the acceptable delivery of money to the plan-trustee to be applied under an annuity or life insurance contract or toward the purchase of fund shares.
(3) The plan-trustee is not responsible for the determination or collection of any contribution required or permitted by the plan.
DISTRIBUTION. Has the meaning given by the plan for the purposes of this plan-trust declaration is intended to exclude any distribution or payment under the plan-trust that is not a distribution under the plan.
EFFECTIVE DATE. The first date that any property is held by or an amount is credited to the plan-trust. The EFFECTIVE DATE shall not be earlier than August 20, 1996.
EMPLOYER.
(1) Northeast Illinois Regional Commuter Railroad Corporation, the eligible employer that signs this plan-trust declaration and otherwise has the meaning given by the plan.
(2) Only a state or political subdivision or agency thereof or other organization described in I.R.C. § 457(e)(1)(A) can be an employer under the plan-trust.
ENABLING STATUTE. The state statute that grants the employer legal authority to maintain the plan.
FUND. Has the meaning given by the plan.
I.R.C. The Internal Revenue Code of 1986, as amended, and including any regulations and rulings (or other Treasury Department or IRS guidance of general applicability) under the I.R.C. Any reference to a section of the I.R.C. shall be construed to also refer to any successor provision.
INVESTMENT. Has the meaning given by the plan.
INVESTMENT LAW. Has the meaning given by the plan.
PARTICIPANT.
(1) Has the meaning given by the plan.
(2) The use of the term PARTICIPANT shall not constitute such person or entity as a beneficiary under the plan-trust.
PLAN.
(1) The eligible deferred compensation plan maintained by the employer that sign this plan-trust declaration.
(2) Solely to the extent necessary under the definitions provisions stated in this section, the plan is incorporated into and made a part of this plan-trust declaration by reference.
PLAN-TRUST. The legal entity and relationship established by this written plan-trust declaration.
PLAN-TRUST DECLARATION. The legal agreement or declaration stated by this document (including any group-trust declaration which is incorporated by reference in this plan-trust declaration) together with the applicable plan to the extent incorporated by reference.
PLAN-TRUSTEE.
(1) Means the plan sponsor if applicable law does not prohibit the plan sponsor from serving as the PLAN-TRUSTEE.
(2) To the extent that applicable law prohibits the plan sponsor from serving as the plan-trustee, the natural person who signs his or her name on this declaration on behalf of the plan-trustee and, after that individual’s separation-from-service with the employer, the natural person who is the successor-in-office unless the employer previously has delivered to the agent a written instruction that names the plan-trustee.
PLAN ADMINISTRATOR. Has the meaning given by the plan.
PLAN SPONSOR. Has the meaning given by the plan.
SERVICE AGREEMENT. The written agreement between Copeland Associates, Inc., or its successor, and the plan sponsor that provides for the agent to perform services regarding the plan.
(Ord. NIRC 97-1, passed 1-15-1997)