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RESOLUTION NO. 39-99
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, APPROVING RESTATED SECTION 457 DEFERRED
COMPENSATION PLAN WITH AMENDMENTS; PROVIDING THAT ALL
RESOLUTIONS OR PARTS OF RESOLUTIONS IN CONFLICT ARE
REPEALED TO THE EXTENT OF SUCH CONFLICT; FURTHER,
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Dania established a Section 457 Deferred Compensation
Plan on March 16, 1988; and
WHEREAS, certain amendments are necessary to bring the plan into compliance
with Section 457 of the United States Internal Revenue Code; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the Restated Section 457 Deferred Compensation Plan with
Amendments, a copy of which is attached and made a part of this resolution as Exhibit"A", is
approved.
Section 2. That all resolutions or parts of resolutions in conflict are repealed to
the extent of such conflict.
Section 3. That this resolution shall be in force and take effect immediately upon
its passage and adoption.
PASSED AND ADOPTED ON THIS 23RD D F �CH, 1999.
M O —COMMISSIONER
ATTEST:
ROLL CALL:
MAYOR BERTINO - YES
SHERYL APMAN VICE-MAYOR McELYEA -YES
ACTING CITY CLERK COMMISSIONER ETLING -YES
COMMISSIONER CALI—YES
COMMISSIONER MIKES-YES
APPROVED AS TO FORM
AND CORRECTNESS:
By:
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THO ASJ. ANSBRO
CITY ATTORNEY
1 RESOLUTION NO. 39-99
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EXHIBIT"A"
DANIA BEACH, FLORIDA
RESTATED SECTION 457 DEFERRED COMPENSATION PLAN
WITH AMENDMENTS
ARTICLE I
INTRODUCTION
Dania Beach, Florida ("Employer") hereby restates this Deferred Compensation Plan ("Plan") established
Pursuant to Section 457 of the Internal Revenue Code of 1986, as amended("Code"). The purpose of the
Plan is to attract and retain certain individuals by permitting them to enter into agreements with the Employer
which will provide for the payment of deferred compensation on retirement or separation from service as well
as death benefits in the event of death before or after separation.
Nothing contained in this Plan shall be deemed to constitute an employment contract or agreement for
services between the Participant and the Employer nor shall it be deemed to give a Participant any right to
be retained in the employ of,or under contract to,the Employer. Nothing herein shall be construed to modify
the terms of any employment contract or agreement for services between a Participant and the Employer as
this Plan is intended to be a supplement thereto.
ARTICLE II
DEFINITIONS
2.01 Compensation: The total annual remuneration for employment or contracted services payable by the
Employer that would be included in the federal gross income of the Participant but for the Participant's
election to participate in the Plan.
2.02 Includible Compensation: The amount of Compensation includible in the Participant's federal gross
income, reduced both by amounts of Compensation deferred under this Plan or any other plan or
arrangement pursuant to Section 457 of the Code or otherwise, and also reduced by the following:
1) employee salary reduction contributions to a 401(k) plan, simplified employee pension plan or
cafeteria plan; 2) employee contributions which are picked up by the employer pursuant to Code
Section 414(h); and 3) amounts contributed by the Employer to an annuity contract described in
Section 403(b)of the Code;without regard to any community property laws.
2.03 Deferred Compensation: The amount of Compensation not yet earned, as designated in the
Participation Agreement which is made a part hereof,which the Participant and the Employer mutually
agree shall be deferred in accordance with the provisions of this Plan, subject to the following
limitations:
a. Normal Limitation: The maximum amount that may be deferred under this Plan for a
Participant's taxable year(except as provided 2.03 b. below)is the lesser of$7,500(or such
larger amount as may be prescribed by the Secretary of the Treasury) or 33 1/3 of the
Participant's Includible Compensation.
For a Participant in more than one 457 plan, the maximum amount that may be deferred for
such Participant's taxable year is$7,500 (or such larger amount as may be prescribed by
the Secretary of the Treasury) (as modified by 2.03 to below). In applying this limit, a
reduction must be made for any amounts excluded under 403(b)for the year and any salary
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deferrals for the year under a 401(k)plan or simplified employee pension plan.
b. Catch-Up Limitation: For each one of the Participant's last three taxable years ending prior
to but not including the year of such Participant's Normal Retirement Age,as elected by the
Participant pursuant to Section 2,04, the limitation set forth in paragraph 2.03 a shall be the
lesser of:
1. $15,000 (or such larger amount as may be prescribed by the Secretary of the
Treasury); or
2. the sum of the Normal Limitation set forth in paragraph 2.03 a., plus so much of the
Normal Limitation which has been underutilized in all prior taxable years since
January 1, 1979 or since plan inception date, if later.
C. For purposes of paragraph b., a prior taxable year can be taken into account: (1) if the
Participant was eligible to participate in the Plan or any similar prior plan of the same
Employer or another employer in the same state during any portion of any prior taxable year
since January 1, 1979; and(2)if the compensation deferred, if any, under such plan or the
Plan during such prior taxable years was subject to a maximum deferral limitation as required
by Section 457 of the Code.
2.04 Normal Retirement Age: For purposes of the Catch-Up Limitation under Section 2,03 b.,the Normal
Retirement Age shall be age 70 '/}, unless, prior to that time, another Normal Retirement Age is
elected in writing by the Participant. In selecting an alternate Normal Retirement Age, a Participant
can choose any age which is(1)not earlier than the earliest age at which the Participant has the right
to retire and receive unreduced retirement benefits from the Employer's basic pension plan and(2)
not later than the date the Participant attains age 70'/2,
Notwithstanding the above, a Participant who continues in the service of the Employer after age 70
/,and has not utilized the Catch-Up Limitation, may elect a later Normal Retirement Age. Any such
age elected, however, may not be later than the Participant's actual date of Separation from Service
with the Employer.
2.05 Separation from Service: The severance of the Participant's employment, employment contract or
agreement for services with the Employer whereby the Participant thereafter is not providing services
to the Employer.
2.06 Beneficiary: Beneficiary or Beneficiaries of certain benefits of the Plan designated by the Participant
in the Participation Agreement. Nothing herein shall prevent the Participant from designating more
than one Beneficiary or primary and second Beneficiaries or changing the designation of a
Beneficiary. If two or more or less than all designated Beneficiaries survive the Participant, payments
shall be made equally to all such Beneficiaries, unless otherwise provided in the Beneficiary
designation. Elections made by a Participant in the Participation Agreement shall be binding on any
such Beneficiary or Beneficiaries except for the right of a Beneficiary as provided in Section 6.04.
Upon the death of the Participant, the Employer will be responsible for notifying the Designated
Institution of the Beneficiary entitled to payments under the Plan. It will not be the responsibility of
the Designated Institution to determine the Beneficiary hereunder.
2.07 Eligible Individual:Any individual employee of the Employer or any individual performing services for
the Employer by appointment,election or contract,who performs services for the Employer for which
Compensation is paid and who meets the criteria set forth in Section 4.01.
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2.08 Intentionally omitted.
2.09 Participation Agreement:A written agreement between the Employer and a Participant setting forth
certain provisions and elections relative to the Plan, establishing the amount of Deferred
Compensation and the manner and method of paying benefits under the Plan, incorporating the terms
and conditions of the Plan and establishing the Participant's participation in the Plan.
2.10 Plan Year: The calendar year.
2.11 Approved Institution: Any organization that has been approved by the Employer to provide services
or investment Products(s)to the Employer under the Plan.
2.12 Investment Product:Any product issued by or obtained from an Approved Institution for the purpose
of satisfying the Employer's obligations under the Plan.
2.13 Designated Institution:As designated by a Participant in the Participation Agreement, any Approved
Institution whose Investment Product is used for purposes of measuring the benefits due that
Participant pursuant to the Plan.
2.14 Em to er:The City of Dania Beach, Florida.
ARTICLE III
ADMINISTRATION
3.01 This plan shall be administered by the Employer. The Employer may appoint a committee
("Committee') of one or more individuals in the employment of Employer for the purpose of
discharging the administrative responsibilities of the Employer under the Plan. The Employer may
remove a Committee member for any reason by giving such member ten(10)days written notice and
may thereafter fill any vacancy thus created. The Committee shall represent the Employer in all
matters concerning the administration of this Plan; provided, however, the final authority for all
administrative and operational decisions relating to the Plan remains with the Employer.
3.02 The Committee shall have full power and authority: to adopt rules and regulations for the
administration of the Plan, provided they are not inconsistent with the provisions of this Plan, and
Section 457 of the Code and any Treasury regulations promulgated thereunder; to interpret, alter,
amend or revoke any rules and regulations so adopted: to enter into contracts on behalf of the
Employer with respect to this Plan;to make discretionary decisions under this Plan such as called for
in Article VII;to demand satisfactory proof of the occurrence of any event that is a condition precedent
to the commencement of any payment or discharge of any obligation under the Plan;and to perform
any and all administrative duties under this Plan.
3.03 A Committee member shall be eligible to participate in the Plan, but such person shall not be entitled
to participate in discretionary decisions under Article VII relating to such person's own participation
on the Plan.
3.04 The Employer or Committee acting on behalf of the Employer shall screen and approve any insurance
company or other entity seeking to sell an Investment Product or otherwise operate as an Approved
Institution under this Plan. The Committee may contract with an Approved Institution(a)to issue to
the Employer an Investment Product as described in Article V of the Plan or(b)to provide services
under the Plan for the convenience of the Employer including, but not limited to, the enrollment of
Eligible Individuals as Participants on behalf of the Employer, the maintenance of individual or other
accounts and other records, the making of periodic reports and the disbursement of benefits to
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Participants and Beneficiaries.
ARTICLE IV
PARTICIPATION IN THE PLAN
4.01 Eli ibili :Any Eligible Individual who performs services for the Employer for which Compensation is
paid and who executes a Participation Agreement with the Employer is eligible to participate in the
Plan.
Notwithstanding the above, an otherwise Eligible Individual who is participating in another deferred
compensation plan maintained by the Employer that is not subject to the limitations and other
requirements under Code Section 457, is not eligible to participate in this plan.
4.02 Enrollment in the Plan:
a) To become a Participant, an Eligible Individual must agree to defer Compensation not yet
earned by entering into a Participation Agreement. The Participation Agreement will become
effective on the first day of the second calendar month following the date on which it is
executed.
b) At the time of entering into or modifying the Participation Agreement hereunder to defer
Compensation or at the time of re-entry following a withdrawal under Article VII, a Participant
must agree to defer a minimum amount of$600.00 annually.
c.) A Participant who defers Compensation may not modify such agreement to change the
amount deferred except with respect to Compensation to be earned in a subsequent calendar
month or except as provided in Article VII hereof with respect to withdrawals. Any such
modification will be effective on the first day of the second calendar month following the
execution of the new Participation Agreement.
d) A Participant may at any time revoke the Participation Agreement to defer Compensation with
respect to Compensation not yet earned. The revocation is effective and the Participant's
full Compensation will be restored in the month subsequent to the month such revocation is
approved by the Committee. The Participant must notify the Committee in writing of such
revocation at least thirty-five(35)days prior to the beginning of the calendar month for which
such revocation is to be effective. Amounts previously deferred shall be paid only as
provided in this Plan.
e) A Participant who has withdrawn from the Plan,as set forth in Article Vill, or has revoked the
Participation Agreement, as set forth in subsection d. above, or who returns to perform
services for the Employer after a Separation from Service, may again become a Participant
in the Plan and agree to defer Compensation not yet earned by entering into a new
Participation Agreement as provided in Section 4.02 a, above.
f) Pursuant to procedures determined by the Committee, a Participant may request that the
Employer change the designation of the Designated Institution utilized by the Employer to
measure the Plan benefits payable to the Participant.
ARTICLE V
CALCULATION OF BENEFITS
5.01 The amount of any benefit payment to a Participant or Beneficiary made pursuant to this Plan shall
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be determined by the value at the time of such payment of the Investment Product(s)described below
in accordance with elections in the Participation Agreement and the provisions of the Plan:
An amount equal to the amount payable to the Employee under either an annuity contract or life
insurance policy issued to the Employer by an Approved Institution selected by the Participant as the
Designated Institution according to the terms and conditions of the Participation Agreement. The
amount shall further be determined as if
the Participant is the annuitant under the annuity contract or the insured under the life
insurance policy or both;
the manner and method of payment is as specified in the Participation Agreement; and
the premium is equal to the Participant's Deferred Compensation which was applied as a
Premium to such annuity contract or life insurance policy within a reasonable time
subsequent to the reduction in the Participant's Compensation as authorized and as specified
in the Participant's Participation Agreement.
5.02 The Employer will purchase an Investment Product and invest amounts of Deferred Compensation
therein in order to provide a fund from which it can satisfy its obligation to make benefit payments
pursuant to this Plan. Such Investment Product, and all amounts of Compensation deferred under
this Plan, all property and rights which may be purchased by the Employer with such amounts and
all become attributable to such amounts, property or rights to property shall be held in a trust(or a
custodial account or annuity contract described in Code Section 401(f) for the exclusive benefit of
Participants and their Beneficiaries. All such amounts shall not be subject to the claims of the
Employer's general creditors.
5.03 The value of any benefit shall be determined by the actual value of the Investment Product at the time
of benefit payment, unaffected by any independent or arbitrary standard of calculation with respect
to such Investment Product. The Employer shall not be responsible for the Investment or
performance result of such Investment Product.
ARTICLE VI
BENEFITS
6.01 General Benefit e_ fit Terms:
a(i): Benefit payments to a Participant or Beneficiary shall be made according to the manner and
method of payment as elected in the Participation Agreement, which election may be
changed by a Participant or a Beneficiary as appropriate and as allowed by the Plan at any
time more than thirty (30) days prior to the commencement of such benefit payments
Pursuant to the Participation Agreement.
(ii): Subject to the restrictions on choice of benefit contained in paragraphs 6.01 b.,6.01 c.,6.03
and 6.04, the options available for selection by the Participant or Beneficiary as to the
manner and method of payment are:
1) lump sum;
2) periodic payments for a designated period;
3) periodic payments for life,
4) periodic payments for life with a guaranteed minimum number of payments;
5) periodic payments for the life of the Participant with continuation of the payments or
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a percentage of the payments for the lifetime of the Participant's spouse;
6) such other option as the Employer may, in its sole discretion, offer to the Participant
prior to the commencement of benefits.
Periodic payments may be monthly, quarterly, semi-annually, or annually. The amount of
each payment may be fixed or fluctuate with the performance of the Investment Product.
b. In the absence of an election in the Participation Agreement as to the manner and method
of such benefit payments as provided in Section 6.01.a(ii), the Employer shall make periodic
payments to the Participant or Beneficiary as a distribution of the account in equal
percentages over ten years; provided further, in no event shall payments to a Beneficiary
exceed(i)the life expectancy of a Beneficiary where such Beneficiary is the surviving spouse
of the Participant or(ii)a period of fifteen(15)years or, if less, the life or life expectancy of
a Beneficiary where such Beneficiary is not the surviving spouse of the Participant.
C. In determining the amount of benefit payments, the minimum distribution incidental death
benefit rule must be satisfied. This rule will be similar to the one contained in IRS Proposed
Regulation 1.401(a)(9)-2. To the extent that the payment required under this rule is greater
than the amount determined under 6.01 d., the greater amount must be paid.
d. Benefits under the Plan must either(i) be distributed by the April 1 of the calendar year
following the calendar year in which the Participant attains age 70 Vz or separates from
service whichever occurs later, or(ii)commence no later than the April 1 of the calendar year
described in(1)and be made over the life of the Participant(or the lives of the Participant and
the Participant's Beneficiary) or over a period not exceeding the life expectancy of the
Participant(or the life expectancies of the Participant and his Beneficiary).
e. Benefit payments to a Participant or Beneficiary shall commence at the time provided in the
Plan, subject to an irrevocable election by the Participant or Beneficiary as appropriate prior
to the time such benefits first become payable to defer the beginning of such payments or
a portion of such payments to a later date as allowed by the Plan and pursuant to the
Participation Agreement.
A participant who has elected to defer his benefits pursuant to the paragraph above may,
subsequent to his initial election, and prior to the commencement of benefits,elect to further
defer payment of benefits to a later date as allowed by the Plan. A Participant is only
permitted to make one such election.
f. Distributions payable over a period of more than one year must be paid in substantially non-
increasing amounts(not less frequently than annually).
g. For purposes of interpreting the provisions of the Plan, the Committee shall only consider a
Participation Agreement signed by the Participant or Beneficiary, as appropriate, and
submitted to the Committee.
h. If, prior to Separation from Service, the value of a Participant's benefits under the Plan does
not exceed$3,500,the Participant may elect at any time to receive such value in a lump sum
if. 1)the Participant has not deferred any Compensation under the Plan during the two year
period ending on the date of distribution; and 2)the Participant has not previously received
a distribution under this subsection.
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6.02 Benefits Upon Separation from Service If Separation from Service occurs prior to attainment of age
70 Y,the Employer shall begin benefit payments no earlier than sixty-one(61)days and no later than
ninety (90) days following such Separation from Service; provided however, the Participant may
irrevocably elect, within the one hundred twenty (120) day period ending sixty (60) days after
Separation from Service,to defer the beginning of such payments,or any portion of such payments,
to a date not later than the April 1 of the calendar year following the calendar year in which the
Participant attains age 70%:, as provided in the Participation Agreement.
For Participants separating from service on or after attaining age 70 %, the Employer shall begin
benefit payments on the April 1 of the calendar year following the calendar year in which the
Participant separates from service, in accordance with the provisions of Section 6.01 d. and f. and
with the election made by the Participant in the Participation Agreement.
6.03 Benefits Upon Death After Commencement of Benefits:
a. Should the Participant die at any time after benefit payments have commenced,the Employer
shall commence payment to the Beneficiary of the balance remaining of such payments no
earlier than sixty-one(61)days following the death of the Participant but in no event no later
than ninety (90) days following the Participant's death. Payments to the Beneficiary shall
continue under the option selected by the Participant in the Participation Agreement.
b. If no Beneficiary is designated as provided in Section 2.06 or if no Beneficiary survives the
Participant for a period of thirty(30)days,then the Employer shall pay to the estate of the
Participant a single lump sum amount equal to the current value of such remaining payments.
If a Beneficiary does not survive the period after the Participant's death during which such
payments to the Beneficiary are to be made, the Employer shall pay to the estate of that
Beneficiary a single lump sum amount equal to the current value of such remaining payments
to that Beneficiary.
6.04 Benefits Upon Death Prior to Commencement of Benefits:
a. Should the Participant die at any time before benefit payments have commenced, the
Employer shall commence benefit payments to the Beneficiary no earlier than sixty-one(61)
days following the Participant's death and no later than ninety (90) days following the
Participant's death. Such payments shall be made according to the manner and method
provided in the Participation Agreement or as selected by the Beneficiary pursuant to a
revised Participation Agreement submitted to the Committee more than thirty(30)days prior
to the commencement of such benefit payments over a period not to exceed:
1. the life expectancy of the Beneficiary if the Beneficiary is the Participant's surviving
spouse, or
2. A period not in excess of fifteen(15)years, or, if less, the life or life expectancy of
the Beneficiary if the Beneficiary is not the Participant's surviving spouse.
b. However,the Beneficiary may irrevocably elect within the sixty(60)day period subsequent
to the Participant's death to defer the beginning of such payments as described below.
Subject to the limitations provided under Section 6.04 a., the Beneficiary may also elect to
change the manner and method of benefits as allowed under the Plan if such election is
made more than thirty (30) days prior to the date when such deferred benefits are to
commence.
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The maximum deferral period is five years from the Participant's date of death. Provided
that, if the deferral of benefits extends beyond one year from the Participant's date of death,
the manner of payout elected must assure that the entire amount payable is distributed within
five years of the Participant's date of death. Notwithstanding the foregoing, if the Participant's
spouse is the Beneficiary,the beginning of such payments can be deferred until the date the
Participant would have attained age 70 '/l.
C. If no Beneficiary is designated as provided in Section 2.06 or if no Beneficiary survives the
Participant for a period of thirty (30) days, the Employer shall pay to the estate of the
Participant a single lump sum amount equal to the current value of any remaining payments.
If a Beneficiary does not survive the period after the Participant's death during which such
ciary are to be made,then the Employer shall pay to the estate of that
payments to the Benefi
Beneficiary a single lump sum amount equal to the current value of such remaining payments
to that Beneficiary.
ARTICLE VII
WITHDRAWALS
7.01 In the case of an unforeseeable emergency, a Participant may apply to the Committee for withdrawal
of an amount reasonably necessary to satisfy the emergency need. If such application for withdrawal
is approved by the Committee the withdrawal will be effective at the later of the date specified in the
Participant's application or the date of approval by the Committee. The approved amount shall be
payable in a lump sum within thirty (30) days of such effective date of in some other manner
consistent with the emergency need as determined by the Committee. Emergency withdrawals may
not be available subsequent to commencement of certain benefit payments.
7.02 For the purposes of this Plan,the term"unforeseeable emergency"means a severe financial hardship
to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of
a dependent(as defined in Section 152(a)of the Code)of the Participant, loss of the Participant's
property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as
a result of events beyond the control of the Participant. Withdrawals for foreseeable expenditures
normally budgetable, such as a down payment on a home or purchase of an automobile or college
expenses, will not be permitted. The Committee shall not permit withdrawal for unforeseeable
emergency to the extent that such hardship is or may be relieved:
1. through reimbursement of compensation by insurance or otherwise;
2. by liquidation of the Participant's assets, to the extent the liquidation of such assets would
not itself cause severe financial hardship; or
3, by cessation of deferrals under the plan.
7.03 In no event shall the amount of a withdrawal for unforeseeable emergency exceed the amount of
benefits which would have been available to the Participant at the time of withdrawal. Notwithstanding
any other provision of this Plan, if a Participant makes a withdrawal hereunder,the value of benefits
under the Plan shall be appropriately reduced to reflect such withdrawal, and the remainder of any
benefits shall be payable in accordance with otherwise applicable provisions of the Plan.
ARTICLE Vill
LEAVE OF ABSENCE AND MILITARY SERVICE
8.01 A Participant on an approved leave of absence with or without Compensation may continue to
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participate in the Plan subject to all of the terms and conditions of the Plan; provided further,
Compensation may be deferred for such Participant if such Compensation continues while the
Participant is on an approved leave of absence.
8.02 This Plan will be administered in accordance with Code Section 414(u)for employees who return to
work after absences from employment due to military service. This includes make-up contributions
that were not made during the employee's period of military service. Contributions made up will be
subject to the annual contribution limitations for the year in which they relate, rather than the year they
are made.
ARTICLE IX
NOWASSIGNABILITY CLAUSE
Neither the Participant nor any other person shall have any right to commute, sell, assign, pledge, transfer
or otherwise convey or encumber the right to receive any payments hereunder, which payments and rights
thereto are expressly declared to be unassignable and non-transferrable. Nor shall any unpaid benefits be
subject to attachment, garnishment or execution for payment of any debts,judgments, alimony or separate
maintenance owed by the Participant or any other person or be transferable by operation of law in the event
of bankruptcy or insolvency of the Participant or any other person.
ARTICLE X
AMENDMENT OR TERMINATION OF PLAN
10.01 The Employer may terminate or amend the provisions of this Plan at any time; provided however,
no termination or amendment shall affect the rights of a Participant or a Beneficiary to the receipt of
benefits with respect to any Compensation deferred before the time of the termination or amendment,
as adjusted for the investment experience of the Investment Product of the Designated Institution
prior to or subsequent to the termination or amendment.
%02 Upon termination of the Plan, the Participants in the Plan will be deemed to have withdrawn from the
Plan as of the date of such termination. The full Compensation of all Participants will be thereupon
restored on a non-deferred basis. The Employer shall not distribute Plan benefits at the time of such
termination;the Employer shall rather retain all amounts of Deferred Compensation and shall only pay
or dispose of Plan benefits as otherwise provided in the Plan and according to the terms and
conditions of the Plan.
ARTICLE XI
PLAN-TO-PLAN TRANSFERS
11.01 This Plan shall accept for transfer amounts of Compensation previously deferred pursuant to another
'eligible'plan of deferred compensation established pursuant to Section 457 of the Code maintained
by another employer.
11.02 If the Participant separates from service to accept employment with or perform services for another
employer which maintains an"eligible"plan of deferred compensation pursuant to Section 457 of the
Code,the amounts deferred under this Plan shall, at the Participant's election, be transferred to such
other eligible plan,provided such other plan provides or is able to provide for the acceptance of such
amounts. The Participant's election to transfer must be made prior to the date benefits would
otherwise become payable pursuant to the terms of this Plan.
ARTICLE XII
APPLICABLE LAW
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This Plan shall be construed under the laws of the State of Florida, County of Broward.
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