§ 5.19.060. Limits on amounts deferred.

A.

Annual Limitations on Deferred Compensation Contributions.

1.

For calendar years beginning on or after January 1, 2004, the amount deferred by a Participant under the Plan for any Plan Year shall not exceed a ceiling which shall be the lesser of (1) the Dollar Limit, as defined in this section, or (2) 100 percent of the Participant's Includible Compensation, provided that the cumulative amount deferred shall not exceed 100 percent of the Participant's cumulative Includible Compensation for the current Plan Year. The "Dollar Limit" means the "applicable dollar limit" as defined in Code section 457(e)(15) or a successor provision. For Plan Years beginning on or after January 1, 2007, the Dollar Limit shall be adjusted for the calendar year to reflect increases in cost-of-living in accordance with Code sections 457(e)(15) and 415(d).

2.

The maximum amount under this subsection A that may be deferred in any of the last three Plan Years ending before the Plan Year in which the Participant attains Normal Retirement Age may be increased to the lesser of (1) twice the Dollar Limit in effect for such Plan Year, or (2) the sum of the Plan ceiling for the Plan Year determined under subsection A1 plus the Plan ceiling for any prior taxable years (determined under the applicable Code section 457(b)(2) limits and coordination requirements) in which the Participant was eligible to participate in the Plan, less the amount of Deferred Compensation Contributions made to the Plan for such prior taxable years.

3.

For purposes of this Section 5.19.060, amounts deferred under the Plan include all Deferred Compensation Contributions for such Plan Year plus all Matching Contributions for such Plan Year.

B.

In any Plan Year in which the Participant participates in more than one "eligible deferred compensation plan," within the meaning of Code section 457(b), maintained by any "eligible employer," within the meaning of Code section 457(e)(1), the limitations on Deferred Compensation Contributions under subsection A shall apply to a Participant's aggregate annual amounts deferred under all such eligible deferred compensation plans in accordance with the individual limitation under Code section 457(c). For purposes of applying the individual limitation under Code section 457(c), the Plan limitation set forth in subsection A2 (special Code section 457 contribution for the three Plan Years prior to the Participant's Normal Retirement Age) shall be taken into account only to the extent that a Deferred Compensation Contribution is made for a Participant under the Plan as a result of such Plan limitation.

C.

In any Plan Year in which the Participant participates in more than one "eligible deferred compensation plan," within the meaning of Code section 457(b), maintained by the County, the limitations on Deferred Compensation Contributions (including Matching Contributions) as determined under subsections A1 and A2 shall apply to a Participant's aggregate annual amounts deferred under all such eligible deferred compensation plans.

1.

Amounts deferred under the Plan in excess of the maximum amounts determined under subsection A shall be distributed to the Participant, with allocable net income, as soon as administratively practical after the amount of the excess deferral is determined. With respect to excess deferrals that are attributable to Deferred Compensation Contributions, the excess deferrals shall be includible in gross income of the Participant in the taxable year in which the amounts were deferred under the Plan. With respect to excess deferrals that are attributable to Matching Contributions, the excess deferrals shall be includible in gross income of the Participant in the taxable year in which the contributions are made to the Plan.

2.

Excess deferrals will be distributed from contributions that, pursuant to this provision, are treated as having been made to the Plan last. To the extent administratively practical, in any taxable year in which it is determined that excess deferrals are made to the Plan, the Plan will treat the contributions to the Plan as being made in the following order: first, Matching Contributions that were made to the Plan in the taxable year that excess deferrals are made; second, Basic Deferred Compensation Contributions; and, third, Supplemental Deferred Compensation Contributions.

(Ord. 2004-0001 § 2 (part), 2004.)