1989-11036-Resolution No. 89-031 Recorded 5/11/1989REVIEW
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNT-Yr -N
A Resolution Approving the
Third Amendment to the
Deferred Compensation Plan for*
Deschutes County Employees.
RESOLUTION NO. 89 -031
:7: : 3
9995 194
WHEREAS, by Resolution No. 89 -019, the Board of County
Commissioners added and approved participation by plan partici-
pants in the National Association of Counties (NACo) Deferred
Compensation Program; and
WHEREAS, participation in the NACo program requires addi-
tional amendments to the Deferred Compensation Plan for Deschutes
County Employees; and
WHEREAS, until such amendments are completed, the NACo plan
document shall be added to and become a part of the Deschutes
County plan; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. That the Plan Document, marked Exhibit "A,"
attached hereto and by this reference incorporated herein, be
added to and made a part of the Deferred Compensation Plan for
Deschutes County Employees for participation in the NACo deferred
compensation program to the extent only that the provisions of
the Plan Document differ from that plan document adopted by
Resolution No. 84 -001, as amended.
DATED this /O day of %2t , 1989.
J
BOARD OF COUNTY COMMISSIONERS
OF p SC COU $ITY, OREGON
ATTEST:
az Cpl., OAX/
Recording Secretary
1 - RESOLUTION NO. 89 -031
KU
1989
/LOI
hf�
W PRANTE, Chair
4POM/ T OOP C issione
d 4
D K MAUDLI , ommissioner
NATIONAL AJJVC:ATIC, J OF COUNTIES
DEFERRED COMPENSATION PROGRAM
THE DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES
0095 1395
PLAN DOCUMENT
Deschutes County
NAME OF COUNTY
The Plan consists of the provisions set forth in this document, and is applicable to each Public
Employee who elects to participate in the Plan. The Plan is effective as to each such Public Employee
upon the date he becomes a "PARTICIPANT" by signing and filing with the Administrator the Par-
ticipation Agreement referred to herein.
ARTICLE I
Definitions
1.01. The following terms shall, for purposes of this Plan, have the meaning set forth below.
(a) ADMINISTRATOR means the person, department, agency or organization appointed by
the EMPLOYER to administer the Plan.
(b) BENEFICIARY means the person properly designated by a PARTICIPANT to receive the
PARTICIPANT'S benefit under this Plan.
(c) COMPENSATION means all payments made by the EMPLOYER as remuneration for ser-
vices rendered, including salaries, fees, etc.
(d) EMPLOYER means 411e above referenced county or any of its agencies,
departments, subdivisions or instrumentalities for which services are performed by a PAR-
TICIPANT.
(e) INCLUDIBLE COMPENSATION means, for the purposes of the limitations on deferrals,
compensation for services performed for the EMPLOYER which is currently includible
in gross income after giving effect to all provisions of the IRC. The amount of Includible
Compensation shall be determined without regard to any community property laws.
(f) INDEPENDENT CONTRACTOR means any person receiving any type of compensation
from the EMPLOYER or any of its agencies, departments, subdivisions or instrumentalities
for which services are rendered pursuant to one or more written or oral contracts, if such
person is not an employee.
(g) IRC means the Internal Revenue Code of 1986, as now in effect or as hereafter amended.
(h) NORMAL RETIREMENT AGE means the age specified in writing by the PARTICIPANT.
If the EMPLOYER has an EMPLOYER'S Retirement System, the Normal Retirement Age
specified by the PARTICIPANT must be an age at which the PARTICIPANT is eligible to
retire pursuant to the EMPLOYER'S Retirement System, by virtue of age, length of ser-
vice, or both, without consent of the EMPLOYER and with the right to receive immediate
retirement benefits without actuarial or similar reduction because of retirement before
some later specified age. In no event shall Normal Retirement Age be later than age 701/2.
PARTICIPANT means any Public Employee who is eligible to defer Compensation under
the Plan and who participates under this Plan by signing the Participation Agreement.
PARTICIPATION AGREEMENT means the application to the Administrator to participate
in the Plan.
(1)
(1)
APO- ' ;02 -A (1 -;;91
Page 1
0095 1396
K) rLi�ll mean:, the Dererrtu L.ornpt ri aii,in a,. i lip '.. es .i . ci Torth In Itll;
document and as it may be ..mended fr,m `ime io tune.
(1) PLAN YEAR means the calendar year in wrvnicn the Plan becomes etfective. and each
succeeding calendar year during the existence of this Plan.
(m) PUBLIC EMPLOYEE means any person who receives any type of compensation from the
EMPLOYER for which services are rendered (including, but not limited to, elected or
appointed officials, salaried employees, and independent contractors).
(n) SEPARATION FROM SERVICE means Separation From Service as defined in IRC Section
402(e)(4)(A)(iii), and on account of the PARTICIPANT'S death or retirement. An Independent
Contractor shall not be considered Separated From Service with the EMPLOYER and shall
not receive any benefits hereunder unless (1) at (east 12 months have expired since the
date on which the fast contract, pursuant to which the Independent Contractor provided
any services to the EMPLOYER, was terminated, and (2) the Independent Contractor has
performed no services for the EMPLOYER during the 12 -month period referred to herein
either as an Independent Contractor or employee.
(o) UNFORESEEABLE EMERGENCY means severe financial hardship to the PARTICIPANT
resulting from a sudden and unexpected illness or accident of the PARTICIPANT or a
dependent (as defined in IRC Section 152(a)) of the PARTICIPANT, loss of the
PARTICIPANT'S property due to casualty, or other similar or extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the
PARTICIPANT.
ARTICLE 11
Election to Defer Compensation
2.01. The PARTICIPANT may elect to participate by signing the Participation Agreement and
consenting to a reduction of salary by the deferral amount specified in the Participation Agreement.
The amount of the reduction ( "deferred amount ") must equal at (east $20 per month.
2.02. The EMPLOYER shall commence the reduction no earlier than the first pay period com-
mencing during the first month after the date on which the Participation Agreement is filed with
the Administrator.
2.03. (a) The PARTICIPANT may Awoke his election to participate and may amend the amount
of Compensation to be deferred by signing and filing with the Administrator a written revocation
or amendment on a form and in the procedural manner approved by the Administrator. In addition,
the PARTICIPANT may amend his investment specification in the procedural manner approved by
the Administrator. Any amendment which increases the amount deferred for any pay period shall
be effective only if an agreement providing for such additional deferred amount is entered into
before the beginning of the month in which the pay period commences. Any revocation or
amendment of the amount deferred shall be effective prospectively only. Any change in the
PARTICIPANT'S investment specification by the PARTICIPANT, whether it applies to amounts
previously deferred or amounts to be deferred in the future, shall be effective prospectively only
and shall be effective on a date consistent with the rules and specifications of the investment carder.
(b) After the death of the PARTICIPANT, his Beneficiary shall have the right to amend the
PARTICIPANT'S, or the Beneficiary's own, investment specification by signing and filing with the
Administrator a written amendment on a form and in the procedural manner approved by the
Administrator. Any change in an investment specification by a Beneficiary shall be effective on
a date consistent with the rules and specifications of the investment carrier. The right of a Benefi-
ciary to amend an investment specification shall terminate on the last day available for an election
concerning the mode of payment pursuant to Section 8.03 below.
2.04. The PARTICIPANT may not make deferrals under this Plan after the month in which he attains
age seventy (70).
Notice to ALL PARTICIPANTS to Read These Provisions Providing Deferral Limitations and "Catch-
up" Deferrals Under the Plan.
2.05. Except as provided in Section 2.06, the maximum deferred amount under the Plan for the
PARTICIPANT'S taxable year shall not exceed the lesser of (a) $7,500 or (b) 33 1/3 % of the PAR -
TICIP.ANT'S Includible Compensation as provided in IRC Section 457.
Pic
APO - ',02 -A (1 -891
0095 1397
2. 5. For one or more of the PART1C,IPANT'S last ; 's; able years n : : :,erore the attainment
of Normal Retirement Age under the Plan, the maximum deferral ;:t1.-111 ;,e :he lesser or: (a)$15.000
or (b) the limitation established forthe taxable year under Section 2.05. plus the limitation established
for purposes of Section 2.05 for prior taxable years beginning after December 31, 1978. during which
the PARTICIPANT was eligible to participate less the amount of Compensation deferred under the
Plan for such prior taxable years.
207. In applying the deferral limitations of Sections 2.05 and 2.06, any amounts excluded from
the PARTICIPANT'S gross income for the taxable year under IRC Section 403(b), and, effective
January 1, 1989, under IRC Sections 402(a)(8) and 402(h)(1)(B), shall be treated as amounts deferred
as provided in IRC Section 457(c).
ARTICLE III
EMPLOYER Contributions
The EMPLOYER may contribute to the Plan for PARTICIPANTS. EMPLOYER contributions shall
vest at the time such contributions are made. For purposes of administering Sections 2.05 and
2.06, EMPLOYER contributions shall apply toward the maximum deferral limits in the Plan Year
that such contributions are made.
ARTICLE IV
Plan Transfers
4.01. If a PARTICIPANT terminates employment with the EMPLOYER and accepts employment
with another employer which maintains an eligible deferred compensation plan (as defined in IRC
Section 457) and the new employer's plan accepts transfers, the PARTICIPANT may transfer his
account balance from the Plan to the plan maintained by the new employer.
4.02. Transfers from other eligible deferred compensation plans (as defined in IRC Section 457)
to the Plan will be accepted at the PARTICIPANT'S request if such transfers are in cash or non -
annuity products currently offered under the Plan. Any such transferred amount shall not be subject
to the limitations of Section 2.05, provided, however, that the actual amount deferred during the
calendar year under both plans slll be taken into account in calculating the deferral limitation
for that year. For purposes of determining the limitation set forth in Section 2.06, years of eligibility
to participate in the prior plan and deferrals under that plan shall be considered.
ARTICLE V
Designation of Beneficiary
The PARTICIPANT shall have the right to file, with the Administrator, a written Beneficiary or change
of Beneficiary form designating the person or persons who shall receive the benefits payable under
this Plan in the event of the PARTICIPANT'S death. The form for this purpose shall be provided
by the Administrator and will have no effect until it is signed, filed with the Administrator by the
PARTICIPANT, and accepted by the Administrator. If the PARTICIPANT dies without having a
Beneficiary form on file, the benefits will be paid to the PARTICIPANT'S estate. The PARTICIPANT
accepts and acknowledges that he has the burden for executing and filing with the Administrator
a proper Beneficiary designation form.
ARTICLE VI
Accounts and Reports
6.01. THE EMPLOYER shall remit the amounts deferred to the Administrator or his designated
agent. The Administrator shall have no duty to determine whether the funds paid to him. by the
EMPLOYER are correct, nor to collect or enforce such payment.
6.02. For convenience and to facilitate an orderly administration of the Plan, the Administrator
shall maintain a deferred account with respect to each PARTICIPANT. A written report of the status
of the PARTICIPANT'S deferred account shall be furnished at least annually and within ninety (90)
days after the end of each calendar year to the PARTICIPANT.
Page 3
0095 1398
`Nithin ninety (90) days atter the end of the ;aienriar :ear• .n�� +o,ministrator :;hall file with
the EMPLOYER a written report of the assets of the Plan. a sohe,uu,e or all iecoipts ana uisburse-
ments, and a report of all material transactions of the Plan during the preceding year.
6.04. The Administrator's records shall be open to inspection during normal business hours by
the EMPLOYER or any PARTICIPANT, or their designated representatives.
6.05. All reports to the PARTICIPANT shall be based on fair market value as of the reporting date.
ARTICLE VII
Investment of Deferred Amount
7.01. The deferred amounts shall be delivered by the EMPLOYER to the Administrator or his
designated agent for investment as designated by the EMPLOYER.
7.02. The EMPLOYER shall use the PARTICIPANT'S or Beneficiary's investment specifications
so as to determine the value of the deferred account maintained with respect to the PARTICIPANT
as if the deferred amounts had been invested according to such specifications. The EMPLOYER
shall be under no obligation to invest the deferred amounts as specified by the PARTICIPANT or
Beneficiary.
7.03. All interest, dividends, - charges for premiums and administrative expenses, and changes in
value due to market fluctuations applicable to each PARTICIPANT'S deferred account shall be
credited or debited to the account as they occur.
7.04. All assets of the Plan, including all deferred amounts, property and rights purchased with
deferred amounts, and all income attributable to such deferred amounts, property or rights, shall
be the exclusive property of the EMPLOYER and shall be subject to all claims of creditors of the
EMPLOYER, without protection or preference. Contracts and other evidences of the investments
of all assets under this Plan shall be registered in the name of the EMPLOYER which shall be the
owner thereof. The rights of the PARTICIPANT created by this Plan shall be those of a general
creditor of the EMPLOYER, and in an amount equal to the fair market value of the deferred account
maintained with respect to the PARTICIPANT. The PARTICIPANT acknowledges that his rights are
no greater than those of a general creditor of the EMPLOYER and that in any suit for an accounting,
to impose a constructive trust, or to recover any sum under this Plan, the PARTICIPANT'S rights
are limited to those of a generaCditor of the EMPLOYER. The EMPLOYER acknowledges that
the Administrator is the agent of the EMPLOYER.
ARTICLE VIII
Benefits
8.01. Commencement of Distributions: The PARTICIPANT may elect the time at which distributions
under the Plan are to commence by designating the month and year during which the first
distribution is to be made. The date designated by the PARTICIPANT shall not be sooner than the
date on which the PARTICIPANT separates from service, and must be at least sixty -five (65) days
following the date on which the election is filed with the Administrator. The PARTICIPANT shall
make such election no later than thirty (30) days following separation from service. Benefits payable
to the PARTICIPANT will be the equivalent of the total benefits that would have been credited had
the deferred amounts been invested as specified by the PARTICIPANT.
The date elected for commencement of distributions ( "the Elected Commencement Date ") shall
be not later than the Mandatory Commencement Date, which is the later of:
(a) Sixty (60) days after the end of the Plan Year in which the PARTICIPANT or former
PARTICIPANT attains (or would have attained) Normal Retirement Age; or
(b) Sixty (60) days after the end of the Plan Year in which the PARTICIPANT separates from
service with the EMPLOYER.
Provided, however, effective January 1, 1989, the Mandatory Commencement Date shall be the later
of:
(a) April 1 of the calendar year following the calendar year in which the PARTICIPANT attains
age 701/2: or
(b) April 1 of the calendar year following the caienaar year in which the PARTICIPANT separates
from service with the EMPLOYER.
Pane
0095 199
�UC,I election :;hall not be changea once the ',
Administrator within the appropriate time period Mil ;esu t ul :;r n; traor :)eaulning
distributions on the Mandatory Commencement Gate.
8.02. Mode of Payment: Benefits shall be paid in accordance with the payment option elected
by the PARTICIPANT. Payment, method of payment, and settlement options are available as provided
by each of the available investment specifications. At least sixty -five t65) days prior to the Elected
or Mandatory Commencement Date. the PARTICIPANT shall elect the moae of payment based upon
the options then available. Such election shall be irrevocable after the sixty -tifth (65th) day preceding
the date on which benefits will commence. Failure to file an election with the Administrator will
result in the Administrator electing an annuity payout for the PARTICIPANT providing for equal
payments to the PARTICIPANT on a monthly basis for the remainder of the PARTICIPANT'S life.
8.03. Payments to Beneficiary: If the PARTICIPANT dies while employed with the EMPLOYER,
or the PARTICIPANT dies before the benefits to which he is entitled under this Plan have been
exhausted, the benefit payable under this Plan shall be paid to his designated Beneficiary.
The Beneficiary shall have the right to elect the time and mode of payment of such benefits, subject
to the limitations set forth in this Plan. Such election as to the time of payment (distribution
commencement date) shall be -fired by the Beneficiary not later-than thirty (30) days following the
PARTICIPANT'S death and shall not be changed once the election is made. The distribution
commencement date must be at least sixty (60) days following the date of death (subject to the
December 31 commencement date for surviving spouses as described later in this Section), and
distributions to a Beneficiary shall be completed within the applicable time period specified in the
remaining paragraphs of this Section. An election concerning the mode of payment shall be filed
by the Beneficiary either (1) at least sixty -five (65) days prior to the date elected for the
commencement of benefits, or (ii) not later than thirty (30) days following the PARTICIPANT'S death,
whichever is later.
Failure to file an election as to the time of payment will result in the Administrator beginning
distribution to the Beneficiary within sixty (60) days following the close of the Plan Year in which
the PARTICIPANT died. Failure to file an election as to the manner of payment will result in the
Administrator making a lump siTht cash distribution.
If the PARTICIPANT dies prior to January 1, 1989, benefits payable to a Beneficiary shall, in all events,
be completed during a period not in excess of (a) the life of the Beneficiary, if such Beneficiary
is the surviving spouse of the PARTICIPANT, or (b) 15 years, in all other circumstances.
if the PARTICIPANT dies on or afterJanuary 1, 1989, and after the commencement of distributions,
then any amount not distributed to the PARTICIPANT during his life shall be distributed to the
Beneficiary at least as rapidly as under the method of distribution used by the PARTICIPANT at
the time of the PARTICIPANT'S death. In addition, if the PARTICIPANT dies prior to the
commencement of distributions, but on or after January 1, 1989, then the PARTICIPANT'S account
shall be distributed to the Beneficiary within 5 years (or over the life or life expectancy of the
Beneficiary, but not to exceed 15 years, if distributions commence within 1 year); provided, however,
that if such Beneficiary is the surviving spouse of the PARTICIPANT, then (a) such distributions
shall, in all events, commence no later than December 31 of the calendar year in which the
PARTICIPANT would have attained age 701 (or such other date as may be permitted under
applicable Treasury Regulations), and (b) benefits payable to such spouse shall be completed during
a period not in excess of such spouse's life expectancy.
No settlement option available to the PARTICIPANT shall provide benefits to Beneficiaries which
are equal to or greater than one -half of the maximum benefit (33 113% of the maximum benefit
effective January 1, 1989, or such other amount as may be permitted under applicable Treasury
Regulations) that would have been payable to the PARTICIPANT if no provision had been made
for payment to a Beneficiary (as determined by the use of the expected return multiples in Treasury
Regulation Section 1.72 -9, or, in the case of payments under a contract issued by an insurance
company, by the use of the mortality tables or such company).
PO -•)02-- (1 -.;91
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0095 1400
J.L,4 1JnroreseeaDle t _(ner;encv:Nctwitn:-,tanrim': iii "r i..1 i7.=••!'t'!lt,)(.in
Unforeseeable Emergency, a PARTICIPANT may rust that be ' .nt:: c ' arii to ,tern unrneniateiy;
provraea. however. that payment or any such benerrts alter ,na E.iectea or Manuatory
Commencement Date shall be subject to any limitations specifies by an investment carrier. Such
request shall be filed in accordance with procedures estabiisned pursuant to this Plan. If the
application for payment is approved by the EMPLOYER or its designee. payments shall be effected
within 45 days of such approval. Benefits to be paid shall be limited strictly to the amount necessary
to meet the Unforeseeable Emergency constituting financial hardship to the extent such
Unforeseeable Emergency is not relieved:
(a) through reimbursement or compensation by insurance or otherwise:
(b) by liquidation of the PARTICIPANT'S assets, to the extent the liquidation of such assets
would not itself cause financial hardship; or
(c) by cessation of deferrals under the Plan.
Foreseeable personal expenditures normally budgetable, such as a down payment on a home, the
purchase of an automobile, college or other educational expenses, etc., will not constitute an
Unforeseeable Emergency. The decision of the EMPLOYER or its designee conceming the payment
of benefits under this section shall be final.
ARTICLE IX
Administration of Plan
9.01. The Plan may be amended, modified, or terminated at any time without the consent of the
PARTICIPANT (or any Beneficiary thereof). After January 1, 1988, all amendments shall become
effective upon issuance of notice of the amendments by the Administrator to the EMPLOYER. To
the extent it is possible to do so, the Administrator shall mail an explanation of all amendments
that become effective during the year to the PARTICIPANT with his annual report. No amendments
shall deprive the PARTICIPANT of any of the benefits to which he is entitled under this Plan with
respect to deferred amounts credited to his account prior to the effective date of the amendment:
If the Plan is curtailed, terminator the acceptance of additional deferred amounts suspended
permanently, the Administrator shall nonetheless be responsible for the supervision of the payment
of benefits resulting from amounts deferred prior to the amendment, modification, or termination
in accordance with Article VIII hereof.
9.02. Any companies that may issue any policies, contracts, or other forms of investment media
used by the EMPLOYER or specified by the PARTICIPANT, are not parties to this Plan and such
companies shall have no responsibility or accountablility to the PARTICIPANT or his Beneficiary
with regard to the operation of this Plan.
9.03. Participation in this Plan by a Public Employee shall not be construed to give a contract
of employment to the PARTICIPANT or to alter or amend an existing employment contract of the
PARTICIPANT, nor shall participation in this Plan be construed as affording to the PARTICIPANT
any representation or guarantee regarding his continued employment.
9.04. The EMPLOYER and the Administrator do not represent or guarantee that any particular
Federal or State income, payroll, personal property, or other tax consequence will occur because
of the PARTICIPANT'S participation in this Plan. The PARTICIPANT should consult with his own
representative regarding all questions of Federal or State income, payroll, personal property, or
other tax consequences arising from participation in this Plan.
9.05. The Administrator shall have the power to appoint agents to act for and in the administration
of this Plan and to select depositories for the assets of this Plan.
9.06. Whenever used herein, the masculine gender shall include the feminine and the singular
shall include the plural unless the provisions of the Plan specifically reauire a different construction.
P u
AP' -1)2 A (1 -WSJ)
9.07. The laws of the state of the EMPLOYE:: ;n ! ; ;at :, 0095 1401
validity of this Plan.
9.08. The rights of the PARTICIPANT under this Plan shall not be subject to the rights of creditors
of the PARTICIPANT or any Beneficiary, and shall be exempt from execution, attachment, prior
assignment, or any other judicial relief or order for the benefit of creditors or other third persons.
9.09. It is agreed that neither the PARTICIPANT nor his Beneficiary nor any other designee shall
have any right to commute, sell, assign, transfer, or otherwise convey the right to receive any
payments hereunder which payments and right thereto are expressly declared to be nonassignable
and nontransferable.
9.10. This Plan, and any properly adopted amendments, shall constitute the total agreement or
contract between the EMPLOYER and the PARTICIPANT regarding the Plan. No oral statement
regarding the Plan may be relied upon by the PARTICIPANT.
9.11. This Plan and any properly adopted amendments, shall be binding on the parties hereto and
their respective heirs, administrators, trustees, successors, and assignees and on all Beneficiaries
of the PARTICIPANT.
ARTICLE X
Notice to ALL PARTICIPANTS to Read These Provisions Providing Broad Powers and Absolute
Safeguards to the EMPLOYER
10.01. The EMPLOYER, or its authorized agent, the Administrator, shall be authorized to resolve
any questions of fact necessary to decide the PARTICIPANT'S right under this Plan and such
decision shall be binding on the PARTICIPANT and any Beneficiary thereof.
10.02. The EMPLOYER, or its au. prized agent, the Administrator, shall be authorized to construe
the Plan and to resolve any ambiguity in the Plan.
10.03. The PARTICIPANT specifically agrees not to seek recovery against the EMPLOYER, the
Administrator or any other employee, contractee, or agent of the EMPLOYER or Administrator, or
any endorser for any loss sustained by the PARTICIPANT or his Beneficiary, for the non - performance
of their duties, negligence, or any other misconduct of the above named persons except that this
paragraph shall not excuse fraud or wrongful taking by any person.
10.04. The EMPLOYER, or its agents including the Administrator, if in doubt concerning the
correctness of their action in making a payment of a benefit, may suspend the payment until satisfied
as to the correctness of the payment or the person to. receive the payment or allow the filing in
any State court of competent jurisdiction, a suit in such form as they consider appropriate for a
legal determination of the benefits to be paid and the persons to receive them. The EMPLOYER
shall comply with the final orders of the court in any such suit and the PARTICIPANT, for himself
and his Beneficiary, consents to be bound thereby insofar as it affects the benefits payable under
this Plan or the method or manner of payment.
10.05. The EMPLOYER and its agents, including the Administrator, are hereby held harmless from
all court costs and all claims for the attorneys' fees arising from any action brought by the
PARTICIPANT or any Beneficiary thereof under this Plan or to enforce his rights under this Plan,
including any amendments hereof.
10.06. The Administrator shall not be required to participate in any litigation concerning the Plan
except upon written demand from the EMPLOYER. The Administrator may compromise. adjust or
effect settlement of litigation when specifically instructed to do so by the EMPLOYER.
.NCI - (1 -891
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0095 1402
Prior Plan
If the EMPLOYER has already accepted the National Association of Counties Deferred
Compensation Program and adopted an eligible deferred compensation plan, as defined in IRC
Section 457, under such Program (the "Prior Plan "), then the EMPLOYER intends that this Plan
shall amend and restate the Prior Plan. In such event, this Plan shall apply to all participants in
the Prior Plan on the effective date hereof, and also to each Public Employee who elects to
participate in this Plan on and after the effective date hereof.
ARTICLE XII
Effective Date
This Plan shall be effective on the date and year written below.
IN WITNESS WHEREOF, the undersigned has executed this Plan this 1nth of
May 19 89
Deschutes
(Name of County)
B
APO- 'i02-A 1 -,i91
