Agmt04 Separation incentive SIP - Laserfiche WebLink

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INTRODUCTION The City of Redwood City ("Employer") has adopted this tax qualified governmental defined benefit plan for the benefit of its eligible employees to provide supplemental retirement benefits to eligible employees of the Employer in addition to the benefits employees will receive from the California Public Employees' Retirement System ("PERS"). It is intended that this plan and the trust established to hold the assets of the plan shall be qualified under section 401(a) and tax-exempt under Section 501(a) of the Internal Revenue Code of 1986, together with any amendments thereto (the "Code"). It is further intended that this plan and the trust established hereunder shall meet the requirements of a pension trust under California Government Code sections 53215 - 53224, or their successor sections (the "Act"). At any time prior to the satisfaction of all liabilities with respect to members and their beneficiaries under the trust created pursuant to the this plan, the trust assets shall not be used for, or diverted to, purposes other than the exclusive benefit of members or their beneficiaries, as prescribed in Section 401(a)(2) of the Code. It is intended that the plan satisfy the requirement of the applicable provisions of the Uruguay Round Agreements Act, the Small Business Job Protection Act, the Taxpayer Relief Act of 1997 and the Uniformed Services Employment and Reemployment Rights Act of 1994 (commonly referred to as the "GUST" amendments), and that the provisions of this plan reflecting the GUST amendments are hereby made effective as of the dates required by the legislation referred to in this sentence. -1- NB I :508358.9 ~, ..,...--..