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CALIFORNIA PUBLIC EMPLOYEES ' <br /> DEFERRED COMPENSATION PLAN <br /> The purpose of this Plan is to provide deferred <br /> compensation for California public employees that elect to <br /> participate in the Plan. This Plan is established pursuant to <br /> sections 21670 through 21678 of the Government Code of the State <br /> of California and is intended to constitute an "eligible deferred <br /> compensation plan" within the meaning of section 457 of the <br /> Federal Internal Revenue Code . <br /> ARTICLE 1 DEFINITIONS <br /> The following terms when used herein shall have the <br /> following meaning: <br /> 1 . 1 Account : The bookkeeping account maintained with <br /> respect to each Participant which reflects the value of the <br /> deferred compensation credited to the Participant, including the <br /> Participant ' s Deferrals, the earnings or loss of the Fund (net of <br /> Fund expenses) allocable to the Participant, any Transfers for <br /> the Participant ' s benefit, and any distributions made to the <br /> Participant or the Participant ' s Beneficiary. <br /> 1 . 2 Adoption Agreement : The agreement under which an <br /> Employer becomes a participating Employer under this Plan. <br /> 1 . 3 Beneficiary: The person or persons designated by <br /> the Participant to receive distributions from the Participant's <br /> Account after the Participant ' s death. <br /> 1 .4 Board: The Board of Administration of PERS . <br /> 1 , 5 Code : The Federal Internal Revenue Code of 1986, <br /> as amended from time to time . <br />