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2022-202
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Last modified
10/31/2022 12:05:16 PM
Creation date
10/31/2022 11:56:24 AM
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Official Documents
Official Document Type
Plan
Approved Date
10/11/2022
Control Number
2022-202
Agenda Item Number
8.C.
Entity Name
Lincoln Financial Group and Trust Company
Subject
Deferred Compensation Plan and Trust. Effective date September 29, 2022
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performed for the Employer. The amount of Includible Compensation is determined without <br />regard to any community property laws. <br />"Normal Retirement Age" means age 70 '/2, unless the Participant has elected an alternate <br />Normal Retirement Age and delivered such election to the Administrator. Such date shall be no <br />earlier than the earliest date that the Participant will become eligible to retire and receive, under <br />the basic defined benefit pension plan of the Employer (or a money purchase plan in which the <br />Participant also participates if the Participant is not eligible to participate in a defined benefit <br />plan) immediate retirement benefits without actuarial or similar reduction because of retirement <br />before some later specified age, but not greater than age 70 'h. If a Participant continues <br />employment after attaining age 70 %, not having previously elected an alternate Normal <br />Retirement Age, the Participant's alternate Normal Retirement Age shall not be later than the <br />mandatory retirement age, if any, established by the Employer, or any age at which the <br />Participant actually has a Severance from Employment if the Employer has no mandatory <br />retirement age. If the Participant will not become eligible to receive benefits under a basic <br />defined benefit pension plan (or money purchase pension plan, if applicable) maintained by the <br />Employer, the Participant's alternate Normal Retirement Age may not be earlier than age 65 and <br />may not be later than age 70 %2. <br />In the event a Participant is a qualified police or firefighter (as defined under Code Section <br />415(b)(2)(IT)(ii)(I)) Normal Retirement Age means age 70 %2, unless the Participant has elected <br />an alternate Normal Retirement Age and delivered such election to the Administrator, which may <br />not be earlier than age 40 and may not be later than age 70 %z. <br />A Participant's Normal Retirement Age must be the same as his or her Normal Retirement Age <br />under any other eligible deferred compensation plan or plans sponsored by the Employer. The <br />designation of a Normal Retirement Age under the Plan does not compel retirement with the <br />Employer. <br />The "Participant" means an individual who is currently deferring Compensation, or who has <br />previously deferred Compensation under the Plan by salary reduction and who has not received a <br />distribution of his or her entire benefit under the Plan. Only individuals who perform services for <br />the Employer as an Employee may defer Compensation under the Plan. <br />A "Plan Year" means the calendar year. <br />"Roth Contributions" means the amount of any Annual Deferral elected by a Participant that is <br />irrevocably designated by the Participant as being made pursuant to, and intended to comply <br />with, Code Section 402A. Roth Contributions are includable in the Participant's taxable gross <br />income at the time they are contributed to the Plan and have been irrevocably designated as Roth <br />Annual Deferrals by the Participant in their deferral agreement. The Administrator shall establish <br />and maintain for the Employee a separate account for any Roth Contributions made to the Plan, <br />to which only Roth Contributions and the income attributable thereto shall be allocated. Roth <br />Contributions also include any contributions made to another eligible retirement plan that are <br />rolled over to the Plan in accordance with the provisions of Section 7.1 and that the Participant <br />designated as Roth contributions at the time they were contributed to such other plan. <br />4 <br />Specimen 457(b) Plan Document <br />Deferred Compensation Plan <br />
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