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Home My WebLink AboutADDING ROTH AMENDMENT TO 457 (b) PLAN Attachment number 1\nPage 1 0 Nationwide° Nationwide Retirement Solutions Roth Contribution Amendment to the Deferred Compensation Plan for Public Employees 457 Governmental Plan and Trust Plan Name: Page 1 of 3 Preamble 11 Adoption and effective date of amendment-The Employer adopts this Amendment to reflect Code Section 402A,as amended by the Small Business Jobs Act of 2010("SBJA").This Amendment is intended as good faith compliance with the requirements of Code Section 402A and guidance issued thereunder,and this Amendment shall be interpreted in a manner consistent with such guidance.This Amendment shall be effective as of the date specified below. 1.2 Eligible governmental 457 plan -The Employer is an eligible employer as defined in Code§457(e)(1) (A). 1.3 Supersession of inconsistent provisions -This Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment. Article II: Effective Date and Unforeseeable Emergency 2.1 Effective Date of Designated Roth Contributions- Designated Roth Contributions are permitted under the Plan as of the date this Amendment is executed below,which is no earlier than the earlier of (i)the Effective Date as defined herein or(ii)the effective date of any prior adoption of Designated Roth Contribution provisions. 2.2 Unforeseeable Emergency- If the Plan permits distributions of Elective Deferrals on account of an unforeseeable emergency, Designated Roth Contributions may be withdrawn on account of an unfore- seeable emergency subject to the same qualifications that apply to Pre-tax Elective Deferrals. Article III: Designated Roth Contributions 3.1 Designated Roth Contributions are permitted-The Plan's definitions and terms shall be amended as follows to allow for Designated Roth Contributions as of the Effective Date. Designated Roth Contributions shall be treated in the same manner as Deferral Contributions for all Plan purposes except as provided in Article II of this amendment.The Employer may,in operation,implement deferral election procedures provided such procedures are communicated to Participants and permit Participants to modify their elections at least once each Plan Year, 3.2 Deferral Contributions-The Plan's definition of Deferral Contributions at Section 1.08 is deleted and replaced as follows: "Deferral Contributions" means Salary Reduction Contributions,Non-elective Contributions,Matching Contributions and Designated Roth Contributions.The Employer or the Administrative Services Provider(if applicable)in applying the Code§457(b)limit will take into account Deferral Contributions in the Taxable Year in which contributed.The Employer or Administrative Services Provider(if applicable)in determining the amount of a Participant's Deferral Contributions disregards the net income,gain and loss attributable to Deferral Contributions. 3.3 Salary Reduction Contributions-The Plan's definition of Salary Reduction Contributions at Section 1.27 is deleted and replaced as follows: "Salary Reduction Contributions" means a Participant's Elective Deferrals which are not includible in the Participant's gross income at the time deferred and have been irrevocably designated as Salary Reduction Contributions by the Participant in his or her deferral election.A Participant's Salary Reduction Contributions will be separately accounted for,as will net income,gain or loss,attributable to those Salary Reduction Contributions.All Deferral Contributions prior to this amendment are Salary Reduction Contributions. Item #4 NRN-1129A0 (07/2015) Attachment number 1\nPage 2 Nationwide Retirement Solutions Roth Contribution Amendment to the Deferred Compensation Plan for Public Employees 457 Governmental Plan and Trust Plan Name: Page 2 of 3 3.4 Designated Roth Contributions- "Designated Roth Contributions"means a Participant's Deferral Contributions that are includible in the Participant's gross income at the time deferred and have been ir- revocably designated as Designated Roth Contributions by the Participant in his or her deferral election. A Participant's Designated Roth Contributions will be separately accounted for,as will gains and losses attributable to those Designated Roth Contributions.However,forfeitures may not be allocated to such account.The Plan must also maintain a record of a Participant's investment in the contract(i.e.,designat- ed Roth contributions that have not been distributed)and the year in which the Participant first made a Designated Roth Contribution. 3.5 Distribution Rule- Withdrawals(including,but not limited to,withdrawals on account of an unfore- seeable emergency)from Participant's accounts may be directed by the Participant from either Salary Reduction Contributions,Designated Roth Contributions or pro rata from Salary Reduction Contribu- tions and Designated Roth Contributions. 3.6 Corrective distributions attributable to Designated Roth Contributions- For any calendar year in which a Participant may make both Designated Roth Contributions and Salary Reduction Contributions, the corrective distribution from the Participant's accounts will be taken pro rata from a Participant's Salary Reduction Contributions and Designated Roth Contributions made during such calendar year. Furthermore,the Participant may elect which type of Deferral Contributions shall be distributed first. 3.7 Loans- If Participant loans are permitted under the Plan,all Participant Roth Accounts will be con- sidered for the purposes of loans in accordance with this Section. Roth Accounts include the following: Designated Roth Contribution accounts,all Rollover and Transfer accounts,to the extent those accounts constitute Roth Accounts. For any loans made on or after the Effective Date of this Amendment,the loan policy or program is amended to enable a Participant to use a Participant's Roth Account in the calculation of the loanable amount; however, loans may not be funded from the Participant's Roth Account. For Plans that adopt or amend a loan policy or program on or after the date of this Amendment,the Plan's loan policy or program shall govern in the event of a conflict. Item #4 NRN-1129A0 (07/2015) ` Attachment number 1\nPage 3 Nationwide Retirement Solutions Roth Contribution Amendment to the Deferred Compensation Plan for Public Employees 457 Governmental Plan and Trust Plan Name: Page 3 of 3 3.8 Rollovers -A direct rollover of a distribution from the Designated Roth Contribution account shall only be made to a plan which includes Designated Roth Contributions as described in Code Section 402A(e)(1)or to a Roth IRA as described in Code Section 408A,and only to the extent the rollover is permitted under the rules of Code Section 402(c). 3.8.1 The Plan shall accept a rollover contribution of Designated Roth Contributions only if it is a direct rollover from another Plan which permits Designated Roth Contributions as described in Code Section 402A(e)(1)and only to the extent the rollover is permitted under the rules of Code Section 402(c).The Employer,operationally and on a uniform and nondiscriminatory basis, may decide whether to accept any such rollovers. 3.8.2 The Plan shall not provide for a direct rollover(including an automatic rollover)for distributions from a Participant's Designated Roth Contribution account if the amounts of the distributions that are eligible rollover distributions are reasonably expected to total less than$200 during a year. In addition, any distribution from a Participant's Designated Roth Contribution account is not taken into account in determining whether distributions from a Participant's other accounts are reasonably expected to total less than $200 during a year. Furthermore, the Plan will treat a Participant's Designated Roth Contribu- tion account and the Participant's other accounts as held under two separate plans for purposes of ap- plying the automatic rollover rules. However, eligible rollover distributions of a Participant's Designated Roth Contributions are taken into account in determining whether the total amount of the Participant's account balances under the Plan exceed the Plan's limits for purposes of mandatory distributions from the Plan. 3.9 Operational Compliance-The Plan and the Administrative Services Provider will administer Des- ignated Roth Contributions in good faith with applicable regulations or other binding authority not reflected in this amendment.Any applicable regulations or other binding authority shall supersede any contrary provisions of this Amendment /� This Amendment has been exec -- a . - horized individual this �2t day pr 20_19_. ity Apj.110 deBy: if //� A 'a jU. i//ice it z. E77q Signature } 2//1 tl�l 11 Title: v ,. .° WA`s+ I t" r�R ti s S Email Address r{ i'i. ti_ , ' o 1 a ' v_- Name of Plan: t a 0. • _ Atka U X10 r t0 . �� ! o ('� Es IV444,,CiP:oRGIP1,401$7�4►MIM Plan Number: oa3�`l'3g0 �h, Effective Date of Amendment: i9 lel Y: Item #4 NRN-1129A0 (07/2015)