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POL Government Elected Officials Auditor Griffin-Valade Charter, Code & Policies City Code & Charter Online Code & Charter Title 5 Revenue and Finan Chapter 5.09 Deferred Compensation Plan
5.09.055 Catch-up Provisions

(Amended by Ordinance Nos. 179417 and 182168, effective October 3, 2008.)

 

A.  Three year catch-up provision:  Notwithstanding the language of Subsection 5.09.050 A. 2., during each of a Participant’s last three (3) taxable years ending before the Participant attains Normal Retirement Age, the maximum amount deferred shall be in accordance with the following schedule:

 

For the Year:

The lesser of:

2002

$22,000

2003

$24,000

2004

$26,000

2005

$28,000

2006

$30,000

2007

$31,000

2008

$31,000

or the sum of the maximum allowed under Subsection 5.09.050 A. 2. for the current taxable year plus so much of the maximum established for purposes of Subsection 5.09.050 A. 2. for prior taxable years as has not previously been deferred under Subsection 5.09.050 A. 2.

 

For the purposes of this section, a prior year shall be taken into account only if such year began after December 31, 1981, and the participant was eligible to participate in the plan during all or a portion of the year.  For purposes of counting prior years, only years of service with the City may be considered.  Participant may only make this election once with respect to any IRC section governmental 457(b) deferred compensation plan of the employer.

 

B.  Age 50 catch-up provision:  All Participants who are eligible to make elective deferrals under the Plan and who have attained age 50 before the close of the calendar year shall be eligible to make catch-up contributions in accordance with Schedule A, and subject to the limitations of IRC Sections 414(v) and 414(v)(6)(c).  Additional deferrals under this section of the Plan may be made except during the three (3) years prior to normal retirement age while utilizing the catch-up provision provided for in Subsection 5.09.055 A. of the Plan.  Age 50 catch-up contributions will not be taken into account for purposes of determining a participant's underutilized amounts under the three year catch-up provision.  The Participant must select the catch-up which results in the higher contribution amount. 

 

Schedule A

 

For the Year:

Additional deferral amount:

2002

$1,000

2003

$2,000

2004

$3,000

2005

$4,000

2006

$5,000

2007

$5,000

2008

$5,000

 

C.   Coordination with other plans.  If a Participant participates in more than one deferred compensation plan authorized under IRC Section 457, the maximum deferral under all such plans shall not exceed the applicable deferral limits described in Section 5.09.050, as adjusted by the Secretary of the Treasury (subject to modification by the catch-up limitations described in Section 5.09.055), which also shall apply to all IRC Section Governmental 457(b) Plans in which the Participant participates. If a Participant participates in a plan described in IRC Section 403 (b), 401 (k), 408 (k) or 501 C (18), amounts deferred by the Participant to such plan(s) and excluded from the Participant’s gross income in any taxable year under such plan(s) shall not reduce the limitation described in Section 5.09.050 of this Section and the catch-up limitation described in Section 5.09.055.

 

D.   Uniform Service Provision.  This Plan shall be administered in accordance with Section 414(u) of the IRC for employees who return to work after absences from employment due to military service.  Accordingly, notwithstanding the provisions of this section limiting the amount of compensation which may be deferred under the Plan, a Participant who is entitled to reemployment pursuant to the terms of the Uniformed Services Employment and Reemployment Act of 1994 (USERRA) may defer an additional amount under the Plan as provided in that Act for the years of his or her service in the uniformed services (as defined in USERRA).  Any such deferrals will not be subject to the annual limits on deferrals set forth in this section in the year in which deferred, but shall be subject to the limits for the year to which such deferrals relate. This subsection shall apply retroactively to December 12, 1994.


Title 5 Revenue and Finan
Chapter 5.01 (Repealed)
Chapter 5.04 Funds
Chapter 5.08 Payment Of Salaries, Wages And Expenses
Chapter 5.09 Deferred Compensation Plan
Chapter 5.10 City Charitable Campaign
Chapter 5.12 Assignment or Garnishment of Salaries, Wages or Claims
Chapter 5.16 Emergency Checks
Chapter 5.20 Budget Procedure
Chapter 5.24 Auditor's Records and Reports
Chapter 5.30 Collections and Foreclosure Process
Chapter 5.31 Collections & Foreclosure Process For Delinquent Sewer Safety Net Liens
Chapter 5.32 (Repealed)
Chapter 5.33 Goods and Services
Chapter 5.34 Public Improvements and Construction Services
Chapter 5.36 Property Control
Chapter 5.40 Demands and Disbursements
Chapter 5.44 (Repealed)
Chapter 5.48 Charges for Services Performed
Chapter 5.50 Collections Section
Chapter 5.52 Petty Cash and Checks
Chapter 5.56 Ambulance Service
Chapter 5.60 Miscellaneous Charges
Chapter 5.64 Miscellaneous Fiscal Provisions
Chapter 5.68 Professional, Technical and Expert Service Contracts
Chapter 5.72 Economic Development Projects
Chapter 5.73 Arts Education and Access Income Tax
Chapter 5.74 Acquisition of Public Art
Chapter 5.75 Claims Under ORS Chapter 195 and 197