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(Amended by Ordinance No. 182168, effective October 3, 2008.)
A. The amount of Compensation which may be deferred by a Participant shall be subject to the following limits:
1. The minimum amount deferred shall be $10 per pay period;
2. The maximum amount of Compensation which may be deferred during a plan year shall be in accordance with the following schedule:
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For the Year:
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The lesser of:
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1982-1997
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$7,500 or 33.33% of Participant’s Includable Compensation
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1998-2000
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$8,000 or 33.33% of Participant’s Includable Compensation
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2001
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$8,500 or 33.33% of Participant’s Includable Compensation
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2002
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$11,000 or 100% of Participant’s Includable Compensation
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2003
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$12,000 or 100% of Participant’s Includable Compensation
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2004
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$13,000 or 100% of Participant’s Includable Compensation
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2005
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$14,000 or 100% of Participant’s Includable Compensation
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2006
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$15,000 or 100% of Participant’s Includable Compensation
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2007
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$15,500 or 100% of Participant’s Includable Compensation
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2008
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$15,500 or 100% of Participant’s Includable Compensation
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2009
thereafter:
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Amount shall be administered to reflect changes in accordance with IRC Sections 457(e)(15) and 415(d).
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