èßäapp

Initiated 9-1-2000; Amended Bd. Min. 11-16-2023.

1. Definitions
   
   1. "Beneficiary" means an individual receiving survivor benefits from the RDD Plan.
   2. "Code" means the federal Internal Revenue Code of 1986, as amended.
   3. "Employer" means The Curators of the University of èßäapp.
   4. "Member" means a retired individual receiving retirement benefits from the RDD Plan.
   5. "Participant" means an employee who is eligible to receive benefits under this plan under Section B.01.
   6. "Plan" means the plan established by this Act for the payment of retirement benefits as permitted under Code Section 415(m).
   7. "Plan year" means the limitation year of the RDD Plan under Code Section 415.
   8. "RDD Plan" means the University of èßäapp Retirement, Disability and Death Benefit Plan.
   9. "Trustee" means The Curators of the University of èßäapp.
2. Participation
   
   1. All retired members and beneficiaries of the RDD Plan whose retirement or survivor benefits from the RDD Plan for a plan year have been limited by Code Section 415 are participants in this Plan.
   2. Participation in this Plan is determined for each plan year. Participation in this Plan will cease for any plan year in which the retirement benefit of a member of the RDD Plan is not limited by Code Section 415.
3. Benefits
   
   1. Benefit Amount
      A Participant in this Plan shall receive a monthly benefit equal to the difference between the Participant’s monthly retirement benefit, otherwise payable from the RDD Plan prior to any reduction or limitation because of Code Section 415, and the actual monthly retirement benefit, payable from the RDD Plan as limited by Code Section 415. The monthly benefit shall be subject to a withholding of any applicable income and employment taxes.
   2. Payment of Benefit
      Benefits under this Plan shall be paid only if the Participant or Beneficiary is receiving benefits from the RDD Plan.
   3. Form of Benefit
      The form of the benefit paid to a Participant or Beneficiary from this Plan shall be the same as otherwise selected by the Participant and payable under the RDD Plan.
4. Contributions and Funding 
   
   1. Contributions 
      
      1. The Trustee, upon the recommendation of the actuary, shall determine the required contributions to pay Plan benefits for each plan year. The required contribution for each plan year shall be the total amount of benefits, payable under Section C to all Participants and their Beneficiaries, and such amount as determined by the Trustee to pay the administrative expenses of this Plan and the Employer’s share of any employment taxes on the benefits paid from this Plan.
      2. The required contribution, as determined by the Trustee, upon the recommendation of the actuary, shall be paid into this Plan from an allocation of the employer contribution amounts paid under Section 530.010.N. titled Funding of the Plan of the Collected Rules and Regulations of the University of èßäapp.
   2. Excess Plan Fund
      Contributions to this Plan shall be deposited in a separate fund established and administered by the Plan Administrator of the RDD Plan. This fund is intended to be exempt from federal income tax under Code sections 115 and 415(m)(1).
   3. Funding Assets
      The benefit liabilities of the plan shall be funded on a plan year basis. The fund established under Section D.02 shall not accumulate assets to pay benefits payable in future years. Any assets of the fund not used for paying benefits for a current plan year shall be used, as determined by the trustee, for the payment of the administrative expenses of the plan for the plan year, of for future plan years, or paid to the RDD Plan as an additional employer contribution.
   4. Non-assignment of Benefits
      The benefits payable under this Plan may not be assigned or alienated by a Participant or Beneficiary except as otherwise permitted for benefits payable by the RDD Plan.
5. Administration
   
   1. Plan Administration
      This Plan shall be administered by the Trustee. The Trustee, with the same delegation as exists for the RDD Plan, shall have the same authority to administer this Plan as exists for the RDD Plan.
   2. Compliance Authority
      The Trustee may make modifications to the benefits payable under this Plan as may be necessary to maintain its qualified status under Code Section 415(m).
6. Effective Dates 
   
   1. Effective Dates
      The Trustee shall pay benefits under this Plan for all plan years beginning on or after September 1, 2000.