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<br />. ..,. <br /> ., <br />~ ' <br /> ,~ <br /> VILLAGE OF NEW BRIGHTON <br /> DEFERRE:[) COMPENSATION PLAN <br />1. NAME... The name of this Plan is the Village of New Brighton Deferred Compensation <br /> Plan (hereinafter referred to as the ''Plan''). <br />2. PURPOSE... The primary purpose of the Plan is to attract and hold certain individuals <br /> by permitting tl:lem to enter into agreements with the Village which will provide <br /> for mo:p.thly payments on retirement, as well as death benefits in the event of <br /> death before retiretl1ent~ <br />3. DEFINITIONS - For 'the purposes of this Plan, certain words or phrases used herein <br /> will have the following meanings: <br /> (a) "Compensation" shall mean any payments for normal or contrabted services <br /> rendered by the Participant to the Village. <br /> (b) "Deferred Compensttti0n" shall mean the amount of compensation not yet <br /> earned, which the Participant and the Village mutually agree shall be <br /> deferred in accordance with the provisions of this Plan. <br /> (c) "Normal Retirement" shall mean a retirement from service with the <br /> viliage which becomes effective on the first day of the calendar month <br /> after the Participant attains age 65. <br /> (d) "Early Retirement" shall mean a retirement from service with the <br /> Village which is effective prior to age 65, provided the Participant <br /> has attained age 50. <br /> (e) "Late Retirement" shall mean a retirement from service with the <br /> Village which becomes effective after the ParticIpant has attained age 65. <br /> (When any Participant is placed on extended service with the Village <br /> after attaining age 65, the amount of compensation deferred by the Participant <br /> under thisPla.n will be continued for the period of such extended service.) <br /> '(f) "Termination of Services" shall mean the severance of the Participant'!:! <br /> contract or employment with the Village prior to retirement. <br /> (g) "Village" shall mean Village of New Brighton, a Municipal Corporation <br /> of the County of Ramsey, state of Minnesota. <br /> (h) "Participant" shall mean any employee or independently contracted <br /> person who fulfills the eligibility and enrollment requirements of Article <br /> 5 of this Plan. <br />