Board of Selectman Regular Meeting Agenda packet (linked)

PHONE: 860-442-0553
www.waterfordct.org
FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
Attached is the 457(B) deferred compensation plan, #19 on the agenda, which was updated at
the 6-6-23 BOS Meeting.
Amended pages 2 and 11 of the “adoption agreement” are included in this backup.

AMENDMENT TO IMPLEMENT SECURE ACT AND OTHER LAW CHANGES
TOWN OF WATERFORD
457(B) DEFERRED COMPENSATION PLAN
ARTICLE 1
PREAMBLE
1,1 Adoption and effective date of Amendment. The Employer hereby adopts this Amendment to the Employer's Plan. Each Article
specifies the effective date of its provisions. Also see Section 1.5.
1.2 Superseding of inconsistent provisions. This Amendment supersedes the provisions of the Plan to the extent those provisions are
inconsistent with the provisions of this Amendment. Except as otherwise provided in this Amendment, terms defined in the Plan
will have the same meaning in this Amendment. Most Articles include definitions which are specific to that Article, Also see
Section 1.6.
13 Numbering. Except as otherwise provided in this Amendment, any "Section" reference in this Amendment refers only to this
Amendment and is not a reference to the Plan. The Article and Section numbering in this Amendment is solely for purposes of this
Amendment, and does not relate to the Plan article, section, or other numbering designations.
1.4 — Intention; Construction. The purpose of this amendment is to amend the Plan in accordance with pension-related provisions of the
Further Consolidated Appropriations Act of 2019 ("FCAA") in general, and Division O of that Act, the Setting Every Community
Up for Retirement Enhancement Act of 2019 ("SECURE"), in specific. It also addresses a provision of the Bipartisan American
Miners Act ("BAMA"), which is also part of FCAA, as well as a section of the Coronavirus Aid, Relief, and Economic Security Act
("CARES"). The provisions of this Amendment shall be interpreted and applied to be consistent with FCAA and CARES and IRS
guidance issued in connection therewith, whether such guidance is issued before or after the date of this amendment.
1.5 Effect of subsequent restatement or amendment of Plan. If the Employer restates the Plan, then this Amendment shall remain in
effect after such restatement unless the provisions in this Amendment are restated or otherwise become obsolete (¢.g., if the Plan is
restated onto a plan document which incorporates these provisions). Some Articles in this amendment may not apply to a particular
plan at the time the Amendment is executed but they will apply in the future based on subsequent amendments.
1.6 Preservation of prior amendments, If the Employer previously amended the Plan after December 20, 2019 to implement a
provision contained in one or more Articles of this Amendment, that prior amendment shall remain in effect and will not be
superseded by this Amendment, unless Section |.6(a) is selected. For example, if the Employer previously adopted an amendment
to impiement the BAMA provisions of Article 10, that amendment remains in effect, notwithstanding the provisions of this
Amendment, unless Section 1.6(a) is selected.
(a) [X] This amendment supersedes all prior inconsistent amendments of the Plan.
ARTICLE 2
INSTRUCTIONS; ELECTIONS
2,1 Instructions, Select 2.3a if all defaults are accepted. Select 2.3 and as applicable 2.4 - 2.10 if the Employer wishes to select other
than the default for a particular provision.
2.2 Reserved.
2.3. Operating Elections. Many subsequent Articles of this Amendment refer to elections appearing in this Article 2. Each of Sections
2.4 through 2.10 refers to a corresponding Article. For example, Section 2.4 has the elections related to Article 4. The definitions in
those Articles apply to the elections in the corresponding Section of this Article 2, and those elections have the same effective date
as the corresponding Article, Each Section of this Article lists the default provisions which will apply if no election is made. If you
accept the default(s), there is no need to complete the Section. There are no elective provisions which apply to Article 3 or Articles
11 through 16. The following are the defaults and a summary of the Articles for which there are no elections.
+ Article 3. Reserved.
Article 4, QBADs are not permitted.
Article 5. Distributions of RMDs will not begin before a Participant turns 72.
Article 6. The Plan will apply its RMD provisions with respect to the 5-year rule in administering the 10-year rule.
Article 7, RMDs subject to 5-Year Rule for participants who died from 2015 through 2019 are extended one year unless the
beneficiary objects.
+ Article 8, Reserved.
+ Article 9, Reserved.
+ Article 10. The amendment does not modify the minimum age for in-service distributions.
+ Article 11. Administrative policy can permit distributions of Discontinued Lifetime Income Investments.
oe me
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24
2.5
2.6
2.7
2.8
2.9
+ Article 12. Updated RMD tables and 2022 transition.
+ Article 13. Reserved.
+ Article 14. Reserved.
+ Article 15. Reserved.
+ Article 16. Deemed JRA accounts are not subject to maximum age.
Check (a) or (b).
(@) [ ] All defaults apply. Skip the rest of Article 2 and sign the amendment.
(6) [X] One or more defaults do not apply. Complete those sections tn Article 2 for which you do not accept the default; then sign
the amendment.
Article 4 — Birth/Adoption Distributions. In the absence of an election below, Article 4 does NOT apply. To permit QBADs
(Qualified Birth and Adoption Distributions), check (a). If QBADs are available, they apply to all accounts except as provided in
Article 4 or in elections (6), (c), (d) or (e). (Select all that apply.)
(a) [X] Article 4 applies effective January 1, 2020, unless a different date is selected in (1) below.
(1) [X] February 18,2021 (Enter date after December 31, 2019.)
(b) [X] | QBADs may only be made from accounts in which the Participant is fully vested.
(c) [X} QBADs are not available if the Participant has severed employment.
() [ ] Describe additional limitations: (must be definitely determinable and not subject to
discretion)
©) OU QBADs are available from the following Accounts: (must be definitely determinable
and not subject to discretion)
Article 5 - RMD Timing. Unless Section 2.5(a) is selected, distribution of RMDs will begin for Affected Participants no sooner
than April 1 of the calendar year following the year the Participant attains age 72.
(a) [ ] _ Distribution of RMDs to Affected Participants will NOT be delayed on account of this Amendment (ie., distributions
will generally commence no later than April 1 of the calendar year following the year the Affected Participant attains
age 70 1/2), in accordance with Section 5.5, This election is effective for distributions after December 31, 2019, except
as specified below (Optional: select either or both of (1) or (2)):
(1) [ ] Section 5.5 is effective for distributions after and prior to the earlier of January 1, 2022 or the
date entered in 2.5(a)(2). (Enter date on or after December 31, 2019.)
(2) [ ] Section 5.5 is repealed for distributions after (enter date on or after the date
entered in 2.5(a)(1) and before January 1, 2022), subject to the anti-cutback rule of Code §41 1(d)(6) to the extent
applicable.
Article 6 — 10-Year Rule for Beneficiary RMDs. RMDs to an Eligible Designated Beneficiary of a Participant who dies prior to
the Participant's RBD will be made as elected below. In the absence of an election in Section 2.6, the Plan's provisions about
Beneficiary elections with regard to the 5-Year Rule will apply, substituting the 10-Year Rule for the 5-Year Rule.
(a2) [X] Beneficiary election. The Eligible Designated Beneficiary may elect application of the 10-Year Rule or the Life
Expectancy rule. If the Beneficiary does not make a timely election (Select one of (1) or (2):
(1) [J 10-year rule. The 10-year rule applies to the Eligible Designated Beneficiary.
@) — [X] Life Expectancy Rute. The Life Expectancy rule applies to the Eligible Designated Beneficiary.
(b) [ ] 10-year rule, The 10-year rule applies to the Eligible Designated Beneficiary.
(©) [ ] Life Expectancy rule. The Life Expectancy rule applies to the Eligible Designated Beneficiary.
(@) { ] Shorter Period. The entire interest of the Eligible Designated Beneficiary will be distributed no later than December
31 of the (enter a number of years, not exceeding “tenth") year following the year of the Participant's death.
(©) [ ] Other: (Describe, e.g., the 10-Year Rule applies to all Beneficiaries other than a surviving spouse Beneficiary.)
Article 7 ~CARES RMD Waivers; 5-Year Rule. Unless the Employer elects otherwise below, beneficiaries of Applicable
Participant Accounts will have the option to extend distribution under the 5-Year Rule by one year, and in the absence of a
beneficiary election the extension will apply.
(a) [ ] No extension without request. The provisions of Section 7.2 apply but in the absence of a beneficiary election the
extension will NOT apply.
(b) [ } Not Apply. Article 7 will NOT apply to this Plan.
Article 8 — Reserved.
Article 9 — Reserved.
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2.10 Article 10 ~ In-Service Distributions. In the absence of an election below, Article 10 does NOT apply. To permit in-service
distributions at age 59 1/2, check (a). Check (b) to specify an age greater than 59 1/2. if Article 10 applies, it applies to all Accounts
except as limited in Article 10.
(a) [X] Article 10 applies effective on or after the first day of the first plan year beginning after December 31, 2019, unless a
different date is selected in (1) below.
() [X] February 18, 2021. (Enter date on or after the first day of the first plan year beginning after December 31, 2019.)
(6) [ ] Age at which in-service distributions are permitted (Enter age greater than 59 1/2.) This provision applies
effective on or after the first day of the first plan year beginning after December 31, 2019, unless a different date is
selected in (1) below.
qd) f[] . (Enter date on or after the first day of the first plan year beginning after December 31, 2019.)
ARTICLE 3
RESERVED
ARTICLE 4
BIRTH/ADOPTION DISTRIBUTIONS ~ SECURE Act §113
4.1 Application, This Article 4 will apply only if the Employer elects in Section 2.4(a) for this Article 4 to apply, effective on the date
specified in Section 2.4(a).
4.2 Distribution Authorized. Except as limited by Section 2.4 (b), (c), (d), (e), a Participant may request a distribution of up to $5,000
(per child or Eligible Adoptee) as a QBAD. The Participant may request the distribution whether or not the Participant has severed
employment unless Section 2.4(c) is selected. This $5,000 limit shall be reduced by QBADSs to the Participant made with respect to
the same child or Eligible Adoptee by other plans maintained by the Employer or a related employer described in Code §414(b), (©),
(m), or (0). The Plan Administrator may adopt a policy imposing frequency limitations or other reasonable administrative
conditions for QBADs.
4.3 Definitions, The following definitions apply for this Article 4 and Section 2.4:
(a) A"QBAD* is a Qualified Birth or Adoption Distribution described in Code §72(t)(2)(H)Gii). A QBAD must be made during
the |-year period beginning on the date on which a child of the Participant is born or on which the legal adoption of an Eligible
Adoptee by the Participant is finalized.
(b) An "Eligible Adoptee" is an individual, other than a child of the Participant's spouse, who has not attained age 18 or is
physically or mentally incapable of self-support. An individual is considered physically or mentally incapable of self-support if
that individual is unable to engage in any substantial gainfill activity by reason of any medically determinable physical or
mental impairment that can be expected to result in death or to be of long-continued and indefinite duration. This provision
shall be applied in a manner consistent with Part D of IRS Notice 2020-68.
4.4 — Rollover. A Participant who received one or more QBADs from this Plan may, if the Plan then permits the Participant to make
rollover contributions, make one or more contributions in an aggregate amount not to exceed the amount of such QBADs. The Plan
will treat such a contribution as a rollover contribution made by direct trustee-to-trustee transfer within 60 days of distribution.
4.5 Reliance. The Plan Administrator may rely on an individual's reasonable representation that the individual is eligible to receive a
QBAD unless the Plan Administrator has actual knowledge to the contrary.
4.6 Status. A QBAD is not an eligible rollover distribution for purpose of the obligation to permit a direct rollover under Code
§401(a)(31), the notice requirement of Code §402(f), or the mandatory withholding rules of Code §3405(c)(1).
ARTICLE 5
REQUIRED BEGINNING DATE — SECURE Act §114
5.1 Application, This Article 5 will apply to all plans, regardless of type. It is effective with regard to RMDs required to be made after
December 31, 2019.
5.2 Delay of Required Beginning Date. An Affected Participant's RBD shall not be earlier than April 1 of the calendar year following
the year the Affected Participant attains age 72. For purposes of determining an Affected Participant's RBD, an Affected Participant
will be treated as a more than 5% owner if the Participant was a 5-percent owner (as defined in Code §416(i)(1)(B)) as to the Plan
Year ending in the calendar year the Participant attains age 72.
5.3. Spousal Distributions. If an Affected Participant dies prior to the Participant's RBD, and the Participant's sole Designated
Beneficiary is the Participant's surviving spouse, then the RMDs to the surviving spouse will begin by December 31 of the calendar
year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the
Participant would have attained age 72, if later. However, this Section will apply only if the Plan, prior to this Amendment,
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5.4
3.5
6.1
6.2
6.3
6.4
6.5
6.6
permitted a surviving spouse to delay RMD distributions to December 31 of the calendar year in which the Participant would have
attained age 70 1/2.
Definitions. The foliowing definitions apply for this Article 5 and Section 2.5:
(a) A Participant is an “Affected Participant" if the Participant was born after June 30, 1949.
(b) An"RMD" is a Required Minimum Distribution as described in Code §401(a)(9).
(c) A Participant's "RBD" is the Participant's Required Beginning Date as described in Code §401(a)(9)(C), as amplified by
Section 5.2.
Optional Distribution Timing. If the Employer elects in Section 2.5(a) for this Section 5.5 to apply, the timing and form of
distributions to an Affected Participant will be determined as though this Article 5 had not been adopted. Distributions pursuant to
this paragraph, which are not RMDs, will be treated as eligible rollover distributions for purposes of the direct rollover provisions of
Code §401(a)(31). This Section 5.5 will no longer be effective for distributions after December 31, 2021, or, if earlier, the date
specified in Section 2.5(a)(2).
ARTICLE 6
BENEFICIARY RMDS - SECURE Act §401
Application. This Article 6 will apply to all plans. This Article will not apply to qualified annuities described in SECURE Act
§401(b)(4)(B).
Effective Date, Except as provided in Section 6.4, Article 6 will apply to Participants who die on or after the Effective Date of this
Article. Generally, the Effective Date of this Articie is January 1, 2022. The Effective Date of this Article 6 in the case of a
collectively-bargained plan will be the date determined in SECURE Act §401(b)(2). See Section 6.5 regarding the limited
application of this Article to certain accounts of Participants who died before the Effective Date of this Article.
Death before RBD. If the Participant dies before the Participant's RBD, the Plan will distribute or commence distribution of the
Participant's Vested Accrued Benefit not later than as follows:
(a) No Designated Beneficiary. If there is no Designated Beneficiary as of September 30 of the year following the calendar year
of the Participant's death, the Beneficiary's entire interest will be distributed under the 5-Year Rule.
(b) Eligible Designated Beneficiary. If the distributee of a Participant's account is an Eligible Designated Beneficiary, the
Beneficiary's entire interest will be distributed under the Life Expectancy Rule unless the 10-Year Rule applies. The Employer
may elect application of the Life Expectancy rule or the 10-Year Rule in Section 2.6. In the absence of an election in Section
2.6, the Plan's provisions with regard to election of the 5-Year Rule will apply, substituting the 10-Year Rule for the 5-Year
Rule. A permitted Beneficiary election must be made no later than the earlier of December 31 of the calendar year in which
distribution would be required to begin under the Life Expectancy Rule, or by December 31 of the calendar year which
contains the tenth anniversary of the Participant's (or, if applicable, surviving spouse's) death.
(c) Other Designated Beneficiaries. If the distributee of the Participant's account is a Designated Beneficiary who is not an
Eligible Designated Beneficiary, then the Beneficiary's entire interest will be distributed under the 10-Year Rule.
(d) 10-Year Rule. [f distribution of a deceased Participant's account thereof is subject to the '"10-Year Rule," then the Plan will
distribute the account in full no Jater than December 31 of the tenth year following the year of the Participant's death. No
RMDs are required to be distributed from the account prior to that date.
Death after RBD, If the Participant dies on or after the Participant's RBD, the Participant's remaining interest will be distributed at
least as rapidly as under the method of distribution being used as of the date of the participant's death, using the Life Expectancy
Rule, as, and to the extent, provided by applicable guidance. If the Beneficiary is a Designated Beneficiary that is not an Eligible
Designated Beneficiary, the Pian will distribute the remaining account in full no later than December 31 of the tenth year following
the year of the Participant's death.
Beneficiary Death. If an Eligible Designated Beneficiary receiving distributions under the Life Expectancy Rule dies before
receiving distribution of the Beneficiary's entire interest in the Participant's account, the Plan will distribute that interest in full no
later than December 31 of the 10" year following the year of the Eligible Designated Beneficiary's death. Similarly, if a Participant
died before the Effective Date of this Article 6, and the beneficiary died after such Effective Date, but prior to receiving full
distribution of the beneficiary's interest, the Plan will distribute that interest in full no later than December 31 of the tenth year
following the year of the beneficiary's death,
Age of Majority. If a child of the Participant was receiving distributions under the Life Expectancy rule, when the child reaches the
age of Majority, the Plan will distribute the child's account in full no later than 10 years after that date, provided the child is not
otherwise an Eligible Designated Beneficiary, such as a disabled or chronically ill individual,
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6.7 Definitions; operating rules, The following definitions and operating rules apply for this Article 6 and Section 2.6:
(a) An"RMD" is a Required Minimum Distribution as described in Code §401(a)(9).
(b) A Participant's "RBD" is the Participant's Required Beginning Date as described in Code §401(a)(9)(C) and the Plan. Also see
Section 5.2.
(c) A distributee of a Participant's account is a "Designated Beneficiary" if the distributee is an individual or trust who is a
beneficiary of the account (whether pursuant to a designation by the Participant or application of the Plan terms) and who is a
designated beneficiary under Code §401(a)(9) and Treas. Reg. §1.401(a)(9)-4, Q& As-4 and -5.
(d) An individual is an "Eligible Designated Beneficiary" of a Participant if the individual qualifies as a Designated Beneficiary
and is (1) the Participant's spouse, (2) the Participant's child who has not reached the age of Majority, (3) an individual not
more than 10 years younger than the Participant, (4) a disabled individual, as defined in Code §72(m)(7), or (5) an individual
who has been certified to be chronically ill (as defined in Code §7702B(c)(2)) for a reasonably lengthy period, or indefinitely.
Certain trusts may be treated as Eligible Designated Beneficiaries pursuant to Code §401(a)(9)(H)(iv) and (v).
(ce) Whether a child has reached the age of "Majority" is determined under Code §401(a)(9)(F) and applicable regulations and
guidance issued thereunder.
(f) The “Life Expectancy Rule" for distributing RMDs is described in Code §401(a)(9)(B)(iii) and is further described in the Plan.
(g) The "S-Year Rule" for distributing RMDs is described in Code §401(a)(9)(B\ii) and is further described in the Plan.
(h) The "10-Year Rule" is described in Section 6.3(d).
(i) Shorter period. Section 2.6(e) may specify a shorter period to be used in place of the tenth year after the death of a Participant or
Beneficiary.
@ Separate share rule. All references in this Article to a Participant's Account and a Beneficiary's interest in that account will be
applied separately to each separate account determined under Treas, Reg. §1.401(a)(9)-8, Q&A 2 and 3, and Code
§401(a)O)CH)(iy).
ARTICLE 7
EXTENSION OF 5-YEAR RULE FOR RMDS ~ CARES §2203
7.1 Application. This Article 7 does not apply if the Employer has selected Section 2.7(b); otherwise, it is effective January 1, 2020.
7.2 Waiver; default provision. The beneficiary of an Applicable Participant Account will have the option to extend the deadline to
distribute the account for one year. The default in the absence of a beneficiary election will be to extend the distribution, unless the
Employer elects in Section 2.7(a) for the default to be not to extend unless the beneficiary requests it.
7.3. Definitions. The following definitions apply for this Article 7 and Section 2.7:
(a) "RMDs" means required minimum distributions described in Code §401(a)(9).
{b) The "5-Year Rule" for distributing RMDs is described in Code $40 1{a)(9}(B)(ii) and is further described in the Plan,
(c) “Applicable Participant Account" means the remaining account of a Participant who died during the years 2015-2019, to the
extent the account is subject to the 5-Year Rule.
ARTICLE 8
RESERVED
ARTICLE 9
RESERVED
ARTICLE 10
IN-SERVICE PENSION DISTRIBUTIONS — BAMA §104
10.1 Application. This Article 10 will apply if the Employer elects in Section 2.10 for this Article 10 to apply, effective on the date
specified in Section 2.10(a).
10.2 Distribution at 59 1/2. A Participant can take an in-service distribution at age 59 1/2, or, if later, the age (if any) specified in
Section 2.10(b). Such a distribution will be limited to the vested portion of the Participant's accrued benefit or account and will be
© 2022 FIS Business Systems LLC or its suppliers

10.3
11.2
11.3
12.1
12.2
16.1
16.2
subject to alf Plan provisions related to in-service distributions. The Plan can operationally permit distributions as early as January {
of the calendar year the Participant attains 59 1/2 (or such later age).
Limited application to Profit-Sharing Plans. If the Employer elects in Section 2.10 for this Article 10 to apply, this Article 10
will apply to an account in a 401(k) Plan or a Profit-Sharing Plan which holds assets transferred from a Money Purchase Pension
Plan or a Defined Benefit Plan.
ARTICLE tt
DISTRIBUTIONS OF DISCONTINUED LIFETIME INCOME INVESTMENTS ~ SECURE §109
Application. This Article 11 is effective for Plan Years beginning after December 31, 2019.
Distributions authorized. The Plan Administrator may authorize Participants to request, and as soon as practical after a Participant
makes the request, the Plan will make a distribution of a Discontinued Lifetime Income Investment, Distribution under this Article
is limited to the 90-day period prior to the date on which the Lifetime Income Investment is no longer authorized to be held as an
investment option under the Plan. Such distribution will be in the form of a Qualified Distribution, or in the form of a Qualified
Plan Distribution Annuity Contract, as determined by the Plan Administrator. The Plan Administrator will administer this section in
a reasonable, nondiscriminatory manner, and may authorize distributions of some Discontinued Lifetime Income Investments and
not others.
Definitions. The terms "Lifetime Income Investment,” "Qualified Distribution" and "Qualified Plan Distribution Annuity
Contract" have the meanings set forth in Code §401(a)(38)(B). A "Discontinued Lifetime Income Investment" is a Lifetime
Income Investment which will no longer be authorized to be held as an investment option under the Plan.
ARTICLE 12
UPDATED LIFE EXPECTANCY TABLES — TREAS. REG. §1.401(a)(9)-9
Application. This Article 12 will apply to all plans and is effective for distribution calendar years beginning on or after January 1,
2022,
New RMD Tables. Any Plan reference to the life expectancy tables detailed in Treas. Reg. §1.401(a)(9), such as the Uniform Life
Table, the Single Life Table, or the Joint and Last Survivor Table, refers to these tables as published in Treas. Reg. §1.401(a)(9)-9
from time to time, and is subject to adjustment as described in Treas, Reg. §1.401(a)(9)-9(f).
ARTICLE 13
RESERVED
ARTICLE 14
RESERVED
ARTICLE 15
RESERVED
ARTICLE 16
REPEAL OF DEEMED IRA MAXIMUM AGE — SECURE §107
Application. This Article 16 will apply only if the Plan permits deemed IRA contributions (sometimes called “designated IRA"
contributions) described in Code §408(q), It is effective January 1, 2020.
No Maximum Age. To the extent the Plan otherwise permits a Participant to make deemed IRA contributions, the Participant may
make such contributions regardless of whether the Participant has attained age 70 1/2 or any other age.
This Amendment has been executed this day of
Name of Plan: Town of Waterford 457(b) Deferred Compensation Plan
Name of Employer: _Town of Waterford, CT
By:
EMPLOYER
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CERTIFICATE OF ADOPTING RESOLUTION
The undersigned authorized representative of Town of Waterford, CT (the Employer) hereby certifies that the following resolution was
duly adopted by Employer on the date specified below, and that such resolution has not been modified or rescinded as of the date hereof:
RESOLVED, the Amendment to Implement SECURE Act and Other Law Changes to the Town of Waterford 457(b) Deferred
Compensation Plan (the Amendment) is hereby approved and adopted and that an authorized representative of the Employer is hereby
authorized and directed to execute and deliver to the Plan Administrator the Amendment and to take any and all actions as it may deem
necessary to effectuate this resolution.
The undersigned further certifies that attached hereto is a copy of the Amendment approved and adopted in the foregoing resolution.
Date:
Signed:
[print name/title}

CERTIFICATE OF ADOPTING RESOLUTION
The undersigned authorized representative of Town of Waterford, CT (the Employer) hereby
certifies that the following resolution was duly adopted by Employer on April 12, 2023 , and that
such resolution has not been modified or rescinded as of the date hereof:
RESOLVED, the Amendment to the [Town of Waterford 457(b) Deferred Compensation Plan] Plan for the
CARES Act (the Amendment) is hereby approved and adopted and that an authorized representative of the
Employer is hereby authorized and directed to execute and deliver to the Plan Administrator the Amendment and to
take any and all actions as it may deem necessary to effectuate this resolution.
The undersigned further certifies that attached hereto is a copy of the Amendment approved and adopted in the
foregoing resolution.
Date:
Signed:
[print name/title]
© 2020 FIS Business Systems LLC
Page | of |

AMENDMENT FOR CARES ACT
ARTICLE 1
PREAMBLE; DEFINITIONS
ll Adoption of Amendment. The Employer adopts this Amendment to implement provisions of the Act
which affect the Plan. All references to the Plan include the Plan’s loan program, policy, or procedure to
the extent applicable.
12 Superseding of inconsistent provisions. This Amendment supersedes the provisions of the Plan to the
extent those provisions are inconsistent with the provisions of this Amendment.
13 Construction. Except as otherwise provided in this Amendment, any Article or Section reference in this
Amendment refers only to this Amendment and is not a reference to the Plan. The Article and Section
numbering in this Amendment is solely for purposes of this Amendment and does not relate to the Plan
article, section, or other numbering designations.
14 Effect of restatement of Plan. If the Employer restates the Plan then this Amendment shall remain in
effect after such restatement unless the provisions in this Amendment are restated or otherwise become
obsolete (e.g., if the Plan is restated onto a plan document which incorporates these provisions).
1.5 Definitions. Except as otherwise provided in this Amendment, terms defined in the Plan will have the same
meaning in this Amendment. The following definitions apply specifically to this Amendment:
A. The “Act” is the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
This Amendment shall be interpreted and applied to comply with the Act.
B. A “Qualified Individual” means any individual who meets one or more of the criteria described in
paragraphs (1), (2), (3), or (4), Participants, alternate payees and beneficiaries of deceased participants
can be treated as Qualified Individuals. The Plan Administrator may rely on an individual’s
certification that the individual satisfies a condition to be a Qualified Individual unless the Plan
Administrator has actual knowledge to the contrary. In applying the criteria, “COVID-19” means
either the virus SARS-CoV-2 or coronavirus disease 2019; “an approved test” means a test approved
by the Centers for Disease Control and Prevention (including a test authorized under the Federal Food,
Drug, and Cosmetic Act); and a “member of the individual’s household” means someone who shares
the individual’s principal residence. The criteria are as follows:
(1) The individual was diagnosed with COVID-19 by an approved test;
(2) The individual’s spouse or dependent (as defined in Code §152) was diagnosed with COVID-
19 by an approved test;
(3) The individual has experienced adverse financial consequences because: (a) the individual or
the individual’s spouse, or a member of the individual’s household was quarantined,
furloughed or laid off, or had work hours reduced due to COVID-19; (b) the individual, the
individual’s spouse, or a member of the individual’s household was unable to work due to
lack of childcare due to COVID-19; (c) A business owned or operated by the individual, the
individual’s spouse, or a member of the individual’s household closed or reduced hours due to
COVID-19; or (d) the individual, the individual’s spouse, or a member of the individual’s
household had a reduction in pay (or self-employment income) due to COVID-19 or had a job
offer rescinded or start date for a job delayed due to COVID-19; or
(4) The individual satisfies any other criteria determined by the Treasury or the IRS.
ARTICLE 2
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IDENTIFYING INFORMATION; EMPLOYER ELECTIONS
2.1 Reserved.
2.2 Employer identifying information.
A. Name of Employer: Town of Waterford, CT
B. Name of Plan: Town of Waterford 457(b) Deferred Compensation Plan
C. Type of Pian (check one)
(1) [ ] 401k) Plan
(2) [ ] Profit-Sharing Plan (other than a 401(k) plan)
(3) [ ] Money Purchase Pension Plan
(4) [ ] Defined Benefit Plan (including a cash balance plan)
(5) [ ]403(b) Plan
(6) [v] 457(b) Plan sponsored by a governmental employer
2.3 Relief for Qualified Individuals. Will the Plan provide any or all of the following relief for Qualified
Individuals: (1) Coronavirus-Related Distributions described in Article 3, (2) increased loan limits described
in Section 4.2, (3) the loan repayment extension described in Section 4.3. (Select one of (a), (b), or (c). If (o)
is selected, then select one or more of (d), (e), and/or (f))
(a) [] No. The Plan will not provide any of these relief provisions.
(b) [] Yes. The Plan will provide all of these relief provisions. The limitations on distributions described
in Sections 2.3(d)(1) — (4) and the limitations on loans in Section 2.3(e)(1} — (3) and 2.3((1}—-G)
do not apply.
(©) [vy] Some. The Pian will provide those relief provisions selected in (d), (e), or (f) below.
(d) [vy] The Coronavirus-Related Distribution provisions described in Article 3 (f (d) is selected, the
Employer may optionally select one or more of (1), (2), (3), (4), or (3).)
(1) [] Coronavirus-Related Distributions are not available from an account in which the Participant
is not 100% vested.
(2) [] Coronavirus-Related Distributions may be made only from the following accounts:
@G) [ ] The maximum amount of Coronavirus-Related Distributions from the Plan to a Qualified
Individual will not exceed: $ . (Enter amount less than $100,000.)
(4) [] The following additional provisions apply to Coronavirus-Related Distributions:
(Enter limitations or restrictions which are nondiscriminatory and not subject to Employer
discretion.)
(e) [] The increased loan limit described in Section 4.2 (if (e) is selected, the Employer may
optionaily select any one or more of (1), (2), or (3).)
(1) [€ ] The maximum dollar amount of loans pursuant to Section 4.2 will not exceed:
$ . (Enter amount less than $100,000.)
(2) [] The maximum percentage of the present value of the nonforfeitable accrued benefit that may
be loaned pursuant to Section 4.2 will not exceed: %. (Enter percentage less
than 100%.)
(3) [] The following additional provisions apply to the increased loan limit:
(Enter limitations or restrictions which are nondiscriminatory.)
() [] The loan repayment extension described in Section 4.3 (If (f) is selected, the Employer may
optionally select and one or more of (1), (2), or (3).)
(1) [ ] The Suspension Period will begin (Enter date not before
March 27, 2020) and end . (Enter date not later than December 31, 2020.)
(2) [] The Extension Period will be . (Enter period, up to one year, the due date
af the loan will be extended, such as “six months.")
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24
2.5
3.1
3.2
3.3
3.4
(3) [1] The following additional provisions apply to the loan repayment extension:
(Enter limitations or restrictions which are nondiscriminatory.)
RMD waivers for 2020. Unless the Employer elects otherwise below, the provisions of Section 5.2 apply and
a Participant or Beneficiary who would have been required to receive a 2020 RMD or Extended 2020 RMD
will receive the distribution unless the Participant or Beneficiary chooses not to receive the distribution.
(a) [v] | The provisions of Section 5,2 apply and a Participant or Beneficiary who would have been
required to receive a 2020 RMD or Extended 2020 RMD will not receive the distribution unless
the Participant or Beneficiary chooses to receive the distribution.
(b) [ ] | Payment of RMDs or Extended 2020 RMDs will be governed by the terms of the Plan without
regard to this Amendment (i.e., no election is available to Participants or Beneficiaries).
(c) [ ] Other:
For purposes of Section 5.3, the Plan will also treat the following as eligible rollover distributions in 2020:
(Choose one or none of (a), (e), or ()): If no election is made, then a direct rollover will be offered only for
distributions that would be eligible rollover distributions without regard to Code $401(a)(9)(D):
@) [] 2020 RMDs.
(e) [ ] 2020 RMDs and Extended 2020 RMDs.
() [v] 2020 RMDs but only if paid with an additional amount that is an eligible rollover distribution
without regard to Code §401(a)(9)(D.
The provisions of Article 5, and the election in this Section 2.4, will be effective on the date specified in
Section 2.5. unless a different date is entered here: (Optional. Enter a date
between March 27, 2020 and December 31, 2020. RMD distributions before the selected effective date
should have followed plan terms in effect before this amendment.)
Effective Date. This Amendment is effective March 27, 2020, or as soon as practical thereafter, or, if later,
the following date: . (Optional, Enter a date not later than December 31,
2020.)
ARTICLE 3
CORONAVIRUS-RELATED DISTRIBUTIONS
Application. This Article 3 will apply if Section 2.3(b) or Section 2.3(d) is selected.
Coronavirus-Related Distribution(s). Subject to the provisions described in Section 2,3(d)(4), if any, a
Qualified Individual may take one or more Coronavirus-Related Distributions. The accounts from which the
amount may be distributed shall be limited if selected in Sections 2.3(d)(1) and (2). However, if the Plan is a
Money Purchase Pension Plan or a Defined Benefit Plan, and the Qualified Individual has not separated from
service, the Qualified Individual may not take a Coronavirus-Related Distribution prior to attaining the earlier
of Normal Retirement Age or age 5914. The provisions of this Section will apply notwithstanding any
limitation in the Plan on partial distributions or any otherwise applicable plan or administrative limits on the
number of allowable distributions.
Repayment of distribution. If the Plan permits rollover contributions, then a Participant who receives a
Coronavirus-Related Distribution (from this Plan and/or another eligible retirement plan as defined in Code
§402(c)(8)(B)), at any time during the 3-year period beginning on the day after receipt of the distribution,
may make one or more contributions to the Plan, as rollover contributions, in an aggregate amount not to
exceed the amount of such distribution.
Definition of Coronavirus-Related Distribution. A “Coronavirus-Related Distribution” means a
distribution to a Qualified Individual during the period beginning January 1, 2020 and ending December 30,
2020. The total amount of Coronavirus-Related Distributions to a Qualified Individual pursuant to this
Amendment from all plans maintained by the Employer, or any related employer described in Code §414(b),
(c), (m), or (0), shall not exceed $100,000, (or such lesser amount specified in Section 2.3(d)(3)). The
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41
42
43
5.1
5.2
5.3
Coronavirus-Related Distributions from the Plan to a Qualified Individual will not exceed the amount of the
individual’s vested account balance or the present value of the individual’s vested accrued benefit.
ARTICLE 4
PARTICIPANT LOAN RELIEF
Application. This Article 4 will apply only if the Plan permits participant loans. Section 4.2 will apply if
Section 2.3(b) or Section 2.3(e) is selected. Section 4.3 will apply if Section 2.3(b) or Section 2.3(f) is
selected,
Increased loan limit. Notwithstanding the loan limitation that otherwise would apply, the Plan will
determine the loan limit under Code §72(p)(2){A) for a loan to a Qualified Individual, made during the
period beginning March 27, 2020 and ending September 22, 2020, by substituting “$100,000” (or such
lesser amount specified in Section 2.3(¢)(1)) for “$50,000,” and by substituting “100% (or such lesser
percentage specified in Section 2.3(e)(2)) of the present value of the nonforfeitable accrued benefit of the
employee under the Plan” for “one-half of the present value of the nonforfeitable accrued. benefit of the
employee under the Plan” (or its equivalent). The provisions described in Section 2.3(e)(3), if any, will
apply in connection with loans to Qualified Individuals.
Extension of certain repayments. If a Qualified Individual has an outstanding loan from the Plan on or
after March 27, 2020, then: (1) if the date for any repayment of such loan occurs during the Suspension
Period, the due date is extended for the Extension Period; (2) the due date of the loan will be extended by
the Extension Period; (3) the Plan will adjust any subsequent repayments to reflect the extension of the due
date and any interest accrued during the Suspension Period; and (4) the Plan will disregard the Extension
Period in determining the 5-year period and the loan term under Code §72(p)(2)(B) or (C). The provisions
described in Section 2.3(f)(3), if any, will apply in connection with the suspension and extension described
in this Section. The Suspension Period, unless otherwise specified in Section 2.3(f)(1), will begin March
27, 2020 and end December 31, 2020. The Extension Period, unless otherwise specified in Section 2.3((2)
will be one year. The provisions of this Section 4.3 will be applied in accordance with Section 5.B. of
Notice 2050-50, or any subsequent applicable guidance, and the adjustment described in (3) may reflect the
“safe harbor” described therein.
ARTICLE 5
WAIVER OF 2020 REQUIRED MINIMUM DISTRIBUTIONS (RMDs)
Application. This Article 5 will apply only to defined contribution plans, including 401(k) Plans, Profit-
Sharing Plans, Money Purchase Pension Plans, 403(b) Plans, and 457(b) Plans sponsored by governmental
employers. The definitions in Section 3.4 will apply in interpreting Section 2.4,
Waiver; default provision. This Section 5.2 will apply unless the Employer has selected Section 2.4(b) or
(c). Notwithstanding the provisions of the Plan relating to RMDs, whether a Participant or Beneficiary who
would have been required to receive 2020 RMDs, and who would have satisfied that requirement by
receiving distributions that are (1) equal to the 2020 RMDs, or (2) Extended 2020 RMDs will receive those
distributions is determined in accordance with the option chosen by the Employer in Section 2.4,
Notwithstanding the option chosen by the employer in Section 2.4, a Participant or Beneficiary will be
given an opportunity to make an election as to whether or not to receive those distributions. If the Plan
permits a Beneficiary of a deceased Participant to make the election to use the 5-year rule or the life
expectancy rule, the deadline to make the election shall be extended to reflect the adoption of Code
§401(a)(9)().
Direct rollovers. Notwithstanding the provisions of the Plan relating to required minimum distributions
under Code §401(a)(9), and solely for purposes of applying the direct rollover provisions of the Plan,
certain additional distributions in 2020, as elected by the Employer in Section 2.4, will be treated as eligible
rollover distributions. If no election is made by the Employer in Section 2.4, then a direct rollover will be
© 2020 FIS Business Systems LLC
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offered only for distributions that would be eligible rollover distributions without regard to Code
§401@)O)0).
5.4 Definitions. “RMDs” means required minimum distributions described in Code §401(a)(9). “2020
RMDs” means required minimum distributions the Plan would have been required to distribute in 2020 (or
permitted to pay in 2021 for the 2020 calendar year for a Participant with a required beginning date of April
1, 2021) but for the enactment of Code §401(a)(9)(). “Extended 2020 RMDs” means one or more
payments in a series of substantially equal distributions (that include the 2020 RMDs) made at least
annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life
expectancy) of the Participant and the Participant’s designated Beneficiary, or for a period of at least 10
years.
5.5 Installment payments. A Participant or Beneficiary receiving payment of 2020 RMDs or 2020 Extended
RMDs pursuant to this Article 5 may receive them in any method (including instalments or partial
distributions) which would have been permitted under the terms of the Plan if the amounts would have been
RMDs but for the enactment of Code §401(a)(9)().
RR RR RK
This Amendment has been executed this day of
Name of Plan: Towa of Waterford 457(b) Deferred Compensation Plan
Tr f Waterford, CT
Name of Employer: own oF Materion
By:
EMPLOYER
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Eligible 457 Plan
ADOPTION AGREEMENT FOR
ELIGIBLE GOVERNMENTAL 457 PLAN
The undersigned Employer, by executing this Adoption Agreement, establishes an Eligible 457 Plan ("Plan"). The Employer, subject
to the Employer's Adoption Agreement elections, adopts fully the Plan provisions. This Adoption Agreement, the basic plan document and
any attached Appendices, amendments, or agreements permitted or referenced therein, constitute the Employer's entire plan document, Ad/
"Election" references within this Adoption Agreement or the basic plan document are Adoption Agreement Elections. All "Article" or
"Section" references are basic plan document references. Numbers in parentheses which follow election numbers are basic plan document
references. Where an Adoption Agreement election cails for the Employer to supply text, the Employer may lengthen any space or line, or
create additional tiers. When Employer-supplied text uses terms substantially similar to existing printed options, all clarifications and
caveats applicable to the printed options apply to the Employer-supplied text unless the context requires otherwise. The Employer makes
the following elections granted under the corresponding provisions of the basic plan document.
1. EMPLOYER (1.11).
Name: Town of Waterford, CT.
Address: _15 Rope Ferry Rd
Street
Waterford Connecticut 06385-2806
City State Zip
Telephone: _ (860) 442-0553
Taxpayer Identification Number (TIN): __06-6002121
2. PLAN NAME.
Name: Town of Waterford 457(b) Deferred Compensation Plan
3. PLAN YEAR (1.25). Plan Year means the 12 consecutive month period (except for a short Plan Year) ending every (Choose one of
a. or b. and choose ¢. if applicable): [Note: Complete any applicable blanks under Election c. with a specific date, e.g., "June 30" OR “the
last day of February" OR "the first Tuesday in January." In the case of a Short Plan Year or a Short Limitation Year, include the year, e.g.,
"May 1, 2013.")
a. [X] December 31.
b. [ ] Plan Year: ending:
on { ] Short Plan Year: commencing: and ending:
4. EFFECTIVE DATE (1.08). The Employer's adoption of the Plan is a (Choose one of a. or b. Complete c. if new plan OR complete c.
and d. if an amendment and restatement. Choose e. if applicable):
a. [ ] New Plan.
b. [X] Restated Plan. The Plan is a substitution and amendment of an existing 457 plan.
Initial Effective Date of Plan
ec. [X] _January 18,1995 _ (enter month day, year; hereinafter called the “Effective Date” unless 4d is entered below)
Restatement Effective Date (/f this is an amendment and restatement, enter effective date of the restatement.)
d. [X] __April 12,2023 (enter month day, year)
Special Effective Dates: (optional)
e. [ ] Describe:
5. CONTRIBUTION TYPES. (If this is a frozen Plan (i.e., all contributions have ceased), choose a. only):
Frozen Plan
a. [ ] Contributions cease. All Contributions have ceased or will cease (Plan is frozen).
1, Effective date of freeze: [Note: Effective date is optional unless this is the amendment or
restatement to freeze the Plan.]
© 2020 1

Eligible 457 Plan
Contributions, The Employer and/or Participants, in accordance with the Plan terms, make the following Contribution Types to the Plan
(Choose one or more of b. through d. if applicable):
b. [X] Pre-Tax Elective Deferrals. The dollar or percentage amount by which each Participant has elected to reduce his/her
Compensation, as provided in the Participant's Salary Reduction Agreement (Choose one or more as applicable.):
And will Matching Contributions be made with respect to Elective Deferrals?
1. [ ] Yes. See Question 16.
2. [X] No.
And will Roth Elective Deferrals be made?
3. [X] Yes. [Note: The Employer may not limit Deferrals to Roth Deferrals only.]
4. [] No
ce [ ] Nonelective Contributions. See Question 17.
d. [X]_ Rollover Contributions. See Question 30.
6. EXCLUDED EMPLOYEES (1.10). The following Employees are Excluded Employees and are not eligible to participate in the Plan
(Choose one ofa. or b.):
a. [X]_ No exclusions. All Employees are eligible to participate.
b. [ ] Exclusions. The following Employees are Excluded Employees (Choose one or more of 1. through 4.):
1. [ ] Part-time Employees. The Plan defines part-time Employees as Employees who normally work less
than hours per week.
2. [ ] Hourly-paid Employees.
3. [ ] Leased Employees. The Plan excludes Leased Employees.
4. [ ] Specify:
7. INDEPENDENT CONTRACTOR (1.16). The Plan (Choose one of a., b. or c.):
a. [ ] Participate. Permits Independent Contractors to participate in the Plan.
b. [X] Not Participate. Does not permit Independent Contractors to participate in the Plan.
c. [ ] Specified Independent Contractors, Permits the following specified Independent Contractors to participate:
[Note: If the Employer elects to permit any or all Independent Contractors to participate in the Plan, the term Employee as used in the
Plan includes such participating Independent Contractors.}
8. COMPENSATION (1.05). Subject to the following elections, Compensation for purposes of allocation of Deferral Contributions
means:
Base Definition (Choose one of a., b., c. or d.}:
a, [X] Wages, tips and other compensation on Form W-2.
b. [ ] Code §3401(a) wages (wages for withholding purposes).
c. [ ] 415 safe harbor compensation.
d. [ ] Alternative (general) 415 Compensation.
[Note: The Plan provides that the base definition of Compensation includes amounts that are not included in income due to Code §§401(k),
125,132()(4), 403(b), SEP, 414(h)(2), & 457. Compensation for an I