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<br /> <br /> <br /> <br /> <br /> <br /> <br /> INTRODUCTION <br /> <br /> The City of Santa Ana (the "Employer") has adopted this deferred compensation <br /> plan for the benefit of its eligible employees. <br /> <br /> It is intended that this plan and the trust established to hold the assets of the plan <br /> <br /> shall be an eligible deferred compensation plan under Section 457 of the Internal <br /> <br /> Revenue Code of 1986, together with any amendments thereto (the "Code"). It is further <br /> <br /> intended that the plan shall meet all of the requirements of a government alternative <br /> <br /> retirement system under Code Section 3121(b)(7)(F). It is also intended that this plan <br /> <br /> and the trust established hereunder shall meet the requirements of a pension trust under <br /> <br /> California Government Code sections 53215 - 53224, or their successor sections. At any <br /> <br /> time prior to the satisfaction of all liabilities with respect to participants and their <br /> beneficiaries under the trust created pursuant to this plan, the trust assets shall not be used <br /> <br /> for, or diverted to, purposes other than the exclusive benefit of participants or their <br /> <br /> beneficiaries, as prescribed in Section 457(g)(1) of the Code. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> NB I :564577.3 1 <br /> <br /> 55A-40 <br />