CITY OF NAPA 457(B) DEFERRED COMPENSATION PLAN
457(b) Governmental AA V2
Contract Number – 0038368001
Plan Document Summary
Prepared as of 11/5/2024
This Plan Document Summary (“Summary”) is intended to provide you with a high-level overview of the major features of your plan based on the most recently drafted plan document in our files. The Summary is not intended to replace your plan document or Summary Plan Description (SPD). If this Summary describes any provisions of your plan that have not been adopted (including provisions in an amendment to the plan that has not been signed), those provisions will not be operational until the plan or amendment has been signed and dated. Finally, if the provisions described in this Summary and the plan document or SPD conflict, the provisions of the plan document and SPD govern.
EMPLOYER/PLAN INFORMATION
[AA §1 / AA §2]
EFFECTIVE DATE OF PLAN:
Plan restatement effective: January 1, 2024
Original effective date: May 4, 1993
EMPLOYER INFORMATION
Name: City of Napa
Address:
955 School Street
Napa, California 94559-0660
Phone: (707) 257-9559
EIN: 94-6000380
PLAN ADMINISTRATOR: Employer
ENTITY TYPE: Political Subdivision of a State
EMPLOYER TAX YEAR END: June 30
FICA REPLACEMENT PLAN: No
PLAN YEAR: Calendar Year
TRUSTEE:
Nationwide Trust Company, FSB
COMPENSATION
[AA §5]
TOTAL COMPENSATION: W-2 Compensation
Deferrals ER Contributions Match
PLAN COMPENSATION:
No exclusions
COMPENSATION
PERIOD: Plan Year
COMPENSATION ONLY
WHILE PARTICIPANT:
No
PLAN COMPENSATION:
No Employer contributions
PLAN COMPENSATION:
No match
EXCLUDED EMPLOYEES
[AA §3]
Deferrals ER Contributions Match
No excluded Employees
No ER contributions
No match
INDEPENDENT CONTRACTORS:
Deferrals ER Contributions Match
Independent Contractors
No Employer Contributions
No Matching Contributions
may participate
MINIMUM AGE AND SERVICE
[AA §4]
Deferrals ER Contributions Match
Minimum Age: None
Minimum Service:
None
Service Counting
Method: Equivalency
Method for Employees
for whom hourly records
not maintained
No Employer Contributions
No match
ENTRY DATES
[AA §4-2]
Deferrals ER Contributions Match
Entry Dates: Immediate
No Employer Contributions
No match
SALARY DEFERRALS
[AA §6A]
CATCH-UP CONTRIBUTIONS: Yes
ROTH CONTRIBUTIONS: Yes
IN-PLAN ROTH CONVERSIONS: Yes
EMPLOYER CONTRIBUTIONS
[AA §6]
NO EMPLOYER CONTRIBUTIONS
MATCHING CONTRIBUTIONS
[AA §6B]
NO MATCHING CONTRIBUTIONS
RETIREMENT AGE AND DISTRIBUTIONS
[AA §7 / AA §9]
NORMAL RETIREMENT AGE: Participant may designate a Normal Retirement Age that is between age 65 and 70 ½.
NORMAL RETIREMENT AGE FOR QUALIFIED POLICE:
Participant may designate a Normal Retirement Age that is between age 40 and 70 ½.
NORMAL RETIREMENT AGE FOR QUALIFIED
ATTACHMENT 6
CITY OF NAPA 457(B) DEFERRED COMPENSATION PLAN
457(b) Governmental AA V2
0038368001
Plan Document Summary
Prepared as of November 5, 2024 Page 2
FIREFIGHTERS: Participant may designate a Normal Retirement Age that is between age 40 and 70 ½.
PERMISSIBLE DISTRIBUTION EVENTS:
Deferrals ER Contributions Match
Age 59 1/2
Unforeseeable
Emergency
No Employer Contributions No Matching Contributions
LIMITATIONS ON IN-SERVICE DISTRIBUTIONS:
Participant may not take a distribution after termination of employment for:
o Unforeseeable Emergency Distributions
DISTRIBUTIONS OF SMALLER AMOUNTS:
Participant may receive distribution of smaller amounts as described under the Plan
FORM OF DISTRIBUTION UPON TERMINATION:
Lump sum
Partial lump sum
Installments for requirement minimum distributions only Repetitive Payments
TIMING OF DISTRIBUTIONS: Within a reasonable time following an event, such as termination
INVOLUNTARY CASH-OUT THRESHOLD: $7,000
AUTOMATIC ROLLOVER RULES: Do not apply to Cash-Outs less than $1,000
SPOUSAL CONSENT: A Participant’s spouse must consent to the naming of someone other than the spouse as beneficiary
BENEFICIARY PROVISIONS: To the extent a Beneficiary has not been named by the Participant to receive all of any portion of the deceased Participants death benefit, such amount shall be distributed to the Participants surviving Spouse.If the Participant does not have a surviving Spouse, distribution will be made to the Participants surviving children (including legally adopted children, but not including step-children) in equal shares by right of representation (one share for each surviving child and one share for each child who predeceases the Participant with living descendants).If the Participant has no surviving children, distribution will be made to the Participants surviving parents in equal shares. If the Participant has no surviving parents, distribution will be made to the Participants estate.
DIVORCE OF SPOUSE: If the Participant and Spouse are divorced, the designation of the Spouse as Beneficiary under the Plan will be automatically rescinded
MISCELLANEOUS PROVISIONS
[AA §10]
Deferrals ER Contributions Match
VALUATION DATE:
Daily
VALUATION DATE: No
ER contributions
VALUATION DATE: No
match
LOAN POLICY
[APPENDIX B]
LOANS: Permitted
ADMINISTRATIVE ELECTIONS
[APPENDIX C]
ROLLOVERS: Yes
DEFAULT QDRO PROCEDURES APPLY: Yes
PARTICIPANT DIRECTION: Allowed from all Accounts
ATTACHMENT 6