3.96.080 Plan Administration.
A. Plan Administrator. The Plan shall be administered by a Committee selected by the Employer and composed of a Committee of not less than three persons and an alternate. The Employer shall have responsibility for the operation and administration of the Plan and shall direct payment of Plan benefits. The Committee shall have the power and authority to adopt, interpret, alter, amend or revoke rules and regulations necessary to administer the Plan and to delegate ministerial duties and employ such outside professionals as may be required for prudent administration of the Plan. The members of the Committee, if otherwise eligible, may participate in the Plan, but shall not be entitled to make decisions on behalf of the Employer with respect to his or her own participation.
B. Plan-to-Plan Transfers. Notwithstanding any other Plan provision, distribution of amounts deferred by a former Participant of this Plan shall not commence upon Severance from Employment, but instead shall be automatically transferred to another Eligible Deferred Compensation Plan in which the former Participant has become a Participant, if:
1. the Eligible Plan receiving such amounts provides for their acceptance, and
2. the former Participant Severed from Employment with the Employer in order to accept employment with the employer which maintains the other Eligible Plan.
This Plan will accept the transfer of amounts previously deferred by a Participant under another Eligible Deferred Compensation Plan.
C. Accounts. The Employer shall establish and maintain accounts on behalf of each Participant. Accounts shall be valued at least once each Plan Year and each Participant shall receive written notice of his or her account balance following such valuation. Account balances shall reflect the Deferral amount, any earnings attributable to such amount and shall be reduced by administrative, investment and other fees, in such amounts and at such times as the Committee deems necessary for the maintenance of this Plan.
D. Investments. A Participant or Beneficiary may request that Deferrals be allocated among available investment options established by the Employer. The initial allocation request may be made at the time of enrollment. Investment allocation requests shall remain effective with regard to all subsequent Deferrals, until changed in accordance with the provisions of this Section. A Participant may change his or her allocation request during an Open Enrollment Period or other period approved by the Committee by notifying the Committee in writing. Such changes shall become effective as soon as administratively feasible. While the Employer intends to invest Deferrals according to Participant requests, it reserves the right to invest Deferrals without regard to such requests.