[Added 6-7-2010 by Ord. No. 2010-11 (1083)]
The Borough of Lavallette (hereinafter referred to as the "plan
sponsor") has established the plan for the purpose of providing those
employees of the plan sponsor who are eligible to participate in the
plan with a choice between receiving cash (in the form of unreduced
compensation or taxable benefits treated as cash) or of receiving
certain benefits under such health benefit arrangements as may be
in effect for the plan sponsor's employees from time to time (the
"Health Care Program"). In addition, the plan offers employees who
are eligible to elect the health care Program the right to elect to
receive a taxable payment in lieu of health care benefits (the "Health
Premium Waiver Benefit"). It is the plan sponsor's intention that
the plan qualify as a "cafeteria plan" as that term is defined in
§ 125(d)(1) of the Internal Revenue Code of 1986, as amended
(the "Code") and that the health care benefits offered under the plan
qualify for exclusion from the gross income of participating employees
under Code § 125, and such other sections of the Code as
may be applicable. It is also the intention of the plan sponsor that
the plan be interpreted in a manner consistent with the requirements
of § 125 of the Code, Treasury Regulations promulgated by
the IRS thereunder, and any other requirements of the Code and/or
Treasury Regulations as may be applicable in connection with the qualification
for exemption from gross income of the health care benefits offered
under the plan.
As used in this article, the following terms shall have the
meanings indicated:
Any health care benefit, including, but not limited to, medical,
dental, vision or similar benefits offered under the plan.
The Internal Revenue Code of 1986, as amended from time to
time. Reference to any section or subsection of the Code includes
reference to any regulations thereunder and any comparable or succeeding
provisions of any legislation which amends, supplements or replaces
such section or subsection.
Remuneration paid by the plan sponsor that is includable
in gross income, before reduction for nontaxable contributions to
this plan (or other benefit plan), not including amounts available
before an employee is eligible for the plan.
The date the plan sponsor has established the plan for the
purpose of providing those employees of the plan sponsor who are eligible
to participate in the plan with a choice between receiving cash (in
the form of unreduced compensation or taxable benefits treated as
cash) or of receiving certain benefits under such health benefit arrangements
as may be in effect for the plan sponsor's employees from time to
time (the "health care Program").
Any appropriate election form to include electronic forms
provided by the plan sponsor or plan administrator or any person providing
benefits under the plan for the purposes of electing to participate
in benefit options and authorizing salary reduction contributions
to pay for such benefit options under the plan.
An employee who is not an excluded employee.
Any person performing services under the direction and control
of the plan sponsor who is either currently in pay status of the plan
sponsor, including, but not limited to, paid sick leave, paid vacation,
and paid administrative leave, or on unpaid authorized leave from
a plan sponsor. The term "employee" shall not include any individuals
hired to perform services for a plan sponsor as leased employees,
agency contract personnel or independent contractors, and their respective
employees or agents, notwithstanding that such individuals may be
subsequently reclassified by a court, government agency, tribunal
or arbitrator as common law employees of a plan sponsor.
Any employee excluded from participation hereunder by the
plan sponsor; employee who is a member of a collective bargaining
unit to which this plan has not been extended; leased employee within
the meaning of Code § 414(n); and independent contractors
or agency contract personnel; provided, however, that if a leased
employee, independent contractor, or contract worker is reclassified
as an "employee" by any federal or state agency such shall continue
to be an excluded employee for the remainder of the plan year in which
such reclassification determination occurs.
The Family and Medical Leave Act of 1993.
A leave of absence provided to an employee subject to and
pursuant to the terms of the FMLA.
Any health benefit arrangement, including, but not limited
to, medical, dental, vision or similar benefits provided through contract
or policies with a provider entered into by the plan sponsor from
time to time for this purpose or provided by the plan sponsor from
time to time for this purpose, the premiums for which are paid by
the plan sponsor and/or the participant.
The continuation of health care benefits in accordance with
the Public Health Service Act.
A payment made by the plan sponsor on an after-tax basis
to an eligible employee in lieu of the eligible employee's participation
in health care benefits during the plan year provided the eligible
employee elects to waiver his/her participation in health care benefits
and completes the appropriate benefits waiver forms.
The Health Insurance Portability and Accountability Act of
1996, the regulations promulgated thereunder, and any amendments to
either.
An individual who is a key employee within the meaning of
Code § 416.
Any leave of absence approved by the plan sponsor, including,
but not limited to, FMLA Leave and/or a period of duty in the uniformed
services.
The general election period held prior to the beginning of
each plan year. The dates of the general election period will be determined
annually and announced in advance by the plan administrator.
An eligible employee who has elected to participate in the benefits offered under the plan in accordance with § 45-41.
The plan year, or for an employee who first becomes eligible
to participate in the plan or benefit option during a plan year, the
remainder of such plan year, or to the extent applicable, the period
of coverage is any other shorter period as may result from a permitted
or required change to a participant's benefit option elections made
during a plan year.
The premium-only § 125 plan with opt-out as set
forth herein, together with any and all amendments and supplements
hereto.
The plan sponsor or such other person or committee as may
be appointed from time to time by the plan sponsor to supervise the
administration of the plan.
The government entity, municipality, township, etc. identified
on the title page of this Code.
The twelve-month period beginning on January 1 and ending
on December 31 of each year.
The portion of premium cost that a participant is required to contribute for the coverage designated under the benefits in which the participant has elected to enroll pursuant to § 45-41.
A licensed insurance company that has issued a group policy
or contract under any of the benefits offered under the plan.
Any benefit which, with the application of Code § 125(a) is not includable in the gross income of an employee by reason of an express provision of Chapter 1 of the Code.
A written agreement on an election form prescribed by the
plan administrator entered into by the plan sponsor and the eligible
employee under which the eligible employee's compensation is reduced
to pay for qualified benefits through salary reduction contributions.
The amount by which a participant's compensation is reduced
to pay for benefits through this plan.
The Armed Forces, the Army National Guard, and the Air National
Guard when engaged in active duty for training, inactive duty training,
or full-time National Guard duty; the commissioned corps of the public
health service, and any other category of persons designated by the
President of the United States in time of war or emergency.
The Uniformed Services Employment and Re-employment Rights
Act of 1994, as amended from time to time.
A.Â
Initial participation in the plan. Any eligible employee of the plan
sponsor shall be eligible to participate in the plan as of his or
her eligibility to participate in the plan and upon completion for
the appropriate election form filed with the plan administrator.
B.Â
Participation during leave of absence. Any participant who is absent
from work due to a leave of absence shall have the right to continue
to participate in the benefits offered through the plan during the
period the participant is on such leave of absence, unless the terms
on which the leave of absence was approved limit the participant's
ability to continue such participation; provided, however, that no
such limitation shall be implemented that would be in conflict with
any applicable law or regulations, including, but not limited to,
the rules and regulations that govern FMLA leave. If the participant
does not return to active employment before expiration of any such
limitation on his or her ability to continue to participate in the
benefits, his or her participation in the plan shall cease. The participant's
right to continue participation while on leave of absence (other than
such permitted continued coverage) is conditioned upon the participant
continuing to have an employment relationship with the plan sponsor,
and making any required payments of premiums or other contributions.
C.Â
Termination of participation. A participant shall case participation
in the plan upon the earliest of the following events:
(1)Â
The day on which he ceases to be an eligible employee or such earlier
date on or after the date the participant ceases to be an eligible
employee as provided under the terms of any insurance policy or other
documentation specific to one or more of the benefits covering the
participant;
(3)Â
With respect to benefits toward the cost of which the participant
is required to contribute, the date as of which he fails to make a
required contribution;
(4)Â
The date on which the participant elects to cease coverage;
(5)Â
The date of death of the employee.
A.Â
Benefits.
(1)Â
The benefits provided under the plan, to the extent not specifically
described herein, are described in the policies, contracts, or other
created under the plan ("separate documents") which are incorporated
herein by reference and made available to plan participants. Any restrictions,
limitations, and additional requirements relating to a participant's
entitlement to benefits that are not set forth in the plan are described
in the separate documents for the specific benefit. The provider shall
provide the benefits due under the respective benefit directly to
the participant, spouse, dependents, or named beneficiaries, if appropriate,
according to the terms of such benefit. The only benefits available
under an insured benefit are those expressly provided for under the
terms of the applicable policy or contract.
(2)Â
A participant may elect between receiving compensation or having
salary reduction contributions made to the plan by the plan sponsor
to provide for the participant's share of premiums for health care
benefits; or the health premium waiver benefit. A participant may
also elect to pay the participant's share of premiums for health care
benefits on an after-tax basis.
B.Â
Timing and irrevocability of elections. In general, an election of salary reduction contributions under the plan must be made before the first day of the period of coverage, as applicable. Such election must be made in accordance with the rules and procedures established by the plan administrator. The election shall be irrevocable for that entire plan year, except as provided in § 45-42G.
C.Â
Election procedure for current employees. An eligible employee may
enroll in the plan by making an election under this plan during the
open enrollment period. During the open enrollment period, each eligible
employee may make an election for the upcoming plan year or the remainder
of a plan year in accordance with such procedures as the plan administrator
prescribes. The maximum amount of elective contributions under the
plan for any participation shall be the total cost to the participant
for the period of coverage of the most expensive benefit that any
participant could elect.
D.Â
Election procedure for new employees. The plan administrator shall
provide the election form to a newly hired eligible employee as soon
as administratively feasible after the employee is hired. Such eligible
employee must return a completed election form to the plan administrator
on or before the date the plan administrator specifies in order to
elect salary reduction contribution for benefits for the upcoming
plan year or remainder of the current plan year. Salary reduction
contributions shall not begin earlier than the date that the plan
administrator receives the completed election form.
E.Â
Election procedures for rehires. In the case of a participant who
ceases to be employed by the plan sponsor and is subsequently rehired
within one year, such participant shall be eligible to participate
again in the plan upon his date of rehire.
F.Â
Failure to return election form. A participant or eligible employee who fails to return an election form timely shall be deemed to have elected not to participate in the plan. Such deemed election will continue in effect for future plan years, unless and until the participant submits an election form during a general election period, or at a time allowed under the rules in § 45-42G.
G.Â
Changes in elections.
(1)Â
Family status changes. An eligible employee who has not enrolled
in the plan may enroll and a participant may modify or revoke an election
for the remainder of a plan year, and make a new election, on account
of and consistent with a change in family status recognized under
the plan, provided that the eligible employee or participant files
such change with the plan administrator on an election form and provides
the plan administrator with any requested forms or documentation within
31 days of the date of the event constituting the family status change.
A change in family status for this purpose may include the following:
marriage; divorce; legal separation; annulment; death of a spouse
or dependent; birth, adoption, or placement for adoption of a child;
termination or commencement of employment of a spouse or dependent;
the termination of participant's employment; other changes in the
employment status of the participant, spouse, or dependent resulting
in eligibility for coverage under one or more benefit options; change
in residence of the participant, spouse or dependent, which affects
such individual's eligibility under a benefit option; changes which
cause a dependent to become eligible or ineligible for coverage under
the benefit options; the taking of a leave of absence by the participant,
spouse or dependent; the loss of or a significant change in benefit
coverage of the participant, spouse, or dependent attributable to
the spouse's or dependent's employment; or other events that are permitted
by the Code and approved by the plan administrator. A benefit election
change is consistent with a family status change only if necessary
or appropriate as a result of the family status change. The plan administrator,
in its sole discretion, shall determine which family status changes
are permissible under the plan and whether a benefit election change
is consistent with such family status change.
(2)Â
State Children's Health Insurance Program ("SCHIP") enrollment rights.
If an eligible employee or his/her dependent either has a termination
of Medicaid or SHCIP coverage resulting from a loss of eligibility
or becomes eligible for premium assistance in the plan under either
Medicaid or the SCHIP program, the eligible employee may enroll in
the plan provided the eligible employee request coverage within 60
days of the termination or the date the eligible employee and/or his/her
dependent is determined to be eligible for assistance.
(3)Â
Medicare and Medicaid. If a participant or his or her spouse or dependent
who is enrolled in a health or accident plan under this plan becomes
entitled to (i.e., becomes enrolled in) Medicare or Medicaid (other
than coverage consisting solely of benefits under Section 1928 of
the Social Security Act providing for pediatric for pediatric vaccines),
then the participant may prospectively reduce or cancel the health
or accident coverage of the person becoming entitled to Medicare or
Medicaid. Furthermore, if a participant or his or her spouse or dependent
who has been entitled to Medicare or Medicaid loses eligibility for
such coverage, then the participant may prospectively elect to commence
or increase the accident or health coverage of the individual who
loses Medicare or Medicaid eligibility.
(4)Â
HIPAA special enrollment rights. If a participant or his or her spouse
or dependent is entitled to special enrollment rights under a group
health plan (other than an excepted benefit), as required by HIPAA
under Code § 9801(f), then a participant may revoke a prior
election for group health plan coverage and make a new election (including,
when required by HIPAA, an election to enroll in another benefit package
under a group health plan), provided that the election change corresponds
with such HIPAA special enrollment right. As required by HIPAA, a
special enrollment right will arise in the following circumstances:
(a)Â
Participant or his or her spouse or dependent declined to enroll
in group health plan coverage because he or she had coverage, and
eligibility for such coverage is subsequently lost because the coverage
was provided under the continuation coverage rules of the Public Health
Service Act or the Consolidated Omnibus Budget Reconciliation Act
(COBRA) and the continuation coverage was exhausted; or the coverage
was noncontinuation coverage and the coverage terminated due to loss
of eligibility for coverage or the employer contributions for the
coverage were terminated; or
(b)Â
New dependent is acquired as a result of marriage, birth, adoption,
or placement for adoption.
A.Â
An election to add previously eligible dependents as a result of
the acquisition of a new spouse or dependent child shall be considered
to be consistent with the special enrollment right. An election change
on account of a HIPAA special enrollment attributable to the birth,
adoption, or placement for adoption of a new dependent child may,
subject to the provisions of the underlying group health plan, be
effective retroactively (up to 30 days). For purposes of this section,
the term "loss of eligibility" includes (but is not limited to) loss
of eligibility due to legal separation, divorce, cessation of dependent
status, death of an employee, termination of employment, reduction
of hours, or any loss of eligibility for coverage that is measured
with reference to any of the foregoing; loss of coverage offered through
an HMO that does not provide benefits to individuals who do not reside,
live, or work in the service area because an individual no longer
resides, lives, or works in the service area (whether or not within
the choice of the individual), and in the case of HMO coverage in
the group market, no other benefit package is available to the individual
a situation in which an individual incurs a claim that would meet
or exceed a lifetime limit on all benefits; and a situation in which
a plan no longer offers any benefits to the class of similarly situated
individuals that includes the individual.
(1)Â
Significant cost or coverage changes.
(a)Â
Automatic changes. If the cost of a qualified benefit increases (or decreases) during a period of coverage, and participants are required to make a corresponding change in their premiums, the plan administrator may, on a reasonable and consistent basis, automatically make a prospective increase (or decrease) in the participants' salary reduction contribution under the plan unless § 45-43A(1)(b) applies.
(b)Â
Significant cost increases. If the cost of a qualified benefit
significantly increases during a period of coverage, the plan administrator
may permit participants either to make a corresponding prospective
increase in their salary reduction contributions, or to revoke their
elections and, in lieu thereof, to elect on a prospective basis coverage
under another coverage option providing similar coverage under such
benefit.
B.Â
Termination of employment or eligible employee status. If a participant
terminates employment or otherwise ceases to be an eligible employee
elections hereunder shall be deemed revoked.
C.Â
Change of elections for legal compliance. The plan administrator
shall have the authority to reject, amend or revoke any election of
salary reduction contributions to the extent necessary to assure that
the plan and all benefits provided under the plan comply with applicable
legal requirements. This includes actions to treat what would otherwise
have been salary reduction contributions as taxable compensation in
order to comply with the nondiscrimination rules imposed by Code § 125,
and any other Code provisions that may apply to the plan from time
to time. Actions under this subsection shall be undertaken on a non-discriminatory
and consistent basis, and shall not require the consent of affected
participants.
D.Â
Procedures. Consistent with the requirements set forth in this article,
the plan administrator may prescribe further uniform and nondiscriminatory
rules for elections.
E.Â
Benefit providers. Any benefits available under the plan shall be
provided by those insurers or other health care providers with whom
the plan sponsor has arranged for the provision of such benefits.
The terms of the health care benefits available under the plan are,
however, established by the insurers or other health care providers
with whom the plan sponsor has arranged for such benefits, and the
types and amounts of benefits available from any such insurers or
other health care providers will be subject to the terms of the applicable
insurance policies, contracts, and any other specific terms, conditions,
and limits for coverage as are set forth from time to time. The requirements,
terms, conditions and limitations applicable with respect to such
coverage and the benefit descriptions as are set forth in such plans
and contracts as may be in effect from time to time, shall be provided
to participants and are incorporated into the plan by reference.
F.Â
Discretion of the plan administrator. The plan administrator shall
also have the authority to administer the plan, and all provisions
of the plan are to be interpreted and administered by the plan administrator
in such a manner as to satisfy the nondiscrimination rules established
by § 125(b) of the Code and applicable treasury regulations
thereunder during each plan year. In addition, in connection with
the continued qualification for exclusion from employees' income of
all benefits intended to constitute health care benefits under the
plan, the plan administrator shall have the authority to reduce benefits
or change elections with respect to "key employees" [as defined in
§ 414(a) of the Code] or "highly compensated participants"
[as defined in § 125(e) of the Code] and to take any other
actions to the extent the plan administrator determines that such
change or action is necessary or appropriate to ensure that all relevant
Code requirements, including the limitations imposed on benefits for
"key employees" applicable to the plan under Code § 125
and IRS regulations promulgated thereunder, are met.
A.Â
Qualification. The plan shall be and remain qualified under Code
§§ 105, 106, and 125, respectively. The plan sponsor
may authorize any modification or amendments to the plan, which may
be retroactive, deemed necessary, or appropriate in its opinion to
qualify or maintain the plan as a plan meeting the requirements of
Code §§ 105, 106, and 126 of the Code, or any other
applicable provisions of the Code, and the regulations issued thereunder.
In order for the plan to remain a qualified plan pursuant to Code § 125,
nontaxable benefits provided to employees who are classified as key
employees shall not exceed 25% of the total nontaxable benefits provided
to all employees. In the event that nontaxable benefits to such key
employees shall exceed 25% of the total nontaxable benefits provided
to all employees, then such key employees receiving benefits shall
be treated as though they received all available taxable benefits
under the plan. If the plan administrator determines, before or during
any plan year, that the plan may fail to satisfy any nondiscrimination
requirement or any limitation on benefits provided to key employees
or highly compensated employees as applicable under the Code to the
plan, the plan administrator shall take such action as the plan administrator
deems appropriate, under the rules uniformly applicable to similarly
situated participants, to assure compliance with such requirement
or limitation. Such action may include, without limitation, a modification
of elections by highly compensated employees or key employees with
or without the consent of such participants and employees.
B.Â
Amendment of plan. Except as otherwise provided herein, the plan
may be amended at any time, and from time to time. The plan sponsor
has sole discretion to amend or modify the plan, provided that any
such amendment or modification of the plan shall not affect a participant's
right to benefits covered under the plan prior to the effective date
of the amendment.
C.Â
Termination of plan. The plan sponsor expressly reserves the right
to terminate the plan with respect to all participants and eligible
employees at any time and for any reason without liability. Termination
of the plan shall not affect the right of participants, or their spouses,
dependents and beneficiaries to reimbursement for covered benefits
incurred prior to the effective date of termination of the plan.
D.Â
No vesting or contractual rights to benefits. No person shall have any contractual right to benefits under the plan which interferes with the amendment of the plan pursuant to § 45-44B or termination of the plan pursuant to § 45-44C. The plan sponsor makes no promise to continue the plan or any benefits under the plan in the future and rights to future benefits do not vest.
A.Â
Duties and authority of plan administrator.
(1)Â
The plan shall be administered by the plan sponsor, or by such person
as may be appointed by the plan sponsor to act as the administrator
for the plan (such person or the plan sponsor, in its role as administrator
of the plan, is referred to herein as the "plan administrator"). The
plan administrator shall have the responsibility to see that the plan
is operated in accordance with the provisions of the plan document
for the exclusive benefit of those persons eligible to participate
in the plan. The plan administrator shall have the authority to interpret
any provisions of the plan and shall have the power to administer
the plan and to take any and all actions as may be appropriate with
respect to the plan, including, but not limited to, the following:
(a)Â
Decide all questions concerning the plan and the eligibility
of any person to participate in the plan;
(b)Â
Make and enforce such rules and regulations as it deems necessary
or proper for the efficient administration of the plan, including
the establishment of any claims procedures that may be required by
applicable provisions of law;
(c)Â
Interpret the plan in good faith, in which event the plan's
administrator's interpretations shall be treated as final and conclusive;
and
(d)Â
Appoint or engage such persons whose services may be necessary
or appropriate to the proper administration of the plan and to allocate
or delegate its responsibilities as plan administrator to other persons.
(2)Â
In administering the plan, the plan administrator shall ensure that
no discretionary actions taken by it shall have the effect of causing
the plan to be operated in a discriminatory manner, and that any administrative
rules or procedures as may be established by the plan administrator
shall be fashioned and applied in a uniform manner causing similarly
situated individuals to be treated in substantially the same manner.
B.Â
Plan records and documents. The plan administrator shall make copies
of the plan description, the latest annual report and any other instruments
under which the plan is established or operated available for examination
by any participant or beneficiary upon such person's request at reasonable
times during normal business hours at the principal place of business
of the plan administrator or at such other locations as may be appropriate
or required under applicable regulations promulgated by the Department
of Labor.
C.Â
Reliance. The plan administrator shall be entitled, to the extent
permitted by law, to rely conclusively on any tables, valuations,
certificates, opinions, or reports furnished by, or in accordance
with the instructions of, plan benefit insurers or providers, or by
accountants, counsel, or other experts employed or engaged by the
plan administrator or the plan sponsor, unless the plan administrator
knows or has reason to know that such documents or information is
not correct.
D.Â
Indemnification. The plan sponsor agrees to indemnify and defend,
to the fullest extent permitted by law, any employee appointed to
serve as the plan administrator or designated as a fiduciary with
respect to the plan against all liabilities, damages, costs, and expenses
(including attorney fees and amounts paid in settlement of any claims
approved by the plan sponsor) resulting from any act, or omission
to act, in connection with the plan provided such act or omission
was made in good faith.
E.Â
Expenses. The plan administrator's expenses, including the fees and
costs of any service provides engaged to provide services to the plan,
shall be paid by the plan sponsor.
F.Â
Reports. The plan administrator shall file or arrange to have filed
all annual reports, forms, notices, and other reports and documents
required by law, and shall provide or arrange to provide all notices
and statements required by law to be made to employees and beneficiaries.
A.Â
Source of payments. All benefits paid under the plan shall be paid
form the general assets of the plan sponsor. No employee shall have
any rights to benefits under the plan other than the unsecured right
to receive payments due under the plan. The plan sponsor shall not
be obligated to set aside, earmark, or escrow any funds or assets
to satisfy any obligation imposed upon it by the plan. If the plan
administrator is a person or committee rather than the plan sponsor,
such plan administrator shall not be personally liable for the payment
of any benefits under the plan.
B.Â
Nonalienation. Except to the extent required by law, the interest
of participants and their beneficiaries under the plan are not subject
to the claims of their creditors and may not be voluntarily or involuntarily
sold, transferred, alienated, assigned, or encumbered, except as may
be required to comply with the terms of a medical child support order.
The plan sponsor shall in no event be liable for, or subject to, the
debts, contracts, liabilities, or torts of any person entitled to
or claiming benefits under the plan.
C.Â
Information to be furnished. Participants all provide the plan sponsor
and plan administrator with such information and evidence and shall
sign such documents as may be reasonably requested from time to time
for the purpose of administration of the plan.
D.Â
Governing law. The provisions of the plan shall be construed, administered,
and enforced in accordance with the laws of the State of New Jersey
other than its laws respecting choice of law, to the extent not preempted
by federal law.
E.Â
Construction. The provisions of the plan shall be interpreted and
construed in accordance with the requirements of the Code.
F.Â
No guarantee of tax consequences. Neither the plan administrator
nor the plan sponsor makes any commitment or guarantee that any amounts
paid to or for the benefit of a participant under the plan will be
excludable from the participant's gross income for federal or state
income tax purposes. It shall be the obligation of each participant
to determine whether any payment or benefit is excludable under the
participant's gross income and to notify the plan sponsor if the participant
has reason to believe that any such payment is not so excludable.
G.Â
Severability. If any provision of the plan is held illegal or invalid
for any reason, such illegality or invalidity shall not affect the
remaining provisions of the plan, and the plan shall be construed
and enforced as if such illegal or invalid provision had never been
set forth in the plan.
H.Â
No expansion of employment rights. The adoption of the plan and the
payment of any benefit shall not be construed as granting to any participant
or other person any continuing right to be employed, or any other
right or benefit in connection with employment or any legal or equitable
right against the plan administrator or plan sponsor. Nothing in the
plan shall be construed to limit the plan sponsor's right to discharge
any employee with or without cause.
I.Â
Gender and number. As used in the plan, and unless otherwise plainly
required by the context, any genders may be construed to include all
genders and the singular or plural may be construed to include the
plural or singular, respectively.