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