City of Laurel Employees Retirement Plan

FIFTH AMENDMENT

TO THE

CITY OF LAUREL EMPLOYEES RETIREMENT PLAN,

AS AMENDED AND RESTATED

(EFFECTIVE JULY 1, 2013)

Pursuant to the rights reserved in Section 10.1 of The City of Laurel Employees Retirement Plan, as Amended and Restated, effective July 1, 2013, the Plan is hereby amended effective as of November1, 2017, as set forth below.

SOLE CHANGE

Section 6.2(b) is deleted and replaced with the following:

(b) In the event the present value of a Retired Participant’s or Participant’s vested Accrued Benefit does not exceed Five Thousand Dollars ($5,000) at the time that the Retired Participant or Participant is entitled to receive a distribution, such vested Accrued Benefit will be paid in a lump sum in accordance with the rules in this paragraph. The Five Thousand Dollar ($5,000) limit in the previous sentence shall be automatically adjusted to match the limit set forth in Code Section 411(a)(11)(A).

(1) For distributions that occur prior to November 1, 2017:

(A) If the present value of the vested Accrued Benefit does not exceed One Thousand Dollars ($1,000), it will be immediately distributed without the written consent of the Participant (or Retired Participant) and the Participant’s (or Retired Participant’s) spouse.

(B) If the present value of the vested Accrued Benefit exceeds One Thousand Dollars ($1,000) but not Five Thousand Dollars ($5,000), it will be immediately distributed upon receiving the written consent of the Participant (or Retired Participant).

(2) For distributions that occur on and after November 1, 2017, if the present value of the vested Accrued Benefit does not exceed Five Thousand Dollars ($5,000), and if the Participant (or Retired Participant) does not timely return completed distribution forms, the vested Accrued Benefit shall be paid in a single lump sum (without the written consent of the Participant or Retired Participant) to an Individual Retirement Account (I.R.A.) designated by the Employer, in accordance with Code Section401(a)(31). Such payment shall be made as soon as administratively practicable following the date the Participant or Retired Participant is entitled to receive a distribution.

IN WITNESS WHEREOF, this Fifth Amendment has been executed this ___ day of October, 2017.

MAYOR AND CITY COUNCIL OF LAUREL

(A Municipal Corporation of the State of Maryland)

By:

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