Common use of Purpose of Plan Restatement Effective Date Clause in Contracts

Purpose of Plan Restatement Effective Date. 1.1 Purpose of Plan. The Board of each Participating Fund maintains this Deferred Compensation Plan for Independent Directors and Trustees. The purpose of the Plan is to allow the independent directors and trustees of the Participating Funds to defer receipt of all or a portion of the compensation they earn for their service to the Participating Funds in lieu of receiving current payments of such compensation, and to treat any deferred amount as though an equivalent dollar amount had been invested in shares of one or more Eligible Funds. Each Board intends that the Plan shall be maintained at all times on an unfunded basis for federal income tax purposes under the Code. The Plan is not covered by the Employee Retirement Income Security Act of 1974, as amended.

Appears in 20 contracts

Samples: Nuveen California Municipal Value Fund Inc, Nuveen California Investment Quality Municipal Fund Inc, Nuveen New Jersey Investment Quality Municipal Fund Inc

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