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39 <br />ARTICLE XIII <br />13.0 DEFERRED COMPENSATION <br />13.1 Effective January 1, 1977, employees MOU were granted a one percent (1%) salary <br />increase to be utilized toward deferred compensation. Effective July 1, 1991, to comply <br />with CalPERS salary reporting requirements, salary rate ranges for employees were <br />adjusted upward by one percent (1%) to reflect the deferred compensation as salary. For <br />salary reporting purposes, the deferred compensation was shown as part of salary, rather <br />than as an add-on benefit. The amounts contributed by the City under this Article shall <br />be subject to provisions as outlined in the Internal Revenue Code (IRC) section 457. <br />Furthermore, all new contributions and existing assets are to be held for the exclusive <br />benefit of the participants and beneficiaries.