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ARTICLE XII <br /> <br />12.0 DEFERRED COMPENSATION <br /> <br />12.1 <br /> <br />Each employee shall continue to receive an amount equal to one percent (1%) of his or her <br />monthly salary to be designated and deposited in the City's deferred compensation program. <br />The amounts contributed by the City under this article shall be subject to provisions as <br />outlined in the Internal Revenue Code (IRC) 457. Furthermore, all new contributions and <br />existing assets are to be held for the exclusive benefits of the participants and beneficiaries. <br /> <br />It is anticipated that during calendar year 1999, the City will install a new Personnel/Payroll <br />system. Upon completion of the installation, employees may request and shall be provided <br />with a full accounting of monies in the employee's individual plan. <br /> <br />31 <br /> <br /> <br />