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ARTICLE XIII <br />13.0 DEFERRED COMPENSATION <br />13.1 Effective January 1, 1977, employees covered by this Agreement were granted a one percent <br />(1%) salary increase to be utilized toward deferred compensation. Effective July 1, 1991, to <br />comply with Ca1PERS salary reporting requirements, salary rate ranges for employees <br />covered by this Agreement were adj usted upward by one percent (1 %) to reflect the deferred <br />compensation as salary. For salary reporting purposes, the deferred compensation was shown <br />as part of salary, rather than as an add-on benefit. The amounts contributed by the City under <br />this article shall be subject to provisions as outlined in the Internal Revenue Code (IRC) 457. <br />Furthermore, all new contributions and existing assets are to be held. for the exclusive <br />benefit of the participants and beneficiaries. <br />39 <br />