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ARTICLE XIII <br /> 13.0 DEFERRED COMPENSATION <br /> 13.1 Effective January 1, 1977,employees covered by this MOU were granted a one percent(1%) <br /> salary increase to be utilized toward deferred compensation. Effective July 1, 1991, to <br /> comply with CalffRS 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 than <br /> as an add-on benefit. The amounts contributed by the City under this Article shall be subject <br /> to provisions as outlined in the Internal Revenue Code (IRC) section 457. Furthermore, all <br /> new contributions and existing assets are to be held for the exclusive benefit of the <br /> participants and beneficiaries. <br /> 41 <br />