Laserfiche WebLink
ARTICLE XIII <br />13.0 DEFERRED COMPENSATION <br />13.1 Effective January 1, 1977, employees covered by this MOU were granted a one peroent (1 %) <br />salary increase to be utilized toward deferred compensation. Effective July 1, 1991, to <br />comply with CalPERS salary reporting requirements, salary rate ranges for employees <br />covered by this MOU were adjusted 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 />37 <br />251 -39 <br />