401(a) Defined Contribution Plan – Police Sergeant Sample Clauses

401(a) Defined Contribution Plan – Police Sergeant. 1. Effective January 1, 1998, the City has agreed to provide a 401(a) Defined Contribution Plan for the classification of Police Sergeants only. Each employee in the classification of Police Sergeant may irrevocably elect to participate or not participate in this plan, on a one-time basis only. Each unit employee who elects to participate shall mandatorily contribute two percent (2%) of their base salary to this plan. 2. Effective July 1, 2001, each unit employee in the classification of Police Sergeant who elects to participate shall mandatorily contribute three percent (3%) of their base salary to this plan. 3. The City shall “pick up” these mandatory contributions according to Section 414(h)(2) of the IRS code. Such plan shall be established and administered in conformance with the provision set forth in the City’s Supplementary Benefit Ordinance in effect the date this Agreement became effective.