Common use of 457 Deferred Compensation Clause in Contracts

457 Deferred Compensation. The employer shall pay on a dollar-for-dollar matching basis a percentage of wages into a deferred compensation savings program. The match applies to employees who have completed probation, except Relief Transit Operators who shall be eligible to participate after six (6) months of employment. The match shall be based on years of agency service. Employees participating in the program will receive an annual match according to the following schedule: For the period covering July 1, 2014 – December 31 of the year the contract is ratified: Employees with: Shall receive up to: Less than 10 years of service 4% of wages matching contribution per calendar year 10 – 14 years of service 5% of wages matching contribution per calendar year 15 or more years of service 5.5% of wages matching contribution per calendar year For the period covering January 1 of the year following ratification of the contract: Employees with: Shall receive up to: Less than 10 years of service 4.25% of wages matching contribution per calendar year 10 – 14 years of service 5.25% of wages matching contribution per calendar year 15 or more years of service 6.0% of wages matching contribution per calendar year

457 Deferred Compensation. The employer shall pay on a dollar-for-dollar matching basis a percentage of wages into a deferred compensation savings program. The match applies to employees who have completed probation, except Relief Transit Operators who shall be eligible to participate after six (6) months of employment. The match shall be based on years of agency service. Employees participating in the program will receive an annual match according to the following schedule: For the period covering July 1, 2014 – – December 31 of the year the contract is ratified: Employees with: Shall receive up to: Less than 10 years of service 4% of wages matching contribution per calendar year 10 – – 14 years of service 5% of wages matching contribution per calendar year 15 or more years of service 5.5% of wages matching contribution per calendar year For the period covering January 1 of the year following ratification of the contract: Employees with: Shall receive up to: Less than 10 years of service 4.25% of wages matching contribution per calendar year 10 – – 14 years of service 5.25% of wages matching contribution per calendar year 15 or more years of service 6.0% of wages matching contribution per calendar year