City Contribution to Deferred Compensation Sample Clauses

City Contribution to Deferred Compensation. The City shall contribute $50.00 per month on behalf of each employee to the City's deferred compensation plan.
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City Contribution to Deferred Compensation. The City shall provide a contribution to a deferred compensation account in the amount of $30.00 per month per employee. In addition to the above amounts, the City shall make an additional contribution to the deferred compensation accounts of Firefighters, Fire Engineers, Fire Captains and Fire Battalion Chiefs as follows: Effective the pay period including June 16, 2020 (which is June 6, 2020 to June 19, 2020), the City shall make a contribution to employees in each of the classifications in this bargaining unit in the amount of one and three tenths percent (1.3%) of each classification’s top step (Step 5 for Firefighter and Fire Battalion Chief and Step 3 for Fire Engineer and Fire Captain). Effective the pay period including October 1, 2020, the City shall make a contribution to employees in each of the classifications in this bargaining unit in the amount of two and three tenths percent (2.3%) (the one and three tenths percent (1.3%) initially provided with the pay period including June 16, 2020, and an additional one percent (1%) for a total of two and three tenths percent (2.3%)) of each classification’s top step (Step 5 for Firefighter and Fire Battalion Chief and Step 3 for Fire Engineer and Fire Captain). Effective the pay period including October 1, 2021, the City shall make a contribution to employees in each of the classifications in this bargaining unit in the amount of three and three tenths percent (3.3%) (the two and three tenths percent (2.3%) initially provided effective with the pay period including October 1, 2020, and an additional one percent (1%) for a total of three and three tenths percent (3.3%)) of each classification’s top step (Step 5 for Firefighter and Fire Battalion Chief and Step 3 for Fire Engineer and Fire Captain). Effective the pay period including October 1, 2022, the City shall make a contribution to employees in each of the classifications in this bargaining unit in the amount of four and three tenths percent (4.3%) (the three and three tenths percent (3.3%) initially provided effective with the pay period including October 1, 2021, and an additional one percent (1%) for a total of four and three tenths percent (4.3%)) of each classification’s top step (Step 5 for Firefighter and Fire Battalion Chief and Step 3 for Fire Engineer and Fire Captain). Effective the pay period including October 1, 2023, the City shall make a contribution to employees in each of the classifications in this bargaining unit in the amount of ...
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City Contribution to Deferred Compensation. The City shall contribute $320.00 per month on behalf of each Police Officer to a deferred compensation account. The City shall contribute $475.00 per month on behalf of each Police Sergeant to a deferred compensation account. In addition to the above amounts, the City shall pay make an additional contribution to the deferred compensation accounts of Police Officers and Police Sergeants as follows: The City shall make a contribution to employees in the classification of Police Officer in the amount of three percent (3%) of step 5 for the classification of Police Officer. The City shall make a contribution to employees in the classification of Police Sergeant in the amount of three percent (3%) of step 6 for the classification of Police Sergeant. As addressed in paragraph B below, the parties acknowledge that there is a statutory maximum amount which may be contributed into an employee’s deferred compensation account. Given the above contributions from the City, employees are responsible for ensuring that any individual contributions employees elect to make to their own deferred compensation accounts do not cause the account to exceed the maximum permitted by law. If the maximum permitted by law is reached prior to the end of a calendar year, there will no additional City contributions for the remainder of that calendar year.
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City Contribution to Deferred Compensation. 1. The City's maximum contribution to deferred compensation shall be one hundred twenty five dollars ($125.00) per pay period. 2. The maximum City contribution shall only be paid to unit employees contributing a minimum of seventy six dollars and twenty five cents ($76.25) per pay period. Police Management 2015-2020 3. The City will contribute a dollar per dollar match for unit employees that contribute less than seventy six dollars and twenty five cents ($76.25) per pay period. 4. The deferred compensation plan is a benefit, and as such the contribution by the City on behalf of the unit employee shall not change the employee's salary classification range. 5. Unit employees may, at their option, contribute in excess of the City's matching contribution per pay period to the plan.
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City Contribution to Deferred Compensation. The City shall contribute $630.00 per month per employee to a deferred compensation plan. Effective October 1, 2018, this contribution will increase to $60.00 per month per employee.
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City Contribution to Deferred Compensation. A. The City shall contribute $320.00 per month on behalf of each Ppolice oOfficers (including Pre-Service Police Officers) to a deferred compensation accountthe City's deferred compensation program. B. The City shall contribute $475.00 per month on behalf of each police sergeants to a deferred compensation accountthe City's deferred compensation program.
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City Contribution to Deferred Compensation. The City shall contribute $320.00 per month on behalf of each Police Officer to a deferred compensation account. The City shall contribute $475.00 per month on behalf of each Police Sergeant to a deferred compensation account. In addition to the above amounts, the City shall pay make an additional contribution to the deferred compensation accounts of Police Officers and Police Sergeants as follows: Effective the pay period including March 31, 2020 (which is March 28, 2020 to April 10, 2020), the City shall make a contribution to employees in the classification of Police Officer in the amount of one percent (1%) of step 5 for the classification of Police Officer. Effective the pay period including March 31, 2020 (which is March 28, 2020 to April 10, 2020), the City shall make a contribution to employees in the classification of Police Sergeant in the amount of one percent (1%) of step 6 for the classification of Police Sergeant. Effective the pay period including October 1, 2020, the City shall make a contribution to employees in the classification of Police Officer in the amount of two percent (2%), the one percent (1%) initially provided on March 28, 2020, and an additional one percent (1%) for a total of two percent 2%) of step 5 for the classification of Police Officer. Effective the pay period including October 1, 2020, the City shall make a contribution to employees in the classification of Police Sergeant in the amount of two percent (2%), the one percent (1%) initially provided on March 28, 2020, and an additional one percent (1%) for a total of two percent (2%) of step 6 for the classification of Police Sergeant. Effective the pay period including October 1, 2021, the City shall make a contribution to employees in the classification of Police Officer in the amount of three percent (3%), the two percent (2%) initially provided effective with the pay period including October 1, 2020, and an additional one percent (1%) for a total of three percent (3%) of step 5 for the classification of Police Officer. Effective the pay period including October 1, 2021, the City shall make a contribution to employees in the classification of Police Sergeant in the amount of three percent (3%), the two percent (2%) initially provided effective with the pay period including October 1, 2020, and an additional one percent (1%) for a total of three percent (3%) of step 6 for the classification of Police Sergeant. As addressed in paragraph B below, the parties acknowledge ...
Sample 1
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City Contribution to Deferred Compensation. The City shall contribute $30.00 per month on behalf of each employee to a deferred compensation account. In addition to the above amount, the City shall pay make an additional contribution to the deferred compensation accounts of Police Lieutenants and Police Captains as follows: The City shall make a contribution to employees in the classification of Police Lieutenant in the amount of three percent (3%) of step 6 for the classification of Police Lieutenant. The City shall make a contribution to employees in the classification of Police Captain in the amount of three percent (3%) of step 6 for the classification of Police Captain. As addressed in paragraph B below, the parties acknowledge that there is a statutory maximum amount that may be contributed into an employee’s deferred compensation account. Given the above contributions from the City, employees are responsible for ensuring that any individual contributions employees elect to make to their own deferred compensation accounts do not cause the account to exceed the maximum permitted by law. If the maximum permitted by law is reached prior to the end of a calendar year, there will no additional City contributions for the remainder of that calendar year.
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Related to City Contribution to Deferred Compensation

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Company Contributions 33.1.1 The Company will make contributions on the Employee’s behalf to a complying superannuation fund which meets the Company’s statutory obligations under applicable superannuation legislation.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. (b) Neither Company nor Executive shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder). (c) Because Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, any payments to be made or benefits to be delivered in connection with Executive’s “Separation from Service” (as determined for purposes of Section 409A of the Code) that constitute deferred compensation subject to Section 409A of the Code shall not be made until the earlier of (i) Executive’s death or (ii) six months after Executive’s Separation from Service (the “409A Deferral Period”) as required by Section 409A of the Code. Payments otherwise due to be made in installments or periodically during the 409A Deferral Period (“Delayed Payments”) shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payment shall be made as otherwise scheduled. Any such benefits subject to the rule may be provided under the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement from Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. Any Delayed Payments shall bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest shall be paid to Executive as soon as the 409A Deferral Period ends. (d) For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. (e) Notwithstanding any other provision of this Agreement, neither Company nor its subsidiaries or affiliates shall be liable to Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Section 409A of the Code otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Employer Contributions 16.01 Employer contributions shown in the tables in the attached appendices shall be made on all hours of work performed which are included in computing the eight (8) hours per day and forty (40) hours per week after which overtime is payable and shall be recorded on a standard remittance report provided by the Union and remitted on or before the fifteenth (15th) day of the month following the month for which contributions are due and payable, to the Trust Funds. Hours of work performed are interpreted to mean daily travel time, daily working time, reporting time, and, if the employee is required to perform a welding test, testing time. Contributions for overtime hours will be calculated as straight time hours. The Employer shall provide each employee covered by this Agreement with a statement with each weekly paycheque stating the total number of hours reported for contributions to the Pension and Health & Welfare Funds on behalf of that employee for the period covered by the paycheque. 16.02 All such funds due and payable to the above funds shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds are not wages or benefits due to an employee and industry promotion funds are deemed to be dues for services rendered by the Association. 16.03 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Fund, including provisions for an audit, security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds as liquidated damages, and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 16.04 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 16.05 The Employer shall not be required to make additional contributions or payments to any Industry Funds established by the Union or its Local Unions nor to any such funds established by Provincial or Territorial Government orders, regulations, or decrees for the purpose of providing similar benefits, it being understood and agreed that the contributions for herein, or any portions thereof shall be deemed to be in lieu of and/or shall be applied as payments to such funds. This provision shall not be applicable to any national funds or plans having general application and established by an Act of the Government of Canada. 16.06 In the Province of Ontario, the Trustees/Administrator of the employee benefit funds referred to in this Agreement shall promptly notify the Local Union of the failure by any Employer to pay any employee benefit contributions required to be made under this Agreement and which are owed under the said funds in order that the Program Administrator of the Ontario Employee Wage Protection Program may deem that there has been an assignment of compensation under the said Program in compliance with the Regulations to the Ontario Employment Standards Amendment Act, 1991, in relation to the Ontario Employee Wage Protection Program. 16.07 The parties hereto agree that contribution rates for the trust funds listed herein do not include any Provincial or Federal taxes.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

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