Common use of Deferred Compensation – County Paid Program Clause in Contracts

Deferred Compensation – County Paid Program. ‌ The County shall deposit 4.50% of the biweekly base salary of each employee of this bargaining unit into the County-provided 401(a) Deferred Compensation account, provided that the employee is in paid status for at least 50% of the employee’s regular work schedule in a pay period. Nothing in this Memorandum renders the County liable to any employee for continuance of the current deferred compensation plan in the event of a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion of the plan or the employee becoming ineligible to participate in the deferred compensation plan. County paid deferred compensation under this Subsection 6.20 shall not be included in the calculations of retirement benefits.

Deferred Compensation – County Paid Program. ‌ The County shall deposit 4.50% of the biweekly base salary of each employee of this bargaining unit into the County-provided 401(a) Deferred Compensation account, provided that the employee is in paid status for at least 50% of the employee’s regular work schedule in a pay period. Nothing in this Memorandum renders the County liable to any employee for continuance of the current deferred compensation plan in the event of a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion of the plan or the employee becoming ineligible to participate in the deferred compensation plan. County paid deferred compensation under this Subsection 6.20 shall not be included in the calculations of retirement benefits.

Deferred Compensation – County Paid Program. ‌ The County shall deposit 4.50% of the biweekly base salary of each employee of this bargaining unit Bargaining Unit into the County-provided 401(a) Deferred Compensation account, provided that the employee is in paid status for at least 50% of the employee’s regular work schedule in a pay period. Nothing in this Memorandum renders the County liable to any employee for continuance of the current deferred compensation plan in the event of a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion of the plan or the employee becoming ineligible to participate in the deferred compensation plan. County paid deferred compensation under this Subsection 6.20 shall not be included in the calculations of retirement benefits.

Deferred Compensation – County Paid Program. ‌ The County shall deposit 4.50.25% of the biweekly base salary of each employee of this bargaining unit into the County-provided 457 unless regulations prevent contributions, then contribution will be made to 401(a) Deferred Compensation account, provided that the employee is in paid status for at least 50% of the employee’s regular work schedule in a pay period. Nothing in this Memorandum renders the County liable to any employee for continuance of the current deferred compensation plan in the event of a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion of the plan or the employee becoming ineligible to participate in the deferred compensation plan. County paid deferred compensation under this Subsection 6.20 18.2.2 shall not be included in the calculations of retirement benefits.