Deferred Compensation – Voluntary Plan Sample Clauses
The Deferred Compensation – Voluntary Plan clause establishes a framework allowing employees to voluntarily defer a portion of their earned compensation to a future date, typically for retirement or other long-term financial planning. Under this clause, employees can elect to set aside a percentage of their salary, which is then held by the employer and paid out according to the terms of the plan, often with potential tax advantages. This clause provides employees with flexibility in managing their income and savings, while helping employers offer competitive benefits and comply with relevant tax and regulatory requirements.
Deferred Compensation – Voluntary Plan. The County will maintain a voluntary deferred compensation plan for all employees eligible under Federal law and the rules of the deferred compensation plan.
Deferred Compensation – Voluntary Plan a) The County agrees to maintain the current deferred compensation plan for bargaining unit members in permanent full or part-time positions. Nothing in this Memorandum renders the County liable to the Union or any employee for a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion of the plan.
b) Employees represented by ESC agree to pay an administrative fee of approximately fifty cents (.50¢) per pay period on deferred compensation accounts to County’s Treasury department.
Deferred Compensation – Voluntary Plan. Effective February 1, 2020, the Employer shall match contributions of non-probationary employees to the ICMA-RC Deferred Compensation Program up to a maximum of 4% of salary as defined by the Municipal Employees’ Retirement System (MERS). The 4% match will be computed on a per-pay basis.
Deferred Compensation – Voluntary Plan a) The County agrees to maintain the current deferred compensation plan for bargaining unit members in permanent full or part-time positions. Nothing herein renders County liable to Union or any employee for a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion thereof. The County and the Union agree to meet upon request of either party during the term of this Memorandum to consider the development of additional mutually agreeable deferred compensation investment options.
b) Employees represented by ESC agree to pay an administrative fee of approximately fifty cents (.50¢) per pay period on deferred compensation accounts to County’s Treasury department.
Deferred Compensation – Voluntary Plan. Effective February 1, 2020, employer shall match contributions of non-probationary employees to the Mission Square (formerly ICMA-RC) deferred compensation program up to a maximum of 4.0% of salary as defined by the Municipal Employees’ Retirement System (MERS). The 4.0% match will be computed on a per-pay basis.
Deferred Compensation – Voluntary Plan. All employees in the bargaining unit shall have the option of participating in the Mission Square (formerly ICMA-RC) Deferred Compensation Program. Effective February 1, 2020, employer shall match contributions of non-probationary employees to the ICMA-RC deferred compensation program up to a maximum of four percent (4%) of salary as defined by the Municipal Employees’ Retirement System (MERS). The four percent (4%) match will be computed on a pre-tax, per-pay basis.