Deferred Compensation - Voluntary Program Sample Clauses
The Deferred Compensation - Voluntary Program clause establishes an arrangement where employees can choose to defer a portion of their earned income to be paid out at a later date, typically after retirement or upon meeting certain conditions. Under this clause, employees elect to participate and specify the amount or percentage of their salary to be set aside, with the deferred funds often invested and subject to specific rules regarding withdrawal or distribution. The primary purpose of this clause is to provide employees with a tax-advantaged way to save for the future while giving employers a structured method to manage and administer deferred compensation benefits.
Deferred Compensation - Voluntary Program. The County agrees to maintain the current voluntary deferred compensation plan for bargaining unit members eligible under Federal law and the rules of the deferred compensation plan.
Deferred Compensation - Voluntary Program. The County agrees to maintain the current Deferred Compensation plan for bargaining unit members. Nothing herein renders the County liable to the Council or any employee for a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion thereof.