Deferred income program. The City participates in a deferred income program now being administered by National Deferred and ICMA. This program allows eligible full-time or part-time employees to set aside a maximum of $13,000 per calendar year ($14,000 in 2005, $15,000 in 2006) of before tax wages for post-retirement income as authorized by the Internal Revenue Services and the California Franchise Tax Board. A regular employee becomes eligible on date-of-hire. Employee participation in this program is coordinated through the Finance Department. The tax deferral limits are subject to change due to changes in federal and/or state law.
Deferred income program. Full-time employees shall be entitled to participation in a voluntary employee deferred income program as a predetermined payroll deduction. The City Common Council will facilitate such a program by periodically inviting recognized deferred income program agencies to meet with employees to assist them in determining their voluntary participation, if any; by facilitating and monitoring any predetermined payroll deduction; and by keeping records of such deductions. No City funds will be contributed to this program.
