Effect Upon Other Benefits and Taxes. The deferred compensation program established by this section shall exist and serve in addition to the retirement, pension or benefits system established by the City, and no deferral of income under the deferred compensation program shall effect a reduction of any retirement, pension or other benefit provided by law. However, any sum deferred under the deferred compensation program shall not be included for the purposes of computation of any taxes withheld on behalf of any such employee. However, the tax imposed by the Municipal income tax shall also be levied upon any and all compensation since deferred under this section for the reason that, at the time of disbursement, such funds of City employees and the funds herein sheltered shall otherwise likely escape Municipal income tax entirely.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Effect Upon Other Benefits and Taxes. The deferred compensation program established by this section Section shall exist and serve in addition to the retirement, pension or benefits system established by the City, and no deferral of income under the deferred compensation program shall effect a reduction of any retirement, pension or other benefit provided by law. However, any sum deferred under the deferred compensation program shall not be included for the purposes of computation of any taxes withheld on behalf of any such employee. However, the tax imposed by the Municipal municipal income tax shall also be levied upon any and all compensation since deferred under this section Section for the reason that, at the time of disbursement, such funds of City employees and the funds herein sheltered shall otherwise likely escape Municipal municipal income tax entirely.
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
