Common use of Employer Contribution to Deferred Compensation Clause in Contracts

Employer Contribution to Deferred Compensation. ‌ Effective July 1, 2021, the Minnesota Judicial Branch will provide state-benefitted employees covered by this bargaining agreement with a state-paid contribution to the deferred compensation program under Minn. Stat. § 356.24. The state-paid contribution shall be in an amount matching the employee’s contribution on a dollar-for-dollar basis not to exceed three hundred dollars ($300) per employee per fiscal year. County-benefitted employees are excluded from the deferred compensation match. Federal and state rules governing participation in the Minnesota Deferred Compensation Plan shall apply. The employee, not the Judicial Branch, is solely responsible for determining their total maximum allowable annual contribution amount under IRS regulations.

Employer Contribution to Deferred Compensation. ‌ Effective July 1, 20212020, the Minnesota Judicial Branch will provide state-state benefitted employees covered by this bargaining agreement with a state-paid contribution to the deferred compensation program under Minn. Stat. § 356.24. The state-paid contribution shall be in an amount matching the employee’s contribution on a dollar-for-dollar for dollar basis not to exceed three hundred dollars ($300) per employee per fiscal year. County-County benefitted employees are excluded from the deferred compensation match. Federal and state rules governing participation in the Minnesota Deferred Compensation Plan shall apply. The employee, not the Judicial Branch, is solely responsible for determining their total maximum allowable annual contribution amount under IRS regulations.