Common use of IAFF FINANCIAL CORPORATION 457 PLAN Clause in Contracts

IAFF FINANCIAL CORPORATION 457 PLAN. Effective January 1, 2006 Members of Local 1285 shall be afforded the option of entering a retirement program governed by the Internal Revenue Code 457. A company with an established program shall administer the deferred compensation program. It is however understood the City will make available the IAFF Financial Corporation 457 Plan as either the sole option, or one of the options that bargaining unit members may participate in. Bargaining unit members will be entitled to transfer 457 plan assets to the plan of choice without penalty.

IAFF FINANCIAL CORPORATION 457 PLAN. 2 Effective January 1, 2006 Members of Local 1285 shall be afforded the option of 3 entering a retirement program governed by the Internal Revenue Code 457. A 4 company with an established program shall administer the deferred compensation 5 program. It is however understood the City will make available the IAFF Financial 6 Corporation 457 Plan as either the sole option, or one of the options that 7 bargaining unit members may participate in. Bargaining unit members will be 8 entitled to transfer 457 plan assets to the plan of choice without penalty.