SUPPLEMENTAL RETIREMENT PLAN (401a Sample Clauses

SUPPLEMENTAL RETIREMENT PLAN (401a. Effective July 1, 2001 the City adopted a Supplemental Retirement Plan and Trust Agreement to provide supplemental retirement income and other benefits for eligible career benefited employees through the liquidation of termination pay. Termination pay means pay due to an eligible career benefited em- ployee from the City on account of termination of his or her employment, but only including the com- muted value of the following such accumulated pay: vacation, sick leave, sick leave bonus, compensa- tory time and floating holidays. The Supplemental Retirement Plan includes both mandatory contribu- tions of termination pay and voluntary contributions for employees who provide the City with an irrev- ocable payroll deduction authorization at least 90 days in advance of the date of termination.