Using Leave to Fund Deferred Compensation Sample Clauses

Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner:
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Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to be accrued in the next fiscal year to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An eligible employee who does not intend to use all of the personal leave to be accrued in a fiscal year may elect to defer all or part of the difference on a preselected basis, between the amount of leave to be used and the amount of leave to be accrued for that fiscal year on an hour-for-hour basis. Deferral payments will be made on the second payday in January at the September 30 rate of pay. To receive such payment, the employee must make an irrevocable election of the amount to be deferred. The election must be made no later than September 30 of the fiscal year preceding the fiscal year in which the leave will accrue. Elections shall be made in accordance with administrative procedures established by the City of Jacksonville. B. Employees who are also eligible for a rollback payment pursuant to C. Deferral payments must be into an eligible nonqualified deferred compensation plan, up to the maximum amount permitted under the plan and by law and subject to applicable timing requirements.
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Related to Using Leave to Fund Deferred Compensation

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • Deferred Salary Leave Each employer ratifying this Agreement will establish or, as necessary, review and update a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the Income Tax Act. The parties may use the Application, Agreement, and Approval Form as a template (see Appendix H) for the deferred salary leave plan.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

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