457 CONTRIBUTION Sample Clauses
The 457 Contribution clause outlines the terms under which an employer makes contributions to an employee's 457 retirement plan. Typically, this clause specifies the amount or percentage of salary to be contributed, the frequency of contributions, and any conditions or limitations that may apply, such as vesting schedules or eligibility requirements. Its core practical function is to ensure both parties understand the employer's obligations regarding retirement savings, thereby providing financial security for the employee and compliance with relevant regulations for the employer.
457 CONTRIBUTION. An employee may elect to contribute cashout to a 457 plan if election is made at least two pay periods prior to termination.
457 CONTRIBUTION. Effective August 19, 2010, the City is to create a 457 (Deferred Compensation) matching program. The City will match an employee contribution up to $6.50/month to the 457 plan. Effective 7/1/2011, the City will increase its matching contribution by $33.50/month to a total of $40 per month.
457 CONTRIBUTION. For any employee contributing $1,000 or more to the City’s voluntary 457 Plan in any fiscal year, the City will contribute $500. Payments will be made at the end of the quarter that the employee contribution is reached.