457 Deferred Compensation Sample Clauses
The 457 Deferred Compensation clause establishes the terms under which employees can participate in a tax-advantaged retirement savings plan, specifically a 457 plan, typically offered by government and certain non-profit employers. This clause outlines eligibility, contribution limits, and the process for deferring a portion of an employee's salary into the plan, often including provisions for employer matching or vesting schedules. Its core function is to provide employees with a structured way to save for retirement while deferring income taxes on those savings, thereby encouraging long-term financial planning and security.
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457 Deferred Compensation. The employer shall pay on a dollar-for-dollar matching basis a percentage of wages into a deferred compensation savings program. The match applies to employees who have completed probation, The match shall be based on years of agency service. Employees participating in the program will receive an annual match according to the following schedule: Employees with: Shall receive up to: Less than 10 years of service 4.25% of wages matching contribution per calendar year 10 – 14 years of service 5.25% of wages matching contribution per calendar year 15 or more years of service 6.0% of wages matching contribution per calendar year
457 Deferred Compensation. The employer shall pay on a dollar-for-dollar matching basis a percentage of wages into a deferred compensation savings program. The match applies to employees who have completed probation, except Relief Transit Operators who shall be eligible to participate after six (6) months of employment. The match shall be based on years of agency service. Employees participating in the program will receive an annual match according to the following schedule: For the period covering July 1, 2014 – December 31 of the year the contract is ratified: Employees with: Shall receive up to: Less than 10 years of service 4% of wages matching contribution per calendar year 10 – 14 years of service 5% of wages matching contribution per calendar year 15 or more years of service 5.5% of wages matching contribution per calendar year For the period covering January 1 of the year following ratification of the contract: Employees with: Shall receive up to: Less than 10 years of service 4.25% of wages matching contribution per calendar year 10 – 14 years of service 5.25% of wages matching contribution per calendar year 15 or more years of service 6.0% of wages matching contribution per calendar year
457 Deferred Compensation. The State University Retirement System (SURS) 457 Deferred Compensation Plan (also known as the SURS DCP) and the State Deferred Compensation 457 Plan are available to all actively contributing SURS members in the bargaining unit, whether they are in any of the SURS core plans: the Traditional Pension Plan, Portable Pension Plan and Retirement Savings Plan (RSP). These plans allow employees to make voluntary contributions, on a pre-tax basis, for their own retirement savings.
457 Deferred Compensation. County employees may elect to contribute a portion of their earning toward their own tax deferred retirement account. The following deferred compensation (“457”) programs are offered through payroll deduction with enrollments accepted on a quarterly basis (January, April, July, and October): ▪ Lincoln National Life Insurance Company ▪ National Association of Counties (NACo) Nationwide Retirement Systems (NRS) ▪ International City/County Management Association (ICMA) ▪ Gleaner Life Insurance Society ▪ Hartford Life Insurance Company Contact the County Administrator’s Office for more information.
457 Deferred Compensation. Regular full-time and part-time Unit employees shall be eligible to participate in the City’s 457 deferred compensation plan. Any employee who elects to participate in the plan may amend his or her joinder agreement no more than twice a year.
457 Deferred Compensation. The Town agrees to make the appropriate deduction for employees who participate in a 457 deferred compensation program. The Town shall determine the total number of programs that are available to employees.
457 Deferred Compensation. After the employee completes their probationary period, the employer will match based on the table below. The match shall be based on years of agency service. Employees with: Shall receive up to: Less than 10 years of service 4.25% of wages matching contribution per calendar year 10 – 14 years of service 5.25% of wages matching contribution per calendar year 15 or more years of service 6.0% of wages matching contribution per calendar year
457 Deferred Compensation. The employee shall be permitted to participate the Agency’s 457 Deferred Compensation program.
457 Deferred Compensation. All unit employees may voluntarily participate in available 457 deferred compensation plans. Any voluntary contributions made to such plans must be made via automatic payroll deductions. The amounts contributed to the plans are subject to the statutory limits outlined in the codes of the IRS.
457 Deferred Compensation. 20.2.1 The DISTRICT has available to all employees a 457 b Deferred Compensation Plan. This plan allows employees to make voluntary contributions, on a pre-tax basis, for their own retirement savings. For employees hired after June 1, 2012, the DISTRICT will match employee voluntary contributions up to a maximum of 2% of annual base salary.