Common use of Deferred Compensation Contribution Clause in Contracts

Deferred Compensation Contribution. Effective October 1, 2001, the City shall contribute 2% of compensation to a deferred compensation program for all Executive Management classifications. All Executive Management employees shall be eligible to participate in the plan if they are employed as the City Manager, City Attorney, City Clerk, or are a Department Head, Deputy or Assistant Department Head, or Division Manager of the City of Redwood City. The City paid contribution of 2% of compensation will go into a 401-A plan for the applicable classifications, as defined in plan document. Employee contributions shall be mandatory and determined by the City in accordance with the plan document and I.R.S. guidelines. Employee contributions effective January 1, 2017, or upon Council approval of the amended plan, whichever occurs later, shall be as listed in Appendix A. For the purposes of this section compensation shall be defined as all regular pay and any applicable retroactive payments relating to said regular pay. For the purposes of this section regular pay shall be defined as the amount appearing in the regular pay line on the participant’s pay stub. All Executive Management personnel will participate in the City’s payroll direct deposit program. Employees shall be paid biweekly in accordance with Citywide payroll procedures.