Common use of Deferred Compensation Contribution Clause in Contracts

Deferred Compensation Contribution. The City of ▇▇▇▇▇▇▇ maintains three (3) voluntary, employee only Section 457 Deferred Compensation Plans. The City, at its sole discretion, shall have the right at any time during the period covered by this agreement to develop charges necessary for the administration of the plan or plans, and implement said charges for active and inactive participants, to be paid by active and inactive participants. In any case, the charge shall not exceed the actual cost to the City for administration of the plan or plans as computed by the Finance Director under standard accounting practices for cost allocation purposes. Before implementing a payroll deduction charge, the City will make every effort to negotiate with the plan vendors and/or third party administrator to recoup the City cost from their management fees.