Deferred Compensation – County Paid Program. The County shall deposit 4.50% of the biweekly base salary of each employee of this bargaining unit into the County-provided 401(a) Deferred Compensation account, provided that the employee is in paid status for at least 50% of the employee’s regular work schedule in a pay period. Nothing in this Memorandum renders the County liable to any employee for continuance of the current deferred compensation plan in the event of a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion of the plan or the employee becoming ineligible to participate in the deferred compensation plan. County paid deferred compensation under this Subsection 6.20 shall not be included in the calculations of retirement benefits.
Deferred Compensation – County Paid Program. The County will establish a County-paid 457 Deferred Compensation Plan for bargaining unit members eligible under federal law and plan rules. Effective FY 2004-2005 deferred compensation of one-half percent (0.5%) for all eligible employees will cease and be re-directed towards the normal cost of implementing the 3% at 60 retirement enhancement, as agreed, making the County contribution zero (0).
Deferred Compensation – County Paid Program. Beginning Fiscal Year 2004-2005, Deferred Compensation of one-half percent (1/2%) for all eligible employees was re-directed towards the County cost of implementing the 3% at 60 Retirement benefit.
Deferred Compensation – County Paid Program. Effective the first full pay period following Board of Supervisors adoption of a successor MOU, the County shall deposit .25% of the biweekly base salary of each employee of this bargaining unit into the County-provided 457 unless regulations prevent contributions, then contribution will be made to 401(a) Deferred Compensation account, provided that the employee is in paid status for at least 50% of the employee’s regular work schedule in a pay period. Nothing in this Memorandum renders the County liable to any employee for continuance of the current deferred compensation plan in the event of a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion of the plan or the employee becoming ineligible to participate in the deferred compensation plan. County paid deferred compensation under this Subsection 18.2.2 shall not be included in the calculations of retirement benefits. The County will establish a County-paid 457 Deferred Compensation Plan for bargaining unit members eligible under federal law and plan rules.
Deferred Compensation – County Paid Program. The County will continue the County-paid deferred compensation plan for bargaining unit members eligible under federal law and plan rules. For each bargaining unit employee the County shall deposit 1.0 percentage (1%) of the employee’s biweekly base salary into the employee’s deferred compensation account. To receive such deferred compensation, such employees must be in pay status for at least 50% of the employee’s allocated full-time equivalent (FTE) position. County-paid deferred compensation under this subsection (11.2) shall be included in the calculation of retirement contributions.
Deferred Compensation – County Paid Program. 11.2.1 Effective September 3, 2013, the County shall cease making contributions to the County-paid deferred compensation plan (previously 1.0% of based salary bi-weekly).
Deferred Compensation – County Paid Program. 12.2.1 Effective December 1, 2015, for each eligible SCLEA member, the County shall deposit one percent (1%) of the employee’s bi-weekly base salary into the employee’s deferred compensation account.
Deferred Compensation – County Paid Program. 12.2.1 Effective the first pay period on or after the Board of Supervisors approves this Agreement, the County shall cease making contributions to the County-paid deferred compensation plan (previously 2.0% of base salary bi-weekly for safety members, and 1.0% of base salary bi-weekly for general members).
Deferred Compensation – County Paid Program. The County will continue the County-paid deferred compensation plan for bargaining unit members eligible under federal law and plan rules. For each Safety member of the Sonoma County Employees Retirement Association, the County shall deposit the following percentage of the employee's bi-weekly base salary into the employee's deferred compensation account. Annual Change Cumulative Total 3/03 - 1.5% 3/06 .5% 2.0% For Non-safety, General members of the Sonoma County Employees Retirement Association, the County deferred compensation contributions are as follows: Annual Change Cumulative Total 3/03 1.5% 6/04 -1.0% .5% 3/06 + .5% 1.0% To receive such deferred compensation, such employees must be in pay status for at least fifty (50%) of the employee's allocated full-time equivalent (FTE) position. County-paid deferred compensation under this subsection (12.2) shall be included in the calculation of retirement contributions.
Deferred Compensation – County Paid Program. The County will continue the County-paid deferred compensation plan for bargaining unit members eligible under federal law and plan rules. For each Safety member of the Sonoma County Employees Retirement Association, the County shall deposit two percent (2.0%) of the employee's bi- weekly base salary into the employee's deferred compensation account. For Non-safety, General members of the Sonoma County Employees Retirement Association, the County shall deposit one percent (1.0%) of the employee’s bi-weekly base salary into the employee’s deferred compensation account. To receive such deferred compensation, such employees must be in pay status for at least fifty (50%) of the employee's allocated full-time equivalent (FTE) position. County-paid deferred compensation under this Section (12.2) shall be included in the calculation of retirement contributions.
