Deferred Compensation Option Clause Samples
Deferred Compensation Option. Notwithstanding the provisions of this Section, on separation from CITY employment for any reason, EMPLOYEE may choose to apply all unused accrued leave allowances provided in this Agreement to a deferred compensation plan, provided such allocation is, at the time of such separation lawful and permitted in accordance with the terms of said plan. Accumulated leave balances shall be paid at EMPLOYEE’S monthly salary rate at the effective date of separation.
Deferred Compensation Option. Qualified Permanent full-time employees who choose to participate in the Employer's 457 Deferred Compensation Plan as may be in effect from time to time may take advantage of the following option if they so choose:
Deferred Compensation Option.
A. An employee must submit proof of coverage under a qualified health plan, which must be accompanied by a signed health insurance waiver by January 1st of each year.
B. An employee must provide proof of coverage under the employee’s retired health plan, which must be a qualified plan and a signed health insurance waiver by January 1st of each year to qualify for waiver from the Town medical plan requirements.