Common use of Defined Contribution Plan Clause in Contracts

Defined Contribution Plan. A mandatory contribution of 1% will be paid into the defined contribution plan by both the City and the participating employee. Additional voluntary employee contributions, with no City match, will be permitted to the extent otherwise allowed by law.

Defined Contribution Plan. A mandatory contribution of 1% 1 percent will be paid into the defined contribution plan by both the City and the participating employee. Additional voluntary employee contributions, with no City match, will be permitted to the extent otherwise allowed by law.