Voluntary Deferred Compensation Plan Sample Clauses
A Voluntary Deferred Compensation Plan clause establishes the option for employees to defer a portion of their earned compensation to a future date, typically retirement. Under this arrangement, employees elect to set aside part of their salary, bonuses, or other earnings, which are then held and invested by the employer until a specified distribution event occurs, such as termination of employment or reaching a certain age. This clause primarily serves to provide employees with a tax-advantaged way to save for retirement while allowing employers to offer competitive benefits and retain talent.
Voluntary Deferred Compensation Plan. 1. City agrees to provide a deferred compensation plan as a benefit to Fire Management employees. Plan specifications and details are determined pursuant to IRS Code Section 457 and the organizations providing the investment and savings program for such deferred compensation.
2. Plan documents are maintained by and copies may be obtained from the Human Resources Department.
3. The City does not warrant that amounts deposited in the deferred compensation plans are "qualified" for tax deferral and is not to be held liable for such tax payments as may be determined assessable.
Voluntary Deferred Compensation Plan. The City provides a voluntary deferred compensation plan as per standards approved for all full-time employees who elect to participate. THIS PAGE LEFT INTENTIONALLY BLANK
Voluntary Deferred Compensation Plan. Employees may voluntarily make tax deferred contributions to an IRS Code 457 Deferred Compensation Plan up to the maximum allowed by law.
Voluntary Deferred Compensation Plan. 1. City agrees to provide a deferred compensation plan as a benefit to City employees. Plan specifications and details are determined pursuant to IRS Code Section 457 and the organizations providing the investment and savings programs for such deferred compensation.
2. Plan documents are maintained by and copies may be obtained from the Human Resources Director.
3. The City does not warrant that amounts deposited in the deferred compensation plans are "qualified" for tax deferral and is not to be held liable for such tax payments as may be determined assessable.
Voluntary Deferred Compensation Plan. Employees may voluntarily make tax deferred contributions to an IRS Code 457 Deferred Compensation Plan up to the maximum allowed by law. For any member who contributes to a qualified 457 Deferred Compensation Plan the Employer will provide a match as follows: • Employee contributes 3% to 5%, Employer contributes 1% • Employee contributes 6% to 10%, Employer contributes 2% • Employee contributes 11% to 15%, Employer contributes 3% • Employee contributes 16% to 19%, Employer contributes 4% • Employee contributes 20% or more, Employer contributes 5%
Voluntary Deferred Compensation Plan. Employees may voluntarily make tax deferred contributions to the IRS Code 457 Plan with the International City Managers Association up to the maximum allowed by law.
Voluntary Deferred Compensation Plan