Pre-tax Employee Contribution Cash Balance Account definition
Pre-tax Employee Contribution Cash Balance Account means a hypothetical account to which allocations are credited based on the percent of Compensation earned by the Employee during a year and contributed to the fund for which Code Section 414(h)(2) considers the contribution to be an Employer contribution and which are “picked-up” by the Employer and therefore deducted on a pre-tax basis from the Employee’s wages. This contribution is mandatory for all employees hired after July 1, 1995. Notwithstanding the preceding sentence, no Participants who were first hired by the City after June 30, 2001 shall be required to make any mandatory contributions to the Plan, and no Pre-tax Employee Contribution Cash Balance Account shall be maintained for any such Participant.