457 Deferred Compensation Plan. The District will contract with a minimum of 3 contract plan administrators to provide a 457 Deferred Compensation Plan, which is employee paid.
457 Deferred Compensation Plan. Employees have the option to participate at their expense in the Xxxxxx County 457 Deferred Compensation Plan. A financial provider invests employee contributions from payroll withholding into an investment account. The County sponsors plans with Board-approved financial providers.
457 Deferred Compensation Plan. “457 Plan”): All Employees are eligible to voluntarily participate in the 457 Deferred Compensation Plan, in accordance with the terms of the plan.
457 Deferred Compensation Plan. The Board will provide 457 Deferred Compensation Program through the OASBO joinder agreement with ING Life Insurance and Annuity Company. ADDENDUM F
457 Deferred Compensation Plan. Effective the first full pay period following July 1, 2019 all employees who are classified as “New Members” by PERS or “Group C’ by the MOA will receive $50 per month contributed into their 457 deferred compensation plan. Eligible employees must have an active 457 plan in order to receive City contirbutions. 1959 Survivor Benefit The City will continue to provide the basic level (Level 1) of 1959 Survivor Benefit to eligible employees in accordance with California Government Code §21571.
457 Deferred Compensation Plan. Employees may elect to contribute to the City’s 457 plan through a salary reduction over twenty-six (26) pay periods. In addition, beginning the first full pay period following adoption of the agreement, the City will contribute the equivalent of 1% of base pay into the deferred compensation account for each bargaining unit member. Payments will be made bi-weekly and bargaining unit members must have an active deferred compensation account to qualify. The maximum amount contribution shall be governed by the Internal Revenue Service regulations related to 457 plans.
457 Deferred Compensation Plan. Employees shall be permitted to participate in the 457 deferred compensation plans administered by ICMA-RC and/or FPPA. Employees shall have the option to contribute a portion of the employee’s base salary to the 457 plan. Nothing shall prohibit the employee from contributing any amount they desire within the federal, ICMA-RC and FPPA guidelines for such accounts.
457 Deferred Compensation Plan i. Unit members may contribute a portion of their income on a tax‐deferred basis as provided in the 457 plan.
457 Deferred Compensation Plan. [Category 1, 2, 3] An employee is eligible to enroll at any time during the year. An employee selects a fixed dollar amount or percentage of their salary to be deducted on a pretax basis (Traditional) or after-tax basis (Xxxx) from each paycheck throughout the year. An employee can contribute up to the maximum dollar limit allowed by the IRS. The plans may offer employees an option of taking a loan, which is subject to the terms of the plan. An employee may take a hardship withdrawal subject to the Human Resources’ approval. The supplemental deferred compensation benefit is in addition to the PERS retirement plan.
457 Deferred Compensation Plan. The Kalamazoo Public Safety Officers Association has established a 457 Deferred Compensation Plan and, upon approval of the Association plan by the Internal Revenue Service, employees shall be allowed to transfer their 457 Deferred Compensation funds from the City sponsored 457 plans to the Association sponsored plan. The City also agrees to deduct from the employees’ paychecks amounts designated by the employee and to remit the same to the Association sponsored 457 Deferred Compensation Plan. Employees may only contribute to one (1) 457 Plan at a time. The only obligation of the City is to make the monetary transfers designated by employees; the City has no obligation to make contributions to the Association sponsored 457 Deferred Compensation Plan (except as provided for in the Waiver and Release form executed by CSOs), no fiduciary responsibilities relative to the Plan, bears no responsibility or liability for administration of the Plan, and is under no obligation to provide information to employees about investment options, costs or other features of the Plan, all of which responsibilities and liabilities belong to the Association as sponsor of the Plan. The opportunity for employees to use City time to obtain information about the plan will be provided on the same basis and conditions that employees are allowed to obtain information on the other plans. To the extent that this opportunity is provided, City facilities must be used and this opportunity applies only to obtaining information concerning this plan. Notwithstanding that this opportunity may be provided, the City has no fiduciary responsibilities and accepts no responsibility for the financial success or failure of the 457 plan as a whole or with regard to individual accounts within the plan. CSO’s, in order to be eligible to participate in the Association sponsored 457 Plan, must first sign a Waiver and Release form prepared by the City, releasing the City of all liability and fiduciary obligations relative to the Association sponsored 457 Plan and the employee’s participation in it.
