Common use of Deferred Compensation Incentive Clause in Contracts

Deferred Compensation Incentive. A. The County will contribute eighty-five dollars ($85) per month to each employee who participates in the County’s Deferred Compensation Plan. To be eligible for this Deferred Compensation Incentive, the employee must contribute to the deferred compensation plan as indicated below. Employees with Current Monthly Salary of: Qualifying Base Contribution Amount Monthly Contribution Required to Maintain Incentive Program Eligibility Employees who discontinue contributions or who contribute less than the required amount per month for a period of one (1) month or more will no longer be eligible for the eighty-five dollar ($85) Deferred Compensation Incentive. To reestablish eligibility, employees must again make a Base Contribution Amount as set forth above based on current monthly salary. Employees with a break in deferred compensation contributions either because of an approved medical leave or an approved financial hardship withdrawal will not be required to reestablish eligibility. Further, employees who lose eligibility due to displacement by layoff, but maintain contributions at the required level and are later employed in an eligible position, will not be required to reestablish eligibility.