Common use of Deferred Compensation Incentive Clause in Contracts

Deferred Compensation Incentive. During the term of this MOU the District will maintain an IRS 457 Plan for interested employees. Employees may also elect to contribute to a ▇▇▇▇ 457 option. Beginning on the first pay date of the first full pay period of calendar year 2018 through 2021, the District will contribute on behalf of each employee an amount equal to one-hundred percent (100%) of the first $2,500 that the employee voluntarily contributes to the Employee’s 457 Plan account. Said payment will be made on the same payday as the employee elects to make voluntary contributions to the Plan. This incentive shall be administered in accordance with state and federal regulations, which may impose limits on such benefits for New Members within the CalPERS Retirement System. On the last pay date of the calendar year 2021, the District will no longer contribute on behalf of the employee to the Employee’s 457 Plan account.

Deferred Compensation Incentive. During the term of this MOU the District will maintain an IRS 457 Plan for interested employees. Employees may also elect to contribute to a ▇▇▇▇ 457 option. Beginning on the first pay date of the first full pay period of calendar year 2018 through 2021, the District will contribute on behalf of each employee an amount equal to one-hundred percent (100%) % of the first two thousand five hundred dollars ($2,500 that 2,500) the employee voluntarily contributes to the Employee’s 457 Plan account. Said payment will be made on the same payday as the employee elects to make voluntary contributions to the Plan. This incentive shall be administered in accordance with state and federal regulations, which may impose limits on such benefits for New Members within the CalPERS Retirement System. On the last pay date of the calendar year 2021, the District will no longer contribute on behalf of the employee to the Employee’s 457 Plan account. This incentive shall be administered in accordance with state and federal regulations, which may impose limits on such benefits for New Members within the CalPERS Retirement System.