Leave Balances to Deferred Compensation Clause Samples

Leave Balances to Deferred Compensation. Effective the first pay period following June 5, 2012, an IBEW member may elect to contribute into their deferred compensation account in the City of Burbank § 457 Deferred Compensation Plan the value of their sick or vacation up to this policy’s limit. This election may be used towards any catch up provision allowable under the employee’s City of Burbank deferred Compensation Plan (i.e. final three years, 50 or older, military leave). It is the understanding that the use of sick leave for this purpose will be under the same conditions as when an employee is compensated for unused sick leave upon separation. An employee may contribute the monetary conversion value of a maximum of 500 hours each eligible year into deferred compensation plan under this provision. There are a number of ways the employee may contribute this amount:  Up to 500 hours of vacation  Up to 1000 hours of sick leave  Or any combination of vacation, or sick leave that does not exceed the annual conversion value of 500 hour cap into an employee’s deferred compensation plan account. This policy is subject to all limits and regulations governing a § 457 plan as enforced by the Internal revenue Service, including deferral limits and timing of deferral election deadlines and forms.
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Related to Leave Balances to Deferred Compensation

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.