2019 - 2023 DSLEMMemorandum of Understanding: Article 8: Deferred Compensation
8.1
The County agrees to maintain the current deferred compensation plan for bargaining unit members eligible under Federal law and the rules of the deferred compensation plan.
Nothing herein renders County liable to Association or any employee for a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion thereof.
8.2
The County agrees to deposit into the deferred compensation account of each employee in the Bargaining Unit four and one-half percent (4.5%) of the employee’s biweekly gross salary.
In order to receive this benefit, the employee must be in pay status for at least 50% of the employee’s regular work schedule during the pay period for which the deposit is made and continue to be eligible for remaining in the Deferred Compensation Program.
8.3
Beginning with the first pay date in February, 2003, represented employees who receive deferred County-paid 401 (A) Plan benefits will pay seventy-five cents ($.75) each pay period.