2018 - 2019 SCLEMAMemorandum of Understanding: Article 8: Deferred Compensation
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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 the County liable to the 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.
The County agrees to deposit into the deferred compensation account of each employee in the Bargaining Unit other than Correctional Lieutenant and Sheriff’s Captain (Corrections) five percent (5%) of the employee’s biweekly gross salary.
On behalf of the Correctional Lieutenant and Sheriff Captain (Corrections), the County agrees to deposit into the deferred compensation account of each employee six percent (6%) of the employee’s biweekly gross salary:
In order to receive this benefit, the employee must be in paid 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.
Beginning with the first pay date in February of 2003, represented employees who receive deferred County-paid 401 (A) Plan benefits will pay a fee of $0.75 each pay period.