Laserfiche WebLink
6.2 B <br /> Page 9 <br /> performance. This program is not a methad of recognizing expected or abave average <br /> performance. Again, the Bonus program is only for exceptional service to the city or <br /> community. Any bonus awarded under this program is not consider�d part of base <br /> salary nor is there any intention that any bonus s�rve as the basis for any future <br /> compensation. <br /> Annually as part of the budget process, the City Manager recommends to council an <br /> amount to be apprapriated for this program for the ensuing fiscal year. This amount <br /> may be based upon experience and may be expanded or reduced in accordance with <br /> the City's financial prnspects and the City Manager's/City Courc�l's satisfaction with the <br /> program. <br /> CITY PA�D D�FERRED COMP�NSATION CUNTRIBUTION <br /> Effective �ctober 1, Z001, the City shall contribute 2% of compensation to a deferred <br /> compensation program for all Executive Management classifications. <br /> RETIREMENT ENHANCEMENT PLAN (401-A) <br /> �ffective )anuary 2$, 20Q3, ail Executive Management employees sha{I be eligible to <br /> participate in the plan if they are employed as the City Manager, City Attorney, City <br /> Clerk or Department Head of the City of Redwood City. <br /> Upon adoptian of plan amendment, Division Managers in Executive Management shall <br /> be eligible to partic�pate in the 40i-A plan. <br /> Effective January 28, 2003, the City paid contribution of 2% of compensation wiif go <br /> into a 401-A plan for the classifications of City Manager, City Attorney, City Clerk and <br /> Departments Heads, as defined in appficable plan document. <br /> Upon adoption of pian amendment, the City paid contribution of 2% of compensafion <br /> will go into a 40I-A for the the Division Managers in Executive Management. <br /> For the purposes of this section compensation shall be defined as all regular pay and <br /> any applicable retroactive payments relating to said regular pay. <br /> For the purposes of this section regular pay shall be defined as the amount appearing in <br /> the regular pay line on the participant"s pay stub. <br /> Upon adoption af plan amendment provide Executive Management the election to <br /> contribute, subject to the applicable i.R,S. limits, all or a portion of their leave payouts, <br /> 3 <br />