Res20 15854 - Laserfiche WebLink

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EXCEPTIONAL PERFORMANCE BONUS The City Council shall continue to provide a bonus program for the Executive Management Group that will offer incentives and commensurate rewards for exceptional service or contributions. Any bonus granted under this program is at the discretion of the City Manager and is awarded when previously established stretch goals have been met or when the City Manager deems it appropriate. Employees in the Executive Management Group are eligible to receive up to a 5% of their base salary one time each fiscal year. It is not expected that all positions will receive bonuses each year since this program is intended to recognize only exceptional performance. This program is not a method of recognizing expected or above average performance. Again, the bonus program is only for exceptional service to the city or community. Any bonus awarded under this program is not considered part of base salary nor is there any intention that any bonus serve as the basis for any future compensation. Annually as part of the budget process, the City Manager recommends to Council an amount to be appropriated for this program for the ensuing fiscal year. This amount may be based upon experience and may be expanded or reduced in accordance with the City's financial prospects and the City Manager's/City Council's satisfaction with the program. CITY PAID DEFERRED COMPENSATION CONTRIBUTION Effective October 1, 2001, the City shall contribute 2% of compensation to a deferred compensation program for all Executive Management classifications. RETIREMENT ENHANCEMENT PLAN (401-A) All Executive Management employees shall be eligible to participate in the plan if they are employed as the City Manager, City Attorney, City Clerk, or are a Department Head, Deputy or Assistant Department Head, or Division Manager of the City of Redwood City. The City paid contribution of 2% of compensation will go into a 401-A plan for the applicable classifications, as defined in plan document. Employee contributions shall be mandatory and determined by the City in accordance with the plan document and I.R.S. guidelines. Employee contributions effective January 1, 2017, or upon Council approval of the amended plan, whichever occurs later, shall be as listed in Appendix A. For the purposes of this section compensation shall be defined as all regular pay and any applicable retroactive payments relating to said regular pay. 3