Laserfiche WebLink
7.2.D. - Page 8 <br /> CITY PAID DEFERRED COMPENSATION CONTRIBUTION <br /> Effective October 1, 2001, 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 /> All Executive Management employees shall be eligible to participate in the plan if they <br /> are employed as the City Manager, City Attorney, City Clerk, or are a Department Head <br /> or Division Manager of the City of Redwood City. <br /> The City paid contribution of 2% of compensation will go into a 401 -A plan for the <br /> applicable classifications, as defined in plan document. <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 /> Eligible participants may elect to contribute, subject to the applicable I.R.S. limits, all or <br /> a portion of their leave payouts, upon retirement or separation, to either or both of the <br /> 401(a) plans that the City maintains. <br /> For the purposes of this section leave payouts shall be defined as vacation, in -lieu <br /> hours, administrative holidays and any eligible sick leave. <br /> All Executive Management personnel will participate in the City's payroll direct deposit <br /> program. <br /> III. LEAVE <br /> a. Vacation — Vacation accruals will be set by the City Manager based on years of <br /> service with City and total public sector years or years in the industry. <br /> Executive Management will accrue vacation based on years of service based on <br /> the following schedule: <br /> • Date of Hire through the fourth year of service — 3.077 hours per pay <br /> period, yields 80 hours of vacation per year). <br /> 4 <br />