Board Of Aldermen - Agenda - 12/8/2020 - P38
Article 31
Deferred Compensation
The City will continue to offer a deferred compensation plan to all employees covered under
this contract during the term hereof so long as it is authorized to do so in the present manner
under the Internal Revenue Code. Deferred compensation allows the employee to defer
income and the associated taxes from their paycheck, until they receive the money sometime
after retirement. Compliance with the Internal Revenue Code and any and all liability for
taxation are the sole responsibility of the employ ee.