Public Employee Deferred Compensation Program
The St. Charles City-County Library District shall make available to eligible employees a Deferred Compensation Plan under Section 457 (subsections a-d) of the Internal Revenue Code of 1986, as amended, (The "Plan"). Each eligible employee shall have the right to elect to defer compensation otherwise payable directly to said employee in accordance with the terms and conditions of the Plan.
In addition, the St. Charles City-County Library District shall evenly match the employee contribution up to the limitations set out below and based on years of service.
EMPLOYER MATCHING TABLE
|YEARS OF SERVICE||MAXIMUM PERCENTAGE|
|Less than 5 years||1%|
|5 thru 9 years||2%|
|10 years or more||3%|
Years of service shall be continuous service and shall be computed based on status at the beginning of the fiscal year. The actual amount of employer matching will be based on the amount deferred by employee and shall not exceed said amount. Employer matching shall begin on the first available payroll following enrollment. The policy will be effective on the next payroll, September 15, 2001.