MEMORANDUM OF UNDERSTANDING WITH THE CULVER CITY POLICE MANAGEMENT GROUP JULY 1, 2025, THROUGH JUNE 30, 2028. - Flipbook - Page 14
ARTICLE TWO
C.
D.
E.
VI.
4.
The deferred compensation plan is a benefit, and as such the
contribution by the City on behalf of the unit employee shall not
change the employee's salary classification range.
5.
Unit employees may, at their option, contribute in excess of the
City's matching contribution per pay period to the plan.
CONVERSION OF VACATION HOURS
1.
The City will permit unit employees to convert the dollar value of
excess accruals of vacation time, which would otherwise be paid to
the employee in his/her paycheck, and prospectively defer the dollar
value of such excess accruals to his/her deferred compensation
account.
2.
The Human Resources Department will assist employees in
calculating and arranging such deferrals.
CHANGING CONTRIBUTION
1.
Unit employees may reduce the amount of their bi-weekly deferred
compensation contribution at any time with a minimum of two (2)
weeks advance written notice on the appropriate form to the Human
Resources Department.
2.
Unit employees may increase the amount of their bi-weekly deferred
compensation contribution only during quarterly open enrollment.
LIMITATIONS
1.
The City does not warrant that amounts deposited in the deferred
compensation plans are "qualified" for tax deferral and is not to be
held liable for such tax payments as may be determined assessable.
2.
The City retains the right to change plan administrators and
investment vehicles to preserve the integrity of deposited assets,
but will discuss proposed changes with affected unit employee
organizations prior to making the change.
ACTING PAY
PMG MOU 20222025-2025
Page 12
57222818.1/005528.00067
2028
