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<br /> 11 <br />Deferred Compensation: <br /> <br />In lieu of FICA contributions, the City will contribute to each bargaining unit member in addition to that <br />employee’s monthly salary, deferred earned compensation each month to a City-sponsored Section 457 <br />Deferred Compensation Program. New employees will begin receiving the deferred earned <br />compensation the first of the month following the date of hire. Effective January 1, 2023, the City’s <br />monthly contribution to the Deferred Compensation Program will be 5.5% of a First-Class Firefighter’s <br />base wage. <br /> <br />The deferred compensation is separate pay and is not part of the base monthly salary as codified in the <br />City of Everett Basic Salary Schedule Ordinance. The provision is subject to the City’s deferred <br />compensation rules and regulations adopted by City Council and IRS regulations, and the computation of <br />retirement contributions and pension benefits shall be governed by applicable state law. Per RCW <br />41.26.030, employees in a leave without pay status will not be considered as receiving basic salary and <br />will not be eligible for a contribution to their Section 457 deferred contribution program. The parties <br />agree that said contribution will not count toward the Holiday Pay article’s annual cash out. <br />