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<br />ARTICLE XIII <br /> <br />13.0 DEFERRED COMPENSATION <br /> <br />13.1 Effective January I, 1977, employees covered by this Agreement were granted a one percent <br />(I %) salary increase to be utilized toward deferred compensation. Effective July 1,1991, to <br />comply with CalPERS salary reporting requirements, salary rate ranges for employees <br />covered by this Agreement were adjusted upward by one percent (1 %) to reflect the deferred <br />compensation as salary. For salary reporting purposes, the deferred compensation was shown <br />as part of salary, rather than as an add-on benefit. The amounts contributed by the City under <br />this article shall be subject to provisions as outlined in the Internal Revenue Code (IRC) 457. <br />Furthermore, all new contributions and existing assets are to be held for the exclusive <br />benefit of the participants and beneficiaries. <br /> <br />34 <br />