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ARTICLE XIII <br />13.0 DEFERRED COMPENSATION <br />13.1 Effective January 1, 1977, employees covered by this MOU were granted a one percent (1 %) <br />salary increase to be utilized toward deferred compensation. Effective July 1, 1991, to <br />comply with CAPERS salary reporting requirements, salary rate ranges for employees were <br />adjusted upward by one percent (1 %) to reflect the deferred compensation as salary. For <br />salary reporting purposes, the deferred compensation was shown as part of salary, rather than <br />as an add -on benefit. The amounts contributed by the City under this Article shall be subject <br />to provisions as outlined in the Internal Revenue Code (IRC) section 457. Furthermore, all <br />new contributions and existing assets are to be held for the exclusive benefit of the <br />participants and beneficiaries. <br />41 <br />