§ 5.26.130. Allocation of Matching Contributions.  


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  • Matching Contributions shall be allocated and credited each month to the Matching Contributions Account of each Participant for whom Tax Deferred Contributions are made during such month, with each such Participant receiving a portion of the Matching Contributions equal to the amount calculated according to the provisions of Section 5.26.110. In the event that Matching Contributions are insufficient to provide each Participant with his fully allocated portion as provided in the preceding sentence, the Matching Contributions that are made shall be allocated proportionally to the Matching Contributions Account of each Participant in a manner consistent with such sentence. Effective beginning on and after April 1, 2010, or such later date as may be determined by the Chief Administrative Officer when the human resources management system reflecting this provision is implemented, each reference to "month" in this Section 5.26.130 shall be deemed to be a reference to "payroll period."

(Ord. 2010-0014, § 13, 2010: Ord. 2004-0064 §§ 1, 2 (part), 2004.)