Deferral of compensation.
San José Municipal Code § 3.50.040
in effect3.50.040 - Deferral of compensation.
A. During each payroll period in which a PTC employee is a participant in the Plan:
1. 3.75% of the participant's compensation shall be deferred and paid to the Plan (mandatory deferrals); and
2. For PTC employees, the City shall contribute 3.75% of the participant's compensation to the plan. Prior to October 3, 2021, for City councilmembers, the City shall contribute 6.55% of the participant's compensation to the Plan ("City contributions").
B. Notwithstanding any provision of the Plan to the contrary, contributions to the Plan and additions to accounts of participants shall be limited to the percentage limitation and as provided in Internal Revenue Code Section 457 and any other relevant Internal Revenue Code Sections, as detailed in the Basic Plan Document.
(Ords. 24061, 25245, 26541, 27523, 30536, 30625.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.50PTPL_3.50.040DECOFetched: 11/1/2026