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. ., �' � equalized as reasonably possible in accordance with the pay plan <br /> � ,� � �,� � generally applicable to all employees of the City. Employee agrees <br /> that his salary shall be subject to normal and customary withholdings <br /> which Employee hereby irrevocably appoints the City as his agent to <br /> report such compensation to federal and state taxing authorities as <br /> may be required b law. The Cit also a ees to review eriodicall <br /> Y Y �' P Y <br />, said salary,and the City may increase said salary if deemed desirable <br /> to the City. <br /> The City also shall execute all necessary documents provided <br /> by ICMA Retirement Corporation for the City's continued <br /> participation in the retirement plan thereof, and shall contribute an <br /> amount equal to ten percent (10%) of Employee's annual salary as <br /> deferred compensation to the ICMA Retirement Corporation Deferred <br /> Compensation Plan on behalf of Employee,which contributions shall <br /> be paid at least on a monthly basis. Moreover,The City shall transfer <br /> ownership thereof to succeeding employers upon the termination of <br /> this Agreement. Employee agrees to execute such documents and <br /> further agrees to cooperate with the City in order to effectuate the <br /> provisions of this section of the Agreement. <br /> Both parties hereto agree to cooperate with one another in <br /> discussing and disclosing the effect of any change or amendment to <br /> said deferred compensation plan. <br /> The parties hereto wish to correct an error contained within such language and provide that rather <br /> than participation in the"ICMA Retirement Corporation Deferred Compensation Plan,"Employee <br /> shall participate in the"ICMA Retirement Corporation 401 Retirement Plan,"so said language will <br /> provide, in its entirety, as follows: <br /> Employee's Salary and Retirement. Employee shall receive <br /> a salary at an annual rate of One Hundred Ten Thousand Dollars <br /> ($110,000.00) from the period commencing as of the effective date <br /> hereof,and such salary shall be payable in bi-monthly installments as <br /> equalized as reasonably possible in accordance with the pay plan <br /> generally applicable to all employees of the City. Employee agrees <br /> that his salary shall be subj ect to normal and customary withholdings <br /> which Employee hereby irrevocably appoints the City as his agent to <br /> report such compensation to federal and state taxing authorities as <br /> may be required by law. The City also agrees to review periodically <br /> said salary,and the City may increase said salary if deemed desirable <br /> to the City. <br /> -4- <br />