Subject to the terms of Metra’s 401(k) plan, by December 31 of each year with respect to employment during the calendar year, Metra shall contribute to the 401(k) plan on behalf of the Executive Director an amount equal to 57.7% of the maximum allowed contribution that would be permitted to be made by the Executive Director for that year as an elective deferral salary contribution (including catch-up contributions). Under the current terms of the 401(k) plan and applicable law, the Executive Director may be eligible to separately elect to make actual elective salary deferral contributions (including catchup contributions) to the 401(k) plan.
(Ord. MET 21-17, passed 9-15-2021)