Subject to the terms of the Metra 457b plan, by December 31 of each year with respect to employment during that calendar year, Metra shall contribute to the 457b plan on behalf of the Executive Director an amount equal to the maximum amount (“457 maximum amount”) which would be permitted to be contributed by the Executive Director for that year under Code § 457(b)(2), or, if applicable, Code § 457(b)(3). The parties acknowledge that under the current terms of the 457 plan and applicable law, the Executive Director shall not be eligible to make additional employee elective salary deferral contributions to the 457 plan for such year.
(Ord. MET 21-17, passed 9-15-2021)