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Upon the involuntary reassignment of an employee from one job classification to a lower level job classification as a result of a reorganization or a layoff, or upon the reclassification of a position from one class to a lower class, the City Manager shall have the authority to authorize that the pay received by an employee remain at its current rate until such time as the rate of pay authorized for the salary range of the lower class is equal to the current salary received by the employee or any other rate of pay determined by the City Manager. When the authority with this Section is implemented due to layoff, it shall be applied equally to all involuntary reassignments resulting from lay off within the same fiscal year.