Proceeds from employer financed pension and profit sharing plans and trusts which are qualified under § 401(a) of the Internal Revenue Code, as well as proceeds from nonqualified plans, are not subject to tax. The receipt of previously deferred compensation, whether qualified under § 401(a) or nonqualified, is not taxed at the time of distribution; rather it is taxed at the time of such deferral in accordance with the provisions of § 93.02(1)(d).
(Ord. C-789, passed 12-12-94; Am. Ord. 2009-02, passed 4-13-09)