(A) There is hereby created the Town Deferred Compensation Plan (herein called “the Plan”), pursuant to I.C. 5-10-1.1.
(B) The Town Council hereby appoints the Town Clerk-Treasurer as the Administrator of the Plan, and authorizes him or her to make deductions from the pay of employees, who voluntarily participate, and to make other arrangements as are necessary to implement the Plan.
(C) The Clerk-Treasurer is authorized to execute a § 457 Deferred Compensation Plan Adoption and Services Agreement, and the Administrative Services Addendum thereto, with the Variable Annuity Life Insurance Company (“VALIC”).
(D) Other than the incidental expense of collecting the employees’ deferrals and other minor administrative matters, there is to be no cost to or contribution by the town to the Plan.
(E) The Town Council reserves the right at any time and from time to time to amend the Plan or terminate the Plan and have the accounts of participating employees distributed in conformity with the Internal Revenue Code and applicable regulations and in conformity with any other applicable federal and state laws and regulations.
(Ord. 2002-1, passed 1-8-2002)