(A) There is established the city deferred compensation plan for the voluntary participation of all eligible city employees and elected officials.
(B) The city will utilize the state’s plan document and its investment options and will contract with the state's choice to be the exclusive servicing manager and enroller.
(C) The city appoints the Clerk-Treasurer as administrator of the plan, and authorizes her to make deductions from the pay of employees, who voluntarily participate, and to make other arrangements as are necessary to implement the plan. It is understood that, other than the incidental expenses of collecting the employees’ deferrals and other minor administrative matters, there is to be no cost or contribution by the city to this plan.
(Ord. 23-1985, passed -12-85; Am. Ord. 5-2002, passed 3-12-02; Am. Ord. 7-2005, passed 3-8-05)