(A) The Mayor and City Council hereby adopt and establish a deferred compensation plan to be known as the City of Blue Island Employees’ Deferred Compensation Plan for the benefit of such city employees, appointed and elected officials of the city, and city independent contractors who desire to voluntarily participate in such plan.
(B) The Budget Director of the city is hereby authorized and directed to execute on behalf of the city, individual participation agreements with each city employee requesting participation in the plan, and the Budget Director is further authorized to execute such agreements and contracts as are necessary to implement the plan hereby established by the Mayor and City Council.
(C) The city shall not incur any expense in the operation and administration of the City of Blue Island Employees’ Deferred Compensation Plan other than for its obligation to pay the deferred compensation as provided for in the plan.
(Prior Code, § 34.05) (Ord. 2535, passed 11-25-1980)