Employees may elect to participate in deferred compensation plans (457(b)) offered by the Village. These plans are subject to the rules of the Internal Revenue Service and the rules of the plan administrator. Plan administrators are selected from time to time by the Village Council. The Mayor and the Finance Director are authorized to take any action that may be necessary to provide for participation in the plans, and the Mayor is authorized to consent to the adoption of any restatements and/or amendments to the Plans provided that such restatements and amendments do not materially change the plans. A current copy of each plan is maintained on file by the Finance Director. (Ord. 2011-68. Passed 11-28-11.)