(a) There is hereby established a Deferred Compensation Board, consisting of the Mayor, President of Council, Director of Finance and the Director of Law.
(b) The Deferred Compensation Board is hereby authorized to establish and administer a voluntary deferred compensation plan for City officers and employees.
(c) The City, by and through its Director of finance, may contract with any officer or employee to defer any portion of that officer’s or employee’s income allowed under the plan. The City may, but shall not be obligated to, use the amounts deferred to purchase a fixed or variable life insurance or annuity contract from any life underwriter duly licensed by this State who represents an insurance company licensed to contract business in this State or purchase such other investment as is approved by the United States Internal Revenue Service and the State of Ohio. Such contract or other investment shall be held in the name of and shall be the sole property of the City.
(d) Notwithstanding any other provision of law to the contrary, the Board designated to administer the deferred compensation plan is hereby authorized to invest the moneys held pursuant to the deferred compensation plan in fixed and variable life insurance and annuity contracts or such other investments as are approved by the United States Internal Revenue Service and the State of Ohio.
(e) The deferred compensation plan established pursuant to this section shall exist and serve in addition to any retirement, pension or benefit system established for the benefit of officers and employees of the City and no deferral of income under the deferred compensation plan shall effect a reduction of any retirement, pension or other benefit provided by law.
(f) It is the intention of this section that amounts deferred under the deferred compensation plan by participating officers and employees shall not be considered as income paid to the participants, except for purposes of Municipal income tax. The City shall own and have all rights to any sums deferred pursuant to subsection (c) hereof and any earnings thereon, which sums will not be held in any way as collateral security for the fulfilling of the obligations of the City but shall be held as a general, unpledged, and unrestricted asset of the City until distributed to the participants in accordance with the plan.
(Ord. No. 1896-77. Passed 7-18-77, eff. 7-25-77)