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(a) The Mayor is hereby authorized and directed to establish a voluntary deferred compensation plan for the City.
(b) The City may, by contract, agree with any employee to defer, in whole or in part, any portion of that employee's income allowed under the plan and may subsequently, with the consent of the employee, purchase a fixed or variable life insurance or annuity contract, for the purpose of funding the deferred compensation plan for the employee, from any life underwriter duly licensed by the State who represents an insurance company licensed to contract business in the State, or purchase such other investment as is approved by the United States Internal Revenue Service and the State.
(c) The administration of the deferred compensation plan shall be under the direction of the City Auditor.
(d) The deferred compensation plan established by this section shall exist and serve in addition to any retirement, pension or benefit system established for the benefit of employees of the City. No deferral of income under the deferred compensation plan shall affect a reduction of any retirement, pension or other benefit provided by law. However, any sum deferred under the deferred compensation plan shall not be included for the purposes of computation of any sums withheld on behalf of any such employee, except Municipal income tax.
(Ord. 89-6. Passed 1-3-89.)