(a) As used in this chapter, "employee" means any person whether appointed, elected or under contract providing services for the City for which compensation is paid. In no event shall the total of the amount of deferred compensation to be set aside under a deferred compensation program exceed the limits established in Section 131 of the Revenue Act of 1978 and incorporated in Section 457 of the Revenue Code.
(b) The Deferred Compensation Program established by this section shall exist and serve in addition to retirement, pension and benefit systems established by the City. Any income deferred under a plan shall continue to be included as regular compensation for the purpose of computing the retirement and pension benefits earned by an employee. However, deferred compensation shall be exempt from taxation by the State to the same extent as it is exempt from income tax imposed by the United States.
(Ord. 64-82. Passed 1-3-83.)
(Ord. 64-82. Passed 1-3-83.)