(a) Subject to the approval of the City Public Employees Deferred Compensation Commission, the City Manager shall establish and administer a Deferred Compensation Plan for the employees of the City. The Commission may through Council contract with a private corporation or institution for providing such services as may be part of any such plan or may be deemed necessary or proper by the Commission or the City Manager, including but not limited to communicating the plan to employees, providing consolidated billing, individual and collective recordkeeping and accountings as an asset purchase control and safekeeping. Participation in such plans shall be a specific written agreement between such employees and the City which shall provide for the deferral of such amounts of compensation as requested by the employee. Participating employees must authorize that such deferrals be made from their wages for the purpose of participation in the program.
(b) Notwithstanding any other provision of this chapter funds held by the City Public Employees Deferred Compensation Commission pursuant to written deferred compensation agreement between the City and participating employees may be invested in such investments as are deemed appropriate by the City Manager and approved by the Commission including, but not limited to, insurance and annuity contracts. Such investments shall not be construed to be prohibited use of the general assets of the City.
(c) In no case shall such insurance investments be offered by other than persons and companies authorized and duly licensed by the State and applicable Federal regulatory agencies to offer such insurance or investment programs in compliance with all relevant provisions of this chapter.
(Ord. 64-82. Passed 1-3-83.)
(Ord. 64-82. Passed 1-3-83.)