(a) The Village hereby adopts a Deferred Compensation Plan under the Ohio Public Employees Deferred Compensation Program, and shall properly contract with any "eligible employee," as defined in Ohio R.C. 145.71(A), who desires to participate in the Plan. The Village Plan shall be the uniform Plan as promulgated by and as amended from time to time by the Ohio Public Employees Deferred Compensation Board.
(b) The Board is hereby authorized to administer the Plan under the Program, and to do all things necessary or proper for the administration of the Plan, consistent with the enabling statutes and all rules and regulations promulgated by the Board, whether by the Ohio Administrative Code or otherwise, and consistent with the Program Adoption Agreement executed by the Village.
(c) The Clerk and other appropriate officials of the Village are hereby authorized and directed to do all things necessary and proper to enter into and implement the Plan and Agreement, upon the terms and conditions thereof and of this section.
(Ord. 2584. Passed 2-8-94.)
(d) The Mayor is hereby authorized to take whatever actions are required by the Village as a public employer to comply with Section 457 of the Internal Revenue Code of 1986, as amended, including the execution of any amendments, new plan documents, annuity applications or agreements, trust agreements or custodial account agreements for purposes of securing the assets of the current deferred compensation plans for the Village's employees.
(e) The assets currently held for the benefit of employees under each Section 457 Plan shall no longer be assets of this Village, but, by January 1, 1999, shall be held in accordance with the requirements of Section 457(g) of the Internal Revenue Code of 1986, as amended. (Res. 2974. Passed 12-8-98.)