The village (hereinafter the “employer”) hereby establishes the Deferred Compensation Plan (hereinafter the “Plan”). The Plan is intended to be an eligible deferred compensation plan under § 457 of the Internal Revenue Code of 1986, as amended. The primary purpose of this Plan is to attract and retain qualified personnel by permitting them to provide for benefits in the event of their retirement or death. Nothing contained in this Plan shall be deemed to constitute an employment agreement between any participant and the employer and nothing contained herein shall be deemed to give any participant any right to be retained in the employ of the employer.
(Ord. 05-11, passed 10-18-2005)