(A) The Town Council hereby adopts the U.S. Conference of Mayors Deferred Compensation Program and its attendant investment options and hereby establishes the Town's Deferred Compensation Plan for the participation of all eligible employees.
(B) The Indiana Deferred Compensation Plan, Inc., is hereby authorized to execute for the town individual participation agreements with each eligible employee requesting same, and to act as the Administrator of the Plan representing the town, and to execute agreements and contracts as are necessary to implement the program.
(C) It is implicitly understood that other than the incidental expenses of collecting and disbursing the employee's deferrals and other minor administrative matters, that there is to be no cost to the town for the program. Notwithstanding this provision, the town shall make a contribution to the plan on behalf of certain individuals impacted by the town's decision not to purchase prior service credit when the town entered the Indiana Public Employees' Retirement Fund effective July 1, 1989. The contribution shall be determined by the town in consultation with the Administrator of the plan, and subject to all applicable limits under the Internal Revenue Code. The contribution shall also be subject to all applicable employment taxes, as required by the Internal Revenue Code.
(Ord. 95-5, passed 7-3-95)