The Common Council hereby establishes the city deferred compensation plan for the voluntary participation of all eligible city employees, elected officials and independent contractors. The Mayor or his or her designee is hereby authorized to execute for the city individual participation agreements with each employee requesting it, to act as the administrator of a plan representing the city, and to execute any agreements and contracts that are necessary to implement the program. It is implicitly understood that other than incidental expenses of collecting and disbursing the employees’ deferrals and other minor administrative matters, there is to be no cost or contribution by the city to this program.
(Prior Code, § 37.11) (Ord. 4635, passed 9-8-1980)