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(a) The Council does hereby adopt a tax-qualified Flexible Benefits Plan for its employees, a copy of which is attached to Ordinance 02-5 as Exhibit "A" and is incorporated herein fully as if by reference.
(b) There is hereby established a Flexible Benefits Fund to be administered by the City Manager and Finance Director as follows:
(1) There is hereby established a Flexible Benefits Fund created to account for employee tax deferred contributions to the City tax-qualified plan;
(2) The Finance Director shall deposit sufficient funds as withheld from employee wages, as directed by Council, on an annual basis to pay for the Flexible Benefits Plan.
(3) Interest earned by this fund shall be credited to the fund.
(Ord. 02-5. Passed 1-16-02.)