(a) The Mayor is hereby authorized and directed to establish a voluntary deferred compensation plan for the City, to take any and all action as necessary to participate in the Ohio Deferred Compensation Plan on behalf of any employee who agrees to participate, and to continue any agreements currently in effect, for those employees formerly enrolled, in private deferred compensation plans.
(b) The Director of Finance is hereby authorized, by payroll deduction, to pay any approved amounts to the Ohio Deferred Compensation Program or any other existing deferred compensation program on behalf of enrolled employees.
(c) For the purposes of this section, “employee” means any person whether appointed, elected or under contract, providing services for the City for which compensation is paid.
(d) The deferred compensation program established by this section shall exist and serve in addition to retirement, pension or benefit systems established for the benefit of employees of the City and no deferral of income under the deferred compensation program shall effect a reduction of any retirement, pension or other benefit provided by law. However, any sum deferred under the deferred compensation program shall not be included for the purposes of computation of any taxes withheld on behalf of any such employee, except municipal income tax or as otherwise permitted by law.
(Ord. 49-01. Passed 11-5-2001.)