(a) There is hereby created within the Treasury of the City of Los Angeles a trust fund known as the “Deferred Compensation Plan Trust Fund,” hereinafter referred to in this chapter as the “Fund.”
(b) The purpose of the Fund shall be for the receipt and retention of fees charged to Deferred Compensation Plan participants to provide funding for the administration of the Deferred Compensation Plan.
(c) All interest or other earnings attributable to monies in the Fund shall be credited to the Fund.
(d) Monies deposited in the Fund shall be used to pay for all administrative and operating costs, as approved by the Board of Deferred Compensation Administration, incurred in the administration of the Deferred Compensation Plan in accordance with established practice, provided, however, that no expenditure shall be made from the Fund for any purpose which is contrary to the budget policy of the Board of Deferred Compensation Administration, as established by the Mayor and City Council, with respect to the Fund.
(e) The Fund shall be administered and expenditures shall be authorized by the Chairperson of the Board of Deferred Compensation Administration.
(f) Monies not expended from the Fund in any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.
(g) The Chairperson of the Board of Deferred Compensation Administration shall report to the City Council and Mayor regarding the Fund on an annual basis, within 90 days after the close of the City’s fiscal year. Such report shall identify all receipts into, and all expenditures out of, the Fund, as well as the purposes for which the expenditures were made.
SECTION HISTORY
Chapter and Sec. Added by Ord. No. 171,163, Eff. 8-5-96.