(a) The Mayor is hereby authorized and directed to establish a voluntary Deferred Compensation Program for the City. The Program shall be composed of one or more deferred compensation plans established in accordance with Chapter 148 of the Ohio Revised Code.
(b) The City may, by contract, agree with any employee to defer, in whole or in part, any portion of that employee’s income allowed under a plan and may subsequently, with the consent of the employee, purchase a fixed or variable life insurance or annuity contract for the purpose of funding the Deferred Compensation Program for the employee, from any life underwriter duly licensed by this State who represents an insurance company licensed to contract business in this State, or purchase such other investment as shall be approved by the United States Internal Revenue Service and the State.
(c) The administration of the Deferred Compensation Program shall be under the Director of Finance.
(d) For the purposes of this section “employee” means any person, whether appointed, elected or under contract, providing services to the City, for which compensation is paid.
(e) The Deferred Compensation Program established by this section shall exist and serve in addition to any retirement, pension or benefit system established for the benefit of employees of the City and no deferral of income under this Deferred Compensation Program shall effect a reduction of any retirement, pension or other benefit provided by law. However, any sum deferred under this 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.
(Ord. 2006-47. Passed 7-3-06.)