(A) The Town Council hereby adopts the U.S. Conference of Mayors’ deferred compensation program and its attendant investment options and hereby establishes the town’s deferred compensation plan for the voluntary participation of all eligible town employees, elected officials and independent contractors.
(B) (1) The Clerk-Treasurer is hereby authorized to execute for the town, individual participation agreements with each said employee requesting same, and to act as the administrator of the plan representing the town, and to execute such agreements and contracts as are necessary to implement the program.
(2) It is implicitly understood that other than the incidental expenses of collecting and disbursing the employee’s deferrals and other minor administrative matters, that there is to be no cost to the town for the program.
(Res. 1-1992, passed 6-2-1992)