(A) The Common Council hereby adopts the U.S. Conference of Mayors Deferred Compensation Program and its attendant investment options and hereby establishes the city Deferred Compensation Plan for the voluntary participation of all eligible city employees, elected officials, and independent contractors.
(B) The Mayor of the city is hereby authorized to execute for the city individual participation agreements with each said employee requesting the same, and to act as the “Administrator” of the plan representing the city, and to execute such agreements and contracts as are necessary to implement the program. There is to be no cost to the city for the program.
(Res. 96-23, passed 8-12-96)