The Aetna Variable Annuity Life Insurance Company is hereby authorized to solicit the employees and elected officials of the Municipality to enter into a deferred compensation plan.
The Finance Director is hereby authorized to make payroll deductions for each employee and elected official who enters into such deferred compensation plan. Such payroll deductions are not to be considered as income paid to such employees and officials, nor shall social security payments be made on the deductions.
The Finance Director is hereby authorized to pay to Aetna Variable Annuity Life Insurance Company the amounts withheld for the deferred compensation plan.
All Municipal employees are hereby declared eligible to participate in the plan, and new employees are hereby declared eligible to participate in the plan, and new employees are hereby declared eligible to participate in the plan on the first day of the month following thirty days of continuous employment. All elected officials are hereby eligible to participate from the first day of their terms of office.
This section is not to be construed as a recommendation for such deferred compensation plan, or any other similar plan, inasmuch as there is no obligation on the part of the employees and elected officials to participate in such a plan. Participation in such a plan is a matter left entirely to the discretion of the employees and elected officials of the Municipality.
(Ord. 1973-74. Passed 8-22-73.)