(A) The city 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 or her designate is hereby authorized to execute, for the city, individual participation agreements with each employee requesting 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. It is implicitly understood that other than the incidental expenses of collecting and disbursing the employee's deferrals and other minor administrative matters, there is to be no cost to the city for the program.
(Ord. O-27-93, passed 8-3-93)