(a) Council hereby authorizes the Mayor to enter into a Deferred Compensation Plan and Custodial Agreement with Aetna Life and Casualty Company (n.k.a. the “ING Plan”). The Aetna Life and Casualty Company shall be named as an additional coordinator for the City’s Deferred Compensation Plan. In the event of any subsequent merger, acquisition or other corporate activity which results in a name change of the company offering the Plan, such change shall be reviewed by Council and shall be authorized by this Section, provided that it does not materially change the Plan. A copy of the Plan shall be maintained on file and, along with any amendments thereto, is incorporated herein by reference. The Treasurer shall receive and maintain on file annual financial statements for the Plan in accordance with the City’s public records policy. The Mayor is authorized pursuant to this Section to sign amendments to the Plan to comply with changes in applicable law or to add any desired features that may become available under applicable law.
(b) Ohio Public Employees Plan. The City hereby adopts a Plan offered by Ohio Deferred Compensation, and shall properly contract with any "eligible employee" who desires to participate in the Plan. The City's Plan shall be the uniform Plan as promulgated by the Board, which shall include both the traditional (pre-tax) deferral option and the Roth (after tax) contribution option, and consistent with the Program Adoption Agreement executed by the City.
(1) The Board is hereby authorized to administer the Plan under the Program, and to do all things necessary or proper for the administration of the Plan, consistent with the enabling statutes and all the rules and regulations promulgated by the Board, whether by the Ohio Administrative Code or otherwise, and consistent with the Program Adoption Agreement executed by the City.
(2) The Mayor is authorized and directed by the Council to execute the Program Adoption Agreement.
(3) Consistent with the Program Adoption Agreement and the rules and regulations promulgated by the Board, the proper officials, officers, employees and agents of the City are authorized to provide the Board with any information they may properly require for the administration of the Plan under the program.
(c) Additional Deferred Compensation Plan. Council hereby authorizes the Mayor to enter into an additional Deferred Compensation Plan and Trust Agreement with FTJ Fundchoice, LLCTM, and extends to all eligible employees the opportunity to join and participate in such Plan. In the event of any subsequent merger, acquisition or other corporate activity which results in a name change of the company offering the Plan, such change shall be reviewed by the Council and shall be authorized by this Section, provided that it does not materially change the additional Plan. A copy of the additional Plan shall be maintained on file and, along with any amendments thereto, is incorporated herein by reference. The Treasurer shall receive and maintain on file annual financial statements for the additional Plan in accordance with the City’s public records policy. The Mayor is authorized pursuant to this Section to sign amendments to the additional Plan to comply with changes in applicable law or to add any desired features that may become available under applicable law.
(Ord. 2013-25. Passed 9-25-13; Ord. 2020-17. Passed 6-17-20.)