(A) The City Council hereby establishes the City of Shelbyville Deferred Compensation Plan for the voluntary participation of all eligible employees and elected officials.
(B) The city will utilize the Lincoln National Pension Corporation Plan and its investment options. The city will contract with Lincoln National Pension Corporation to be the exclusive servicing manager and enroller.
(C) The city hereby appoints the City Clerk- Treasurer as the administrator of the Plan, and authorizes him or her to make deductions from the pay of the employees who voluntarily participate, and to make such other arrangements as are necessary to implement the Plan. It is understood that, other than the incidental expenses of collecting the employees’ deferrals and other minor administrative matters, there is to be no cost or contribution by the city to this Plan.
(`81 Code, § 35.241) (Ord. 1945, passed 11-7-88)