(A) Generally. There shall be a deferred compensation plan for volunteer personnel. The contribution rates and governing policy of the deferred compensation plan shall be established by resolution of the Common Council.
(Prior Code, § 7-29)
(B) Funding. The deferred compensation plan shall be funded initially by an appropriation from the city and thereafter by appropriation as may be budgeted and such other funds as may be available.
(Prior Code, § 7-30)
(C) Deferred Compensation Plan Committee; membership. The deferred compensation plan shall be managed by a Deferred Compensation Plan Committee in accordance with all applicable state and federal laws and regulations. The Deferred Compensation Plan Committee shall be appointed by the Mayor and ratified by the Common Council.
(Prior Code, § 7-31)
(D) Termination. Should the deferred compensation plan terminate, all unpaid and unobligated funds shall revert to the city.
(Prior Code, § 7-32)
(Ord. 1227, passed 1-4-2016; Ord. 1290, passed 8-20-2018)