(a) The City shall facilitate participation by its employees in a voluntary Deferred Compensation Plan approved and accepted by the City.
(b) The City may, by contract, or through the State of Ohio program, agree with any employee to defer, in whole or in part, any portion of that employee’s income allowed under the plan and may subsequently, with the consent of the employee, purchase a fixed or variable life insurance or annuity contract for the purpose of funding the Deferred Compensation Program for the employee from any life underwriter duly licensed by this State who represents an insurance company licensed to contract business in this State or purchase such other investment as shall be approved by the United States Internal Revenue Service and the State.
(c) The Deferred Compensation Program offered shall exist and serve in addition to all other retirement, pension or benefit systems established for the benefit of employees of the City and no deferral of income under the Deferred Compensation Program shall affect a reduction of any retirement, pension or other benefit provided by law. All sums deferred under the Deferred Compensation Program shall not be included for the purposes of computation of any taxes withheld on behalf of an employee, except municipal income tax.
(Ord. 2011-043. Passed 4-4-11.)