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Editors Note: Ord. No. 10657, § 6, adopted April 28, 2009, effective July 1, 2009, repealed § 22-53, which pertained to end of service incentive and derived from Ord. No. 10320, § 1, adopted Sept. 19, 2006; Ord. No. 10483, § 1, adopted Nov. 27, 2007; Ord. No. 10489, § 1, adopted Jan. 8, 2008.
Editors Note: Ord. No. 10657, § 6, adopted April 28, 2009, effective July 1, 2009, repealed § 22-54, which pertained to City of Tucson 401(a) Supplemental Retirement Plan and derived from Ord. No. 10322, § 1, adopted Sept. 26, 2006.
Editors Note: Ord. No. 10657, § 6, adopted April 28, 2009, effective July 1, 2009, repealed § 22-55, which pertained to purchase of permissive service credits and derived from Ord. No. 10483, § 4, adopted Nov. 27, 2007.
Article IIIA.
Deferred Compensation Retirement Plans
Deferred Compensation Retirement Plans
It is hereby declared to be the purpose of this Article to confirm the authority of the City to develop and maintain various tax-deferred defined contribution retirement programs for City employees, to be administered by the Deferred Compensation Plan Management Board in accordance with this Article and the applicable Plan Documents.
(Ord. 11937, § 1, 7-12-22)
Sec. 22-57(a). "Board" means the City of Tucson Deferred Compensation Plan Management Board.
Sec. 22-57(b). "IRC" means the Internal Revenue Code of 1986, as amended.
Sec. 22-57(c). "DC Plans" means the deferred compensation plans adopted by the City of Tucson for the benefit of its employees, including any IRC Section 457(b) arrangement and any IRC Section 401(a) retirement plan. As of the date of enactment of this Article, the City maintains the City of Tucson Deferred Compensation Plan, the City of Tucson 401(a) Plan, and the City of Tucson Contract Executives 401(a) Plan. The foregoing DC Plans may be amended, modified or terminated in accordance with their underlying plan documents and Section 22-65 below. The City also may adopt new DC Plans, in its discretion, after the enactment of this Article without amendment of this Article.
Sec. 22-57(d). "Participant" means an employee who is eligible to participate in a DC Plan or, as the context may indicate, a former employee who holds an account balance under a DC Plan.
Sec. 22-57(e). "Plan Document(s)" means the plan documents, adoption agreements, amendments and other governing documents approved and executed by the City with regard to a DC Plan.
Sec. 22-57(f). "Trust Fund" means the custodial or trust account(s) maintained under a DC Plan and exempt from taxation pursuant to Sections 401(a), 457(g) and 501(a) of the IRC, as further defined and administered in accordance with the applicable Plan Documents.
(Ord. 11937, § 1, 7-12-22)
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