For the purposes of this chapter, the following terms have the meanings ascribed herein:
1. “Employee” means any person employed by the City on a non-temporary basis and who is required to work a minimum of thirty (30) hours per week. The term includes the City Administrator, Chief of Police, and Fire Chief, but does not include any elected or appointed officials.
2. “Beneficiary” means any person designated by an employee to receive a retirement, death, or other benefit under the provisions of a deferred compensation contract.
3. “Compensation” means all wages or salaries to be paid by the City to an employee.
4. “Contracting company” means each insurance company designated by the Council from which an employee may purchase an individual deferred compensation contract.
5. “Deferred compensation” means that portion of an employee’s includible compensation which a participant has elected to defer in accordance with Section 457 of the Internal Revenue Code.
6. “Participation agreement” means the agreement or agreements by which the City and the employee agree that a portion of the employee’s compensation will be deferred.
7. “Separation of service” means the termination of an employee’s service with the City on account of death, retirement, or separation from service for causes other than death or retirement.
8. “Unforeseeable emergency” means a severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant’s dependent, loss of the participant’s property due to casualty or other extraordinary and unforeseeable circumstances arising as a result of events beyond the participant’s control, as determined by the City Administrator.