Chapter 2.64
DEFERRED COMPENSATION PLAN

Sections:

2.64.010    Recognition and approval.

2.64.020    Execution of documents for establishment and implementation.

2.64.030    Availability.

2.64.040    Committee established – Powers and duties.

2.64.050    Funds created – Source of moneys and use.

2.64.060    Adoption does not constitute endorsement.

2.64.010 Recognition and approval.

All deferred compensation plans, approved by the mayor and city council are found on file in the office of the city clerk, are recognized and approved as deferred compensation plans for the qualified employees of the city. (Ord. 4781 § 2, 1995; Ord. 3644 § 1, 1981.)

2.64.020 Execution of documents for establishment and implementation.

The mayor, the personnel director, and city clerk are authorized and directed to execute the necessary documents for the establishment and implementation of such deferred compensation plans. (Ord. 4781 § 2, 1995; Ord. 3644 § 2, 1981.)

2.64.030 Availability.

Upon such execution of such plans, establishment and implementation thereof, such plans shall be made available to qualified city employees upon their execution of appropriate applications and/or agreements for participation therein. (Ord. 4781 § 2, 1995; Ord. 3644 § 3, 1981.)

2.64.040 Committee established – Powers and duties.

There is established a deferred compensation plans committee which shall consist of three persons appointed by the mayor which committee members shall serve for such periods as shall be determined by the mayor and shall be subject to removal and replacement as the mayor shall determine from time to time.

The committee shall administer the deferred compensation plans, and the deferred compensation plans funds hereinafter created, and shall have the duties as defined in the plans. (Ord. 4781 § 2, 1995; Ord. 3644 § 4, 1981.)

2.64.050 Funds created – Source of moneys and use.

There are created special funds which shall be designated as the deferred compensation plans funds into which shall be paid all sums deferred from the compensation of participants in the plans, and from which all authorized disbursement shall be made. (Ord. 4781 § 2, 1995; Ord. 3644 § 5, 1981.)

2.64.060 Adoption does not constitute endorsement.

Adoption of this chapter does not constitute an endorsement of these plans by the city council. (Ord. 4781 § 2, 1995; Ord. 3644 § 6, 1981.)