Chapter 2.32
DEFERRED COMPENSATION PLAN
Sections:
2.32.040 Approved.
2.32.080 Implementation.
2.32.120 Available to city employees.
2.32.160 Committee – Established.
2.32.200 Fund – Created.
2.32.240 Chapter adoption not endorsement of plan.
2.32.040 Approved.
The deferred compensation plan and trust, attached to the ordinance codified in this chapter as Exhibit A, and by this reference incorporated herein, is recognized and approved as a deferred compensation plan and trust to provide deferred compensation to qualified employees of the city of Ellensburg, herein referred to as the employer. The deferred compensation plan and trust is established with the city of Ellensburg named as trustee, and shall be maintained for the exclusive benefit of eligible employees and their beneficiaries. No part of the corpus or income of the trust shall revert to the employer or be used for or diverted to purposes other than the exclusive benefit of participants and their beneficiaries. A copy of the deferred compensation plan and trust shall be maintained in the office of the city clerk for use and examination by the public. The city of Ellensburg appoints Great West Life Assurance Company and ICMA Retirement Trust as administrative agents for the plan. [Ord. 4166, 1998; Ord. 3281 § 1, 1980.]
2.32.080 Implementation.
The mayor and city clerk are authorized and directed to execute the necessary documents for the establishment and implementation of the deferred compensation plan. [Ord. 3281 § 2, 1980.]
2.32.120 Available to city employees.
Such plan shall be made available to qualified city employees of the city upon their execution of appropriate applications and/or agreements for participation therein. [Ord. 4166, 1998; Ord. 3281 § 3, 1980.]
2.32.160 Committee – Established.
There is established a deferred compensation plan committee which shall consist of three persons appointed by the city manager, which committee members shall serve for such periods as shall be determined by the city manager and shall be subject to removal and replacement as the city manager shall determine from time to time. The committee shall administer the deferred compensation plan, and the deferred compensation plan fund, created in ECC 2.32.200, and shall have the duties as defined in said plan. [Ord. 3281 § 4, 1980.]
2.32.200 Fund – Created.
There is created a special trust fund which shall be designated as the “deferred compensation plan fund” into which shall be paid all sums deferred from the compensation of participants in the plan, and from which all authorized disbursements shall be made. [Ord. 4166, 1998; Ord. 3281 § 5, 1980.]
2.32.240 Chapter adoption not endorsement of plan.
Adoption of this chapter does not constitute endorsement of this plan by the city council. [Ord. 3281 § 6, 1980.]