Chapter 2.80
DEFERRED COMPENSATION
Sections:
Part 1. Generally
2.80.010 Deferred compensation plan fund.
Part 2. Public Employee Nonqualified
Deferred Compensation Plan
2.80.200 Committee established, membership, etc.
2.80.220 Adopted.
2.80.230 Agreements and documents.
2.80.240 Adoption not endorsement of plan.
Part 3. ICMA Deferred Compensation Plan
2.80.310 Adoption.
2.80.320 Trustee.
2.80.330 Administrator.
2.80.340 Fund.
2.80.350 Adoption not endorsement of plan.
Part 4. U.S. Conference of Mayors Deferred Compensation Program
2.80.400 Plan adopted.
2.80.410 Mayor and employee services division director authorized to execute necessary documents.
2.80.420 Plan assets to be held in annuity or custodial account.
2.80.430 Program executed.
2.80.440 Plan and its investments not endorsed.
PART 1. GENERALLY
2.80.010 Deferred compensation plan fund.
There is hereby created a special 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. No. 2361, § 5, 7-6-82)
Cross reference(s) – Funds, § 3.40.010 et seq.
PART 2. PUBLIC EMPLOYEE NONQUALIFIED DEFERRED COMPENSATION PLAN
2.80.200 Committee established, membership, etc.
A. There is hereby established a deferred compensation plan committee which shall consist of three (3) persons appointed by the mayor. The committee members shall serve for such periods as shall be determined by the mayor and shall be subject to removal and replacement as shown in Article VI of the plan adopted in KCC 2.80.220. The committee shall administer the deferred compensation plan, and the deferred compensation plan investments hereafter created, and shall have the duties as defined in the plan.
B. The members of the deferred compensation plan committee shall have the authority to sell, assign, and transfer units held under annuity contracts in the name of the city deferred compensation 457 plan and to deliver any and all written instruments necessary or proper to effectuate such transactions.
2.80.220 Adopted.
The public employee nonqualified deferred compensation plan which is on file in the city clerk’s office is hereby recognized and approved as a deferred compensation plan for the qualified employees and/or independent contractors of the city.
(Ord. No. 2361, § 1, 7-6-82)
2.80.230 Agreements and documents.
A. The mayor is hereby authorized and directed to execute the necessary documents for the establishment and implementation of the public employee nonqualified deferred compensation plan.
B. Upon such execution of such plan, establishment and implementation, such plan shall be made available to qualified employees and/or independent contractors of the city upon their execution of appropriate applications and/or agreements for participation therein.
(Ord. No. 2361, § 3, 7-6-82)
2.80.240 Adoption not endorsement of plan.
Adoption of this division does not constitute an endorsement of this deferred compensation plan or any financial guarantees by the city.
(Ord. No. 2361, § 6, 7-6-82)
PART 3. ICMA DEFERRED COMPENSATION PLAN
2.80.310 Adoption.
A. The city council adopts the International City Managers Association deferred compensation plan which is on file in the city clerk’s office and appoints the ICMA Retirement Corporation to serve as administrator.
B. The city has executed the ICMA Retirement Trust which is on file in the city clerk’s office.
(Ord. No. 2447, §§ 1, 2, 12-5-83)
2.80.320 Trustee.
The city adopts the trust agreement which is on file in the city clerk’s office and appoints the ICMA Retirement Corporation as trustee thereunder. The city directs the ICMA Retirement Corporation, as trustee, to invest all funds held under the deferred compensation plan through the ICMA Retirement Trust as soon as is practicable.
(Ord. No. 2447, § 3, 12-5-83)
2.80.330 Administrator.
The coordinator for the city’s ICMA deferred compensation plan shall receive necessary reports, notices, etc., from the ICMA Retirement Corporation as administrator, and shall cast, on behalf of the city, any required votes under the program. Administrative duties to carry out the plan may be assigned to the appropriate departments.
(Ord. No. 2447, § 4, 12-5-83)
2.80.340 Fund.
All sums deferred from the compensation of participants in the deferred compensation plan, and all authorized disbursements, shall be through the deferred compensation plan fund, established in KCC 2.80.010.
(Ord. No. 2447, § 6, 12-5-83)
2.80.350 Adoption not endorsement of plan.
Adoption of this division does not constitute an endorsement of this deferred compensation plan or any financial guarantees by the city.
(Ord. No. 2447, § 7, 12-5-83)
PART 4. U.S. CONFERENCE OF MAYORS DEFERRED COMPENSATION PROGRAM
2.80.400 Plan adopted.
The city adopts the U.S. Conference of Mayors Deferred Compensation Program and its attendant investment options and hereby establishes the city of Kent, Washington, deferred compensation plan for the voluntary participation of all eligible city employees and elected officials.
(Ord. No. 3395, § 1, 3-4-98)
2.80.410 Mayor and employee services division director authorized to execute necessary documents.
The mayor or his designee is hereby authorized (1) to enter into an administrative agreement and any and all agreements necessary to implement the program with the U.S. Conference of Mayors as plan administrator, subject to the terms of this part and further subject to final approval of the city attorney; (2) to execute, for the city, individual participation agreements with each employee requesting an individual participation agreement; (3) to act as the “administrator” of the plan representing the city. Other than the incidental expenses of collecting and disbursing the employees’ deferrals and other minor administrative matters, there is to be no cost to the city for the program.
(Ord. No. 3395, § 2, 3-4-98)
2.80.420 Plan assets to be held in annuity or custodial account.
The city and the U.S. Conference of Mayors shall hold the funds applied to this plan in either a deferred compensation variable annuity or in an I.R.C. Section 457 Custodial Account for the exclusive benefit of the city’s plan participants.
(Ord. No. 3395, § 3, 3-4-98)