§ 62-156. Purpose.

Latest version.

The city hereby establishes a deferred compensation plan as amended and restated to provide funds for its employees' retirement and to provide funds for their beneficiaries in the event of their death. The deferred compensation plan is voluntary and is in addition to any other retirement system established for the benefit of city employees and their beneficiaries. This plan is intended to meet the requirements of section 457(b) of the Internal Revenue Code of 1986, as amended from time to time. Effective January 1, 2015, this deferred compensation plan includes an optional qualified Roth contribution program pursuant to code section 402A.

(Ord. No. 4319-11, § 1, 2-22-2011; Ord. No. 4544-15, § 1, 4-27-2015)

                    
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