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01 AN ORDINANCE TO AMEND ARTICLE II OF CHAPTER 20 • OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1976, AS AMENDED, BY ADDING A SECTION 20-21.1 TO PERMIT CERTAIN EMPLOYEES TO WITHDRAW FROM THE CITY SUPPLEMENTAL RETIREMENT SYSTEM IN ORDER TO PARTICIPATE IN DEFERRED COMPENSATION PLANS. BE IT ORDAINED by the Council of the City of Charlottesville: 1. That Article II of Chapter 20 of the Code of the City of Charlottesville, 1976, be amended by adding §20-21.1 as follows: SECTION 20-21.1. Participation in deferred compensation plan. The City Manager may approve the withdrawal from membership in the plan of any employee who is emempt from the personnel appeals system as set forth in 20-6(b) and may execute an agreement for such employee to participate in a eferred compensation plan approved by the Internal Revenue Service and established to provide a tax-sheltered retirement system for professional governmental employees. Such agreement may provide that the city shall contribute to such plan an annual amount no greater than the total amount which the city would contribute to the city plan on behalf of such employee for such year pursuant to §20-20(b). Any employee who enteres into such an agreement shall be deemed to have terminated all membership in the city plan and to have waived any rights whatsoever to any benefits thereunder. Upon execution of any such agreement the retirement plan • commission is authorized to make the payments called for therein, but in no event shall the payment for any period exceed the amount contributed by the city to the city plan for such employee for such period. The city council may likewise approve participation by the city manager in such a deferred compensation plan, in which case the city's annual contribution thereto shall likewise equal the amount which would have been contributed to the city plan, unless the council shall determine a greater or less amount. Copy Teste: 0 Clerk Adopted by the Council July 5, 1977