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• • • AN ORDINANCE TO AMEND AND REORDAIN SECTION 20 -21.1 OF ARTICLE III OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1976, AS AMENDED, RELATING TO PARTICIPATION OF CITY EMPLOYEES IN A NEW DEFERRED COMPENSATION PLAN. BE IT ORDAINED by the Council of the City of Charlottesville, Virginia, that: 1. Section 20 -21.1 of the Code of the City of Charlottesville, 1976, as amended, be amended and reordained by adding a new subsection (b), as follows: Section 20 -21.1. Participation in deferred compensation plan. (a) The city manager may approve the withdrawal from membership in the plan of any employee who is exempt from the personnel appeals system as set forth in section 20 -5(b) of this Code and may execute an agreement for such employee to participate in a deferred 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 section 20 -20(b) of this Code. Any employee who enters 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 lesser amount. (b) Effective November 1, 1987, all regular city employees, including City Council members, who work at least twenty (20) hours per week shall be eligible to participate in a newly estab- lished deferred compensation plan, whether or not they partici- pate in The Supplemental Retirement or Pension Plan of the City of Charlottesville or the deferred c.ompensatior, plan described in subsection (a) above. Such new plan shall enable employees to defer part of their compensation if they choose to do so to provide for their retirement. Participation in this new plan