Laserfiche WebLink
pursuant to section 19-92(b). Any employee who enters into such an agreement shall be <br />deemed to have terminated all membership in the supplemental retirement or pension <br />• plan of the city ^wand to have waived any rights whatsoever to any benefits <br />thereunder. Upon execution of any such agreement, the retirement plan commission is <br />authorized to make the payments called for therein, but in no event shall the payment for <br />any period exceed the amount contributed by the city to the city plan for such employee <br />for such period. A copy of such plan shall be kept on file in the city's personnel <br />department, and it may be amended from time to time. <br />(b) The city council may likewise approve participation by the city manager in a <br />sunnlemental defined contribution plan approved by the Internal Revenue Service as a <br />as <br />the Internal Revenue <br />case the city's annual <br />contribution thereto shall likewise equal the amount which would have been contributed <br />to the city plan, unless the council shall determine a greater or lesser amount. A copy of <br />such plan shall be kept on file in the city's personnel department, and it may be amended <br />from time to time. <br />(c) Effective July <br />membership in the pl. <br />employee to participa <br />Revenue Service as a <br />Revenue Code of 198 <br />contribute to such pla <br />• the approval of the ci <br />emplovee who enters <br />• <br />1, 2001, the city mai <br />n of any employee a <br />e in an optional defi <br />qualified plan within <br />i, as amended. Such <br />i an annual amount c <br />y manager on behalf <br />into such an agreemf <br />active membership in the <br />ay approve the withdrawal from <br />execute an agreement for such <br />tribution plan approved by the I <br />anina of Section 401(a) of the Ir <br />shall be <br />waived any rights whatsoever to accrue additional <br />or <br />retirement commission with <br />:e for such year. Any <br />ed to have terminated all <br />m plan of the city and to have <br />thereunder. Upon execution of <br />any such agreement, the retirement plan commission is authorized to make the payments <br />called for therein. A copy of such plan shall be kept on file in the <br />department, and it may be amended from time to time. <br />(b)(dL ffective November 1, 1987, all regular city employees, including city council <br />members, who work at least twenty (20) hours per week shall be eligible to participate in <br />_deferred compensation plan, whether or not they participate in the <br />supplemental retirement or pension plan of the city or the defined contribution ou€d <br />plans described in subsections (a) through c of this section. Such new <br />plan shall enable employees to defer part of their compensation if they choose to do so to <br />provide for their retirement. Participation in this new plan shall have no effect on <br />eligibility for participation in the supplemental retirement or pension plan of the city <br />^ity's ;ytir^m^^* ^ r the d@ f --^a ^^^•^^asa4o^ defined contribution plans described <br />in subsections (a) through c of this section. A copy of thv ng— such plan shall be kept <br />on file in the city's personnel department, and it may be amended from time to time-iq <br />^;aa^^o -,its, :tg ;^itial ^ <br />M&V 777871 <br />