Section 2-141 Adopted; appointment of administrator, trustee, and coordinator.

Prior to the adoption of TQM Code Update - CH. 2 on 10/11/2004, Section 2-141 read as follows.

    (a)    The city hereby adopts a deferred compensation plan, on file and available for inspection in  the office of the city clerk, and appoints the ICMA Retirement Corporation and Public Employees Benefit Services Corporation to serve as administrators thereunder.

    (b)    The city manager is authorized  to execute, on behalf of the city, the ICMA Retirement  Trust and the Public Employees Benefit Trust, on file and available for inspection in the office of the city clerk.

    (c)    Further, the city hereby adopts the trust agreement on file and available for inspection in  the office of the city clerk, and appoints the ICMA Retirement Corporation and the Public Employees Benefit Services Corporation as trustees thereunder. The ICMA Retirement Corporation and the Public Employees Benefit Services Corporation as trustees are directed to invest all funds held under the deferred compensation plan through the ICMA Retirement Trust and  the Public Employees Benefit Trust as soon as is practicable.

    (d)    The city manager shall be the coordinator for the program and shall receive necessary  reports, notices and other communications from the ICMA Retirement Corporation and from the Public Employees Benefit Services Corporation as administrators, and shall cast, on behalf of the city, any required votes under such program.

(Code 1958,  17-30; Ord. of 7-8-91,   17-30)