Title
AN ORDINANCE TO ESTABLISH A DEFERRED COMPENSATION PLAN FOR THE CITY OF JONESBORO
Body
WHEREAS, The City has considered the establishment of a Deferred Compensation Plan to be made available to all eligible employees and elected officials pursuant of the Internal Revenue Code permitting such Plans; and
WHEREAS, such benefits will act as incentive to employees to voluntarily set aside and invest portions of their current income to meet their future financial requirements and supplement their retirement and Social Security (if applicable); and
WHEREAS, by adoption of the Nationwide Program, all regulatory, operational, and administrative responsibilities are hereby assumed by nationwide on behalf of the City of Jonesboro;
WHEREAS, Nationwide as Plan Administrator, agrees to hold harmless and indemnify the City, its appointed and elected officers and participating employees from any loss resulting from the City or it Agents failure to perform its duties and serviced pursuant to the Nationwide Program
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS THAT:
SECTION 1: The City of Jonesboro adopts nationwide Deferred Compensation Program for the voluntary participation of all eligible employees and agrees to abide by the terms of the Plan as stated in the Adoption Agreement or other plan documents;
SECTION 2: That an emergency is declared to exist and this ordinance being necessary for the preservation of the public peace, health and safety shall take effect from and after its passage and approval.
Passed and approved this 6th day of November, 2007.