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(.;l:aber, Hagnotto, McBride, Sina~ra
<br /> AN EMF. RGENCY ORDINANCE nuL]mrizing [.h~' Hayer tn c.~nSlish n vo],,,~[:ary deferred
<br />compensation plan for the employees of the City of Lakewood ~ncl. udi,]g l.akewood
<br />tlospital. ,
<br />
<br /> WIIEREAS, with the ,qdoption of Senate Bill No. 38 on Harcll 2], ]97A, together
<br /> with recent federal incr~c tax rul. Jngs, municipalities are authorized to adopt
<br /> Deferred Compensation Plans for their empl'oyees, 'and
<br />
<br /> ~{EREAS, th'is Cra,nc.il determines tl~at it is in the be~t interest Of the employees
<br /> of the City, i,c[ud[ng I,akewood Hospital, that a Deferred Compensation Plan be made
<br /> available to said employees, and
<br />
<br /> ~IEREAS, this ord~.,mnce constftutes, an emergency mea~,~re providing for the usual
<br /> daily operation of a ,n,~,i. cipal department and for the tenses that the Plan adopted
<br /> pursuant to the provisions o.f this ordinance .shoul. d be implemented itnmedintely to
<br /> provide maximum benefits to all employees of t'he City; now, therefore,
<br />
<br /> BE IT ORDAINED BY 'DiE COUNCIL OF 'DiE CII~ OF I~I<EWOOD, STATE O.F OHIO:
<br />
<br /> Section I. That the Hnyor be and he is hereby authorized and directed to es-
<br /> tablish a voluntary Deferred Compensation Plan for the City of Lakewood, Ohio.
<br />
<br /> Section 2. II~e City may, by contract, agree wi. th any employee to defer, in
<br />whole or in part, any portion of that employee's income allowed under the Plan and
<br />may subsequently, with the consent of the employee, purchase a fi. xed or variabl, e
<br />li~e insurance or annuity contract~ for the purpose of ft,n(li~g the Deferred Compen-
<br />sation Program for the emp]oyeo, from any lJfe tmderwriter duly licensed by this
<br />state who represents an insuranae company licensed to contract business in this
<br />state or purchase st,ch other investm~nn as.shall be approved by the United States
<br />Internal Revenue Service and the State of Ohio.
<br />
<br /> Section 3. The administration of the Deferred Compensation Program slmtl be
<br />under the direction of a committee of not less them three participating members,
<br />one appointed by the Ad,nin'istration, one by the Council, nmi one by the llospita[
<br />Board of Trustees., and payroll deductions shall be made, in each instance, by the
<br />Director of Finance.
<br />
<br /> Section 4. For I~he purposes ok this ordinance, "employee" moans any person
<br />whether appointed, elected or under contr~ct, providir~g services for the City,
<br />including Lakewood llospital, for which compensation is paid.
<br />
<br /> Section 5. Notw~th.~tandi,g any other provision of law to the contrary, the
<br />Committee designated to admi. nl. stcr the Deferred Conlpen,,~atior~ Program is hereby
<br />autho'rized to invest tile monies held pursuant to thnt Deferred Compensat'ion Program
<br />in fixed and variable 1. ifc insurance and annuity contracts or such other
<br />investments as shall be approved by the United States Internal Revenue 'Service and
<br />the S~ate of Ohio.
<br />
<br /> Section 6. The Deferred Compensation Program established by this ordinance
<br />sh'~ll exist and serve i.n additiou to retirement, p, ension or benefit system estab-
<br />lished for the benefit of employees of the City omi hO deferral of inco,ne under the
<br />Deferred Compensation Program shall affect a reduction of n,y reti.rement, pension
<br />or other benefit provided by law. llow~wer, any sum deferred under thc l)eferred
<br />Compensation Program shall not lfe included for the purl~OSes of computation of any
<br />taxes withheld on behalf of any such emp. loTee, except ,,unicipal income tax.
<br />
<br />Adopted '~c.z.-~d'7c~/ /~, /F/fO/
<br />
<br /> Section 7. That this 'o. rdina~ce is hereby declared to be an emerl;ency measure
<br />for the reasons stated in the preamble hereof and proviOed it recei~.ves..'.the affirma-
<br />tive vote of two-third:~ of all members elected to Co~,nci. I, tt sball/ta~(e effect
<br />and be in force immediately upon'its adoption and approvaltl)y~t[le/}~r[~¢~. ~ ~' ".' '[]t ~, . [ ~ ~'/~ ~.",
<br />
<br />PreSident
<br />
<br />Mayor
<br />
<br />
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