§ 2-212. Agreement with employee to defer compensation.
Latest version.
In accordance with the deferred compensation program and the deferred compensation
plan, attached to Ordinance No. 76-25, marked exhibit A, the county may by contract
and/or collective bargaining agreement agree with any employee to defer all or any
portion of that employee's otherwise payable compensation and, pursuant to the terms
of the attached plan, and in such proportions as may be designated or directed under
the plan, place such deferred compensation in savings accounts or use the same to
purchase fixed or variable life insurance or annuity contracts, securities, evidences
of indebtedness, or such other investment products as may be approved for the purposes
of carrying out the objectives of the plan. Such insurance, annuities, savings or
investment products shall be underwritten and offered in compliance with the applicable
federal and state laws and regulations by persons who are duly authorized by applicable
state and federal authority.
(Ord. No. 76-25, § 2, 12-16-76)
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