Sec. 116.802. - Creation of deferred compensation program.

In accordance with F.S. § 112.215(3), the City hereby creates for itself and its employees a deferred compensation program. The deferred compensation program shall provide for the deferral of all or any portion of an employee's otherwise payable compensation and, pursuant to the terms of the particular plan and in such proportions as may be designated or directed under the plan, provide for the placing of the deferred compensation in savings accounts or for the purchase of fixed or variable life insurance or annuity contracts, securities, evidence of indebtedness or such other investment products as may have been approved for the purposes of carrying out the objectives of the particular plan. The insurance, annuity, savings or investment products shall be underwritten or offered (or both) in compliance with the applicable federal and State laws and regulations by companies which are duly authorized by applicable State and federal authorities. A committee composed of the Director of Finance and Administration, the Treasurer and the Chief of Procurement shall, from time to time, recommend to the Council one or more plans, to be underwritten or offered (or both) by duly authorized companies, which will meet the object and purpose of the deferred compensation program; and the Council shall, by resolution, approve such of the plans so proposed as it deems appropriate and in the best interests of the employees. An approved plan shall become a part of the deferred compensation program until such time as the Council by resolution may disapprove the plan and provide for some other duly authorized company or companies to assume the obligations of the disapproved plan. (Ord. 77-359-124, § 1; Ord. 83-591-400, § 1; Ord. 84-154-132, § 2; Ord. 84-968-502, § 1; Ord. 2016-140-E , § 16) Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization. Note— Former § 105.102.