HomeMy WebLinkAbout83-12-2450704
ORDINANCE NO. 83-12-2450
AN ORDINANCE AMENDING ORDINANCE NO. 80-9-1982, ENTITLED, "AN ORDINANCE
ADOPTING THE UNITED STATES CONFERENCE OF MAYORS DEFERRED COMPENSATION PROGRAM FOR THE
CITY OF PADUCAH AND AUTHORIZING THE MAYOR TO EXECUTE SUCH AGREEMENT AND CONTRACTS
NECESSARY TO IMPLEMENT THE _PROGRAM"_ _. I __._.__ _- _ _ __ _ _
WHEREAS, -Ordinance No. 80-9-1982 was- adopted._on September 9,, .1980, and
WHEREAS,-Inteirnal°Revenue Service has amended regulations relating to Deferred
Compensation Plans maintained by state and local governments, and
WHEREAS, it is necessary for the City of Paducah to amend its Deferred Com-,
pensation Plan to comply with said changes by IRS.
NOW, THEREFORE_, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That Section 1 of Ordinance No., 80-9-1982 is hereby amended to -
read as follows: "The City of Paducah hereby adopts the U. S. Conference of Mayors
Deferred Compensation -Program and its attendant investment options and hereby es-
tablishes the City of Paducah Deferred Compensation Restated Plan for the voluntary
participation of all eligible city employees, elected officials, and independent con-
tractors".
SECTION 2. The City Treasurer is hereby authorized to execute for the City,
individual participation agreements with each said employee requesting same, and to act
as the "Administrator"'of the Plan representing the City.
SECTION 3. That Section 3 of Ordinance No. 80-9-1982 is hereby amended. to
read as follows: "The Mayor is hereby authorized to execute such agreements and con-
tracts as are necessary.to implement the Restated Program. It is understood that other
than incidental expenses of collecting and disbursing the employee's deferrals and other
minor administrative matters, that there is to be no cost or contribution by the City of
Paducah".
SECTION 4. This ordinance shall be read on two separate days and will be
effective upon publication -of title and a certified summary thereof.
JOHN K. PENROD
Mayor
Introduced by.the Board.of Commissioners,December 13, 1983 _
Passed by the Board of Commissioners December -2.7, 1983
Recorded by Louise McKinney, City Clerk, December 27, 1983
Published by The Paducah Sun .� .
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