HomeMy WebLinkAbout2000-7-6238555
ORDINANCE NO. 2000-7- 6-.3 Y'
AN ORDINANCE ADOPTING PLAN I AND ELECTING TO ENTER
PLAN II UNDER THE KENTUCKY PUBLIC EMPLOYEES DEFERRED
COMPENSATION AUTHORITY
WHEREAS, the General Assembly of the Commonwealth of Kentucky
\' has enacted Sections 18A.230 -18a.275 of The Kentucky Revised Statutes authorizing the
creation of the Kentucky Public employees Deferred Compensation Board of Trustees
(the "Board") and the establishment of the Kentucky Public Employees Deferred
Compensation Authority (the "Authority"); and
WHEREAS, KRS Section 18A.230 -18A.275 provides for the
establishment of deferred compensation plans by other political subdivisions; and
WHEREAS, the Board has allowed for other political subdivisions to
establish Plan I and enter Plan II which are to be commonly administered by the Board
under the Authority; and
WHEREAS, the City of Paducah wishes to adopt plans under the
Authority for the benefit of its employees.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Board of Commissioners of the City of Paducah,
Kentucky, hereby adopts the City of Paducah Deferred Compensation Plan (Plan I) to be
administered under the Authority and elects to enter the Kentucky Public Employees
401(k) Deferred Compensation Plan (Plan II) ("Plans") under the Kentucky Public
Employees Deferred Compensation Authority and extends to all its employees the
opportunity to join any one or more of such Plans.
SECTION 2. That the Mayor be, and hereby is, authorized, empowered
and directed to perform all acts and things, and to execute all documents in writing,
including, without limitation, a Joinder Agreement and Request for Participation, which
he determines to be necessary or desirable in order to effectuate the adoption of Plan I
and entering Plan II (and related Trust(s), if any), and to make contributions thereunder
and, at the discretion of the Administrator to the extent it determines to be desirable, to
obtain a favorable determination letter from the Internal Revenue Service concerning the
qualification of Plan I (and related Trust(s), if any) under Sections 401 and 501(a) of the
Internal Revenue Code of 1954 as amended.
SECTION 3. That the Mayor be, and hereby is, authorized and directed
by the Board of Commissioners of the City of Paducah to execute an agreement with the
Board on terms and conditions which the Board of Commissioners of the City of Paducah
determines are in the best interest of the City of Paducah, which agreement shall
authorize the Board to offer the Plans under the Authority to all employees of the City of
Paducah, and thereafter to administer the Plans on behalf of the City of Paducah and its
employees.
SECTION 4. This ordinance shall be read on two separate days and will
become effective upon summary publication pursuant to KRS Chapter 424.
ATTEST:
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Introduced by the Board of Commissioners July 11, 2000
Adopted by the Board of Commissioners July 25, 2000
Recorded by Lenita Smith, City Clerk, July 25, 2000
Published by The Paducah Sun aul . /, ot-
ord/401k
Mayor
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