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ORDINANCE NO. 7451-85 <br /> AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, <br /> ESTABLISHING DEFERRED COMPENSATION PLAN (S) <br /> STATEMENT OF PURPOSE AND INTENT <br /> Indiana Code Sections 5-10-1.1-1 through 5-10-1.1-8 permits <br /> cities to establish deferred compensation plans for their public <br /> employees. <br /> Each plan must be specifically selected and approved by <br /> ordinance. <br /> The Common Council believes that deferred compensation plans <br /> would allow certain tax benefits to accrue to City employees which <br /> would act as incentives for them to voluntarily set aside and invest <br /> portions of their current income for future financial security and to <br /> supplement their retirement benefits. <br /> The Council believes that qualified City employees should have <br /> the option to participate in deferred compensation plans, and this <br /> ordinance would permit such plans to be established. <br /> NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City <br /> of South Bend, Indiana, as follows : <br /> SECTION I. The Common Council of the City of South Bend, <br /> Indiana, hereby establishes the City of South Bend Deferred <br /> Compensation Plan for the voluntary participation of all eligible <br /> City employees and elected officials. <br /> SECTION II. The City of South Bend shall contract with The <br /> Public Employees Benefit Service Corporation (PEBSCO) to be the <br /> exclusive Servicing Manager and Enroller and will utilize their plan <br /> information and investment options. A contract setting forth the <br /> particulars of this plan and investment options shall be approved by <br /> separate Resolution of the Common Council. <br /> SECTION III. The Council hereby appoints the City Controller to <br /> be the Administrator of the Plan, and authorizes him to make <br /> deductions of the compensation of employees, who voluntarily elect to <br /> participate, and to make all other necessary arrangements to <br /> implement the Plan. <br /> SECTION IV. It is the City' s understanding that except for <br /> incidental expenses of collecting the employees ' deferrals and other <br /> minor administrative matters, there will be no cost or contribution <br /> by the City to this Deferred Compensation Plan. <br /> SECTION V. This Ordinance shall be in full force and effect from <br /> and after its passage by the Council, approval by the Mayor, and <br /> legal publication. <br /> Member of th Common Council <br />