HomeMy Public PortalAboutOrd 303 Aetna Co Deferred Cmp
(First P~~hed in thel1rk V~ I/e~ #ek.5
on the ~ day of (.. ):'1\'\\ , 199 .)
THE CITY OF BEL AIRE, KANSAS
ORDINANCE NO. 30:3
AN ORDINANCE ESTABLISHING A DEFERRED
COMPENSATION PLAN FOR THE EMPLOYEES OF THE
CITY OF BEL AIRE, KANSAS.
BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BEL AIRE,
KANSAS:
Section 1. Plan Established
To enable the City of Bel Aire to attract and to retain in its employment persons
of competence and to provide a means for supplementing the retirement benefits of city
employees, the City of Bel Aire hereby elects to join and participate in the Kansas
Public Employees Deferred Compensation Plan, as authorized by K.S.A. 75-5529a and
75-5529b.
Section 2. Committee Established
There is hereby established a city deferred compensation committee, which shall
consist of the City Administrator, the City Clerk and the Deputy City Treasurer. The
City Administrator shall be chairman and the City Clerk shall be secretary of the
committee.
Section 3. Local Administrator Established
The City Clerk is hereby charged with the duties of serving as local administrator
of the plan and shall provide forms to all city employees to specify the amount of any
compensation voluntarily deferred, make appropriate reductions from the gross
compensation of such employees, and transfer to the Aetna Company, and other
approved insurers, the amount so deferred in accordance with the conditions
established under the Plan Joinder Agreement.
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Section 4. Contract Joinder Aareement
The City of Bel Aire, being authorized to become a joint contract owner with the
State of Kansas of the group annuity contract issued by Aetna Life Insurance and
Annuity Company and other approved insurers, in conjunction with the Kansas Public
Employees Deferred Compensation Plan, hereby authorizes and approves execution
by the Mayor of a Plan Joinder Agreement and a Contract Joinder Agreement to
implement a deferred compensation plan.
Section 5. Periodical Accountina
The City Clerk shall periodically cause an accounting to be made to each
employee participating in the city's deferred compensation plan of the amount
contributed and such other information as may be required by the committee.
Section 6. Loss Responsibilitv
The city shall not be responsible for any loss incurred by an employee under the
city's deferred compensation plan adopted and approved by this Ordinance.
Section 7. Effective Date
This Ordinance shall take effect and be in force from and after its publication in
the official city newspaper.
Passed by the City Council this rJ.vd. day of 9.-o-~~/7 ,1998.
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.1 (t~proved by the Mayor this .;?OLi day of ~'&I ,199B.
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MAYOR, HAROLD A. SMITH
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CITY CL K, SHERRYL L. CUTTER
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