HomeMy Public PortalAbout1986_01_08_O001The Town of Leesburg in Virginia
PRESENTED January 8, 1986
ORDINANCE NO. 86-0-1 ADOPTED January 8, 1986
AN ORDINANCE: AMENDING SECTIONS 12.1-17.1 AND 12.1-17.2 OF THE TOWN OF LEESBURG
PERSONNEL MANUAL FOR THE TERMINATION OF THE DEFERRED COMPENSATION
PLAN
WHEREAS, the deferred compensation plan offered to town employees is
not being fully used; and
WHEREAS, the administrative costs of maintaining this plan do not p~oportion-
ately contribute to the pla~s continuance; and
WHEREAS, due to the lack of employee interest in the continuance of the
plan:
THEREFORE, ORDAINED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. Sections 12.1-17.1 and 12.1-17.2 of the Town of Leesburg
Personnel Manual are eliminated.
SECTION II. The town manager is authorized to terminate the contract
with Stanley E. Clarke & Associates, Inc. for administration of the plan as
of March 31, 1986.
SECTION III. Upon termination of the contract with Stanley E. Clarke&
Associates, Inc. the town will distribute the deferred income to each partici-
pant in the plan as provided for in the participation agreement.
PASSED this 8th day of January
ATTE ST:
,?
Clerk of ¢~uncil
,~.!986'
Robert E. Sevila, Mayor
Town of Leesburg