§ 3.28.020. Deferred compensation plan.
A.
To enable the City of Larned to attract and retain its employment persons of competence and to provide a means for supplementing the retirement benefits of the city employees, the City of Larned 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.
B.
There is hereby established a City Deferred Compensation Committee, which shall consist of a minimum of three officers and employees of the City. The City Manager or Chief Administrative Officer shall be a member and chairman of the committee. The City Clerk or Finance Director shall be a member and secretary of the committee. The remaining member(s) shall be appointed by the Mayor and shall serve until replaced by a new appointee.
C.
The City Clerk or other Chief Financial Officer 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, transfer to ING Life Insurance and Annuity Company the amount so deferred in accordance with the conditions established under the Plan Joinder Agreement, and serve as secretary of the Deferred Compensation Committee established by subsection B of this section.
D.
The City of Larned, being authorized to become a joint contract owner with the State of Kansas of the group annuity contract issued by ING Life Insurance and Annuity Company, in conjunction with the Kansas Public Employees Deferred Compensation Plan, hereby authorizes and approves execution of a Plan Joinder Agreement and a Contract Joinder Agreement to implement a deferred compensation plan. Such agreements shall be signed by the mayor.
E.
The City Clerk or Chief Financial Officer 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. The City shall not be responsible for any loss incurred by an employee under the City's deferred compensation plan adopted and approved by the ordinance codified in this section.
(Ord. No. 1535, §§ 1—5, 10-3-11)