SECTION 1.         To enable the City of St. Francis to attract to and retain in its employment persons of competence and to provide a means for supplementing the retirement benefits of city employees, the City of St. Francis 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.         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 superintendent shall be a member and chairman of the committee. The city clerk shall be a member and secretary of the committee. The remaining members shall be appointed by the mayor and shall serve until replaced by a new appointee.

SECTION 3.         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 conditions established under the Plan Joinder Agreement, and serve as secretary of the deferred compensation committee established by Section 2.

SECTION 4.         The City of St. Francis, being authorized to become a joint contract owner with the State of Kansas of group annuity contract issued by Aetna Life Insurance and Annuity Company, in conjunction with the Kansas Public Employees Deferred Compensation Plan, hereby authorized 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.

SECTION 5.         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. The city shall not be responsible for any loss incurred by an employee under the city’s deferred compensation plan adopted and approved by Ordinance No. 459.

(Ord. 459; Code 2003; Code 2015)