City of Charleston, MO Article IV Deferred Compensation Policy

Section 135.110 Deferred Compensation Plan.

[R.O. 1993 § 115.150; Ord. No. 2362 §§ 1 — 5, 5-19-1998]

A. Deferred Compensation Plan Established. The City Council hereby establishes a Deferred Compensation Plan ("plan") to enable the City of Charleston to attract to and retain in its employment persons of competence and to provide a means for supplementing the retirement benefits (e.g., LAGERS) of City employees.

B. Committee. A Deferred Compensation Plan Committee ("Committee") hereby is established which shall consist of a minimum of three (3) officers and employees of the City. The City Manager shall be a member and chairman of the Committee. The City Clerk 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(s).

C. City Clerk To Act As Local Plan Administrator. The City Clerk is hereby charged with the duties of serving as the 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 the Aetna Company (or such other investment/ management agency as the committee may choose to employ) 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).

D. Plan And Contract Approved. The City of Charleston 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. Periodic Accounting. The City Clerk shall periodically cause an accounting to be made of 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 this Article.

Section 135.120 Matching Contributions Authorized.

[R.O. 1993 § 115.160; Ord. No. 2436 § 1, 12-14-1999]

A. The City Council hereby authorizes and directs the City Manager, City Treasurer and other City officials to expend from the City General Revenue Fund such sums as will match City employee contributions to the City's Deferred Compensation Plan (Sec. 457) as follows:

1. Employees Contributing For Five (5) Years Or Less. For City employees who have participated in the Deferred Compensation Plan for five (5) years or less the amount of the City's matching contribution shall be twenty-five cents ($0.25) for each one dollar ($1.00) contribution made by an employee up to a maximum of six percent (6%) of the employee's salary.

2. Employees Contributing For More Than Five (5) Years. For City employees who have participated in the Deferred Compensation Plan for more than five (5) years the amount of the City's matching contribution shall be fifty cents ($0.50) for each one dollar ($1.00) contribution made by an employee up to a maximum of eight percent (8%) of the employee's salary.