[Adopted 9-17-1979 by Ord. No. 79-23 (Ch. 36, Art. II, of the 1985 Code)]
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II)]
The Department of Finance in the Township of Washington, County of Bergen, is hereby authorized to establish and prepare a Deferred Compensation Plan whereby the Township of Washington may enter into a written agreement with any of its employees for a voluntary deferral of salaries, pursuant to P.L. 1977, c. 381,[1] under the laws of the State of New Jersey. Said plan shall be subject to rules and regulations established or authorized by any board or other body created or designated by the State of New Jersey or public official so designated to administer a deferred payment compensation plan established by the state. As allowed and provided by law, subject to approval of said persons or bodies, the plan may provide for the Township for the benefit of its participants to participate in any state plan established by the aforesaid state, board, body or official for state employees.
[1]
Editor's Note: See N.J.S.A. 43:15B-1 et seq.
The Municipal Chief Financial Officer shall be the fiduciary responsible for the administration of said plan and investment of and accounting for the funds maintained thereunder and shall have authority to take any steps reasonably necessary to implement the plan consistent with P.L. 1977, c. 381, its various supplements and amendments and the requirements of the United States Internal Revenue Service.
The administration of any moneys deposited or invested pursuant to said plan shall be made only by agreement to handle the same without charge, cost or expense to the municipality.
Said plan shall be in addition to the obligation of the employee under any other retirement system or benefit plan established pursuant to any other law of the State of New Jersey.
The assignability and transferability of any moneys in said plan by any employee shall be subject to restrictions imposed by P.L. 1977, c. 381, its various supplements and amendments, and said plan and the obligations of the Township and any participating employee shall be subject to all terms and conditions of said law and requirements of the United States Internal Revenue Service.[1]
[1]
Editor's Note: Original § 36-9, Catch-up options, of the 1985 Code and which immediately followed this section, was repealed at time of adoption of Code (see Ch. 1, General Provisions, Art. II).
Said plan may not be executed or entered into until the Municipal Chief Financial Officer has determined that it and any implementing rules and regulations are consistent with the requirements of the United States Internal Revenue Service.