[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, 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.
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.
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.