[HISTORY: Adopted by the Borough Council of the Borough of Churchill 3-11-1991
by Res. No. 3262. Amendments noted where applicable.]
Pursuant to the provisions of the Acts of Assembly of the legislature
in the Commonwealth of Pennsylvania and those of the Internal Revenue Code
of the United States of America, and regulations pursuant thereto, the Borough
of Churchill, Allegheny County, Pennsylvania, hereby establishes an Employees'
Deferred Compensation Plan pursuant to § 457 of the Internal Revenue
Code.
The Deferred Compensation Plan shall be under the direction and supervision
of the Council of the Borough of Churchill and shall be applied under such
regulations and direction as the Council of the Borough of Churchill, by ordinance
or resolution, may prescribe for the benefit of the regular, full-time employees
of the Borough of Churchill.
The Borough of Churchill hereby empowers the proper officers of the
borough to enter into an agreement for any Internal Revenue Code, § 457
plan, with any bank, insurance company or brokerage firm, as the proper officers
of the borough shall deem appropriate and advisable. The proper officers shall
also have the right and duty to accept any arrangement for such plan that
the Commonwealth of Pennsylvania may have available for employees of various
municipalities within the commonwealth and which has been previously arranged
for and authorized by the Commonwealth of Pennsylvania.
The Borough of Churchill hereby authorizes and delegates any or all
duties as coordinator or administrator of said plan to the Borough Manager,
or such other official of the borough as the Borough Council may from time
to time designate. The Administrator shall have all reasonable powers and
duties necessary to maintain the Section 457 Deferred Compensation Plan including
those enumerated under any plan agreement.
The Borough of Churchill, subject to authorization from any employee,
shall deduct from that employee's salary as previously established, an
amount pursuant to the requirements of Internal Revenue Code, Section 457,
deferred compensation provisions and deposit those with the Administrator
or such designee as said Administrator shall so name.
Any amounts deposited and invested pursuant to this plan shall be held
in the name of employer for the benefit of the employee until such employee
has terminated his employment or retires from the borough. Until such time,
the entire distribution of the funds so set aside, titled to the holdings
invested hereunder, shall remain in the name of the Borough of Churchill.
In addition, the employee by his participation in said plan acknowledges the
terms, conditions and regulations as set forth in the Section 457, Deferred
Compensation Plan provisions, of the Internal Revenue Code of 1986, and any
such deposit indicates acceptance of those terms and conditions.
The proper officers of the Borough of Churchill are directed to establish
a bank account, with said account to be known as the "Borough of Churchill
Employee Section 457 Deferred Compensation Plan Account," and to deposit in
said account all the moneys withheld and received and set forth by the borough's
employees pursuant to said section of the Internal Revenue Code.
The Council of the Borough of Churchill hereby authorizes and directs
the Plan Administrator or his designee to perform all functions, to make and
deliver all reports that may be necessary to gain an acceptance and approval
of said plan by the appropriate regulating body. Any costs or expenses therewith
shall be borne by the borough to the extent that those costs are not covered
by the plan itself.
The borough hereby incorporates by reference the terms and provisions
of any plan selected by the plan administrator and they are made a part hereof.
