[HISTORY: Adopted by the Mayor and Council of the Town of Rock Hall
as indicated in article histories. Amendments noted where applicable.]
GENERAL REFERENCES
Investment policy — See Ch. 20.
Salaries and compensation — See Ch. 22.
[Adopted 7-2-1987 by Ord. No. 87-3]
The Mayor and Council of Rock Hall establish for each full-time Town
officer and employee the following pension plan.
[Amended 4-7-1994 by Ord. No. 94-2[1]]
A.
A United States Conference of Mayors Deferred Compensation
Program deferred compensation plan account, or a comparable plan or plans,
shall be established for each full-time Town officer and employee to be funded
weekly upon the completion of one full year of satisfactory service to the
town. Each Town officer and employee may select a plan of his/her choice.
[Amended 3-8-2001 by Ord. No. 2001-01]
B.
Any full-time Town officer or employee may elect to contribute
up to 25% of his/her annual salary to the plan of his/her choice.
[Amended 4-7-1994 by Ord. No. 94-2]
The town's funding shall be at the rate of 3% of annual salary
per individual.
[Amended 4-7-1994 by Ord. No. 94-2]
Every new full-time Town officer or employee will be entitled to have
a deferred compensation plan account established at the end of his/her first
year of satisfactory employment.
[Amended 4-7-1994 by Ord. No. 94-2]
Each full-time Town officer/employee will abide by the agreement set
forth in the deferred compensation plan guidelines. However, should any full-time
Town officer/employee leave the service of the Town for whatever reasons,
said deferred compensation plan account shall remain his/hers, but Town funding
will automatically cease.
[Adopted 4-14-2005 by Res. No. 05-03;
amended in its entirety 6-9-2005 by Ord. No. 2005-05]
Upon the effective date of the participation of the Town of Rock Hall in the Employees' Contributory Pension System, as provided for in § 49-7 of the Code of the Town of Rock Hall, the deferred compensation plan provided for in § 49-2 of the Code of the Town of Rock Hall is and shall be discontinued, and, with respect to periods commencing upon said effective date, the Town of Rock Hall shall have no further obligations for contributions thereto. Officers and employees may continue to make contributions thereunder.
A.
The Mayor and City Council of Rock Hall find it necessary and
appropriate to provide for and authorize a pension system for its officers
and employees to attract, maintain and adequately compensate a skilled and
dedicated workforce, and the Mayor and City Council find further that providing
for and authorizing a pension system serves a public purpose.
B.
The Town of Rock Hall shall join and participate in the Employees'
Contributory Pension System created under and operated pursuant to the State
Personnel and Pensions Article of the Annotated Code of Maryland, as the same
shall from time to time be constituted.
C.
The Town of Rock Hall and its elected officials, officers and
employees shall be and they are hereby authorized, in the course of their
official duties and responsibilities, to take any and all actions, including
making any elections and exercising any options allowed or required under
state law, to initiate and continue the participation of the Town of Rock
Hall and its officers and employees in the Employees' Contributory Pension
System.
D.
The Town of Rock Hall is authorized to make any lump sum or series
of payments required by the Employees' Contributory Pension System necessary
or reasonable to initiate and maintain participation in the Employees' Contributory
Pension System, including, but not limited to, the payment of any actuarially
determined and required special accrued liability contribution and actuarial
fees or assessments.
E.
The Town of Rock Hall is authorized to make on a continuing basis
all employer-required payments necessary for the continued participation in
the Employees' Contributory Pension System as from time to time determined
in accordance with state law, including, but not limited to, normal costs,
unfunded accrued liability costs, benefit surcharges and all other assessments
determined from time to time in accordance with state law.
F.
The Town of Rock Hall is authorized to adopt and execute all
resolutions required by the Employees' Contributory Pension System to treat
the mandatory employee contributions to the Employees' Contributory Retirement
System as "picked-up" by the employer pursuant to Section 414(h) of the Internal
Revenue Code of 1986, as amended.
