[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]
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.