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 East Greenville, Montgomery County, Pennsylvania, hereby
establishes an Employees' Deferred Compensation Plan pursuant
to Section 457 of the Internal Revenue Code.
The Deferred Compensation Plan shall be under the direction
and supervision of the Borough Council of the Borough of East Greenville
and shall be applied under such regulations and direction as the Borough
Council of the Borough of East Greenville, by ordinance or resolution,
may prescribe for the benefit of the regular, full-time employees
of the Borough of East Greenville.
The Borough of East Greenville hereby empowers the proper officers
of the Borough to enter into an agreement for an Internal Revenue
Code, Section 457 plan, with any bank, insurance company or brokerage
firm, as the proper officers of the Borough shall deem appropriate
and advisable, which plan shall be presented to and subject to the
approval of Borough Council. 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, subject to the
approval of Borough Council.
The Borough of East Greenville 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 East Greenville, 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 Borough of East Greenville 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 East Greenville. 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 East Greenville are directed
to establish a bank account, with said account to be known as the
"Borough of East Greenville 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 Borough Council of the Borough of East Greenville 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 Council hereby incorporates by reference the terms
and provisions of any plan selected by Borough Council and/or its
designee (i.e. the plan administrator if authorized) and they are
made a part hereof.