The city council authorizes and approves entering into a deferred compensation plan with employees of the city of Omak pursuant to RCW 41.04.250.
(Ord. 691 § 1, 1974)
There is authorized a deferred compensation administrative committee of not less than three persons, to be appointed by the council to act on its behalf in respect to the administration of the plan and such committee shall formulate rules and procedures for the administration thereof.
(Ord. 691 § 1, 1974; Ord. 692 § 1, 1974)
In order to provide the necessary funding for the plan, the council authorizes and approves the purchase of insurance and/or annuity contracts from life underwriters licensed to contract business in this state who are recommended by the deferred compensation administrative committee and approved by the council.
(Ord. 691 § 1, 1974; Ord. 692 § 2, 1974)