The Borough adopts the Pennsylvania State Association
of Boroughs Deferred Compensation Plan for the voluntary participation
of eligible Borough employees and appoints the Pennsylvania State
Association of Boroughs as bargaining agent with any and all powers
and authority to accomplish the objectives of the plan according to
the understanding of the Pennsylvania State Association of Boroughs.
The Borough Manager is authorized to execute
for the Borough individual participation agreements with every employee
electing to participate, to act as the administrator of the plan representing
the Borough, and to execute all agreements and contracts necessary
to implement the PSAB Plan for the Borough or individual employees.
It is implicitly understood that, other than
incidental expenses of collecting and disbursing the employees' deferrals
and other minor administrative matters, there is to be no administrative
cost to the Borough for the program.