[Adopted 12-13-1982 by Res. No. 1982-5]
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.