Agenda - Council - 07/22/1980 - Laserfiche WebLink

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(d) Administrative expense The director shall establish and levy a charge to be made against the deferred compensation invested in the supplemental investment account to pay administrative costs. The director shall review the charge levied annually and if such levy proves to be excessive or insufficient to pay all necessary costs of administration, the director shall adjust the charges accordingly. 5.2 Unsecured general creditor. Title to, and beneficial ownership of any assets, whether in cash or investments which the employer may earmark to pay or measure any deferred compensation hereunder, shall at all time, remain as a part of the general assets of the employer. The participant and his beneficiary shall not have any property interest whatsoever in any specific asset of the employer on account of his election to defer any compensation under this plan. To the extent that any person acquires a right to receive payments from the employer under the terms of this plan, such right shall be no greater than the right of any unsecured general creditor of the employer. 5.3 Investment of funds. (a) Any compensation deferred by employees may be invested by the employer or by the director for the employer but there is no requirement to do so. (b) Investment options The participant may select an investment preference from among the options provided in the deferred compensation account. The supplemental investment account shall provide the following options: the income share account, the growth share account and the fixed return account. ~_ A participant may select any combination of these three (3) invest- ment account preferences, by specifying on the application the amount to be deferred under each investment preference. The amount to be deferred cannot be less than ten dollars ($10.00) per pay period per account selected. (c) Investment preference requests for future compensation A participant shall, at the time of enrollment, make an investment preference request on an applica%ion provided for that purpose. Once made, an investment request shall continue for any deferments unless later changed by the participant. A participant may, once in any taxable year, change his or her investment preference request for future amounts of deferred compensation. A change in investment request shall be effective with respect to compensation to be deferred for the first full pay period following 30 days from receipt of the request. -7-