§ 26-4. Deferred compensation program  

Latest version.
  • (a) Pursuant to § 112.215(5), F.S., Broward County hereby adopts and establishes a deferred compensation program for itself and for the benefit of all county employees who wish to participate in said program.

    (b) All assets in any plan, including all deferred amounts, property and rights purchased with deferred amounts, and all income attributable to such deferred amounts, property or rights, shall (until made available to the participating employee or beneficiary) be held in a trust, custodial account, or annuity contract described in the Internal Revenue Code, Section 457(g), for the exclusive benefit of the participating employees and their beneficiaries.

    (c) Providers of deferred compensation plans and plan documents, and any amendments thereto, shall be approved by resolution of the Board of County Commissioners.

    (d) The county administrator or appointed designee is hereby authorized to execute, on behalf of the Board of County Commissioners, all necessary agreements, trust documents, and any other documents required to implement its deferred compensation program, including any required joinder agreements with each employee who desires to participate in the deferred compensation program.

    (e) The director of the Finance and Administrative Services Department shall administer the deferred compensation plans approved herein, and shall make the determinations provided for in § 112.215, F.S.

(Ord. No. 80-12, § 1, 1-16-80; Ord. No. 83-46, § 1, 7-12-83; Ord. No. 83-47, § 1, 7-12-83; Ord. No. 88-81, § 1, 12-20-88; Ord. No. 90-27, § 3, 9-11-90; Ord. No. 1998-30, § 1, 9-28-98)