A.    At the city council meeting in a regularly scheduled session, on the second day of May, 1989, the city deferred compensation plan was established for the voluntary participation of all eligible employees and elected officials.

    B.    The city will utilize the state's plan document and its investment options. The city will contract with Indiana Deferred Compensation Plan, Inc. to be the exclusive servicing manager and enroller.

    C.    The city council appoints the clerk-treasurer as the administrator of the plan and directs the board of public works and safety and/or the clerk-treasurer to execute any and all documents necessary to implement said plan. The city council also authorizes the clerk-treasurer to make deductions from the pay of employees, who voluntarily participate, and to make such other arrangements as are necessary to implement the plan. It is understood that, other than the incidental expense of collecting the employees' deferrals and other minor administrative matters, there is to be no cost to the city or contribution by the city to this plan. (Prior code § 21-6)