SUBSTITUTE ORDINANCE
WHEREAS, The City of Chicago adopted an ordinance establishing a deferred compensation plan (the "Deferred Compensation Plan") for the employees of the City of Chicago on December 29, 1981, the Journal of the Proceedings of the City Council, pages 8921 - 8928, and amended it on November 18, 1982, the Journal of the Proceedings of the City Council, pages 13682 -13685, and further amended it on January 23, 1985, the Journal of the Proceedings of the city Council, pages 12747 - 12751, and further amended it on February 7, 1990, the Journal of the Proceedings of the City Council, pages 10993 - 11005, and further amended it on October 28, 1997, the Journal of the Proceedings of the City Council, pages 54112 - 54129, and further amended it December 5, 2001, the Journal of the Proceedings of the City Council, pages 73627 -73647;and
WHEREAS, Certain provisions of the Deferred Compensation Plan must be modified to conform with current requirements of applicable legislation and regulations and in order to add certain provisions to provide flexibility and clarification; and
WHEREAS, It is desirable to restate and amend the Deferred Compensation Plan in one comprehensive document; now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The amended and restated Deferred Compensation Plan, in substantially the form attached hereto as Exhibit A, is hereby approved, and the Mayor or his designee, duly authorized in writing, is hereby authorized to execute on behalf of the City the amended and restated Deferred Compensation Plan in substantially the form attached hereto as Exhibit A.
SECTION 2. All ordinance, resolutions, motions or orders in conflict with this ordinance are hereby repealed to the extent of such conflict, and this ordinance shall be in full force and effect immediately upon its passage and approval as provided by law."
Exhibit "A" referred to in this ordinance reads as follows:
EXHIBIT "A"
CITY OF...
Click here for full text