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POL Government Elected Officials Auditor Griffin-Valade Charter, Code & Policies City Code & Charter Online Code & Charter Title 5 Revenue and Finan Chapter 5.09 Deferred Compensation Plan
5.09.060 Deferred Compensation Records.

(Amended by Ordinance No. 182168, effective October 3, 2008.)

 

A.  The City shall maintain records necessary and appropriate to the efficient administration of this Chapter, and such records shall be maintained by the City until a Participant or his or her designated Beneficiaries have received the payment of such amounts as they are entitled to receive under the terms of the applicable Settlement and Payment Election Agreement.

 

B.  All amounts of Compensation deferred pursuant to this Chapter, shall be held in a trust, custodial account or contract described in IRC Section 457(g). Any change in the net value of the assets of a Participant invested under the Plan shall result in a commensurate change in the total amount distributable to the Participant or the Beneficiary of the Participant and shall not result in any increase or decrease in the net worth of the City.

 

C.  As to those amounts held in trusts, notwithstanding any contrary provision of the Plan, in accordance with IRC Section 457(g), all amounts of compensation deferred pursuant to the Plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property, or rights shall be held in trust for the exclusive benefit of Participants and Beneficiaries under the Plan. Any trust under the Plan shall be established pursuant to a written agreement that constitutes a valid trust under the law of the State of Oregon. All amounts of compensation deferred under the Plan shall be transferred to a trust established under the Plan within a period that is not longer than is reasonable for the proper administration of the accounts of Participants.

 

D.  As to those amounts held in annuity contracts, notwithstanding any contrary provision of the Plan, including any annuity contract issued under the plan, in accordance with IRC Section 457(g), all amounts of compensation deferred pursuant to the Plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property, or rights shall be held in one or more annuity contracts, as defined in IRC Section 401(g), issued by an insurance company qualified to do business in the State of Oregon, for the exclusive benefit of Participants and Beneficiaries under the Plan.  For this purpose, the term "annuity contract" does not include a life, health or accident, property, casualty, or liability insurance contract. All amounts of compensation deferred under the Plan shall be transferred to an annuity contract described in IRC Section 401(f) within a period that is not longer than is reasonable for the proper administration of the accounts of Participants.

 

E.  As to those amounts held in custodial accounts, notwithstanding any contrary provision of the Plan, in accordance with IRC Section 457(g), all amounts of compensation deferred pursuant to the Plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property, or rights shall be held in one or more custodial accounts for the exclusive benefit of Participants and Beneficiaries under the Plan.  For purposes of this paragraph, the custodian of any custodial account created pursuant to the Plan must be a bank as described in IRC Section 408(n), or a person who meets the nonbank trustee requirements of paragraphs (2)-(6) of Section 1.408-2(e) of the Income Tax Regulations relating to the use of nonbank trustees.  All amounts of compensation deferred under the Plan shall be transferred to a custodial account described in IRC Section 401(f) within a period that is not longer than is reasonable for the proper administration of the accounts of Participants.

 

F.  When a Participant agrees to participate in the Plan, the Participant may indicate his or her preference with respect to the investment or deposit option to be used in investing or depositing the Participant's deferred income.


Title 5 Revenue and Finan
Chapter 5.01 (Repealed)
Chapter 5.04 Funds
Chapter 5.08 Payment Of Salaries, Wages And Expenses
Chapter 5.09 Deferred Compensation Plan
Chapter 5.10 City Charitable Campaign
Chapter 5.12 Assignment or Garnishment of Salaries, Wages or Claims
Chapter 5.16 Emergency Checks
Chapter 5.20 Budget Procedure
Chapter 5.24 Auditor's Records and Reports
Chapter 5.30 Collections and Foreclosure Process
Chapter 5.31 Collections & Foreclosure Process For Delinquent Sewer Safety Net Liens
Chapter 5.32 (Repealed)
Chapter 5.33 Goods and Services
Chapter 5.34 Public Improvements and Construction Services
Chapter 5.36 Property Control
Chapter 5.40 Demands and Disbursements
Chapter 5.44 (Repealed)
Chapter 5.48 Charges for Services Performed
Chapter 5.50 Collections Section
Chapter 5.52 Petty Cash and Checks
Chapter 5.56 Ambulance Service
Chapter 5.60 Miscellaneous Charges
Chapter 5.64 Miscellaneous Fiscal Provisions
Chapter 5.68 Professional, Technical and Expert Service Contracts
Chapter 5.72 Economic Development Projects
Chapter 5.73 Arts Education and Access Income Tax
Chapter 5.74 Acquisition of Public Art
Chapter 5.75 Claims Under ORS Chapter 195 and 197