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7/95(ORD/cl £F o p)LEGAL(WGC/nhm� <br />ORDINANCE NO. 95- 20 <br />AN ORDINANCE OF INDIAN RIVER COUNTY, FLORIDA, <br />AMENDING SECTION 104.05, DEFERRED <br />COMPENSATION, OF CHAPTER 104 OF THE INDIAN <br />RIVER COUNTY CODE, TO ESTABLISH A DEFERRED <br />COMPENSATION PLAN THROUGH THE NATIONAL <br />ASSOCIATION OF COUNTIES, AND TO APPOINT THE <br />DIRECTOR OF PERSONNEL TO APPROVE AND <br />ADMINISTER COUNTY DEFERRED COMPENSATION <br />PLANS, AND MAKE DETERMINATIONS REQUIRED BY <br />FLORIDA STATUTES, AND TO PROVIDE FOR <br />CODIFICATION, SEVERABILITY AND EFFECTIVE DATE. <br />WHEREAS, on May 16, 1995 the Board of County Commissioners <br />approved offering County employees an optional deferred compensation plan <br />sponsored by the National Association of Counties (NACo); <br />WHEREAS, the Board of County Commissioners designated the <br />Director of Personnel as their representative to implement the NACo Deferred <br />Compensation Plan, <br />WHEREAS, Florida Statute 112.215 provides that no deferred <br />compensation plan of a county shall become effective until the appropriate <br />official has determined that the compensation deferred and investment <br />products purchased pursuant to the plan will not be included in the <br />employee's taxable income until it is actually received by the employee under <br />the terms of the plan, and, that the compensation will nonetheless be deemed <br />compensation at the time of deferral for purposes of Social Security <br />coverage, retirement, pension, or other benefit program; and <br />WHEREAS, it is necessary to amend Section 104.05, the deferred <br />compensation section of Chapter 104 of the Indian River County Code, to <br />include the NACo Deferred Compensation Plan, and to provide that the <br />Director of Personnel approve and administer the plans and make the <br />determinations required by F.S. 112.215 (6) (b) ; <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that: <br />SECTION 1. Amendment to Section 104.055 Deferred <br />compensation . <br />Section 104.05 of the Indian River County Code is hereby amended <br />as follows <br />CODING: Words in syriam/iYirmagn type are deletions from existing law; <br />words underlined are additions. <br />