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r ORDINANCE NO. 95-20 WHEREAS, on May 16, 1995 the Board of County Commissioners approved offering County employees an optional deferred compensation plan sponsored by the National Association of Counties (NACo); WHEREAS, the Board of County Commissioners designated the Director of Personnel as their representative to implement the NACo Deferred Compensation Plan; WHEREAS, Florida Statute 112.215 provides that no deferred compensation plan of a county shall become effective until the appropriate official has determined that the compensation deferred and investment products purchased pursuant to the plan will not be included in the employee's taxable income until it is actually received by the employee under the terms of the plan, and, that the compensation will nonetheless be deemed compensation at the time of deferral for purposes of Social Security coverage, retirement, pension, or other benefit program; and WHEREAS, it is necessary to amend Section 104.05, the deferred compensation section of Chapter 104 of the Indian River County Code, to include the NACo Deferred Compensation Plan, and to provide that the Director of Personnel approve and administer the plans and make the determinations required by F.S. 112.215(6)(b); NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that: SECTION 1. Amendment to Section 104.05 Deferred compensation. Section 104.05 of the Indian River County Code is hereby amended as follows: "A dDeferred compensation plans, are Olkt7Olifft available throuih da" i00d/16t ICMA Retirement Corporation or the National Association of Counties, a *ytWN on an optional basis to employees. This program is a supplement to a retirement income and it provides for a tax deferral on income contributed to the plan. The director of Personnel shall approve and administer the plans, and make determinations required by F.S. 112.215(6)(b)." SECTION 2. Codification The provisions of this ordinance shall be incorporated into the Indian River County Code and the word "ordinance" may be changed to "section", "article", or other appropriate word, and the sections of the ordinance may be renumbered or relettered to accomplish such intentions. SECTION 3. Severability If any section, part of a sentence, paragraph, phrase or word of this ordinance is for any reason held to be unconstitutional, inoperative or void, such holding shall not affect the remaining portions hereof and it shall be construed to have been the legislative intent to pass this ordinance without such unconstitutional, invalid or inoperative part. 31 ,c August 8, 1995