§ 22-80. Deferred compensation plan.

(a)

The City does determine to provide a deferred compensation plan for eligible employees and eligible elected legislative officials, which is called the City of St. Petersburg Deferred Compensation Plan.

(1)

The City Council hereby approves and establishes this deferred compensation plan (457 plan) as the restatement of and successor to the previous 457 plan heretofore established by Ordinance No. 255-F and codified as this division. This 457 plan shall be maintained as an eligible deferred compensation plan under the provisions of section 457 of the Internal Revenue Code.

(2)

A copy of the 457 plan document shall be maintained in the City's pension office, and will be made available for viewing or copying upon request during normal business hours.

(3)

Nothing contained in this 457 plan shall be deemed to constitute an employment contract or agreement for services between the participant and the employer nor shall it be deemed to give a participant any right to be retained in the employ of, or under contract to, the employer. Nothing herein shall be construed to modify the terms of any employment contract or agreement for services between a participant and the employer as this 457 plan is intended to be a supplement thereto.

(b)

For the purpose of this section, an eligible employee shall be a person who: Occupies a full time position with the City including the Mayor, or is a part time employee who has a regular schedule of hours worked each pay period.

(c)

For the purpose of this section, an eligible elected legislative official shall be each City Council member while each is serving in their elected capacity during their term of office.

(d)

The Mayor is authorized to approve and execute on behalf of the City, a prototype governmental deferred compensation plan and trust agreement, or plan documents, trust agreements, and subsequent amendments to the trust agreements to conform the plan and trust agreement with the Internal Revenue Code and Regulations, to carry out the intent and purposes of this section and within the limitations provided herein. The Mayor shall be the public official designated to make determinations provided for in F.S. § 112.215.

(e)

Except as required pursuant to State domestic relations laws, the right of a person to payments or disbursements from the deferred compensation account, or to any other right accrued or accruing under the provisions of this division shall not be subject to execution, garnishment, attachment, the operation of any bankruptcy or insolvency law, or any other process of law whatsoever and shall be unassignable except as specifically provided in this division.

(f)

The 457 plan shall be construed under the laws of the State to the extent not expressly preempted by federal law.

(Code 1973, § 22-37; Code 1992, § 22-61; Ord. No. 210-G, § 1, 12-7-1995; Ord. No. 360-G, § 1, 12-17-1998; Ord. No. 584-G, § 1, 4-3-2003; Ord. No. 954-G, § 1, 10-15-2009)