[HISTORY: Adopted by the Township Council of the Township of Livingston as indicated in article histories. Amendments noted where applicable.]
[Adopted by Ord. No. 26-1979 (§§ 2-84 to 2-87 of the 1979 Revised General Ordinances)]
Pursuant to N.J.S.A. 43:15B-1 et seq., there is hereby established a deferred compensation program for permanent employees of the Township under the terms and provisions of the Deferred Compensation Plan of the Township of Livingston (hereinafter called the "plan"), a copy of which shall be permanently on file in the office of the Township Clerk.
Permanent employees of the Township of Livingston shall be eligible to enroll in the plan as hereby established, provided that each such employee meets the requirements of such plan.
The first fiscal year of the plan shall end December 31, 1979, and subsequent fiscal years on each December 31.
Each permanent employee of the Township eligible and electing to participate must execute and deliver to the Township a contract pursuant to the plan before the first day of each fiscal year, except that for the first fiscal year such contract must be executed and delivered prior to November 1, 1979.
Any amount deducted from the compensation of employees on a regular basis pursuant to such contract shall be deposited in the employees deferred compensation account.
Each employee participant shall receive, on an annual basis, a summary accounting report as to his deferred compensation account.
Such contributions shall be in addition to all other employee contributions made pursuant to any other law of the State of New Jersey or United States of America.
The Township Manager, Tax Collector-Treasurer and Supervisor of Accounts are hereby authorized to execute all documents necessary to implement this article and maintain the plan in full force and effect.
The Township Manager shall be the administrator of the plan.