[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.
A.
The first fiscal year of the plan shall end December
31, 1979, and subsequent fiscal years on each December 31.
B.
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.
C.
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.
D.
Each employee participant shall receive, on an annual
basis, a summary accounting report as to his deferred compensation
account.
E.
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.
