[Adopted 12-7-1981]
The municipality adopts the Pennsylvania State Association of Boroughs Deferred Compensation Plan for the voluntary participation of eligible municipal employees and to appoint the Pennsylvania State Association of Boroughs as bargaining agent with any and all powers and authority to accomplish the objectives of the plan according to the understanding of the Pennsylvania State Association of Boroughs.
The Municipal Administrator is authorized to execute for the municipality individual participation agreements with every employee electing to participate, to act as the administrator of the plan representing the borough and to execute all agreements and contracts necessary to implement the Pennsylvania State Association of Boroughs plan for the borough or individual employees.
It is implicitly understood that other than incidental expenses of collecting and disbursing the employees' deferrals and other minor administrative matters, there is to be no administrative cost to the municipality for the program.