The city as employer shall make the deferred compensation plan established by section 2-5-58 of this code available to its employees as an employment benefit and shall make such
payroll deductions as any individual employee shall direct, related to the plan. Beyond
the administrative expense and responsibility for performing (a) deductions; (b) remittance
of all funds to investment media selected by the employees from the options made available
by the plan administrator; and (c) benefit distributions in accordance with employee
instructions, the city, its officers, agents and/or employees shall bear no other
responsibility or liability. It shall further be understood and by appropriate documentation
it shall be made clear and binding upon employee participants that the city does not
make any warranties or guarantees with respect to the plan and the city will bear
no liability for the program other than as set forth above. Thus, by this section,
express disclaimer and otherwise, the city shall bear no liability, other than as
set forth above, for any compensation deferred under the plan and/or any investment
vehicle, product, security and/or the performance thereof under the plan. (Ord. No.
4284, 12/14/02, Sec. 1)
