§ 4.1400 — Deferred Compensation Plan

Sec. 4.1400. Deferred Compensation Plan.

The name of this plan is the City of Los Angeles Deferred Compensation Plan (the “Plan”). The primary purpose of the Plan is to attract and retain personnel by permitting all officers and Employees of the City to enter into agreements with the City which will provide for the deferral of payment of, a portion of their compensation or Employer Contribution, until death, disability, retirement, termination of employment, or other events as provided herein, in accordance with the applicable provisions of Section 457 of the Internal Revenue Code of 1986, as amended (26 U.S.C. Section 1 et seq.). The Plan shall be considered an Employee benefit plan or savings plan for purposes of California Civil Code Section 5106(b) as amended from time to time, or its successor sections. The City of Los Angeles Board of Deferred Compensation Administration shall prepare and adopt a Plan Document, which, together with the provisions of this Chapter, shall be the governing document for the Plan. The Plan Document and any amendments thereto shall be consistent with the provisions of this Chapter. The provisions of this Chapter shall be controlling. Any conflicts or inconsistencies between the provisions of the Plan and this Chapter shall be resolved in favor of the provisions of this Chapter. SECTION HISTORY Added by Ord. No. 154,806, Eff. 2-13-81. Amended by: In Entirety, Ord. No. 174,407, Eff. 2-28-02, Oper. 1-1-02; In Entirety, Ord. No. 188,891, Eff. 3-25-26.