Long Beach Municipal Code Ch. 3.12 Deferred Compensation Fund

A deferred compensation fund is created and established which shall be continued in existence as a revolving fund and maintained on a continuing basis from year to year. This fund is created and established pursuant to the authority of the Charter of the City.

(Ord. C-5586 § 1, 1980)

All compensation, receipt of which has been deferred pursuant to participation agreements between the City and its employees, shall be transferred from the general purpose fund, or any other City funds from which compensation is paid City employees, to the deferred compensation fund, on the date compensation is due and payable to City employees, or as soon thereafter as is practicable.

(Ord. C-5586 § 2, 1980)

There shall be paid from the deferred compensation fund such sums, in such manner and to such persons or entities, as provided in the City's deferred compensation plan and the participation agreements between the City and its participating employees.

(Ord. C-5586 § 3, 1980)