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~ 1981-6~8 AN ORDINANCE TO AMEND THE CODE. OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, AS AMENDED, BY ADDING TO CHAPTER 31 THEREOF, ARTICLE III ESTABLISHING A DEFERRED COMPENSATION PLAN FOR EMPLOYEES. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That the Code of the City of Portsmouth, Virginia, 1973, as amended, be amended by adding to Chapter 31 thereof, Article III, such new Article to read as follows: ARTICLE III. Deferre~ Compensation Plan For Employees of the City of Portsmouth. Section 31-175. Establishment, Execution and Amendment of Deferred Compensation Plan. Pursuant to the Government Employees' Deferred Compensation Plan Act, Section 51-111.67:14 et. seq. of the Code of Virginia, 1950, as amended, the City of Portsmouth hereby adopts and establishes a Plan of Deferred Compensation for its employees dated the .... 25thday Of' August · 1981. The purpose of the Plan shall be to p~d~-for The deferral of compensation to participating employees of the City of Portsmouth. The Plan shall exist'in addition to all other r~tirement, pension or other benefit systems available to the participating employees, and shall not supersede, make inoperative or reduce any benefits provided by any other retirement, pension or benefit program established by law. On behalf of the employer, the City of Portsmouth, the City Manager is hereby authorized and directed to execute and deliver the Plan to the Plan Administrator. The Plan shall contain such terms and admendments as the Plan Administrator may from time to time approve. Section 31-176. Designation of Plan Administrator. The Plan Administrator shall be the City Manager or his designee or a Deferred Compensation Committee, consisting of City employees, to be appointed by the City ~4anager. Section 31-177. Powers of Plan Administrator.' ' The Plan Administrator is granted the power t~ do all things by way of supervision, administration and implementation of the Plan of Deferred Compensation, including but not limited to, the power to contract with private corporations or institutions for service in connection therewith; provided, however, that nothing contained in this section shall be construed to authorize the Plan Administrator to act beyond the limits of the Plan.