5021
ANNE ARUNDEL COUNTY

THE FINANCE OFFICER IS AUTHORIZED TO MAKE THE
PAYROLL REDUCTIONS AND TO DISBURSE THE DEFERRED FUNDS IN
ACCORDANCE WITH THE DEFERRED COMPENSATION CONTRACTUAL
AGREEMENTS. THE MINIMUM AMOUNT AN EMPLOYEE MAY DEFER
SHALL BE TEN DOLLARS ($10.00) PER BI-WEEKLY PAY PERIOD,
OR FIVE DOLLARS ($5.00) PER WEEKLY PAY PERIOD; AND THE
TOTAL AMOUNT DEFERRED IN ANY YEAR SHALL NOT EXCEED THE
TOTAL ANNUAL SALARY OR COMPENSATION OF THE EMPLOYEE IN
SUCH YEAR. ON THE ANNIVERSARY DATE OF THE PLAN, A
PARTICIPANT EMPLOYEE MAY CHANGE OR DISCONTINUE THE AMOUNT
OF COMPENSATION TO BE DEFERRED BUT ONLY AT THE PLAN
ANNIVERSARY DATE. AT ANY TIME, IN A CASE OF FINANCIAL
HARDSHIP, AND UPON APPROVAL OF THE PERSONNEL OFFICER, A
PARTICIPANT EMPLOYEE MAY DISCONTINUE DEFERRAL AND/OR
WITHDRAW PREVIOUSLY DEFERRED FUNDS.

SECTION 1-285

(A)   THE DEFERRED COMPENSATION PROGRAM SHALL PROVIDE
THAT DEFERRED FUNDS MAY BE INVESTED IN ANY LEGITIMATE
INVESTMENT INCLUDING, BUT NOT BE LIMITED TO, BANK
INTEREST BEARING. ACCOUNTS, LIFE INSURANCE CONTRACTS,
ANNUITIES, MUTUAL FUNDS, EQUITY PRODUCTS, BONDS OR REAL
ESTATE INVESTMENT TRUSTS. THE COUNTY SHALL NOT BE
RESPONSIBLE FOR ANY INVESTMENT LOSS INCURRED IN THE
PROGRAM; NOR SHALL THE COUNTY CONTRIBUTE TO THE DEFERRED
COMPENSATION PROGRAM.

(B)    ALL FUNDS DEFERRED AND ALL INVESTMENTS MADE IN
ACCORDANCE WITH THE DEFERRED COMPENSATION PROGRAM SHALL
REMAIN AN ASSET OF THE COUNTY UNTIL SUCH TIME AS THE
FUNDS ARE DISTRIBUTED TO THE PARTICIPANT OR HIS
BENEFICIARY. THE OBLIGATION OF THE COUNTY TO THE
EMPLOYEE SHALL ONLY BE THAT OF A GENERAL CREDITOR; AND
THE EMPLOYEES SHALL NOT HAVE ANY PREFERRED OR SPECIAL
INTEREST IN THE DEFERRED FUNDS.

SECTION 1-286

THE DEFERRED COMPENSATION PROGRAM AND ANY PLAN
ADOPTED THEREUNDER SHALL EXIST AND SERVE IN ADDITION TO
ANY OTHER RETIREMENT, PENSION OR BENEFIT SYSTEM
ESTABLISHED FOR EMPLOYEES OF ANNE ARUNDEL COUNTY AND
SHALL NOT SUPERSEDE OR REDUCE ANY BENEFITS PROVIDED BY
THE ANNE ARUNDEL COUNTY RETIREMENT SYSTEM OR ANY OTHER
RETIREMENT, PENSION OR BENEFIT PROGRAM ESTABLISHED BY
LAW.

SECTION 2. AND BE     IT FURTHER ENACTED, That this

Ordinance shall take effect   forty—five (45) days from the
date it becomes law.

Approved October 29, 1974.