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<br />39 <br /> <br />ORDINANCE NO. 1276 - 12 <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, ENACTING A DEFERRED COMPENSATION PLAN; <br />APPROVING A DEFERRED COMPENSATION PLAN SALARY REDUCTION <br />AUTHORIZATION; ESTABLISHING A CLEARANCE PROCESS FOR <br />AGENTS; AN1l PROVIDING AN EFFECTIVE DATE. <br /> <br />I <br /> <br />WHEREAS, the City Council of the City of San Marcos, Texas, pr~liminarily <br />approved a deferred compansation plan for city employees by Resolution dated <br />the 24th day of March, 1975; and <br /> <br />WHEREAS, it is the opinion of the City Council that such a deferred compen- <br />sation plan is a beneficial program for city employees of the City of San <br />Marcos, Texas; now, therefore <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />SECTION 1. That a deferred compensation plan drafted pursuant to S.B. 872 as <br />enacted by the 63rd Legislature of the State of Texas, and evidenced by the <br />attached Deferred Compansation Agreement be, and is hereby, approved. <br /> <br />SECTION 2. That a deferred compensation plan salary reduction authorization <br />drafted pursuant to S.B. 872 as enacted by the 63rd Legislature of the State <br />of Texas and evidenced by the attached Deferred Compensaticn Plan Salary <br />Reduction Authorization be, and is hereby, approved. <br /> <br />I <br /> <br />SECTION 3. That agents, prior to solicitation of any employee of the City of <br />San Marcos, Texas, must file with the Plan Administrator a letter indicating a <br />desire to participate. This letter shall contain a statement regarding the <br />current licenses authorizing the selling of the various products and giving the <br />numbers of each license. Prior to each annual enrollment, the agent must re-contact <br />the Plan Administrator stating a desire to continue to solicit and affirming that <br />the information contained in the previous letter of intent is still valid and <br />accurate. An application received from an agent who has not complied with tt.ese <br />rules will not be processed. <br /> <br />SECTION 4. This Ordinance shall be in effect frore and after ten (10) days of <br />its final passage by this Council. <br /> <br />PASSED AND APPROVED on first reading April 26, 1976. <br /> <br />PASSED AN1l APPROVED on second reading May 3/19 6. <br /> <br />.--/'/ <br />PASSED, APPROVED AND ADOPTED May 10, ~Ivi ~ ~nJ.-.-.- <br /> <br /> <br /> <br />I Emmie Craddock <br />Mayor <br /> <br />~ <br /> <br /> <br />Doriss Hambrick <br />City Secretary <br /> <br /> <br />· J;;'~ <br /> <br />Tom Akins <br />City Attorney <br />