Chapter 3.20
DEFERRED COMPENSATION PLAN
Sections:
3.20.010 Program adopted.
The Board of Commissioners of the Lake Stevens Sewer District hereby adopts the State of Washington deferred compensation program and its attendant investment option and hereby establishes the Lake Stevens Sewer District deferred compensation program for the voluntary participation of all eligible District employees, elected officials, and independent contractors. [Res. 639 § 1, 2008.]
3.20.020 Administration.
The State of Washington, as plan administrator, is authorized to execute for the District individual participation agreements with each said employee, elected official or independent contractor requesting the same, and to act as the “administrator” of the plan representing the District, and to execute such agreements and contracts as are necessary to implement the program. It is implicitly understood that other than the incidental expenses of collecting and disbursing the employees’ deferrals and other minor administrative matters, there is to be no cost to the District for the program. [Res. 639 § 2, 2008.]
3.20.030 Contribution.
For all eligible District employees, the District shall match 100 percent of the employee’s individual contribution to the 457(b) deferred compensation plan up to a maximum of one percent of the employee’s eligible wages to be implemented at the start of the year, beginning January 1, 2023. [Res. 993 § 1, 2020.]