The Deferred Compensation Board provides for the deferral of compensation to the participants. The plan shall exist in addition to all other retirement, pension or other benefit systems available to the participants and shall not supersede, make inoperative or reduce any benefits provided by any other retirement, pension or benefit program established by law.
The Board shall supervise, administer and implement a plan of deferred compensation, including but not limited to, the power to contract with private corporations or institutions for service in connection therewith; however, nothing contained in this section shall be construed to authorize the Deferred Compensation Board to act beyond the limits of the plan.
The Board shall administer the investment policy in accordance with the terms of the investment policy and prudent fiduciary standards. They shall have the authority to add and delete funds from the investment policy in accordance with the investment policy adopted by City Council.