02-08-1995 Council Workshop Agenda

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COMPENSATION All employees of the City shall be compensated for their work according to the wages or salaries established annually by the Council, provided, however, that the Council may change or modify the wages or salary of any employee at any time that it deems necessary in the interest of good administration as recommended by the City Administrator. Any wage or salary so established shall represent the total remuneration for full -time employment, but shall not be considered as reimbursement for official travel or other expenses which may be allowed for the conduct of official business. Wage, salary and benefit plans will be established by Council resolution, and updated periodically. PERA and Social Security All full -time and permanent part -time employees are automatically enrolled in the coordinated PERA and Social Security Plan. Social Security and PERA are deducted from paychecks at the going rate. The City of Little Canada matches the Social Security payment made by the employee. The City pays 4.48% on PERA and the employee pays 4.23 %. No taxes are presently paid on monies going to PERA until money is taken out or used. ICMA -RC The City of Little Canada provides a tax shelter through the International City Management Association - Retirement Corporation. This retirement savings program is optional. You may have both PERA and an ICMA -RC retirement account. If enrolled in PERA, the City does not match contributions to ICMA -RC. The City Administrator may opt -out of PERA for this program, subject to Minnesota Statutes. Employees may defer a maximum of 25 percent of total salary, or $7,500 per year, whichever is less. With the ICMA -RC plan, employees have the flexibility to increase, decrease, stop, and restart contributions as often as they wish, subject to the City's approval. 11