1983-021 Council Resolution - Laserfiche WebLink

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• RESOLUTION #83 -21 A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN. WHEREAS, WHEREAS, WHEREAS, the City of Lino Lakes has in its employ certain personnel, and said employees are and will be rendering valuable services to the City of Lino Lakes, and the City of Lino Lakes has considered the establish- ment of a Deferred Compensation Plan for the said employees made avaiable to the City of Lino Lakes and to said employees by the International City Management Association Retirement Corporation, and WHEREAS, said employees often are unable to acquire retirement security under other existing and avilable retirement plans due to the contingencies of employment mobility, and WHEREAS, the City of Lino Lakes receives benefits under said plans by being able to asure reasonable retirement security to said employees by being more able to attract competent personnel to its service and by increasing it flexibility in personnel management through elimination of the need for continued employ,- ment for the sole purpose of allowing an employee to qualify for retirement benefits. NOW THEREFORE BE IT RESOLVED, that the City of Lino Lakes establish said Deferred Compensation Plan for said employees and hereby authoirzes it Mayor to execute the Deferred Compensation Plan with the International City Management Association Retire- ment Corporation attached hereto as Appendix A, and IT IS FURTHER RESOLVED,;that the City Clerk- Treasurer may, on behalf of the City execute all Joinder Agreements with said employees and other eligible officials and officers, which are necessary for said persons participation in the Plan, an example of which appears at Appendix B except that any Joiner Agreement for said designated official shall be executed by the Mayor. Adopted by the Council of the City of Lino Lakes this' / day of �� own: , 1983. . Sarner, Clerk- Treasurer enja • n G. Benso , Nayor