HomeMy WebLinkAbout1983-021 Council Resolution•
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
•
I, Edna L. Sarner, Clerk- Treasurer of the City of'Lino Lakes,
do hereby certify that the attached Resolution, proposed by
Council Member /24,,c./ � , and seconded by Council
Member 254.6.0 , was duly passed and adopted by the
Council of the City of Lino La -s, at a regular meeting thereof
assembled this ,; -yid- day of ; , 1983, by the following
vote
AYES L/
NAYS 0
ABSENT /
(SEAL)
•
j
'it
Clerk - Treasurer of the City
of Lino r_,akes .