07-07-81 CCM - Laserfiche WebLink

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1" 2 R-81- .) RESOLUTION CITY OF LAKE'ELMO WASHINGTON COUNTY, MINNESOTA. A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN WHEREAS, the'City of Lake Elmo has in its employ certain personnel.; and, WHEREAS, said employees are and will be render- ing valuable services to the City of Lake Elmo; and, WHEREAS, the City of Lake Elmo has considered the establishment of a Deferred Compensation Plan for the said employees made available to the City and to said employees by the International City Management Associa- tion Retirement Corporation; and WHEREAS, said employees often are unable to ac- quire retirement security under other existing and avail- able retirement plans due to the contingencies of employ- ment mobility; and WHEREAS, the City of Lake Elmo receives benefits under said plans by being able to assure reasonable re- tirement security to said employees, by being more able to attract competent personnel to its service, and by in- creasing its flexibility in personnel management through elimination of the need for continued employment for the sole purpose of allowing an employee to qualify for retire- ment benefits; NOW, THEREFORE, BE IT RESOLVED that the City of Lake Elmo establish said Deferred Compensation Plan for said employees and hereby authorizes its Mayor to execute the Deferred Compensation Plan with the International City Management Association Retirement Corporation, attached hereto as Appendix A; and, IT IS FURTHER RESOLVED that the City Administrator, may, on behalf of the City of Lake Elmo, execute all Joinder Agreements with said employees and other eligible officials and officers, which are necessary for said persons partici- pation in the Plan, an example of which appears at Appendix B, except that any Joinder Agreement for said designated official shall be executed by the Mayor. ADOPTED this the 7th. day of July, 1981, by the City Council of the City of Lake Elmo, Washington County Minnesota SIGNED: ATTEST: Mayna er, Mayo.r