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�/12 <br /> AGREEMENT RELATING TO <br /> DEFERRED COMPENSATION <br /> THIS AGREEMENT made and entered .into this -L=r- day of <br /> 1981, .by and between City of St. Anthony, a Minnesota munic�al <br /> corporation C"City"). and .David M. Childs , a natural person serving in <br /> the capacity of .City Manager of City (-' Childs") , WITNESSETH: <br /> WHEREAS , Childs has elected to be excluded from membership in the <br /> Public Employees Retirement Association of the State of Minnesota, <br /> which election has been approved by the City Council of the City; and <br /> WHEREAS , both City and Childs are desirous of having an amount equal <br /> to the employer contribution which would be required by Minnesota <br /> Statutes , Section 353 .27 , Subdivision 3 , if Childs were a member of <br /> the Association, added to his other compensation, of whatever kind or <br /> nature, and contributed on behalf of the City Manager to a deferred <br /> compensation program which meets the requirements of Section 457 of <br /> the Internal Revenue Code of 1954 , as amended through December 31 , <br /> 1980; and, <br /> WHEREAS , the fund of the International City Management Association- <br /> Retirement- Corporation- qualifies as such a fund; <br /> NOW THEREFORE., City aiid Childs agree as follows : <br /> i1. City agrees to increase Childs.' compensation in an amount <br /> equal to the employer contribution which would be required <br /> by Section. 353 . 27, Subdivision 3 , if the City Manager were <br /> a member of the Public. Employees Retirement. Association. <br /> This compensation shall be in addition to his stated .Salary <br /> now in effect or which may hereafter be established from <br /> time to time. <br /> 2. City and Childs agree that such additional compensation is to <br /> be- deferred and shall. be contributed on behalf of Childs <br /> to the. deferred compensation fund .of the International City <br /> Management Association-Retirement Corporation. <br /> 3 . The provisions of this agreement are effective immediately <br /> upon the effective date of Childs ' election to be excluded <br /> from membership in the Public Employee' s Retirement Association. <br /> IN WITNESS WHEREOF, t e parties hereto have executed this agreement <br /> this qtld day of� 1981. <br /> WITNESSED BY: CITY OF ST. ANTHONY <br /> By <br /> Its Mayor <br /> i <br /> David M. Childs , Ci y Manager <br />