RES 81-066 RESOLUTION AUTHORIZING AGREEMENT WITH THE CITY MANAGER RELATING TO DEFERRED COMPENSATION

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r ` RESOLUTION 81-066 A RESOLUTION AUTHORIZING AGREEMENT WITH CITY MANAGER RELATING TO DEFERRED- COMPENSATION WHEREAS, David. M. Childs, (_"Childs") , City Manager of the City of St. Anthony, has elected to be . excluded from membership in the Public Employees -Retirement Association, which election has been approved by the City- Council; and, WHEREAS, prior to such .action -the City has contributed an employer' s contribution to the Public Employees Retirement Association for his account; and, WHEREAS, by reason of such election, . the City's employer .contribution to PERA on his .account will cease; and, WHEREAS, . Minnesota Statutes, Section 353 .025 , Subdivision 3 , provides as follows : " (DEFERRED COMPENSATION! CITY CONTRIBUTION.. ) If an election of exclusion is made, and if' the City Manager and the govern- ing body of the City agree in writing that the additional com- pensation is to be 'deferred and shall be contributed on behalf of the City Manager to .a deferred compensation program which meets the requirements of Section 457 of the Internal Revenue Code of 1954 , as amended through December 3.1, 1980 , the governing body may compensate the City Manager, in addition to the salary allowed under any limitation imposed on .salaries by law or- charter, in an amount equal to the employer contribution which would be required by Section-- 353 .27 , Subdivision 3 , if. the City Manager were a member of the association. " WHEREAS, the City .Council desires to. exercise the authority conferred by the aforementioned Subdivision 3 , NOW, THEREFORE, BE IT RESOLVED by the' City Council of the City of St. Anthony, Minnesota, as follows : 1. In addition to the City Manager ' s salary now in effect or which may hereafter be .established from time to time as his stated salary, Childs shall be compensated in an additional amount equal to. the employer contribution which would be required by Minnesota Statutes ,. Section 353 .27, Subdivision 3 , if he were a member of the Public Employees Retirement Association subject, however, . to the provisions of the following paragraph-of this resolution.