CC RES 77-027 RESOLUTION ESTABLISHING DEFERRED COMPENSATION PLANS FOR EMPLOYEES

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• RESOLUTION #77-027 Whereas, the City has in its employ certain personnel; and Whereas, said employees are and will be rendering valuable services to the City and, Whereas, the City has considered the establishment of Deferred Compensation Plans for said employees and desired to make available to said employees the plan of the International City Management Association Retirement Corporation; and Whereas, said employees often are unable to acquire retirement security under other existing and available retirement plans due to the contingencies of employment mobility; and Whereas, the City receives benefits under said plans by being able to assure reasonable retirement security to said employees, by being more able to attract competent personnel to its service, and by increasing its flexibility in personnel management through elimin- ation of the need for continued employment for the sole purpose of allowing an employee to qualify for retirement benefits. Now Therefore, Be It Resolved that the City establish said De- ferred Compensation Plan for said employees and hereby authorizes its Mayor to execute the Deferred Compensation Plan with the Inter- national City Management Association Retirement Corporation, attached hereto as Appendix A and, Be It Further Resolved that the City Manager may, on behalf of the City execute all Joinder Agreements with said employees and other eligible officials and officers, which as necessary for said persons participation in the plan, one example which appears at Appendix B, except that any Joinder Agreement for said designated official shall be executed by the Mayor. Mayr_ ATTEST: City Clerk • Ci an er