HomeMy WebLinkAboutRES 81-066 RESOLUTION AUTHORIZING AGREEMENT WITH THE CITY MANAGER RELATING TO DEFERRED COMPENSATION Meeting Sheet
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102635
Box: 23
Folder: RES 1981
Document: RES 81-066 RESOLUTION AUTHORIZING AGREEMENT WITH
THE CIN MANAGER RELATING TO DEFERRED COMPENSATION
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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.
2 . Such additional compensation shall be paid only- if and during
the time that there is an agreement between City and Childs
wherein it is agreed in writing that the additional compensa-
tion is to be deferred and shall be contributed on behalf of
Childs to a deferred compensation program which meets the
requirements of Section 457 of the Internal Revenue Code of
1954 , as amended through December 31, 1980 .
3. The Mayor, acting for and behalf of the City is hereby authorized
and directed to enter- into an agreement- of a type described in
the foregoing paragraph No. 2 with Childs. Upon the execution
of such . agreement, the Mayor, City Manager and other appropriate
officials of the City are authorized to take the actions
necessary to give. effect to the provisions of such agreement.
Adopted this $ day of sg jl -exnbG , 1981 .
Mayor
ATTEST:
City Clerk
Reviewed for administration:
City Manager
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