Laserfiche WebLink
(5%SE ~15: <br /> <br />5 min. <br /> <br />A~OF~ION OF MONEY F~R[]~E }'~ AND ~]~3ST AD0~TION AG]~EF-MENT <br /> By: Noel Graczyk, Finance Director <br /> <br />Backgrour~.' <br /> <br />~he employment agreement between the City of Ramsey and Mr. David <br />Hartley states under It~ 8 that Mr. Hartley may select his choice of <br />deferred compensation plans. At the February 25, 1986 City Council <br />meeting, the Ramsey City Council approved the establishment of a 457 <br />deferred ~mpensation plan with the ICMA ~etirement Corpora~on. <br /> <br />As noted in the previous Council agenda, the City Staff has now <br />completed the work required for the City Council to establish a 401A <br />~)n~ purchase deferred ~mpensation plan with the ICMA Retirement <br />Corporation. <br /> <br />Enclosure (15) contains the proposed resolution for your adoption. <br />Included with the resolution is the prototype money purchase plan and <br />trust adoption agreement which outlines the criteria by which the plan <br />will be operated by the City. Also included in the enclosure is the <br />prototype money purchase plan and trust which outlines the trust <br />agreement that will be entered into between the City of Ramsey and the <br />ICMA Retirement Corporation. <br /> <br />(]~e~atio~: <br /> <br />~he adoption of the 40lA deferred ~o~pensation plan will be ~onsistent <br />with the employment agree~.nt between the City of Ramsey and Mr. David <br />Hartley. ~he plan will also assist the City in retaining and, in the <br />future, attracting qualified personmel to the City. <br /> <br />l~omm~ndat, ton: <br /> <br />It is recommended that Council approve the proposed resolution to <br />establish a money purchase retirement plan. <br /> <br />l~eview (3~ecklist: <br /> <br />Attorney _X Chief of Police ___ <br />Engineer ._. Finance Director _X_ <br />A~inistrator .~. Public Works Dir. _._ <br />Community Development Dir. __ Other __ <br /> <br /> <br />