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<br />Tax Implications <br /> <br />Council members who are interested in participating in the Social Security and DCP plans are <br />encouraged to contact their tax professionals regarding the benefits and drawbacks of <br />participating in either or both plans. <br /> <br />Funding <br /> <br />If the city council desires to offer both plans to current and future council members, the city of <br />Ramsey would be required to match DCP contributions at an additional annual cost of $2,200 <br />(based on 2007 salaries) if all seven elected officials participate in the DCP and continue ~ <br />social security contributions. If it is the desire of the city council, these funds could be <br />included in the 2008 budget. <br /> <br />Recommendation <br /> <br />Based on the discussion, choose one of the following courses of action: <br /> <br />I. Do nothing which would allow current and future council members to choose to <br />participate in Social Security OR PERA's Defined Contribution Plan <br />2. Direct staff to prepare a resolution offering participation in Social Security and <br />PERA's Defined Contribution Plan to current and future council members <br /> <br />If the city council elects to not take action at this time, future councils may request that this <br />topic be brought back for discussion. <br /> <br />Attachments: <br /> <br />. Detailed description of the Defined Contribution Plan. <br /> <br />Reviewed by: <br /> <br />Interim City Administrator <br />Finance Officer <br /> <br />CCWS: June 12,2007 <br /> <br />. Page 2 <br />