#524 05-21-73 Deferred Compensation Staff MembersU
Resolution No. 524
May 21, 1973
Member Moberg introduced the following resolution and MOVED its adoption:
RESOLUTION
(Deferred Compensation Plan for Staff Members)
WITNESSETH, whereas the Village Council of the Village of Golden Valley,
Minnesota, desires to provide retirement benefits for its staff members as
portions of their compensations, said Village Council does hereby authorize
and approve the Village to enter into a plan of deferred compensation with
eligible staff members.
IN ORDER TO accumulate the appropriate funds to pay participating
staff members benefits in accordance with the deferred compensation plan,
the Village Council does hereby authorize and approve the purchase by the
Village of retirement annuity contracts as issued by Aetna Variable Annuity
Life Insurance Company in such amounts as may be appropriate to provide
plan benefits.
IT IS THE intention of the Village Council that the premiums paid by
the Village for such annuity contracts will not currently be considered as
income paid to the staff members concerned. Thus, the Village of
Golden Valley, Minnesota, will own and have all rights under the said annuity
contracts and such contracts will not be held in any way as collateral security
for the fulfilling of the obligations of the Village of Golden Valley, Minnesota,
but shall be held as a general, unpledged, and unrestricted asset.
IT IS THE further intention of the Village Council that Public Employees
Relief Association (PERA) retirement deductions and matching Village payments
shall be computed, with respect to all staff members who elect to participate
in the deferred compensation plan, on the basis of current wages plus annuity
contract premiums (in accordance with PERA rulings); and further that the
Village allowance to staff members of 2 1/2% of salary in lieu of insurance
(salary savings), where applicable, shall apply to total compensation con-
sisting of current wages plus annuity contract premiums.
THE VILLAGE COUNCIL hereby authorizes the Village Manager of the Village
of Golden Valley to act on its behalf in respect to these annuity contracts
and to formulate rules and procedures for the purchase and administration
of them. 16
2Z_'ZZ_ L.s
Mayor
Attest:
illage Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Member Ulstad, and upon vote being taken thereon, the following members voted
in favor thereof: Bix, Hoover, Moberg, Riggs, and Ulstad; and the following
voted against the same: None, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor, and his signature attested by the
Village Clerk.