#525 05-21-73 Deferred Compensation Village ManagertirVi
Resolution No. 525
May 21, 1973
Member Moberg introduced the following resolution and MOVED its adoption:
RESOLUTION
(Deferred Compensation Plan for Village Manager)
WHEREAS, the Village has in its employ Barkley G. Omans in the position
of Village Manager;
WHEREAS, Barkley G. Omans is and will be rendering valuable service to
the Village;
WHEREAS, the Village has considered the establishment of a Deferred
Compensation Plan for the Village Manager, Barkley G. Omans, made available to
the Village and to the Village Manager by the International City Management
Association Retirement Corporation;
WHEREAS, certain income tax benefits accrue to the Village Manager through
participation in the said plan; and
WHEREAS, the Village recognizes that the tax advantages of the said plan
to the Village Manager constitutes a benefit to the Village by allowing the
Village to offer an additional "fringe benefit" in recruiting and retaining
qualified personnel in its employment at no cost or charge to the Village.
NOW, THEREFORE, it is RESOLVED, that the Village establish the said
Deferred Compensation plan for the Village Manager, Barkley G. Omans, and,
for this purpose, agree to the following:
1. The Trust Agreement with the International City Management Association
Retirement Corporation, attached hereto as Appendix A; and
2. The Deferred Compensation Employment Agreement, attached hereto as
Appendix B.
3. Public Employees Relief Association (P.E.R.A) retirement reductions
and matching Village payments shall be computed on the basis of the combination
of current salary plus deferred compensation in accordance with P.E.R.A., rulings.
4. The Village allowance to employees of 2 1/2% of salary in lieu of
insurance (salary savings) shall apply to total compensation, consisting of
current salary plus deferred compensation. The payment of such allowance shall
be made on a uniform monthly basis.
Mayor -
Attest:
Village 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, & Ulstad; and the foll wing voted
against the same: Aone, whereupon said resolution was declared duly passed and
adopted, signed by the Mayor, and his signature attested by the Village Clerk.
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