#049 06-16-81 Authorize Agreement Manager Deferred CompensationResolution #49 June 16, 1981 6 9
Member Johnson introduced and read the following resoltuion and moved its adoption:
RESOLUTION
AUTHORIZING AGREEMENT WITH
CITY MANAGER RELATING TO DEFERRED COMPENSATION
WHEREAS, Jeff Sweet, City Manager ("Sweet''), of the City of Golden Valley 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 Assiciation for his account in accordance with
Minnesota Statutes, Section 353.025, Subdivisions 3 and 3a; and,
WHEREAS, by reason of 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
compensation 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 31, 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 contri-
bution 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, and the additional employer contribution of the
afrementioned Subdivision 3a.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden Valley,
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,
Sweet's salary shall be increased to an amount equal to the
employer contribution which would be required by Minnesota Statutes,
Section 353.27, Subdivisions 3 and 3a, 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 Sweet
wherein it is agreed
in writing that the additional compensation
is to be deferred
and
shall be contributed on behalf of Sweet
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.
7 �tesolution #49, continued
June 16, 1981
3. The Mayor, acting for and in 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 Sweet. 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.
ROSEMAP,f THORSEN, MAYOR
ATTEST:
The motion for the adoption of the foregoing resolution was seconded by Member Mitchell
and upon vote being taken thereon, the following voted in favor thereof: Anderson,
Johnson, Mitchell, Stockman and Thorsen, and the following voted against the same:
none whereupon said resolution was declared duly passed and adopted, signed by
the Mayor and her signature attested by the Deputy Clerk.
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