84-29A
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: June 4, 1984
RESOLUTION NO: 84-29~
MOTION BY: Hamilton
SECONDED BY: Swenson
A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN
FOR THE CITY OF CHANHASSEN
WHEREAS, the City has considered the establishment of a
Deferred Compensation Plan to be made available to all eligible
city employees, elected officials, and independent contractors
pursuant to the newly passed Federal legislation permitting such
Plans; and
WHEREAS, certain substantial tax benefits could accrue to
employees, elected officials, and independent contractors par-
ticipating in said Deferred Compensation Plans; and
WHEREAS, such benefits will act as incentives to city
employees to voluntarily set aside and invest portions of their
current income to meet their future financial requirements and
supplement their City retirement and Social Security (if appli-
cable), at no cost to the City; and
WHEREAS, the U.S. Conference of Mayors has established a
master prototype deferred compensation program for cities and
political subdivisions permitting its member cities and their
employees to enjoy the advantages of this program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL AS FOLLOWS:
1. The City Council hereby adopts the U.S. Conference of
Mayors Deferred Compensation Program and its attendent investment
options and hereby establishes the City of Chanhassen Deferred
Compensation plan for the voluntary participation of all eligible
city employees, elected officials and independent contractors;
and
2. The City Manager is hereby authorized to execute for the
City, individual participation agreements. with each said employee
requesting same, and to act as the "Administrator" of the plan
representing the City, and to execute such agreements and
contracts as necessary to implement the program. It is impli-
citly understood that other than the incidental expenses of
collecting and disbursing the employee's deferrals and other
minor administrative matters, that there is to be no cost or
contribution by the City to the program.
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Passed and adopted by the Chanhassen City Council this
4th
day of
June
ATTEST:
1[2 Ol$J
Don Asnworth, City Clerk/Manager
YES
Hamilton
Swenson
Watson
Horn
Geving
None
NO
, 1984.
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ABSENT
None