97-8547r
5
RESOLUTION NO. 8547
RESOLUTION AMENDING THE LETTER OF UNDERSTANDING
BETWEEN THE CITY OF RICHFIELD AND JAMES D. PROSSER, CITY MANAGER
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
The following sections of the Letter of Understanding between the City of
Richfield, Minnesota and James D. Prosser, City Manager, dated July 14, 1986 is
amended as follows:
Section 5. Salary. Employer agrees to increase the City Manager's base annual
salary of $90,646.40 by 3% to $93,371.20 effective September 1, 1997, payable in
installments at the time as other employees of the employer are paid.
Section 13. Retirement. Employer agrees to an increase of 1 % in deferred
compensation (401 K retirement plan).
The base line deferred compensation should be equivalent to the amount
contributed by employer on behalf of other employees for PERA coverage. This base
line will increase by 1/2 of 1 % in 1998.
Approved by the City Council of the City of Richfield, Minnesota this 22nd day of
December. 1997. U
ATTEST: . /) f\IJ
c;fJ~ r (~
Thomas P. Ferber, City Clerk