96-8411r
86
RESOLUTION NO. 8411
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 section 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:
1. Section 5. Salary. Employer agrees to increase the City Manager's base
salary of $87,568 by 3% effective September 1,1996 and also .5% effective the last
pay period of 1996, payable in installments at the time as other employees of the
employer are paid.
2. Section 13. Retirement. Employer agrees to a lump sum allotment of 3%
of annual gross salary for investment in retirement funds on September 1 of each year.
3. Direct Steve Devich to set up a 401 K retirement plan. This plan would
allow the City Manager to voluntarily contribute up to 3% of his salary. The City will
match on a dollar-for-dollar basis this contribution.
Passed by the City Council of the City of Richfield, Minnesota this 9th day of
December, 1996.
~~~u
Martin J. Kirs ayor
ATTEST:
~p~
Thomas P. Ferber, City Clerk