1974-5167rRE;S~LL~T.~~~I Noo S1b`
I~E'Si~.~"C~'`I'I.D"~`+ ~~ ~;i`pH'~RIGl~~'C I'.Mp"LEME:~'`I'A TJI~ ~~' .I~'~~'~;RF~D
CDMpp;NSA~'IC~?" PI.A~1S
~R.T;RDAS~ the City Council of the City of Richf:%eLd~ 'Minnesotan desires to pro~ride
post~reti.rement ber~.efits for c ertain of its staff members as port~.ons of their compen~
sation.~ said Ci~~~r Council, does hereby aut'hor~ize anal approve the C'it~y to en~t-er into
plans of: deferred compensation with eligible staff members and
WII~REAS, the City is author~.zed t:o pro"v°id.e such a plan for eligible employees
t'r-rough part:~,c:~pat:aon Y.n. tk`~e Hennep:~n. County Cooperative pairchasing Master Deferred
Compensation 1'lan~ anal
WFTTrRE'AS, certain staff members are el:~.gible to participate in a similar deferred
compensat:i.on plan. sponsored by the :lnternnational C:~,a4:y Management Association Retirement
Corporations and
W~.ET:~REAS~ in order to accumu:t.ate the appropriate fund. t:o pay participating staff
members benefits iz?. accordance with the deferred compensation plans the City Council
does hereby authorize and. appro~Te the purchase 'by the C;:ity of retirement annuity con.
tracts as provided for s:n, the ltennepin County Cooperat:~;~re Purchasing Master Deferred
Compensation plan and t:i?e international City Management Association Ret:iremen.t Corporm
at.ion plan. :i~ra. such amaunts as may be appropriate to provide plan benefits and.
WIIDREAS, it is the intentian of the City Council that the premiums paid by the
City for such ann.~ity contracts w:il.l. not currently be considered as income paid to the
staff members concerned.; t.hat~ the C:i.ty of Richfield, Minnesota will own and have a'l1
rights under the said ann:uity contractsT ands that such eon~:racts wl.l.l not 'be held in
an.y way as col.l.ateral security for the fulfilling of the obligations of the C:~.t:y of
Richfiel.d~ Minnesotan bn~t s'ha:i.l.`be 'he1.d as general, unpledged~ a'nd unrestriced assets
o f the C i.t'y' .
NflW~ T~REE'QRE'9 B~ IT I~SCZ~~Di by the Ci ty Council of the City of R:~.chfield~
Minnesota, that°
1® A comm.it.tee of City employees appointed `by the City Manager is hereby authorized
t:o act on its be'b.alf in respect to the Hennepin County Cooperative ;Purchasing
Master Deferrer Compensat:,on pl.an~ anal to formulate necessary rules and procedures
for 1.ts purchase and administrat~,ono
20 The City Manager 'is authorized to execute t~se necessary documents providing
for partz,cipati.on of e`1:igible employees in the Hennepin County Cooperative
Purchasing Master :C~eferred Compensation Plana
3o The City Manager is authorized to execute the necessary contracts authorizing
the participat:i.on of eL:~g:i"ble employees in the International City Management
Associatl.on Retirement Corporation Deferred Compensat;.on. Plans except that a
contract for the parti.cipatio~n of the City Manager shall be executed by t'he
May o ~• ,
4.a Ail s•~eh plans shall be administered. in a n.on~discriminat:ory manner to all
el.igi'bl.e of'f:ieers and. employees of the Cityo
pa ssed by the C:it,~% Co:~~,•rc:i.l. of t::~,e C:it;v of ll~c'~ f~.el.d~ Minnesota this 2Sth day of
,.
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A"'I'.~;5:~' ° ~ Loren. T:o ~7~aw Mayor
~
Thomas Jo ~l:or~~
~:~.c:~ ~:ier~r