HomeMy WebLinkAboutCity Council Resolution 1974-049L__j
CITY OF PLYMOUTH
Pursuant to due call and notice thereof,
of the City of Plymouth, Minnesota, was held
following members were present: Acting Mayor
Spaeth. The following members were absent:
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a regular meeting of the City Council
on the 21st day of January, 1974. The
Hunt, Councilmen Neils, Seibold and
Mayor Hilde.
Councilman Seibold introduced the following Resolution and moved its adoption:
RESOLUTION NO. 74-49
ADOPTION OF PLAN ENTITLED "HENNEPIN COUNTY COOPERATIVE
PURCHASING PROGRAM DEFERRED COMPENSATION PLAN"
WHEREAS, employees of private industry, and employees of religious,
charitable and educational institutions, as well as self-imployed persons,
have certain tax deferred advantages under the Internal Revenue Code; and
WHEREAS, it is the intention of the City Council of the City of Ply-
mouth to avail similar tax advantages to employees of the City of Plymouth
by the adoption of a deferred compensation plan; and
WHEREAS, the County of Hennepin obtained an Internal Revenue Service
Ruling dated August 25, 1972, approving a proposed Deferred Compensation
Plan for Hennepin County, and by Resolution No. 73-2-31 adopted said Plan
and has executed a contract with Aetna Variable Annuity Life Insurance
Company to carry out the plan; and
WHEREAS, the Hennepin County Cooperative Purchasing Program of which
the City of Plymouth is a member, has executed a master deferred compensa-
tion plan with Aetna Variable Annuity Life Insurance Company, for the
benefit of employees of t::p Hennepin County Cooperative Purchasing Program
members; and
WHEREAS, the Hennepin County Cooperative Purchasing Program deferred
compensation plan is consistent with the terms and conditions of the Hennepin
County deferred compensation plan;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH that the plan entitled "Hennepin County Cooperative Purchasing
Program Deferred Compensation Plan", a copy of which is on file with the
County Clerk, be adopted and approved for employees of the City of Plymouth;
that eligible employees may contract with the City of Plymouth to defer
part of compensation in accordance with said plan, thereby reducing gross
taxable income for income tax purposes; and that the proper City officers
be and they hereby are authorized and directed to contract with Aetna Variable
Annuity Life Insurance Company to purchase by said City from said company
annuity contracts to implement said Hennepin County Cooperative Purchasing
Program Deferred Compensation Plan.
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Resolution No: 74-49
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The motion for the adoption of the foregoing Resolution was duly seconded by
Councilman Hunt, and upon vote being taken thereon, the following voted in favor
thereof: Acting Mayor Hunt, Councilmen Seibold and Spaeth. The following voted
against or abstained: Councilman Neils abstaining. Whereupon the Resolution was
declared duly passed and adopted.