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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: W 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. ua Resolution No: 74-49 Rage two "r 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.