HomeMy WebLinkAbout6759 (Res.)176
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RESOLUTION NO. 6759
RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN.
WHEREAS, the City of Stillwater has in ins employ certain personnel; and
WHEREAS, said employees are and will be rendering valuable services to the
City of Stillwater; and
WHEREAS, the City of Stillwater has considered the establishment of a
Deferred Compensation Plan for the said employees made available to the
City of Stillwater and to said employees; and
WHEREAS, said employees aften are unable to acquire retirement security
under other existing and available retirment plans due to the contingencies
of employment mobility; and
WHEREAS, the City of Stillwater receives benefits under said plans by being
able to assure reasonable retirement security to said employees, by being
more able to attract competent personnel to its service, and by increasing
its flexibility in personnel management through elimination of the need for
continued employment for the sole purpose of allowing an employee to qualify
for retirement benefits.
NOW, THEREFORE, BE IT RESOLVED that the City of Stillwater establish said
Deferred Compensation Plan for said employees and hereby authorizes its City
Coordinator to execute the Deferred Compensation Plan (Exhibit "A", a copy of
which is on file in the City Clerk's Office), and
IT IS FURTHER RESOLVED that the City Coordinator may, on behalf of the City
of Stillwater execute all agreements with said employees and other eligible
officials and officers, which are necessary for said persons participation
in the plan.
Adopted by the Council this 12th day of February, 1980.
Published: February 22, 1980
Attest: i�C! 019 4 2ZC_
✓ City Clerk
Mayor
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