City Council Resolution 1987-22RESOLUTION 87-22
RESOLUTION AUTHORIZING AGREEMENT WITH
CITY ADMINISTRATOR RELATING TO DEFERRED COMPENSATION
WHEREAS, Richard A. Wolfsteller ("Wolfsteller"), City Administrator
of the City of Monticello, has elected to be excluded from membership
in the Public Employees Retirement Association, which election has been
approved by the City Council; and
WHEREAS, prior to such action the City has contributed an employer's
contribution to the Public Employees Retirement Association for his
account; and
WHEREAS, by reason of such election, the City's employer contribution
to PERA on his account will cease; and
WHEREAS, Minnesota Statutes, Section 353.025, Subdivision 3, provides
as follows:
"(DEFERRED COMPENSATION: CITY CONTRIBUTION.) If an election
of exclusion is made, and if the City Manager and the governing
body of the City agree in writing that the additional compensation
is to be deferred and shall be contributed on behalf of
the City Manager to a deferred compensation program which meets
the requirements of Section 457 of the Internal Revenue Code of
1954, as amended through December 31, 1980, the governing body
may compensate the City Manager, in addition to the salary
allowed under any limitation imposed on salaries by law or
charter, in an amount equal to the employer contribution which
would be required by Section 353.27, Subdivision 3, if the City
Manager were a member of the association.
WHEREAS, the City Council desires to exercise the authority conferred
by the aforementioned Subdivision 3,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Monticello,
Minnesota, as follows:
1. In addition to the City Administrator's salary now in effect
or which may hereafter be established from time to time as
his stated salary, Wolfsteller shall be compensated in an additional
amount equal to the employer contribution which would be required
by Minnesota Statutes, Section 353.27, if he were a member
of the Public Employees Retirement Association subject, however,
to the provisions of the following paragraph of this resolution.
2. Such additional compensation shall be paid only if and during
the time that there is an agreement between City and Wolfsteller
wherein it is agreed in writing that the additional compensation
is to be deferred and shall be contributed on behalf of Wolfsteller
to a deferred compensation program which meets the requirements
of Section 457 of the Internal Revenue Code of 1954, as amended
through December 31, 1980.
Resolution 87- 22
Page 2
3. The Mayor, acting for and in behalf of the City, is hereby
authorized and directed to enter into an agreement of a type
described in the foregoing paragraph no. 2 with Wolfsteller.
Upon the execution of such agreement, the Mayor, City Administrator,
and other appropriate officials of the City are authorized
to take the actions necessary to give effect to the provisions
of such agreement.
The question was on the adoption of the Resolution and upon
a vote being taken thereon, the following voted in favor thereof:
Arve Grimsmo, Fran Fair, Bill Fair, Warren Smith, Dan Blonigen
And the following voted against the same:
None.
WHEREUPON SAID RESOLUTION WAS DECLARED DULY PASSED AND ADOPTED
THIS 10th day of August, 1987.
Arve A. Grimsmo
Mayor
ATTEST:
Ri6k Wolfstel r
City Administrator