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City of Sunny Isles Beach <br />6� <br />17070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br />(305)947.0606 phone (305)949-3113 fax <br />David Samson <br />Mavor <br />To: <br />City Commission <br />Irving Turetsky <br />Vice Maur <br />From: <br />City Manager <br />Commissioners <br />Date: <br />October 14. 1999 <br />Danny Iglesias <br />' <br />Lila Kaufman <br />Connie Morrow <br />Subject: <br />INTERNATIONAL CITY MANAGEMENT ASSOCIATION <br />RETIREMENT CORPORATION MANAGEMENT EMPLOYEES 401 <br />City Manager <br />MONEY PURCHASE RETIREMENT PLAN AND TRUST <br />ADOPTION AGREEMENT <br />Lynn D7. Dannheisser <br />City Attorney <br />RECOMMENDATION <br />It is recommended that the City Commission authorize the City Manager to revise the plan <br />as established in accordance with Resolution No. 97-22, adopted November 20, 19997, to <br />provide that management employees may contribute to the plan as other staff are permitted <br />to do so. <br />REASONS <br />When the former City Manager recommended the adoption of the above referenced <br />Resolution, it denied all management employees the benefit of tax deferred contributions <br />which all non -management employees make. <br />ADDITIONAL INFORMATION <br />Contributions by employees enhance the value ofthe retirement plan and enable employees <br />to increase their retirement account at no additional cost to the City. There are other <br />provisions that also benefit employees in the management of their retirement plan that have <br />no additional cost to the City or additional burden for the Finance Department which <br />administers the plan. The authority granted to the Manager by Resolution No. 97-22 needs <br />no changes, but this resolution will provide the basis for remedying the inequity of the <br />Management as regards to those covered by it. <br />Respectfully submitted, <br />Jack Neustadt <br />Interim City Manager <br />JN:pw <br />