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l <br />11/06/1997 13:01 305-756-7722 <br />NOPTH BAY VILLAGE <br />PAGE 02 <br />DATE: November 20, 1997 <br />TO: City Commission <br />FROM: City Manager <br />SUBJECT: INTERNATIONAL CITY MANAGEMENT ASSOCIATION <br />EMPLOYEES 401 MONEY PURCHASE RETIREMENT PLAN AND <br />TRUST ADOPTION AGREEMENT <br />RECOMMENDATION <br />It is recommended that the City Commission adopt, by resolution, the attached ICMA Employee 401 <br />Money Purchase Retirement Plan. <br />REASONS <br />When the Paralegal Assistant was hired in September 1997, it was anticipated that she would receive <br />retirement program benefits similar to other employees. A 10% City contribution rate is <br />recommended as it is the same as provided to the City Attorney and City Manager and is a reasonable <br />standard that can be used throughout the organization. The proposed agreement accomplishes the <br />purpose of establishing a city-wide program (excluding management employees), allows the City to <br />use this benefit as a recruitment tool for obtaining additional qualified employees and will assist in <br />closing out the books for the 1997 tax year. <br />ADDITIONAL INFORMATION <br />City contributions will be made monthly, with retroactive payments to the date of hire. The <br />employees' plan offers the following vesting schedule. <br />A) 1 Year 40% vested <br />B) 2 Years 70% vested <br />C), 3 Years - 100%-vested <br />must match the City's 10% payment with their own 4% contribution. <br />2� <br />