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HomeMy WebLinkAboutReso 1977-8720e RESOLUTION NO. 8720 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING MODIFICATION TO MIDDLE MANAGEMENT FRINGE BENEFITS The City Council of the City of Chula Vista does hereby resolve as follows: WHEREAS, the City has suggested a modification to Middle Management fringe benefits in the administration of a deferred compensation plan with the Public Employees' Retirement System in order to maintain better fiscal control, and WHEREAS, said modification is shown on Exhibit "A", attached hereto and incorporated herein by reference as if set forth in full. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista that said modification to Middle Management fringe benefits set forth in Exhibit "A" be, and the same is hereby approved. Presented by Approved as to form by A. A. Bigge, Director of ~JGeorge Lindberg, City Attor~t~y Personnel ADOPTED AND APPROVED by the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, this 19th day of July 1977, by the following vote, to-wit: AYES: Councilmen Hobel, Cox, Hyde, Scott, Egdahl NAYES: Councilmen None ABSENT: Councilmen None ATTEST City C erk STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CHULA VISTA ) ~~ ~ Mayor of the City of C la Vista I, , City Clerk of the City of Chula Vista, California, DO HEREBY CERTIFY that the above is a full, true and correct copy of Resolution No. and that the same has not been amended or repealed. DATED City Clerk EXN~8~7' -_d__ SUGGESTED REVISION Staff Fringe Benefit Recommendations - Middle Management 1. Employees in designated Middle Management Classifications have the option of applying their normal contribution to the Public Employeees' Retirement System as "deferred compensation" which is not subject to tax until withdrawal. Effective the pay period July 15 - July 28, 1977, said amount will be forwarded by the City to the Public Employees' Retirement System to be credited to the employees' individual account. Employees who select this plan are advised that there may be some question as to the practicability of such a plan and they could, as a result of an adverse I.R.S. or judicial ruling, be ineligible for such a plan and may have to pay taxes and penalties on amounts previously deferred.