Res 78 - 35 Supporting Deferred Compensation Plans for State & Local Government EmployeesCITY OF MENDOTA HEIGHTS
Dakota County, Minnesota
RESOLUTION NO. 78-35
RESOLUTION SUPPORTING DEFERRED COMPENSATION PLANS
FOR STATE AND LOCAL GOVERNMENT.EMPLOYEES
WHEREAS, Minnesota Statutes 352.96 to 352.97 authorize state and local
government employees to participate in a state deferred compensation plan;
and
WHEREAS, such plan was approved by the Internal Revenue Service as early
as January 9, 1976; and
WHEREAS, some twenty-five Minnesota cities'have been granted favorable
rulings by the IRS authorizing deferred compensation programs;'and
WHEREAS, some 355 municipal employees In Minnesota are presently
contributing to such deferred compensation program; and
WHEREAS, the City of Mendota Heights has adopted such a plan and received
IRS approval;' and
7 WHEREAS; Mendota Heights officials believe that such a plan grants
opportunities for its employees to formulate individualized retirement plans;
and f .
WHEREAS, such a plan allows volunteer firemen, elected officials; and
other part-time governmental employees to defer this secondary source of
income to a time when no more primary income is being generated;
NOW THEREFORE BE IT RESOLVED that thelCity.Council of the City of
Mendota Heights this Fourth -day of April hereby urges its congressional
representatives to oppose Rules and Regulations being adopted by the IRS that
would do away with deferred compensation plans; and `
BE IT FURTHER RESOLVED that the congressional representatives are urged
to support H.R. 10746 and S. 2627 to continue the deferred compensation plan
for State and Local government employees as has been practiced in past years.
Adopted by the City Council of the City of Mendota Heights this Fourth day
of April, -1978.
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
ROBERT G. LOCKWOOD
pMayor
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City Clerk