Res No 076-96-9830RESOLUTIONNO. 76-96-9830
Section 2. That the City Manager is authorized to recommend any necessary changes to
the deferred compensation plan agreements with the three companies mentioned above to ensure the
security of our employees' contributions into the retirement plan.
Section 3. That this resolution shall be effective immediately upon approval.
TT
�E T*,
CITY CLERK
READ AND APPROVED AS TO FORM:
2
CITY ATTORNEY
APPROVED:
Z,
MAYOR
COMMISSION VOTL: 5-#
Mayor Cunningham:
Vice Mayor Robaina:
Commissioner Price:
Commissioner Bethel:
Commissioner Young:
I
TO:
FROM:
CITY OF SOUTH MIAMI
6130 Sunset Drive, South Miami, FL 33143
Ma r and Commission
wpm
die Cox, City ManagE_
DATE:
RE:
April 10, 1996
Agenda Item #�
Commission Meeting
April 16, 1996
Deferred Compensation
Amendments
The attached resolution authorizes the City Manager to request amendments to several sections of
the deferred compensation agreements with the following companies:
i. The ICMA Corp.
2. Security First Group.
3. The Equitable Group.
Presently, our agreements with these companies allow our employees' contributions to be
considered assets of the City, subject to collection by the creditors of the City. Although, the
possibilities of the City defaulting in payment of its bills are very remote, the thought of any
creditor considering our employees' contributions as assets of the City is just too risky. I feel I
should recommend to you that the provisions of the contracts be changed. These contributions
were deducted from hard -earned wages of our employees and shouldn't be at risk.
Your approval of this resolution will mean better protection to our employees' contributions.
I recommend approval.
0,
e
"
o
CITY OF SOUTH MIAMI
6130 Sunset Drive, South Miami, FL 33143
Ma r and Commission
wpm
die Cox, City ManagE_
DATE:
RE:
April 10, 1996
Agenda Item #�
Commission Meeting
April 16, 1996
Deferred Compensation
Amendments
The attached resolution authorizes the City Manager to request amendments to several sections of
the deferred compensation agreements with the following companies:
i. The ICMA Corp.
2. Security First Group.
3. The Equitable Group.
Presently, our agreements with these companies allow our employees' contributions to be
considered assets of the City, subject to collection by the creditors of the City. Although, the
possibilities of the City defaulting in payment of its bills are very remote, the thought of any
creditor considering our employees' contributions as assets of the City is just too risky. I feel I
should recommend to you that the provisions of the contracts be changed. These contributions
were deducted from hard -earned wages of our employees and shouldn't be at risk.
Your approval of this resolution will mean better protection to our employees' contributions.
I recommend approval.
0,