The URL can be used to link to this page

Home My WebLink About1980-04-08 ResolutionI RESOLUTION NO. 80-122 RESOLUTION APPROVING CLASS C LIQUOR CONTROL LICENSE APPLTCATM BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that a Class C Liquor Control License application is hereby approvecfTor the following named person or persons at the following described location: Chris Wilke dba Wilke's Lounge, 122 Wright Said approval shall be subject to any conditions or re- strictions hereafter imposed by ordinance or State law. The City Clerk shall cause a recommendation for approval to he endorsed upon the application and forward the same together with the license fee, certificate of financial respoothernsibilityinforrmationuorty bond, documentsketch of requiredthe to themall Iowa Beer and Liquor Control Department. It was moved by Perret and seconded by yevera that the Resolution as rete adopted, and upon roI cs there were: AYES: NAYS: ABSENT: Balmer =_ _ Lynch x Erdahl =_ Neuhaueer x Perret Roberts x Vevera Passed and approved this 8th day of April 19 80 a r Attest: tr City Clerk MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES RESOLUTION N0. 80-123 RESOLUTION TO REFUND CIGARETTE PERMIT WIIEREAS, BPO Elks 11590 at 637 Foster Rd. in Iowa City, Iowa, has surrendered cigarette permit No. 80-149 , expiring June 30 , 19 80 and requests a refund on the unused portion thereof, now therefore, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, that cigarette permit No. 80-149 , issued to BPO Elks 11590 be cancelled, and BE IT FURTHER RESOLVED that the Mayor and City Clerk be and they are hereby authorized and directed to draw a warrant on the General Fund in the amount of $ 50.00 , payable. to BPO Elks 11590 as a refund on cigarette permit No. 80-149, It was moved by Ferret and seconded by Vevera that the Resolution as read be adopted, and upon roll call there were: AYEg: ilAi@L iii Balmer x Lynch x Erdahl x Neuhauser x Perret �_ Roberts x Vevera x Passed and approved this 8th day of April 19 80 2Z. — 6az MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES I j 7 I I I Attest:'�aL MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES I j I I I I RESOIdf('ION NO. 80-_124 RESOLUTION '1'0 REFUND A PORTION oP CLASS C LIQUOR LICENSE Flit: WIlEREAS, Wm. L.C. Faux-Burhans dha/ Bull Market, Inc. at 325 E. Washington has surrendered Liquor License n 9899 t,r, th': lows State Beer & Liquor Control I)epartment, and has received the State share of 35% of 2nd quarter of the liquor license fee, and, Mir -REAS, the above licensee has applied for refund of the City, share of 65% of 2nd quarter of the liquor license fee, Hf: 11' RESOLVED BY 'fill: CITY COUNCIL OF IOWA CITY, IOWA, that the Mayor and City Clerk be authorized and directed to draw a warrant on the General I Fund in the amount of $ 422.50 payable to Wm. L.C. Faux- Burhans, for refund of portion of Liquor License n 9899 1t was moved by Perret and seconded by Vevera that the Itesnlution as read he adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer x Lynch x Erdahl x Neuhauser x Parrot I x Roberts i x Vevera Passed and approved this 8th day of April 19 80, , favor ATTEST: — &Z", -Zzl��L_) \ City Clerk 7.30 MICROFIL14ED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES RESOLUTION NO. 80-125 RESOLUTION APPROVING CLASS "B" BEER PERMIT APPLICATION BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY IOWA that a Class "B" Beer Permit Application is hereby approved for the following named person or persons at the following described location; Iowa State Board of Regents University of Iowa dba Finkbine Golf Course, Iowa Memorial Union Said approval shall be subject to any conditions or re- strictions hereafter imposed by ordinance or State law. The City Clerk shall cause a recommendation for approval to be endorsed upon the application and forward the same together with the license fee, certificate of financial responsibility, surety bond and all other information or documents required to the Iowa Beer and Liquor Control Department. It was moved by Perret and seconded by ve that the Resolution as res a adopted, and upon roll call there were: AYES: NAYS: ABSENT: Balmer x Lynch x Erdahl x Neuhauser x Perret x x x Roberts Vevera Passed and approved this 8th day of April , 19 80 . Mor ify \ Attest: � , � ,��%�,� City Clerk 731 MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES 1-1V RESOIdTPION NO. 80-126 RESOI111'ION ACCEPTING PAVING & STORM SEWER ON FOSTER ROAD WKKFE 4, the Engineering Department has certified that the following improvements have been oompleted in accordance with plans and specifications of the City of Iowa City, Concrete paving and storm sewer on Foster Road in Conway's Addition, from the West P.T.R. of Buresh Avenue and Foster Road, east 267 feet, as constructed by Metro Pavers, Inc. of Iowa City, Iowa. AND WHEREAS, Maintenance Bonds for Metro Pavers, Inc. are on file in the City Clerk's office, NOW 'lf WM BE IT RESOLVED by the City Council of Iowa City, Iowa, that said inprovernents be accepted by the City of Iowa City. It was rowed by �rret and seconded by Vevera that the Resolution as read be accepted', and upon roll call there were: AYES: NAYS: ABSENT: Balmer x Erhahl x Lynch x Neuhauser x Perret x Roberts x Vevera x Passed and approved this 8th day of April , 19 80 . "�7kayor A=T:Received & 'Approve] City Clerk B e Legal De/11/1/� i�&L pefinenf MICROFILMED BY JORM MICR�LAB CEDAR RAPIDS • DES MOINES CITY OF IOWA C CIVIC; CENTR 4101 WK HINGTnN M InWA CI ry IOWA 52240 (319) 354.180D ENG INLIR'S REPORT April I, 1980 Honorable Mayor and City Council Iowa City Iowa Dear Honorable Mayor and Councilpersons: I hereby certify that the construction of the improvements listed below have been completed in substantial accordance with the plans and specifications of the Engineering Division of the City of Iowa City. The required maintenance bond is on file in the City Clerk's office. Concrete paving and storm sewer on Foster Road in Conway's Addition, from the West PTR of Buresh Avenue and Foster Road, east 267 fent, as constructed by Metro Pavers, Inc. of Iowa City, Iowa. I I hereby recommend that the above mentioned improvements be accepted by the City of Iowa City. Respectfully submitted, Charles J, Schmadeke, P.E. City Engineer MICROFILMED DY DORM MICRLAB CEDAR RAPIDS •DES MOIRES 73f/ I I i CITY OF IOWA C CIVIC; CENTR 4101 WK HINGTnN M InWA CI ry IOWA 52240 (319) 354.180D ENG INLIR'S REPORT April I, 1980 Honorable Mayor and City Council Iowa City Iowa Dear Honorable Mayor and Councilpersons: I hereby certify that the construction of the improvements listed below have been completed in substantial accordance with the plans and specifications of the Engineering Division of the City of Iowa City. The required maintenance bond is on file in the City Clerk's office. Concrete paving and storm sewer on Foster Road in Conway's Addition, from the West PTR of Buresh Avenue and Foster Road, east 267 fent, as constructed by Metro Pavers, Inc. of Iowa City, Iowa. I I hereby recommend that the above mentioned improvements be accepted by the City of Iowa City. Respectfully submitted, Charles J, Schmadeke, P.E. City Engineer MICROFILMED DY DORM MICRLAB CEDAR RAPIDS •DES MOIRES 73f/ RESOLUTION NO. 80-127 RESOLUTION AUTHORIZING ADDITIONAL DEFERRED COMPENSATION PLANS WHEREAS, the City Council by Resolution No. 73-547, authorized participation in the International City Management Association Retirement Corporation deferred compensation plan, and WHEREAS, certain income tax benefits accrue to employees through participation in such plans and the City Council recognizes that the tax advantages allow the City to offer an additional 'fringe benefit' with only minimal administrative cost to the City, and WHEREAS, it is now desirable to expand participation opportunities by entering into an agreement with the League of Iowa Municipalities, and WHEREAS, additional deferred compensation plans may be necessary to accommodate employee selections in the future. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY THAT THE CITY ESTABLISH DEFERRED COMPENSATION PLANS AS SET FORTH ABOVE AND FOR THIS PURPOSE AGREE TO THE FOLLOWING: That the Mayor and the City Clerk of the City of Iowa City, Iowa, are hereby authorized and in- structed to execute on behalf of the City of Iowa City, Iowa, a deferred compensation agreement between the City of Iowa City, Iowa and the League of Iowa Municipalities specifically and generally such other bona fide deferred compensation plans as necessitated by employee selections in the future. It was moved by rerret and seconded by Lynch that the Resolution be adopted, and upon roll call there were: AYES: NAYS: ABSENT: x Balmer X Erdahl X — Lynch x Neuhauser x Perret X Roberts X Vevera I Passed and approved this 8th day of April 1980. � YO Reeeivcd & Approved ATTEST: L By the legal De ertmeM CITY CLERK MICROFILMED DY JORM MICR�LAB CEDAR RAPIDS • DES MOINES EMPLOYER'S PARTICIPATION AGREEMENT THIS AGREEMENT is made this 9th day of Qoril 19__80, by and between the City Of I04la City of as� the " hereinafter 'referred to Employer", and the League of Iowa- Municipalities, herein- after referred to as the "League". The Employer hereby adopts the League Master Deferred Com- pensation Plan for the benefit of its eligible elected and appointed officers and employees. All of the terms, provisions and conditions of the League Master Deferred Compensation Plan are hereby incorporated into this ,joinder Agreement and together they now constitute the Employer's "Plan". In return for the League's permission to establish this Plan, the Employer hereby agrees to faithfully carry out his responsibil- ities and obligations under the plan. t c. , T:gktLA IOWA MUNICIPALITIES . Title: THE Mayor OF _Iowa Citv Iol•'a !Employerr))) Z I � - Title: Mayor Attest: City Clerk MICROFILMED BY JORM MICR(�LAB CEDAR RAPIDS DES MO1NE5 LEAGUE OF IOWA MUNICIPALITIES MASTER DEFERRED COMPENSATION PLAN I. INTRODUCTION The League of Iowa Municipalities hereby establishes the League of Iowa Municipalities Master Deferred Compensation Plan, hereinafter referred to as the "Plan", the purpose of which is to provide retirement benefits to elected and appointed officers and employees as well as certain Pre -retirement and death benefits to them and their beneficiaries. II. DEFINITIONS 2.01 "Compensation": The total annual remuneration received by a Participant from the Employer for employment or contracted services rendered by the Participant to the Employer. 2.02 "Deferred Compensation": The amounts, as mutually agreed to by the Participant and the Employer, by which unearned compensation shall be reduced in return for the benefits offered under this Plan. 2.03 "Retirement": Severance of the Participant's contract or employ- ment with the Employer on or after the Participant's 65th birthday by reason other than death. 2.04 "Beneficiary": Beneficiary or beneficiaries designated by the Participant in this agreement with the Employer to defer compensation. If more than one designated beneficiary survives the Participant, payments shall be made equally, unless otherwise provided in the beneficiary designation. Nothing herein shall prevent the Partici- pant from designating primary and secondary beneficiaries. 2.05 "Termination of Services'!: The severance of the Participant's contract or employment with the Employer prior to his retirement by reason other than death. 2.06 "Participant": Any individual who fulfills the eligibility and enrollment requirement of Article IV. -1- MICROFILMED DY JORM MICR�LAB CEDAR RAPIDS . DES MOINES 719 0 III. ADMINISTRATION This Plan shall be administered by the committee of not less than three persons appointed by the Employer, hereinafter referred to as the "Committee". The Committee shall represent the Employer in all matters concerning the administration of this Plan. The Employer may remove a committee member for any reason by giving him ten (10) days written notice, and fill any vacancies thus created. The Committee shall have full power and authority to adopt rules and regulations for the administration of the Plan, provided they are not inconsistent with the provisions of this Plan, and to interpret, alter, amend, or revoke any rules and regulations to be adopted. IV. PARTICIPATION IN THE PLAN 4.01 Eligibility: Any elected or appointed officer or employee who is not a member of the Committee and whom the Employer designates as eligible to participate, and who executes a Joinder Agreement with the Employer whereby he assents to the provisions of this Plan. 4.02 Enrollment in the Plan: (a) An eligible person, with respect to participation commencing in the initial year of the Plan, may become a Participant prior to or within a reasonable time after the Plan becomes effective, by agreement to defer compensation not yet earned. .Thereafter, a new Participant may agree to defer compensation not yet earned, but such agreement must be made prior to the beginning of the calendar year in which it is to become effec- tive. (b) At the time of entering into an agreement hereunder to defer compensation or at the time of re-entry following a withdrawal, a Participant must agree to defer a minimum of $180.00 per year. (c) A Participant who defers compensation may not modify such agree- ment to change the amount deferred except with respect to compen- sation earned in the subsequent calendar year or except as provided in ARTICLE VII hereof with respect to WITHDRAWALS. Any such modification shall have no effect upon compensation deferred up to the date of modification, which shall be payable only as provided in ARTICLES V AND VI. (d) A Participant may at any time revoke his agreement to defer compensation by notifying the Employer in writing 30 days prior to the effective date of the termination, however, his accrued benefits shall only be paid as provided in ARTICLES V AND VI. (e) A Participant who has withdrawn as set forth in ARTICLE VII or revoked as set forth in (d) above may again become a Participant by executing a new agreement to defer compensation not yet earned, but such agreement must be made prior to the beginning of the calendar year in which it is to become effective. -2- MICROFILMED BY JORM MICR+LA9 CEDAR RAPIDS • DES MOINES I 7119 I I 0 III. ADMINISTRATION This Plan shall be administered by the committee of not less than three persons appointed by the Employer, hereinafter referred to as the "Committee". The Committee shall represent the Employer in all matters concerning the administration of this Plan. The Employer may remove a committee member for any reason by giving him ten (10) days written notice, and fill any vacancies thus created. The Committee shall have full power and authority to adopt rules and regulations for the administration of the Plan, provided they are not inconsistent with the provisions of this Plan, and to interpret, alter, amend, or revoke any rules and regulations to be adopted. IV. PARTICIPATION IN THE PLAN 4.01 Eligibility: Any elected or appointed officer or employee who is not a member of the Committee and whom the Employer designates as eligible to participate, and who executes a Joinder Agreement with the Employer whereby he assents to the provisions of this Plan. 4.02 Enrollment in the Plan: (a) An eligible person, with respect to participation commencing in the initial year of the Plan, may become a Participant prior to or within a reasonable time after the Plan becomes effective, by agreement to defer compensation not yet earned. .Thereafter, a new Participant may agree to defer compensation not yet earned, but such agreement must be made prior to the beginning of the calendar year in which it is to become effec- tive. (b) At the time of entering into an agreement hereunder to defer compensation or at the time of re-entry following a withdrawal, a Participant must agree to defer a minimum of $180.00 per year. (c) A Participant who defers compensation may not modify such agree- ment to change the amount deferred except with respect to compen- sation earned in the subsequent calendar year or except as provided in ARTICLE VII hereof with respect to WITHDRAWALS. Any such modification shall have no effect upon compensation deferred up to the date of modification, which shall be payable only as provided in ARTICLES V AND VI. (d) A Participant may at any time revoke his agreement to defer compensation by notifying the Employer in writing 30 days prior to the effective date of the termination, however, his accrued benefits shall only be paid as provided in ARTICLES V AND VI. (e) A Participant who has withdrawn as set forth in ARTICLE VII or revoked as set forth in (d) above may again become a Participant by executing a new agreement to defer compensation not yet earned, but such agreement must be made prior to the beginning of the calendar year in which it is to become effective. -2- MICROFILMED BY JORM MICR+LA9 CEDAR RAPIDS • DES MOINES I 7119 V. BENEFITS ON RETIRE,•..,NT 5.01 If the Participant continues in the service of the Employer until his retirement the Employer shall, beginning on the 15th day of the month next following the date of such retirement, pay to such Participant in accordance with the election in the employee's Joinder Agreement: (a) A fluctuating monthly payment equal to the amount which would have been payable under a variable annuity contract with respect to the Participant for whom such payments are being determined had such a contract been purchased from Aetna Variable Annuity Life Insurance Company, with such Participant included as the annuitant thereunder, with an annual premium equal to the amount of his Deferred Compensation, and had the method of payment selected been 120 months certain and life, 100% variable annuity option; or (b) A fixed monthly payment equal to the amount which would have been payable under a fixed annuity contract with respect to the Participant for whom such payments are being determined had such a contract been purchased from Aetna Variable Annuity Life Insurance Company, with such annual premium equal to the amount of his Deferred Compensation, and had the method of payment selected been 120 months certain and life. 5.02 Notwithstanding anything which appears in Section 5.01, nothing herein shall require the Employer to purchase such contracts or Policies, but in the event the Employer should purchase such contracts or policies, it shall not be required to exercise any option, election or right with respect to such contracts or policies, or if it wishes to exercise any option, election or right under such contracts or policies, it shall not be required to exercise such option, election or right in any particular manner. 5.03 Should the Participant the at any time after retirement, whether prior to or after he has begun to receive the retirement payment(s) provided by Section 5.01, his designated beneficiary or beneficiaries shall be entitled to receive the balance remaining of such payment(s). If no beneficiary is designated as provided in Section 2.04 of this agreement, or if the designated beneficiary does not survive the period during which such payment(s) are to be made, then the executors or adminstrators of the Participant shall receive a lump -sum amount equal to the current value of such payment(s). VI. BENEFITS ON TERMINATION OF SERVICES OR DEATH PRIOR TO RETIREb1ENT 6.01 In the event the Participant terminates his services for reasons other than retirement the Employer shall pay to the Participant in accordance with the election in the employee's Joinder Agreement, an amount equal to what would be available under the contract or Policies described in Section 5.01. -3- _ 77 / MICROFILMED BY JORM MICR+LAB CEDAR RAPIDS • DES MOINES .-, :_� 6.02 In the event ,ne Participant dies before his ._cirement or prior to receiving the benefit provided for in Section 6.01, his beneficiary or beneficiaries shall be entitled to receive a death benefit equal to that which shall be available under the contract or policies described in Section 5.01. If no beneficiary is designated as provided in Section 2.04, or if the designated beneficiary does not survive the Participant for a period of 30 days then the executors or administrators of the Participant shall receive the benefits in a lump -sum. VII. WITHDRAWALS For serious financial reasons a Participant may apply to the Committee for withdrawal from the Plan prior to retirement or other termination of the Participant's services with the Employer. Such early withdrawals shall be permitted only in the event of real emergencies which are beyond the Participant's control and which will cause the Participant great hardship if early withdrawal is not permitted. The amount withdrawable will be limited to that necessary to meet the emergency situation. With- drawals for foreseeable expenditures normally budgetable will not be permitted. Foreseeable expenditures will normally include such items as down payment on a home, vacation expenses, purchase of an automobile, or college expenses. Upon approval by the Committee, it shall treat such Participant as if he had terminated his services on the date of such withdrawal and pay such benefit or benefits as provided for in Section 6.01. VIII. LEAVE OF ABSENCE If a Participant is on an approved leave of absence from the Employer with compensation, or on an approved leave of absence without compen- sation for a period of not more than one year, his participation in this Plan will continue. IX. AMENDMENT OR TERMINATION OF PLAN 9.01 The Employer may at any time terminate this Plan. Upon such termination, the Participants in the Plan will be deemed to have withdrawn from the Plan as of the date of such termination, the Participant's full compensation on a non -deferred basis will be thereupon restored and the Committee shall treat such Participants as if they had terminated their services on the date of the termi- nation and such benefit or benefits as provided in Section 6.01. 9.02 The Employer may also amend the provisions of this Plan at any time; provided, however, that no amendment shall affect the rights of Participants or their beneficiaries to the receipt of payment of benefits to the extent of any compensation deferred before the time of the amendment, as adjusted for investment experience under the contracts and policies described in Section 5.01 prior to and subsequent to the amendment. -4- MICROFILMED BY JORM MICR+LAS CEDAR RAPIDS • DES MOINES A os I i t s t' X. NON -ASSIGNABILITY CLAUSE it is agreed that neither the Participant, nor his beneficiary nor any other designee, shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder which payments and rights thereto are expressly declared to be nonassignable and nontransferable; and, in the event of any attempted assignment for transfer, the Employer shall have no further liability hereunder; nor shall any unpaid benefits be subject to attachment, garnishment or execution, or be transferable by operation of law in event of bankruptcy, insovency, except to the extent otherwise required by law. XI. NON -FUNDING OF BENEFITS If the Employer shall acquire any contracts or policies in connection with the liabilities assumed by it hereunder it is expressly understood and agreed that neither the Participant nor any beneficiary of the Participan shall have any right with respect to, or claim against such contracts or policies. Such investment or assets shall not be held in any way as collaterial security for the fulfilling of the obligations of the Employer under this Plan, and shall be subject to the claims of creditors of the Employer. The Employer shall be desig- nated owner and beneficiary of any insurance or annuity contracts which it may purchase or acquire pursuant to this Plan. XII. APPLICABLE LAW This Plan shall be construed under the law of the State of Iowa. IN WITNESS WHEREOF, the League of Iowa Municipalities has caused this Plan to be signed by its duly authorized Officer and Attest on this %L, day of .rl , 19_RL. s� ATTEST: MICROFILMED BY JORM MICR+LA9 CEDAR RAPIDS • DES MOINES 744/9 I City of Iowa CH, MEMORANDUM Date: April 3, 1980 To: City Council From: Neal G. Berlin, City Manager Re: Proposed Deferred Compensation Program A deferred compensation program is designed to supplement Social Security, IPERS, etc. It is a voluntary program which enables an employee to defer up to 25% of gross pay from future pay periods and immediately reduces current income taxes paid. The City of Iowa City owns the contract, pays by payroll deduction and is the beneficiary. The deferred compensation agreement defines the employees' rights. Currently, two employees participate in an ICMA P program for deferred compensation. This will be continued and expanded to include additional management employees who choose this program. Staff from the Legal Department, Finance Department, and the Human Relations Department have researched several deferred compensation programs and have recommended that the City participate in the League of Iowa Municipalities (LIM) Program. The Prouty Company of Des Moines services the program for LIM. Sioux City, Waterloo, Cedar Falls, Des Moines, Mason City and Council Bluffs are some Iowa cities currently participating in LIM program. A Prouty Company representative will explain the program to eligible employees in information meetings and work individually with any interested employees. The City will sign a joinder agreement and a participation agreement with LIM. The employee will sign a participation agreement authorizing payroll deduction, distribution, and naming a beneficiary. If an employee prefers to participate in a deferred compensation program other than the ICMA or the LIM, it will be the employee's responsibility to work with the Deferred Compensation Committee to set up that program. The attached resolution authorizes the Mayor to execute an agreement for the LIM program and for any other bona fide programs. Internal administrative rules are as follows: 1. Permanent management and confidential employees may voluntarily participate. 2. The minimum deferable amount is $12.50 bi-weekly. 1 3. The reduction in taxable biweekly pay will be made on all paychecks; the annual amount will be spread evenly over all paychecks. 4. An employee may stop or reduce future deferred compensation amounts at any time. Stop and reduce requests must be received on the 15th of the month to be effective the first paycheck of the following month. 2 V1 MICROFILMED BY JORM MICR+LA9 CEDAR RAPIDS • DES MOINES 5. The enrollment period will be February thru March 15th each year for deductions beginning in April. 6. An employee may enroll or increase future deferred compensation amounts during the enrollment period only. 7. New employees may enroll during the enrollment period only. i8. Employees may specify in which investment accounts deposits are to be made and may change diversification of accounts at any time i within the parameter set by the Insurance Company. 9. The maximum deferred amount is limited to 25% of gross pay as ispecified in the law. 10. Deferred funds are available when employees are (a) disabled, (b) retired, (c) deceased, (d) terminated, (e) involved in a financial emergency as approved by the Deferred Compensation Committee (Internal Revenue Service defines financial emergency as anything unbudgetable). 11. The Deferred Compensation Committee shall consist of the Director of Finance, an Assistant City Attorney, and a representative of the Human Relations Department. These options are available upon termination of employment: 1. Receive a refund. 2. Leave money at interest. 3. If transferring to another governmental agency in the State of Iowa, the account may be transferred. 4. If transferring to private sector, the account may be continued on an individual basis but there is an increased administration charge. There is no direct cost to the City as the entire deferred amount would be deducted from the employee's paycheck. The administrative cost of providing for the payroll deduction and submitting the payment to the company will be minimal once the program is implemented. The City will receive a monthly listing of all employees' account status and will then submit a lump payment to the Prouty Company on the first of each month. Following is the implementation schedule: Action Date Submission of recommendation to City Manager for approval. April 1, 1980 Council approval of resolution authorizing deferred compensation plans. April 8, 1980 Information sent to management and confidential employees. April 16, 1980 MICROFILMED BY JORM MICR+LAS CEDAR RAPIDS • DES MOINES /,—` 3 Prouty representative meets with employees Payroll deductions started on paycheck issued on First payment to Prouty Company tp/sp MICROFILMED DY JORM MICR�LAB 4 t! CEDAR RAPIDS • DES MOINES Week of April 21, 1980 May 16, 1980 June 2, 1980 7y9 I i I o d City of Iowa CH, MEMORANDUM Date: April 3, 1980 To: City Council From: Neal G. Berlin, City Manager Re: Proposed Deferred Compensation Program A deferred compensation program is designed to supplement Social Security, IPERS, etc. It is a voluntary program which enables an employee to defer up to 25% of gross pay from future pay periods and immediately reduces current income taxes paid. The City of Iowa City owns the contract, pays by payroll deduction and is the beneficiary. The deferred compensation agreement defines the employees' rights. Currently, two employees participate in an ICMA program for deferred compensation. This will be continued and expanded to include additional management employees who choose this program. Staff from the Legal Department, Finance Department, and the Human Relations Department have researched several deferred compensation programs and have recommended that the City participate in the League of Iowa Municipalities (LIM) Program. The Prouty Company of Des Moines services the program for LIM. Sioux City, Waterloo, Cedar Falls, Des Moines, Mason City and Council Bluffs are some Iowa cities currently participating in LIM program. A Prouty Company representative will explain the program to eligible employees in information meetings and work individually with any interested employees. The City will sign a joinder agreement and a participation agreement with LIM. The employee will sign a participation agreement authorizing payroll deduction, distribution, and naming a beneficiary. If an employee prefers to participate in a deferred compensation program other than the ICMA or the LIM, it will be the employee's responsibility to work with the Deferred Compensation Committee to set up that program. The attached resolution authorizes the Mayor to execute an agreement for the LIM program and for any other bona fide programs. Internal administrative rules are as follows: I. Permanent management and confidential employees may voluntarily participate. 2. The minimum deferable amount is $12.50 biweekly. 3. The reduction in taxable bi-weekly pay will be made on all paychecks; the annual amount will be spread evenly over all paychecks. 4. An employee may stop or reduce future deferred compensation amounts at any time. Stop and reduce requests must be received on the 15th of the month to be effective the first paycheck of the following month. MICROFILMED aY JORM MICR�LA13 CEDAR RAPIDS • DES MOINES 2 V1 A 2 ri 5. The enrollment period will be February thru March 15th each year for deductions beginning in April. 6. An employee may enroll or increase future deferred compensation amounts during the enrollment period only. 7. New employees may enroll during the enrollment period only. 8. Employees may specify in which investment accounts deposits are to be made and may change diversification of accounts at any time within the parameter set by the Insurance Company. 9. The maximum deferred amount is limited to 25% of gross pay as specified in the law. 10. Deferred funds are available when employees are (a) disabled, (b) retired, (c) deceased, (d) terminated, (e) involved in a financial emergency as approved by the Deferred Compensation Committee (Internal Revenue Service defines financial emergency as anything unbudgetable). 11. The Deferred Compensation Committee shall consist of the Director of Finance, an Assistant City Attorney, and a representative of the Human Relations Department. These options are available upon termination of employment: 1. Receive a refund. 2. Leave money at interest. 3. If transferring to another governmental agency in the State of Iowa, the account may be transferred. 4. If transferring to private sector, the account may be continued on an individual basis but there is an increased administration charge. There is no direct cost to the City as the entire deferred amount would be deducted from the employee's paycheck. The administrative cost of providing for the payroll deduction and submitting the payment to the company will be minimal once the program is implemented. The City will receive a monthly listing of all employees' account status and will then submit a lump payment to the Prouty Company on the first of each month. Following is the implementation schedule: Action Submission of recommendation to City Manager for approval. Council approval of resolution authorizing deferred compensation plans. Information sent to management and confidential employees. MICROFILMED BY DORM MICR#L-AB CEDAR RAPIDS • DES MOVIES Date April 1, 1980 April 8, 1980 April 16, 1980 Af� 3 ! Prouty representative meets with employees | �ayroll deductions started on paycheck issued on First payment to Prouty Company ^ Week of April 21, 1980 May 16, 1980 June 2, 1980 ......... ... .'-........... --—-------.............. ------ - MICROFILMED BY ' � � ' ` ` , ` CEDAR RAPIDS - DES MOINES