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<br />11/05/1997 13:01 <br /> <br />305-755-7722 <br /> <br />NORTH BAY VILLAGE <br /> <br />PAGE 02 <br /> <br />DATE: <br /> <br />November 20, 1997 <br /> <br />TO: <br /> <br />City Commission <br /> <br />FROM: <br /> <br />City Manager <br /> <br />SUBJECT: <br /> <br />INTERNATIONAL CITY MANAGEMENT ASSOCIATION <br />EMPLOYEES 401 MONEY PURCHASE RETIREMENT PLAN AND <br />TRUST ADOPTION AGREEMENT <br /> <br />RECOMMENDA TION <br /> <br />It is recommended that the City Commission adopt, by resolution, the attached leMA Employee 401 <br />Money Purchase Retirement Plan. <br /> <br />REASONS <br /> <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 />reconunended 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 /> <br />ADDITIONAL INFORMATION <br /> <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 /> <br />A) <br />B) <br />C) <br /> <br />1 Year <br />2 Years <br />3 Years <br /> <br />40% vested <br />70% vested <br />100% vested <br /> <br />Employees must match the City's 10% payment with their own 4% contribution. <br />