HomeMy WebLinkAboutR-81-0532RED APPROVED BY: Cot 10
110 ,RT CITY AffORNEY
CITY COMMISSION
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AP 0 1� s F M AND qRRE'CTNESS; MEETING OF
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JUN2 5 1931
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CITY CF MIAMI• Fl_01=I0A
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ant to evaluate such proposals.
ipal employees to join deferred compensation
The Revenue Act of 1978 allows munic
55; of the employees compensator, up to $7,500,
plans. These plans allow to defer 2
free from current federal income taxes, where it can earn interest, which compounds
free of current taxes.
City of 'Miami does not currently have a deferred compensation plan for its employes,
except for the I.C.M.A. plan which includes only certain unclassified employees.
This resolution will allow the City ,tanager to advertise in local newspaper, to
request proposals for a deferred compensation plan. In addition, an independent
professional firm will be hired to evaluate such proposals.
This plan will bear no cost to the City. The employees will probably have some
minimal administrative cost. This plan will. be on a voluntary basis and will not
City's pension plan and system, in any way.
affect membership in the
Please have this item included in the agenda for the meeting of June 25, 1981.
cc: George F. Knox, Jr.,
City Attorney
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