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MEETING REQUEST F�R COU�NCIL A�TlQiV °AT�� J�� 2�� g'� AGENDA SECTION: ORIGINATING DEPT./DIV.: Reports � REcommendations Aclministxation ITEM NO_ : ITEM DESCRIP7IQN: � r y Deferred Cozrg�ensation Plan �. DEPT.HEAD APPROVAL. MGft. REVI�WED/RECOAAMEND5: �"1 �.�'�--r4..�° Charles Honchel�., Direcior of Public Works, is reauesting the City of Rosevil�e to enter into an agreement with the I{�9A Retiremen� Coxporation and himself to defer and deposit a portian of his salary into a Trust aclmir�istered by ICM11 Retirement Carporation. The I.C.M.A. Deferr�d Compensation Plan is available to any practzcing member of a management or technical profession serving local or state govexn.ment. The deferred portian of the employee's "total cor►ipensation" is not received by him during his period o£ ernp�oymexzt �nd is tlierefore nat taxable during that period. The P1an is of particular benefi� to those pro£essianal grou�s o� local government employees who tend to have a higher geographi.c mobili�y. The Plan is campletely portable in that it �.s available ta a11 Iocal arid state governments and is administxed by one national administrator. The Plan provides the employee with a means af inee�xng �he diverse retirement needs �f the administrative, professional and technical personnel. For the employee, it provides a persona.l and flexible retirement program. The Ci�y Atforney has reviewed �he agreements and has provided �anguage thereto which assures that Rasevi].le is not vbligated beyond tu�ning over the deferred cot�ensation �o the ICMA Re�irement Corpora�ion. Mr. Honchell is requssting that $�,OOQ be defex-red from his current annual salary. Action Requested: Motion adopting a resalutxon Y,vhich authoxizes the Mayor and City Manager to execute the Master Trust Agreemen-� wzth the ICMA Retirement Corporation and ta also execute the Deferred Compensa�ion Employment Agreement w�th �haxles Honchell. �