HomeMy WebLinkAbout6-91 RESOLUTIONRESOLUTION NO. 6-91
1,r
A RESOLUTION TO AMEND THE GENERAL EMPLOYEES
PENSION PLAN AND ICMA DEFERRED COMPENSATION
PLAN EMPLOYER CONTRIBUTION FROM THE CURRENT 6%
LEVEL TO 9% EFFECTIVE JANUARY 1, 1991.
WHEREAS, the Board
Study effective January
a minimum 9% funding to
has previously adopted the Hay Pay Plan
1, 1990 in its entirety which recommended
said plans; and
WHEREAS, the Board reduced the contingency funding contained
in 1990 budget from 10% to 8% thereby causing a delay in
implementing this remaining section of the pay plan; and
WHEREAS, in consideration of the additional benefit value
represented by granting the maximum sick leave to civil service
employees permitted by code, that a corresponding benefit value be
granted to general employees to maintain a parity in benefits.
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That the General Employee Pension Plan and ICMA
deferred compensation plan be amended to provide a 9% employer
contribution and that 1991 budgeted funds be provided for this
purpose.
PASSED AND APPROVED this 2nd day of January , 1991.
APPROVED:
By
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ATTEST:
,�:EtY
City C.
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