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35 <br /> <br />A RESOLUTION ADOPTING THE SECOND COMPONENT OF THE PRE-TAX PAYMENT <br />PLAN ENABLING A FLEXIBLE SPENDING ACCOUNT FOR THE BENEFIT OF CITY <br />EMPLOYEES. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia, has in its employ <br />personnel who are and will be rendering valuable services to the <br />City and its citizens; and <br /> <br /> ~EREAS, the Internal Revenue Code (Tile 26) of the United <br />States of America provides for the establishment of a Flexible <br />Benefit Plan under Section 125 thereof, which will allow the City <br />to deduct health insurance premiums, medical expenses, and <br />dependent care expenses before Federal, State, and Social <br />Security taxes are withheld; and <br /> <br /> WHEREAS, the City and its citizens will receive benefits <br />under this plan by being more able to attract and retain <br />competent personnel in its employ; and <br /> <br /> WHEREAS, the City Council is of the opinion that it is in <br />the best interest of the City of Portsmouth, its employees, and <br />its citizens to adopt a plan which meets the requirements of <br />Section 1.25 of the Internal Revenue Code for employees to <br />participate therein. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia, that this Council adopts the Flexible <br />Benefit Plan of the City of Portsmouth, and that the City Manager <br />be, and hereby is, authorized and directed to take any action <br />necessary and execute ~ny instruments deemed necessary and <br />desirable to carry into effects s~id ~-ian, including any required <br />amendment thereto. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held June 25, 1991. <br /> <br />TESTE: <br /> <br />CITY CLERK <br /> <br /> <br />