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A RESOLUTION ADOPTING THE PRE-TAX PAYMENT PLAN OF THE CITY OF PORTSMOUTH AND AUTHORIZING THE CITY MANAGER TO EXECUTE ANY INSTRUMENTS DEEMED NECESSARY AND DESIRABLE TQ CARRY INTO EFFECT THE PLAN, INCLUDING ANY REQUIRED AMENDMENTS. WHEREAS, the City of Portsmouth, Virginia has its employ personnel who are and will be rendering valuable services to the City and its citizens; and WHEREAS, the Internal Revenue Code (Title 26) of the United States of America provides for the establishment of a Pre-Tax Payment Plan under Section 125 thereof, which will allow the City to deduct health insurance premiums before Federal, State and Social Security taxes are withheld; and WHEREAS, this plan will provide the employees of the City with additional money above their current take home pay without cost to the City or its citizens; and WHEREAS, the City and its citizens will receive benefits under this plan by being more able to attract and retain competent personnel in its employ; and WHEREAS, the City Council is of the opinion that it is in the best interest of the City of Portsmouth, its employees and its citizens to adopt a plan which meets the requirements of Section 125 of the Internal Revenue Code for employees eligible to participate therein. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that this Council ado~s the Pre-Tax Paymen~ plah of the City of Portsmouth, and that the City Manager be, and hereby is, authorized and directed to take any action necessary and execute any instruments deemed necessary and desirable to carry into effect said plan, including any required amendments thereto. Adopted by the Council of the City of Portsmouth, Virglnla at a meeting held January 13, 1987. Teste: City Clerk