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28 <br /> <br />A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PI~A~N FOR CERTAIN <br />ELIGIBLE F~IPLOYEES AND AUTHORIZING AND DIRECTING THE CiTY ~J%NAGER <br />TO EXECUTE A MASTER TRUST AGREF24ENT WITH THE iNTERNATIONAL CITY <br />~LANAGF~%[ENT ASSOCIATION RETiRF2~4ENT CORPORATION AND FURTHER TO AU- <br />THORIZE THE CITY bLANAGER OR bLAYOR TO EXECUTE DEFERRED COMPENSATION <br />EMPLOYMENT AGRE~,[ENTS WITH ELIGIBLE F~.PLOYEES~ <br /> <br /> ~HER~AS~ t~.e C=uy o~ Portsmouth, Virginia has in its <br />employ certain administrative professional and technical per- <br />sonnei; and <br /> <br /> WHEREAS, said ~p!oyees are and will be rendering va!u- <br />able services to the C~y~ and <br /> <br /> ~EREAS; the City has considered the estab!is~ment of <br />a De~e~red Compensation Plan for the said employees, such plan <br />having been made available to the City and to said emoloyees by <br />the International City Management Association Retirement Corpo- <br />ration; and <br /> <br /> ~ER~S, said employees often are unable to acquire <br />retmr~ment security under other existing and available retire- <br />ment plans due to the contingencies of emptop~ent mobility; and <br /> <br /> ~REAS~ the City of Portsmouth, Virginia, receives <br />benefits under said plans by being able to assure reasonable <br />security to said employees,-by being more able to attract ccm- <br />petent personnel to its service, and by increasing its flexibi- <br />lity in personnel management through elimination of the need for <br />continued employment for the sole purpose of allowing an employee <br />to qualify for retirement benefits. ~ <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Port~mouth, Virginia, that a Deferred Compensation Plan <br />be established for certain eligible employees and that the City <br />Manager is hereby authorized and directed to execute a Master <br />Trust Agreement with the International City Management Associa- <br />tion Retirement Corporation, such Trust Agre~en~ being attached <br />hereto as "Exhibit A"; and <br /> <br /> BE IT FURTHER RESOLVED that the City Manager may, on <br />behalf of the City of Portsmouth, Virginia, execute all Deferred <br />Compensation Employment Agreements which are necessary for said <br />persons to participate in the plan and that in the instance of <br />the City Manager, such agreement shall be executed by the Mayor. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a meeting held April 9, 1974. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />