Minutes 01/13/1987 - Laserfiche WebLink

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January 13, 198- net take home pay. This plan requires no financial participation from the employer and does not affect other City benefits. All City employees will be eligible to participate in this on a voluntary basis. Those employees who do not elect to partici- pate when first becoming eligible will again be eligible to partici- pate at the beginning of the next plan year. As reccmmended, this ~lan will become effective February 1, 1987. Our plan is patterned others which have been adopted by several Virginia localities and it conforms to the new tax laws. I, therefore, recommend that City Council adopt a resolution authorizing the execution of the Pre-Tax Health Care Premium Pro to become effective February 1, 1987.' On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted, and by the following vote: "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 TO CARRY INTO EFFECT THY PLAN, INCLUDING ANY REQUIRED AMENDMENTS. WHEREAS, the City of Portsmouth, Virginia has in its employ rsonnel who are and will be rendering valuable services to the ~ty and its citizens; and WHEREAS, the Internal Revenue Code (Title 26) of the United of America provides for the establishment of a Pre-Tax Paymez 'lan under Section 125 thereof, which will allow the City to deduct ~ealth 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 this WHEREAS, the city and its citizens will receive benefits under plan by being more able to attract ~nd retain competent person- in its employ; and WHEREAS, the City Council is of the opinion that it is in the interest of the City of Portsmouth, its employees and its citizens to adopt a plan which meets the requirements of Section 12! of the Internal Revenue Code for employees eligible to participate therein. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Pertsmouth, Virginia that this Council adopts the Pre-Tax Payment of the City of Portsmouth, and that the City Manager be, and is, authorized and directed to take any action necessary and any instruments deemed necessary and desirable to carry into effect said plan, including any required amendments thereto." Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Holle~ Nays: None 87-~ - Letters from the City Manager recommending adoption ~on to authorize the abandonment of utility and drainage ~asements needed in Beechdale Commerce Park. of "The Portsmcuth Industrial Development Authority (PIDA) is preparing to sell several parcels of land in Beechdale Commerce Par Prior to do~ng so, PIDA wohld like to vacate some easements which ~re no longer needed and which, unless ~acated, will obstruct de- ~ment of the sites.