AGENDA REPORT
DATE: September 23, 2024
TO: City Commission
FROM: Kenneth W. Buchman, City Attorney
SUBJECT: Resolution amending the 401(a) defined contribution retirement plan.
EXECUTIVE SUMMARY:
At the special meeting on August 21, 2024, after the Mayor suggested a 4% salary increase for the City Attorney and City Clerk, the Mayor advised that in lieu of a 4% salary increase for the City Manager, he would like to work with the City Manager to propose a different type of compensation benefit package for the City Manager. The City Commission concurred.
The proposed resolution amends the City’s 401(a) defined contribution plan for the miscellaneous employees, and separates the City Manager from other Miscellaneous employees, and provides that the City’s contribution will be as determined in the City Manager’s employment contract. There will be a separate resolution amending his employment contract.
RECOMMENDATION:
That the City Commission adopt a resolution approving the amendment to the City’s 401(a) defined contribution plan for the miscellaneous employees.
FISCAL IMPACT:
The proposed change in the plan would reduce the amount the City would have paid toward Medicare for any similar increase in salary.
Prepared by: Kenneth W. Buchman, City Attorney