Res 2008 - 457 Defeerred Compensation Match COUNCIL BILL NO. 2886
RESOLUTION NO. 2008
A RESOLUTION REDUCING THE 457 DEFERRED COMPENSATION MATCH AMOUNT
FOR MANAGEMENT AND NON -UNION EMPLOYEES
WHEREAS, in 2007, pursuant to Resolution 1863, the City Council authorized
the City to match the 457 deferred compensation contribution of management
and non -union employees in an amount not to exceed five percent (5%) of the
Employee's annual salary ( "match amount "); and
WHEREAS, because of severe budget constraints, the City is no longer able
to continue the five percent (5 %) deferred compensation match amount and
must reduce the match amount to two percent (2 %) of the Employee's annual
salary; NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. Beginning with the March 2012 pay period the City shall reduce
the existing 457 deferred compensation match amount from five percent (5 %)
of annual salary to an amount not to exceed two percent (2 %) provided that
the employee contributes an equal or greater percentage. The minimum
employee contribution shall be two percent (2%). The total contribution into an
employee deferred compensation account cannot exceed limitations imposed
under the provisions of the Internal Revenue Code.
Approved as to Form: / •
.44Ib 2 Zs 2'2_
City • orney. D ate
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APPRaVED: A611gleilik/i1A1
Kathry Figl y, Mayor ir
Passed by the Council
a-I/24 /Z
Submitted to the Mayor a /�k/2or
Approved by the Mayor .3/720/ z
Filed in the Of ice of the Recorder 3 /0e
ATTEST: MI .
i hristina Shearer Recorder
ity of Woodburn, Oregon
Page 1 - Council Bill No. 2886
Resolution No. 2008