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HomeMy WebLinkAbout2859 Resolution RESOLUTION NO. 2— S A RESOLUTION AUTHORIZING THE APPROVAL OF A MEDICAL SAVINGS ACCOUNTNOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION ("MSA VEBA")PLAN FOR DEPARTMENT DIRECTORS WHEREAS, the Internal Revenue Code, Section 501(c)(9) allows for the creation of a voluntary employee beneficiary association which is an employee sponsored, tax-exempt health and welfare trust; and WHEREAS, the Council approved Resolution 2847 establishing a Medical Savings Account/Voluntary Employees' Beneficiation Association ("MSA VEBA"); and WHEREAS, Resolution 2847 requires each group of eligible employees be defined and approved by the Council or bargaining contract; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON HEREBY RESOLVES AS FOLLOWS: Section 1. The City recognizes and approves the Department Directors, including the City Manager and Municipal Court Judge, as a VEBA eligible group. Section 2. Effective January 1, 2005, the Council approves the participation of the Department Directors, including the City Manager and the Municipal Court Judge, in the City of Pasco VEBA benefit. Section 3. The Plan will be funded by employer contributions in exchange for compensation, as follows: • Sick leave cash-out upon retirement only; • A 2% salary deferral PASSED by the City Council of the City of Pasco this 6th day of December, 2004 Whael L. icon Mayor ATTEST: APPROVED AS TO FORM: _§:- t Gcl Sandy L. K nworthy I Leland B. Kerr Deputy City Clerk City Attorney