Minutes 11/22/1983 - Laserfiche WebLink

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) '29 ,;-.'...." TUESDAY NOVEMBER 22, 1983 the City will pay rental to the Pannill interests, as follows: 1. For the first six months, beginning January 1, 1984, and ending June 30, 1984: $340.00 per month, payable in advance the first day of each month; and 2. For the remainder of the life of the agreement, commencing July 1, 1984, and ending December 31, 1988: $375.00 per month, payable in advance the first day of each month. To satisfy certain federal and state mandates, Council adopted the following resolution, with rider attached, amending the City's deferred compensation plan for its participating employees: WHEREAS, the City of Martinsville, Virginia (Employer), maintains a deferred compensation plan for its employees which is administered by the ICMA Retirement Corporation (Administrator); and WHEREAS, the Administrator has recommended changes in the plan docu- ment to comply with the Code of Virginia and the wishes of the Deferred Compensation Commission of the Commonwealth of Virginia; now, therefore, BE IT RESOLVED by the Council of the City of Martinsville, Virginia, that the Employer hereby adopts the rider to the City of Martinsville Deferred Compensation Plan, attached hereto as Appendix A, as an amendment to its present plan administered by the ICMA Retirement Corporation, which shall continue to act as Administrator of said plan. RIDER TO CITY OF MARTINSVILLE,VIRGINIA DEFERRED COMPENSATION PLAN Appendix A Notwithstanding anything to the contrary in the foregoing Plan, no independent contractor shall become a Participant prior to such in- dependent contractor delivering to the Employer a ruling from the Internal Revenue Service holding that the compensation of such inde- pendent contractor which is deferred under the plan, including any income attributable to the deferred compensation, will be includible in gross income for the taxable year or years in which such amounts are paid or otherwise made available to such independent contractor or such independent contractor's beneficiary in accordance with the terms of the plan.