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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />RESOLUTION NO. R-118-89 <br />RESOLUTION AUTHORIZING THE CITY TO APPROVE <br />THE CONVERSION OF BENEFIT PREMIUMS <br />TO SALARY FOR RETIRING EMPLOYEES. <br />WHEREAS, the City of Colton provides its employees a total com- <br />pensation package, which includes both salary and benefits; and <br />WHEREAS, many of the benefits in this package require the City <br />to pay defined monthly dollar amounts to employees and other insti- <br />tutions on behalf of employees; and <br />WHEREAS, retirement income for City employees is based totally <br />on salary, with no credit included for benefits; and <br />WHEREAS, employees often delay their retirement past the appro- <br />priate point in time in order to increase the salary amounts used in <br />the calculation of retirement income. <br />NOW, THEREFORE, BE IT RESOLVED: <br />1. The City Manager of the City of Colton is hereby authorized <br />to convert premiums paid by the City for specified benefits to <br />salary, in instances where employees are eligible, and agree, to <br />retire within a twelve month period. <br />2. The benefits eligible for conversion shall be as follows: <br />PERS Retirement Contributions, as permitted by law <br />Health Insurance Premiums <br />Dental Insurance Premiums <br />Deferred Compensation <br />Long Term Disability Insurance Premiums <br />Life Insurance Premiums <br />Automobile Allowance <br />3. In no instances shall total compensation provided to em- <br />ployees exceed that approved by the City Council of the City of <br />26 JjColton. <br />27 PASSED, APPROVED and ADOPTED this 5th day of September, 1989. <br />28 - <br />ATT�EST: ANK A.Z Mayor <br />Q . <br />ity Clerk <br />