HomeMy WebLinkAboutResolution 16-1992 ` j� .
RESOLUTION N0. 16-92
ADOPTIHG 403( 8) PROGRAM FOR EMPLOYEES OF BROOKINGS HOSPITAL AHD
BROOKVIEW MAHOR
WHEREAS, the City of Brookings desires to provide a plan whereby
certain of its employees can enter into a salary reduction agreement
in order to set aside funds for retirement. The Commission does
hereby authorize and approve the transfer by the City of Brookings to
the designated banks as approved depositories for the City of
Brookings such amounts as specified by qualified employees not to
exceed the amount of the employee's exclusion allowance as determined
by the formula in Section 403(b) of the Internal Revenue code.
It is the intention of the City Commissioners of the City of
Brookings that such deposits in accounts established for suthorized
employees will qualify under the terms of Section 403tb) of the
Internal Revenue Code (or any section that may replace it) and that
such contributions paid by the City of Brookings for such employees
will not be considered as income paid to the employees. It is further
the intention of the City of Brookings that deposits for such
employees shall continue until the employee concerned retires or his
or her services with the City of Brookings are terminated, or until he
or she dies, ahich ever event occurs first. However, all rights under
these programs and the determination of the amounts to be contributed,
within the limits indicated above, shall be exercisable by the
employee concerned.
The said City Commissionera of the City of Brookings hereby
authorizes the City Finance Officer of the City of Brookinge to act on
its behalf in respect to these accounts and to formulate the rules and
procedures as may be necessary for the transmittal of deposits and
appropriate record keeping.
Passed and approved this 25th day of February, 1992.
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RESOLLTTION NO. 93-91
PURSUANT TO SDCL 9-22-6 and 6.1, the City Commissioners of the
City of Brookings, South Dakota, designate the following banks as
depositories for Municipal Funds of the City of Brookings:
First National Bank
Norwest Bank
BankFirst
Brookings Savings and Loan Association
Home Trust Savings and Loan Association
First Federal Savings and Loan
ssed and approved this 19th day of November, 1991.
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