TC Res. No. 1980-04r
TOWN OF AVON
RESOLUTION N0.#4
SERIES OF 1980
BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON,
COLORADO, THAT:
There shall be deducted from the salary of each Town Employee,
retroactive to January 1, 1980, an amount equal to 6.13% of each
employee's salary. Amounts for any salary paid during January,
1980, and February, 1980, shall be deducted from the salary payments
to be made February 29, 1980, if such deductions have not already
been made. Future deductions shall be made at the time that the
salary is paid.
An amount equal to the deductions shall also be placed in escrow,
such amount to be contributed by the Town from the General Fund.
All moneys deducted and contributed pursuant to this Resolution
shall be escrowed in a savings account in a financial institution
located in Eagle County, Colorado.
The purpose of these deductions and contributions is to
fund a Town Employee Pension Program, or, in the alternative, to
provide Social Security Protection and Benefits for Avon Town
Employees.
The ultimate disposition of all moneys deducted and con-
tributed pursuant to this Resolution shall be determined by
Resolution of the Avon Town Council, consistent with the purpose
stated herein.
INTRODUCED, PASSED, RESOLVED AND ADOPTED AND ORDERED
PUBLISHED ONCE IN FULL THIS DAY OF , 1980.
Mayor
ATTEST:
Town Clerk