Resolution No. 2066 ,
RESOLUTION NO. 2066
A RESOLUTION AUTHORIZING THE PRESIDENT OF
THE BOARD OF DIRECTORS OF THE SOUTH TAHOE
PUBLIC UTILITY DISTRICT TO EXECUTE A RETIRE-
MENT AGREEMENT FOR THE DISTRICT MANAGER
BE IT RESOLVED, by the Board of Directors of the SOUTH TAHOE PUBLIC
UTILITY DISTRICT as follows:
1. That the President of the Board of Directors of SOUTH TAHOE
PUBLIC UTILITY DISTRICT be, and he is hereby authorized to execute a
Retirement Agreement between James R. Cofer and South Tahoe Public Utility
District, dated March ' 17, 1977, which said Agreement is attached to this
said Resolution and incorporated herein by reference.
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✓ PASSED AND ADOPTED on March 17, 1977, at a duly held meeting
of the Board of Directors of SOUTH TAHOE PUBLIC UTILITY DISTRICT by the
following vote:
AYES, Directors: Hegarty, Fesler, Kashuba, Fieldcamp and Cocking
NOES , Directors: None
ABSENT, Directors: None
Edward Hegarty, Pre" den . f the Board
SOUTH TAHOE PUB IC UA DISTRICT
ATTEST:
David W. Callahan, Clerk and Ex- officio`
Secretary of the Board
SOUTH TAHOE PUBLIC UTILITY DISTRICT
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RESOLUTION NO. 2066
AN AGREEMENT BETWEEN THE SOUTH
TAHOE 'PUBLIC UTILITY DISTRICT AND
JAMES R. COFER FOR RETIREMENT
PLAN COMPENSATION;
This Agreement is entered into this 17th day of March,
1977, by and between the South Tahoe Public Utility District, and
Mr. James R. Cofer, General Manager /District Engineer.
RECITALS
S ir - WHEREAS, the SOUTH TAHOE PUBLIC UTILITY DISTRICT has
employed MR. JAMES R. COFER to serve as GENERAL MANAGER/
DISTRICT ENGINEER, and
WHEREAS, a consideration of Mr. Cofer's employment is that
he be fully vested, as of his first day of employment (November 15,1976),
in the District's Retirement Plan; and
WHEREAS, upon acceptance of employment by !Ir. Cofer it was
determined that full vesting in the District's Retirement system would be
in conflict with the rules and regulation of the District's Retirement Plan;
and
WHEREAS, the Board of Directors of the SOUTH TAHOE PUBLIC
UTILITY DISTRICT wish to provide Mr. Cofer with a Retirement Plan
compensation;
NOW, THEREFORE, IT IS HEREBY MUTUALLY AGREED, as follows:
1. The SOUTH TAHOE PUBLIC UTILITY DISTRICT shall establish a
Retirement Plan Compensation Account for Mr. James R. Cofer.
t e 2. The Retirement Plan Compensation Account shall be established
effective November 15, 1976.
3. Said Retirement Plan Compensation Account shall be computed at
the rate of six - percent (6 %) of Mr. Cofer's Gross salary earned.
4. Mr. Cofer shall be paid in full the amount of the accumulated
retirement plan compensation account on November 15th of each
- year p5 oyr ent.
5. Upon termination of employment, regardless of reasons of termin-
ation, Mr. Cofer shall be paid in full any accumulated funds in
the Retirement Plan Compensation Account.
6. Should Mr. Cofer expire while employed with the District any
accumulated funds in the Retirement Plan Compensation Account
shall be paid to Mr.Cofer's designated beneficiary.
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7. By so accepting the Retirement Plan Compensation Mr. Cofer
waives any Rights or Privileges to participate or benefit from
the District employees retirement plan.
8. Upon the receipt by Mr. Cofer of the annual distribution of
the Retirement Plan Compensation Fund, Mr. Cofer will invest
the entire distribution, or the amount permitted by the Internal
Revenue Service, which -ever is lower, in an approved Individual
Retirement Account (IRA) Mr. Cofer shall provide the STPUD
with records of said investments.
9. Mr. Cofer agrees to maintain the IRA accounts and reinvest all
dividends from said accounts so long as this Retirement Plan
Compensation Fund is in effect.
10. This Retirement Plan Compensation Fund shall remain in effect
until termination of Mr. Cofer's employment with STPUD and the
disbursement to Mr. Cofer or his designated beneficiary of
any and all remaining funds in said account.
SO%
IN WITNESS WHEREOF, the parties hereto execute this
Contract the day and year first above written.
JAMES R. COFER SOUTH TAHOE PUBLIC UTILITY DISTRICT
Edward Hegarty, P -s id • - ' of the Board
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David W. Callahan, Clerk and Ex- officio
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