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HomeMy WebLinkAbout1989-09-11 89-369 ORDERM Ggunm, Aman Ona 9/Il /89 Item No.89369 Item/$ubjM: Authorizing Premium Conversion Plan Responsible Oepanmenc Finance Commentary: The implementation of a FissionConversion Plan. under IHS guidelines will allow the employees to avoid paying taxes on income equal to the health insurance and group life insurance premiums. The ' Finance Committee has approved this concept. L r GGerss—� -- pyortme A Wmager's Cmrmlerlte: Ale it an ca/ a, we ua�l1 an � lm/lmr in /� vit�,y s{'Oc�p+�/s% P✓.CQlf/sf �,4y City Aa AswciatM Information: Budget Approval Rn« for Legal Approval:- . ( YSNirrer Introduced For ®Passage Page I of I O First Reading 89-369 Aasiped to Councilor Shubert, September ll, 1969 aau CITY OF BANGOR (TITLE.) (PrUro dathorizing Premium Conversion Plan By the City Couyef!of& city of8azpor: ORDERED; TnT the City Havener Is hereby A thorlsed to implement a Premium Conversion plan under Section 135 of the Internal Revenue Service Code. Statement of pact: Phe above action will provide City employees aoptional opportunity t void paying taxes v amount of income equal to the health insurance and group life insurance premiums paid by the employee. IN CITY COUNCIL September 11, 1989 Passed CITY 1EKK 89-369 DR DER Title, AuthorlilnQ Premium conversion Plan ........... ............. 4........... ...................................... .............4 .... Councilman