HomeMy WebLinkAbout2022-12-05 J01E Money Purchase Plan Amendment_Covered Employment ClassificationAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: December 5, 2022
AGENDA ITEM:Consideration of approval of a resolution to amend the covered employment
classification of the City of Waukee Money Purchase Plan
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The City desires to retain and values consistency of
leadership and continuation of organizational culture throughout the
organization. The covered employment classifications of the City of Waukee
money purchase retirement plan is therefore amended to include the Police
Chief, effective January 1, 2023.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: The City Administrator and Human Resources Director
recommend the approval to amend the covered employment classifications of
the City of Waukee Money Purchase Plan.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. Money Purchase Plan Adoption Agreement
PREPARED BY:Michelle Lindsay
REVIEWED BY:
J1E
THE CITY OF WAUKEE, IOWA
RESOLUTION 2022-
APPROVING AMENDMENT TO COVERED EMPLOYMENT CLASSIFICATIONS OF THE
CITY OF WAUKEE MONEY PURCHASE PLAN
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA
WHEREAS, the City of Waukee, Dallas County, State of Iowa, is a duly organized Municipal
Organization; AND,
WHEREAS, on June 19, 2017, the Waukee City Council approved a Waukee Money Purchase Plan
(Resolution #17-285); AND,
WHEREAS, on October 2, 2017, the Waukee City Council approved an amended and substituted
resolution (Resolution #17-464) approving Waukee Money Purchase Plan AND,
WHEREAS, the City of Waukee, commencing July 1, 2022, for a period of five years, shall annually
contribute, on a prorated bases over the number of pay periods in a given fiscal year, to the 401A
account an amount to eligible employees, as laid out in the adoption agreement amendment and
restatement document; AND,
WHEREAS, contributions shall only accrue through the last day of employment of any eligible
employee but in no event beyond June 30, 2027.
WHEREAS, the covered employment classification is amended to include the Police Chief; AND,
WHEREAS, the effective date of the amendment to the covered employment classification shall be
January 1, 2023; AND,
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session this 5th day
of December 2022 that the amendment to the covered employment classifications of the money
purchase plan is hereby approved.
BE IT FURTHER RESOLVED that the City of Waukee hereby authorizes the City Administrator to
execute agreement with the ICMA Retirement Corporation doing business as MissionSquare
Retirement incidental to the administration of the Plan.
____________________________
Courtney Clarke, Mayor
Attest:
___________________________________
Rebecca D. Schuett, City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
Anna Bergman Pierce
R. Charles Bottenberg
Chris Crone
Larry R. Lyon
Ben Sinclair