HomeMy WebLinkAbout2017-10-02-Resolutions 17-464_Money Purchase Plan - Amended and Substituted ResTHE CITY OF WAUKEE,IOWA
AMENDED AND SUBSTITUTED RESOLUTION 17-464
APPROVING CITY OF WAUKEE MONEY PURCHASE PLAN
JN THE NAME AND BY THE A UTHORITY OF THE CITY OF 8'A UKEE,JOB'A
WHEREAS,the City of Waukee,Iowa is a duly organized municipality within Dallas County;
AND,
WHEREAS,on June 19,2017,the Waukee City Council approved a Waukee Money Purchase
Plan (Resolution ¹17-285)and seeks to clarify said resolution by amending and substituting said
resolution in its entirety;AND
WHEREAS,the City of Waukee has employees rendering valuable services;AND,
WHEREAS,the establisliment of a money purchase retirement plan benefits employees by
providing funds for retirement and funds for their beneficiaries in the event of death;AND,
WHEREAS,the City of Waukee desires that its money purchase retirement plan be
administered by ICMA-RC and that the funds held in such plan be invested in Vantage Trust,a
trust established by public employers for the collective investment of funds held under their
retirement and deferred compensation plans;
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session this
2"day of October,2017,that Resolution ¹17-285,approved June 19,2017 by the Waukee City
Council,is hereby amended and substituted in its entirety by this resolution.
BE IT FURTHER RESOLVED that the City of Waukee establishes a money purchase
retirement plan (the "Plan")in the form of the ICMA Retirement Corporation Governmental
Money Purchase Plan ¹r.Trust,pursuant to the specific provisions of the Adoption Agreement;
with the Plan maintained for the exclusive benefit of eligible employees and their beneficiaries
previously approved by the City;AND,
BE IT FURTHER RESOLVED that the City of Waukee commencing on July I,2017,for a
period of five years,shall annually contribute $5,040,prorated over the number of pay periods in
a given fiscal year,to the 401A account of each staff member at director level and above,and the
City Clerk,and an additional $2,502 contribution,prorated over the number of pay periods in a
given fiscal year,to the 457 account of each staff member at director level and above,and the
City Clerk,with over fifteen years of service with the City of Waukee;AND,
BK IT FURTHER RESOLVED that contributions provided for herein shall only accrue
through the last day of employment of any qualifying staff member but in no event beyond June
30,2022;AND,
BE IT FURTHER RESOLVED that the City of Waukee hereby adopts the Declaration of Trust
of Vantage Trust,intending this adoption to be operative with respect to any retirement or
deferred compensation plan subsequently established by the City of Waukee,if the assets of the
plan are to be invested in Vantage Trust;AND,
BE IT FURTHER RESOLVED that the City of Waukee hereby agrees to serve as trustee
under the Plan and to invest funds held under the Plan in VantageTrust;AND,
BE IT FURTHER RESOLVED that the City Administrator shall be the coordinator for the
Plan;shall receive reports,notices,etc.,from ICMA Retirement Corporation or Vantage Trust;
shall case,on behalf of the City of Waukee,any required votes under Vantage Trust;may
delegate any administrative duties relating to the Plan to appropriate departments;AND,
BE IT FURTHER RESOLVED that the City of Waukee hereby authorizes the City
Administrator to execute all necessary agreement with the ICMA Retirement Corporation
incidental to the administration of the Plan and ratifies and approves those previously executed
by the City Administrator pursuant to Resolution 17-285.
illiam .Peard,Mayor
Attest:
Rebecca D.Schuett,City Clerk
ROLL CALL VOTE
Anna Bergman
R.Charles Bottenberg
Brian Harrison
Shelly Hughes
Larry R.Lyon
AYE
X
X
X
X
NAY ABSENT ABSTAIN