HomeMy WebLinkAbout2017-06-19-J01I ICMA Money Purchase Plan AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: June 19, 2017
AGENDA ITEM: Consideration of approval of a resolution approving City of Waukee Money
Purchase Plan
FORMAT: Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The pace of growth in Waukee requires strategies and
projects to meet the needs of residents and businesses. It is critical for the
organization to maintain the current leadership talent into the foreseeable
future. City staff is recommending the approval of an agreement with ICMA-
RC to establish a 401A plan and approval of a program to retain staff
leadership in the organization. Under the program, the City will annually
contribute $5,040 to the 401A account of each staff member at director level
and above, and the City Clerk, and an additional $2,502 contribution 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.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. ICMA Retirement Corporation Governmental Money Purchase Plan
& Trust
PREPARED BY: Patricia Brown Holden
REVIEWED BY:
THE CITY OF WAUKEE, IOWA
RESOLUTION 17-
APPROVING CITY OF WAUKEE MONEY PURCHASE PLAN
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA
WHEREAS, the City of Waukee, Iowa is a duly organized municipality within Dallas County;
AND,
WHEREAS, the City of Waukee has employees rendering valuable services; AND,
WHEREAS, the establishment 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 VantageTrust, 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
19th day of June, 2017, that the City of Waukee hereby establishes a money purchase retirement
plan (the “Plan”) in the form of the ICMA Retirement Corporation Governmental Money
Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement; with the
Plan maintained for the exclusive benefit of eligible employees and their beneficiaries; AND,
BE IT FURTHER RESOLVED that the City of Waukee shall annually contribute $5,040 to the
401A account of each staff member at director level and above, and the City Clerk, and an
additional $2,502 contribution 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, for a term
of five years; AND,
BE IT FURTHER RESOLVED that the City of Waukee hereby adopts the Declaration of Trust
of VantageTrust, 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 VantageTrust; 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 ICAM Retirement Corporation or VantageTrust;
shall case, on behalf of the City of Waukee, any required votes under VantageTrust; 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.
____________________________
William F. Peard, Mayor
Attest:
___________________________________
Rebecca D. Schuett, City Clerk
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Anna Bergman
R. Charles Bottenberg
Brian Harrison
Shelly Hughes
Larry R. Lyon