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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