HomeMy WebLinkAbout2017-10-02-J01D ICMA Money Purchase Plan, Amended and Substituted Resolution AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: October 2, 2017
AGENDA ITEM: Consideration of approval of an amended and substituted resolution approving
City of Waukee Money Purchase Plan
FORMAT: Consent Agenda
SYNOPSIS INCLUDING PRO & CON: On 06/19/2017, the Waukee City Council approved a
Money Purchase Plan. The City Attorney recommends that the resolution be
amended and substituted with a resolution that more clearly defines City
contributions to those employees noted in the resolution.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY: Becky Schuett
REVIEWED BY:
THE CITY OF WAUKEE, IOWA
AMENDED AND SUBSTITUTED 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, on June 19, 2017, the Waukee City Council approved a Waukee Money Purchase
Plan (Resolution #17-285) 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 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
2nd day of October, 2017, that Resolution #17-285, 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 & 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 1, 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,
BE 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 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 ICMA 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 and ratifies and approves those previously executed
by the City Administrator pursuant to Resolution 17-285.
____________________________
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