AGENDA ITEM REPORT
TITLE:
title
A RESOLUTION AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE THE ATTACHED ADMINISTRATIVE SERVICES AGREEMENTS WITH ICMA RETIREMENT CORPORATION FOR SECTION 401 AND 457 PLAN NUMBERS 106098, 107812, 109335, 109336, 109337, AND 300490; AND VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN NUMBERS 800800 AND 803132.
body
BACKGROUND:
The City currently partners with ICMA Retirement Corporation to provide administrative services and investments for the City's 401, 457, and retirement health savings plans. The following service agreements are currently in effect:
1. Retirement health savings plan 803132 executed on October 8, 2009.
2. Retirement health savings plan 800800 effective October 1, 2004, and amended on June 22, 2017.
3. 401 and 457 plans 109335, 109336, and 109337 executed on October 1, 1994, and amended on June 8, 2006 and September 8, 2011.
4. 401 plan 107812 executed on September 26, 2013.
5. 457 plan 106098 executed on January 1, 2006, and amended on September 8, 2011.
6. 457 plan 300490 executed in approximately 1976, and amended on September 8, 2011.
The attached administrative services agreements replace the agreements currently in effect.
DISCUSSION:
The attached service agreements supersede and replace the prior service agreements between the City of Coconut Creek and ICMA Retirement Corporation. The revised agreements introduce investment savings and upgrade the tier class in the VantagePoint PLUS Fund and the Milestone Funds from R5 to R7, which signifies an estimated 0.10% reduction of expenses. The revised retirement health savings agreement also waives the twenty-five dollar ($25.00) annual account level retiree health savings fee currently charged to individual account holders. The new service agreements also continue the annual $35,000 administrative allowance credit used currently for participation incentives and plan sponsor administrative costs.
RECOMMENDATION:
Staff recommends approval of this resolution....
Click here for full text