AGENDA ITEM REPORT
TITLE:
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A RESOLUTION AMENDING VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN NUMBER 800800 AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE ATTACHED AGREEMENT WITH ICMA-RC.
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BACKGROUND:
In 2004, the City established a Retirement Health Savings (RHS) Plan with ICMA-RC for Administrative Officers to provide reasonable security for health needs during retirement and to assist in the attraction and retention of competent personnel.
DISCUSSION:
The City is committed to providing a competitive compensation and benefits package designed to attract and retain highly-qualified employees while maintaining fiscal responsibility and is in process of amending its Retiree Medical Insurance Program to change the funding method from monthly retiree payments to a one-time lump sum contribution to a RHS Plan.
Approval of this Resolution will expand eligible group members of the City’s current RHS Plan to include Civil Service employees and retirees currently receiving monthly health insurance stipend payments. It will also provide for lump sum contributions into the Plan as per the following Administrative Order.
RECOMMENDATION:
Staff recommends approval of this Resolution.
FISCAL IMPACT:
REVENUES: N/A
EXPENDITURES: TBD
BUDGETED?
NOTES: The fiscal impact of this program will vary depending on the timing and the number and ages of retirees, however, a long term savings is expected based on the increased eligibility requirements.