Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 24-R23, a Resolution Authorizing and Ratifying the Establishment, Implementation, and Administration of ICMA-RC 401(a) Plan #100236
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Submitted By: Reyna Hahn, Retirement Analyst, Finance Department
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): Authorize and ratify the establishment, implementation, and administration of the ICMA Retirement Corporation 401(a) plan #100236 pursuant to the provisions of the Adoption Agreement; providing for conflict; providing for severability; providing an effective date. This Resolution is to ensure proper protocol is followed.
Presentation Information: Questions will be answered upon request.
Staff Recommendation: Move that the Council authorizes and ratifies the execution of ICMA-RC 401(a) Plan #100236 Adoption Agreement dated August 27, 2021.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Resolution.
2. Move that the Council not approve the Resolution and provide staff with direction
Background:
ICMA-RC 401(a) plan #100236 (“New Plan”) was established on August 27th, 2021, and became effective September 1st, 2021. The New Plan was created for full-time, non-sworn, exempt, bargaining and non-bargaining employees. The New Plan has no vesting period; employees are immediately vested upon participation.
Issues/Analysis: N/A
Financial Information: No additional cost to the City.
Special Consideration: Employees have been participating in the ICMA-RC 401(a) plan # 100236 (“New Plan”) since September 1, 2021.
Location of Project: N/A
Attachments:
1. Resolution
2. Exhibit “A” - ICMA-RC 401(a) Plan # 100236 Adoption Agreement
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: 24037-19
Legal Sufficiency Review:
Reviewed by Richard Berrios, Interim City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, Interim City Attorney.