HomeMy WebLinkAbout14. 17-234 MAY 9, 2017 17-234 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE PARTICIPATION IN INTERNATIONAL CITY
MANAGEMENT ASSOCIATION RETIREMENT CORPORATION
(ICMA-RA) 401 GOVERNMENT PROFIT SHARING PLAN
INITIATED BY: CITY ADMNISTRATION
WHEREAS, the City of Oshkosh has employees rendering valuable services; and
WHEREAS, the establishment of a profit-sharing retirement plan benefits
employees by providing funds for retirement and funds for their beneficiaries in the
event of death; and
WHEREAS, the City of Oshkosh desires that its profit-sharing 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 that the City of Oshkosh hereby establishes
or has established a profit-sharing retirement plan (the "Plan') in the form of the ICMA
Retirement Corporation Governmental Profit-Sharing Plan & Trust, pursuant to the
specific provisions of the Adoption Agreement (executed copy attached hereto). The plan
shall be maintained for the exclusive benefit of eligible employees and their beneficiaries.
BE IT FURTHER RESOLVED by the Common Council of the City of Oshkosh that
the Contract negotiated with International City Management Association Retirement
Corporation (ICMA-RA) 401 Governmental Profit Sharing Plan is hereby approved and
the proper City officials are hereby authorized to execute and deliver the agreement in
substantially the same form as attached hereto, any changes in the execution copy being
deemed approved by their respective signatures, and said City officials are authorized
and directed to take those steps necessary to implement the terms and conditions of the
Agreement.
MAY 9, 2017 17-234 RESOLUTION
CONT'D
BE IT FURTHER RESOLVED that the City of Oshkosh 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
Oshkosh, if the assets of the plan are to be invested in VantageTrust.
BE IT FURTHER RESOLVED that the City of Oshkosh 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 Finance Director shall be the coordinator for the
Plan; shall receive reports, notices, etc., from ICMA Retirement Corporation or
VantageTrust; shall cast, on behalf of the City of Oshkosh, 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 Oshkosh hereby authorizes the
Finance Director to execute all necessary agreements with ICMA Retirement Corporation
incidental to the administration of the Plan.
TO: Honorable Mayor and Members of the Common Council
FROM: Trena Larson, Finance Director
DATE: 05/04/17
RE: Approve Participation in International City Management Association Retirement
Corporation (ICMA-RC) 401 Government profit sharing plan
BACKGROUND
As part of the City Manager evaluation process each year, the compensation and benefit
package is reevaluated annually. In the 2016 evaluation it was determined that City should
offer an additional incentive to provide an incentive for the City Manager to remain with the
City.
ANALYSIS
To administer this new incentive the City has chosen to establish what is referred to as a 401
Government profit sharing plan with International City Management Association Retirement
Corporation (ICMA-RC). The establishment this profit-sharing retirement plan will benefit
City Manager by providing funds for retirement and funds for employee beneficiaries in the
event of death.
FISCAL IMPACT
There will not be any fees associated with the administration of this account for the City.
Funds have been budgeted to fund the city's participation in this plan, which will be $5,000
annually through 2020.
RECOMMENDATION
Staff recommends adoption of the above noted resolution.
Respectfully Submitted,
J gena Ba*3oat
Trena Larson
Finance Director
Approved:
Mark A. Rohloff
City Manager
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us