HomeMy WebLinkAbout~Master - ICMA Agreement to act as Plan Administrator RESOLUTION NO. 12-281
RESOLUTION APPROVING DEFERRED COMPENSATION AGREEMENT
TO ACT AS PLAN ADMINISTRATOR
FOR THE CITY OF AMES,IOWA
WHEREAS, the City of Ames is the plan sponsor for an IRS Section 457(b) Employee
Deferred Compensation Plan; and,
WHEREAS, the Plan is fully funded through voluntary employee payroll deductions,with
the ICMA Retirement Corporation (ICMA-RC) acting as trustee and plan administrator; and
WHEREAS, prior to 2007, ICMA-RC deducted an annual administrative fee from each
employee's account balance,and the City and ICMA-RC entered into an agreement to eliminate the
annual fees in August 2007; and,
WHEREAS, this agreement is now expiring, and ICMA-RC has again offered to eliminate
the annual fee that is provided to the City; and,
WHEREAS, staff recommends that the City continue with ICMA as a 457(b) plan
administrator through June 30, 2017; and,
WHEREAS,this agreement may be terminated by either parry on 60 days advance notice in
writing to the other parry.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the agreement with ICMA-RC to act as the 457(b)plan administrator through June 30, 2017,
is hereby approved.
ADOPTED THIS 12th day of June, 2012.
c��'R• L A—
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
Seconded by: Szopinksi
Voting aye: Davis, Goodman, Larson, Orazem, Szopinski, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12th day of June, 2012.