HomeMy WebLinkAbout~Master - ICMA-RC Plan Administrator Agreement RESOLUTION NO. 18-011
RESOLUTION APPROVING AGREEMENT FOR
DEFERRED COMPENSATION PLAN ADMINISTRATOR
FOR THE CITY OF AMES
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; the City of Ames and ICMA-RC entered into an agreement to eliminate
the annual fees in August of 2007 and renewed this agreement in 2012; and,
WHEREAS, this agreement is now expiring, and ICMA-RC has again offered to eliminate
the annual fee provided the City of Ames will continue with ICMA as a 457(b) plan administrator
through December 31, 2022; and,
WHEREAS, the agreement may be terminated by either party on sixty days advance notice
in writing to the other.
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 December 3,
2022, is hereby approved.
ADOPTED THIS 23' day of January, 2018.
Diane R. Voss, City Clerk John . Haila, Mayor
Introduced by: Corrieri
Seconded by: Gartin
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23'day of January, 2018.