Laserfiche WebLink
EN HILL <br />S <br />MEMORANDUM <br />DATE : August 3 0, 2010 <br />TO: Honorable Mayor and City Council <br />Patrick Klaers, City Administrator <br />FROM: Sue Iverson, Finance Director/Treasurer <br />SUBJECT: ICMA-RC Money Purchase Plan & Trust (401) <br />Background/Discussion: <br />Minnesota Statute 353.028 allows City Managers and City Administrators to opt out of PER.A if <br />they choose this election within the first six months of employment. At the May 24th City <br />Council meeting, the Council adopted Resolution 2010-028, allowing the current City <br />Administrator to opt out PERA. <br />Since State Statute does allow City Managers and City Administrators to opt out of PERA within <br />the first six months and City Administrator's employment contract specifies that we will <br />contribute to either PERA or an alternative plan, Patrick has opted to participate in plan <br />administered by ICMA-RC and invested in the VantageTrust at the same contribution level as <br />would have been required under PERA by both himself and the City. <br />In working with ICMA-RC, this requires additional paperwork and approvals from us, as we <br />currently have a 457 plan but not a 401 plan. Attached is the required paperwork for us to <br />complete the process with ICMA-RC. <br />Staff Recommendation: <br />Adopt Resolution 2010-042, a resolution for the City of Arden Hills relating to a Money <br />Purchase Plan, Plan Number 106944 administered by ICMA-RC with funds invested in a <br />VantageTrust. <br />