1983_1024_packet - Laserfiche WebLink

Home

q� 11 11 F AGENDA SECTION' ORIGINATING DEPT./DIV.: ORDINANCES & RESOLUTIONS Administration III '.'TEM NC ITEM DESCRIPTION! Changes to !CMA Retirement Corporation Deferred compensation Plan and Retirement Trust A Z�M�l I The ICMA Retirement Corporation is amending its deferred compensation plan to comply w 'th recent changes in ]Federal regulations, I it is also requesting participating employers to join the ICMA Trust to enable more direct involvement by employers in the administration of its deferred conpensatilon pilan, 'Thriee maTor chianiges, have been made to the dieferred compensation plan: 1) In the piasti when a plan member transferred to a new enployer,, the member could request that all, funds in the deferred, compensation account be transferred to the member's acicount with the new euployer, Now, this can only be done if the member triansf'ers to, an employer in the same state., irIng, A ret member, must, notify the !CMA Retirement Corporation within 60 days of W * separation regarding when the member wants to start receiving benefit payments. In the absence of such notification, the benefit payments will not begin until the member reaches age 70 1/20 31) If' a plan member diesi,, the beneficiary must notify the ICMA Retirement Corporation, withIn 910 days, reqarding when the beneficiary wants to begin receiving benefits. In, the absence of such notification, benefit payments must begin by the time the deceased member woulid, have been 70 years old. a In addition to the changes in the deferred cl,ompen,sa,tion plan, the ICMA Retirement Corporation is changing the structure of The Retirement Trust. The amended trust structure providels for the election of trustees, by member employers,, who will oversee the ICMA Retirement Corporation s operation of the trust,. I Attached are a letter from, the ICMA lRetirement Cor-porationa a resolution adopting the amended deferred compensation plan and executing the ICMA Retirement Trust; if the Deferred, Compensation Pilan; the Declaration of' Trust; and the Trust Agreement with the 1CMA Retirement Corporation, Council Action Requested: Motion adopting, a, resolut"Tion adopting the Amended Deferred Corpens -at lion. Plan and executing the ICMA Retirement Trust.