HomeMy WebLinkAboutReg 2004-08-02 Item 5A - Resolution - Deferred Compensation Program (DCP) OUNCIL A GENIaASYNOPSIS
I ~ .............................. -Initials ........................... ITEMNO.
Meetin~ Date Prepared ,by M,ay~reviev Council reviev
i;3~4T£M INFORMATION :
CAS NUMBER: 04-105 ]ORIGINALAGENDADATE: 7/26/04
AGENDA ITEMTITLE Reso] ut~on Expand~ n9 Defected ¢ompensat~ on 0ptions
CATEGORY X Discussion [] Motion X Resolution [] Ordinance [] Bid A~vard [] Public Heaffn~ [] Other
M~g Datg7/26/ 04 M~g Date Mtg~..O.~(~Date Mt~ Date Meg Date Meg Date Mtg Date
;PONSOR [] Council [] Mayor
'~'~.4dm Svcs [] DCD ~ Finance [] Fire [] Legal [] Pff-~R [] Police []
SVONSO~'S Administ~ration has been researching selected deferred compensation options
SUMMARY tO make available to city employees in addition to the current plan, Hartford.
Participation in the deferred compensation plan is voluntary for employees.
tLEVIEWED BY [] COW Mtg. 7/26/04 [] CA&P Crate /~ F&S Cmte [] Transportation Cmte
[] Utilities Crate [] Arts Comm. [] Parks Comm. [] Plannkng Comm.
DATE: 6/12/04 and 6/19/04
RECOMMENDATIONS: Discuss at COW and sent to Regular Meeting for adoption.
SPONSOR/ADMIN. Adopt resolution.
cou~i~rg~ Discuss at COW and send resolution to Regular Mtg for adoption.
I~(~iJM PACTS:/. EUND[S~U_RCE[
EXPENDITURE REQUIRED AMOUNT BUDGETED . APPROPRIATION REQUIRED
SN/A SN/A ~N/A
Fund Source: N/A
Comments:
7/26/04 Dis,-;.ee~a af CNW; -Fn~,wa~,d~rt 4-n R/?'/N& [~n ~li-n_ fm' final a.npvnval.
7/26/04 Memo dated 7/15/04 from V. 3essop
Draft Resolution
F&S Cmte Minutes dated 7/19/04
8/2/04 Reso]ut~0n ~n f~na] form.
o\
a, 7908
City of Tukwila
>x Washington
r Resolution No
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, TO EXPAND THE CITY'S CURRENT DEFERRED
43r COMPENSATION PROGRAM AND CONFORM WITH CURRENT
FEDERAL LAW AND INTERNAL REVENUE CODE TREASURY
REGULATIONS.
WHEREAS, the City desires to expand its deferred compensation program to
?r= include the ICMA Retirement Corporation, and the Security Benefit Group of
Companies, in addition to the plan already established by the Hartford Life Insurance
Company, per Resolution 569, dated March 7,1977; and
.Ott WHEREAS, the City desires to make available to City employees two additional
retirement investment plan options provided by the ICMA Retirement Corporation and
the Security Benefit Group of Companies; and
WHEREAS, the City desires to incorporate the Hartford Deferred Compensation
program including the Hartford Group Annuity Contract and the Hartford
Administrative Services Agreement and
WHEREAS, the City desires to conform with the final and temporary Treasury
regulation under 401(a)(9) of the Internal Revenue Code as published in the Federal
Register on April 17, 2002, 74 FR 19887; and to conform with the changes in federal law
brought about by the Economic and Tax Relief Reconciliation Act of 2001 "EGTRRA
t' N in addition to the technical corrections to EGTRRA contained in the Job Creation and
Worker Assistance Act of 2002; and
WHEREAS, the establishment of a deferred compensation plan serves the interest
of employees and the City by providing a variety of retirement plan choices; creates
increased flexibility m its ersotmel management system; and helps to create a more he]
h P g Y P
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competitive climate to attract and retain competent personnel;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. The City adopts the deferred compensation plans of the ICMA
Retirement Corporation and the Security Benefit Group of Companies.
Section 2. The City executes the ICMA Retirement Corporation Declaration of
Trust of the Vantage Trust Company, intending this execution to be operative with
respect to any retirement deferred compensation plan subsequently established by the
City, if the assets of the plan are to be invested in the Vantage Trust Company.
Section 3. The assets of the Plan are to be held in trust with the City serving as
trustee for the exclusive benefit of the Plan participants and their beneficiaries, and the
assets shall not be diverted for any other purpose.
Deferred Compensation 7/29/04 1 of 2
Section 4. The City adopts the Security Benefit Advisor 457 Deferred
Compensation Program and establishes funding accounts with the Security Benefit
Group of Companies for the receipt of the investment contributions.
Section 5. The City Finance Director shall be the coordinator of all City 457
Deferred Compensation programs. The City Finance Director shall:
1. be authorized and directed to execute the plan documents for the deferred
compensation program.
2. designate eligible employee participants in the plan(s) in accordance with
the plan terms.
rY agreements execute all necessa eements with the Hartford Life Insurance
Company, ICMA Retirement Corporation, and Security Benefit Group of Companies.
<>-'3 Section 6. The City will not permit loans under any of its select deferred
;':<t „z
compensation plans.
ur Section 7. The City has signed a new Administrative Services Agreement with the
k,,• ICMA Retirement Corporation and the Security Benefit Group of Companies.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON,
at a Regular Meeting thereof this day of 2004.
ATTEST /AUTHENTICATED:
Jim Haggerton, Council President
Jane E. Cantu, CMC, City Clerk
APPROVED AS TO FORM BY:
Filed with the City Clerk
Passed by the City Council:
Office of the City Attorney Resolution Number:
R i
'i rFr
ry
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