Broken Arrow City Council
Meeting of: 04-19-2016
To: Mayor and City Council
From: Office of the City Manager
Title:
title
Approval of and authorization to execute Resolution No. 917 to adopt the amended and restated International City/County Management Association Retirement Corporation (ICMA-RC) Governmental Money Purchase Plan & Trust Document
End
Background:
The IRS has a six-year review schedule for the type of 401 plan documents International City/County Management Association Retirement Corporation (ICMA-RC) has available for its clients. ICMA submitted an updated plan document for review and approval in 2012 and received favorable opinion letters last year. The documents include amendments for legislative and regulatory changes enacted since the prior restatement in 2006.
The IRS is requiring each plan sponsor using the ICMA-RC plan document to execute a new adoption agreement by April 30, 2016. The City utilizes the ICMA 401A Plan as the defined contribution retirement plan for the City Manager. All other employees either participate in the Police and Fire Retirement Systems or the Oklahoma Municipal Retirement Fund.
Cost: $0
Prepared By: Jannette McCormick, Acting Human Resources Director
Reviewed By: Acting Assistant City Manager of Administration
Legal Department
Approved By: Michael L. Spurgeon, City Manager
Attachments: ICMA Governmental Money Purchase Plan & Trust Adoption Agreement
Resolution Adopting and Restating the ICMA Retirement Plan
Recommendation:
Approve Resolution No. 917 to adopt the amended and restated ICMA-RC Governmental Money Purchase Plan & Trust Document.