Broken Arrow City Council
Meeting of: 02-06-2018
To: Mayor and City Council
From: Office of the City Manager
Title:
title
Approval of and authorization to execute the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust Adoption Agreements
End
Background:
On September 19, 2017, the City Council approved the Third Amendment to the Employment Agreement with Michael L. Spurgeon to serve as the City Manager for the City of Broken Arrow. The Third Amendment provided an increase to the contribution made into the ICMA City Manager Retirement Plan. Currently, 15% of Mr. Spurgeon’s base salary is contributed into the ICMA plan. This percentage will increase to 15.5% effective September 21, 2018, 16% effective September 21, 2019 and 16.5% effective September 21, 2020.
To meet the obligations set forth in the amendment, the plan’s adoption agreement for each year must be amended.
Cost: As provided for in the Third Amendment to the Employment
Agreement with Michael L. Spurgeon.
Prepared By: Jannette McCormick, Human Resources Director
Reviewed By: Finance Department
Assistant City Manager - Administration
Legal Department
Approved By: Michael L. Spurgeon, City Manager
Attachments: ICMA Governmental Money Purchase Plan and Trust Adoption Agreements
Recommendation:
Approve the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust Adoption Agreements and authorize its execution.