HomeMy WebLinkAboutRESOLUTION - 47-05 - 8/16/2005 - VANTAGECARE RETIREMENT HEALTH PLAN-AMEND
RESOLUTION NO. 47-05
A RESOLUTION AMENDING RESOLUTION NO. 22-02 AND RESOLUTION NO. 43-04 A VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN OF THE VILLAGE OF ELK GROVE VILLAGE FOR THE PURPOSE OF CLARIFYING VARIOUS
TERMS AND CONDITIONS OF THE SAVINGS PLAN (ICMA)
WHEREAS, the Employer, the Village of Elk Grove Village, has established a retiree health savings plan in the form of the VantageCare Retirement Health Savings Plan (the “Plan”) for
such employees that serves the interest of the Employer by enabling it to provide reasonable security regarding such employees’ health needs during retirement, by providing increased
flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and
WHEREAS, the Employer, the Village of Elk Grove Village, has determined that the continuance of the Plan serves the above objectives.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois:
Section 1. That the Employer, the Village of Elk Grove Village, hereby amends the Plan and further clarifies various terms and conditions as outlined in “Exhibit A” attached hereto;
and
Section 2. That all other terms and conditions of the Plan shall remain in full force and effect; and
Section 3. That this Resolution shall be in full force and effect from and after its passage and approval according to law.
VOTE: AYES: 4 NAYS: 0 ABSENT: 2
PASSED this 16th day of August, 2005
APPROVED this 16th day of August, 2005.
APPROVED:
Mayor Craig B Johnson
ATTEST: Village of Elk Grove Village
Ann I. Walsh, Village Clerk
ResRetirementHealthVantageCare2ndAmend.doc
EXHIBIT A
VANTAGE CARE – RETIREMENT HEALTH SAVINGS (RHS) PLAN
Funding for the RHS
Pre-tax contributions will come from these sources:
1. One-time irrevocable election of a fixed percentage of employee’s compensation:
a. 2%, 3%, 5%, 7.5% or 10% of earnings; and
b. irrevocable election of 25%, 50%, 75% or 100% of an employee’s MEP, MIP and/or Longevity award.
2. Upon retirement, 25%, 50%, 75%, 100% or remainder of employees accrued vacation leave, as earned, and is limited to the year in which the employee is retiring.
3. Annually at Open Enrollment, an employee may elect to contribute the January 1 value of one, two, three or four Floating Holidays into their RHS account.
4. Annually at Open enrollment, an employee may elect to contribute 25%, 50%, 75% or 100% of earned or remaining Compensatory Time.