HomeMy WebLinkAboutRESOLUTION - 17-13 - 3/26/2013 - VANTAGEPOINT PAYROLL DEDUCTIONRESOLUTION NO. 17-13
A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO
PARTICIPATE IN THE VANTAGEPOINT PAYROLL DEDUCTION INDIVIDUAL
RETIREMENT ACCOUNT PROGRAM THROUGH ICMA RETIREMENT
CORPORATION
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of an individual retirement account program for such
employees serves the interests of the Employer by enabling it to provide reasonable security
regarding such employees' financial 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 has determined that the establishment of an individual
retirement account program plan to be administered by the ICMA Retirement Corporation
and/or its affiliates serves the above objectives; and
WHEREAS, the Employer desires that its individual retirement account program (the
"Program") be administered by the ICMA Retirement Corporation and/or its affiliates:
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 as follows:
Section 1: That the Employer hereby adopts the Program in the form of the ICMA
Retirement Corporation's Vantagepoint Payroll Deduct IRA Program.
Section 2: That the assets of the Payroll Deduct IRA Program shall be held in trust,
with the Employer serving as trustee, for the exclusive benefit of Program participants and their
beneficiaries, and the assets of the Program shall not be diverted to any other purpose.
Section 3: That the Human Resources Director shall be the coordinator and contact for
the Program and shall receive necessary reports and notices.
Section 4: This Resolution shall be in full force and effect immediately from and after
its passage and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 26`h day of March 2013.
APPROVED this 26`h day of March 2013.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Judith M. Keegan, Village Clerk
PacrolldednctionlR,A
February 20, 2013
Village of Elk Grove Village
Attn: Mike Krcik
901 Wellington Ave
Elk Grove Village, IL 60007
Re: ICMA Retirement Corporation
Vantagepoint Payroll Deduct IRA Program
Dear Mike Krcik,
This letter agreement will serve to amend the existing Agreement between the Village
of Elk Grove Village and ICMA-RC to provide for payroll deduction Individual
Retirement Accounts ("IRAs") for Employer's employees ("IRA accountholders".)
The existing Agreement between Employer and ICMA-RC is hereby amended as
follows:
Employer desires to allow IRAs for its employees to be administered by ICMA-RC.
Employer agrees to send checks or wire the assets to ICMA-RC for IRA
accountholders. The details of the submission of IRA contributions shall be as
mutually agreed between Employer and ICMA-RC, but in general shall be as set
forth in the IRA program materials developed by ICMA-RC and provided to
Employer.
2. Absent an explicit provision to the contrary, account fees and expenses payable
by IRA Accountholders shall be as set forth in the IRA program materials.
3. Each IRA Accountholder will receive a consolidated quarterly statement providing
information for any deferred compensation plan, qualified plan or IRA maintained
by each IRA Accountholder and administered by ICMA-RC.
4. ICMA-RC will provide tax withholding and reporting for each IRA account
administered by ICMA-RC.
5. Unless ICMA-RC and Employer agree otherwise, the details of ICMA-RC's
administration of the IRA program, as well as other features of the IRA program,
shall be as set forth in ICMA-RC's IRA program materials. The IRA program
materials are hereby incorporated by reference and made a part of this
Agreement, except that Employer and ICMA-RC may from time to time mutually
agree in writing to terms that vary from the IRA program materials.
6. To assure IRA Accountholders of confidentiality, ICMA-RC will only provide
Employers with such account information as is necessary to reconcile Employer's
payroll deduction submittals.
It is agreed that ICMA-RC will not be responsible for ensuring that annual IRA
contributions by each IRA Accountholder are within applicable annual contribution
limits, and that this will be the responsibility of the IRA Accountholder.
8. It is understood that the year in which the payroll deduction occurs shall constitute
the tax year in which the contribution is considered to be made to the IRA
Accountholder's IRA.
If the Village of Elk Grove Village finds these terms agreeable, please so indicate by
having the appropriate person sign and date this letter agreement in the space
indicated below.
Very truly yours,
1
Angela C. Montez
Assistant Secretary
Agreed:
Signature of Authorized Official Date