Loading...
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