HomeMy WebLinkAboutItem 06.c
Date: Item No.
Council Approval of Resolution
Approving Agreements and Plan Documents between SelectAccount
and City of Lakeville and Lakeville Arenas
Proposed Action
Staff recommends adoption of the following motion: Move to approve a resolution approving the
agreements and plan documents between SelectAccount and City of Lakeville and Lakeville Arenas.
Passage of this motion will result in administration services for the City’s health reimbursement
arrangement plans (HRA/VEBA, HSA, and FSA Accounts).
Overview
This past Spring, National Financial Partners Corporation (NFP) researched the marketplace for
third party administrator to manage the city’s health reimbursement arrangement plans. Human
Resources staff along with NFP reviewed proposals and interviewed several vendors in June. After
interviews were conducted, staff selected SelectAccount to serve as administrator for the city’s health
reimbursement arrangement plans.
City staff along with NFP, the city attorney, and Scott Wold, with Hitesman & Wold, P.A. has
reviewed the SelectAccount service agreements and plan documents. The service agreements and
plan documents are available in the Human Resources Department, but not attached here because of
the size of the documents.
The city will be responsible for the administration fees which are $4.50 for VEBA/HRA and FSA per
month per enrolled employee. The HSA monthly fee is $1.00 per month per enrolled employee.
Staff requests the City Council adopt a resolution approving the plan documents and authorize the
Mayor and City Clerk to sign the SelectAccount agreements and documents.
Primary Issues to Consider
• What specific services are provided by SelectAccount
SelectAccount will provide administrative services to ensure the city is in compliance with Federal and
State regulations.
Financial Impact: $9,000/year Budgeted: Y☒ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Good Value for Public Services
Report Completed by: Tammy Schutta, Human Resources Manager
November 21, 2016
Various
Budget Document
CITY OF LAKEVILLE
RESOLUTION NO. ____
RESOLUTION APPROVING AGREEMENTS AND PLANS BETWEEN
SELECTACCOUNT AND CITY OF LAKEVILLE AND LAKEVILLE AREAS
RELATING TO IRS CODE SECTION 125 AND
HEALTH REIMBUREMENT ARRANGEMENT PLANS
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota, that the following are
hereby approved:
a) SelectAccount VEBA Health Savings Plan Service Agreement
b) SelectAccount VEBA Health Savings Trust Agreement
c) SelectAccount VEBA Health Savings Plan Document
d) SelectAccount VEBA Health Saving Plan Summary
e) Select Account City of Lakeville Exhibit A
f) SelectAccount Health Savings Account Agreement
g) SelectAccount Health Savings Account Summary
h) SelectAccount Flexible Benefits Plan Service Agreement
i) SelectAccount Flexible Benefit Plan
j) Select Account Flexible Spending Plan, Medical FSA, Dependent Care FSA, and Pre-
Tax Premium Summary
ADOPTED by the Lakeville City Council this 21st day of November, 2016
______________________________
Matt Little, Mayor
_________________________________
Charlene Friedges, City Clerk