HomeMy WebLinkAboutItem 06.h
Date: Item No.
Authorize Services Agreement with ICMA Retirement Corporation
Proposed Action
Staff recommends adoption of the following motion: Move to approve the agreement between the
City of Lakeville and ICMA Retirement Corporation
Passage of this motion will result in a renewed service agreement with ICMA Retirement
Corporation.
Overview
ICMA-RC is offering a reduction in the plan expenses for participants by about 34%. This equals
an average of total costs savings of an average of $30K per year.
This reduction is contingent upon the Employer’s continued use of the on-line reporting system for
contribution processing, submitting contributions by ACH and the terms of the agreement. The
terms of the agreement will begin October 1, 2017 and end five years after the same date. The
agreement will automatically be renewed for each succeeding year unless written notice is
provided by either party.
The Human Resources department will continue to use the on-line reporting system and process
payments of the contributions by ACH.
Primary Issues to Consider
• Who pays the administrative fee? The administration fee is paid by the employee.
Supporting Information
• Administrative Services Agreement for Plan Number 300233.
Financial Impact: $ 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
July 28, 2017