R-676 - 09/24/1996 - IMRF - Resolutions Supporting Documents of 04k
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VILLAGE OF OAK BROOK
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C)AK BROOK. ILLINOIS o0521 - 2255
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FA Q 0 7
MEMORANDUM
DATE: September 19, 1996
TO: Village President and Board of Trustees
SUBJECT: NACo Deferred Compensation Program
RECOMMENDATION: That the Village President and Board of Trustees adopt
the attached resolution to make available to Village employees the D4RF-endorsed
NACo Deferred Compensation Program.
Since 1978, the Village has provided employees access to the ICMA-RC Deferred Compensation
Plan, an Internal Revenue Code Section 457 plan whereby employees are able to contribute a
portion of their salary into a retirement account on a pre-tax basis. ICMA-RC invests in a variety
of funds, the mix of which is at the employees option. In order to provide employees with greater
opportunity to diversify and build financial security, I am recommending that we offer access to a
second deferred compensation program.
The attached resolution authorizes the Finance Officer to execute individual participation
agreements in connection with the NACo plan. The plan is administered by the Public Employees
Benefit Services Corporation(PEBSCO)at no cost to the Village, and has been adopted by many
Chicago area municipalities(in addition to ICMA.-RC)to allow employees to consider additional
investment options for their retirement accounts. Employees are able to participate in one or both
plans, subject to the annual maximum established by law(currently$7,500).
Following Board approval, PEBSCO will conduct informational and e,,rollment meetings with all
interested employees.
Michael A. Crotty
Assistant to the Village Manager
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ROLL CALL VOTE:
Ayes: 4 - Trustees McInerney,Payovich, Savino and President
Bushy.
Nays: 1 - Trustee Bartecki.
Absent: 2 - Trustees Kenny and Shumate. Motion carried.
03RESOLUTION 96-IMRF-R-676 A R • O I l°rION ADOPTING RES. 96-IMRF-
THE IMRF-ENDORSED NACo DEFFRRFD CQMI!ENSATION R-676
PROGRAM AND ESTABLISHING THE DEFERRED ADOPTING IMRF-
COMPENSATION P LAN FOR VO .LJNTAR ENDORSED NACo
PARTICIPATION OF AL • .I.If�I _LE RMPLQ Fc DEFERRED
ELECTED OFFICIA .S AND INDEPFNDENT COMPENSATION
PROGRAM
CONTRACTORS:
Trustee Kenny arrived at 7:48 p.m.
Since 1978,the Village has provided employees access to the ICMA-
RC Deferred Compensation Plan,an Internal Revenue Code Section
457 plan whereby employees are able to contribute a portion of their
salary into a retirement account on a pre-tax basis. ICMA-RC invests
in a variety of funds,the mix of which is at the employees option. In
order to provide employees with greater opportunity to diversify and
build financial security, staff recommends offering access to a second
deferred compensation program.
The resolution authorizes the Finance Officer to execute individual
participation agreements in connection with the NACo plan. The plan
is administered by the Public Employees Benefit Services Corporation
(PEBSCO)at no cost to the Village, and has been adopted by many
Chicago area municipalities (in addition to ICMA-RC)to allow
employees to consider additional investment options for their
retirement accounts. Employees are able to participate in one or both
plans, subject to the annual maximum established by law(currently
57,500).
Motion by Trustee NIcInemey, seconded by Trustee Kenny, to pass
Resolution 96-IMRF-R-676, "A Resolution Adopting The IMRF-
Endorsed NACo Deferred Compensation Program Arid Establishing
The Deferred Compensation Plan For Voluntary Participation Of All
Eligible Employees, Elected Officials And Independent Contractors",
as presented and waive the full reading thereof. ROLL CALL VOTE:
Ayes: 5 - Trustees Bartecki. Kenny, McInerney, Payovich and
Savino.
Nays: 0 - None.
Absent: 1 - Trustee Shumate. Motion carried.
VILLAGE OF OAK BROOK Minutes 5 of 14 September 24, 1996