R-731 - 10/26/1999 - ICMA - Resolutions Supporting Documents 1
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VILLAGE OF OAK BROOK
1200 OAK BROOD ROAD
OAK BROOK, ILLINOIS 60523-2255
PHONE: 630 990.3000
FAX: 630 990.0876
MEMORANDUM
DATE: October 21, 1999
TO: Village President and Board of Trustees
SUBJECT: Deferred Compensation Retirement Plan Legislation
RECOMMENDATION: That the Village Board approve the attached resolution
supporting federal legislation to improve state and local government retirement plans.
That attached resolution would indicate the Village's support, as a Section 457 deferred
compensation plan sponsor, of legislation that would strengthen the retirement savings programs of
public employers and their employees and enhance the attractiveness of public service. The thrust
of the recommended changes is to level the field between public sector and private sector plans in
terms of portability, contribution limits and withdrawal rules.
Tax-qualified savings plans play an ever-increasing role in retirement planning for public
employees,as they do for private sector employees. However, public sector employees do not enjoy
the same contribution limits, portability and withdrawal rules as their private and non-profit sector
counterparts. The ICMA Retirement Corporation and other providers of Section 457 plans have
long worked to eliminate the disparities and have never been closer to success.
ICMA-RC has requested employer support, which I recommend be provided via approval of the
attached resolution.
t �
Stephen B. Veitch
Village Manager
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Village Of Oak Brook," as presented and waive the full reading
thereof. ROLL CALL VOTE:
Ayes: 6—Trustees Butler, Caleel, Craig, Kenny, McInerney and
Savino.
Nays: 0—None.
Absent: 0—None. Motion carried.
7. B. 4) ORDINANCE 1999-BD-COW-G-646 AN ORDINANCE ORDINANCE
AMENDING SECTION 2-19 OF THE CODE OF 99•eD-cow-c-6+6
ORDINANCES OF THE VILLAGE OF OAK BROOK, IL AND AMEND SEC 2.19
PROVIDING FOR REVISED REGULAR MEETING DATES REVISE MTG.
FOR THE BOARD OF TRUSTEES: DATES SOT
Pursuant to the Village Board's direction at their meeting of October
12, 1999, the Village Attorney has drafted an ordinance which
changes the Board's Committee-of-the-Whole meeting to the Monday
immediately preceding the fourth Tuesday of each month.
President Bushy indicated that the change was requested so that the
Committee-of-the-Whole meeting did not conflict with the School
Board or Park District Board meetings as they declined to change
their meetings.
Motion by Trustee Caleel, seconded by Trustee Savino, to pass
Ordinance 1999-BD-COW-G-646, "An Ordinance Amending Section
2-19 Of The Code Of Ordinances Of The Village Of Oak Brook, IL
And Providing For Revised Regular Meeting Dates For The Board Of
Tnistees," as presented and waive the full reading thereof ROLL
CALL VOTE:
Ayes: 6 — Trustees Butler, Caleel, Craig, Kenny, McInerney and
Savino.
Nays: 0— None.
Absent: 0— None. Motion carried.
05) RESOLUTION 1999-ICMA-R-731 A RESOLUTION RESOLUTION
SUPPORTING FEDERAL LEGISLATION TO IMPROVE 99-IC%IA-R-731
STATE AND LOCAL GOVERN1vIENT RETIREMENT FED.LEG1S
PLANS: RETIRE PLANS
This resolution indicates the Village's support, as a Section 457
deferred compensation plan sponsor, of legislation that would
strengthen the retirement savings programs of public employers and
their employees and enhance the attractiveness of public service. The
thrust of the recommended changes is tc level the field between
public sector and private sector plans in terms of portability,
contribution limits and withdrawal rules.
VILLAGE OF OAK BROOK Minutes Page 6 of 16 October 26, 1999
Tax-qualified savings plans play att ever-increasing role in retirement
planning for public employees, as they do for private sector
employees. However, public sector employees do not enjoy the same
contribution limits, portability and withdrawal rules as their private
and non-profit sector counterparts. The ICMA Retiremenx
Corporation and other providers of Section 457 plans have long
worked to eliminate the disparities and have never been closer to
success.
ICMA-RC has requested employer support, which the Village
Manager has recommended be provided via approval of the
resolution.
Motion by Trustee Caleel, seconded by Trustee Savino, to pass
Re:.-lution 1999-ICMA-R-731, "A Resolution Supporting Federal
Legislation To Improve State And Local Government Retirement
Plans,"as presented and waive the full reading thereof.
Trustee Kenny commented that he fully supports tae 457 Plan but he
finds one phrase in the proposed resolution troubling. The sentence
indicates that the Village of Oak Brook fully supports legislation that
will improve the retirement plans of state and local government
employees, as exemplified by the Financial Freedom Act of 1999. He
felt the sentence may be misconstrued beyond the 457 provision. He
indicated that previous pension legislation for firefighters passed and
the Village requested our Iegislators to discuss the legislation at a
Board meeting. It was the consensus of the Village Board that the
pension law that was not published in a fair, open and reasonable
manner for public comment and notice. He is concerned that this
particular phrase could be interpreted to support that type of
procedure.
Village Manager Veitch indicated that the language could be more
specific in that phrase. He stated: "The Village of Oak Brook fully
supports legislation that will result in equal treatment of Section 457
deferred compensation plans as provided within the Financial
Freedom Act of 1999." The Village Board concurred with this
recommendation.
Motion by Trustee Caleel, seconded by Trustee Savino, to pass
Resolution 1999-ICMA-R-731, as amended. ROLL CALL VOTE:
Ayes: 6 — Trustees Butler, Caleel, Craig, Kenny, McInerney and
Savino.
Nays: 0— None.
Absent: 0-- None. Motion carried.
VILLAGE OF OAK BROOK Minutes Page 7 of 16 October 26, 1999
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60523-2255
PHONE: 630 990-3000
FAX: 630 990-0876
W E B S I T E: %,.��%v.oak-brook.ory
October 29, 1999
The Honorable Peter Fitzgerald
United States Scriator
SD-B40-5
Washington, D.C. 20510
Dear Senator Fitzgerald:
The Village President and Board of Trustees of the Village of Oak Brook, at their Board Meeting
of October 26, 1999, approved Resolution No. 731, a Resolution Supporting Federal Legislation
to Improve State and Local Government Retirement Plans.
As a Section 457 deferred compensation plan sponsor, the Village supports legislation to
strengthen the retirement savings programs of public employers and their employees and
enhance the attractiveness of public serve. Public sector employees currently do not enjoy the
same contribution limits, portability and withdrawal rules as their private and non-profit sector
counterparts. Legislative changes, as provided within the Financial Freedom Act of 1999
(H.R. 2488) will help to level the field between public sector and private sector plans.
We respectfully request your support of legislation that accomplishes these objectives and thank
you for your consideration.
Sincere'
Stephen B. Veitch
Village Manager
SBV/mr:as%dc main document
Enclosure
cc: Village President and Board of Trustees
Linda K. Gonnella, Village Clerk
Darrell J. Langiois, Finance Director
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60523-2255
PHONE: 630 990-3000
FAX: 630 990-0876
October 29, 1999 W E B S I T E: www%oak-brook.org.
The Honorable Henry Hyde
Member of Congress
2110 Rayburn Office Building
Washington, D.C. 20515
Dear Representative Hyde:
The Village President and Board of Trustees of the Village of Oak Brook, at their Board Meeting
of October 26, 1999, approved Resolution No. 731, a Resolution Supporting Federal Legislation
to Improve State and Local Government Retirement Plans.
As a Section 457 deferred compensation plan sponsor, the Village supports legislation to
strengthen the retirement savings programs of public employers and their employees and
enhance the attractiveness of public serve. Public sector employees currently do not enjoy the
same contribution limits, portability and withdrawal rules as their private and non-profit sector
counterparts. Legislative changes, as provided within the Financial Freedom Act of 1999
(H.R. 1488) will help to level the field between public sector and private sector plans.
We respectfully request your support of legislation that accomplishes these objectives and thank
you for your consideration.
/B Sincer
Otep en eitch
Village Manager
SBV/mr:457 dc main document
Enclosure
cc: Village President and Board of Trustees
Linda K. Gonnella, Village Clerk
Darrell J. Langlois, Finance Director
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60523.2255
PHONE: 630 990-3000
FAX: 630 990-0876
October 29, 1999 W E B S I T E: www.oak-bc000k.orr
The Honorable Judy Biggert
Member of Congress
508 Cannon House Office Building
Washington, D.C. 20515
Dear Representative Biggert:
The Village President and Board of Trustees of the Village of Oak Brook, at their Board Meeting
of October 26, 1999, approved Resolution No. 731, a Resolution Supporting Federal Legislation
to Improve State and Local Government Retirement Plans.
As a Section 457 deferred compensation plan sponsor, the Village supports legislation to
strengthen the retirement savings programs of public employers and their employees and
enhance the attractiveness of public serve. Public sector employees currently do not enjoy the
same contribution limits, portability and withdrawal rules as their private and non-profit sector
counterparts. Legislative changes, as provided within the Financial Freedom Act of 1999
(H.R. 2488)will help to level the field between public sector and private sector plans.
We respectfully request your support of legislation that accomplishes these objectives and thank
you for your consideration.
/Sinc/ere ,. Veitch
Village Manager
SBV,'mr:457 do main document
Enclosure
cc: Village President and Board of Trustees
Linda K. Gonnella, Village Clerk
Darrell J. Langlois, Finance Director
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60523-2255
PHONE: 630 990-3000
FAX: 630 990-0876
October 29, 1999 W E B S I T E: www.oak-brook.org
The Honorable William Lipinski
Member of Congress
1501 Longworth House Office Building
Washington, D.C. 20515
Dear Representative Lipinski:
The Village President and Board of Trustees of the Village of Oak Brook, at their Board Meeting
of October 26, 1999, approved Resolution No. 731,a Resolution Supporting Federal Legislation
to Improve State and Local Government Retirement Plans.
As a Section 457 deferred compensation plan sponsor,the Village supports legislation to
strengthen the retirement savings programs of public employers and their employees and
enhance the attractiveness of public serve. Public sector employees currently do not enjoy the
same contribution limits, portability and withdrawal rules as their private and non-profit sector
counterparts. Legislative changes, as provided within the Financial Freedom Act of 1999
(H.R. 2488)will help to level the field between public sector and private sector plans.
We respectfully request your support of legislation that accomplishes these objectives and thank
you for your consideration.
Sincere!
tephen B.veitch
Village Manager
SBV/mr:457 dc main document
Enclosure
cc: Village President and Board of Trustees
Linda K. Gonnella, Village Clerk
0
Darrell J. Langlois, Finance Director
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60523-2255
PHONE: 630 990.3000
FAX: 630 990-0876
W E B S t T E: www.oak-brook.org
October 29, 1999
The Honorable Dick Durbin
United States Senator
267 Russell Senate Office Building
Washington, D.C. 20510
Dear Senator Durbin:
The Village President and Board of Trustees of the Village of Oak Brook, at their Board Meeting
of October 26, 1999, approved Resolution No. 731, a Resolution Supporting Federal Legislation
to Improve State and Local Government Retirement Plans.
As a Section 457 deferred compensation plan sponsor, the Village supports legislation to
strengthen the retirement savings programs of public employers and their employees and
enhance the attractiveness of public'serve. Public sector employees currently do not enjoy the
same contribution limits, portability and withdrawal rules as their private and non-profit sector
counterparts. Legislative changes, as provided within the Financial Freedom Act of 1999
(H.R. 2488) will help to level the field between public sector and private sector plans.
We respectfully request your support of legislation that accomplishes these objectives and thank
you for your consideration.
Sinc,:re
i
I �
Stephen B. Veitch
Village Manager
SBV/mr:457 do main document
Enclosure
cc: Village President and Board of Trustees
Linda K. Gonnella, Village Clerk
Darrell J. Langlois, Finance Director