Agenda

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County Administrator's Report 9. 2.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	03/03/2016
Issue: ICMA Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement
From:	Thomas Turner
Department:	Human Resources
CAO Approval:

RECOMMENDATION:

Recommendation Concerning ICMA Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement - Thomas G. "Tom" Turner - Human Resources Department Director

That the Board take the following action regarding the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement:

A. Approve the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement for the County 401A Plan; and

B. Authorize the County Administrator to sign the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement.

BACKGROUND:

ICMA administers the County's 401A Plan for Senior Management Positions and Elected Officials that opt out of the Florida Retirement System (FRS). We were advised by ICMA that the IRS stated that all Governmental Money Purchase Plan & Trust Adoption Agreements must be updated. The contributions to this plan for employees that elected the 401A Plan is equal to the Florida Retirement System contribution rate for the employees' retirement class, which is determined by FRS each July.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

The County Attorney's Office has reviewed the policy and deemed it legally sufficient.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

The Human Resources Department will coordinate with Legal, the Office of Purchasing, and the ICMA Retirement Corporation to distribute the Agreement.

Attachments
ICMA Governmental Money Purchase Plan & Trust Adoption Agreement 2016