Fiscal Note
Dissolution of the existing Local 311 Trust and transfer of assets to a new entity will have no budgetary impact.
Title
Terminating Fire Fighters Local 311 Post-Retirement Benefits Trust, authorizing the transfer of assets to a new Trust to be operated by the Precision Retirement Group, Inc., and authorizing the Mayor and City Clerk to enter into agreements as may be necessary for such termination and transfer, including any necessary changes to the collective bargaining agreement between the City and Local 311.
Body
BACKGROUND
By Resolution No. 55057, approved on March 17, 1998, the City and Fire Fighters Local 311 agreed to a new collective bargaining agreement. One of the terms of that new agreement was that the City and Local 311 would establish a Post-Retirement Benefits Trust for Local 311. On December 18, 1998, the City and Local 311 entered into the “Agreement and Declaration of Trust Establishing Fire Fighters Local 311 Post-Retirement Benefits Trust.”
Local 311 now desires to dissolve and terminate the existing Trust and transfer the assets to a new trust. The new post-retirements benefit trust and program would be operated pursuant to agreements with the Precision Retirement Group, which already provides such services to other employees of the City. Agreements with other persons utilized in the Precision Retirement Group program may also be necessary.
The Trust Agreement itself provides in section 5.1 that it may be terminated by agreement and action of both Local 311 and the City of Madison. The City of Madison is willing to agree to the termination desired by Local 311.
RESOLUTION
NOW, THEREFORE, BE IT RESOLVED, that based upon the above Background, the City agrees with Fire Fighters Local 311 to terminate and dissolve the Fire Fighters Local 311 Post-Retirement Benefits Trust, pursuant to its terms; and
BE IT FURTHER RESOLVED, that the City agrees to assist Local 311 in the transfer of amounts in the Trust to a new ...
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