Fiscal Note
Dissolution of the existing Local 311 Trust and transfer of assets to a new entity will have no budgetary impact.
Title
Amending and supplementing Resolution No. 09-0868 by providing that the assets of Fire Fighters Local 311 Post-Retirement Benefits Trust be transferred to a new plan sponsored by ICMA-RC, authorizing the Mayor and City Clerk to enter into agreements as may be necessary for such termination and transfer, including any necessary indemnification clauses, and any necessary changes to the collective bargaining agreement between the City and Local 311, adopting the ICMA Retirement Corporation’s VantageCare Retirement Health Savings Plan and Adoption Agreement, authorizing the establishment of a Trust and designating Trustees therefore, and making other provisions for the new Local 311 post employment health plan (PEHP).
Body
On October 20, 2009, the Common Council passed Resolution No. 09-0868, Legislative File No. 16060, providing for the termination of the existing Fire Fighters Local 311 Post-Retirement Benefits Trust and the transfer of the assets to a new Trust and Plan to be operated pursuant to agreements with Precision Retirement Group. A copy of that resolution is attached. Since that time, Local 311 has determined that it prefers to utilize a plan offered by ICMA Retirement Corporation (ICMA-RC) VantageCare Retirement Health Savings Plan. The City Attorney and Comptroller have reviewed the proposed Plan and have no objection to the City entering into the necessary agreements to sponsor the Plan for use by Local 311. However, in order to do so, the City must modify the prior resolution and provide authority to enter into the new Plan.
WHEREAS, the City of Madison, Wisconsin (Employer) has employees rendering valuable services; and
WHEREAS, the establishment of a retirement health savings plan for such employees serves the interests of the Employer by enabling it to provide reasonable security regarding such employees’ ...
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