Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute An Amended And Restated 401(A) Pre-Approved Plan And The 457(B) Deferred Compensation Plan With ICMA Retirement Corporation, d/b/a MissionSquare Retirement.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City has established 401(a) and 457(b) retirement plans with MissionSquare Retirement. Beginning in 2017, with the issuance of IRS Notice 2017-37, all plans must be amended and restated at least once every six years in order to ensure plans are in compliance with legislative and regulatory changes. The City must restate and amend its plans prior to July 31, 2022.
The City desires to be and remain in compliance with IRS regulations regarding its plans.
The Resolution seeks Commission authorization for the appropriate City officials to execute all documents required for restating and amending the plans.
Fiscal Impact:
Approval of this resolution will not fiscally impact the City as this is a proposal to restate and amend the retirement plans.
Recommended for inclusion on the agenda by:
David E. Keller, Director, Financial Services Department
Adam Reichbach, Assistant City Manager for Finance and Administration