HomeMy WebLinkAbout10849RESOLUTION NO. 10849
A RESOLUTION TERMINATING THE ICMA RETIREMENT CORPORATION VANTAGECARE
RETIREMENT HEALTH SAVINGS (RHS) PROGRAM
WHEREAS, the termination of the ICMA Retirement Corporation VantageCare Retirement
Health Savings Program is in the best interests of the City.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City of Pueblo does hereby terminate and cancel the ICMA Retirement Corporation
VantageCare Retirement Health Savings Program and all related documents adopted and
approved by Resolution No. 10533 including but not limited to (a) the Employer VantageCare
Retirement Health Savings (RHS) Plan Adoption Agreement, (b) the Declaration of Trust of the
City of Pueblo Integral Part Trust, (c) the letter agreement dated July 6, 2004 amending the
existing Administrative Services Agreement between the City of Pueblo and ICMA Retirement
Corporation, and (d) the Retiree Medical and Dental Expense Reimbursement Plan.
SECTION 2
This Resolution shall become effective upon final passage and approval.
BY Randy Thurston
Councilperson
APPROVED:
President of City Council
ATTESTED BY:
CITY CLERK
INTRODUCED October 23, 2006
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Background Paper for Proposed
RESOLUTION
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AGENDA ITEM # /
DATE: October 23, 2006
DEPARTMENT: HUMAN RESOURCES — DIRECTOR BETH VEGA
TITLE
A RESOLUTION TERMINATING THE ICMA RETIREMENT CORPORATION
VANTAGECARE RETIREMENT HEALTH SAVINGS (RHS) PROGRAM
ISSUE
Should the City of Pueblo discontinue offering the ICMA Retirement Corporation
VantageCare Retirement Health Savings (RHS) Program?
RECOMMENDATION
Discontinue the ICMA Retirement Corporation VantageCare Retirement Health
Savings (RHS) Program.
BACKGROUND
At this time the irrevocable elective pre -tax contributions of employee accrued
leave provisions of the ICMA Retirement Corporation VantageCare Retirement
Health Savings Program, the principal reason the City of Pueblo entered into the
Program, has not received approval from the IRS. Since there is some question
as to when the approval will be received, it is in the best interest of the City to
terminate and discontinue the Program.
FINANCIAL IMPACT
None.