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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 0 Background Paper for Proposed RESOLUTION /Gkz - : 1 bgy<7 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.