Submitted By: Todd Swanson
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Presentation By: Todd Swanson
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Department: Human Resources and Risk Management
FORMAL TITLE:
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Administrative Services Agreement between the City of Ocala and MissionSquare Retirement for administration and record keeping services for the City's Section 401(a) and Section 457(b) Retirement Plans for an initial five-year term
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable, Engaged Workforce
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The City of Ocala sponsors a Section 401(a) defined contribution plan and a Section 457(b) deferred compensation plan for eligible employees. These plans are a key component of the City's total compensation program and serve as the primary retirement savings vehicles for many employees.
MissionSquare Retirement (formerly ICMA-RC) provides financial services to public employers for the operation of employee retirement plans including, but not limited to, communications concerning investment alternatives, account maintenance, account recordkeeping, investment and tax reporting, transaction processing, and benefit disbursement. The proposed Administrative Services Agreement formalizes the continued administration of:
* Section 457(b) Plan - Account No. 303080
* Section 401(a) Plan - Account Nos. 107737 and 107411
Under the Agreement, MissionSquare Retirement will perform nondiscretionary administrative and recordkeeping functions, including:
* Participant enrollment and account maintenance
* Contribution processing
* Investment allocation and reporting
* Loan administration (if adopted by the Employer)
* Distribution processing
* Participant communications and online account access
* Plan sponsor reporting and website access
MissionSquare Retirement will continue to administer the 457(b) Plan in accordance with Section 457 of the Internal Revenue Code and the 401(a) Plan in accordance with Section 401 of the Internal Revenue Code, as outlined in the Administrative...
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