Title
Human Resources recommending the Board consider the following:
1) Authorize the Chair to sign the VantageCare Retirement Health Savings (RHS) Adoption Agreement to amend Administrative Services Agreement 209-S1011 for the provision of Retirement Health Savings plan services between the County of El Dorado and the International City Management Association Retirement Corporation; and
2) Authorize the Director of Human Resources, or designee, to execute further documents as may be necessary related to the referenced Agreement, including amendments, contingent upon approval by County Counsel and Risk Management, provided such documents do not affect the maximum compensation or term of the Agreement. (Est. Time: 5 Min.)
FUNDING: Participant Account Fees.
Body
DEPARTMENT RECOMMENDATION
Human Resources Department recommending the Board authorize the Chair to sign the VantageCare Retirement Health Savings (RHS) Adoption Agreement to amend Administrative Services Agreement 209-S1011 with the International City Management Association Retirement Corporation (ICMA-RC) to allow participation by employees who are approved for the County’s Early Separation Incentive Program for Fiscal Year 2015/16 in the Retirement Health Savings Plan.
On June 2, 2015 (Item 48, Legistar File 15-0640), the Board approved an Early Separation Incentive Program for FY 2015/16. This program would allow the County to contribute $2,500 (for employees separating no later than September 11, 2015) or $1,500 per year of full time equivalent service (for employees separating no later than October 11, 2015), in an amount not to exceed $50,000 for each employee approved to receive the incentive. These funds would be deposited into individual Retirement Health Savings accounts for each participant and be administered by ICMA-RC.
DISCUSSION / BACKGROUND
On September 22, 2009 (Item 29, Legistar File 09-1195), the Board approved an Administrative Services Agreement with ICMA-RC for the VantageCar...
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