Submitted By
Julia Scott-Valdez, Assistant Village Manager Human Resource Director
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Appointing the Village of Oak Park’s Authorized Representative for the Village’s Deferred Compensation and Post Employment Health Savings Programs
End
Overview
Overview
The Village of Oak Park offers employees the opportunity to save for retirement through a 457 deferred compensation program managed by ICMA-RC. Additionally, police and fire are allowed the benefit of a Post Employment Health Plan (PEHP) through their collective bargaining agreement (CBA) which is administered by Nationwide Retirement Solutions. Both plans require an authorized signature from the Village to manage the plan documents.
Body
Staff Recommendation
It is recommended that the Director of Human Resources assumes the responsibility of authorized representative for ICMA-RC and Nationwide Retirement Solutions.
Fiscal Impact
N/A
Background
The responsibility associated with the authorized signature for benefit plan administration typically falls to a senior manager in the Human Resource Department. By default, the CFO had assumed the responsibilities in Oak Park. Moving the signature authority to HR Department will streamline the approval and document management process.
Alternatives
Maintain status quo
Previous Board Action
N/A
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.