Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 17-576    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 6/19/2017 Final action: 6/19/2017
Title: A Resolution Appointing the Village of Oak Park's Authorized Representative for the Village's Deferred Compensation and Post Employment Health Savings Programs
Attachments: 1. Resolution ICMA Authorized Representative

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.