HomeMy WebLinkAboutResolutions - 1994.07.28 - 241074 •
.July 28, 1994
MISCELLANEOUS RESOLUTION # 94220
BY: FINANCE COMMITTEE, JOHN P. McCULLOCH, CHAIRPERSON
IN RE: RETIREMENT COMMISSION/DEFINED CONTRIBUTION RETIREMENT PROGRAM
- SELECTION OF ADMINISTRATOR
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen,
WHEREAS the Oakland County Board of Commissioners adopted a
Defined Contribution Retirement Plan (Misc. Resolution #94185 - June
23, 1994) for new employees, effective July 1, 1994; and
WHEREAS successful implementation of a Defined Contribution
Retirement Plan requires the expertise of an outside consultant
specializing in the administering of such plans; and
WHEREAS an extensive Request for Proposal process was engaged
to identify and recommend a specialist with public sector experience
and the capacity to customize a Defined Contribution Retirement
Program that meets the unique needs of Oakland County employees,
including self-directed investment options, national portability,
participant education and information services; and
WHEREAS the County Executive recommends the selection of the
International City Management Association (ICMA) Retirement
Corporation as the Defined Contribution Retirement Plan
administrator, a nonprofit corporation serving $3.5 billion of the
public employer assets, covering over 4,000 public employees; and
WHEREAS the ICMA Retirement Corporation fee structure includes:
- Plan Administration Fees-0.35% on assets under
management
- Investment Advisory Fees-0.10% on assets under
management; and
WHEREAS it is recommended that two sources of funds be utilized
to defray the aforementioned plan administration and investment
advisory expenses, first, the savings that accrues to the benefit of
active employees when participants terminate prior to reaching vested
status, and second, the reduced investment advisory costs of the
current Defined Benefit Retirement Program that derives from
migration of assets to the Defined Contribution Retirement Plan.
NOW THEREFORE BE IT RESOLVED that, upon the recommendation of
the County Executive and the Oakland County Retirement Commission,
the Board of Commissioners authorizes the selection of the
International City Management Association (ICMA) Retirement
Corporation as the program administrator of Oakland County's Defined
Contribution Retirement Plan.
BE IT FURTHER RESOLVED that two sources of funds be utilized to
defray the specified plan administration and investment advisory
expenses, first, the savings that accrues to the benefit of active
employees when participants terminate prior to reaching vested
status, and second, the reduced investment advisory costs of the
current Defined Benefit Retirement Program that derives from
migration of assets to the Defined Contribution Retirement Plan.
Mr. Chairperson, on behalf of the Finance Committee, I move
adoption of the foregoing resolution.
FIN E COMMITTEE
Al
July 29, 1994 Resolution #94220
Moved by McCulloch supported by Oaks the resolution be adopted.
AYES: Garfield,
McCulloch, McPherson,
Powers, Schmid, Taub,
NAYS: None. (
Gosling, Huntoon, Jensen, Johnson, Kaczmar, Kingzett, Law,
Miltner, Moffitt, Newby, Oaks, Obrecht, Palmer, Pernick,
Wolf, Crake, Dingeldey, Douglas. (24)
0)
resolution was A sufficient majority having voted therefor, the
adopted.
FOREGOING RESOLUTION
--ZZLtht/7
Date
I HEREBY
L. Brooks Pfitt‘re-o—n. county Executive
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the
foregoing resolution is a true and accurate copy of a resolution adopted by the
Oakland County Board of Commissioners on July 28, 1994 with the original record
thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and ..fixed the seal of the
County of Oakland at Pontiac, Michigan this 28th day of„du1y.I.994,_6;1;
D. Allen, County Clerk