R13-114 1 RESOLUTION NO. R13 -114
2
3 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
4 BOYNTON BEACH, FLORIDA, APPROVING AND
5 AUTHORIZING THE CITY MANAGER AND CITY CLERK TO
6 EXECUTE A LOCAL GOVERNMENT EMPLOYER
7 ADMINISATRATIVE AGREEMENT WITH U.S. MAYOR
8 ENTERPRISES, INC., TO PARTICIPATE IN THEIR DEFERRED
9 COMPENSATION AND RETIREMENT PRODUCTS AND
10 SERVICES, INCLUDING THE EXECUTION OF DOCUMENTS
11 REQUIRED BY THE SELECTED VENDOR; AND PROVIDING
12 1 AN EFFECTIVE DATE.
13 j
14 i i WHEREAS, the City of Boynton Beach approved Resolution 82 -C on January 5,
15 1982 adopting the U.S. Conference of Mayors Deferred Compensation Program and their
16 attendant investment options by entering into an Administrative Service Agreement; and
17 WHEREAS, this established a Deferred Compensation Program for the City of
18 Boynton Beach for voluntary participation of all eligible City employees, elected officials and
19 independent contractors; and
20 WHEREAS, the U.S. Conference of Mayors has ended their relationship with its
21 vendor, Nationwide Life Insurance Company and entered into an agreement with Great -West
22 as the Program Vendor for deferred compensation and retirement solutions, which requires the
23 City to enter into a new Local Government Administrative Agreement; and
24 WHEREAS, the City Commission of the City of Boynton Beach, hereby deems it to
25 be in the best interests of the citizens and residents of the City of Boynton Beach, to approve
26 ( and authorize the City Manager to execute a Local Government Employer Administrative
27 Agreement.
28 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
29 I CITY OF BOYNTON BEACH, FLORIDA, THAT:
l
11
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II
1 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
2 being true and correct and are hereby made a specific part of this Resolution upon adoption
3 hereof.
4 Section 2. The City Commission of the City of Boynton Beach, hereby approves
5 and authorizes the City Manager to execute a Local Government Employer Administrative
6 Agreement with U.S. Mayor Enterprises, Inc., to participate in their deferred compensation
7 and retirement products and services, including authorizing the execution of documents by the
8 selected vendor, a copy of which is attached hereto as Exhibit "A ".
9 Section 3. This Resolution shall become effective immediately upon passage.
10
11 PASSED AND ADOPTED this /5 day of October, 2013.
12
13 CITY OF BOYNTON i EACH, FLORIDA
14 /
15
16 layor — Jif Tayls/
17
18
19 ` . yo • Woodrow L. Hay
20
21 A
22 Comm . D./ id . Merker
23
24 _ / k' '
25 C i missio F — Mi • hael M. Fitzpa 'ck
26
27 l r
28 Co !r missioner — Joe Casello
29 ATTEST:
30
1 %� L ,ofP�r
32 J�.i et M. Prainito, i C ✓ Cry .Y 4?.;c, .
33 !ay Clerk
34
35 ' CA
36 (Corporate Seal) �V
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Rig — iii
sM
UNITED STATES CONFERENCE OF MAYORS RETIREMENT PROGRAM
LOCAL GOVERNMENT EMPLOYER ADMINISTRATIVE AGREEMENT
THIS LOCAL GOVERNMENT EMPLOYER ADMINISTRATIVE AGREEMENT
( "Agreement ") is executed by and between U.S. Mayor Enterprises, Inc. ( "USME "), a wholly owned
subsidiary of the United States Conference of Mayors ( "USCM ") of Washington, D.C.; and
( "Local Government Employer ") on
, 20 .
I. THE PROGRAM:
The United States Conference of Mayors Retirement Program ( "Program "), established in 1977, offers
deferred compensation and retirement solutions to cities and other local government agencies and to
their employees, with the intent that our cities realize the benefits derived from a retirement program,
including enhanced employee morale and a more secure workforce, and providing for the employees'
financial security.
The Program is sponsored by The United States Conference of Mayors, whose primary purpose is acting
on behalf of, and seeking the betterment of, cities in the United States. The Program assists cities and
their employees in establishing an increased measure of financial security for the future, providing cities
with a way to help employees help themselves by taking advantage of financial and tax incentives to
build a secure foundation for retirement.
II. MARKET REVIEW PROCESS:
USME, a municipal advisor registered with the Municipal Securities Rulemaking Board, periodically
conducts market surveys and reviews of financial institutions and retirement services companies
( "companies "), and, based upon an evaluation of administrative abilities and experience, selects the
company or companies (each individually a "Program Vendor ") that offer deferred compensation and
retirement products and services considered attractive and competitive based upon a combination of
costs, benefits and services.
Based on its surveys and reviews, USME may select additional (and may deselect) companies from its
list of Program Vendors.
As a participant in the Program, Local Government Employer will be given the opportunity to access the
products and engage the services of selected Program Vendors. It is contemplated that each Program
Vendor would present to Local Government Employer a package of documents offering an array of
products and services, prepared by the Program Vendor and reviewed by USME for use in connection
with the Program ( "Program Documents ").
The Program's intent is that Local Government Employer's engagement of a Program Vendor will offer
substantial benefits and efficiencies. However, Local Government Employer may participate in the
Program and obtain the benefits of USME's survey and review of companies even if Local Government
1
Employer retains the services of a vendor that is not a Program Vendor.
2
III. PROGRAM COORDINATOR:
USME, as Program Coordinator, has general administrative oversight of the Program. In addition to
conducting the above - mentioned surveys and reviews, USME provides the additional services described
below.
IV. LOCAL GOVERNMENT EMPLOYER CONSIDERATIONS:
Local Government Employer recognizes that retirement planning is important to the financial security of
Local Government Employer employees and that retirement programs are based upon the principle of
providing long term financial security to employees.
Local Government Employer recognizes USME's experience and contribution to the design,
implementation and administration of programs carrying out the purposes of USCM, and serving the
betterment of the nation's cities.
Local Government Employer recognizes the economies of scale and other benefits of USME's
establishment of the Program, focused upon the needs of cities and their employees, and availing to the
cities the benefit of a consolidated purchasing power.
Local Government Employer acknowledges having taken the appropriate steps to adopt this Program.
V. USME RESPONBILITIES :
A. USME has oversight of the Program and has selected one or more Program Vendors pursuant to
Part VI, below.
B. USME will deliver to Local Government Employer the Program Documents, as prepared by and
to be maintained by the Program Vendor.
C. USME will arrange and provide for employee educational programs to make certain all interested
Local Government Employer employees have the opportunity to receive a thorough
understanding of the overall Program and its advantages.
D. USME will periodically conduct market surveys and reviews designed to identify a competitive
combination of product performance, costs, benefits, and services for cities and their employees.
3
E. USME will periodically review the administrative, operational and financial performance of the
selected Program Vendors and may take such measures necessary to assure Local Government
Employer and its employees the high quality of Program benefits and services. The actions
necessary to assure high quality of benefits and services may include adding additional vendors,
negotiating for different services, or the removal of unsatisfactory vendors.
F. USME will inform Local Government Employer of any changes made to the Program in a
timely manner.
VI. PROGRAM VENDORS:
Although Local Government Employer will contract directly with Program Vendors, USME will make
available Program Documents prepared by Program Vendors and designed especially for the Local
Government Employer market. For specific offerings, please see the attachment(s) to this Agreement.
Under the Program, it is contemplated that the Program Vendors will:
A. Draft and maintain the Program Documents.
B. Provide a comprehensive administrative service system to facilitate employee deferrals,
reconciliations, disbursements to the investment media, and maintenance of the individual and
Local Government Employer account records; provide periodic statements and coordinate
employee distributions; assure proper tax reporting systems; and be responsible for any amounts
owing to USCM and USME.
C. Provide such accounting and audit systems as are necessary to ensure the fiscal integrity of the
Program and to provide Local Government Employer with reports and work papers as are
reasonably necessary to meet Local Government Employer's individual financial reporting
requirements.
D. Provide such employee communications materials and other forms, documents and agreements
as are necessary to administer the Program
E. Provide Local Government Employer and its employees such convenience and timeliness of
individual services as are required for effective employee understanding of participation in the
Program.
F. Provide Local Government Employer with such technical assistance as is necessary to implement
the Program in accordance with the needs and objectives of Local Government Employer's
requirements.
VII. LOCAL GOVERNMENT EMPLOYER RESPONSIBILITIES:
In connection with its participation in the Program, Local Government Employer hereby:
4
A. Agrees to provide USME its full cooperation and support in administering the Program.
B. Agrees to disseminate from time to time such promotional materials as provided by a Program
Vendor.
C Agrees to arrange for representatives of the Program to conduct orientation meetings with
Local Government Employer employees.
D. Agrees to name a Local Government Employer official or committee to act as the primary
contact on behalf of Local Government Employer on all material matters relating to activities
of the Program.
E. Agrees to assist USME and the Program Vendors, as necessary, in the development of
comprehensive investment and service specifications.
F. Appoints USME as its agent and attorney -in -fact for the purpose of reviewing and obtaining
from any selected Program Vendor the vendor selected by Local Government Employer to
administer its retirement program (including, without limitation, any non - Program Vendor)
any and all information, data and documentation ( "Local Government Employer Information ")
relating to Local Government Employer's deferred compensation and retirement programs .
Such Local Government Employer Information may be used for any and all purposes relating
to (1) USME's performance of its services pursuant to this Agreement; and (2) developing
statistical information in connection with deferred compensation and retirement programs of
the nation's cities. USME also may share Local Government Employer Information with any
Program Vendor for the purposes of offering the Program Vendor's services to Local
Government Employer, developing a more attractive or competitive product, or assisting Local
Government Employer in transitioning from its current Vendor to a new Program Vendor.
Notwithstanding the foregoing, USME may not share any private information regarding
individual Local Government Employer employees except in connection with transitioning to a
new Program Vendor at the direction of Local Government Employer.
VIII. MISCELLANEOUS:
A. USCM sponsors, and USME administers, the Program on behalf of, and for the benefit of, a
wide variety of cities. The Program Vendor selections are aimed at achieving optimal results
for the greatest number of participating cities. Each selection may not be the most
advantageous for a particular Local Government Employer. Each individual Local Government
Employer must decide whether selection of a specific Program Vendor is appropriate for its
particular situation.
5
B. If USME or a Program Vendor unsatisfactorily performs the responsibilities and services
pursuant to this Agreement and the Program Documents, the Local Government Employer shall
give notice, at the address specified below, to both USME and the Program Vendor specifically
stating the nature of USME's or the Program Vendor's failure to perform. If the specified
default is not corrected within one hundred eighty
(180) days following the notice of default by the Local Government Employer, the Local
Government Employer may terminate this Agreement, or terminate the Program Vendor.
Termination of a Program Vendor pursuant to the terms of Program Documents shall not, by
itself, terminate this Agreement.
C. This Agreement shall be interpreted under the substantive laws of the District of Columbia.
D. Notice Addresses:
I. U.S. Mayor Enterprises, Inc. 1620
Eye St, NW Washington, DC
20006
E. Program Vendor — See attached Local Government Employer Contract Administrator {To be
provided by Local Government Employer}
F. This Agreement is effective upon the date first written above until terminated by mutual
agreement of the parties or in accordance with Paragraph B of this Part VIII.
LOCAL GOVERNMENT EMPLOYER U.S. MAYOR ENTERPRISES, INC.
Local Government Employer Kathryn Kretschmer - Weyland
Representative Chief Operating Officer
Date Date
6
ATTACHMENT A- DEFERRED COMPENSATION
The Program currently offers a Deferred Compensation Program under section 457 of the Internal
Revenue Code of 1986.
The intent of this 457 plan is to provide for additional retirement income through the deferral of before tax
dollars and the reduction of current income tax liability thus offsetting the effects of inflation on their
ultimate retirement benefits.
The Program Vendor selected for the Deferred Compensation Program is Great -West Life & Annuity
Insurance Company ( "Great- West. ") Great -West shall adhere to all requirements outlined in Section VI of
this Agreement. Great -West has been selected as the Program Vendor for deferred compensation through
September 30, 2022 providing Great -West meets the goals and program objectives.
The notice address and contact information for Great -West is as follows:
Great -West Retirement Services® Charles P. Nelson, President Beverly A. Byrne, Chief Compliance
Officer 8515 E. Orchard Rd. 10T2 Greenwood Village, CO 80111
7
RECE1'
T ?J s. co:oEstENCE OP MAYORS DEPIiR11.0 COMPENSATION PLOCliAM
TH E oF gcriniian Beach Florida
EMPLOYEES DriT.Itniit4C:ciEriirgE
S1it AT)VT Si T{ G It I jI-,(\
1/20/R2
Ailiceinent"effective as of , t9 by arid betwecn to City
.Tflt Set 1 Ch(h L "City"), acting through Its " belt cf the
f:ity of Acayittop R*tAgli_ Employees Deferred Corr.pil.satIon Plan Wle 'Elan"),
tint Imlwide Life insurance C.nnipnny or columbus, Ohio ("rlatilnwfde"), Lr.d :01YF,r7,
r.r..ployecs Iteneflt Services Ccrpern LkY, ef Oklatio?nr. City, 01..la1mine
11 herPas, tlic City has established for the employees nn "Eligible Dcferree
Cornpr..nn1;o11 Men", as defined by Section 457 of the Internal Revenue Code: and
Whereas, the U.S. Conference of Mayors has received an affirmative Opinion of
Counsel that Rs prototype plan, its provided the City, es part of the U.S.
Conference of Meyers Deferred Compensation Pro7am, is In ceofcrsn4nec
soettoo 457. of the Internal Revenue Code; end
° Whereas, PELISCn proposes to accept the responstbIllty of Plan Coordkatcr, tc
Intrude the employee communication, cnrollsnent of employve-parttents, r.r.d
pc...1-x1lotnce of certain administrative payrc!t 3ervicvs; am:
lr" / proposes to issue to the City !It Group Ttetirc'=
Corliror'. 1 .o fund the Pion arid tt, ;form certain ridrrinktr at tee services;
Now tlieracrr, it; r:OfIskierr of %hr.. vcrisev ervinincLi
*nutialiy niirec or
1. ACCEPTANCE or CON•fitACT: The City hereby submits the Apvlicaticn
attached 'hereto Ds FAmbit A, and excepts Nationwide's Group Retirement •
Fund ;;ontrrict (the "Contract"), n speefincb copy of °, is ette&led hereto
Exiilcit 13,
The City shall be sole applicant for and owner of the Contract. The Contract
shall he the only group annuity contract offered under the Plan during tire
tern, of this Agreement except as otherwise mute:311y agreed ir, v.,•rtting
tetween the City, PLOSCO, and Nationwidv,
7.1a City further appoints PEIISCO as the Plan (.:corciir.ntrr, eithrged withAtc
dui lel nr.r1 res)091billt I* set forth herainbelow.
zitrn
PiEtiFittMANCEREqUiltif.i./ UV l'EltSGO: 1',1
310 !..."7•)
r2;• —
't1- will prUVitir: the nuessnry technical nIsistlinr:r, to t cJkf,s 17:;;;
payroll dirr-cicr mut porsonncl to coordiontv on atirn1013tralfirSsyften r.7. corrpilipc wi1; lurrent ha:solute of PEPSCVS payroll ..tyreem.
t3SCO w:1 c.Tmist tht City I trittishirg nrcerdiirol rer nvrc
7rt'.3ottom :lcurnt(')) relleut 11:1 c:cicrrd cotl.pcilsot 101 b.
ors1 1crpnnt nn. fa- the trommIssior, suet fr7
livr-onlent ;ti thti r:oltrier
• 1,1 Atp
)
Of, PERSCO will reconcile the inerdes reeve In :hr itjit dntn
pni iCipfai15 upon receipt of !he cif:retro: !Ind ro OriZr for
nerlieipcnts from 1 .1.e City.
( iquitf,c0 will instruct llic! .t.h:pository tr,;ent to tretrtsmit nie.ottr.ts
c'efer?cd to Nationwide, nn n : busk for Inycntrtrint erod.t.
UCU Hi Emu! te Nationwide a CONIputer tape of the
e, It fIttJ data of the portlePernu whot:e enferreis Lre represented
s:Tii deposit. PEOSCO shod 5a C?( 11
perticfpent lists nrd pnytall (1,1te.
PEUSCO will be responsible for the enrollment and for the mph:motion
fieticivatlers In the Plan and Nationwide's Contrn to all
participants. As pnrt of this function, PF.13SCO will ropitArt group
presentetiom; Fc Mr City's virployees t explcin the tax C.1;13^.C;OCT1'...mS
TS Well AS the restrictions as conteln,:d ender Section 457 of ire
•
Internal Revenue Cc:lee. During the meeting, PEDSCC orswer any
cpcstionr. uhout the Mel nne, the lin Zlontrael. IIE13:171
persemicl will also meet individually qitit interested employees tn
RPSWC1' TICS:IC rrld t .0.st hi i!,e compet!a n. Ming rir
Pr.rtleipstior. Ag;cc:nte ls wit 11,, Mr? cortinntor ard
payroll r:-7orrtinc,f,
l'EBSCC will, with information provided by Nationwide, prtparC
necessary promotional Inntcriols fcr distribution to the City employees,
which meterin4 shnll be submitted Lo NI3t!onvildc fo - eprovid prier to
Lc.. The Cit1.4 r the rir,ht to revic.../ u.tie r.odify nny For:1011one;
rontc7inls,
01; PEIISCO 1011 er3wcr nay ciocstr.oas for t.lie City's payroll deonrtrarn:
t:.7o It.z notionnl servier: operatiorir, ineihly, with toll-frpc
telen'lerc: numb..
tr PF.itSCO egrecs to indemnify and hold harmless 1!,c C4 one ils
ivEdual officials for any loss nrising from its faire to rforniAts grA
dqtles and services pursuant to the nzreemont.
;114 -- P
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P1:111'011 NIA NCE E9Ullt Ell OF Till: CITY: -am rIrn
- r,
t
lito City will provide the reeer.sery support nod enerwrettert to thc
Prel",rerr so thel r.11 City ei•Ip',0ye 'love th n:tpr:liJnity - I;
• nr.o•tIelpfttc In ir
Ti .r! ;ItC c'
Li ,wo;cre:n 11 ah City , "fl . ;ct2 ItrOP!
IfirCiArniC !tin
• ri:n 7,1ty will ract:nig the dc(orrci .. nmounts to ttic de nut,
• • ind 3ar doeut,leilt9 dr.itilltng the individual ilertlelpont jeforrnis
11. prompt./ nrtcr encl. pay periou for roro5ilrii;. 1Pic City
.41:1 nuthorize l'IWS(.70 to instruct the depository /T'( t rn!selit the
Jee nliouilts to NntIonwitl: N monthly bnIls, crier thQ nrrounts
;r^ rcce,•:e 1c1 ,r) thr payrnit re01.:,1101 ci.ntn •
The City adrnes that, ater Ow et'ettIlini; by Nationwide to the City of
the grms interest rate on the finals deposited in the Coitrnet, and prior
to the erectilinz of the net interest rate to the nevonnts pertielpsrits,
the City st.:0) !authorize Nntionwide it' pay, on f%' !chat(,
nr rAministrnilve fee equal, on nn tvaiunl tmah:, Lc 0.35-'; of 0.4:
funds hed under the Nationwide roatrart, n coniriensally for
r,e7vIec..5 fcrth 11:synirn1. o: for
o;:, no,
V, I 01:),' Riik;21ttl..f.)
&vacs to necapC rri117,
City lir cog!) the cPpository ;ideal. Participant paymer.ts
accompanied by appropriate doeumentntinn of a enmpottr-roacsols:
pis) from Pr.usco. Nationivide agrces that it rrwed..7rcs for
receipt of fonds, ianIntenenee of nevounts nod olsbiirsomeittr. of ft:nit5
will be compatiblv with the provisions a the Nan Aureernent 07 Any
amendments hereto made nceessory for the Plan to innintniY, its tar.-
favored sintus.
Nritleowldo YV1 maintain an lr.divichiel neenunt In res2ect
1n7tleipan',, wl1/2 •1/th-,:rals orti otpostteci in t"c entiorvdth. Corirst
ar.ri orevido LA cantina :nlS .cd st6;eircAt to enzi: nr
.o1n total cotitritartiLris and ivJeurailriltd
1011 ik rorlfse to ihc City all annual :.Rtnten lkt fat
inNEltnit Vii Itif, nnt 'MO (
Nt/tiollwidc will 1tvoldd2 speefol prepnrcd t:y nr.
,,nbile accounting firm roneerning the financial rata of the L.S.
Conft.:ene e Orograin.
Nutienwide agrees to disburse contract benefit amounts 113 provided ter
5y elentions ender the Man i1crecinent one the Cobtrne:
:Street/A by t.ttc from time to time rr:i
t:y C,Ity the Pit,- fl.r 1
irre.rvoitio: tit St)tlrr-r roltcr1 k5 41r,y re/f.bruc
itcyrno*: Service.
+1.% Nationvii.le will estnialisii a full service operatter,7, fn2itity, n
v. free telep'aane number, to provide n rengc c parttcpant servicel.
P . 2 : 71—
Nationwide nerveg to Indemnify am.) hold harmless the City Lilt
illtitytdur.1 offIcin t. ror nby nrising front petfcrr
r.t1:1 %nit:" pi ,1 to 1he ttL Slf:4
A:Nu; 7Z-
13(.. fzr i tcyin (GO) li4 "
ate nJ 5itrIT !lc reocivnLie by the CtLy rit tilt tile, of the original
,- :nd of try re:ley/We tern), ly the City notIfyitig St/t1071Widt
%. six (1, lAGiliiIS of the end of ouch term of Ile inteiti.:.;;
rer,ew 1I‘e Agreement; nad It within 111? or t1M C110
CItY Inlicil to uffirmatIvely renow the Acreement. 114)',.
• .
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141:ticrtviiile nod PliDSCC with writteu notice or tcrininriliro, •.':v...
..,i,r...f. writ Jim!: ntttnil.ntieldly reni... ter lin ficWonn! thirty
1 tilf:•. ,Nn.i,:.1%./411: zur:_t PL:li:4 vivl,
i
„rpri1,11,i7,. cr Li.:t9iliatir: , 011 6 f I!, ‘: At*,7 , *,-.,,rr.t ■:_ ,
,, r mu 1 tlecorrcnrc— 1:1 :ibid. c•:t. ..?,- rt.‘4.111! prnvit.itt:is of tii. ;', 1. 7`,..
if ' , ,,'• 1 0. ilTCI`A . .m.. -, ,.r. Vic V- :',r
I'll: ",:kty ti... ti,o1 ;it tiii. (ATM of tl:c mor.-rtec...iynl of !his ,;;,rer.1;11wri,
qt:c:v, (1:vestec! by it under at It Coniract, shrd; :lq11 151 ‘ ,11
'iintior.vice: vigil 4)r..•.: to the l'o-lielinint or iii.1 heneficinry hi n'oc.,:-:'....:
;it;: (le Pinti At;reoinent, Tim City (Ili iiic: rit;,•cc..s tlint In tt t...Lc.',
nf this AL:I:on...lit (lint it will not require thosti ivirti'...khir:t. v.;..c..,:
'icfcri VOL^..pencit :fin IMU been invc;tr.ci trj Ilic City in NitI1nt.i.:.2'1,
'.7.cntr.let le change their iusl-stincut itidex ai,dt..r ;lie ii!nn Agrenrrieq
. ,
(....;.? ;r4.;.i pc-mit t'Ary ; , :rtiriptot to .e oitr:-;;A:ve t ry,.. 5 ■ , rr , - , 1
1, uric: 11 i'!;In ArreTn.t.'::,
.',.. EiVilitE ACRIElalEtt`r: Ibis Agretir.cut, along with the. Cv,r-trttr,. tt
.... _.---
ostituto:, :Ste entire nr,reement between th imrties and mere are no win?
'Avvrvnent7, except a t.kneral Agent Ai.polutn,rnt um'. Admiiiii.tr...alve lie:liec
AfT7r,e:oem 13etween NnZiormick end i'llISCO.
.,.
APPIC.A111,E lat '4: This Agrecincr,t r.hall :11. rerictriTed in tice:rtiorr.:1 . with the
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