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Reso 2006-995
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Reso 2006-995
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Last modified
5/9/2011 4:32:55 PM
Creation date
5/9/2011 4:32:37 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2006-995
Date (mm/dd/yyyy)
10/19/2006
Description
Agmt w/ICMA: Voluntary Participation in Vantagecare RHS Plan.
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<br /> <br />To: <br /> <br />Via: <br /> <br />From: <br /> <br />Date: <br /> <br />Re: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Roslyn Brezin, Vice Mayor <br />Lewis J. Thaler, Commissioner <br />Gerry Goodman, Commissioner <br />Danny Iglesias, Commissioner <br /> <br />(305) 947-0606 City Hall <br />(305) 949-311 3 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />A John Szerlag, City Manager <br />Hans OUinot, City Attorney <br />Jane A. Hines, City Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable City Commission <br /> <br />A. John Szerlag, City Manager <br /> <br />~_.. <br /> <br />Thomas J. Acquaro, Human Resources Director <br /> <br />October 6, 2006 <br /> <br />Vantage Care Retirement Health Savings (RHS) Plan Benefit <br /> <br />RECOMMENDATION: <br /> <br />It is recommended that the City Commission approve the attached resolution approving the <br />adoption of the VantageCare Retirement Health Savings Plan as a voluntary employee benefit with <br />the ICMA-Retirement Corporation. <br /> <br />BACKGROUND: <br /> <br />The City currently maintains a 401a Retirement Plan through the ICMA Retirement Corporation <br />(ICMA-RC) for those employees who, in November 2002, chose not to join the Florida Retirement <br />System. Through the ICMA-RC, the VantageCare Retirement Health Savings (RHS) Plan may be <br />offered to all City employees as a voluntary benefit at no cost to the City. This pre-tax benefit <br />helps employees save for future health care expenses on a tax-advantaged basis. The VantageCare <br />RHS Plan is a tax-advantaged investment savings plan dedicated strictly to funding health care costs <br />such as health care premiums. RHS allows employees to accumulate assets now to pay, on a tax-free <br />basis, for medical expenses incurred later. Some of the benefits of the RHS plan include: tax-free <br />contributions and tax-free investment growth; tax-free medical expense reimbursements; <br />Vantagepoint Mutual Funds that provide employees with a full range of investments; quarterly <br />account statements; no forfeiture of assets upon death-assets are passed along to beneficiaries for <br />their medical expenses; and experienced health benefit claims processing. The attached summary of <br />plan provisions provides information on the details of this RHS voluntary benefit. <br /> <br />Agenda Item \ 0 C- <br />Date I () -\q - D~ <br />
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