AGENDA CAPTION:
Title
Consider approval of Resolution 2021-135R, approving a Change in Service to the agreement with Woodbury Financial Services, Inc. to add an additional $66,000 and extend the agreement through April 3, 2025; authorizing the City Manager or his designee to execute the appropriate documents to implement the Change in Service; and declaring an effective date.
Body
Meeting date: August 3, 2021
Department: Human Resources Department - Linda Spacek, Director (By Lynda Williams, Purchasing Manager)
Amount & Source of Funding
Funds Required: $66,000
Account Number: 10000000.24047
Funds Available: Click or tap here to enter text.
Account Name: ICMA-Consultant Rebate
Fiscal Note:
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Background Information:
In September 2016, the City entered into an agreement 216-368 with Woodbury Financial Services for Legacy Retirement Planning Services. The City has paid a total of $49,000 since the start of the contract and anticipates an additional $66,000 in services at the rate of $4,000 per quarter through a contract end date of April 3, 2025. Therefore, the total estimated cost of these services will be $115,000.
The City provides an optional 457 Retirement Plan for employees as part of our employee benefit program. Contributions to this optional retirement...
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