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2011-049-1442 - Agreement with UNIFI City of Miami Gardens Agenda Cover Memo Council Meeting Date: April 13, 2011 Item Type: (Enter X in box) Resolution Ordinance Other X Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading X Public Hearing: (Enter X in box) Yes No Yes No X Funding Source: N/A Advertising Requirement: (Enter X in box) Yes No X Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: N/A X Strategic Plan Related (Enter X in box) Yes No Strategic Plan Priority Area: Enhance Organizational Bus. & Economic Dev Public Safety Quality of Education Qual. of Life & City Image Communcation Strategic Plan Obj./Strategy: (list the specific objective/strategy this item will address) N/A X Sponsor Name Dr. Danny O. Crew, City Manager Department: Human Resources Department Short Title: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI GARDENS, FLORIDA AUTHORIZING THE CITY MANAGER AND THE CITY CLERK, TO EXECUTE AND ATTEST RESPECTIVELY, THAT CERTAIN AGREEMENT WITH UNIFI COMPANIES FOR 457 DEFERRED COMPENSATION RETIREMENT SERVICES, A COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT “A”; PROVIDING FOR INSTRUCTIONS TO THE CITY CLERK; PROVIDING FOR THE ADOPTION OF REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE. Staff Summary: Currently, the City of Miami Gardens offers a 457 Deferred Compensation Retirement Plan through ICMA for all employees. While this benefit has been suspended temporarily, in the past, the City would match up to 3% of the employees’ base salary as a matching contribution. The plan allows an employee to voluntarily set aside part of their salary into a tax deferred retirement account. ITEM K-1) CONSENT AGENDA RESOLUTION Agreement w/UNIFI Companies 1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 The City adopted a contract with ICMA Retirement Plans in 2004, when the number of full time employees in the City was less than 50. Since that time, the number of employees has grown significantly with the creation of new departments. With a full time complement of over 450 employees, all at different stages in their professional careers, there has been a desire expressed by the employees of the City that they have a wider array of investment options for their 457 Deferred Compensation Retirement funds. In response to this request, the City Manager is proposing that the City Council adopt an agreement with UNIFI Companies /Ameritas Retirement Plans as an additional 457 Retirement Plan provider. As with ICMA, UNIFI Companies /Ameritas Retirement Plan products and services would be offered to the employees at no administrative cost to the City, as the program participants pay all fees (with the exception of the matching contribution benefit noted above). UNIFI employs the services of a financial advisor who is familiar with South Florida local governments and currently provides retirement education seminars and financial advice for: • The City of Boca Ration • National Organization of Black Law Enforcement Executives • Florida Sheriff’s Association • FBI National Academy Associates • Florida Department of Law Enforcement Proposed Action: It is recommended that the City Council approve the City’s agreement with UNIFI Companies for the provision of 457 Deferred Compensation Retirement Plan services. Attachment: Attachment A – Adoption Agreement Attachment B – Database Financial Letter Attachment C – Application Attachment D – Fund Choices