HomeMy WebLinkAbout6.2 A RESOLUTION TERMINATING A MONEY PURCHASE RETIREMENT PLAN 401(a) WITH MISSIONSQUARE RETIREMENT (FORMERLY INTERNATIONAL CITY MANAGERS ASSOCIATION RETIREMENT CORPORATION)Mr�GauC �'d'+rt;�iect
Subject• •MONEY
PURCHASE
• • .(FORMERLY
INTERNATIONAL ASSOCIATIOK
RETIREMENT • •
Meeting February 15, 2022" MEETING OF
PROSPECT VILL. •
Fiscal Impact false
Dollar Amount
Budget Source
Category CONSENT AGENDA
Type Consent
Information
MissionSquare provides various retirement plan benefits for the Village of Mount
Prospect. Plan number 109323 is an inactive MissionSquare 401(x) plan with zero
balance and no active participants. It has had no plan activity for the past seven
(7) years.
Alternatives
1. Terminate the inactive 401(a) plan 109323.
2. Action at the discretion of the Village Board.
Staff Recommendation
Staff recommends approving the resolution to terminate plan number 109323
effective 02/28/2022.
ATTACHMENTS:
Plan Summary 109323 1.31.22.pdf
Letter of Intent to Term 109323.pdf
Mission Square 109323 termination.pdf
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I K*11
RETEMENT
Plan
VILLAGE OF MOUNT PROSPECT
City/State
MT PROSPECT, IL
Setup Date
04/19/1995
Address
50 S EMERSON STREET
MT PROSPECT, IL60056
Phone
(847)818-5276
RETIREMENT PLAN SPECIALISTS
VictorPerez
CONTACT INFORMATION
PRIMARY
LOAN INFORMATION
Residence Rate
EZLink
Plan Summary
Plan Number
Account Type
Payment Method
RETIREMENT PLAN SPECIALIST
AMIT THAKKAR
athakkar@mountprospect.org
3.00000%
CONTRIBUTION SUMMARY (as of 01/28/2022)
Inception To Date $246,924.04
Total Balance $0.00
BALANCE INFORMATION (as of 01/28/2
* Due to rounding, percentages may not add up to 100.0%
Non -Residence Rate
Year To Date
Forfeiture Balance
Total -
109323
401
CHECK
(847)818-5276
3.75000%
$0.00
$0.00
$0.00
0.0%
(C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Page 1
EZLink is an electronic, Internet -based administrative tool offered by MissionSquare Retirement to assist our clients with their retirement plan administration.To the extent EZLink and other electronic
Internet -based products and services offered by MissionSquare Retirement are accessed and utilized by the client or client's employees and personnel, MissionSquare Retirement bears no responsibility
or liability for such use by those individuals accessing non-public personal information and failing to protect such information as required by law.
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MAYOR
Paul Wm. Hoefert
TRUSTEES
Agostino S. Filippone
Terri Gens
John J. Matuszak
Peggy Pissarreck
Richard F. Rogers ,
Colleen E. Saccotelli
Village of Mount Prospect
50 S. Emerson Street, Mount Prospect, Illinois 60056
January 28, 2022
MissionSquare Retirement
P.O. Box 96220
Washington, DC 20090-6220
Re: Letter of Intent to terminate plan 109323
To Whom It May Concern,
VILLAGE MANAGER
Michael J. Cassady
VILLAGE CLERK
Karen Agoranos
Phone: 847/392-6000
Fax: 847/392-6022
www.mountprospect.org
The Village of Mount Prospect would like to terminate plan number 109323. This is an old 401(a) plan
that has a zero (0) balance and no active participants. Please terminate the plan effective 02/28/2022.
If you have questions, I can be contacted at (847) 818-5276.
Sincerely,
Amit Thakkar
Director of Finance
HAN/at
Cc: Director of Human Resources Heidi Neu
Assistant to the Director of Finance Jennifer Fitzgerald
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RESOLUTION NO.
A RESOLUTION TERMINATING A MONEY PURCHASE RETIREMENT PLAN 401(a)
WITH MISSIONSQUARE RETIREMENT (FORMERLY INTERNATIONAL CITY
MANAGERS ASSOCIATION RETIREMENT CORPORATION)
WHEREAS, the Village of Mount Prospect established a Money Purchase Retirement
Plan, 109323, with the International City Managers' Association Retirement Corporation
(now known as MissionSquare) on January 17, 1995 through adoption of Resolution No.
3-95; and
WHEREAS, plan 109323 is an outdated 401(a) plan that has a zero (0) balance and no
active members; and
WHEREAS, the Village of Mount Prospect seeks to terminate plan 109323 effective
February 28, 2022.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS ACTING IN THE
EXERCISE OF THEIR HOME RULE POWERS:
SECTION ONE: The Board of Trustees of the Village of Mount Prospect do hereby express
its intent to terminate plan 109323, a Money Purchase Retirement Plan 401(a), with
MissionSquare Retirement (formerly International City Managers' Association Retirement
Corporation) effective February 28, 2022.
SECTION TWO: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this 15th day of February, 2022.
Paul Wm. Hoefert
Mayor
ATTEST:
Karen M. Agoranos
Village Clerk
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