HomeMy WebLinkAboutResolution - 2016-55 - Retirement Benefits Alternatives Program - 04/05/2016 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2016-55
A RESOLUTION RELATING TO THE CITY'S PARTICIPATION IN THE
RETIREMENT ENHANCEMENT AND BENEFITS ALTERNATIVES PROGRAM
WHEREAS, the City is a member of the Retirement Enhancement and Benefit
Alternatives Program ("REBA"), a joint powers entity pursuant to Minn. Stat. § 471.59, along
with several other public employers; and
WHEREAS, the purpose of REBA is to negotiate and provide certain health benefits to
its members' employees, former employees and spouses and dependents, including a Health
Reimbursement Arrangement, Health Savings Accounts, Flexible Spending Accounts, and
Retiree Medical Savings Accounts; and
WHEREAS, REBA sponsors the Retirement Enhancement and Benefit Alternatives
Program Voluntary Employees' Beneficiary Association Plan (the "VEBA Plan"); and
WHEREAS, REBA established the Retirement Enhancement and Benefit Alternatives
Program Voluntary Employees' Beneficiary Association Trust III, effective July 1, 2006 (the
"VEBA Trust III"); and
WHEREAS, the City originally adopted the Plan and the REBA Trust III effective June
1, 2007; and
WHEREAS, the trustee under the VEBA Trust III is U.S. Bank National Association
(the "Retiring Trustee"); and
WHEREAS, Genesis Employee Benefits, Inc. d/b/a America's VEBA Solution
("Genesis") is the third-party administrator of the VEBA Plan and the VEBA Trust III;
WHEREAS, at the City's request, REBA has terminated the City's participation in the
VEBA Trust III and established the Retirement Enhancement and Benefit Alternatives VEBA
Trust IV, effective January 1, 2016 (the "VEBA Trust IV"); and
WHEREAS, the trustee under the VEBA Trust IV is MG Trust Company (the
"Successor Trustee"); and
WHEREAS, REBA has designated MII Life, Inc. d/b/a SelectAccount
("SelectAccount") to administer the VEBA Plan and the VEBA Trust IV; and
WHEREAS, the City's execution of certain documents is required in order to confirm
the termination of the City's participation in the VEBA Trust III, to adopt the VEBA Trust IV, to
authorize the transfer of trust assets to the VEBA Trust IV, to remove the Retiring Trustee and
appoint the Successor Trustee, and to enter into a service agreement with SelectAccount.
NOW, THEREFORE, BE IT RESOLVED, that the City hereby authorizes the
termination of its participation in the VEBA Trust III; the adoption of the VEBA Trust IV; the
transfer of trust assets to the VEBA Trust IV; the removal of the Retiring Trustee and the
appointment of the Successor Trustee; and the adoption of a service agreement with
SelectAccount.
BE IT FURTHER RESOLVED, that the City hereby authorizes the execution of the
Retirement Enhancement and Benefit Alternatives Voluntary Employees' Beneficiary
Association Adoption Agreement for City of Eden Prairie; the Letter to U.S. Bank Authorizing
the Transfer of Trust Assets; the HSA Service Agreement with MII Life Incorporated d/b/a
SelectAccount; and the Successor Trustee Acceptance and Indemnification Agreement; and such
other documents as contemplated thereby, and directs the Mayor and/or City Manager as
appropriate to execute said documents on behalf of the City .
ADOPTED by the Eden Prairie City Council this 5`" day of April, 2016.
4N cy T yor
ATTEST:
4k
K Teen Porta, City Clerk