2017-052 Resolution - Laserfiche WebLink

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CITY OF NORTH OLMSTED RESOLUTION NO. 2017 - 52 BY: Mayor Kennedy A RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE TO SOLICIT STATEMENTS OF QUALIFICA TIONS ("SOQs ") FROM QUALIFIED INDIVIDUALS OR FIRMS TO PROVIDE PROFESSIONAL SERVICES RELATED TO EMPLOYEE RETIREMENT INVESTMENT OPTIONS IN ADDITION TO THOSE OFFERED BY THE STA TE OF OHIO DEFERRED COMPENSATION PROGRAM, AND FURTHER AUTHORIZING THE MAYOR, SUBJECT TO APPROVAL OF THE BOARD OF CONTROL, TO ENTER INTO A PERSONAL SERVICES CONTRACT WITH THE INDIVIDUAL OR FIRM SELECTED, AND DECLARING AN EMERGENCY. WHEREAS, Plans of deferred compensation described in Internal Revenue Code section 457 are available for certain state and local governments; and WHEREAS, Plans eligible under section 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years; and WHEREAS, though not exactly the same, 457(b) retirement plans are the governmental employee equivalent of a private sector employee 401(k) retirement plan; and WHEREAS, the State of Ohio offers public employees, including those in the City of North Olmsted, enrollment in the State of Ohio Deferred Compensation Program; and WHEREAS, Employees in the City of North Olmsted have expressed an interest in the City of North Olmsted offering its employees a second retirement plan option, one which might offer wider investment options and more flexible terms; and WHEREAS, Mayor Kennedy and Director Copfer recommend that this Council authorize Director Copfer to proceed with the RFQ process in order to obtain the services of a second retirement plan option for the employees of the City of North Olmsted. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO: SECTION 1: That the Director of Finance be and she hereby is authorized to solicit Statements of Qualifications ("SOQs") from individuals or firms qualified to provide professional services related to the establishment and maintenance of employee retirement investment programs, in accordance with a Request for Qualifications ("RFQ") to be prepared and advertised by the Director of Finance.