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Meeting Date:
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5/28/2020 - 6:30 PM
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Category:
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Report of the Committee on Accountability, Finance, and Personnel
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Type:
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Action
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Subject:
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5. Action on the Milwaukee Board of School Directors Executive 403(b) Plan Document Restatement
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments
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MPS Executive 403(b) Summary of Restatement MPS Executive 403(b) Plan Adoption Agreement MPS Executive 403(b) Plan Amendment
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File Attachment:
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Background:
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The Administration worked with TCG (Third-Party Administrator), the City Attorney’s Office, and outside counsel Ice Miller to restate the Milwaukee Board of School Directors Executive 403(b) Plan ("Plan") on a standardized plan document that reflects current Internal Revenue Service ("IRS") model language. The Plan is restated as of January 1, 2020 to take advantage of the IRS remedial amendment period that closes June 30, 2020. The deadline to approve the Adoption Agreement for the standardized plan document was originally March 31, 2020. In consideration of the COVID-19 crisis, the IRS extended this deadline to June 30, 2020. Attached are the following items: Summary of the requested Board action prepared by the City Attorney’s Office and outside counsel Milwaukee Public Schools Executive 403(b) Adoption Agreement Milwaukee Public Schools Executive 403(b) Plan Amendment
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Fiscal Impact Statement:
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This item does not authorize expenditures.
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Implementation and Assessment Plan
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Upon Board approval the Administration will provide a copy of the signed Adoption Agreement and the plan document amendment to the third-party administrator.
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Recommendation:
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This item is part of a report to be formulated from a meeting to be held subsequent to the publication of this advance copy of the agenda, which will be forward to the Board prior to its meeting.
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Approvals:
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Recommended By:
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Signed By:
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Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer
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