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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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6. Action on the Milwaukee Public Schools 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 403(b)Summary of Restatement and Optional Changes
MPS 403(b)Plan Restatement Document
MPS 403(b)Plan Amendment
Optional Service Agreement
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File Attachment:
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Background:
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The Administration has worked with the City Attorney’s Office and outside counsel Ice Miller to restate and amend The Milwaukee Public Schools 403(b) Plan ("Plan"). The Plan is being restated retroactively to January 1, 2010, to take advantage of the IRS remedial self-correction period that closes June 30, 2020. Proposed amendments to the Plan reflect both required changes under federal law and optional recommended changes.
Attached are the following items:
Summary of the required changes as well as the optional recommended changes prepared by the City Attorney’s Office and outside counsel
Milwaukee Public Schools 403(b) Restated Plan Document
Milwaukee Public Schools 403(b) Plan Amendment
Optional Services Agreement with changes related to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)
The IRS deadline to amend plan documents was originally March 31, 2020. In consideration of the COVID-19 crisis, the IRS extended this deadline to June 30, 2020.
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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 plan document, amendment and service agreement to all vendors and direct them to update their systems and procedures with the necessary changes.
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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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