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<br />investments. These plans are administered by the International City/County Maintenance <br />Association-Retirement Corporation (lCMA-Re). <br /> <br />In the past, employees who wished to rollover their other retirement accounts, such as an <br />individual retirement account that the employee may have had prior to working for the City, into <br />the 401 or the 457 plans were reluctant to do so because once rolled into the plan, the funds <br />could not be withdrawn until the person retired or reached age 70 y:,. The IRS Regulations have <br />now been changed and these funds may be withdrawn at an earlier time. <br /> <br />DISCUSSION <br /> <br />In order to provide that option to employees in the 40 I or the 457 plans, the City needs to amend <br />its master plan documents that it has with ICMA-RC. The advantage to the employees is <br />transparent. Moreover, the more funds that are in the plans reduces the administrative fees. The <br />attached resolutions authorizes the master plans to be amended. <br /> <br />FISCAL IMPACT <br /> <br />There is no fiscal impact to the City itself in adopting these resolutions or by amending the <br />master plan documents. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends that the attached resolutions be adopted. <br /> <br />Respectfully Submitted, <br /> <br />7~(Utu/tr;4~ <br /> <br /> <br />Michael H. Roush <br />City Attorney <br /> <br />Nelson Fialho <br />City Manager <br /> <br />Attachments <br /> <br />Page 2 <br />