Laserfiche WebLink
Regular City Council Meeting <br />July 12„ 2004 <br />Page 3 <br />representatives to come out and aid the employees with investment decisions. <br />The staff would like to add another plan as well as offer other potential plans <br />for city employees to get involved in at their expense. <br />Mr. Anderson said what they would like are directions from the City Council, <br />if they wanted city staff to pursue this idea. He also asked in terms of paying <br />for the administration, was that something that the city would want to pay for <br />and not expose the employees to that kind of direct sales approach or not. They <br />would like direction on that and would like permission to add another 457 Plan <br />and the Roth IRA Plan; neither one of those would add any cost to the city. <br />Mr. Anderson advised that when it comes to vendor selection on whom they <br />would actually use for that, staff would like the City Council's direction on that <br />because, in some cases they could have no cost to the city, and, even under the <br />Flexible Spending Account premium set up that he had mentioned, even if they <br />had 100% participation, which they will not, the amount of the administration <br />expense would be well below the $25,000.00 State requirement to bid it out, <br />So, they wanted direction for staff to go for this and implement that as soon as <br />possible by staff going out and making it happen, or if the Council would like <br />them to work up proposals and bid forms and go out and use that methodology. <br />Deb Reed was present telling the City Council that the $3.00 monthly charge <br />was on the premium only plan. She said the premium only plan that they are <br />only putting up premiums for Medical, Vision, Dental, and Supplemental <br />Insurance, then there is no cost to that for the administration of those plans and <br />documents. She said once they add the Flexible Spending Account, which is <br />a one time charge to the City of Paris of $450.00, then it is a$3.00 charge per <br />month per participant. <br />City Attorney Schenk asked Ms. Reed if that fee would be waived if the city <br />allowed them to offer their wares. Ms. Reed said no, not on the Flexible <br />Spending Account. She said that fee does not exist if you have a Premium <br />Only Plan. She advised that next year in the second phase, if the Council goes <br />