Resolution Approving the MAP Retirement Plan Design and Administration Proposal for the Police…

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Recorded in the minutes as: “1. Resolution Approving the MAP Retirement Plan Design and Administration Proposal for the Police Trust 457(b) Deferred Comp Plan. Motion: Moved by Klein, seconded by Wolling approving the MAP Retirement Plan Design and Administration Proposal. The Police Department's 457(b) deferred comp plan (social security replacement) requires a third-party administrator for plan management, reporting, compliance and design services. The City contracted with Futureplan to provide these services but after delays in communication and employee service requests, Finance Director, an applicant, requested to change the third-party administrator to MAP Retirement Services. MAP is a local provider with an office in West Des Moines whose services would cost approximately $600 less per year than the contracted. The Futureplan contract needed to be cancelled by the end of the year, therefore Council participated in a phone poll on December 24, 2025, to approve the change in Administration of the plan, which was carried to approve by a four to zero vote by the Council. This resolution formally approves the cancellation of the contract with Futureplan and approves the MAP Retirement Plan Design and Administration proposal for both the Police Trust 457(b), and the 457(b) for the City Administrator with employer match and other employees that wish to contribute without an employer match”.

Motion as recorded: “Moved by Klein, seconded by Wolling approving the MAP Retirement Plan Design and Administration Proposal. The Police Department's 457(b) deferred comp plan (social security replacement) requires a third-party administrator for plan management, reporting, compliance and design services. The City contracted with Futureplan to provide these services but after delays in communication and employee service requests, Finance Director, an applicant, requested to change the third-party administrator to MAP Retirement Services. MAP is a local provider with an office in West Des Moines whose services would cost approximately $600 less per year than the contracted. The Futureplan contract needed to be cancelled by the end of the year, therefore Council participated in a phone poll on December 24, 2025, to approve the change in Administration of the plan, which was carried to approve by a four to zero vote by the Council. This resolution formally approves the cancellation of the contract with Futureplan and approves the MAP Retirement Plan Design and Administration proposal for both the Police Trust 457(b), and the 457(b) for the City Administrator with employer match and other employees that wish to contribute without an employer match”.

The minutes give only the count (unanimously), so individual votes are Not in the record. Vote line as printed: “Motion carried unanimously.”.