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Meeting Date:
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3/15/2021 - 6:30 PM
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Category:
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CONSENT ACTION ITEMS
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Type:
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Action
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Subject:
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Approval of a Resolution to Adopt the TRS Supplemental Savings Plan
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Strategic Plans:
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Enclosure
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File Attachment:
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Summary:
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Resolution to adopt the state-mandated TRS Supplemental Savings Plan (SSP). SSP is a 457(b) plan that will allow all current TRS participants to place pre-tax dollars into a defined contribution savings plan with a variety of investment options.
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Funding:
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Not applicable
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Resolution:
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WHEREAS, Springfield Public Schools (the "Employer") is a political subdivision of the State of Illinois, or an agency or instrumentality of the State of Illinois or of a political subdivision of the State of Illinois and thus, an eligible employer pursuant to Section 457(e)(1)(A) of the Internal Revenue Code of 1986; and
WHEREAS, on behalf of certain of its employees, the Employer wishes to adopt the Teachers’ Retirement System of the State of Illinois Supplement Savings Plan (the “Supplemental Savings Plan”) by entering into an Employer Participation Agreement between the Teachers’ Retirement System of the State of Illinois (the “System”) and the Employer; and
NOW THEREFORE BE IT RESOLVED that effective March 15, 2021, the Employer shall enter into the Employer Participation Agreement, in substantially the same form as presented to the Board of the Employer, subject to the terms and conditions of the Supplemental Savings Plan.
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Approvals:
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Recommended By:
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Signed By:
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Nathan Fretz - Director
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Signed By:
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Jennifer E. Gill - Superintendent
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Vote Results:
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| Original Motion | Member Michael Zimmers Moved, Member Tiffany Mathis seconded to approve the Original motion 'WHEREAS, Springfield Public Schools (the "Employer") is a political subdivision of the State of Illinois, or an agency or instrumentality of the State of Illinois or of a political subdivision of the State of Illinois and thus, an eligible employer pursuant to Section 457(e)(1)(A) of the Internal Revenue Code of 1986; and
WHEREAS, on behalf of certain of its employees, the Employer wishes to adopt the Teachers’ Retirement System of the State of Illinois Supplement Savings Plan (the “Supplemental Savings Plan”) by entering into an Employer Participation Agreement between the Teachers’ Retirement System of the State of Illinois (the “System”) and the Employer; and
NOW THEREFORE BE IT RESOLVED that effective March 15, 2021, the Employer shall enter into the Employer Participation Agreement, in substantially the same form as presented to the Board of the Employer, subject to the terms and conditions of the Supplemental Savings Plan.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Judith Johnson | Yes | | Michael Zimmers | Yes | | Anthony Mares | Yes | | William Ringer | Yes | | Micah Miller | Yes | | Tiffany Mathis | Yes | | Sarah Blissett | Yes | |
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