BY COUNCILOR KRAUSE:
RESOLVED, that the proper city officials are hereby authorized to execute an administrative services agreement that includes schedules A and B with Acclaim Benefits, Inc., which will permit such company to provide certain financial products to city employees under the city’s deferred compensation plan, which agreement is on file in the office of the city clerk as Public Document No.____________.
STATEMENT OF PURPOSE: This resolution approves an agreement with Acclaim Benefits, Inc., which will allow such company to make financial products available to city employees under the city’s deferred compensation plan. The city’s deferred compensation plan commission has reviewed the proposal of Acclaim and has recommended that such company be approved as a vendor under the city’s plan. Fees for the company’s services are not paid for by the city, but are payable from the participants’ accounts. At the present time, the approved vendors under the city’s plan are Hartford Life Insurance Company, ICMA Retirement Corporation and the state of Minnesota deferred compensation plan.