AGENDA REQUEST
GENERAL DISCUSSION ITEM
Subject:
title
Discussion and possible vote on USI Plan Compliance Services Proposal.
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Background:
During the December 17, 2024, Board meeting Mr. Thorne asked Ms. Daniels if she was able to talk to her legal team regarding assisting the Board with the Town Defined Benefit Plan update. She answered that she had and that they are willing to carry undertake the plan restatement if the Board is interested. She said the process usually entails adopting a plan with any amendments and recommended adopting any new updates to date coming out of both the CARES Act and the Secure Act and Secure 2.0 Act. Ms. Daniels said that currently the legal team is in the process of performing restatements for prototype plans due on March 31, 2025, and would not be able start the Town's restatement until early Spring. She added that from a legislative standpoint the Town has until 2029 to adopt the recent law changes. Lastly Ms. Daniels said the approximate cost would be $12,000 - $15,000 for an individually designed plan.
On February 18, 2025, Frederica Daniels, USI Actuaries provided the attached proposal.
During the March 18, 2025, meeting, the Board decided to request an estimate from Attorney Bruce Barth for a plan restatement and an IRS determination letter.
Department Comment/Recommendation:
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