From
Lisa Norris, Human Resources Director
Title
Resolution authorizing the City Manager to approve the Addendum to the Administrative Services Agreement between City of Grand Prairie Plan 300087 and ICMA Retirement Corporation (ICMA-RC) to make available the VantageBroker self-directed brokerage account option to plan participants through ICMA-RC's relationship with TD Ameritrade (TDA)
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Approve
Analysis
The City currently has ICMA-RC, a 457 plan, available to employees on a voluntary basis if they wish to invest. Investment options are limited to the mutual funds available through ICMA-RC's current program. No trading is allowed under the current plan. This self-directed brokerage option opens up more investment choices, as well as the ability to buy and sell shares, through TD Ameritrade for the employees with an account balance of at least $35,000. Transfer of funds for trading have limitations and restrictions under the plan. This brokerage option is no cost to the City. This option may provide greater risk to the employee, but also offers the employee more investment options. They may also independently select and pay for an investment advisor to help guide their investment options currently and/or under this new option. Any fees associated with setting up the trading option, as well as selecting and paying for an investment advisor, are the sole responsibility of the employee.
Financial Consideration
There is no financial impact to the plan for this option.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, AUTHORIZING THE CITY MANAGER TO EXECUTE AN ADDENDUM TO THE ADMINISTRATIVE SERVICES AGREEMENT BETWEEN THE CITY OF GRAND PRAIRIE AND ICMA-RC TO MAKE AVAILABLE THE VANTAGEBROKER SELF-DIRECTED BROKERAGE ACCOUNT OPTION TO PLAN PARTICIPANTS THROUGH ICMA-RC'S RELATIONSHIP WITH TD AMERITRADE; AND PROVIDING AN EFFECTIVE DATE
Whereas, the Employer sponsors the ICMA-RC...
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