Agenda Item
Meeting Date: 5/26/2020 - 5:30 PM
Category: ITEMS OF BUSINESS
Type: Action
Subject: 5. Action on the Milwaukee Board of School Directors Executive 403(b) Plan Document Restatement
Strategic Plan Compatibility Statement:
Goal 3
Effective and Efficient Operations
Policy: Admin Policy 6.20 - Contracts, Employee Benefits, and Compensation Plans
Attachments: MPS Executive 403(b) Summary of Restatement
MPS Executive 403(b) Plan Adoption Agreement
MPS Executive 403(b) Plan Amendment
File Attachment:
MPS Executive 403(b) Summary of Restatement 05.26.20.pdf
MPS Executive 403(b) Adoption Agreement 2020.pdf
MPS Executive 403(b) Plan Document Amendment Hardships 2020.pdf
Background: The Administration worked with TCG (Third-Party Administrator), the City Attorney’s Office, and outside counsel Ice Miller to restate the Milwaukee Board of School Directors Executive 403(b) Plan ("Plan") on a standardized plan document that reflects current Internal Revenue Service ("IRS") model language. The Plan is restated as of January 1, 2020 to take advantage of the IRS remedial amendment period that closes June 30, 2020.

The deadline to approve the Adoption Agreement for the standardized plan document was originally March 31, 2020. In consideration of the COVID-19 crisis, the IRS extended this deadline to June 30, 2020.

Attached are the following items:

Summary of the requested Board action prepared by the City Attorney’s Office and outside counsel

Milwaukee Public Schools Executive 403(b) Adoption Agreement

Milwaukee Public Schools Executive 403(b) Plan Amendment
Fiscal Impact Statement: This item does not authorize expenditures.
Implementation and Assessment Plan Upon Board approval the Administration will provide a copy of the signed Adoption Agreement and the plan document amendment to the third-party administrator.
Recommendation: The Administration recommends that the Board approve the pre-approved plan document Adoption Agreement prepared by TCG and approve the plan document amendment related to hardship withdrawals.
Approvals:
Recommended By:
Signed By:
Carol Eady - Director II
Signed By:
Evangeline M Scoptur - Interim Chief Human Resources Officer
Signed By:
Keith Posley, Ed.D. - Superintendent