Sponsor
Alderman Spangenberg
Title
AGREEMENT WITH SECURITY BENEFIT GROUP TO ESTABLISH A VEBA TRUST
Body
WHEREAS, the Security Benefit Group Healthcare Reimbursement Account (HRA) has been established for eligible employees, pursuant to Sec. 501(c)(9) of the Internal Revenue Code permitting such plans; and
WHEREAS, the Employer wishes to make contributions on behalf of its eligible employees to the Security Benefit Group Healthcare Reimbursement Account (HRA) to meet its employees' post employment health care needs and expense; and
WHEREAS, under the Security Benefit Group Healthcare Reimbursement Account (HRA) program, Security Financial Resources, Inc., will provide administrative services in exchange for a fee as agreed upon by the Employer and Security Financial Resources, Inc.
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Racine, Wisconsin meeting in regularly scheduled session, this 22nd day of February, 2006, hereby adopts the Security Benefit Heathcare Reimbursement Account (HRA) program on behalf of the eligible employees of the Employer.
FURTHER RESOLVED, that the Mayor and City Clerk be authorized and directed to execute, on behalf of the eligible employees of the Employer, a Participation Agreement with Security Financial Resources, Inc., to act as the Administrator of the Plan and the agent of the Employer, and other such agreements and contracts as are necessary to implement the program.
Fiscal Note
Fiscal Note: N/A