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It should be noted that ICMA -RC has not received a formal private letter ruling on the <br />"New Features" portion of the plan. However, based on an opinion letter from ICMA - <br />RC's outside employee benefits legal counsel, it is their feeling there is little risk with <br />these new features and they anticipate regulations will be issued by the IRS. <br />If a severance program based on sick leave balances is adopted, we would also <br />recommend that the entire pay out be made to the proposed post employment healthcare <br />account. Mayor Blesener and Council Member Keis are currently working on this issue <br />and will be presenting a proposal to the Council at an upcoming meeting. <br />Costs associated with plan administration are charged against the employee's individual <br />account, and there are no direct charges to the City. There would be some staff time <br />involved for payroll processing and general administrating issues, but that time would be <br />minimal. The City would realize FICA savings on the funds contributed toward the plan <br />(7.65% currently). <br />Staff recommends implementation of the ICMA -RC Retirement Health Savings Program <br />as described above for both City employees and the City Council. Staff will then prepare <br />the appropriate Personnel Policy amendments relative to the specific details of this <br />additional benefit. <br />