ICMARC Associate Handbook August 2016

ABOUT ICMA‑RC

History of ICMA‑RC In 1972, a group of local government employees recognized that existing retirement plans did not address the special needs of the public sector. Specifically, the prevailing defined benefit plans were not nationally portable or transferable. Government workers who moved to a job in a different jurisdiction or who left the public sector often forfeited their future retirement security because of strict vesting requirements. Furthermore, most plans provided few special services and were so inflexible that early withdrawals or special payout schedules were not allowed or resulted in substantial penalties. With assistance from the Ford Foundation, the International City/County Management Association (“ICMA”), a professional non-profit association for appointed local government administrators, created ICMA Retirement Corporation (“ICMA‑RC”) to specifically address the special retirement plan needs of local and state governments. With its creation, ICMA‑RC became one of the first organizations to offer nationally available 457 deferred compensation retirement plans designed specifically to meet the needs of local and state government employees. Today, ICMA‑RC is a leader in the public sector retirement plan industry. Through its comprehensive education program and full array of investment options, the corporation promotes long-term retirement savings among its participants. Product Expansion In 1984, ICMA‑RC added 401(a) money purchase plans and 401(k) salary reduction (profit-sharing) plans for public employees. In recent years, we have continued to add a wide variety of products to serve the various retirement planning needs of public employees, including our VantageCare Retirement Health Savings (“RHS”) Plan, VantageCare RHS Employer Investment Program (“EIP”), the Guided Pathways® investment advisory services suite, our target-date Milestone Funds, and the VantageTrust Retirement Income Advantage Fund lifetime income investment option.

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