ITEM TITLE:
#19-20 - Providing for Adoption of a Written Deferred Compensation Plan
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve 457 Deferred Compensation Plan Document
SUMMARY STATEMENT:
• The City currently offers a deferred compensation plan to full-time employees, via Mass Mutual (same as the 401a plan)
• Staff and Mass Mutual are unable to produce an executed plan document from the plan’s inception approximately seven years ago
• The attached plan document reflects the long-standing plan specifications, per Finance Director review. Its adoption represents an administrative formality.
• Legal Department has reviewed the document and approved it as to form