ITEM TITLE:
#18-08 - Adopting the City’s 457(b) Deferred Compensation Plan Restatement Document with Mass Mutual
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve Resolution #18-08, adopting the City’s 457(b) Deferred Compensation Plan Document with Mass Mutual.
SUMMARY STATEMENT:
• The City offers a deferred compensation 457(b) plan to all employees. These are segregated accounts funded via employee payroll deductions.
o The City “matches” 457 contributions in the separate 401(a) plan. The matched contribution is dollar-for-dollar up to 6.2% of gross pay for non-exempt employees, and $1.50/$1.00 up to 9.3% of gross pay for exempt employees.
• The City must periodically update this and other plan documents to incorporate legal and regulatory changes, and to ensure that the plan continues to reflect the employer’s elective specifications.
• This document contains no material changes to plan specifications.
• Legal team has reviewed and approved the attached document.
Attachments: Resolution #18-08
Exhibit B, 457 Plan Document