File #: 19-064    Version: 1 Name: Deferred Compensation 457(b) and 401(a) Conversion to MassMutal
Type: Resolution Status: Consent Calendar
File created: 2/20/2019 In control: City Council
On agenda: 3/19/2019 Final action:
Title: Deferred Compensation 457(b) and 401(a) Plans Consolidation and Conversion to MassMutual Recommended Action: It is recommended that the City Council authorize the City Manager to rescind Resolution 89-94 and Resolution 94-92, which established ICMA and Nationwide as the providers of a 457(b) deferred compensation plan, as well as rescind Resolution 96-64 naming Nationwide as the provider of the 401(a) plan. Further, it is recommended that the City Council, adopt Resolution No. 2019-07, authorizing the current employees’ Deferred Compensation 457(b) and 401(a) plans to be consolidated and converted to MassMutual.
Sponsors: Michael Blay, Casey Brooksher, Rachel Molina
Attachments: 1. SR Deferred Compensation Consolidation to MassMutual 3-19-2019, 2. Resolution 2019-07
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Title Deferred Compensation 457(b) and 401(a) Plans Consolidation and Conversion to MassMutual

 

Recommended Action:

 

It is recommended that the City Council authorize the City Manager to rescind Resolution 89-94 and Resolution 94-92, which established ICMA and Nationwide as the providers of a 457(b) deferred compensation plan, as well as rescind Resolution 96-64 naming Nationwide as the provider of the 401(a) plan.  Further, it is recommended that the City Council, adopt Resolution No. 2019-07, authorizing the current employees’ Deferred Compensation 457(b) and 401(a) plans to be consolidated and converted to MassMutual.