City Council Meeting - FINAL (AMENDED)
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12.C.
Meeting Date:
08/28/2023
Co-Submitter:
Randy Tracy
From:
Jennifer Caputo, Human Resources Manager
Information
TITLE:
Consideration and Adoption of Resolution No. 2023-45:
A resolution of the Flagstaff City Council, adopting the Public Safety Personnel Retirement System 457(b) Deferred Compensation Program.
STAFF RECOMMENDED ACTION:
Read Resolution No. 2023-45 by title only
City Clerk reads Resolution No. 2023-45 by title only (if approved above)
Adopt Resolution No. 2023-45
Executive Summary:
This plan was adopted by Council in May of 2022 for ASRS members as required by law. This amendment extends the plan to PSPRS employees. Council is required to adopt this supplemental employee deferred plan via resolution per State Statutes. Arizona State Revised Statutes 9-500 requires city and towns to adopt all deferred compensation plans for their employees via resolution or ordinance.
Financial Impact:
None.
Policy Impact:
None.
Connection to PBB Priorities/Objectives, Carbon Neutrality Plan & Regional Plan:
Priority Based Budget Key Community Priorities and Objectives
High Performing Governance
Become an employer of choice and provide employees with the necessary tools, training, and support
Has There Been Previous Council Decision on This:
In May 2022, City Council adopted Resolution 2022-19 confirming adoption of the Arizona State Retirement System Supplemental Salary Deferral Plan.
In January 2006, City Council adopted Resolution 2006-05 confirming adoption of the City's 457 Deferred Compensation Plan with our current providers, VOYA and ICMA.
Options and Alternatives:
Approved resolution as recommended
Do not adopt the resolution
Background and History:
In 1983, the City adopted a 457 Deferred Compensation Plan pursuant to Section 457 of the Internal Revenue Code. The purpose of these plans is to attract and retain employees by permitting them to enter into agreements with the City which will provide for the payment of deferred compensation on retirement or separation from service as well as death benefits in the event of death before or after separation.
The City currently offers 457 deferred compensation plan with VOYA and ICMA. A third option was added in May of 2022 with Nationwide through ASRS for those employees that meet the eligibility requirements. This resolution will extend the Nationwide plan to PSPRS employees.
Attachments
Res. 2023-45
Plan Document