REPORT TO COUNCIL
SUBJECT
Title
Action on a Resolution to Rename the existing "Advisory Committee" on Deferred Compensation matters to the "Deferred Compensation Committee," Expand its Role to Advise on All City Deferred Compensation Plans, and Clarify the Committee's Duties and Responsibilities
Report
BACKGROUND
On or about January 21, 1975, through passage and adoption of Resolution No. 3444, the City created an Advisory Committee on deferred compensation which has advised concerning the City's deferred compensation plan. Subsequently, the City adopted an IRS section 457(b) Deferred Compensation Plan, and on or about October 7, 2025, the City adopted another deferred compensation plan, an IRS section 401(a) Deferred Compensation Plan (Attachment 1). Staff recommends that the Advisory Committee be authorized to advise the City concerning both the IRS section 457(b) and 401(a) Deferred Compensation Plans.
Additionally, staff recommends renaming the Advisory Committee to the "Deferred Compensation Committee," clarify that the Deferred Compensation Committee is created to advise the City concerning its Deferred Compensation Plans, and state that the Deferred Compensation Committee has duties and responsibilities consistent with those enumerated in the City's Municipal Code for the City's Boards and Commissions.
DISCUSSION
In order to better reflect its role and function, City staff recommends the City Council adopt a resolution to rename the Advisory Committee the Deferred Compensation Committee, and clarify the Committee is created to advise the City concerning all of its Deferred Compensation Plans. Additionally, staff recommends that the duties and responsibilities of the Committee be updated to be as consistent with those enumerated in the City's Municipal Code for the City's Boards, Commissions, and Committees as follows:
The Advisory Committee is renamed the Deferred Compensation Committee, continues to and operates under the authority of the City...
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