HomeMy WebLinkAboutCity Council Committees - Operations - 10/07/1997 Operations Committee Minutes
October 7, 1997
COMMITTEE MEMBERS PRESENT. Jon Johnson, Leona Orr, Jim Bennett,
STAFF PRESENT. May Miller, Brent McFall, Tom Brubaker, Becky Fowler, Cheryl Viseth
Approval of September 30. 1997 Vouchers
Committeemember Orr moved to approve the vouchers of September 30, 1997 It was
seconded and approved unanimously
Deferred Compensation Trust Fund
Senior Human Resources Analyst Becky Fowler and Assistant City Attorney Tom Brubaker
explained package.
The Small Business Job Protection Act of 1996 implemented a number of changes to
457 deferred comp plans The City has 2 plans - ICMA and American Funds.
Changes to the revised Act include.
1 Requires the City to implement a plan trust,
2. Requires indexing the $7500 00 maximum deferral in the future;
3 Allows a one time change to an irrevocable election date (when funds are withdrawn),
4 Allows City to distribute inactive account balances under $3500 00 if not contributed to
for two years, and
5 Allows Plan sponsor to implement a deferred comp loan program (Refer to Trust
Document, Ordinance, Plan Document, Loan Information in packet.)
City wants to implement the Trust Document and Loan Document for ICMA Will implement
this with American Funds in the future
There were no questions.
Tom Brubaker commented that the City is essentially updating the Trust and Deferred
Compensation Programs with ICMA. Ordinance accomplishes this.
Motion moved to adopt the ordinance, seconded, motion carried unanimously 3-0
August Financial Report (Not Available)
Finance Division Director May Miller explained the reason for August's report not being
completed
May explained the Summary Financial Report for the Period Ending July 31, 1997
Meeting Adjourned