HomeMy WebLinkAboutRes 88-107 United States Conference of Mayors Deferred Compensation Program ..
August 11, 1988
TO: HONORABLE MAYOR AND CITY COUNCIL
FROM: PAUL GIBSON, FINANCE DIRECTOR
SUBJECT: UNITED STATES CONFERENCE OF MAYORS DEFERRED
COMPENSATION PLAN
RECOMMENDATION:
That the City council adopt Resolution No. 88-107
estblishing the United States Conference of Mayors deferred
compensation plan for the City of Palm Desert.
DISCUSSION:
The Employee Association has conducted several meetings to
gather information about various deferred compensation plans that
are available. Although many participants are satisfied with the
current plan, some employees have had problems with ICMA' s rather
restrictive policies concerning transfers from one investment
option to another. Under certain circumstances transfers can take
up to 6 months.
A consensus was reached by all employees who participated in
the informational meetings that the U. S . C. M. plan will allow
participants quicker and easier transfer of investments .
Therefore , staff requested that the documents necessary to
implement this plan as an addition to the existing ICMA and
Glendale program.
The attached resolution and apendices have been reviewed by
the City Attorney. Basically the agreements simply authorize the
plan in conformance with current IRS regulations and implement the
operational aspects of plan administration.
Respectfully Submitted, Reviewed and Concur,
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