City of Milwaukee - File #: 231018

• File #: 231018
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 10/31/2023
• In control: COMMON COUNCIL
• Final action: 11/21/2023
• Title: Resolution authorizing an amendment to the City of Milwaukee Deferred Compensation Plan Master Agreement to eliminate the “first day of the month” rule, as permitted by SECURE 2.0.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, DEFERRED COMPENSATION PLAN

Date	Ver.	Action By	Action	Result	Tally
11/22/2023	0	MAYOR	SIGNED
11/21/2023	0	COMMON COUNCIL	ADOPTED	Pass	15:0
11/14/2023	0	FINANCE & PERSONNEL COMMITTEE	Minutes note: Appearing: Beth Conradson-Cleary, DCP Exec. Director
10/31/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
231018
Version
ORIGINAL
Reference
210466
Sponsor
THE CHAIR
Title
Resolution authorizing an amendment to the City of Milwaukee Deferred Compensation Plan Master Agreement to eliminate the “first day of the month” rule, as permitted by SECURE 2.0.
Analysis
This resolution authorizes an amendment to the Milwaukee Deferred Compensation Plan Master Agreement specific to eliminating the “first day of the month” rule, as now permitted by SECURE 2.0.
Body
Whereas, The City of Milwaukee established in s. 5-50 of the City Charter a deferred compensation plan which is an eligible deferred compensation plan under s. 457(b) of the Internal Revenue Code; and

Whereas, The plan is supervised by a board and administered by a written Master Agreement for Plan of Deferred Compensation which is amended from time to time as required by federal tax law or as deemed advisable by the Common Council; and

Whereas, The Charter allows the board to administer plans for the following multiple employers: the City of Milwaukee, multiple identical Master Agreements for the City of Milwaukee Employes’ Retirement System, the Housing Authority of the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, and the Wisconsin Center District; and

Whereas, The SECURE 2.0 Act of 2022 expands the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, and was signed into law on December 29, 2022, as part of the Consolidated Appropriations Act of 2023; and

Whereas, SECURE 2.0, as a law designed to improve retirement savings options, includes a number of provisions related to retirement plans that expand participant coverage, help participants preserve income, and simplify plan rules and administrative procedures; and

Whereas, Under current law, participants in a governmental 457(b) plan must request changes to their deferral rate prior to the beginning of the month in which the deferral will be made; and

Whereas, SECURE 2.0 permits eliminatin...