City of Milwaukee - File #: 130183

• File #: 130183
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 5/21/2013
• In control: COMMON COUNCIL
• Final action: 6/11/2013
• Title: Substitute resolution approving the Master Agreements for a Plan of Deferred Compensation relating to the City’s Deferred Compensation Plan.
• Sponsors: ALD. MURPHY
• Indexes: AGREEMENTS, DEFERRED COMPENSATION PLAN, DEFERRED COMPENSATION PLAN BOARD

Date	Ver.	Action By	Action	Result	Tally
6/18/2013	1	MAYOR	SIGNED
6/11/2013	1	COMMON COUNCIL	ADOPTED	Pass	15:0
6/5/2013	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual appearing: Ellen Tangen, City Attorney's Office	Pass	5:0
5/31/2013	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/21/2013	0	COMMON COUNCIL	ASSIGNED TO

Number
130183
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. MURPHY
Title
Substitute resolution approving the Master Agreements for a Plan of Deferred Compensation relating to the City’s Deferred Compensation Plan.
Analysis

Under section 5-50 of the City Charter, the City has made available to its employees a deferred compensation plan which permits participants to save for retirement by deferring compensation from their wages. The plan is an eligible plan under section 457(b) of the Internal Revenue Code. The plan is supervised by a board and administered under a Master Agreement which is amended from time to time as required by federal tax law or as deemed advisable by the Common Council. The Charter allows the board to administer plans for multiple employers and at this time there are, in addition to 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.

This resolution approves all the Master Agreements for the deferred compensation plans which include new amendments relating to domestic relations orders and hardship distributions to alternate payees as permitted under IRS code.
Body

Whereas, The City of Milwaukee established in section 5-50 of the City Charter a deferred compensation plan which is an eligible deferred compensation plan under section 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 multiple employers and currently there are, in addition to the City of Milwaukee, multiple identical Master Agreements for the City of Milwaukee Employes’ Retirement ...