City of Milwaukee - File #: 130695

• File #: 130695
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/24/2013
• In control: COMMON COUNCIL
• Final action: 11/26/2013
• Title: Substitute resolution approving the Master Agreements for a Plan of Deferred Compensation relating to the City’s Deferred Compensation Plan.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, DEFERRED COMPENSATION PLAN

Date	Ver.	Action By	Action	Result	Tally
12/5/2013	1	MAYOR	SIGNED
11/26/2013	1	COMMON COUNCIL	ADOPTED	Pass	14:0
11/21/2013	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Mary Turk, Legislative Reference Bureau Witold Dziadowicz, Deferred Compensation	Pass	4:0
11/19/2013	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/18/2013	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/14/2013	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/14/2013	1	CITY CLERK	DRAFT SUBMITTED
9/24/2013	0	COMMON COUNCIL	ASSIGNED TO	Fail

Number
130695
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving the Master Agreements for a Plan of Deferred Compensation relating to the City’s Deferred Compensation Plan.
Analysis

Under s. 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 s. 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 a new loan program, change in rules and process for hardship withdrawals and to allow for in-plan Roth conversions as permitted under IRS code.
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 multiple employers and currently there are, in addition to the City of Milwaukee, multiple identical Master Agreements for the City of Milwaukee ...