Number
141647
Version
ORIGINAL
Reference
Sponsor
ALD. KOVAC
Title
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 the Deferred Compensation Plan 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 City 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 an amendment to all the Master Agreements for the deferred compensation plans which relates to investment in group trusts, in order to document federal tax law compliance in connection with the tax-exempt status of such group trusts.
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 -- the Deferred Compensation 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 iden...
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