City of Milwaukee - File #: 160375

• File #: 160375
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 7/6/2016
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/26/2016
• Title: Substitute resolution relating to a Revised Master Agreement for the City of Milwaukee’s 457(b) Plan.
• Sponsors: THE CHAIR
• Indexes: EMPLOYEE BENEFITS

Date	Ver.	Action By	Action	Result	Tally
8/4/2016	2	MAYOR	SIGNED
7/26/2016	2	COMMON COUNCIL	NOT ACTED ON; Minutes note: Ald. Bohl moved to amend Substitute 2 of File 160375 by revising the “Resolved” clause of the resolution to read as follows: "Resolved, By the Common Council of the City of Milwaukee, that the Master Agreement, in the form attached to this file is hereby approved, subject to any such revisions which may be necessary as approved by the City Attorney to comply with applicable law >>, and subject to the following changes to the terms of the Master Agreement: 1. An eligible employee who desires to opt out of participation in the Deferred Compensation Plan shall be required to do so only once, rather than on an annual basis. 2. An employee who chooses to participate in the Deferred Compensation Plan but does not want to annually elect whether the employee’s investment categories will be changed may elect one time not to have the investment categories changed, with such election being in effect until the employee provides further notice to Plan administration staff.<< ; and, be it".
7/26/2016	2	COMMON COUNCIL	ADOPTED; Minutes note: Ald. Bohl moved for separate action. There were no objections.	Pass	14:1
7/26/2016	2	COMMON COUNCIL	REFERRED TO	Fail	7:8
7/26/2016	2	COMMON COUNCIL	AMENDED; Minutes note: Ald. Kovac moved to go into a committee of the whole. Prevailed. 9-5 (Ald. Bauman, Murphy, Bohl, Donovan and Zielinski voting "no"; Ald. Stamper excused) Margaret Daun, Deferred Compensation, now present at the podium. Ald. Borkowski moved that the committee rise. There were no objections. A vote was taken on Ald. Bohl's motion to amend. (Failed 1-14)	Fail	1:14
7/26/2016	2	COMMON COUNCIL	RECONSIDERED AND ENTERED IN JOURNAL; Minutes note: Ald. Stamper moved to call into question. (Prevailed 14-1) Voting no was Ald. Hamilton. Ald. Bohl moved to reconsider and enter into the journal. (Failed 1-14)	Fail	1:14
7/20/2016	1	FINANCE & PERSONNEL COMMITTEE	AMENDED; Minutes note: Individuals appearing: Miriam Horwitz, Deputy City Attorney Margaret Daun, Deferred Compensation Executive Director Maria Monteagudo, Department of Employee Relations Director Ald. Murphy moved to amend the file by requiring an evaluation and report back to the Finance and Personnel Committee after one year. (Prevailed 5-0)	Pass	4:0
7/20/2016	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
7/15/2016	1	CITY CLERK	DRAFT SUBMITTED
7/15/2016	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/15/2016	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/15/2016	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/15/2016	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/6/2016	0	COMMON COUNCIL	ASSIGNED TO

Number
160375
Version
SUBSTITUTE 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relating to a Revised Master Agreement for the City of Milwaukee’s 457(b) 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 an amendment to all the Master Agreements for the deferred compensation plans and consolidates all such plans into a single plan document, a Master Agreement, to document federal tax law compliance and implement enrollment best practices for the plan.
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 Employes' Retirement System, t...