City of Milwaukee - File #: 191959

• File #: 191959
• Version: 0
• Type: Resolution-Immediate Adoption
• Status: Passed
• File created: 4/14/2020
• In control: COMMON COUNCIL
• Final action: 4/14/2020
• Title: Resolution authorizing the Executive Director of the City of Milwaukee Deferred Compensation Plan (“Plan”) to collaborate with Voya, the Plan’s third party administrator, to implement provisions of the federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) intended to provide financial flexibility to Plan participants.
• Sponsors: ALD. HAMILTON, ALD. LEWIS, ALD. COGGS
• Indexes: DEFERRED COMPENSATION PLAN, FEDERAL LEGISLATION

Date	Ver.	Action By	Action	Result	Tally
4/16/2020	0	MAYOR	SIGNED
4/14/2020	0	COMMON COUNCIL	ADOPTED	Pass	15:0

IMMEDIATE ADOPTION

Number
191959

Version
ORIGINAL

Reference

Sponsor
ALD. HAMILTON, LEWS AND COGGS

Title
Resolution authorizing the Executive Director of the City of Milwaukee Deferred Compensation Plan (“Plan”) to collaborate with Voya, the Plan’s third party administrator, to implement provisions of the federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) intended to provide financial flexibility to Plan participants.

Analysis
This resolution authorizes the Executive Director of the City of Milwaukee Deferred Compensation Plan to collaborate with Voya, the Plan’s third party administrator, to implement provisions of the federal CARES Act intended to provide financial flexibility to Plan participants. These CARES Act provisions allow for penalty-free coronavirus-related distributions of up to $100,000.00 in calendar year 2020, expanded availability of coronavirus-related loans for a 180-day period, and liberalized loan repayment terms.

Body
Whereas, The CARES Act, federal legislation intended to address a broad array of economic and other concerns raised by the coronavirus pandemic, became law on March 27, 2020; and

Whereas, The CARES Act includes provisions intended to provide increased financial flexibility to participants in employer-sponsored qualified retirement plans; and

Whereas, The CARES Act provisions applicable to the Plan allow for penalty-free coronavirus-related distributions of up to $100,000.00 in calendar year 2020, expanded availability of coronavirus-related loans for a 180-day period, and liberalized loan repayment terms; and

Whereas, On April 6, 2020, the Board of the City of Milwaukee Deferred Compensation Plan (“Board”) unanimously authorized the Plan’s Executive Director to seek Common Council approval to implement the CARES Act provisions applicable to the Plan; and

Whereas, Upon authorization by the Common Council the Plan’s Executive Director will collaborate with Voya, the Plan’s third party ad...