City of Milwaukee - File #: 210466

• File #: 210466
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/7/2021
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/27/2021
• Title: Substitute resolution authorizing an amendment to the City of Milwaukee Deferred Compensation Plan Master Agreement to permit distributions from participant rollover accounts.
• Sponsors: ALD. MURPHY
• Indexes: DEFERRED COMPENSATION PLAN

Date	Ver.	Action By	Action	Result	Tally
8/5/2021	1	MAYOR	SIGNED
7/27/2021	1	COMMON COUNCIL	ADOPTED	Pass	15:0
7/21/2021	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Beth Conradson-Cleary, Deferred Compensation	Pass	5:0
7/15/2021	1	CITY CLERK	DRAFT SUBMITTED
7/7/2021	0	COMMON COUNCIL	ASSIGNED TO

Number
210466
Version
ORIGINAL
Reference

Sponsor
ALD. MURPHY

Title
Substitute resolution authorizing an amendment to the City of Milwaukee Deferred Compensation Plan Master Agreement to permit distributions from participant rollover accounts.

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.

This resolution approves the Master Agreement for the deferred compensation plan, which includes a new amendment related to permitting Plan participants to receive distributions from rollover accounts prior to retiring or otherwise separating from employment 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 the following multiple employers: 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; and

Whereas, The board of the deferred compensation plan wishes to amend and restate the Master Agreement, which is attached to this file, in order to permit Plan particip...