Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Adopt a 457(b) Oversight Committee Charter and Investment Policy Statement that Will Govern the 457(b) Deferred Compensation Plans Under the Comprehensive Benefits Offered to City of McKinney Employees
Summary
COUNCIL GOAL: 2B: Continuously provide a high level of customer service to our citizens.
4D: Create financial plans for future growth as well as future maintenance.
MEETING DATE: August 6, 2024
DEPARTMENT: Human Resources
CONTACT: Steve Tilton, Assistant City Manager
Jim Parrish, Director of Human Resources
Olivia Nahas, Human Resources Manager
RECOMMENDED CITY COUNCIL ACTION: no action - discussion only
ITEM SUMMARY: Staff seeks Council direction on adopting a 457(b) oversight committee charter and investment policy statement that will govern the 457(b) deferred compensation plan under the comprehensive benefits offered to eligible City of McKinney employees.
BACKGROUND INFORMATION:
• The Charter for the 457(b) oversight committee and 457(b) plan Investment Policy Statement was developed under the guidance of our Deferred Compensation Consultant, Mariner Financial.
• These foundational documents will allow the City of McKinney to provide fiduciary oversight to the 457(b) Deferred Compensation plan by ensuring adherence to applicable laws and regulations, investment performance monitoring, participation education and communication, and change management.
FINANCIAL SUMMARY: no cost
BOARD OR COMMISSION RECOMMENDATION: N/A