Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Approve the Recommended Amendments to the 457(b) Oversight Committee Charter that Governs the Performance and Operation of the 457(b) Oversight Committee By and Through the Adoption of the First Amended 457(b) Oversight Committee Charter
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: September 15, 2026
DEPARTMENT: Human Resources
CONTACT: Steve Tilton, Assistant City Manager
Jim Parrish, Director of Human Resources
Sheryl Williams, Human Resources Manager
RECOMMENDED CITY COUNCIL ACTION: Approval of Resolution
ITEM SUMMARY:
This resolution authorizes the City Manager to approve recommended amendments to the 457(b) Oversight Committee Charter which governs the performance and operation of the 457(b) Oversight Committee in its evaluation of and recommendations regarding the 457(b) deferred compensation plan(s) under the comprehensive benefits offered to eligible City of McKinney employees by and through the adoption of the First Amended 457(b) Oversight Committee Charter.
BACKGROUND INFORMATION:
The original Charter for the 457(b) Oversight Committee and the 457(b) Plan Investment Policy Statement were developed under the guidance of our Deferred Compensation Consultant, Mariner Financial, who serves in a fiduciary capacity. The City of McKinney’s legal counsel also reviewed the original Charter.
The proposed recommendations to amend the Charter provide further guidance and clarification to ensure the 457(b) Oversight Committee provides City Council and the City Manager with oversight and recommendations for the operation and administration of the 457(b) Deferred Compensation Plan(s).
The members of the Committee are not fiduciaries of the Plan with respect to all responsibilities delegated to them but are expected to act as fiduciarie...
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