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STRATEGIC OUTCOMES |
ACTION |
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Department: |
☐ Safe & Prosperous |
☐ Motion |
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City Administration |
☐ Active & Appealing |
☒ Resolution |
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☒ Respected & Responsible |
☐ Ordinance - Introduction |
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Division: |
☐ Connected & Engaged |
☐ Ordinance - Adoption |
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☐ Unique & Creative |
☐ Public Hearing |
TITLE:
title
Optional Supplemental Salary Deferral (457 Plans) with Nationwide Investment Services Corporation (Nationwide)
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SUMMARY RECOMMENDATION:
Summary Recommendation
Resolve to accept employee/employer participation in a Supplemental Salary Deferral 457 Plan with Nationwide as a deferred compensation option plan for City employees. (Administration/Jay Simonton)
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STRATEGIC OUTCOME:
Adopting this resolution achieves the City Council’s Strategic Outcome of Respected and Responsible by providing City of Yuma employees an additional alternative for retirement savings.
REPORT:
Public Safety employees have requested that the City add the 457 Nationwide plan as an option for City employees. A “section 457 plan” is a deferred compensation plan that is maintained by an Eligible Employer and complies with the specific requirements set out in Internal Revenue Code (IRC) § 457(b). As defined by the IRC, Eligible Employers may be a State or a State’s political subdivision which includes the City of Yuma.
The Nationwide 457 plans have been approved by the Public Safety Personnel Retirement System (PSPRS), the Arizona State Retirement System (ASRS), and the State of Arizona has worked with Nationwide to provide standardized acceptance forms for City participation. Although the inclusion of the Nationwide 457 plan was specifically requested by public safety employees in the Arizona Public Safety Retirement System (PSPRS), civilian employees participating in the Arizona State Retirement System (ASRS) are also eligible to enroll.
The City of Yuma currently maintains two other 457 plans, Mission Square and Empower. Adopting Resolution R2024-006 would add the Nationwide 457 plans as an option to the existing plans for employees to choose.
FISCAL REQUIREMENTS:
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CITY FUNDS: |
$ 0.00 |
BUDGETED: |
$ 0.00 |
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STATE FUNDS: |
$ 0.00 |
AVAILABLE TO TRANSFER: |
$ 0.00 |
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FEDERAL FUNDS: |
$ 0.00 |
IN CONTINGENCY: |
$ 0.00 |
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OTHER SOURCES: |
$ 0.00 |
FUNDING: ACCOUNT/FUND #/CIP |
TOTAL $ 0.00
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To total; right click number & choose “Update Field” |
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FISCAL IMPACT STATEMENT:
NONE
ADDITIONAL INFORMATION:
SUPPORTING DOCUMENTS NOT ATTACHED TO THE CITY COUNCIL ACTION FORM THAT ARE ON FILE IN THE OFFICE OF THE CITY CLERK:
NONE
IF CITY COUNCIL ACTION INCLUDES A CONTRACT, LEASE OR AGREEMENT, WHO WILL BE RESPONSIBLE FOR ROUTING THE DOCUMENT FOR SIGNATURE AFTER CITY COUNCIL APPROVAL?
☐ Department
☐ City Clerk’s Office
☐ Document to be recorded
☐ Document to be codified
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Acting City Administrator: |
Date: |
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John D. Simonton |
02/12/2023 |
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Reviewed by City Attorney: |
Date: |
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Richard W. Files |
02/09/2023 |