Chapter 2.80
DEFERRED COMPENSATION PLAN AND COMMITTEE Revised 6/24
Sections:
2.80.010 Deferred compensation plan fund. Revised 6/24
2.80.020 Committee established, membership, and meetings. Revised 6/24
2.80.030 Duties and responsibilities. Revised 6/24
2.80.040 Agreements and documents. Revised 6/24
2.80.050 Adoption not endorsement of plan. Revised 6/24
2.80.060 Administrator. Revised 6/24
2.80.070 Fund. Revised 6/24
2.80.010 Deferred compensation plan fund. Revised 6/24
There is hereby created a special fund which shall be designated as the deferred compensation plan fund into which shall be paid all sums deferred from the compensation of participants in the plan, and from which all authorized disbursements shall be made.
(Ord. No. 4493, § 2, 6-4-24)
2.80.020 Committee established, membership, and meetings. Revised 6/24
A. Membership. There is hereby established a deferred compensation plan committee which shall consist of the following five voting members:
1. Chief administrative officer, who shall serve as the committee chair and the plan fiduciary;
2. Human resources director;
3. Finance director;
4. Human resources manager in the benefits division of the human resources department; and
5. City attorney.
Should any incumbent vacate their position for any reason, the individual appointed to fill that position, either on an interim or indefinite basis, shall automatically assume the former incumbent’s position on the deferred compensation plan committee.
B. Committee secretary. The human resources director or the director’s designee shall appoint a benefits analyst or management-level employee in the city’s human resources department to serve in a nonvoting capacity as the deferred compensation plan committee’s secretary, who shall perform the duties of that position as provided for by Chapter 2.50 KCC.
C. Pro tempore member. If any member is unavailable for any meeting of the committee, the member may appoint a designee to attend such meeting in the member’s place. In such event, the designee will serve as a pro tempore member for that meeting and may vote on all matters before the committee.
D. Meetings. The deferred compensation plan committee shall meet at least three times per year as scheduled by the committee’s secretary and committee chair. Meeting minutes will be maintained and should be distributed to the committee in advance of the next meeting. Meeting minutes shall be made available upon request to plan participants. Meeting agendas will include the following:
1. Call to order;
2. Roll call or attendance sheet;
3. Approval of minutes from previous meeting;
4. Old business;
5. New business;
6. Review reports from consultants or service providers;
7. Topical presentations as needed; and
8. Adjourn.
(Ord. No. 4493, § 2, 6-4-24)
2.80.030 Duties and responsibilities. Revised 6/24
The duties and responsibilities of the deferred compensation plan committee shall include without limitation the following:
A. Selection of a deferred compensation plan through which employees may choose to invest deferred compensation to provide future retirement income and other deferred benefits;
B. Negotiation of terms applicable to the deferred compensation plan selected in accordance with this chapter;
C. Governance of the deferred compensation plan and any amendments, including retaining and contracting with consultants to advise the committee and administer the deferred compensation plan; and
D. Fiduciary oversight of the deferred compensation plan.
(Ord. No. 4493, § 2, 6-4-24)
2.80.040 Agreements and documents. Revised 6/24
A. The committee chair is authorized and directed to sign all necessary documents to establish, implement, and maintain the deferred compensation plan chosen by the committee or to otherwise retain consultants to administer the plan or advise the committee.
B. The deferred compensation plan shall be made available to qualified employees of the city upon their execution of appropriate applications and agreements for participation therein.
(Ord. No. 4493, § 2, 6-4-24)
2.80.050 Adoption not endorsement of plan. Revised 6/24
Authorization of and the provision for any deferred compensation plan does not constitute the city’s endorsement of the deferred compensation plan or any financial guarantee by the city.
(Ord. No. 4493, § 2, 6-4-24)
2.80.060 Administrator. Revised 6/24
The human resources manager for the benefits division of the city’s human resources department shall receive necessary reports, notices, etc., from the deferred compensation plan administrator, and shall cast, on behalf of the city, any required votes under the plan. Administrative duties to carry out the plan may be assigned by the committee chair to the appropriate city departments.
(Ord. No. 4493, § 2, 6-4-24)