Amend city employee retirement savings plan rules
Resolution Resolution No. 130-09
In Plain English
The city offers employees a 457(b) retirement savings plan that lets them set aside pre-tax income for retirement. The current plan rules were last updated in 2009. If approved, updated rules align the plan with current federal regulations and improve investment options for city workers.
Auto-generated summary. Source: official agenda documents.
Votes
Approve consent calendar
6 to 0
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Amend employee retirement savings plan to add administrator and restructure committees
Amend CalPERS contract to allow police and fire pension transfers
Amend CalPERS contract to make classic safety employees pay 2% more toward retirement
Adopt pre-tax payroll deduction plan for CalPERS retirement credit purchases
Allow police and fire pension members to transfer to CalPERS
The Story So Far
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