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City Council Memorandum To: Mayor Hicks & City Councilmembers From: Melanie Mesko Lee, Assistant City Administrator Date: June 15, 2011 Item: Deferred Compensation Providers Council
Action Requested: Approve offering additional deferred compensation plan opportunities to employees through ING and Minnesota Deferred Compensation Plan (MNSCP), effective immediately.
Background Information: For many years, the City has offered employees the opportunity to participate in an employee funded deferred compensation plan through ICMA-RC. Recently, staff
met with representatives from both ING and MNDCP to review whether the City would consider offering additional plans to employees. Based on those meetings, as well as the feedback from
staff, it is the recommendation that the City offer these two additional plans, and continues to offer the ICMARC plan, to employees to participate in retirement planning options. Financial
Impact: There is no City contribution to these plans. They are voluntary, and funded through employee contributions. Advisory Commission Discussion: N/A Council Committee Discussion:
N/A Attachments: None