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r <br />p� <br />k1k 0, <br />ILMy For Cit <br />.� S. <br />TO: HONORABLE MAYOR & CITY <br />APPROVAL: Malik Dantala Freeman, City Manager <br />FROM: Gracie FernSndez Harmon, Personnel Director <br />1,KA, <br />1yv <br />SUBJECT: Approval of Alternative Deferred Compensation 457 Programs with PERS <br />(Public Employees Retirement System) and Lincoln Life <br />DATE: <br />1996 <br />BACKGROUND: The City currently offers a Deferred Compensation 457 Program through <br />ICMA (International City Management Association). Additionally, the City previously had 457 <br />programs with Prudential Bache, Keystone, and Seligman. <br />DISCUSSION/ANALYSIS: There are employees who still have funds invested with Prudential <br />Bache, Keystone, and Seligman. These three plans are administered by the City of Colton. This <br />requires that staff keep up-to-date with any and all changes in Federal and State withholding tax <br />laws, etc. <br />Staff is proposing that employees be offered the 457 Plans ICMA, PERS and Lincoln Life. This <br />would significantly reduce the administrative burden of the City and employees would have more <br />investment options. <br />In order to establish the 457 Deferred Compensation Plans with PERS and Lincoln Life, the City <br />Council must adopt the attached resolutions and authorize the City Manager to execute the <br />agreements. <br />FINANCIAL IMPACT: None. <br />RECOMMENDATION: That City Council authorize the establishment of alternative 457 <br />Deferred Compensation Plans with PERS and Lincoln Life by adopting the attached <br />resolutions and authorize the City Manager to sign the agreements for the City. <br />agenda\457 Plans <br />ITEM 22 <br />