Fiscal Note
No City appropriation required.
Title
Amending Section 33.27(3)(d) of the Madison General Ordinances related to the Deferred Compensation Committee.
Body
DRAFTER’S ANALYSIS: This ordinance revision reflects the title change from Treasurer to Finance Director, increases the employees chosen by the HR Director from three to four and allows the Finance Director to nominate one of the four additional members.
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The Common Council of the City of Madison do hereby ordain as follows:
1. Subdivision (d) entitled “Deferred Compensation Committee” of Subsection (3) entitled “Quasi-Committees” of Section 33.27 entitled “Staff Committees” of the Madison General Ordinances is amended as follows:
“(d) Deferred Compensation Committee. There is hereby established the Deferred Compensation Committee (DCC) composed of seven (7) employees of the City of Madison to include the following employees or designees: Human Resources Director; Treasurer; Finance Director; City Attorney and three (3) four (4) additional employees chosen by the Human Resources Director with one of the four additional members being nominated by the Finance Director. The DCC is charged with the duty to make and implement on behalf of the City all necessary decisions relating to the 457(b) Deferred Compensation Plan for the benefit of Plan participants in compliance with Federal and State laws and regulations, including preparing, maintaining and updating the Investment Policy Statement. In furtherance of its responsibilities, the DCC is authorized to effect amendments to the Plan to comply with amendments to Federal and State laws as may from time to time occur without further action by the Common Council. In addition, the Human Resources Director is authorized, on behalf of the City, to execute all Joinder or Participation Agreements with eligible employees which are necessary for employees' participation in ...
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