REPORT TO THE CITY COUNCIL
October 15, 2020
FROM: CITY OF FRESNO DEFERRED COMPENSATION BOARD
BY: ROBERT THELLER, Executive Director
SUBJECT
Title
***Adopt Modifications Required by Law to the City Of Fresno Deferred Compensation Plan Document as Unanimously Recommended by the Deferred Compensation Board. (Subject to Mayor's Veto)
Body
RECOMMENDATION
The City of Fresno Deferred Compensation Board recommends that the City Council approve the attached City of Fresno Deferred Compensation Plan Document, which clarifies and updates certain provisions of the Plan as needed, and includes the addition of required provisions of the SECURE and CARES Act Amendments. Accepting these modifications results in the City's 457 (b) Plan document regaining full compliance with IRS rules governing 457 (b) plans. It is the intent of the Deferred Compensation Board to submit the Plan document for Private Letter Ruling to IRS for compliance certification.
EXECUTIVE SUMMARY
The City of Fresno Deferred Compensation Plan document modifications incorporate required provisions of the SECURE and CARES Act Amendments, and minor language changes to clarify and update certain provisions of the IRS code related to 457 Plans as stated in the document last adopted by the City Council on February 14, 2019. City Attorney has reviewed and approved to form.
BACKGROUND
At its meeting on August 27, 2020, the Deferred Compensation Board reviewed, discussed and adopted modifications presented for the City of Fresno Deferred Compensation Plan document.
ENVIRONMENTAL FINDINGS
N/A
LOCAL PREFERENCE
N/A
FISCAL IMPACT
There are no costs for the City associated with the implementation of the modification to the Plan document. The IRS' current filing fee is $30,000 for an IRS Private Letter Ruling (the mechanism to have the Plan reviewed and approved by the IRS).
Attachments:
City of Fresno Deferred Compensation Plan Document dated August 27, 2020
City of Fresno Deferred Compensation Plan ...
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