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TO: Mayor John D. Laesch
FROM: Daniel Ferguson, Accounting Manager
Stacey Peterson, CFO/City Treasurer
DATE: July 28, 2026
SUBJECT:
A resolution approving the revised rules for the administration of the City's deferred compensation plans.
PURPOSE:
To obtain City Council's approval of the attached resolution that would establish revised rules for the administration of the City's deferred compensation plans.
BACKGROUND:
Pursuant to the adoption of R03-487, the Deferred Compensation Administration Committee ("DCAC") was established. DCAC is comprised of the Chief Financial Officer/City Treasurer (Chair), Director of Human Resources, and Corporation Counsel and is charged with evaluating the deferred compensation plans and has only met as needed concerning the acceptance or termination of plans in the past.
Pursuant to the adoption of R24-420, the City executed a five-year agreement with Creative Planning Retirement Services ("CPRS") to perform 457(b) fiduciary and consulting services for these plans. With that agreement, CPRS will provide guidance to the DCAC on value-add opportunities within the deferred compensation plan design. Most of the plans the City currently offers have been in place for nearly three decades and the current marketplace has drastically changed since that time. As is the City's fiduciary duty, CPRS will ensure that we are offering the competitive options that our participants now expect, but with reasonable fees at current market rates.
Pursuant to the adoption of R25-283, the revised rules for the DCAC was approved. This last revision focused on two aspects: (1) expanded the committee to a total of five members, including two participant members, and (2) replaced the existing Corporation Counsel member with the Mayor's Chief of Staff or other representative of the Mayor's Office appointed by the Mayor. The committee is now comprised of the Chief Financial Officer/City Treasurer (Chair), Chief Human Resource Officer, Mayor's Chie...
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