The City Council has created a Deferred Compensation Board that administers the Deferred Compensation Plan. "The purpose of the plan shall be to provide for the deferral of compensation to the participants. The plan shall exist in addition to all other retirement, pension or other benefit systems available to the participants, and shall not supersede, make inoperative or reduce any benefits provided by any other retirement, pension or benefit program established by law." (City Code § 2.121)
"The deferred compensation board shall administer the investment policy in accordance with the terms of the investment policy and prudent fiduciary standards. The deferred compensation board shall have the authority to add and delete funds from the investment policy in accordance with the investment policy adopted by city council." (City Code § 2.123)
If you would like more information about the City’s Deferred Compensation Plan and the investments that are available to employees you may go directly to the Empower/Great West site. Employees can find additional information on the Consolidated Benefits site under the link Savings Plans.
If you have questions or concerns about retirement and would like to talk to a recent retiree about his experiences, Empower/Great-West provides access to a retiree advocate who can provide a “reality check” on retirement living and how it differs from what he expected. You may contact Ron Nichols at retireeadvocate@gwrs.com, (800) 878-6723.