HomeMy WebLinkAbout11/14/1988CITY COUNCIL WORK SESSION
November 14, 1988
5:15 p.m.
Large Conference Room
Members present: Mayor McKinley, Fox, Buck, Wright, Brown and
Budak.
The Agenda, as proposed, was approved.
Mayor McKinley introduced Tom Campbell and Frank Kneeland, Jr.,
who have been instrumental in assisting City staff in updating
the City's Deferred Compensation Rules and Regulations. The
City's current Deferred Compensation Plan dates back to 1973 and
has lacked major revisions since that time. Since many changes
have been made to the tax laws, there is a need to update the
Plan. He thanked Mr. Campbell and Mr. Kneeland for the many
hours they have given to the City in assisting staff prepare the
Plan. Both are members of the Waterloo Life Underwriters
Association and have provided technical information to staff
members Larry Burger and Jim Rodemeyer.
The updated Deferred Compensation Plan will allow all companies
licensed in the state of Iowa to participate in the Plan.
Currently, an insurance company could only participate in the
City's Plan if at least twenty employees signed up. In addition
to the rules and regulations, a joinder agreement and
authorization to deduct form must be developed. A disclosure
statement of the City's role and liability in the Plan also must
be developed. The revised Plan will also allow sign-ups to be
accepted twice a year, specifically on January 1 and July 1.
Budak now present at 5:20 p.m.
Notice to employees that such a Plan exists and how an employee
can contribute to the system was discussed. It was suggested
that the Life Underwriters Association prepare a presentation for
City employees availing them of the Plan.
No formal action was take by the Council. The City Council will
review said Plan at its regular meeting on November 14, 1988.
With no further business before the Council, the meeting was
adjourned.
Larry P. Burger
Clerk/Auditor