File #: 21-0119    Version: 1 Name:
Type: Resolution Status: General Agenda
File created: 4/30/2021 In control: Town Commission
On agenda: 5/4/2021 Final action:
Title: Resolution 2021-11 Amending 457 Deferred Compensation Plan Background/Problem Discussion: Since 1996 the Town of Belleair has allowed employees to contribute their pay into a 457 plan. This provides tax advantaged retirement savings to plan participants. These proposed amendments would authorize participation by all employees, regardless of their position with the Town, and would further allow deferral of accrued leaves such as Vacation, Sick and other leave types eligible for payout upon termination. The plan is funded through individual contributions, so this would not result in additional retirement cost to the Town. Recommendation: Approval of Resolution 2021-11 Amending the Town of Belleair 457 Governmental Plan and Trust as provided. Proposed Motion: I move approval of Resolution 2021-11 Amending the Town of Belleair 457 Governmental Plan and Trust as provided.
Attachments: 1. Resolution 457 5.4.21

Summary

To: Town Commission

From: Stefan Massol, Director of Support Services

Date: 5/4/2021

______________________________________________________________________

Subject:

Title

Resolution 2021-11 Amending 457 Deferred Compensation Plan

 

Background/Problem Discussion: Since 1996 the Town of Belleair has allowed employees to contribute their pay into a 457 plan. This provides tax advantaged retirement savings to plan participants. These proposed amendments would authorize participation by all employees, regardless of their position with the Town, and would further allow deferral of accrued leaves such as Vacation, Sick and other leave types eligible for payout upon termination. The plan is funded through individual contributions, so this would not result in additional retirement cost to the Town.

 

Recommendation:  Approval of Resolution 2021-11 Amending the Town of Belleair 457 Governmental Plan and Trust as provided.

 

Proposed Motion:  I move approval of Resolution 2021-11 Amending the Town of Belleair 457 Governmental Plan and Trust as provided.