457 Deferred Compensation Board

457 Deferred Compensation Board shall serve to oversee the Plan and make such discretionary decisions as may be required for the administration of the Plan. The Board's duties will include a quarterly review of performance of Service Providers and their offerings, and receiving and considering any comments or suggestions concerning the Plan which are presented by Plan Participants. The Board is also permitted by the Plan to adopt Plan Amendments which are deemed by counsel to be legally required or other amendments which do not substantially increase costs, contributions or benefits and do not materially affect the eligibility, vesting or benefit accrual or allocation provisions of the Plan.

The Board will consist of five members: 1) the Director of Human Resources or his/her designee by title, 2) the Director of Finance or his/her designee by title, 3) a general government employee who is a Plan Participant to be selected by the City Manager, 4) a Public Safety employee who is a Plan Participant to be selected by the Mayor in his/her capacity as the Director of Public Safety, and 5) a volunteer from the business community with expertise in the administration of deferred compensation plans nominated and confirmed by Council. The first two positions will be ex-officio voting members with no term limit. The persons appointed to fill positions 3,4, and 5 will be appointed for terms of three year terms and may succeed themselves for one additional term.