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Department of Finance
Reference: FPPA Multi-Employer Deferred Compensation Plan
To: Mayor Kenneth J. Kreutzer and Members of City Council
Through: Philip A. Rodriguez, City Manager
Prepared By: Jean Starr, Director of Finance and Janet Tennant, Assistant Director
Of Finance
Date Prepared: January 9, 2018
PURPOSE: To adopt the FPPA Multi-Employer Deferred Compensation Plan to replace the terminated Model FPPA Deferred Compensation Plan
BACKGROUND/HISTORY: Previous Fire and Police Pension Association benefits have been administered in accordance with the Model FPPA Deferred Compensation Plan; effective January 1, 2017. The Board of Directors of FPPA has terminated the Model FPPA Deferred Compensation Plan and adopted the Multi-Employer Deferred Compensation Plan effective January 1, 2018 at the Board meeting held on September 28, 2017. The previous plan will be replaced with the FPPA Multi-Employer Deferred Compensation Plan; effective January 1, 2018.
Changes and updates to the plan will have no significant impact on the administration or the benefits for City of Brighton personnel. The multi-employer plan substitutes FPPA for the employer as the plan sponsor. No transfer of assets will occur at Fidelity, and each Participant’s account will remain the same with the same payroll deferral arrangement currently in place.
BUDGET IMPACT: Expenses associated with this plan are included in the 2018 budget.
STAFF RECOMMENDATIONS: Staff recommends adopting the Multi-Employer Deferred Compensation Plan, effective January 1, 2018.
ATTACHMENTS:
• Resolution for City Council action
• Agreement for Replacement of the FPPA Deferred Compensation Plan and Adoption of the FPPA Multi-Employer Deferred Compensation Plan
• FPPA Multi-Employer Deferred Compensation Plan (as of January 1, 2018)