TITLE
Recommendation to authorize City Manager, or designee, to execute a Third Amendment to Contract No. 32531 with MissionSquare Retirement, of Washington, D.C., formerly known as International City Management Association - Retirement Corporation (ICMA-RC) for recordkeeping services on behalf of the City’s 457 Deferred Compensation Plan (DCP) Retirement Savings Program, to extend the contract term for an additional period ending on September 30, 2023; and
Adopt resolution authorizing an amendment to the 2019-2022 Memorandum of Understanding for Long Beach Lifeguard Associations and an amendment to the 2019-2023 Memorandum of Understanding (MOUs) for Long Beach Association of Confidential Employees, Long Beach City Attorneys Association, Long Beach City Prosecutors Association, and Long Beach Management Association, to allow the City of Long Beach (City) on behalf of employees in the impacted collective bargaining groups, to deposit any future employer contributions into a separate 401(a) plan account in lieu of the DCP 457 Plan account. (Citywide)
DISCUSSION
City Council action is requested to amend Contract No. 32531 with MissionSquare Retirement, to allow them to continue providing third-party administrative (TPA) services for the City’s 457 Deferred Compensation Retirement Savings Program. The proposed amendment will extend the term of the contract to September 30, 2023.
City Council action is also requested to authorize MOU amendments to allow future employer contributions, made on behalf of eligible employees, to be directed to a separate 401(a) plan, in addition to the 457(b) plan. Currently, employer contributions offset the annual deferral limits that an employee is eligible for, thereby limiting the maximum amount that an employee can defer on a pre-tax basis.
The City’s Deferred Compensation Retirement Saving Program (DCP) is a voluntary supplementary retirement savings plan created under Section 457(b) of the Internal Revenue Code. The DCP all...
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